Common use of Price and Procedure Clause in Contracts

Price and Procedure. The Put Option shall be exercised by written. notice to the Company (the “Put Notice”), which must be received by the Company within 90 days of the Triggering Event (the “Put Option Election Period”). The Put Notice shall specify the number of shares to be purchased and a date for closing, which shall not be less than 30 days and not more than 60 days after expiration of the Put Option Election Period. The purchase price for any Shares purchased pursuant to this Section. 3 shall be fair market value of the shares of Class A. Common Stock as determined by Compensation Committee or, if none, by the Board of Directors. For any purchase of Shares by the Company pursuant to this Section 3, the Company, at its discretion, may either (i) pay the purchase price in cash at the closing, or (ii) pay 25 percent of the purchase price in cash at the closing and the remaining 75 percent in 12 equal quarterly installments of principal and interest, with the first payment due on the first day of the next calendar quarter following the closing. date and subsequent payments due on the first day of each of the following 11 calendar quarters. The deferred portion of the purchase price shall bear interest at the average rate of interest payable under the Company’s principal credit agreement.