Common use of Delivery of Required Put Documents Clause in Contracts

Delivery of Required Put Documents. On or before the Put Date for such Put, the Company shall deliver the Required Put Documents (as defined in Section 2.3.5 below), other than the Put Share Certificates, to the Investor (or to an agent of Investor, if Investor so directs) and shall deliver the Put Share Certificates (or electronically delivered shares, as appropriate) to the escrow agent for the Offering, First Union National Bank, N.A. (the "Escrow Agent") pursuant to the Escrow Agreement and Instructions (the "Escrow Agreement") in the form of EXHIBIT V attached hereto or in such other form as agreed to by the parties, executed by the Escrow Agent, the Company and the Investor. Unless otherwise agreed by the Company and the Investor, the Put Shares of Common Stock shall be transmitted electronically pursuant to such electronic delivery system in accordance with the Escrow Agreement; otherwise delivery shall be by physical certificates. If the Company has not delivered all of the Required Put Documents to the Investor and the Put Share Certificates (or electronically delivered shares, as appropriate) to the Escrow Agent on or before the Put Date, the Put shall be automatically cancelled, unless the Investor agrees to delay the Put Date by up to three (3) Business Days, in which case the Pricing Period begins on the Business Day following such new Put Date. If the Company has not delivered all of the Required Put Documents to the Investor and the Put Share Certificates (or electronically delivered shares, as appropriate) to the Escrow Agent on or before the Put Date (or new Put Date, if applicable), and the Investor has not agreed in writing to delay the Put Date, the Put is automatically canceled (an "Impermissible Put Cancellation") and, unless the Put was otherwise canceled in accordance with the terms of Section 2.3.13, the Company shall pay the Investor $3,750 for its reasonable due diligence expenses incurred in preparation for the canceled Put and the Company may deliver an Advance Put Notice for the subsequent Put no sooner than ten (10) Business Days after the date that such Put was canceled, unless otherwise agreed by the Investor.