exercise是法律文件中又一使用频率较高的词汇，一般是指“行使某种权利”，例如：

exercise of option行使期权

exercise notice行权通知

exercise the right of first refusal行使优先购买权

exercise price行权价格

债券发行文件、股东协议、认购协议等文件中一般都会使用

例句一

The Paying Agent with whom a Certificate is deposited in a valid exercise of any Bondholder’s option shall hold such Certificate on behalf of the depositing Bondholder until the due date for redemption of the relevant Bond(s) consequent upon the exercise of such option, when subject as provided below, it shall surrender any such Certificate to itself for payment of the amount due in accordance with the Conditions and shall cause the Principal Paying Agent to pay such moneys in accordance withthe directions of the Bondholder contained in the Exercise Notice.

在任何债券持有人有效行使任何期权时，接收交存的凭证的付款代理应代表存放凭证的债券持有人持有该凭证，直至该期权行使之后相关债券的赎回到期日，在不违反下文规定的情况下，付款代理应向自身交出任何此类凭证，以支付根据条件到期的金额，并应促使主要付款代理根据行权通知所含的债券持有人指示支付该等资金。

例句二

The procedures for exercising the right of first refusal shall be as follows: the Shareholder proposing to transfer any shares shall send the non-transferring Shareholdersa notice for inquiring whether they will exercise the right of first refusal  and each of the non-transferring Shareholders shall, within thirty (30) days after its receipt of the Notice of Right of First Refusal, inform in writing the transferring Shareholder and the Company of the amount of shares to be transferredby it and the terms on which such shares are to be transferred.

行使优先购买权的程序如下：打算转让任何股份的股东应当向不转让股份的股东发送通知询问该等不转让股份的股东是否将行使优先购买权，且各不转让股份的股东应当在其收到该等优先购买权通知后三十（30）日内以书面方式通知该等将要转让股份的股东和公司其将要转让股份的数量和该等股份转让的条件。

例句三

all governmental authorization required under the PRC laws, rules and regulations in connection with the Ownership Structure and the VIE Arrangements have been granted, duly made or unconditionally obtained in writing and are in full force and effect, provided that any exercise by the Company of its rights under the relevant exclusive option agreements will be subject to: (a) the approval of and/or registration with the PRC governmental agencies for the resulting equity transfer; and (b) the exercise price for equity transfer under the VIE Agreements complying with the PRC laws

所有关于归属权结构和VIE协议的中国法律、规定和规章规定需要的政府批准已经获得、正式作出或无条件地书面获得，具有完整效力，但公司根据相关排他性期权协议的履行将取决于：(a)就最终的股权转让，获得中国政府部门的批准和/或登记；和(b)VIE协议下的行权价格符合中国法律