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Exercising an option without paying for the underlying
As other answers state, selling the options contracts to the market is a definite way out, and probably the best in most cases.  If you're determined to exercise your options (or there's not enough liquidity to reasonably sell your contracts to the market), then you could plan ahead and exercise smaller number of contracts at a time and sell the resulting position in the underlying, which will give you funds to exercise some more contracts and sell the underlying.    If you think you're going down this path, however, make sure that you take into account your broker's rules for settlement.  You may need to start the exercise / sell cycle before the option's expiration date.