Cablevision Obligation. Cablevision acknowledges and agrees that the obligation to pay the Second Put Purchase Price upon the exercise by ITT MSG of the Second Put Option is and shall remain an obligation of Cablevision, whether or not Cablevision elects to have MSG pay such Second Put Purchase Price, has the ability to control MSG or elects to designate a third party to purchase the Second Transferred Interest or the Third Transferred Interest or both, as the case may be, pursuant to the last sentence of Section 2.04(a). In the event of a Put Obligation Breach with respect to the Second Put Option, without limiting any other remedies that may be available to ITT MSG or any of its Affiliates, the Second Put Purchase Price shall be increased at a rate per annum equal to twice the interest rate then payable by MSG under the term loan facility of the Bank Credit Agreement or any successor facility, calculated on the basis of the actual number of days elapsed since the date on which the Put Obligation Breach occurred to the date of payment over a year of 365 days.
Appears in 2 contracts
Samples: Partnership Interest Transfer Agreement (Cablevision Systems Corp), Partnership Interest Transfer Agreement (Itt Corp /Nv/)
Cablevision Obligation. Cablevision acknowledges and agrees that the obligation to pay the Second First Put Purchase Price upon the exercise by ITT MSG of the Second First Put Option is and shall remain an obligation of Cablevision, whether or not Cablevision elects to have MSG pay such Second First Put Purchase Price, has the ability to control MSG or elects to designate a third party to purchase the Second Transferred Interest or the Third Transferred Interest or both, as the case may be, pursuant to the last sentence of Section 2.04(a2.03(a). In the event of a Put Obligation Breach with respect to the Second First Put Option, without limiting any other remedies that may be available to ITT MSG or any of its Affiliates, the Second First Put Purchase Price shall be increased at a rate per annum equal to twice the interest rate then payable by MSG under the term loan facility of the Bank Credit Agreement or any successor facility, calculated on the basis of the actual number of days elapsed since the date on which the Put Obligation Breach occurred to the date of payment over a year of 365 days.
Appears in 2 contracts
Samples: Partnership Interest Transfer Agreement (Cablevision Systems Corp), Partnership Interest Transfer Agreement (Itt Corp /Nv/)