Common use of EXERCISE OF THE OPTIONS Clause in Contracts

EXERCISE OF THE OPTIONS. Purchaser may exercise the Options at any time during the Option Period by delivery to Hell▇▇▇, ▇▇th respect to the exercise of the Hell▇▇▇ ▇▇▇ion, and to Ruud, with respect to the exercise of the Ruud Option, of written notice thereof at the notice address for Hell▇▇▇ ▇▇▇ Ruud, ▇▇spectively, set forth in Section 4.4 hereof (an "Option Notice"). The Hell▇▇▇ ▇▇▇ion and the Ruud Option must both be exercised if either is exercised. The closing (an "Option Closing") of the purchase and sale of the Hell▇▇▇ ▇▇▇ion Shares or the Ruud Option Shares, as the case may be, shall occur as soon as practicable after the delivery of the Option Notice pertaining to such shares but in no event later than ten (10) days from the date of delivery of that Option Notice. The obligation of Purchaser to consummate the purchase of any of the Hell▇▇▇ ▇▇▇ion Shares or the Ruud Option Shares at any Option Closing is conditioned upon the receipt by the Company and the Shareholders of all governmental and regulatory approvals required for the ownership of the Hell▇▇▇ ▇▇▇ion Shares or the Ruud Option Shares, as the case may be. At an Option Closing, certificates representing the Hell▇▇▇ ▇▇▇ion Shares or the Ruud Option Shares, as the case may be, shall be delivered, together with stock powers duly executed in blank, to the Purchaser free and clear of any and all claims, liens, charges, pledges or encumbrances and the Purchaser shall deliver to Hell▇▇▇ ▇▇▇ Ruud, ▇▇ the case may be, their respective allocable portion of the Option Purchase Price. Hell▇▇▇ ▇▇▇ Ruud shall pay any and all transfer and similar taxes imposed in connection with the sale of the Hell▇▇▇ ▇▇▇ion Shares and the Ruud Option Shares to Purchaser.

EXERCISE OF THE OPTIONS. Purchaser may exercise the Options at any time during the Option Period by delivery to Hell▇▇▇▇▇▇▇, ▇▇th with respect to the exercise of the Hell▇▇▇▇▇▇▇ ▇▇▇ionOption, and to Ruud, with respect to the exercise of the Ruud Option, of written notice thereof at the notice address for Hell▇▇▇▇▇▇▇ and ▇▇▇ Ruud, ▇▇spectively, respectively, set forth in Section 4.4 hereof (an "Option Notice"). The Hell▇▇▇▇▇▇▇ ▇▇▇ion Option and the Ruud Option must both be exercised if either is exercised. The closing (an "Option Closing") of the purchase and sale of the Hell▇▇▇▇▇▇▇ ▇▇▇ion Option Shares or the Ruud Option Shares, as the case may be, shall occur as soon as practicable after the delivery of the Option Notice pertaining to such shares but in no event later than ten (10) days from the date of delivery of that Option Notice. The obligation of Purchaser to consummate the purchase of any of the Hell▇▇▇▇▇▇▇ ▇▇▇ion Option Shares or the Ruud Option Shares at any Option Closing is conditioned upon the receipt by the Company and the Shareholders of all governmental and regulatory approvals required for the ownership of the Hell▇▇▇▇▇▇▇ ▇▇▇ion Option Shares or the Ruud Option Shares, as the case may be. At an Option Closing, certificates representing the Hell▇▇▇▇▇▇▇ ▇▇▇ion Option Shares or the Ruud Option Shares, as the case may be, shall be delivered, together with stock powers duly executed in blank, to the Purchaser free and clear of any and all claims, liens, charges, pledges or encumbrances and the Purchaser shall deliver to Hell▇▇▇▇▇▇▇ and ▇▇▇ Ruud▇▇, ▇▇ as the case may be, their respective allocable portion of the Option Purchase Price. Hell▇▇▇▇▇▇▇ ▇▇▇ and Ruud shall pay any and all transfer and similar taxes imposed in connection with the sale of the Hell▇▇▇▇▇▇▇ ▇▇▇ion Option Shares and the Ruud Option Shares to Purchaser.