Examples of Reversionary Rights in a sentence
With effect from the Effective Date, the Pledgor, subject to the First Ranking Cession and Pledge hereby pledges to Nedbank all of the ARM Shares and cedes in securitatem debiti to Nedbank all of the Reversionary Rights and Interests, as a continuing general covering collateral security for the due, proper and timeous payment and performance in full of all of the Secured Obligations, on the terms and conditions set out in this Agreement, which pledge and cession Nedbank hereby accepts.
Nedbank shall apply the net proceeds of all amounts received pursuant to the sale or other realisation of the ARM Shares and/or the Reversionary Rights and Interests (after deducting all properly evidenced costs and expenses incurred by Nedbank in relation to such realisation) in reduction or discharge, as the case may be, of the Pledgor's obligations under the Secured Obligations in its sole discretion as it deems fit.
If McMoRan elects to receive an assignment of its Reversionary Rights, El Paso and McMoRan shall thereafter share equally in all revenues and costs from the Assets subject to the applicable Operating Agreement therefor; provided however that El Paso shall remain solely responsible for all costs, expenses and liabilities with respect to the Reversionary Rights properly incurred by El Paso prior to Payout.
The Seller shall promptly, and in any event within [**], provide the Buyer with access to all materials, reports, information and property delivered, provided or otherwise made available to the Seller in connection with such Triggering Termination, the Licensee’s ongoing obligations and the Reversionary Rights.
In the event that the Seller does not notify the Buyer in writing that the Seller has elected to pursue the Reversionary Rights within [**] of a Triggering Termination, the Buyer shall have the right to cause the Seller to pursue the Reversionary Rights by delivering written notice to the Seller and the Seller shall act as reasonably instructed by the Buyer to pursue the Reversionary Rights.
McMoRan shall have thirty (30) days after receipt of such notice to elect in writing to exercise its option to be assigned the Reversionary Rights or not to be assigned its Reversionary Rights.
At any time from and after the date of this Agreement, either BSST or Amerigon may elect to purchase the Reversionary Rights from Xxxx at the Valuation Amount (as defined below).
As such time as Payout is reached, McMoRan shall have the option to be assigned, effective as of the date of Payout, an undivided fifty (50%) percent of the working interest and net revenue interest in the Assets at such time (the "Reversionary Rights"), free of any burdens created or caused by El Paso.
With respect to the Property, subject to the Excluded Interests, Limitations and Reversionary Rights, (a) Seller owns the Property free and clear of all Encumbrances arising by, through or under Seller other than Permitted Encumbrances and (b) Seller has not sold, conveyed, assigned, optioned or transferred any right, title or interest in the Property to any third party.
KEPT FREE OF ENCUMBRANCES The Pledgor shall at all times keep the ARM Shares and the Reversionary Rights and Interests free of Encumbrances, (save as for such Encumbrances created or required to be created in terms of the Transaction Documents) and shall not prejudice, compromise, grant any indulgences or agree to vary the terms of any document creating the ARM Shares and the Reversionary Rights and Interests without the prior written consent of Nedbank.