Option Period and Exercise Sample Clauses
Option Period and Exercise. This Option Agreement shall be valid as from the effective date of the Shipbuilding Contract. The Buyer’s option to purchase the first Optional Vessel may be exercised by the Buyer by written notice to the Builder at any time before and including the date falling six (6) consecutive months after the effective Date of the Shipbuilding Contract. The Buyer’s option to purchase the second Optional Vessel may be exercised by the Buyer by written notice to the Builder at any time before and including the date falling six (6) consecutive months after the effective date of the shipbuilding contract for the first Optional Vessel. For the avoidance of doubt, if the option for the first Optional Vessel is not exercised by the Buyer within the option period of six (6) months as set out in this clause 5, the Buyer’s option to purchase the Optional Vessels shall cease in full.
Option Period and Exercise. 2.1 The Option Period shall commence as of the Effective Date and expire 12 months thereafter, unless sooner terminated pursuant to Section 2.3, below ("Option Period").
2.2 The Parties may mutually agree to extend the Option Period, by executing a writing to that effect.
2.3 At any time prior to the expiration of the Option Period, Company may exercise its Option Rights to negotiate a license agreement by providing written notice to Dartmouth, whereupon the Parties shall promptly and in good faith endeavor to negotiate an exclusive license agreement in the Field of Use with respect to the Intellectual Property, which exclusive license agreement is intended to set forth commercially reasonable terms and conditions satisfactory to both Parties, but consistent with Section 2.4 below. However, all negotiation rights under this Section shall expire upon the earlier to occur of the expiration or termination of this Agreement.
2.4 The license agreement to be negotiated in good faith shall incorporate terms that include fixing the initial license payment by the Company to Dartmouth at $*, with subsequent annual renewal payments of $*, non-royalty-based sublicense income payments, and royalty payments ranging from *% to *% of product sales by the Company, its affiliates and sublicensees, in those products incorporating the Intellectual Property.
Option Period and Exercise