Reversionary Rights definition
Examples of Reversionary Rights in a sentence
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.
Transferor shall be responsible for delivery of the Release of the Automatic Reversionary Rights and Other Conditions and Restrictions in the form attached as Exhibit G.
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.
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.
Until the release of the Ceded Rights from the security in terms of clauses 4.1.1 and 4.1.2, this pledge and cession shall operate as a pledge and cession of the Reversionary Rights.
The City hereby releases, quitclaims, exonerates and discharges the Authority, its successor and assigns and the Property from the encumbrance, operation and effect of the Automatic Reversionary Rights, defined above, contained in the Warranty Deed and any later ratifications of the Automatic Reversionary Rights in any other documents(s).
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.
Failure to respond by McMoRan shall be deemed to be an election not to be assigned the Reversionary Rights.