Primary Option definition

Primary Option means an option exercisable by the Partnership to purchase all, but not less than all, of the Limited Partner Units subject to such option, which option may be exercised only by giving written notice to the Unit Holder whose Limited Partner Units are subject to such option within sixty (60) days after receipt of the Sale Notice in the case of a sale under Paragraph 6.3 hereof, or receipt of the Transfer Notice in the case of a Transfer under Paragraph 6.4 hereof.

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Primary Option means the sole and exclusive right and option to acquire an undivided 51% legal and beneficial right, title and interest in and to the Claims, subject only to the Royalty;

Primary Option means the Optionee’s option to acquire a 51% undivided interest in the claims and leases comprising the Property, as provided in this Agreement;

Examples of Primary Option in a sentence

• During the Primary Option Period and the Secondary Option Period, Camp McMan shall take all actions and do all things necessary or desirable to ensure that: (i) no liabilities are incurred on the Property other than with the express written consent of Duncan Park and Sphere; and (ii) the Property remains free and clear of all Encumbrances whatsoever.

• Within 30 days of the date that it receives the Notice of Default and subject to the Secondary Option being in good standing and all Payment and Expenditure Obligations (as defined in Section 3.1) then due to Camp McMan having been made by ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, if it so elects, shall provide Camp McMan with written notice (“Notice of Assumption”) that it is exercising its right to assume Sphere’s rights and certain of its obligations under the Primary Option and this Agreement.

• During the Primary Option Period and the Secondary Option Period, Sphere shall not transfer all or any part of its interest in this Agreement, the Dome Agreement or the Global Clarification Agreement, other than with the prior written consent of Duncan Park or as provided herein.

• In consideration of the covenants and agreements of Sphere, Camp McMan hereby grants to Sphere the Primary Option, subject only to a 3½% NSR to Camp McMan.

• Sphere shall have the exclusive right to manage and operate the exploration programs on the Property during the Primary Option Period in which Sphere is earning its interest in the Property.

• Sphere has made available to Duncan Park all material information in its possession or under its control relating to the Property and throughout the Primary Option Period and Secondary Option Periods, Sphere shall continue to make available to Duncan Park all material information in its possession or control relating to the Property.

• Camp McMan shall have, at all reasonable times during the Primary Option Period and Secondary Option Period, if applicable, access to the Property and to the drill core and, once prepared and reviewed by Sphere, assay results in respect of the Property, and shall receive all reports on the Property in a timely manner.

• During the Primary Option Period and the Secondary Option Period, Sphere shall take all actions and do all things necessary or desirable to ensure that: (i) no liabilities are incurred on the Property other than with the express written consent of Duncan Park; and (ii) the Property remains free and clear of all Encumbrances whatsoever.

• If Duncan Park has duly satisfied the Payment and Expenditure Obligations in accordance with the provisions of 3.1 (by reference to the provisions of section 2.2), Duncan Park shall have duly exercised the Secondary Option and Sphere shall be deemed to have duly exercised the Primary Option as at such date (the “Option Earn-In Date”) and Duncan Park shall have earned a 100% undivided interest in the Property, free and clear of any and all Encumbrances, subject to the 3½% NSR to Camp McMan.

• For greater certainty and without limitation, any and all data reports, notices, correspondence and communications received by or sent by the Operator with respect to the Property, including without limitation, with respect to Camp McMan and/or the Primary Option shall be forwarded simultaneously by Sphere to Duncan Park.

More Definitions of Primary Option

Primary Option. This is how I would like to make my rental payments. OR OR

Primary Option shall have the meaning set forth in the preambles to this Agreement.

Primary Option shall have the meaning set forth in the preambles to this Agreement. “Option Earn-In Date” shall have the meaning set forth in section 4.1.

Primary Option as defined in Section 3.1.

Primary Option means an Option granted on January 2, 1997.

Primary Option means the option to purchase a number of shares of Common Stock equal to the Number of Primary Option Shares for the price per share of Common Stock equal to the Primary Option Exercise Price in effect at the time of any exercise of such option, subject in all respects to the terms and conditions of this Agreement, the grant to the Holder of which is made by this Agreement.