Common use of Grant of Call Option Clause in Contracts

Grant of Call Option. 2.1 Operator agrees that Operator hereby exclusively, irrevocably, and without any additional conditions grants Xinjiang United Family with a Call Option, under which Xinjiang United Family shall have the right to require Operator to transfer the Transferred Asset to Xinjiang United Family or its designated entity or individual in such method as set out herein and as permitted by PRC Law. Xinjiang United Family also agrees to accept such a Call Option. 2.2 In case of Xinjiang United Family exercising the Call Option in its sole discretion upon the occurrence of the situation in which such call option exercise become feasible under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be required under PRC Law to effect such purchase to comply with such legal formalities shall be either canceled or returned to Xinjiang United Family immediately with no additional compensation to Operator. Operator hereby acknowledges the purpose of such provisions and hereby agrees and authorizes Xinjiang United Family to take any and all actions to effect such transaction and agrees irrevocably to execute any and all documents and instruments and authorizes Xinjiang United Family’s relevant officers to sign on his or her behalf and hereby gives Xinjiang United Family and any of its relevant officers a proxy to execute and deliver such documents and instruments to effect the purpose of this provision and hereby waives any defense or claim of causes of action to challenge or defeat this provision.