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In the event that the Company has not issued and sold such New Securities within such ninety (90) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Participation Rights Holders pursuant to this Section 3.", "snippet_links": [{"key": "expiration-of-the", "type": "clause", "offset": [9, 26]}, {"key": "second-participation-period", "type": "definition", "offset": [27, 54]}, {"key": "in-the-event", "type": "clause", "offset": [59, 71]}, {"key": "participation-rights-holder", "type": "definition", "offset": [75, 102]}, {"key": "right-of-participation", "type": "definition", "offset": [117, 139]}, {"key": "within-thirty", "type": "clause", "offset": [140, 153]}, {"key": "issuance-of-the", "type": "clause", "offset": [178, 193]}, {"key": "first-participation-notice", "type": "definition", "offset": [194, 220]}, {"key": "the-company-shall", "type": "clause", "offset": [222, 239]}, {"key": "to-sell", "type": "clause", "offset": [273, 280]}, {"key": "new-securities", "type": "clause", "offset": [285, 299]}, {"key": "with-respect-to", "type": "clause", "offset": [345, 360]}, {"key": "price-terms", "type": "definition", "offset": [465, 476]}, {"key": "more-favorable", "type": "definition", "offset": [492, 506]}, {"key": "to-the-purchasers", "type": "clause", "offset": [507, 524]}, {"key": "the-company-has", "type": "clause", "offset": [601, 616]}, {"key": "day-period", "type": "clause", "offset": [681, 691]}, {"key": "first-offering", "type": "clause", "offset": [778, 792]}, {"key": "the-participation", "type": "clause", "offset": [816, 833]}, {"key": "rights-holders", "type": "definition", "offset": [834, 848]}, {"key": "pursuant-to", "type": "definition", "offset": [849, 860]}, {"key": "section-3", "type": "clause", "offset": [866, 875]}], "samples": [{"hash": "aLrtcJGELRx", "uri": "/contracts/aLrtcJGELRx#failure-to-exercise", "label": "Shareholder Agreement", "score": 31.3408622742, "published": true}, {"hash": "bB25zEsEBwe", "uri": "/contracts/bB25zEsEBwe#failure-to-exercise", "label": "Shareholders Agreement (Viomi Technology Co., LTD)", "score": 29.6543464661, "published": true}, {"hash": "dn4mbXaASZp", "uri": "/contracts/dn4mbXaASZp#failure-to-exercise", "label": "Shareholder Agreement (111, Inc.)", "score": 29.6187534332, "published": true}], "size": 111, "hash": "4e9263fd1f53f374435d3a8e83ff1029", "id": 1}, {"snippet": "In the event that the Rights Holders fail to exercise in full the right of first refusal within such ten (10) plus five (5) day period, then the Company shall have 120 days thereafter to sell the New Securities with respect to which the Rights Holders' rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers thereof than specified in the Company's Notice to the Rights Holders. In the event that the Company has not issued and sold the New Securities within such 120-day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Rights Holders pursuant to this Section 3.", "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "rights-holders", "type": "definition", "offset": [22, 36]}, {"key": "exercise-in-full", "type": "clause", "offset": [45, 61]}, {"key": "the-right-of-first-refusal", "type": "clause", "offset": [62, 88]}, {"key": "day-period", "type": "clause", "offset": [124, 134]}, {"key": "the-company-shall", "type": "clause", "offset": [141, 158]}, {"key": "to-sell", "type": "clause", "offset": [184, 191]}, {"key": "new-securities", "type": "clause", "offset": [196, 210]}, {"key": "with-respect-to", "type": "clause", "offset": [211, 226]}, {"key": "rights-of-first-refusal", "type": "definition", "offset": [253, 276]}, {"key": "general-terms", "type": "definition", "offset": [327, 340]}, {"key": "more-favorable", "type": "definition", "offset": [356, 370]}, {"key": "to-the-purchasers", "type": "clause", "offset": [371, 388]}, {"key": "notice-to-the", "type": "clause", "offset": [429, 442]}, {"key": "the-company-has", "type": "clause", "offset": [477, 492]}, {"key": "first-offering", "type": "clause", "offset": [645, 659]}, {"key": "pursuant-to", "type": "definition", "offset": [702, 713]}, {"key": "section-3", "type": "clause", "offset": [719, 728]}], "samples": [{"hash": "hopTWT46AnK", "uri": "/contracts/hopTWT46AnK#failure-to-exercise", "label": "Investors' Rights Agreement (Chaparral Network Storage Inc)", "score": 18.0, "published": true}, {"hash": "gx1UR7MUyrW", "uri": "/contracts/gx1UR7MUyrW#failure-to-exercise", "label": "Investors' Rights Agreement (Chaparral Network Storage Inc)", "score": 