Common use of Payments of Put Purchase Price Clause in Contracts

Payments of Put Purchase Price. The Put Purchase Price may be paid in cash or in subordinated debt of the Company (“Put Notes”). Put Notes shall bear interest, payable semiannually, at the Prime Rate plus 3.5% and shall have a term of two years. The principal shall be payable in four equal installments over the term of the Put Notes. The Company shall use its best efforts to negotiate all senior debt obligations to permit the payment of any Put Purchase Price as it becomes due. In the event that payments under the Put Notes or payment of the Put Purchase Price would cause the Company to be in default of the terms of its senior indebtedness, such payments can be deferred until the earlier of (i) the first date on which Company could make such payments without causing such a default and (ii) the third anniversary of the Put Notice Date.

Payments of Put Purchase Price. The Put Purchase Price may be paid in cash or in subordinated debt of the Company (“"Put Notes”"). Put Notes shall bear interest, payable semiannually, at the Prime Rate plus 3.5% and shall have a term of two years. The principal shall be payable in four equal installments over the term of the Put Notes. The Company shall use its best efforts to negotiate all senior debt obligations to permit the payment of any Put Purchase Price as it becomes due. In the event that payments under the Put Notes or payment of the Put Purchase Price would cause the Company to be in default of the terms of its senior indebtedness, such payments can be deferred until the earlier of (i) the first date on which Company could make such payments without causing such a default and (ii) the third anniversary of the Put Notice Date.