Common use of Put Option Closing Clause in Contracts

Put Option Closing. At the Closing, DDC will deliver to Penske a certificate or certificates representing the Put Shares in the denominations designated by Penske in writing at least three business days prior to the Closing, and Penske will purchase such Shares from DDC at the Purchase Price. Payment by Penske to DDC of the Purchase Price shall be by wire transfer of immediately available funds to a bank account designated in writing by DDC at least three business days prior to Closing.