RIGHT OF VIRGINIA POWER TO EXERCISE PURCHASE OPTION Sample Clauses

RIGHT OF VIRGINIA POWER TO EXERCISE PURCHASE OPTION. If Old Dominion shall not elect the Purchase Option pursuant to Section 15.1 of the Operating Equipment Agreement, Virginia Power shall have the right to purchase the Equipment Interest on the Expiration Date on the terms and conditions set forth in this Section 6.3. Virginia Power shall give Old Dominion and the Facility Owner written notice of its irrevocable election to exercise the purchase option provided by this Section 6.3 by the date no later than the earlier of (i) the date 60 days following the date twenty-four months prior to the Expiration Date and (ii) the date 60 days following receipt by Virginia Power from Old Dominion of notice, delivered pursuant to Section 15.1 of the Operating Equipment Agreement, of its election not to exercise the Purchase Option. If Virginia Power shall not give the notice contemplated by the preceding sentence, it will be deemed to have elected not to purchase and it will have no right to purchase the Equipment Interest pursuant to this Section 6.3. If Virginia Power shall give notice of its election to purchase the Equipment Interest pursuant to this Section 6.3, it shall become unconditionally obligated to pay all amounts of the Purchase Option Price at the times and in the amounts set forth in clause (a)(i) and (b) of Section 15.1 of the Operating Equipment Agreement and, without duplication of its covenant set forth in the succeeding sentence and Section 15.5 of the Operating Equipment Agreement, Old Dominion shall be obligated to pay on the Expiration Date the amounts set forth in clauses (a)(ii) and (a)(iii) of Section 15.1 of the Operating Equipment Agreement. If Virginia Power elects to purchase the Equipment Interest in accordance with this Section 6.3, Old Dominion and the Facility Owner each agree to comply with their respective covenants set forth in Section 15.1 of the Operating Equipment Agreement (other than, in the case of Old Dominion, the covenant to pay any amounts of the Purchase Option Price) in order to permit Virginia Power to purchase the Equipment Interest in accordance with such Section 15.1 of the Operating Equipment Agreement. Other than as set forth in the preceding sentence and Section 15.4 of the Operating Equipment Agreement, Old Dominion shall have no obligations in connection with Virginia Power's exercise of the election set forth in this Section 6.3. Virginia Power shall be deemed a third party beneficiary with respect to this Section 6.3. The election of Virginia Power to purchas...
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RIGHT OF VIRGINIA POWER TO EXERCISE PURCHASE OPTION. If the Lessee shall elect the Service Contract Option or the Return Option pursuant to Section 15.1 of the Equipment Operating Lease (including if it shall be deemed to have elected the Return Option in accordance with the second sentence of such Section 15.1), Virginia Power shall have the right to purchase the Equipment Interest on the Expiration Date on the terms and conditions set forth in this Section 6.3. Virginia Power shall give the Equipment Head Lessor and the Equipment Head Lessee written notice of its irrevocable election by the date no later than two months following the earlier of (i) the Lessee's election notice contemplated by Section 15.1 of the Equipment Operating Lease and (ii) a date sixteen months prior to the Expiration Date. If Virginia Power shall not give the notice contemplated by the preceding sentence, it will be deemed to have elected not to purchase and it will have no right to purchase the Equipment Interest pursuant to this Section 6.3. If Virginia Power shall give notice of its election to purchase the Equipment Interest pursuant to this Section 6.3, it shall become unconditionally obligated to pay all amounts of the Purchase Option Price at the times and in the amounts set forth in clause (a)(i) and (b) of Section 15.2 of the Equipment Operating Lease and, without duplication of its covenant set forth in the succeeding sentence, the Equipment Head Lessor shall be obligated to pay on the Expiration Date the amounts set forth in (a)(ii) and (a)(iii) of Section 15.2
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Related to RIGHT OF VIRGINIA POWER TO EXERCISE PURCHASE OPTION

  • Right to Exercise Option 3.1 The right to exercise the Option shall terminate forthwith upon the Employee ceasing to be an employee of a Group Company except in the following cases:

  • Repurchase Option (a) If Purchaser's status as a Service Provider is terminated for any reason, including for cause, death, and disability, the Company shall have the right and option to purchase from Purchaser, or Purchaser's personal representative, as the case may be, all of the Purchaser's Unvested Shares as of the date of such termination at the price paid by the Purchaser for such Shares (the "Repurchase Option").

  • Exercise of Repurchase Option The Repurchase Option shall be exercised by written notice signed by an officer of the Company or by any assignee or assignees of the Company and delivered or mailed as provided in Section 17(a). Such notice shall identify the number of shares of Stock to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the Repurchase Option set forth in Section 2(a) above. The Company shall be entitled to pay for any shares of Stock purchased pursuant to its Repurchase Option, at the Company's option, in cash or by offset against any indebtedness owing to the Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Stock being repurchased and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Stock being repurchased by the Company, without further action by Purchaser.

