Common use of Option Exercise Date Clause in Contracts

Option Exercise Date. The exercise of the Option shall become effective, and the licenses granted under Sections 7.1.2 and 7.2.2 with respect to such Designated Target and the corresponding Collaboration Program shall be in full force and effect, immediately upon Takeda’s payment of the Option Exercise Fee set forth in Section 8.2.2 to Denali (the “Option Exercise Date”).