Template:IETA Master Agreement 8

8 Effect of Option Exercise
8.1 Upon the Buyer exercising an Option in accordance with Clause 7 (Option Transactions):

8.1(a) the relevant Option Transaction will be terminated to the extent it relates to the Option (but without prejudice to any claim that the Seller may have in respect of any unpaid Premium or other amount relating to such Option Transaction); and

8.1(b) the Parties will be deemed to have entered into a Transaction evidenced by and on the terms set out in the part of the relevant Confirmation for such Option Transaction that relates to such Transaction.