Common use of Put Closing Clause in Contracts

Put Closing. The Company shall purchase from the Participating ----------- Holders, and each Participating Holder shall sell to the Company (the "Put Closing"), all of each Participating Holder's Registrable Securities at such time and place as may be agreed upon by the Company and the Majority Participating Holders, but in no event shall the Put Closing occur more than 120 days after the determination of the fair market value in accordance herewith. In the absence of an agreement, the Put Closing shall occur at the offices of the Company's principal outside counsel. At the Put Closing, each Participating Holder shall deliver to the Company certificates representing such Holder's Registrable Securities (free and clear of all liens and encumbrances other than those granted in favor of and held by the Company's creditors), and the Company shall pay to each Participating Holder the purchase price therefor as provided herein by wire transfer of immediately available funds. Upon the consummation of the Put Closing as contemplated hereby, the Company's obligations under this Section 5 shall terminate.

Put Closing. The Company shall purchase from the Participating ----------- Holders, and each Participating Holder shall sell to the Company (the "Put ClosingPUT CLOSING"), all of each Participating Holder's Registrable Securities Preferred Securities, Series C Preferred and Series D Preferred at such time and place as may be agreed upon by the Company and the Majority Participating Holders, but in no event shall the Put Closing occur more than 120 days after the determination of the fair market value in accordance herewith. In the absence of an agreement, the Put Closing shall occur at the offices of the Company's principal outside counsel. At the Put Closing, each Participating Holder shall deliver to the Company certificates representing such Holder's Registrable Securities Securities, Series C Preferred and Series D Preferred (free and clear of all liens and encumbrances other than those granted in favor of and held by the Company's creditors), and the Company shall pay to each Participating Holder the purchase price therefor as provided herein by wire transfer of immediately available funds. Upon the consummation of the Put Closing as contemplated hereby, the Company's obligations under this Section 5 15 shall terminateterminate with respect to such Participating Holders.