Common use of PAYMENT OF OPTION PRICE AND DELIVERY OF CERTIFICATE Clause in Contracts

PAYMENT OF OPTION PRICE AND DELIVERY OF CERTIFICATE. (a) Any Closings under Section 2 of this Stock Option Agreement shall be held at the principal executive offices of Issuer, or at such other place as Issuer and Grantee may agree. (b) Subject to Section 3(c), at any Closing hereunder, (x) Grantee or its designee will make payment to Issuer of the aggregate price for the Option Shares being so purchased by delivery of a certified check, official bank check or wire transfer of funds pursuant to Issuer's instructions payable to Issuer in an amount equal to the product obtained by multiplying the Option Price by the number of Option Shares to be purchased, and (y) upon receipt of such payment Issuer will deliver to Grantee or its designee (which shall be a wholly owned subsidiary of Grantee) a certificate or certificates representing the number of validly issued, fully paid and non-assessable Option Shares so purchased, in the denominations and registered in such names (which shall be Grantee or a wholly owned subsidiary of Grantee) designated to Issuer in writing by Grantee. (c) Notwithstanding the foregoing, in the event of any Closing involving the payment of a Cancellation Amount, (x) Grantee will deliver to Issuer for cancellation the Option and (y) Issuer or its designee will make payment to Grantee of the Cancellation Amount by delivery of a certified check, official bank check or wire transfer of funds pursuant to Grantee's instructions.

PAYMENT OF OPTION PRICE AND DELIVERY OF CERTIFICATE. (a) Any Closings under Section 2 of this Stock Option Agreement shall be held at the principal executive offices of Issuer, or at such other place as Issuer and Grantee may agree. (b) Subject to Section 3(c), at . At any Closing hereunder, (a) if and to the extent Grantee has elected to pay the Option Price in cash, (x) Grantee or its designee will make payment to Issuer of the aggregate price for the Option Shares being so purchased for cash by delivery of a certified check, official bank check or wire transfer of funds pursuant to Issuer's instructions payable to Issuer in an amount equal to the product obtained by multiplying the Option Price by the number of Option Shares to be purchasedpurchased for cash; (b) if and to the extent Grantee has elected to pay the Option Price in Grantee Shares, and Grantee shall make payment to Issuer of the aggregate price for the Option Shares being so purchased for Grantee Shares by delivery of a certificate or certificates evidencing a number of Grantee Shares determined in accordance with the last sentence of Section 1, duly executed by authorized officers of Grantee; and (yc) upon receipt of such payment of cash or delivery of Grantee Shares, Issuer will deliver to Grantee or its designee (which shall be a wholly owned subsidiary of Grantee) a certificate or certificates representing evidencing the number of validly issued, fully paid and non-assessable Option Shares so purchased, in the denominations and registered in such names (which shall be Grantee or a wholly owned subsidiary of Grantee) designated to Issuer in writing by Grantee. (c) Notwithstanding the foregoing, in the event of any Closing involving the payment of a Cancellation Amount, (x) Grantee will deliver to Issuer for cancellation the Option and (y) Issuer or its designee will make payment to Grantee of the Cancellation Amount by delivery of a certified check, official bank check or wire transfer of funds pursuant to Grantee's instructions.