Common use of Exercise Process Clause in Contracts

Exercise Process. The Parties acknowledge that the Option Agreement did not contemplate the LAFC Lease and the transactions contemplated thereunder, and that due to the change in circumstances related thereto, the Parties have agreed to a two (2) step exercise process with respect to any Extension Option (as defined in the LAFC Lease) under the LAFC Lease and the corresponding extension option under the Option Agreement or the 2054 Lease, as the case may be. The first step will consist of the determination of the Fair Market Rental Value as hereinafter provided, and the second step will consist of LAFC and USC, as applicable, having a certain period of time following the Determination Date (as hereinafter defined) to exercise the applicable Extension Option under the LAFC Lease, the Option under the Option Agreement and/or any extension option under the 2054 Lease, as the case may be, in each case as more fully described below.