Common use of THE SECOND CALL OPTION Clause in Contracts

THE SECOND CALL OPTION. 4.1 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 to require the Sponsor to sell and transfer to the Guarantor the Option Interest in accordance with the provisions of this Agreement on any Second Call Option Date (the “Second Call Option”). 4.2 The Guarantor shall be entitled, but not obliged, to exercise the Second Call Option immediately after service of notice by the Investor pursuant to the Put Option Agreement by serving a Second Call Option Notice on the Sponsor specifying the relevant Second Call Option Date and the Second Call Option Price and upon service of such Second Call Option Notice, the Sponsor shall be obliged to sell the Option Interest to the Guarantor on the Second Call Option Date for the Second Call Option Price and otherwise in accordance with the provisions of Clause 5 provided however that the Guarantor may nominate a third party to take the transfer in its place.