Common use of Payment in Common Stock Clause in Contracts

Payment in Common Stock. In lieu of the Issuer making payments of ----------------------- principal and/or interest due on the Notes in cash, the Issuer may, in connection with any such payment, elect to make such payment by the delivering to the Holder a written notice of repayment with Common Stock (a "Common Stock Repayment Notice") together with a certificate or certificates representing a number of shares of Common Stock equal to the product of (i) the aggregate amount of principal and/or interest which the Issuer is electing to pay in shares of Common Stock (which amount shall be set forth in the Common Stock Repayment Notice) multiplied by (ii) a fraction, the numerator of which is one (1), and the denominator of which is the Fair Market Value (as hereinafter defined) per share of the Common Stock at the time of the delivery of the Repayment Common Stock Notice to the Holder. As used herein, "Fair Market Value" shall mean (x) if the Common Stock is listed on a national securities exchange registered under the Securities Exchange Act of 1934, a price equal to the closing sales price for the Common Stock on such exchange for the trading day immediately preceding the time of the delivery of the Repayment Common Stock Notice to the Holder and (y) if not so listed, and the Common Stock is quoted on NASDAQ, a price equal to the closing sales price for the Common Stock quoted on such system for the trading day immediately preceding the time of the delivery of the Repayment Common Stock Notice to the Holder.