Common use of Repurchase Options Clause in Contracts

Repurchase Options. Sellers shall have the option to repurchase portions of the Acquired Assets in forty quarterly segments commencing on June 30, 1998 and continuing on each September 30 1, December 31, March 31 and June 30 thereafter. The portion of the Acquired Assets which is subject to such purchase option on each of the forty dates (each an "option block") is described in Exhibit I. Exhibit I also sets forth the portion of the Purchase Price allocable to each such portion of the Acquired Assets. The option price for each option block is equal to the operating cash flow (determined by multiplying the Sites' cash flow for the month most recently ended as of the exercise date by 12) for the Sites included in the option block multiplied by 28; provided, that in no event shall the option price be less than $250,000 for any one Site. This option may not be assigned by the Sellers other than to persons controlling, controlled by or under common control with the Sellers. The Sellers may exercise an option by, and only by, delivering written notice of exercise of such option no later than the exercise date. The Sellers may elect at any time, or from time to time, to terminate the exercisability of one or more of the quarterly option segments. If the Sellers fail to exercise a quarterly option on an exercise date, the option with respect to the next option group on Exhibit I shall lapse and shall no longer be exercisable. The purchase price under each option shall be paid in cash. If an option is exercised, the terms of sale shall include no representations or warranties by the Buyer except the absence of Security Interests with respect to the assets purchased.