Common use of Exercise of Put Option Clause in Contracts

Exercise of Put Option. 3.1 The Master Trust, on behalf of the Sub-Trust, agrees that it shall, upon exercise of the option as provided in Section 3.2, purchase the Preferred Stock from Ambac Assurance for a purchase price equal to the Put Option Price, which Put Option Price shall be payable on the Put Option Payment Date in accordance with Section 4.

Exercise of Put Option. 3.1 The Master Trust, on behalf of the Sub-Trust, agrees that it shall, upon exercise of the option as provided in Section 3.2, purchase the Preferred Stock from Ambac Assurance for a purchase price equal to the Put Option Price, which Put Option Price shall be payable on the Put Option Payment Date in accordance accozdance with Section 4.