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. 3.2 (a) Ambac Assurance may exercise the option at any time upon three (3) Business Days’ notice after the date hereof and prior to the termination of this Agreement by serving a Put Notice on the Master Trust, on behalf of the Sub-Trust, specifying a payment date (the “Put Option PaymentDate”), which shall be the next Distribution Payment Date on or after the third Business Day after service of the Put Notice on the Master Trust, on behalf of the Sub-Trust. Any notice of exercise provided pursuant to this Section 3.2(a) shall be irrevocable.