Common use of PAYMENT BY PROMISSORY NOTE Clause in Contracts

PAYMENT BY PROMISSORY NOTE. No promissory note shall be permitted if the exercise of an Option using a promissory note would be a violation of any law. Any permitted promissory note shall be on such terms as the Committee shall determine. The Committee shall have the authority to permit or require the Participant to secure any promissory note used to exercise an Option with the shares of Stock acquired upon the exercise of the Option or with other collateral acceptable to the Company. Unless otherwise provided by the Committee, if the Company at any time is subject to the regulations promulgated by the Board of Governors of the Federal Reserve System or any other governmental entity affecting the extension of credit in connection with the Company?s securities, any promissory note shall comply with such applicable regulations, and the Participant shall pay the unpaid principal and accrued interest, if any, to the extent necessary to comply with such applicable regulations.

PAYMENT BY PROMISSORY NOTE. No promissory note shall be permitted if the exercise of an the Option using a promissory note would be a violation of any law. Any permitted promissory note shall be on such terms as the Committee Board shall determine. The Committee Board shall have the authority to permit or require the Participant Optionee to secure any promissory note used to exercise an the Option with the shares of Stock acquired upon the exercise of the Option or with other collateral acceptable to the Company. Unless otherwise provided by the CommitteeBoard, if the Company at any time is subject to the regulations promulgated by the Board of Governors of the Federal Reserve System or any other governmental entity affecting the extension of credit in connection with the Company?s Company’s securities, any promissory note shall comply with such applicable regulations, and the Participant Optionee shall pay the unpaid principal and accrued interest, if any, to the extent necessary to comply with such applicable regulations.

PAYMENT BY PROMISSORY NOTE. No promissory note shall be permitted if the exercise of an Option using a promissory note would be a violation of any law. Any permitted promissory note shall be on such terms as the Committee Board shall determinedetermine at the time the Option is granted. The Committee Board shall have the authority to permit or require the Participant Optionee to secure any promissory note used to exercise an Option with the shares of Stock acquired upon the exercise of the Option or with other collateral acceptable to the Company. Unless otherwise provided by the CommitteeBoard, if the Company at any time is subject to the regulations promulgated by the Board of Governors of the Federal Reserve System or any other governmental entity affecting the extension of credit in connection with the Company?s Company's securities, any promissory note shall comply with such applicable regulations, and the Participant Optionee shall pay the unpaid principal and accrued interest, if any, to the extent necessary to comply with such applicable regulations.

PAYMENT BY PROMISSORY NOTE. No promissory note shall be permitted if the exercise of an this Option using a promissory note would be a violation of any law. Any permitted promissory note shall be on such terms as the Committee Board shall determine. The Committee Board shall have the authority to permit or require the Participant Optionee to secure any promissory note used to exercise an Option with the shares of Stock acquired upon the exercise of the Option or with other collateral acceptable to the Company. Unless otherwise provided by the CommitteeBoard, if the Company at any time is subject to the regulations promulgated by the Board of Governors of the Federal Reserve System or any other governmental entity affecting the extension of credit in connection with the Company?s Company’s securities, any promissory note shall comply with such applicable regulations, and the Participant Optionee shall pay the unpaid principal and accrued interest, if any, to the extent necessary to comply with such applicable regulations.

PAYMENT BY PROMISSORY NOTE. No promissory note shall be permitted if the exercise of an Option using a promissory note would be a violation of any law. Any permitted promissory note shall be on such terms as the Committee Board shall determine. The Committee Board shall have the authority to permit or require the Participant Optionee to secure any promissory note used to exercise an Option with the shares of Stock acquired upon the exercise of the Option or with other collateral acceptable to the Company. Unless otherwise provided by the CommitteeBoard, if the Company at any time is subject to the regulations promulgated by the Board of Governors of the Federal Reserve System or any other governmental entity affecting the extension of credit in connection with the Company?s Company’s securities, any promissory note shall comply with such applicable regulations, and the Participant Optionee shall pay the unpaid principal and accrued interest, if any, to the extent necessary to comply with such applicable regulations.