Common use of OPTION HOLDER Clause in Contracts

OPTION HOLDER. PUT". At the request of OPTION HOLDER by written notice (x) at any time during which the OPTION GRANTOR Option is exercisable pursuant to Section 2 (the "Repurchase Period"), OPTION GRANTOR (or any successor entity thereof) shall, if permitted by applicable law, the OPTION GRANTOR Articles and Bylaws and OPTION GRANTOR's Material Contracts, repurchase from OPTION HOLDER all or any portion of the OPTION GRANTOR Option, at the price set forth in subparagraph (i) below, or, (y) at any time prior to May 10, 1997 (provided that such date shall be extended to May 10, 1998 under the circumstances where the date after which either party may terminate the Merger Agreement pursuant to Section 10.1(b) of the Merger Agreement has been extended to May 10, 1998), OPTION GRANTOR (or any successor entity thereof) shall, if permitted by applicable law, the OPTION GRANTOR Articles and Bylaws and OPTION GRANTOR's Material Contracts, repurchase from OPTION HOLDER all or any portion of the OPTION GRANTOR Shares purchased by OPTION HOLDER pursuant to the OPTION GRANTOR Option, at the price set forth in subparagraph (ii) below: