Common use of Options Exercise Clause in Contracts

Options Exercise. Unless otherwise expressly provided in this Agreement, in order to exercise an Option, the Buyer will, no later than 4:00 p.m. Eastern Prevailing Time on the Exercise Date for an Option, notify the Seller orally or in writing, which notice will be irrevocable (“Notice of Exercise”), of the Buyer’s exercise of its right or rights granted pursuant to the relevant Option. Provided, however, that if verbal notice is given, Buyer shall provide written confirmation of such verbal notice to Seller as soon as practicable. The Buyer may exercise the right or rights granted pursuant to the Option only by timely giving a Notice of Exercise to the Seller. If the Option is not timely exercised, it will expire and neither the Buyer nor the Seller will have any further rights or liabilities with respect to that Option. Once an Option has been timely and properly exercised, the physical purchase and sale of the Coal related thereto shall be governed by the terms of this Agreement.