  • Exercise of Conversion Right To exercise the conversion right, the Holder of the Debenture shall surrender to the Company such Debentures, duly endorsed, accompanied by written Notice of Conversion to the Company in the form provided in this Debenture that the Holder elects to convert such Debenture, or if less than the entire principal amount thereof is to be converted, the specified portion. Debentures shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Debentures for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Debentures as Holders shall cease, and the person or persons entitled to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such Common Stock as and after such time. Within two days after the conversion date, the Company, without cost to the Holder, shall issue and deliver to Holder the converted Debenture or the person, specified by such Holder, a certificate for the number of full shares of Common Stock issuable upon conversion registered in the name of such Holder or such other person as shall have been specified by such Holder and all accrued and unpaid interest on the converted Debenture or portion there upon which the Holder does not elect to receive payment in Common Stock. Upon Conversion of this Debenture, the Company shall take all such actions as are necessary in order to insure that the Common Stock issuable with respect to such conversion shall be validly issued, fully paid and nonassessable. The Company shall not close its books against the transfer of Common Stock issued or issuable upon conversion of this Debenture in any manner that interferes with the timely conversion of this Debenture. The Company shall assist and cooperate with any Holder of this Debenture required to make any governmental filings or obtain any governmental approval prior to or in connection with the conversion of this Debenture (including, without limitation, making any filings required to be made by the Company). The conversion rights of any Debenture subject to redemption hereunder shall terminate on the Redemption Date for such Debenture unless the Company has failed to pay to Holder thereof the Redemption Price of such Debenture or portion thereof.

  • Conversion Right In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3.

  • Rights Prior to Exercise of Option The option herein granted is nontransferable by Optionee except as herein otherwise provided. This option may be pledged for the sole purpose of exercising stock options granted to the Optionee by the Company to purchase shares of Common Stock of the Company. Unless the Optionee is deceased or disabled, with the determination of the existence or nonexistence of such disability such disability left to the reasonable discretion of the Board of Directors of the Company, or pledged as permitted hereunder, the option herein may only be exercised by the Optionee. If the Optionee dies during the period of time that all or any of part of this option is exercisable, the Optionee's executor or legal representative may exercise all or any part of this option at any time or times during the period of time in which the option herein is granted. If the Optionee is disabled, as aforesaid, the Optionee's legal representative shall have the right to exercise all or any part of this option at any time or times during the period of time in which the Optionee is disabled and the option herein granted has not expired by the terms of this Agreement. With respect to the shares of stock which are subject to the option herein granted, Optionee shall have no rights as a stockholder until payment of the option price for the shares being purchased by exercise of the option herein granted, and the issuance of the shares involved.

  • No Obligation to Exercise Options Notwithstanding any provision in this Agreement to the contrary, nothing in this Agreement shall obligate Stockholder to exercise any stock option of the Company or other right to acquire shares of Common Stock.

  • Exercise of Purchase Option If Purchaser elects to exercise this Option, it shall do so by sending a written notice of such exercise to Seller prior to the expiration of the Option Term. Purchaser’s notice shall specify the date and time that the closing of the purchase and sale of the Property (the “Closing”) will take place, which shall be no earlier than the date that is thirty (30) days after the date of the exercise of the Option and no later than the date that is forty-five (45) days after the date of the exercise of the Option. Purchaser and Seller shall conduct an escrow‑style closing through the Title Company so that it will not be necessary for any party to physically attend the Closing. Notwithstanding any provision to the contrary in this Agreement, if the notice of exercise is mailed via the U.S. Postal Service, the notice shall be deemed to have been delivered when mailed if sent with prepaid postage by certified or registered mail, or if sent via overnight delivery service, the notice shall be deemed to have been delivered when deposited with such overnight delivery service. Within three (3) business days following Purchaser’s exercise of the Option, ONE THOUSAND AND NO/DOLLARS ($1,000.00) shall be paid by Purchaser to Title Company as xxxxxxx money (the “Xxxxxxx Money”). The Xxxxxxx Money shall be held in a segregated interest bearing account by Title Company. All interest and earnings shall be paid to Purchaser. The Xxxxxxx Money shall be credited against the Purchase Price at Closing. Title Company shall act as escrow agent until Closing and shall hold and disburse the Xxxxxxx Money as provided in this Agreement. Seller shall have no right to receive any payment of the Xxxxxxx Money unless Seller terminates this Agreement in accordance with Section 16(a) below as a result of an uncured default of this Agreement by Purchaser, or the Xxxxxxx Money is credited against the Purchaser Price due at Closing. Seller and Purchaser agree to cause to be executed, acknowledged and delivered to Title Company such further reasonable and necessary escrow instruments and documents requested by the Title Company in connection with Title Company holding and disbursing the Xxxxxxx Money and Title Company conducting the Closing, in order to carry out the intent and purpose of this Agreement.

  • Warrant Shares Exercise Log Date Number of Warrant Number of Warrant Number of Warrant Shares Available to Shares Exercised Shares Remaining to be Exercised be Exercised ----------- ------------------- ----------------- -------------------------- ----------- ------------------- ----------------- -------------------------- CHINA PHARMA HOLDINGS, INC. WARRANT ORIGINALLY ISSUED JUNE 24, 2008 FORM OF ASSIGNMENT [To be completed and signed only upon transfer of Warrant] FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned Warrant to purchase ____________ shares of Common Stock to which such Warrant relates and appoints ________________ attorney to transfer said right on the books of the Company with full power of substitution in the premises. Dated: _______________, ____ ___________________________________ (Signature must conform in all respects to name of holder as specified on the face of the Warrant) ___________________________________ Address of Transferee ___________________________________ ___________________________________ In the presence of: ________________________

  • Conversion Rights The Holder shall have the right to convert the principal amount and interest due under this Note into Shares of the Borrower's Common Stock as set forth below.

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