Common use of Notice exercising an Option Clause in Contracts

Notice exercising an Option. Not later than 12 months before the Capacity End Date, a Shipper may give written notice to the Operator that it wishes to exercise an Option. If such notice is not given before such time, the Option lapses, is of no force and effect whatsoever, and cannot be exercised.

Notice exercising an Option. Not later than 12 6 months before the Capacity End Date, a Shipper may give written notice to the Operator that it wishes to exercise an Option. If such notice is not given before such time, the Option lapses, is of no force and effect whatsoever, and cannot be exercisedexercised without the express approval of the Operator acting reasonably.