Option to Purchase Defaulting Party's Interest Sample Clauses

Option to Purchase Defaulting Party's Interest. If at the end of forty (40) Business Days from the date of receipt by a Defaulting Party of a Default Notice the relevant Unpaid Amount and interest thereon have not been paid in full ("Option Commencement Date"), then each of the Non-Defaulting Parties shall have an option and such Defaulting Party hereby grants to each of the Non-Defaulting Parties the option ("Option") to purchase its Participating Interest (and if more than one Non-Defaulting Party exercises such option, in the proportions which the respective Participating Interests of such Non-Defaulting Parties bear to the total of their Participating Interests, or in such other proportions as such Non-Defaulting Parties shall agree upon) and upon the following terms and conditions: (a) A Non-Defaulting Party may exercise or join in the exercise of the Option at any time on or after the Option Commencement Date provided that the Option shall cease to be exercisable at the expiration of twenty (20) Business Days after the earliest exercise of the Option by a Non- Defaulting Party or in the event that on such earliest date
Sample 1
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Option to Purchase Defaulting Party's Interest. If at the end of forty (40) Business Days from the date of receipt by a Defaulting Party of a Default Notice the relevant Unpaid Amount and interest thereon have not been paid in full ("Option Commencement Date"), then each of the Non-Defaulting Parties shall have an option and such Defaulting Party hereby grants to each of the Non-Defaulting Parties the option ("Option") to purchase its Participating Interest (and if more than one Non-Defaulting Party exercises such option, in the proportions which the respective Participating Interests of such Non-Defaulting Parties bear to the total of their Participating Interests, or in such other proportions as such Non-Defaulting Parties shall agree upon) and upon the following terms and conditions: (a) A Non-Defaulting Party may exercise or join in the exercise of the Option at any time on or after the Option Commencement Date provided that the Option shall cease to be exercisable at the expiration of twenty (20) Business Days after the earliest exercise of the Option by a Non- Defaulting Party or in the event that on such earliest date of exercise the valuation of the Defaulting Party's Participating Interest pursuant to Clause 15.11(b) has not been received then at the expiration of twenty (20) Business Days after the receipt of such valuation by all the Non-Defaulting Parties. (b) A Non-Defaulting Party exercising the Option shall do so by giving a notice in writing to the Defaulting Party and at the same time giving a copy of such notice to all other Parties. (c) In the event of the exercise of this Option, the Option Exercise Date shall be the earlier of the date upon which all Non-Defaulting Parties have notified such exercise or twenty (20) Business Days after notification by the first
Sample 1
Option to Purchase Defaulting Party's Interest. If at the end of forty (40) Business Days from the date of receipt by a Defaulting Party of a Default Notice the relevant Unpaid Amount and interest thereon have not been paid in full ("Option Commencement Date"), then each of the Non-Defaulting Parties shall have an option and such Defaulting Party hereby grants to each of the Non-Defaulting Parties the option ("Option") to purchase its Participating Interest (and if more than one Non-Defaulting Party exercises such option, in the proportions which the respective Participating Interests of such Non-Defaulting Parties bear to the total of their Participating Interests, or in such other proportions as such Non-Defaulting Parties shall agree upon) and upon the following terms and conditions:
Sample 1

Related to Option to Purchase Defaulting Party's Interest

  • 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 Purchase Contract Payments (including any deferred or accrued and unpaid Purchase Contract Payments), if the Company shall have such obligation, and the rights and obligations of Holders to purchase Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, prior to or on the Purchase Contract Settlement Date, a Termination Event shall have occurred.

  • Termination Right The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in its opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on any Trading Market shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction, or (iii) if the United States shall have become involved in a new war or an increase in major hostilities, or (iv) if a banking moratorium has been declared by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets, or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative’s opinion, make it inadvisable to proceed with the delivery of the Securities, or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder, or (viii) if the Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative’s judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Securities or to enforce contracts made by the Underwriters for the sale of the Securities.

  • Termination Option Event The term “

  • Landlord’s Termination Right Whether or not the Premises are affected, Landlord may, by notice to Tenant, within 60 days following the date upon which Landlord receives notice of the Taking of all or a portion of the Real Property, the Building or the Premises, terminate this Lease, provided that Landlord elects to terminate leases (including this Lease) affecting at least 50% of the rentable area of the Building.

  • Termination for Default 6.2.2.1. In the event that either party commits a material breach of its obligations under this Agreement and fails to cure that breach within ninety (90) days after receiving written notice thereof, the other party may terminate this Agreement immediately upon written notice to the party in breach.

  • Interest After Event of Default If an Event of Default shall have occurred and is continuing, all sums outstanding and unpaid under the Credit Documents, including this Deed of Trust, shall, at Beneficiary’s option, bear interest at the Default Rate until such Event of Default has been cured. Trustor’s obligation to pay such sums and interest shall be secured by this Deed of Trust.

  • Termination of Defaulting Lender The Borrower may terminate the unused amount of the Revolving Commitment of any Revolving Lender that is a Defaulting Lender upon not less than ten (10) Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.24(a)(ii) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (i) no Event of Default shall have occurred and be continuing, and (ii) such termination shall not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender or any other Lender may have against such Defaulting Lender.

  • Termination Upon Default Upon the occurrence of an Event of Default (as defined below) by either party and the failure of such party to cure such default after notice and opportunity to cure as provided by Section 6.3 below, the nondefaulting party may terminate this Agreement at any time.

  • Termination of Repurchase Option Sections 2, 3, 4 and 5 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase Option, whichever occurs first.

  • Termination Upon Event of Default If Foothill terminates this Agreement upon the occurrence of an Event of Default, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Foothill's lost profits as a result thereof, Borrower shall pay to Foothill upon the effective date of such termination, a premium in an amount equal to the Early Termination Premium. The Early Termination Premium shall be presumed to be the amount of damages sustained by Foothill as the result of the early termination and Borrower agrees that it is reasonable under the circumstances currently existing. The Early Termination Premium provided for in this Section 3.7 shall be deemed included in the Obligations.

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