Exercising an Option. An Option shall be exercised by Lilly by delivery of -------------------- a written notice to Emisphere during the relevant Option Period and not less than three (3) business days prior to the date specified in such notice for the exercise of the Option (the "Exercise Date") stating the drug to be licensed and ------------- the route of administration. Each of the parties hereto shall execute an agreement as required by 2.2 above relating to the Option that has been exercised within fifteen (15) days of exercise thereof.
Appears in 2 contracts
Samples: Lease Agreement, Collaboration and Option Agreement (Emisphere Technologies Inc)
