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An exception , of course , is in the unlikely event of an exercised Crummey power . “ That ’ s a significant part of this exercise , ” said Vice Adm. Michael J. McCabe , Commander , U.S. An important part of this exercise will be to preserve and strengthen the European social model , the shared responsibility of all partners and the economic process as an organization principle . His primary research interests are European integration and security , in particular the exercise of power politics and the role of small states in the integration process , and international relations theory , in particular the realist tradition . Whether or not its customers perform , the assigned Clearing Member becomes obligated to perform the obligations with respect to the assigned Option , that is , to purchase the underlying interest ( in the case of an exercised put ) or to sell the underlying interest ( in the case of an exercised call ) for the specified exercise price , or in the case of a cash-settled Option , to pay the exercise settlement amount . There is material on drawing functions of Swing in Chapter 13 of Eckel 's book , but reading about these is not necessary or even that rewarding from the point of view of this exercise . To define water drought based on supply is just as much an exercise in futility . The purchase ( sale ) of the underlying asset in case of an exercised call ( put ) is settled through the rolling settlement system , on the third business day following the day of exercise . This report will count as part of the assessment of this exercise . Which is the whole point of this exercise , right ? ) How valuable this exercise will be remains to be seen .