Common use of The Option Period Clause in Contracts

The Option Period. In the event that a condition is imposed by any of the relevant authorities in respect of any of the approvals and consents referred to in this Article IV which affects any of the parties hereto, that party shall have the option to be exercised within fourteen (14) days from the date on which the condition is made known to the party affected (the "OPTION PERIOD") by written notice to the other party, not to accept such condition, whereupon the approval or consent in respect of which the said condition is imposed shall be deemed not to have been obtained for the purpose hereof. If such option is not exercised within the Option Period such approval or consent in respect of which the said condition is imposed shall be deemed to have been obtained for the purpose hereof.

The Option Period. In the event that a condition is imposed by any of the relevant authorities in respect of any of the approvals Relevant Approvals which materially and consents referred to in this Article IV which adversely affects any of the parties hereto, that party or parties so affected shall have the option option, to be exercised within fourteen (14) days from the date on which the condition is made known to such party or until the party affected Completion Date, whichever is the earlier, ("the "OPTION PERIODOption Period") by written notice in writing to the other party, not to accept reject such condition, whereupon the such approval or consent in respect of which the said condition is imposed shall be deemed not to have been obtained for the purpose hereof. If such option is not exercised within the Option Period the such approval or consent in respect of which the said condition is imposed shall be deemed to have been obtained for the purpose hereof.