Put and call of Options Sample Clauses

The 'Put and Call of Options' clause defines the rights of parties to either sell (put) or buy (call) certain assets or interests under specified conditions. In practice, this clause outlines the procedures, timelines, and pricing mechanisms for exercising these options, such as allowing one party to require the other to purchase their shares at a predetermined price or formula. Its core function is to provide flexibility and certainty for both parties regarding future ownership changes, helping to manage exit strategies and reduce disputes over asset transfers.
Put and call of Options. (a) If the Operator receives a duly completed access request form from a shipper or prospective shipper ( Third Party Access Request) which specifies a start date for the requested service occurring more than 12 months prior to the Shipper’s Capacity End Date, and at the time when the service requested in the Third Party Access Request will be required there is or is reasonably likely to be insufficient Capacity to meet the requirements of the Third Party Access Request and the Shipper has one or more Options that it has not exercised, then the Operator must give a written notice to the Shipper as soon as practicable after receipt of the access request form from the other shipper: (i) confirming receipt of the Third Party Access Request, the start date for the requested service and the amount of Contracted Capacity which is requested in the Third Party Access Request; and (ii) requiring the Shipper to confirm whether the Shipper intends to exercise its available Options or wishes for those Options to lapse; (b) No later than 45 days after receipt of the Operator’s notice issued under clause 4.8(a) and notwithstanding clause 4.5, ▇▇▇▇▇▇▇ may give written notice to the Operator that it wishes to exercise its available Options. If such notice is not given before such time or the Shipper confirms that it wishes for those Options to lapse, the Options lapse, are of no force and effect whatsoever, and cannot be exercised.
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Related to Put and call of Options

  • Grant of Options Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to ___________ shares of Common Stock of the Company.

  • Non-Transferability of Options The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.