Exercise of Option Rights. Buyer and Seller will exercise their Option Rights by delivering a written statement (the "Purchase Notice") to the other as follows:
Exercise of Option Rights. If the Corporation, AGS, SDS and/or HMS elect to purchase all of the Shares set forth in the Sale or Conversion Notice, the Corporation, AGS, SDS and/or HMS, as applicable, shall purchase all such Shares at the lesser of (i) the Sale Terms, if applicable, and (ii) the Purchase Price and upon the Payment Terms.
Exercise of Option Rights. The Option rights for the License or the Extended License(s) may be exercised by SVT by giving written notice to VBI of SVT’s interest in VBI LPV™ Technology in the Field or outside the Field, respectively (the “Option Notice”) in the form of Schedule D hereto. Upon receipt of such Option Notice by VBI, the Parties shall promptly negotiate in good faith with respect to the Field or any extended field, the terms of a definitive License Agreement consistent with the conditions herein and with such other terms and conditions customary to this type of transaction and including specifically conditions relating to the transfer of VBI LPV Technology to SVT and the associated reasonable technical assistance, necessary for SVT to develop and commercialize Vaccines using the VBI LPV Technology. The License Agreement shall be also consistent with the conditions/financial terms described on Schedule E. The Parties already acknowledge and agree that the royalty rate specified in Schedule E will be in consideration of the License grant as well as, in consideration of VBI contribution to the research efforts, in the case of VBI employees have the status of inventor in an invention relating to the Project Candidate Vaccine. The Parties shall make best reasonable efforts to execute the License Agreement, within reasonable timelines after VBI’s receipt of the Option Notice. Any Extended License agreement outside the Field shall be negotiated in good faith, also in accordance with the terms set forth in Schedule E for the Field. Upon exercise of the Option rights and execution of the License Agreement, the Parties shall also discuss in good faith the development plan to be worked jointly. The Parties agree that VBI will be consulted first for any formulation or process development work on the VBI LPV™ Technology that may be out-sourced from SVT.
Exercise of Option Rights. In the event that TLO fails to maintain the Rail Facility in a condition capable of performing in accordance with the provisions of the Track Use Agreement or the MUTA, and TLO thereafter fails to cure such default within the time period provided by the terms of the Track Use Agreement or the MUTA after written notice specifying the nature of the default is provided by TRMC to TLO, then for so long as TLO remains in default of the terms of the Track Use Agreement or the MUTA (a “Default Period”), TRMC may elect, by written notice to TLO that TRMC has elected to exercise the Option to Repurchase the Rail Facility (the “Option Exercise Notice”). The Option Exercise Notice from TRMC must be sent by certified mail, return receipt requested, or personally delivered (by overnight courier or otherwise) to TLO during a Default Period. TRMC’s failure to exercise the Option to Repurchase during any particular Default Period shall not be a waiver of the Option to Repurchase at any later time that a Default Period exists.
Exercise of Option Rights. (a) If Comverge exercises its rights under Section 12 of the Master Agreement, then the obligation of Comverge to issue any additional Warrants under this Warrant Agreement will terminate.
Exercise of Option Rights. 2.1 Times When the Option Can Be Exercised. The Option shall become exercisable in whole or in part, subject to the provisions of this Agreement, in accordance with the Optionee Grant Detail Statement attached hereto.
Exercise of Option Rights. In the event that TLO fails to maintain the Marine Crude Storage Facility in a condition capable of performing in accordance with the provisions of the Storage Services Agreement, and TLO thereafter fails to cure such default within the time period provided by the terms of the Storage Services Agreement after written notice specifying the nature of the default is provided by TRMC to TLO, then for so long as TLO remains in default in its capability to perform under the terms of the Storage Services Agreement (a “Default Period”), TRMC may elect, by written notice to TLO that TRMC has elected to exercise the Option to Repurchase the Marine Crude Storage Facility (the “Option Exercise Notice”). The Option Exercise Notice from TRMC must be sent by certified mail, return receipt requested, or personally delivered (by overnight courier or otherwise) to TLO during a Default Period. TRMC’s failure to exercise the Option to Repurchase during any particular Default Period shall not be a waiver of the Option to Repurchase at any later time that a Default Period exists.
Exercise of Option Rights. In the event that TLO fails to maintain the Rail Facility in a condition capable of performing in accordance with the provisions of the Track Use Agreement or the MUTA, or fails to maintain the [specify other Premises Facility] in a condition capable of performing in accordance with the provisions of the Terminalling Agreement and TLO thereafter fails to cure such default within the time period provided by the terms of the [specify Track Use Agreement, MUTA or Terminalling Agreement] after written notice specifying the nature of the default is provided by TRMC to TLO, then for so long as TLO remains in default in its ability to perform under the terms of the [specify Track Use Agreement, MUTA or Terminalling Agreement] (a “Default Period”), TRMC may elect, by written notice to TLO that TRMC has elected to exercise the Option to Repurchase the [specify particular Premises Facility] (the “Option Exercise Notice”). The Option Exercise Notice from TRMC must be sent by certified mail, return receipt requested, or personally delivered (by overnight courier or otherwise) to TLO during a Default Period. TRMC’s failure to exercise the Option to Repurchase during any particular Default Period shall not be a waiver of the Option to Repurchase at any later time that a Default Period exists.
Exercise of Option Rights. The Option may be exercised by ------------------------- Xxxxxxxx, in whole or in part, at any time prior to the close of business on December 1, 2004, but the Option shall expire and Xxxxxxxx shall have no rights under the Option or this agreement subsequent to such date. Xxxxxxxx shall not have any of the rights of a shareholder with respect to any of the Shares until such Shares shall be issued to Xxxxxxxx upon the proper exercise of the Option.
Exercise of Option Rights. (a) Subject to earlier ------------------------- termination as set forth in section 2(c) of this Agreement, the Option shall in all events terminate five (5) years after the Effective Date and shall thereafter be null and void.
