Common use of TERM AND OPTIONS Clause in Contracts

TERM AND OPTIONS. 3.1 The Initial Period of this Agreement shall be a period commencing on the date of this Agreement and ending ninety (90) days after the release of the Minimum Commitment in the UK. 3.2 The Artist hereby grants to Company three (3) separate consecutive options to extend the Term for further periods commencing upon the expiry of the then current Contract Period and expiring twelve (12) months after such commencement or if later three (3) months after the delivery of the Minimum Commitment for such Contract Period (the "First Option Period", "Second Option Period" and "Third Option Period" respectively and collectively referred to as the "Option Periods") provided that no Contract Period shall in any event last for more than two (2) years. 3.3 Each option referred to in clause 3.2 above shall be exercised by Company serving upon the Artist written notice at any time prior to the expiry of the then current Contract Period. Notwithstanding any of the foregoing if at the date when the then current Contract Period would otherwise have expired Company has neither exercised its option to extend the Term for a further period nor notified the Artist that it does not wish to exercise such option then the following provisions shall apply: 3.3.1 The Artist shall forthwith notify Company in writing that its option has not yet been exercised ("an Option Warning") 3.3.2 Company shall be entitled to exercise its option to extend the Term for a further period as set out above at any time before receiving the Option Warning or within five (5) business days thereafter. 3.3.3 The then current Contract Period shall be deemed to have continued until Company either exercises its option or gives notice to the Artist that it does not wish to exercise its option or until the end of such period of five (5) business days (whichever shall first occur) provided always that in the event that Company exercises its option to extend the Term then the commencement date of the relevant Contract Period shall be deemed to be the date such Contract Period would have commenced had Company exercised its option in a timely fashion without regard for the provisions of this clause.

TERM AND OPTIONS. 3.1 2.1 The Initial Period Term of this Agreement shall be a an initial period (“The Initial Period”) commencing on the date of this Agreement hereof and ending ninety (90) days after the release of the Minimum Commitment in the UK. 3.2 The Artist 2.2 You hereby grants to Company grant us three (3) irrevocable separate consecutive options to extend the Term for further periods commencing upon the expiry of the then current Contract Period and expiring twelve (12) months after such commencement or if later three (3) six months after the delivery Delivery to us of the Minimum Commitment for such Contract Period (the "First Option Period", "Second Option PeriodPeriod " and "Third Option PeriodPeriod " respectively and collectively referred to as the "Option Periods") provided that no Contract Period shall in any event last for more than two (2) years. 3.3 Each option 2.3 The options referred to in clause 3.2 above shall be exercised by Company serving upon the Artist us sending you written notice at any time prior to the expiry of the then current Contract Period. Notwithstanding any of However in the foregoing if at the date when the then current Contract Period would otherwise event that we have expired Company has neither exercised its our option nor notified you that we do not wish to do so then you shall forthwith notify us in writing that our option has not yet been exercised. We shall be entitled to exercise our option to extend the Term for a further period nor notified the Artist that it does not wish to exercise such option then the following provisions shall apply: 3.3.1 The Artist shall forthwith notify Company in writing that its option has not yet been exercised ("an Option Warning") 3.3.2 Company shall be entitled to exercise its option to extend the Term for a further period as set out above at any time before receiving the Option Warning or within five (5) business days thereafter. 3.3.3 The then current after having received such notice from you. In the event we fail to do so the Contract Period shall be deemed to have continued until Company either exercises its option or gives notice to the Artist that it does not wish to exercise its option or until the end on expiry of such period of five (5) 5 business days (whichever shall first occur) provided always that in days. 2.4 In the event that Company exercises its following the exercise of our option to extend the Term then for the Second Option Period or the Third Option Period we have not entered into a Major Recording Agreement you may at any time before the commencement date of recording of the relevant Contract Period shall be deemed to be the date Minimum Commitment for such Contract Period would have commenced had Company exercised its option in a timely fashion without regard for serve notice upon us that you wish to terminate the provisions Term of this clauseAgreement.

TERM AND OPTIONS. 3.1 3.1. The Initial Period of this Agreement shall be a period commencing on the date of this Agreement and ending ninety (90) days after the release of the Minimum Commitment in the UK. 3.2 3.2. The Artist hereby grants to Company three (3) separate consecutive options to extend the Term for further periods commencing upon the expiry of the then current Contract Period and expiring twelve (12) months after such commencement or if later three (3) months after the delivery of the Minimum Commitment for such Contract Period (the "First Option Period", "Second Option Period" and "Third Option Period" respectively and collectively referred to as the "Option Periods") provided that no Contract Period shall in any event last for more than two (2) years. 3.3 3.3. Each option referred to in clause 3.2 above shall be exercised by Company serving upon the Artist written notice at any time prior to the expiry of the then current Contract Period. Notwithstanding any of the foregoing if at the date when the then current Contract Period would otherwise have expired Company has neither exercised its option to extend the Term for a further period nor notified the Artist that it does not wish to exercise such option then the following provisions shall apply: 3.3.1 3.3.1. The Artist shall forthwith notify Company in writing that its option has not yet been exercised ("an Option Warning") 3.3.2 3.3.2. Company shall be entitled to exercise its option to extend the Term for a further period as set out above at any time before receiving the Option Warning or within five (5) business days thereafter. 3.3.3 3.3.3. The then current Contract Period shall be deemed to have continued until Company either exercises its option or gives notice to the Artist that it does not wish to exercise its option or until the end of such period of five (5) business days (whichever shall first occur) provided always that in the event that Company exercises its option to extend the Term then the commencement date of the relevant Contract Period shall be deemed to be the date such Contract Period would have commenced had Company exercised its option in a timely fashion without regard for the provisions of this clause.