Option Period Extension definition
Examples of Option Period Extension in a sentence
If the Initial Option Period terminates without any Purchase or the Option Period Extension being activated, or if the Option Period Extension terminates without any Purchase or the Production Period commencing, or if the Production Period terminates without any Purchase, then this Agreement shall terminate automatically and all rights in and to the Play shall revert to Owner and the Parties shall have no further obligations to one another hereunder except as may be expressly stipulated herein.
If, during either the Initial Option Period or the Option Period Extension, the Series goes into production, then Production Company’s option hereunder shall be further extended throughout the “Production Period”, which shall mean the period of time beginning upon the end of the Option Extension Period and terminating upon the earlier of either (i) Purchase; or (ii) Thirty Six (36) months from the start of the Production Period.
During such Option Period Extension, all rights and obligations of the respective Parties related to the exercise of such Program Option or to make any otherwise required Program Option Exercise Fee payment shall be tolled.
In the event that HSR clearance has still not been granted upon expiration of the Option Period Extension, ChemoCentryx and GSK shall promptly meet to discuss in good faith whether an additional extension of the Option Period is [***].
To exercise its right set forth herein, NEP Member shall, prior to expiration of the Call Option Period Extension and at least ten (10) days and no more than fifteen (15) days in advance of such exercise, deliver to the Class B Members written notice containing the same information set forth in Section 7.02(b) with respect to the Call Option Notice.
The Option Period Extension shall expire the earlier of either (a) execution of a license or (b) one (1) years from the Effective Date of the extension.
Notwithstanding the foregoing, but subject to Section 7.01(b), at any time after expiration of the Call Option Period (or the Call Option Period Extension, if applicable), each of the Class B Members may freely Dispose of all or any portion of its Membership Interest to any Person, other than an Excluded Party, without the consent of NEP Member.
If at the one (1) year anniversary of the Effective Date of the Agreement the option has not been exercised, the Company shall have the right to extend the option period ("Option Period Extension") for a fee of [***] dollars ([***]USD) for an additional year.
Company may extend the Option Period for one additional twelve (12) month term (“Option Period Extension”) by providing University written notice prior to the expiration of the Option Period and payment of the fee set forth in Article 4.3. The Option Period Extension will be effected by a written amendment to this Agreement executed by University and Company.
The Call Option Period Extension shall, if so extended, expire on the fifth (5th) anniversary of the Effective Date.