Secondary Option definition

Secondary Option means the sole and exclusive right and option to acquire an undivided 9% legal and beneficial right, title and interest in and to the Claims, in addition to the interest which may be acquired pursuant and subject to the exercise of the Option,

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

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

Secondary Option has the meaning ascribed thereto in Section 11.1(a).

Examples of Secondary Option in a sentence

During the Secondary Option Period, the Operator shall submit to Duncan Park periodic progress reports of the Mining Operations completed on the Property.
As soon as practicable following the Effective Date, provided that the Secondary Option is then in effect, Duncan Park and Sphere shall establish a committee (the “Technical Committee”) to serve as a forum through which Duncan Park and Sphere can be engaged in the design and implementation of the Programs and Budgets for the Property and to review results therefrom from time to time.
If either Duncan Park or Sphere directly or indirectly stakes or acquires any surface or water rights or mineral properties within the Area of Interest, it will offer to have those rights or property included in this Agreement in respect of the Secondary Option.
Sphere shall have the right to terminate the Secondary Option as a result of a breach by Duncan Park of the Payment and Expenditure Obligations under section 3.1, on prior written notice to Duncan Park (the "Termination Notice"), if within 30 days after receipt of the Termination Notice, Duncan Park shall fail to satisfy such Payment and Expenditure Obligations then due and unpaid.
During the period commencing on the date of this Agreement and terminating on the date of the execution and delivery of the Joint Venture Agreement (provided that the Secondary Option is exercised) there shall be an Area of Interest.
During the Secondary Option Period, the Operator shall provide, maintain and pay insurance on industry standard terms as would a prudent miner and charges therefor shall be included and form a part of the Expenditures.
During the Secondary Option Period, upon the written request of Duncan Park, Sphere shall provide Duncan Park with access to the Property at convenient times and days for Duncan Park in order to observe the conduct of the operations or to view drill cores and samples.
Upon termination of the Secondary Option, all buildings, plant, equipment, machinery, tools, appliances and supplies which may have been brought upon the Property by or on behalf of Sphere (even if funded directly or indirectly via Expenditures) shall become the property of Sphere.
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.

More Definitions of Secondary Option

Secondary Option means an option exercisable by each Partner (other than the Partner who holds the Limited Partner Units that are subject to such option) to purchase all of the Limited Partner Units that were subject to a Primary Option that was not exercised; provided, however, that if Partners exercise their Secondary Options to purchase, in the aggregate, more than all of such Units, each Partner who has exercised his Secondary Option shall have the right to purchase a Proportionate Share of such Units and if any such Partner exercises his Secondary Option to purchase less than a Proportionate share of such Units, the remaining Partners who have exercised their Secondary Options shall have the right to purchase the Limited Partner Units that such Partner elected not to purchase, in proportion to the number of all Units held by each of them or as such Partners otherwise agree. A Secondary Option may be exercised only by giving written notice to the Unit Holder whose Limited Partner Units are subject to such option within ninety (90) 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.

Secondary Option means any Company Stock Option the exercise price of which equals or exceeds the Option Per Share Consideration.

Secondary Option means the option to purchase a number of shares of Common Stock equal to the Number of Secondary Option Shares for the price per share equal to the applicable Secondary 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.

Secondary Option is defined in Subsection 3.3.1.