Common use of Default Options Clause in Contracts

Default Options. Any material breach of a covenant, obligation or undertaking under the Joint Venture Implementation Agreement or this Agreement that constitutes a Default Event according to Section 11.1 of the Joint Venture Implementation Agreement, shall trigger to the non-defaulting Shareholder the following rights: (a) right to purchase all of the Shares held by the defaulting Shareholder at a price corresponding to [*] (“Default Call Option”); or (b) right to sell all of its Shares to the defaulting Shareholder at a price corresponding to [*] (“Default Put Option”).