Common use of Manner of Exercise of First Put Option Clause in Contracts

Manner of Exercise of First Put Option. If ITT MSG desires to exercise the First Put Option pursuant to Section 2.03(a), it shall deliver to Cablevision a written notice of its exercise of the First Put Option at least 100 days prior to the first anniversary of the Initial Closing Date and such notice shall be revocable by ITT MSG until such date that is 100 days prior to the first anniversary of the Initial Closing Date. If ITT MSG shall have delivered and not revoked such notice, no later than 60 days prior to the first anniversary of the Initial Closing Date, Cablevision shall deliver to ITT MSG a nonbinding written notice stating whether the First Put Purchase Price will be paid in cash or by issuing Cablevision Common Stock or a combination thereof. If ITT MSG fails to deliver a notice stating its exercise of the First Put Option at least 100 days prior to the first anniversary of the Initial Closing Date, ITT MSG shall be deemed to have elected not to exercise the First Put Option. If ITT MSG shall elect to exercise the First Put Option by delivering the written notice provided for by this Section 2.03(b) and Cablevision shall fail to deliver a notice specifying its chosen manner of paying the First Put Purchase Price within 40 days of receipt of ITT MSG's notice, Cablevision shall be deemed to have elected to have the First Put Purchase Price paid entirely in cash and Section 2.05(a) shall apply. If Cablevision shall initially indicate its intention to pay the First Put Purchase Price by delivery of shares of Cablevision Common Stock, but ultimately pays such price (or causes such price to be paid) in cash, Cablevision shall reimburse ITT MSG and its Affiliates for all reasonable, out-of-pocket expenses (including fees and expenses of counsel) incurred by ITT MSG or such Affiliates in preparation for receiving and reselling such shares of Cablevision Common Stock.

Manner of Exercise of First Put Option. If ITT MSG desires to exercise the First Put Option pursuant to Section 2.03(a), it shall deliver to Cablevision a written notice of its exercise of the First Put Option at least 100 days prior to the first anniversary of the Initial Closing Date and such notice shall be revocable by ITT MSG until such date that is 100 days prior to the first anniversary of the Initial Closing Date. If ITT MSG shall have delivered and not revoked such notice, no later than 60 days prior to the first anniversary of the Initial Closing Date, Cablevision shall deliver to ITT MSG a nonbinding non-binding written notice stating whether the First Put Purchase Price will be paid in cash or by issuing Cablevision Common Stock or a combination thereof. If ITT MSG fails to deliver a notice stating its exercise of the First Put Option at least 100 days prior to the first anniversary of the Initial Closing Date, ITT MSG shall be deemed to have elected not to exercise the First Put Option. If ITT MSG shall elect to exercise the First Put Option by delivering the written notice provided for by this Section 2.03(b) and Cablevision shall fail to deliver a notice specifying its chosen manner of paying the First Put Purchase Price within 40 days of receipt of ITT MSG's notice, Cablevision shall be deemed to have elected to have the First Put Purchase Price paid entirely in cash and Section 2.05(a) shall apply. If Cablevision shall initially indicate its intention to pay the First Put Purchase Price by delivery of shares of Cablevision Common Stock, but ultimately pays such price (or causes such price to be paid) in cash, Cablevision shall reimburse ITT MSG and its Affiliates for all reasonable, out-of-pocket expenses (including fees and expenses of counsel) incurred by ITT MSG or such Affiliates in preparation for receiving and reselling such shares of Cablevision Common Stock.