Common use of Option Closings Clause in Contracts

Option Closings. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7(c) below, the Company shall issue and sell to each Buyer delivering a Call Option Exercise Notice (in the event of an exercise of the Call Option) or to each Buyer receiving a Put Option Exercise Notice (in the event of the exercise of the Put Option), and each such Buyer severally, but not jointly, shall purchase from the Company at the applicable Call Option Closing or Put Option Closing, the number of Units to be issued to such Buyer in accordance with clauses (i) and (ii) above of this Section 1(b) (each of the Initial Closing, a Call Option Closing and the Put Option Closing, a “Closing”). Each Closing shall occur at 10:00 a.m., New York City time, on the date specified in this Section 1(b) (or such later date as is mutually agreed to by the Company and each Buyer) after notification of satisfaction (or waiver) of the conditions to such Closing set forth in Sections 6 and 7(i) below at the offices of ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ PC, 1251 Avenue of the ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. The date on which any such Closing occurs is hereinafter referred to herein as the “Closing Date.”