Option Exercise Deadline Clause Samples
The Option Exercise Deadline clause establishes the final date or time period by which a party must formally exercise an option granted under the agreement. In practice, this means that if a party wishes to take advantage of a right—such as purchasing additional shares, extending a lease, or entering into a subsequent agreement—they must provide notice or fulfill required conditions before the specified deadline. This clause ensures certainty and prevents disputes by clearly defining the window of opportunity for exercising contractual options, thereby protecting both parties from ambiguity regarding timing.
Option Exercise Deadline. The Option Expiry Date for the declaration of each one of the options for the construction of Drillship A, Drillship B and Drillship C is hereby extended to 31st March 2013 (the "New Option Expiry Date").
Option Exercise Deadline. Tenant must give Landlord written notice of the exercise of the option set forth in Paragraph 1.16 above six (6) months prior to the Expiration Date ("Option Exercise Deadline"). Tenant's exercise of the options will only be effective if Tenant is not in default on the date on which Tenant exercises said options and if Tenant is also not in default on the date on which the Renewal Term commences.
Option Exercise Deadline the date that is 24 months after the Effective Date.
Option Exercise Deadline. Tenant shall (if at all) give Landlord written notice of the exercise of the option(s) set forth in Paragraph 1.17 above no fewer than 270 days prior to the date this Lease would terminate if such option were not exercised (in each case, an “Option Exercise Deadline”). Tenant’s exercise of the option(s) will only be effective if Tenant is not in default on the date on which Tenant exercises said option(s) and if Tenant is also not in default on the date on which the option period commences (but Landlord may in its sole and absolute discretion elect to waive any such default solely for purposes of avoiding nullification of the exercise of the option but without waiving its rights otherwise for collection and/or to demand cure). Exercise of an option is only effective if timely delivered in writing, time being strictly of the essence; and such exercise shall then irrevocably commit Tenant to the ensuing option term.