(a) the Buyer (taker) of the Option Contract acquires the right to a long futures position in the underlying Futures Contract specified in the contract unit in the relevant Contract Specifications in consideration for a contract premium;

(b) in the event that the Buyer of the Option Contract exercises that right, a Seller (grantor) as appointed by the Clearing House in accordance with the Clearing Rules shall be vested with a short futures position in the underlying Futures Contract at the same price and in the same settlement month as that assumed by the Buyer of the Option Contract; and

(c) the Buyer acquires the right to a long futures position at an exercise price agreed between the parties, provided that it is selected from a list of such prices determined under the relevant Contract Specifications.