Common use of Delivery and Acceptance Pursuant to an Option Clause in Contracts

Delivery and Acceptance Pursuant to an Option. When an Individual Contract provides for the purchase and sale of a physical option to buy Natural Gas (a "Call Option") or to sell Natural Gas (a "Put Option") (each, an "Option"), the seller of the Option (the "Writer") grants to the purchaser of the Option (the "Holder") the right, but not the obligation, by complying with certain designated procedures described below in this § 5 (Primary Obligations for Options), to require each Party to meet its respective obligations under § 4 (Primary Obligations for Delivery and Acceptance of and Payment for Natural Gas) for the delivery and acceptance of, and payment for, Natural Gas in accordance with that respective Individual Contract.

Delivery and Acceptance Pursuant to an Option. When an Individual Contract provides for the purchase and sale of a physical option to buy Natural Gas (a "Call Option") or to sell Natural Gas (a "Put Option") (each, an "Option"), the seller of the Option (the "Writer") grants to the purchaser of the Option (the th e "Holder") the right, but not the obligation, by complying with certain designated procedures described below in this § 5 (Primary Obligations for Options), to require each Party to meet its respective obligations under § 4 (Primary Obligations for Delivery and Acceptance of and Payment for Natural Gas) for the delivery and acceptance of, and payment for, Natural Gas in accordance with that respective Individual Contract.

Delivery and Acceptance Pursuant to an Option. When an Individual Contract provides for the purchase and sale of a physical option to buy Natural Gas (a "Call Option") or to sell Natural Gas (a "Put Option") (each, an "Option"), the seller of the Option (the "Writer") grants to the purchaser of the Option (the "Holder") the right, but not the obligation, by complying with certain designated procedures described below in this § 5 (Primary Obligations for Options), to require each Party to meet its respective obligations under § 4 (Primary Obligations for Delivery and Acceptance of and Payment for Natural Gas) for the delivery and acceptance of, and payment for, Natural Gas in accordance with that respective Individual Contract.