The price at which the underlying security can be bought or sold. - Refers to the settlement period that is allowed once a security has been traded. T+ 5 would mean that settlement will occur five business days after the transaction day.
(1) The price at which Ginnie Mae securities can be sold on a standby commitment. (2) The price at which the holder of a call (put) option may choose to exercise his right to purchase (sell) the underlying futures contract.