Common use of Milestone Extension Option Clause in Contracts

Milestone Extension Option. Licensee shall have the one-time option to extend the dates for those Milestone Events specified in Section 2.4 by three (3) months by paying a milestone extension fee of *** for each such extension. The exercise of this option shall not modify any subsequent Milestone Dates. This option may only be exercised at a time when Licensee is in compliance with all of its obligations under the Agreement, including having met all milestones with deadlines prior to the date such notice is given (without giving effect to the extension resulting from the exercise of such option). In order to exercise this option, Licensee must provide Licensor written notice of its exercise of this option accompanied by payment of the milestone extension fee. Such notice must contain an affirmation from the Licensee that it is in compliance with all of its obligations under the Agreement, that it has and is currently using commercially reasonable efforts to implement the Commercialization Plan and Actively Commercialize Licensed Products or Licensed Services and that it reasonably expects to meet the milestone deadlines as extended by the exercise of such option.

Milestone Extension Option. Licensee shall have the one-time option to extend the dates deadlines for all those Milestone Events specified in said Section 2.4 by three (3) months 2.4,3 in [***] increments with a maximum extension of [***] by paying a the following milestone extension fee of Fees: [*** for each such extension. The exercise of this option shall not modify any subsequent Milestone Dates. *] This option may only be exercised at a time when Licensee is in compliance with all of its obligations under the Agreement, including having met all milestones with deadlines prior to the date such notice is given (without giving effect to the extension resulting from the exercise of such option). In order to exercise this option, Licensee must provide Licensor written notice of its exercise of this option accompanied by payment of the milestone extension fee. Such notice must contain an affirmation from the Licensee that it is in compliance with all of its obligations under the Agreement, that it has and is currently using commercially reasonable efforts to implement the Commercialization Plan and Actively Commercialize Diligently Commercializing Licensed Products or Licensed Services and that it reasonably expects to meet the milestone deadlines as extended by the exercise of such option. Upon such payment and exercise, each of the future milestones deadline dates shall be extended by the duration of the extension.