Examples of First Option Notice in a sentence
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.
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.
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.
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 the Partners who exercise the First Option and Second Option shall tender payment in cash for the Offered 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 (10th) day immediately after the expiration of the ten (10) Business Day period following the date of the Second Option Notice or the 75th day immediately following the date of the First Option Notice.
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.
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.
Failure by the Company to exercise the First Option or to give a First Option Notice on or prior to the fifteenth (15th) day after the date of the Company Notice shall be deemed an election by it not to exercise the First Option.
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.
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.