18.0, "published": true}, {"hash": "9JQwXW4fslS", "uri": "/contracts/9JQwXW4fslS#failure-to-exercise", "label": "Investors' Rights Agreement (Chaparral Network Storage Inc)", "score": 18.0, "published": true}], "size": 93, "hash": "673d7cc2b6a4bfae3e12e569db1c937b", "id": 2}, {"snippet": "In the event that the Major Investors fail to exercise in full the right of first refusal within such ten (10) day period, then the Company shall have one hundred twenty (120) days thereafter to sell the New Securities with respect to which the Major Investors\u2019 rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers thereof than specified in the Company\u2019s Notice to the Major Investors. In the event that the Company has not issued and sold the New Securities within such one hundred twenty (120) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Major Investors pursuant to this Section 3.", "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "major-investors", "type": "definition", "offset": [22, 37]}, {"key": "exercise-in-full", "type": "clause", "offset": [46, 62]}, {"key": "the-right-of-first-refusal", "type": "clause", "offset": [63, 89]}, {"key": "day-period", "type": "clause", "offset": [111, 121]}, {"key": "the-company-shall", "type": "clause", "offset": [128, 145]}, {"key": "to-sell", "type": "clause", "offset": [192, 199]}, {"key": "new-securities", "type": "clause", "offset": [204, 218]}, {"key": "with-respect-to", "type": "clause", "offset": [219, 234]}, {"key": "rights-of-first-refusal", "type": "definition", "offset": [262, 285]}, {"key": "general-terms", "type": "definition", "offset": [336, 349]}, {"key": "more-favorable", "type": "definition", "offset": [365, 379]}, {"key": "to-the-purchasers", "type": "clause", "offset": [380, 397]}, {"key": "notice-to-the", "type": "clause", "offset": [438, 451]}, {"key": "the-company-has", "type": "clause", "offset": [487, 502]}, {"key": "first-offering", "type": "clause", "offset": [676, 690]}, {"key": "pursuant-to", "type": "definition", "offset": [734, 745]}, {"key": "section-3", "type": "clause", "offset": [751, 760]}], "samples": [{"hash": "3QieYDk6aUP", "uri": "/contracts/3QieYDk6aUP#failure-to-exercise", "label": "Investors' Rights Agreement", "score": 31.3408622742, "published": true}, {"hash": "8173l4iLmUp", "uri": "/contracts/8173l4iLmUp#failure-to-exercise", "label": "Investors\u2019 Rights Agreement (Carrier EQ, Inc.)", "score": 30.1991786957, "published": true}, {"hash": "gRSca6eNlma", "uri": "/contracts/gRSca6eNlma#failure-to-exercise", "label": "Investors\u2019 Rights Agreement (Startengine Crowdfunding, Inc.)", "score": 29.1930179596, "published": true}], "size": 48, "hash": "a740174c75cf2c8bac411aaa2f1d53a5", "id": 3}, {"snippet": "If Tenant shall fail validly and timely to exercise the Option herein granted, said Option shall terminate and shall be null and void and of no further force and effect.", "snippet_links": [{"key": "tenant-shall", "type": "clause", "offset": [3, 15]}, {"key": "to-exercise", "type": "clause", "offset": [40, 51]}, {"key": "the-option", "type": "clause", "offset": [52, 62]}, {"key": "null-and-void", "type": "clause", "offset": [120, 133]}, {"key": "force-and-effect", "type": "clause", "offset": [152, 168]}], "samples": [{"hash": "3zw1kpYYciN", "uri": "/contracts/3zw1kpYYciN#failure-to-exercise", "label": "Office Lease (Day One Biopharmaceuticals Holding Co LLC)", "score": 32.3374404907, "published": true}, {"hash": "dTGELf5UAVy", "uri": "/contracts/dTGELf5UAVy#failure-to-exercise", "label": "Office Lease (Satsuma Pharmaceuticals, Inc.)", "score": 28.6208076477, "published": true}, {"hash": "4JUqNO2zI2d", "uri": "/contracts/4JUqNO2zI2d#failure-to-exercise", "label": "Office Lease (Satsuma Pharmaceuticals, Inc.)", "score": 28.5824775696, "published": true}], "size": 24, "hash": "19f1372931ccc02e6b737766fd4f7ba8", "id": 5}, {"snippet": "Upon the expiration of the Participation Period, the Company shall have ninety (90) days thereafter to complete the sale of the New Securities described in the Participation Notice with respect to which the Preemptive Rights hereunder were not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the Participation Notice. 