Seller is a partner of Halcyon Communications Limited Partnership, a limited partnership organized and existing under the laws of the State of Oklahoma the "Partnership". Pursuant to a certain Agreement of Purchase and Sale of Partnership Interests, dated as of the date sample option agreement, among Seller, the other partners of the Partnership and Purchaser as the same may be amended from time to time in accordance with its terms, the "Purchase Agreement"on the date hereof Purchaser is purchasing from Seller and certain other partners of the Partnership a portion of their sample option agreement partnership interests in the Partnership.
Purchaser desires to acquire from Seller an option to purchase the balance of the partnership interest in the Partnership that Seller will continue to own immediately after giving effect to such purchases, and Seller has agreed to grant such an option to Purchaser on the terms and subject to the conditions set forth herein.
Grant of Option. Seller hereby grants to Purchaser an irrevocable option the "Option" to purchase all, but not less than all of the Option Interest as hereinafter defined".
The Exercise Price will be payable by Purchaser at the Closing as hereinafter defined by wire transfer or by certified or bank check in immediately available funds.