Manager's Put Right Sample Clauses
The Manager's Put Right is a contractual provision that grants the manager the option to require the company or its owners to purchase the manager's equity interest under specified conditions. Typically, this right becomes exercisable after a certain period or upon the occurrence of defined events, such as termination of employment or a change in control. By providing a clear exit mechanism for the manager, this clause ensures liquidity for the manager's investment and helps address potential disputes over continued involvement or valuation.
Manager's Put Right. Manager may put to Sprint PCS within 30 days after the Event of Termination all of the Operating Assets. Sprint PCS will pay to Manager an amount equal to 80% of the Entire Business Value. The closing of the purchase of the Operating Assets will occur within 20 days after the later of:
(a) the receipt by Sprint PCS of the written notice of determination of the Entire Business Value by the appraisers under Section 11.7; or
(b) the receipt of all materials required to be delivered to Sprint PCS under Section 11.8. Upon closing the purchase of the Operating Assets this agreement will be deemed terminated. The exercise of the put, the determination of the Operating Assets, the representations and warranties made by the Manager with respect to the Operating Assets and the business, and the process for closing the purchase will be subject to the terms and conditions set forth in Section 11.8.
Manager's Put Right. Manager may within 30 days after the date Sprint PCS gives notice of non-renewal put to Sprint PCS all of the Operating Assets. Sprint PCS will pay to Manager for the Operating Assets an amount equal to 80% of the Entire Business Value. The closing of the purchase of the Operating Assets will occur within 20 days after the later of (a) the receipt by Sprint PCS of the written notice of determination of the Entire Business Value provided by the appraisers under Section 11.7 or (b) the receipt of all materials required to be delivered to Sprint PCS under Section 11.8. Upon closing the purchase of the Operating Assets this agreement will be deemed terminated. The exercise of the put, the determination of the Operating Assets, the representations and warranties made by Manager with respect to the Operating Assets and the business, and the process for closing the purchase will be subject to the terms and conditions set forth in Section 11.8.
Manager's Put Right. The reference in Section 11.5.1 to 80% is changed to 88%, except as provided in paragraph 8 of this Addendum.
Manager's Put Right a) In the event TKT does not exercise its option set forth in Section 4.02 hereof, then holders of a majority-in-interest of all Manager Shares not as yet purchased by TKT, including Option Shares, shall have the right, exercisable for a period of two months following the last day of the Exercise Period, (the "Put Period"), to require TKT to purchase all, but not less than all Manager Shares, including Option Shares, at the Buyout Price.
b) A decision by Persons holding a majority-in-interest of all Manager Shares as defined in Section 4.03 a, shall, with reference to this Section 4.03, be binding on all holders of Manager Shares, including Option Shares.