Common use of Right to Put Clause in Contracts

Right to Put. On or after December 31, 1999, the Holder shall have the right to require the Company to purchase this Warrant for cash (the "Right to Put"), and the Company hereby agrees to make such purchase. The purchase price (the "Purchase Price") shall be the value of the Underlying Shares, which shall be the greater of (a) their Determined Value or (b) the Applicable Percentage applied to the remainder of the product of five times the Company's EBITDA minus its Borrowed Indebtedness plus its cash and cash equivalents. In connection with the valuation in clause (b), EBITDA shall be based upon the most recent 12 months, and Borrowed Indebtedness, cash and cash equivalents as of the last business day of the month preceding the Determination Date defined in (S) 12.2. Notwithstanding the foregoing paragraph, if the Company shall determine to have an Initial Public Offering prior to December 31, 1999, the Holder shall have the right to require the Company to purchase this Warrant for cash, and the Company hereby agrees to make such purchase at the Purchase Price.