Milestone Extension Option. Licensee shall have the one-time option to extend the deadlines for those Milestone Events specified in said Section 2.4 by three (3) months by paying a milestone extension fee of *** for each such extension. This option may only be exercised at a time when Licensee is in compliance with all of its obligations under the Agreement, including having met all milestones with deadlines prior to the date such notice is given (without giving effect to the extension resulting from the exercise of such option). In order to exercise this option, Licensee must provide Licensor written notice of its exercise of this option accompanied by payment of the milestone extension fee. Such notice must contain an affirmation from the Licensee that it is in compliance with all of its obligations under the Agreement, that it has and is currently using commercially reasonable efforts to implement the Commercialization Plan and Actively Commercialize Licensed Products or Licensed Services and that it reasonably expects to meet the milestone deadlines as extended by the exercise of such option.
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Samples: American Boarding Co, American Boarding Co, American Boarding Co
