First Option Notice definition

First Option Notice has the meaning given to such term in Section 4.01(1);

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First Option Notice means the first notice from the Seller requiring the Buyer to buy 61 of the 246 Shares, being approximately 5% of the total outstanding share capital of the Company;

First Option Notice. The First Option Notice shall set forth the SEC Effective Date and the number of Additional Units such Option Holder has the Option to purchase (such Option Holder’s “Initial Option Amount”), which shall be a percentage of the total number of Additional Units equal to (i) the total number of Units previously purchased by such Option Holder divided by (ii) the total number of Units previously sold by the Company; and the First Option Notice shall include a copy of this Section. Each Option Holder wishing to exercise its Option on all or part of its Initial Option Amount shall so notify the Company in writing within seven (7) Business Days after the Company’s transmittal of the First Option Notice (a “First Option Exercise Notice”). If First Option Exercise Notices for fewer that the total number of Additional Units are received by the Company, it shall within three (3) Business Days after receipt of all First Option Exercise Notices send to each Option Holder that theretofore submitted a First Option Exercise Notice a second written notice (the “Second Option Notice”) setting forth the number of Additional Units such Option Holder has the Option to purchase in addition to the number of Units elected in such Option Holder’s First Option Exercise Notice (such Option Holder’s “Second Option Amount”), which shall be a percentage of the total number of Additional Units that were not elected to be purchased in all First Option Exercise Notices equal to (i) the total number of Units previously purchased by such Option Holder plus the number of Units such Option Holder elected to purchase in its First Option Exercise Notice divided by (ii) the total number of Units previously sold by the Company plus the number of Additional Units elected to be purchased in all First Option Exercise Notices. Each Option Holder receiving a Second Option Notice wishing to exercise his Option on all or part of his Second Option Amount shall so notify the Company in writing within five (5) Business Days after the Company’s transmittal of the Second Option Notice (a “Second Option Exercise Notice”).

Examples of First Option Notice in a sentence

Failure by the Company to exercise the First Option or to give a First Option Notice shall be deemed an election by it not to exercise the First Option.
Upon receipt of the First Option Notice, the Venture shall have the irrevocable right and option (the "First Option") to purchase all or a portion of the Offered JV Interests.
In the event Tenant is, or has been, in an Event of Default (beyond any applicable notice and grace or cure periods) at the time of the start of the First or Second Option Period, as hereinafter defined, or upon receipt of the First Option Notice or Second Option Notice, as hereinafter defined, from Landlord, then Tenant’s Option to Extend shall be void and of no further force or effect.
The Venture may exercise the First Option by delivering to the Optionor Partner written notice (the “Election Notice”) of its election to exercise all or part of the First Option within thirty (30) days after the date that the Venture receives the First Option Notice.
If Landlord does not receive written notice from Tenant of its exercise of this First Option on a date which is not more than five hundred forty (540) days nor less than three hundred sixty (360) days prior to the end of the initial term of the Lease (the "First Option Notice"), all rights of Tenant in, to and under this First Option shall automatically lapse and terminate and shall be of no further force or effect.
The First Option Notice shall advise each Optionee of the portion and the price of the Defaulting Member’s interest available to it.
Upon receipt of the First Option Notice, the Venture shall have the irrevocable right and option (the “First Option”) to purchase all or a portion of the Offered Interests.
If the proposed Transfer of the Offered Interests to a third Person is not consummated in accordance with the terms of paragraph (e) of this Section 9.4 within one hundred twenty (120) days following the date of the First Option Notice, then the Optionor Partner may not Transfer all or any part of the Offered Interests unless it again complies with the provisions of this Section 9.4.
The Venture and Venturers who exercise the First Option and Second Option shall tender payment in cash for the Offered JV Interests to be purchased by them on the date of closing of such purchase, which shall occur no later than the earlier of the tenth day immediately after the expiration of the 10-day period following the date of the Second Option Notice or the 75th day immediately following the date of the First Option Notice.
The parties shall attempt, during the three (3) month period following the date of the First Option Notice to mutually agree upon the Option FMV of the Demised Premises for the First Option Period.

More Definitions of First Option Notice

First Option Notice shall have the meaning given such term in Section 2.2 hereof.

First Option Notice shall have the meaning as defined in Section ------------------- 10.3