Option Warning Procedure

Option Warning Procedure. A procedure that applies where expressly referred to herein where if on expiry of any period during which Syco has the right to exercise an option Syco has neither exercised such option nor notified 19 in writing that it does not wish to exercise such option. If the Option Warning Procedure applies:- (a) 19 must promptly notify Syco in writing that the Company has not yet exercised its relevant option ("Option Warning"); (b) ... Syco may exercise its option at any time before receiving the Option Warning or within five (5) business days of its receipt of the Option Warning; (c) the relevant period of time to exercise the option continues until Syco exercises its option or gives written notice to 19 that it does not wish to exercise its option or until the end of the five (5) business day period referred to in (b) above (whichever occurs first). View More