Common use of Grant of Put Clause in Contracts

Grant of Put. Optionee hereby unconditionally and irrevocably ------------ grants, conveys, transfers and assigns to Optionor the exclusive right to, subject to the terms and provisions of this Agreement, put and sell to Optionee Optionor's entire right, title and interest in, to and under all Remainder Notes in accordance with and subject to the terms and conditions of this Agreement (the "PUT"). Optionee shall be obligated to acquire such Remainder Notes upon the exercise of Optionor's Put and to assume all of Optionor's duties, obligations and liabilities arising under the Remainder Notes and the Investment Loan Documents (but only to the extent the same relate to the Remainder Notes) accruing from and after the Closing Date. In the event that Optionor exercises its Put, the Option Fee shall be credited against the Purchase Price payable at Closing.