If a long counterparty has the right but not the option to buy the underlying asset but that right can only be exercised at the maturity date of the agreement,the agreement is a(n):

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This describes a European-style option, where the holder has the right to buy (or sell) the underlying asset, but only on the maturity date of the option, not before. American-style options, in contrast, allow the holder to exercise the option at any time up to the expiration date.

If a Long Counterparty Has the Right but Not the Option