Put Options Closing Clause Samples

Put Options Closing. Completion of the sale and purchase of the Shares or the Debt, following the exercise of the applicable Put Option, shall take place no later than ten Business Days after the Put Exercise Date thereof (the "Put Closing"). At the Put Closing and upon payment of the Share Put Option Exercise Price or the Debt Put Option Exercise Price, as the case may be, the Put Holder shall deliver to the Call Holder or to one or more assignees or substitute purchasers designated by it, (a) in the case of a Put Closing in connection with a Share Put Option, certificates representing the Shares, which certificates shall be duly endorsed in blank or, in lieu thereof, shall have affixed thereto stock powers executed in blank, and in proper form for transfer or (b) in the case of a Put Closing in connection with a Debt Put Option, a promissory note executed on behalf of the Company and payable to the Call Holder in the principal amount of the Debt with a like maturity date, interest rate and tenor as that of the Note. The Share Put Option Exercise Price or the Debt Put Option Exercise Price, as the case may be, shall be payable to the Put Holder in cash in U.S. dollars by wire transfer of immediately available funds to an account or accounts, as appropriate, designated in writing by the Put Holder to the Call Holder not less than two Business Days prior to the Put Closing. Failure to pay the Share Put Option Exercise Price or the Debt Put Option Exercise Price pursuant to this Section 3.06 shall be deemed an event of default under this Agreement and the Pledge Agreement.