Common use of Payments Required Clause in Contracts

Payments Required. On the Term Maturity Date the entire principal balance of the Term Loan and all accrued, unpaid interest thereon shall be due and payable in full. After the Term Maturity Date, interest shall be due and payable as it accrues, without demand. ▇▇▇▇▇▇▇ may convert some or all of such repayment amount to common stock of Borrower (“Conversion Right”). If ▇▇▇▇▇▇▇ elects to convert some or all of such repayment amount to Borrower common stock, then the conversion price shall be the fair market value of Borrower’s common stock at the time of conversion and ▇▇▇▇▇▇▇ shall enter into Borrower’s standard form of Stock Restriction Agreement. Such Conversion Right shall not be exercisable if ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇ Electronics, Inc. is in breach of this Agreement or the Supply Agreement.