Common use of Exchange of Options Clause in Contracts

Exchange of Options. Prior to the Effective Time, OCG shall cause PSI to offer, as of the Record Date, to each holder on such date of options, warrants or other rights to subscribe for or purchase OCG Common Stock (collectively, the "OCG Stock Rights"), in exchange therefor, an option, warrant or similar right to subscribe for or purchase an equivalent number of shares of stock of PSI on substantially the same terms and conditions as those contained in such corresponding OCG Stock Rights (the "Exchange Offer"). The Exchange Offer shall occur as of, and shall be conditioned upon, the Closing (as defined in Section 3.6).