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In the event that the Company has not issued and sold such New Securities within such prescribed period, then the Company shall not thereafter issue or sell any New Securities without first offering such New Securities to the Participation Rights Holders pursuant to this Section 4.", "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [4, 16]}, {"key": "rights-holders", "type": "definition", "offset": [48, 62]}, {"key": "right-of-participation", "type": "definition", "offset": [76, 98]}, {"key": "with-respect-to", "type": "clause", "offset": [99, 114]}, {"key": "new-securities", "type": "clause", "offset": [119, 133]}, {"key": "first-participation-notice", "type": "definition", "offset": [151, 177]}, {"key": "following-the", "type": "definition", "offset": [202, 215]}, {"key": "date-of", "type": "clause", "offset": [216, 223]}, {"key": "expiration-of-the", "type": "clause", "offset": [273, 290]}, {"key": "second-participation-period", "type": "definition", "offset": [291, 318]}, {"key": "the-company-shall", "type": "clause", "offset": [320, 337]}, {"key": "period-of", "type": "clause", "offset": [345, 354]}, {"key": "to-sell", "type": "clause", "offset": [383, 390]}, {"key": "other-third-parties", "type": "definition", "offset": [394, 413]}, {"key": "same-terms", "type": "clause", "offset": [583, 593]}, {"key": "as-specified", "type": "clause", "offset": [594, 606]}, {"key": "the-company-has", "type": "clause", "offset": [660, 675]}, {"key": "first-offering", "type": "clause", "offset": [826, 840]}, {"key": "pursuant-to", "type": "definition", "offset": [897, 908]}, {"key": "section-4", "type": "definition", "offset": [914, 923]}], "samples": [{"hash": "h14prbmdlIQ", "uri": "/contracts/h14prbmdlIQ#failure-to-exercise", "label": "Shareholder Agreement", "score": 31.3408622742, "published": true}, {"hash": "5gdVR9gYCWX", "uri": "/contracts/5gdVR9gYCWX#failure-to-exercise", "label": "Shareholder Agreements (LexinFintech Holdings Ltd.)", "score": 28.8658447266, "published": true}, {"hash": "6h3qV44w8VA", "uri": "/contracts/6h3qV44w8VA#failure-to-exercise", "label": "Shareholder Agreement (LexinFintech Holdings Ltd.)", "score": 28.8466796875, "published": true}], "size": 16, "hash": "372ec47ce3435a4f6cff21dc4bdf3d51", "id": 8}, {"snippet": "If the Purchaser fails to exercise in full the right of first refusal within the 10-day period, then the Company will have one hundred eighty (180) days thereafter to sell the New Securities with respect to which the Purchaser\u2019s right of first refusal hereunder was not exercised, at a price not materially different to the purchasers thereof than specified in the Company\u2019s Notice to the Purchaser. If the Company has not issued and sold the minimum amount of New Securities to be sold in the Next Financing within the 180-day period, then the Company shall not thereafter issue or sell any New Securities without again first offering those New Securities to the Purchaser pursuant to this Section 6.", "snippet_links": [{"key": "exercise-in-full", "type": "clause", "offset": [26, 42]}, {"key": "the-right-of-first-refusal", "type": "clause", "offset": [43, 69]}, {"key": "day-period", "type": "clause", "offset": [84, 94]}, {"key": "the-company-will", "type": "clause", "offset": [101, 117]}, {"key": "to-sell", "type": "clause", "offset": [164, 171]}, {"key": "new-securities", "type": "clause", "offset": [176, 190]}, {"key": "with-respect-to", "type": "clause", "offset": [191, 206]}, {"key": "to-the-purchasers", "type": "clause", "offset": [317, 334]}, {"key": "notice-to-the-purchaser", "type": "clause", "offset": [375, 398]}, {"key": "the-company-has", "type": "clause", "offset": [403, 418]}, {"key": "minimum-amount", "type": "clause", "offset": [443, 457]}, {"key": "securities-to-be-sold", "type": "clause", "offset": [465, 486]}, {"key": "next-financing", "type": "clause", "offset": [494, 508]}, {"key": "the-company-shall", "type": "clause", "offset": [541, 558]}, {"key": "first-offering", "type": "clause", "offset": [621, 635]}, {"key": "pursuant-to", "type": "definition", "offset": [674, 685]}, {"key": "section-6", "type": "definition", "offset": [691, 700]}], "samples": [{"hash": "jX1JRV79mrG", "uri": "/contracts/jX1JRV79mrG#failure-to-exercise", "label": "Series C Conversion Agreement (NowRx, Inc.)", "score": 32.6057510376, "published": true}, {"hash": "57PxPv2r7tg", "uri": "/contracts/57PxPv2r7tg#failure-to-exercise", "label": "Series B Conversion Agreement (NowRx, Inc.)", "score": 30.9000682831, "published": true}], "size": 15, "hash": "54864324b339b850c3bbbdc5d48d54f2", "id": 9}, {"snippet": "To the extent an offer pursuant to Section 5.1 is not accepted by the other Investors, the Transferor may, for a period of ninety (90) days thereafter, transfer the unaccepted securities, or any of them, at or above the price, and upon the other terms and conditions specified in such offer, to any