Reversion Option Clause Samples
Reversion Option. The NRMP gives sponsoring institutions the option to revert (donate) unfilled positions in one program ("a donor program") to another program ("a receiver program") during the matching process. If a donor program does not fill its quota, a designated number (equal to or less than the quota) of its unfilled positions will be added automatically to the quota of a receiver program. Receiver programs may be located at the same or a different institution. If the receiver is at a different institution, the donor program submits the reversion using the R3 system. The institutional officials at both institutions must approve the reversion through the R3 system. Institutions can use reversions to provide a degree of protection against the possibility that positions in prerequisite training programs for other institutional programs will go unfilled. Donor programs donate a specific number of their unfilled positions to a receiver program. The number of positions indicated may not exceed the donor program's quota. Positions will be donated only if they do not fill during the matching process. Receiver programs accept a designated number of unfilled positions from a donor program. Positions are added to the receiver program's quota only if the donor program is unable to fill its positions during the matching process.
Reversion Option. EISAI shall have the right to elect, pursuant to written notice provided to EPIZYME on or before the later of (i) the date that is [**] days after the effective date of such termination and (ii) the date that is [**] days after EPIZYME provides the report required by Section 12.5.2(j), for the provisions set forth in Sections 12.5.2(c) through 12.5.2(i) to become effective.
Reversion Option. If Buyer has not effectuated a Change of Control Transaction by March 31, 2024 (the “Change of Control Deadline”), then Sellers may terminate this Agreement by delivering written notice to Buyer. Upon termination pursuant to this Section, (a) the terms and conditions contained herein shall be deemed null and void and this Agreement shal1 be terminated with immediate effect except this Section 9.03, (b) the Ancillary Agreements shall be deemed null and void and of no further effect, (c) all Common Shares of XCF issued to Sellers shall be returned to XCF and cancelled, and (d) XCF shall re-assign the Membership Interests of New Rise SAF back to Sellers without any consideration and execute all necessary assignments and other documents necessary or desirable for such re-assignment. The Change of Control Deadline may be extended to June 30, 2024 by mutual consent of the Parties.
Reversion Option. Until the date that is [***] after validation of the Full Data Package through the JSC, Licensor shall have the option to reclaim all exclusive rights to Exploit the Product in the Field in Option Territory and to obtain an exclusive sublicensable license in the Option Territory to Improvements, including Product trademarks, to Exploit the Product in the Field (the “Reversion Option”). If Licensor notifies Licensee of its intent to exercise the Reversion Option, the financial terms and conditions set out in Section 6.5 shall apply and the Parties shall discuss in good faith all customary adjustments to the terms and conditions of this Agreement, including with respect to governance, patent prosecution and litigation, and vigilance regulatory coordination.
Reversion Option. If Licensor exercises its Reversion Option, Sections 10.6, 10.7 and 10.8 shall apply mutatis mutandis to Licensor.
Reversion Option. Democratique hereby grants to the EA Shareholders an option to purchase the E-Motion Apparel Shares for a price of $.0001 per share (the “Reversion Option”). The Reversion Option may be exercised during the period commencing on the occurrence of an Insolvency Event and ending on the second anniversary of the Closing Date. In order to exercise the Reversion Option, the holders of a majority in interest of the EA Shareholders must deliver to the executive offices of Democratique: a written notice of exercise, a personal check for the option exercise price, and a bank check in the amount of any outstanding loans from Democratique to E-Motion Apparel, Inc. Upon receipt of the aforesaid three items, Democratique shall deliver to the EA Shareholders certificates for the E-Motion Apparel Shares in the same names and numbers of shares as were delivered pursuant to Section 1(a) hereof. Exercise of the Reversion Option shall terminate the Covenant of Non-Competition set forth in Section 6 hereof.
Reversion Option. (a) Subject to the remainder of this Section 2.4, during the period that is [***] validation of the Full Data Package through the JSC (the “Option Period”), Licensor shall have the option to reclaim the exclusive right to Exploit the Product in the Field in Option Territory and to obtain an exclusive sublicensable license in the Option Territory to Improvements, including Product trademarks, to Exploit the Product in the Field (the “Reversion Option”). If Licensor notifies Licensee of its intent to exercise the Reversion Option during the Option Period (the “Option Exercise Notice”), then the financial terms and conditions set out in Section 6.5 shall apply and the Parties shall discuss in good faith all customary adjustments to the terms and conditions of this Agreement, including with respect to patent prosecution and litigation, and vigilance regulatory coordination. It is hereby agreed that if after having exercised its Reversion Option with respect to a Product, if Licensor intends to grant to a Third Party (other than a Distributor for the sole purpose of Commercializing the Product) a license to Develop or Commercialize such Product in the Field in any country in the Option Territory (the “Reversion License”), Licensor shall provide Licensee with a first right to negotiate such Reversion License in accordance with the remainder of this Section 2.4. Prior to Licensor either offering to a Third Party a nonbinding term sheet, or responding to a Third Party’s nonbinding term sheet, in each case for such Reversion License, Licensor shall notify Licensee [***] of such intent together with the material terms of such non-binding term sheet. If Licensee provides Licensor a written notice indicating its interest and intent to negotiate with Licensor for the Reversion License within [***] of receipt of Licensor’s notice, then the Parties shall negotiate on an exclusive basis and in good faith for a period [***] from the date of Licensor’s receipt of Licensee’s notice with respect to the terms and conditions under which Licensee may obtain the Reversion License. If Licensee does not respond to Licensor’s notice within [***] of Licensee’s receipt of Licensor’s notice, or the Parties do not agree upon the terms and conditions of a Reversion License on or before the expiration of the [***], then Licensor shall thereafter have the right to enter into the Reversion License with a Third Party on terms that are (a) no more favorable to the Third Party than the terms o...
Reversion Option. Democratique hereby grants to the LL Shareholders an option to purchase the Lexi-L▇▇ Designs Shares for a price of $.0001 per share (the “Reversion Option”). The Reversion Option may be exercised during the period commencing on the occurrence of an Insolvency Event and ending on the second anniversary of the Closing Date. In order to exercise the Reversion Option, the holders of a majority in interest of the LL Shareholders must deliver to the executive offices of Democratique: a written notice of exercise, a personal check for the option exercise price, and a bank check in the amount of any outstanding loans from Democratique to Lexi-L▇▇ Designs, Inc. Upon receipt of the aforesaid three items, Democratique shall deliver to the LL Shareholders certificates for the Lexi-L▇▇ Designs Shares in the same names and numbers of shares as were delivered pursuant to Section 1(a) hereof.
Reversion Option. The Parties agree that Section 2.4 (Reversion Option) of the Agreement is deleted and replaced by the following: