Common use of Company Repurchase of Shares Clause in Contracts

Company Repurchase of Shares. Payment with respect to any repurchase of shares by the Company from the Executive shall take the form of a three-year note from the Company or its designee, accruing interest at the lowest then applicable rate mandated by federal law, with the principal and interest due on the fifth anniversary of the date of purchase (or such later date as may be necessary to permit the Company or its designee to comply with any applicable borrowing covenants affecting its payment obligations), and shall be reduced to reflect any outstanding liabilities of the Executive to the Company or its Affiliates. The Executive promptly shall take all appropriate and necessary action to facilitate the buy back of such equity, including the prompt delivery to the Company (or its designee) of all share certificates or other documents that the Company may request.