Person or Persons; provided that such Person or Persons agrees in writing with the Company and the Investors, prior to and as a condition precedent to such Transfer, to be bound by all of the provisions of Sections 3.9, 5 and 6 of this Agreement.", "snippet_links": [{"key": "to-the-extent", "type": "clause", "offset": [0, 13]}, {"key": "section-51", "type": "clause", "offset": [35, 46]}, {"key": "accepted-by", "type": "definition", "offset": [54, 65]}, {"key": "other-investors", "type": "definition", "offset": [70, 85]}, {"key": "the-transferor", "type": "clause", "offset": [87, 101]}, {"key": "period-of", "type": "clause", "offset": [113, 122]}, {"key": "the-price", "type": "clause", "offset": [216, 225]}, {"key": "other-terms-and-conditions", "type": "definition", "offset": [240, 266]}, {"key": "person-or-persons", "type": "clause", "offset": [299, 316]}, {"key": "provided-that", "type": "definition", "offset": [318, 331]}, {"key": "in-writing", "type": "definition", "offset": [362, 372]}, {"key": "the-investors", "type": "definition", "offset": [394, 407]}, {"key": "prior-to", "type": "definition", "offset": [409, 417]}, {"key": "condition-precedent", "type": "definition", "offset": [427, 446]}, {"key": "the-provisions-of", "type": "clause", "offset": [487, 504]}, {"key": "this-agreement", "type": "clause", "offset": [530, 544]}], "samples": [{"hash": "i9UwC23qp1r", "uri": "/contracts/i9UwC23qp1r#failure-to-exercise", "label": "Investor Rights Agreement (Skinmedica Inc)", "score": 21.0, "published": true}, {"hash": "enABKtwq5Wb", "uri": "/contracts/enABKtwq5Wb#failure-to-exercise", "label": "Investor Rights Agreement (Cadence Pharmaceuticals Inc)", "score": 21.0, "published": true}, {"hash": "5ThcHFuNvW5", "uri": "/contracts/5ThcHFuNvW5#failure-to-exercise", "label": "Investor Rights Agreement (Somaxon Pharmaceuticals, Inc.)", "score": 18.0, "published": true}], "size": 14, "hash": "4fb9bfd8a73f18b8d05da84caa95484b", "id": 10}], "next_curs": "ClwSVmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjgLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhxmYWlsdXJlLXRvLWV4ZXJjaXNlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Failure to Exercise", "parents": [["right-of-participation", "Right of Participation"], ["right-of-first-refusal", "Right of First Refusal"], ["preemptive-right", "Preemptive Right"], ["participation-right", "Participation Right"], ["miscellaneous", "Miscellaneous"]], "children": [["board-of-directors", "Board of Directors"], ["", ""], ["notices", "NOTICES"], ["inspection-rights", "Inspection Rights"], ["voting-agreements", "Voting Agreements"]], "size": 739, "id": "failure-to-exercise", "related": [["failure-to-exercise-rights", "Failure to Exercise Rights", "<strong>Failure to Exercise</strong> Rights"], ["election-to-exercise", "Election to Exercise", "Election to Exercise"], ["right-to-exercise", "Right to Exercise", "Right to Exercise"], ["conditions-to-exercise", "Conditions to Exercise", "Conditions to Exercise"], ["form-of-election-to-exercise", "FORM OF ELECTION TO EXERCISE", "FORM OF ELECTION TO EXERCISE"]], "related_snippets": [], "updated": "2026-03-20T05:48:33+00:00", "also_ask": ["What are the strategic implications of including or omitting a 'no waiver' provision in this clause?", "Which specific actions or inactions should be expressly covered to avoid ambiguity in enforcement?", "What are the most common legal pitfalls or fatal drafting flaws associated with 'Failure to Exercise' clauses?", "How do courts typically interpret and enforce 'Failure to Exercise' provisions in contract disputes?", "How does this clause compare to similar provisions in other jurisdictions or under different governing laws?"], "drafting_tip": "Clarify the consequences of non-exercise, specify any time limits, and state whether rights are waived to prevent ambiguity and ensure enforceability.", "explanation": "The \"Failure to Exercise\" clause defines the consequences when a party does not enforce or act upon a right or remedy provided in the contract. Typically, this clause clarifies that if one party chooses not to exercise a particular right or delays in doing so, it does not mean they have waived that right or any future rights. For example, if a party overlooks a minor breach, they can still enforce the contract terms later. The core function of this clause is to protect parties from unintentionally losing their contractual rights due to inaction or delay, ensuring that rights remain enforceable throughout the contract's duration."}, "json": true, "cursor": ""}}