Designates a certain specified date (as per a Court judgment or a contract) where - if a certain event has not taken place by that date, then one or several consequence(-s) are automatically triggered. For instance, if a party to a joint-ventuting a company, often used by Private equity firms, which involves preparing and following in parallel two Options, an IPO and a sale to another Private equity firm or Trade buyer, holding off the final decision as to which Option will be completed until the last minute. This decision is generally based on which Option will result in the highest price.

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