Common use of Payment of the Put Clause in Contracts

Payment of the Put. Option Price by the Master Trust, on behalf of the Sub-Trust, shall be made as provided in Section 4.1 and Section 4.2 without setoff, claim, recoupment, deduction or counterclaim; provided, however, that if Ambac Assurance exercises its option under Section 3 hereof at any time that it has failed to pay all or a portion of the Put Option Premium or the Delayed Put Option Premium, if any, and such failure has not been cured on or before the Put Option Payment Date, the Master Trust, on behalf of the Sub-Trust, shall be entitled to set off against the Put Option Price such unpaid portion of the Put Option Premium or the Delayed Put Option Premium, as the case may be.