Option Partner definition

Option Partner has the meaning assigned to such term in Section 16.4.
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Examples of Option Partner in a sentence

  • If an Option Partner desires to purchase the Offered Interest it shall give written notice to the Offering Partner in the manner set forth in Section 13.2 hereof within such 30-day period.

  • To the extent there is more than one Option Partner, the Option Partners accepting such offer shall be jointly and severally liable to the Offering Partner to purchase all of the Offered Interest.

  • In the event of a Change of Control as defined in Section 13.1(a), the Change Partner shall promptly deliver written notice of such event (the "Change of Control Notice") to the Option Partner.

  • If the Option Partner provides written notice to MediaNews of its election to purchase the Offered Interest within thirty (30) days following the date of receipt by the Option Partner of the Drag-Along Notice, the sale to the Option Partner shall be completed in accordance with Section 9.5 hereof.

  • If the Option Partner fails to provide such notice within such 30-day period, then the Option Partner shall be obligated to sell its entire Interest to the Third Party making such offer on the terms set forth in the Drag-Along Notice.

  • If a sale is not consummated within such six-month period for any reason, then the Offered Interest shall remain subject to the restrictions of this Partnership Agreement and must again be first offered to the Option Partner if the Offering Partner thereafter wishes to sell its Partnership Interest and/or its Ownership Interest to a third party.

  • The Option Partner shall determine within 20 days of receipt of such notice whether it may wish to exercise its rights to purchase the Change Partner's Interest (the "Purchase Option") and, if so, may have the fair market value (as determined pursuant to Section 13.3) of the Change Partner's Interest determined by delivering a notice to cause such determination (the "Determination Notice") to the Change Partner.

  • If an Option Partner desires to purchase the Offered Interest it shall give written notice to the Offering Party in the manner set forth in Section 13.2 hereof and to the Partnership, within fifteen (15) days following the date of receipt by such Option Partner of the Offering Party's notice, stating that it has elected to purchase and the Interest it seeks to purchase.

  • Upon the Company’s exercise of its Option, Partner shall no longer be entitled to any revenue share from any revenue or license of any type from the Company; provided, however, Partner may retain any Revenue Share payments previously paid to Partner by the Company prior to the exercise of the Option, as well as the Warrant.

  • If any Option Partner fails to give written notice of the exercise or waiver of an option within the time periods herein set forth, then such Option Partner shall be deemed to have waived the exercise of the option on the last day of the relevant period.