THE FIRST CALL OPTION. 3.1 In consideration of the payment of ten pounds (£10) by the Guarantor to the Sponsor and for other good and valuable consideration (the receipt and adequacy of which the Sponsor hereby acknowledges), the Sponsor hereby grants the Guarantor the option (i) at any time to require the Sponsor to sell and transfer to the Guarantor up to fifty per cent. (50%) of the Residual Partnership Interest and (ii) at any time after the Put Option Date (as defined in the Secondary Put Agreement) to require the Sponsor to sell and transfer to the Guarantor the Residual Partnership Interest in accordance with the provisions of this Agreement (the “First Call Option”).
Appears in 6 contracts
Samples: Secondary Put and Call Agreement (Danaos Corp), Secondary Put and Call Agreement (Danaos Corp), Secondary Put and Call Agreement (Danaos Corp)
