Extended Option Sample Clauses
An Extended Option clause grants one party the right to prolong a specific agreement or arrangement beyond its original term, typically by providing notice within a set timeframe. In practice, this might allow a tenant to continue leasing a property for an additional period under pre-agreed terms, or enable a buyer to extend the time to exercise a purchase option. The core function of this clause is to provide flexibility and certainty for both parties by clearly outlining the conditions and process for extending the agreement, thereby reducing the risk of disputes over continuation rights.
Extended Option. Customer shall have the option (“Extended Agreement Option”), exercisable on or prior to April 30, 2011 to extend the Processing Term and Print and Mail Term for an additional period through December 31, 2015 (the “Extended Term”) and to amend this Agreement pursuant to the terms of the amendment set forth in Schedule L (the “Extended Agreement Option Amendment”). Customer agrees to use commercially reasonable efforts to provide CSG with no less than *****-**** **** **** prior written notice of its intent to exercise the Extended Agreement Option Amendment. ** *** ***** ******** **** *** ******* *** ********* ****** ** ***** *** ****** ** ****** ********’* ***** ** ******** *** ******** ********* ******. Customer may exercise the Extended Agreement Option by executing and delivering to CSG the Extended Agreement Option Amendment in the form attached hereto as Schedule L. For the avoidance of doubt, the parties agree that the Extended Agreement Option Amendment shall not become effective until a version executed by Customer is delivered to CSG. Upon receiving the Extended Agreement Option Amendment executed by Customer, CSG shall execute such amendment and return a fully executed original to Customer; provided, however, that the parties agree that CSG’s execution shall not be required for such amendment to become effective.
2. Schedule L of the Agreement is deleted in its entirety and replaced with the Schedule L attached hereto as Attachment A.
3. The following language shall be inserted after the third “whereas” clause in the introductory language to the Agreement:
Extended Option. If, prior to the last day of the Initial Option --------------- Period, the Parent notifies the Investor of its intent to extend the exercise period of the option described in this Section 1(b) and pays the Investor $607,940 in cash (the "Extended Option Payment") by wire transfer of immediately available funds to an account designated by the Investor within two business days after delivery of such notice) the Investor shall grant to the Parent an irrevocable option (the "Extended Option," and together with the Initial Option, the "Options"), exercisable, as provided in Sections 2 and 3 (subject to Section 1(d)), at any time during the 60-day period commencing on the first day following the Initial Option Period (the "Extended Option Period"), to purchase the KD Warrant for the Option Purchase Price.
Extended Option. CSG and Customer shall negotiate in good faith to agree upon definitive terms of an option (“Extended Agreement Option”) that will be exercisable by Customer on or prior to April 30, 2011 and will provide for, among other things, the extension of the Processing Term and Print and Mail Term for an additional period through December 31, 2015 (the “Extended Term”) on terms substantially similar to those set forth in the non-binding term sheet set forth in Schedule L (the “Extended Agreement Option Amendment”).
Extended Option. Employees taking early retirement shall have the ability to convert to self-paid early retirement coverage under District medical/dental insurance plans through age sixty-five (65) provided such coverage is available through the District's carrier and the employee is eligible at the time of retirement. The employee will be responsible for timely and proper payment of insurance premiums.