Common use of As to Pledged Shares Clause in Contracts

As to Pledged Shares. In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands II.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock or other equity interest held beneficially or of record by the Pledgor of each Securities Issuer thereof. The Grantors have no Subsidiaries other than direct Subsidiary of the Securities Issuers and Timberlands IIPledgor.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all 17.80% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock shares of Capital Stock of each Securities Pledged Share Issuer thereofset forth in ITEM B of ATTACHMENT 1 hereto. The Grantors have Pledgor has no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuers, except as set forth in ITEM C of ATTACHMENT 1.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock entitled to vote in the election of the Board of Directors of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock or other equity interest held beneficially or of record by the Borrower of each Securities Issuer thereof. The Grantors have no Subsidiaries other than of the Securities Issuers and Timberlands IIBorrower's direct Subsidiaries.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all 19.01% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessablenonassessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereofPledged Share Issuer. The Grantors have Company has no Subsidiaries Subsidiary other than the Securities Pledged Share Issuers and Timberlands IIinsurance companies.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIstock.

As to Pledged Shares. In the case of any Pledged Shares -------------------- constituting such Collateral, all of such Pledged Shares are duly authorized and arid validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereofPledged Share Issuer. The Grantors have Pledgor has no Subsidiaries Subsidiary other than the Securities Issuers and Timberlands IIPledged Share Issuers.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all 1.16% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Pledged Share Issuer thereof. The Grantors have no Subsidiaries other than (or, if less, 100% of the Securities Issuers issued and Timberlands IIoutstanding shares of capital stock of such Pledged Share Issuer owned by the Company).

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands II.each

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all 8.54% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereofPledged Share Issuer. The Grantors have Pledgor has no Subsidiaries -9- 168 other than the Securities Issuers and Timberlands IIPledged Share Issuers, except as set forth in ITEM C of ATTACHMENT 1.

As to Pledged Shares. In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIindirect Shell Subsidiaries who are wholly owned by direct or indirect Shell Subsidiaries.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock shares of Capital Stock of each Securities Issuer thereofPledged Share Issuer. The Grantors have Pledgor has no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuers.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIBorrower.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Issuer thereofPledged Share Issuer. The Grantors have Such Pledgor has no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuers, except as set forth in ITEM C of ATTACHMENT 1.

As to Pledged Shares. In the case of With respect to any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and . The Pledged Shares constitute all of the issued and outstanding capital stock shares (and other rights) of each Securities equity ownership of Pledged Share Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIowned by such Pledgor.

As to Pledged Shares. In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock of each Securities Pledged Share Issuer thereof. The Grantors have no Subsidiaries other than owned by each Pledgor set forth across from the Securities Issuers and Timberlands IIname of such Pledged Share Issuer on Attachment 1 hereto.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all the percentage of the issued and outstanding shares of the respective class of the capital stock of each Securities Pledged Share Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIas set forth on Attachment 1 hereto.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all constitute, in the aggregate, 100% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IICompany.

As to Pledged Shares. In the case of any Pledged Shares constituting such Pledged Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding shares of capital stock entitled to vote in the election of the Board of Directors of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.

As to Pledged Shares. In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, issued and constitute all of the issued and outstanding shares of capital stock of each Securities Pledged Share Issuer thereof. The Grantors have no Subsidiaries other than owned by each Pledgor set forth across from the Securities Issuers and Timberlands IIname of such Pledged Share Issuer on Attachment 1 hereto.

As to Pledged Shares. In the case of any Pledged Shares constituting such Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all 36.80% of the issued and outstanding shares of capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands IIPledged Share Issuer.