Common use of Lapse Clause in Contracts

Lapse. Subject to the provisions of Section 2 and Section 3, all Options granted hereunder shall lapse and be of no further force or effect on or after the fifth anniversary of the Effective Date if they are not exercised before such anniversary.

Lapse. Subject to the provisions of Section 2 and Section 3, all Options granted hereunder shall lapse and be of no further force or effect on or after the fifth tenth anniversary of the Effective Date if they are not exercised before such anniversary.