Common use of Alternate Methods of Payment Clause in Contracts

Alternate Methods of Payment. Subject to the conditions set forth below and customary equity conditions (including piggyback registration rights), the Company may, at its sole option, elect to make such payments of principal and interest under this Note, in freely tradable shares of the Company’s common stock (an “In-Kind Payment”). In such event, each share of the Company’s Common stock will be valued at the Fixed Price (as defined in Section 5 below), as determined at the lesser of (1) on such Interest Date, or (2) on the day the Company delivers the shares. The Company is required to notify Holder of its election to make such payment in shares at least ten days prior to the payment date. Pre-Payment Option: The Company may at any time, upon ten days written notice, prepay any or all of the outstanding principal balance. Such a prepayment does not eliminate interest accrued to such date. Instead, interest accrued to such date shall be calculated as though the date of such prepayment was the first banking day of a quarter and the date of such prepayment was thus an Interest Date and shall be calculated without regard to the Maximum Interest.

Alternate Methods of Payment. Subject to the conditions set forth below and customary equity conditions (including piggyback registration rights), the Company may, at its sole option, elect to make such payments of principal and interest under this Note, in freely tradable shares of the Company’s 's common stock (an “"In-Kind Payment”"). In such event, each share of the Company’s 's Common stock will be valued at the Fixed Price (as defined in Section 5 below), as determined at the lesser of (1) on such Interest Date, or (2) on the day the Company delivers the shares. The Company is required to notify Holder of its election to make such payment in shares at least ten days prior to the payment date. Pre-Payment Option: The Company may at any time, upon ten days written notice, prepay any or all of the outstanding principal balance. Such a prepayment does not eliminate interest accrued to such date. Instead, interest accrued to such date shall be calculated as though the date of such prepayment was the first banking day of a quarter and the date of such prepayment was thus an Interest Date and shall be calculated without regard to the Maximum InterestDate.