SECOND PLACE PRIZE Sample Clauses

SECOND PLACE PRIZE. The Second Place Prize will be awarded to the second TEAM to fully complete the Google Lunar X PRIZE Requirements, as described in this Agreement. The Second Place Prize will have a value of $5,000,000 (five million U.S. Dollars) if earned by 11:59:59 PM Pacific Standard Time at the end of December 31, 2015. Following December 31, 2015, the Second Place Prize may be terminated or extended at the sole discretion of XPF. At the sole discretion of Google and XPF, if mutually agreed, the Second Place Prize may be awarded as an effective consolation paid out before the Grand Prize if a TEAM has met or exceeded the majority of the Google Lunar X PRIZE Mission Requirements, but has failed to fully complete the Google Lunar X PRIZE Mission Requirements. In order to be eligible, a TEAM must demonstrate that the failure to complete all of the Google Lunar X PRIZE Mission Requirements would have been unforeseen in the eyes of a reasonable contestant, and that the CRAFT was designed and built in an attempt to accomplish all of the Google Lunar X PRIZE Mission Requirements. For example, the Second Place Prize could be granted before the Grand Prize, leaving the Grand Prize still available, if a TEAM successfully lands the first ever privately funded CRAFT on the lunar surface and returns all or part of the required Arrival Mooncast to Earth, but experiences a mechanical failure that prevents the CRAFT from roaming the required 500 meters and/or transmitting the Mission Complete Mooncast. Should the Second Place Prize be awarded as a consolation prize in this matter, it shall have a value of $5,000,000 (five million U.S. Dollars). However, if the Grand Prize is not claimed prior to the expiration of the Google Lunar X PRIZE, an additional $5,000,000 (five million U.S. Dollars) shall be awarded to the Second Place Prize winner. The Second Place Prize may not be won by the Grand Prize winner, except in the case where Google and XPF have elected to award the Second Place Prize as a consolation prize prior to awarding the Grand Prize. In that case alone, the Second Place Prize TEAM may compete for the Grand Prize; if they should claim it, $5,000,000 (five million U.S. Dollars) will be removed from the Grand Prize to create a new Third Place Prize, which may not be claimed by the same TEAM. In all other cases, the Grand Prize winner may not claim Second Place, nor may any other TEAM win Second Place with a substantially similar vehicle purchased, borrowed, copied, or license...
Sample 1
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