Common use of Sale Procedures Clause in Contracts

Sale Procedures. (a) Upon the giving of a Notice of Exercise, Optionor shall thereupon become obligated to purchase the number of the Optioned Units stated in the Notice of Exercise from Optionee, subject only to delivery by Optionee of the instruments described in Section 6(b) hereof. (b) The consummation of the purchase of such Optioned Units (the "Closing") shall take place at the principal executive offices of Optionor on such business day, not later than 90 days after the giving of the Notice of Exercise, as Optionor and Optionee may select. (c) At the Closing, and upon the tender by Optionee of (i) certificates evidencing the Optioned Units being sold, duly endorsed in blank or accompanied by written instruments of transfer in form satisfactory to Optionor duly executed by the Optionee, free and clear of any Encumbrances, (ii) an Opinion of Counsel, and (iii) a Sellers' Certificate, Optionor shall deliver to Optionee the full amount of the Option Exercise Price, in cash, due hereunder with respect to the Optioned Units being sold.

Sale Procedures. (a) Upon the giving of a Notice of Exercisean Option Exercise becoming binding and conclusive pursuant to Section 5(g) hereof, Optionor shall thereupon become obligated to purchase sell to Optionee the number of the Optioned Retained Units stated in the Notice of Exercise from Optioneesubject to such Option Exercise, subject only to delivery by the Optionee of the instruments described in Section 6(b6(c) hereof. (b) The consummation of the purchase sale of such Optioned any Retained Units pursuant to an Option Exercise that has become binding and conclusive pursuant to Section 5(g) hereof (the a "Closing") shall take place at the principal executive offices of Optionor Optionee on such business day, not later than 90 days after the giving of the Notice of ExerciseOption Exercise has become binding and conclusive pursuant to Section 5(g) hereof, as Optionor and Optionee may select. (c) At the Closing, and upon Optionee shall tender the tender by Optionee full amount of the Option Exercise Price of the Retained Units Being Sold, in cash. Upon such tender, Optionor shall deliver (i) certificates evidencing the Optioned Retained Units being soldBeing Sold, duly endorsed in blank or accompanied by written instruments of transfer in form satisfactory to Optionor Optionee duly executed by the OptioneeOptionor, free and clear of any Encumbrances, (ii) an Opinion of Counsel, and (iii) a Sellers' Seller's Certificate, Optionor shall deliver to Optionee the full amount of the Option Exercise Price, in cash, due hereunder with respect to the Optioned Units being sold.