Common use of Put Rights Clause in Contracts

Put Rights. The Holder shall: (a) at any time and from time to time on or after the date on which a Triggering Event shall occur, have the right (the "Put Right") to sell back to the Company its Warrant Shares at the greater of (i) the Fair Market Value of all such Warrant Shares or (ii) the cash amount determined by application of the following formula: [(EBITDA times 5) - Term Debt - Minimum Revolving Debt - Preferred Stock + Cash] times Applicable Percentage (b) Within thirty (30) days of the Company's receipt of notification from the Holder that it wishes to exercise its Put Right (the "Put Notification"), the Company shall repurchase such number of Warrant Shares then held by the Holder as shall be specified in the Put Notification (the "Repurchase Date"). The repurchase price for each Share (the "Repurchase Price") shall be paid in cash on the Repurchase Date or, at the option of the Holder, in the form of an unsecured promissory note in form reasonably satisfactory to the Holder maturing in one year and bearing interest at the rate of eight percent (8%) per annum]. (c) Surrender the certificate(s) representing Warrant Shares being repurchased to the Company and thereupon the Repurchase Price for such Warrant Shares shall be paid to the order of the person whose name appears on such certificate(s) and each surrendered certificate shall be canceled and retired.

Put Rights. The Holder shall: (a) at any time and from time to time on or after the date on which a Triggering Event shall occur, have the right (the "Put Right") to sell back to the Company its Warrant Shares at the greater of (i) the Fair Market Value of all such Warrant Shares or (ii) the cash amount determined by application of the following formula: [(EBITDA times 5) - Term Debt - Minimum Revolving Debt - Preferred Stock + Cash] times Applicable Percentage (b) Within thirty (30) days of the Company's receipt of notification from the Holder that it wishes to exercise its Put Right (the "Put Notification"), the Company shall repurchase such number of Warrant Shares then held by the Holder as shall be specified in the Put Notification (the "Repurchase Date"). The repurchase price for each Share (the "Repurchase Price") shall be paid in cash on the Repurchase Date or, at the option of the Holder, in the form of an unsecured promissory note in form reasonably satisfactory to the Holder maturing in one year and bearing interest at the rate of eight twelve percent (812%) per annum]. (c) Surrender the certificate(s) representing Warrant Shares being repurchased to the Company and thereupon the Repurchase Price for such Warrant Shares shall be paid to the order of the person whose name appears on such certificate(s) and each surrendered certificate shall be canceled and retired.

Put Rights. The Holder shall: (a) at any time and from time to time on or after the earlier of July 23, 2001 or the date on which a Triggering Event shall occur, have the right (the "Put Right") to sell back to the Company its Warrant Shares at the greater of (i) the Fair Market Value of all such Warrant Shares or (ii) the cash amount determined by application of the following formula: [(EBITDA times 5) - Term Debt - Minimum Revolving Debt - Preferred Stock + Cash] times Applicable Percentage (b) Within thirty (30) days of the Company's receipt of notification from the Holder that it wishes to exercise its Put Right (the "Put Notification"), the Company shall repurchase such number of Warrant Shares then held by the Holder as shall be specified in the Put Notification (the "Repurchase Date"). The repurchase price for each Share (the "Repurchase Price") shall be paid in cash on the Repurchase Date or, at the option of the Holder, in the form of an unsecured promissory note in form reasonably satisfactory to the Holder maturing in one year and bearing interest at the rate of eight percent (8%) per annum].on (c) Surrender the certificate(s) representing Warrant Shares being repurchased to the Company and thereupon the Repurchase Price for such Warrant Shares shall be paid to the order of the person whose name appears on such certificate(s) and each surrendered certificate shall be canceled and retired.