Common use of Put Options Procedure Clause in Contracts

Put Options Procedure. The Put Holder may exercise the Put Options by providing written notice to the Call Holder (a "Put Notice") at any time during the applicable Put Exercise Period (the date of such Put Notice being the "Put Exercise Date"). Such Put Notice shall constitute an irrevocable offer by the Put Holder to exercise its applicable Put Option and sell the Shares or the Debt referred to in such Put Notice. Upon receipt of a Put Notice, the Call Holder shall be obligated to purchase the Shares or the Debt that the Put Holder shall have elected the Call Holder to purchase pursuant to the terms of this Article III.