Common use of Put Option; Term Clause in Contracts

Put Option; Term. 2.1 In consideration of the payment of the Put Option Premium and the Delayed Put Option Premium, if any, the Master Trust, on behalf of the Sub-Trust, hereby grants to Ambac Assurance the right to require the Master Trust, on behalf of the Sub-Trust, to purchase the Preferred Stock on the terms set forth in this Agreement. 2.2 This Agreement and the put option created hereby shall remain in effect until the earlier to occur of the following: (a) Ambac Assurance terminates this agreement by delivering a written notice to the Master Trust, on behalf of the Sub-Trust, stating that Ambac Assurance is terminating the Agreement on the next succeeding Auction Date that follows the notice by at least three (3) Business Days and indicating the Auction Date on which the termination shall become effective. Delivery of a termination notice by Ambac Assurance shall be irrevocable; and (b) Ambac Assurance fails to make payment of the Put Option Premium or the Delayed Put Option Premium, if any, and such failure has not been cured within five (5)