Common use of Option Closing Clause in Contracts

Option Closing. The Option shall be exercisable at any time -------------- during the Option Period. The Option shall be exercised by ▇▇▇▇▇' giving written notice (the "Option Exercise Notice") signed by an officer of ▇▇▇▇▇ to ---------------------- Universal. Upon delivery of the Option Exercise Notice, upon the terms and subject to the conditions contained herein (including without limitation Section 4 hereof), ▇▇▇▇▇ shall become obligated to purchase from Universal, and Universal shall become obligated to sell to ▇▇▇▇▇, the Option Stock for cash at the Option Price at the Option Closing. The Option Price (net of the Option Payment) shall be paid by wire transfer to an account specified in writing by Universal, at a closing (the "Option Closing") on the date (the "Option Closing -------------- -------------- Date") specified in the Option Exercise Notice (which date shall be within the ---- Option Period and no later than five (5) days after the date of the Option Exercise Notice), or such later date as may be required to comply with the HSR Act (as defined below), but in no event shall the Option Closing occur after December 31, 1999. In the event that the Option has been exercised, but the Option Closing has not occurred on or before the Option Period because the condition set forth in Section 2(c) hereof has not been satisfied then, upon the expiration of the Option Period, ▇▇▇▇▇ shall deposit with an escrow agent the Option Price (net of the Option Payment) to be held in an escrow account until the earlier of (i) the satisfaction of the condition set forth in Section 2(c) hereof and (ii) December 31, 1999, pursuant to written escrow instructions mutually agreed upon by ▇▇▇▇▇ and Universal.