Option Event Clause Samples

An Option Event clause defines a specific occurrence or condition that triggers a party’s right to exercise an option under a contract. Typically, this clause outlines what constitutes an option event, such as a change in control, a breach of contract, or the achievement of certain milestones, and specifies the procedures for notification and exercise of the option. Its core practical function is to provide clarity and certainty about when and how contractual options can be activated, thereby reducing disputes and ensuring both parties understand their rights and obligations in response to particular events.
Option Event. If at any time during the Term, either (either of which is referred to herein as an “Option Event”): (i) Grantor terminates the Property from the relevant Supply Agreement for any reason (including as part of the entire termination of one or both of the Supply Agreements); or (ii) Grantee terminates the Property from the relevant Supply Agreement in accordance with the terms of such agreement (including as part of the entire termination of one or both of the Supply Agreements); then Grantee, or its nominee, shall have the right, but not the obligation, to purchase the Property from Grantor or any Successor Owner, under the terms and conditions of this Section 1. Valero/Corner Store
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Option Event. An "OPTION EVENT" under this Agreement shall be deemed to have occurred if: (a) the Partnership is wound up or dissolved or any actions, or any proceedings or actions are taken by or against it in respect of any of the foregoing; or (b) the Partnership proposes to sell all or substantially all of its assets otherwise than in the ordinary course of business. The Partnership shall notify the other parties hereto immediately upon the occurrence of an Option Event in respect of it or a decision of it to proceed with an Option Event.
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Option Event. Option Event" shall mean, with respect to any Common Shareholder (other than the Partnership, HCHI or any Affiliate or Subsidiary of the Partnership or HCHI), any of the following events:
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Option Event. The Transferee may exercise the Option in the event that the Transferor does not Commence Construction of the Project within 365 days following the issuance of the Building Permit (the “Option Period”).
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Option Event. DTC shall have the option (the “Option”) to purchase the Property for the purchase price provided in Section 2 during the time period provided in Section 3 and otherwise on the terms of this Agreement, if, on or before November 30, 2009, CFC has not commenced the construction of an office building on the CFC Tract that will contain at least 120,000 square feet of gross floor area, as evidenced by (i) the issuance by CFC to its general contractor of a notice to proceed authorizing such general contractor to commence construction of such office building, (ii) the delivery by CFC to DTC of a copy of the notice to proceed referred to in clause (i), and (iii) the general contractor’s good faith commencement of the work of grading and excavation for the construction of such office building (the “Option Event”).
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Option Event. Defined in Section 14.1.
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Option Event. DTC shall have the option (the “First Option”) to purchase the Property for the purchase price provided in Section 2 during the time period provided in Section 3(a) and otherwise on the terms of this Agreement, if the Construction Condition (defined below) does not occur on or before November 30, 2010. If (i) DTC does not timely exercise the First Option, or (ii) DTC timely exercises the First Option, but CFC timely nullifies DTC’s exercise of the First Option by paying the Extension Payment pursuant to Section 3(b), then, in either such event, DTC shall have the option (the “Second Option” to purchase the Property for the purchase price provided in Section 2 during the time period provided in Section 4(a) and otherwise on the terms of this Agreement, if the Construction Condition does not occur on or before November 30, 2014. For purposes of this Agreement, the term “
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Option Event. Any of the following events will constitute an "Option Event": (i) if the representations and warranties of the other Member or its relevant Related Entity in this Agreement and the Ancillary Agreements are not true and correct in all material respects, unless the breach of such representation or warranty does not result in a material adverse effect to the party for whose benefit such representations and warranties were included in the Agreement or the Ancillary Agreements; (ii) if the other Member breaches any material obligation under this Agreement or an Ancillary Agreement and such party fails to cure the breach to the notifying party's reasonable satisfaction within fifteen (15) days after it demands such cure in writing; (iii) if the other Member ceases to conduct business in the normal course, is declared insolvent, undergoes any procedure for the suspension of payments or makes a general assignment for the benefit of creditors or a petition for bankruptcy, reorganization, dissolution or liquidation is filed by or against it; (iv) if the shareholders are unable to duly adopt a resolution regarding any Shareholder Super-Majority Matter within thirty (30) days after it was first presented to the shareholders; (v) if there is a failure to achieve a quorum at a meeting of the Board and at two successive rescheduled meetings as set forth in Section 2(n)(iii); or (vi) if the directors are unable to duly adopt a resolution regarding the appointment of a Chairman or President of the Company within thirty (30) days after it was first presented to the Board.
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Related to Option Event

  • Termination Option Event The term “

  • Termination Event; Notice The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the obligation of the Company to pay any Contract Adjustment Payments or any Deferred Contract Adjustment Payments, and the rights and obligations of the Holders to purchase shares of Common Stock, will immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Purchase Contract Settlement Date, a Termination Event shall have occurred. Upon the occurrence of a Termination Event, the Company shall promptly but in no event later than two Business Days thereafter give written notice thereof to the Purchase Contract Agent, the Collateral Agent, and to the Holders at their addresses as they appear in the Security Register. Upon and after the occurrence of a Termination Event, the Units shall thereafter represent the right to receive the Debentures underlying the Applicable Ownership Interest in Debentures or the Applicable Ownership Interest in the Treasury Portfolio, as the case may be, forming a part of such Units in the case of Corporate Units, or Treasury Securities in the case of Treasury Units, in accordance with the provisions of Section 4.3 of the Pledge Agreement.

  • Transfer to Avoid Termination Event If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

  • Additional Termination Event If any "Additional Termination Event" is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation).

  • Termination Event If any of the following events (each a "Termination Event") shall occur: (a) default is made by the Administrator in the payment on the due date of any payment due and payable by it under this Agreement and such default continues unremedied for a period of five London Business Days after the Administrator becoming aware of such default; (b) default is made by the Administrator in the performance or observance of any of its other covenants and material obligations under this Agreement or any of the other Transaction Documents, which , the Security Trustee having been informed thereof as specified below in this sub-clause, is materially prejudicial to the interests of the holders of the First Issuer Notes and any New Notes from time to time and such default continues unremedied for a period of twenty (20) days after the Administrator becoming aware of such default, provided however that where the relevant default occurs as a result of a default by any person to whom the Administrator has sub-contracted or delegated part of its obligations hereunder, such default shall not constitute a Termination Event if within such twenty (20) day period the Administrator replaces the relevant sub-contractor or delegate with an entity capable of remedying such default or alternatively indemnifies the Mortgages Trustee and the Beneficiaries against the consequences of such default; (c) the Administrator at any time fails to obtain the necessary license or regulatory approval required by any UK mortgage regulatory regime which would be required in order to enable it to continue administering the Mortgage Loans; or (d) the Administrator becomes subject to an Insolvency Event, then the Mortgages Trustee and/or Funding and the Security Trustee may at once or at any time thereafter while such default continues, by notice in writing to the Administrator, terminate its appointment as Administrator under this Agreement with effect from a date (not earlier than the date of the notice) specified in such notice. Upon termination of the Administrator, the Security Trustee shall use its reasonable endeavours to appoint a substitute Administrator that satisfies the conditions set forth in Clause 19.2(c), (d) and (e), provided that in the event the Security Trustee has not, having used reasonable endeavours, appointed a substitute Administrator, the Security Trustee shall have no liability to any person and, notwithstanding any other provision of the Transaction Documents, shall not itself be required to perform any duties of the Administrator.