Common use of Put Option Closing Clause in Contracts

Put Option Closing. The closing of the Put Option shall take place as a single closing as soon as reasonably practicable, and in no event later than 60 days after APL Sub’s receipt of the Put Notice, at the principal office of the Company, or at such other time and location as the parties to such transaction may mutually determine. At the closing of the Put Option, the Company shall deliver a duly executed assignment of membership interests transferring the Put Interests to APL Sub or its designee, as applicable (the “Put Assignment”). The delivery of the Put Assignment will be deemed a representation and warranty by the Company that: (i) the Company has full right, title and interest in and to the Put Interests; (ii) the Company has all necessary power and authority to transfer the Put Interests; and (iii) the Put Interests are free and clear of any and all liens or encumbrances, other than customary permitted liens.