Common use of Put Option Procedures Clause in Contracts

Put Option Procedures. The Holder may exercise the Put Option under Section 5.1 by delivering written notice to the Company (the “Put Option Notice”). The Company shall pay the Holder the Put Price not later than twenty (20) Business Days after delivery of such Put Option Notice by the Holder, and this Note shall be cancelled and retired. If the Put Option Notice shall have been duly given, and if on the Redemption Date the Put Price payable upon repurchase of this Note on the Redemption Date is paid or tendered for payment or deposited with an independent payment agent so as to be available therefor, then notwithstanding that this Note shall not have been surrendered by the Holder, interest with respect to this Note shall cease to accrue after the Redemption Date and all rights with respect to this Note (other than the right to receive the Put Price) shall forthwith after the Redemption Date terminate.