Automatic Purchase Clause Samples
Automatic Purchase. The Parties agree that, in the event that any Equipment is lost, stolen, or otherwise damaged or impaired in a manner such that repair costs would not be commercially reasonable, Boosteroid shall be deemed to have purchased such Equipment automatically with no further action needing to be taken by either Party. The purchase price of such automatic purchase shall be the remaining value attributable to that Equipment under the relevant Purchase Order in respect of the Lease Fee, as reasonably determined by Bit Digital, and shall be paid on a pro-rated basis according to the invoicing schedule as set forth under this Agreement and the relevant Purchase Order. For the avoidance of doubt, aside from the payments described in the previous sentence, no upfront or additional fee shall be charged in respect of such the automatic purchase desribed in this Section 2.8.
Automatic Purchase. On each Purchase Date, subject to such Participant remaining an Eligible Employee through such Purchase Date, each Participant shall be deemed, automatically and without further action on the part of the Participant, to have elected to purchase the largest number of whole, or if determined in the Committee’s discretion, fractional Shares, that the Contributions in the Participant’s Account can purchase at the Purchase Price on the Purchase Date, subject to the limitations of Article VII. Except as otherwise specified by the Committee, any Contributions that are not sufficient to purchase a whole Share will be retained in the Participant’s Account for the subsequent Purchase Period. Any other amounts remaining in the Participant’s Account after the Purchase Date will be returned to the Participant.
Automatic Purchase. If the Holder of this Warrant has not elected to exercise this Warrant prior to the expiration of this Warrant pursuant to Section 8.1, then the Company shall, immediately prior to the closing of the Change of Control, pay to the Holder (without any act on the part of the Holder) the amount of securities and/or property (including cash) that the Holder would have been entitled to receive pursuant to such Change of Control if this Warrant had been exercised immediately prior to the effective date of such Change of Control; upon Holder’s receipt of such payment this Warrant shall be automatically terminated in its entirety without any act on the part of the Holder, except to the extent that Holder may be entitled to additional payments pursuant to subpart (vii) of the definition of Gross Proceeds.