Common use of Grant of Put Right Clause in Contracts

Grant of Put Right. Paladin grants to Buckingham the right to require Paladin to purchase all or any portion of the Buckingham Put Interest (the “Put Right”) upon and subject to the following terms and conditions: (1) The Put Right may be exercised at any time and from time to time after the first anniversary of the date of this Agreement by written notice from Buckingham to Paladin specifying the portion of the Buckingham Put Interest (but which shall include no fractional percentage interests) that Buckingham requires Paladin to purchase (the “Designated Put Interest”), provided that at the time of the exercise of the Put Right the following conditions shall have been satisfied: (i) no Cash Flow Bonus Forfeiture Event shall then exist; (ii) there shall then exist no Unpaid Preferred Return to Paladin, or Buckingham shall agree that any Unpaid Preferred Return may be offset against the purchase price; and (iii) during the twelve (12) calendar months preceding the month in which the Put Right is exercised, there shall have been, as verified by Paladin, Ordinary Cash Flow sufficient to have made distributions pursuant to Section 5.01(a) and Section 5.01(c) of all Paladin’s Preferred Return and all of Buckingham’s Preferred Return that has accrued with respect to the Designated Put Interest during such twelve (12) month period. (2) The purchase price for the Designated Put Interest shall be Sixty-Two Thousand Five Hundred and No/100 Dollars ($62,500.00) multiplied by each one percent (1%) Percentage Interest (but which shall not include any fractional percentage interests) in the Company included in the Designated Put Interest.

Grant of Put Right. Paladin grants to Buckingham the right to require Paladin to purchase all or any portion of the Buckingham Put Interest (the “Put Right”) upon and subject to the following terms and conditions: (1) The Put Right may be exercised at any time and from time to time after the first anniversary of the date of this Agreement by written notice from Buckingham to Paladin specifying the portion of the Buckingham Put Interest (but which shall include no fractional percentage interests) that Buckingham requires Paladin to purchase (the “Designated Put Interest”), provided that at the time of the exercise of the Put Right the following conditions shall have been satisfied: been (i) no Cash Flow Bonus Forfeiture Event shall then exist; (ii) there shall then exist no Unpaid Preferred Return to Paladin, Paladin or Buckingham shall agree that any Unpaid Preferred Return may be offset against the purchase price; and (iii) during the twelve (12) calendar months preceding the month in which the Put Right is exercised, there shall have been, as verified by Paladin, Ordinary Cash Flow sufficient to have made distributions pursuant to Section 5.01(a) and Section 5.01(c5.01(b) of all Paladin’s Preferred Return and all of Buckingham’s Preferred Return that has accrued with respect to the Designated Put Interest during such twelve (12) month period. (2) The purchase price for the Designated Put Interest shall be the Sixty-Two Seven Thousand Five Hundred and No/100 Dollars ($62,500.0067,500.00) multiplied by each one percent (1%) Percentage Interest (but which shall not include any fractional percentage interests) in the Company included in the Designated Put Interest.