Common use of Put Option; Term Clause in Contracts

Put Option; Term. 2.1 In consideration of the payment of the Put Option Premium, the Trust hereby grants to FSA the right to cause the Trust to purchase the Preferred Stock on the terms set forth in this Agreement. 2.2 The put option created hereby shall remain in effect and be exercisable at any time prior to termination of this Agreement. 2.3 This Agreement shall terminate upon the earliest to occur of any of the following events: (a) FSA delivers a written notice to the Trust while the Trust is holding Eligible Assets, stating that FSA is electing not to pay the Put Option Premium for the next succeeding Distribution Period that follows the notice by at least three (3) Business Days and indicating the Distribution Payment Date on which the termination shall become effective (delivery of such a termination notice by FSA shall be irrevocable); (b) FSA fails to pay the Put Option Premium or the Delayed Put Option Premium, if any, for a Distribution Period on the related Distribution Payment Date, and such failure has not been cured within five (5) Business Days; (c) FSA exercises the put option; (d) the aggregate face amount of the Trust’s CPS Securities is less than $20,000,000;