Common use of Authorization of Common Stock Clause in Contracts

Authorization of Common Stock. The shares of issued and outstanding Common Stock, Class B Preferred Stock and Class C Preferred Stock have been duly authorized and validly issued and are fully paid and non-assessable; none of the outstanding shares of Common Stock, Class B Preferred Stock or Class C Preferred Stock was issued in violation of preemptive or other similar rights arising by operation of law, under the charter or bylaws of the Company, under any agreement or instrument to which the Company or any of its subsidiaries is a party or otherwise; and the Company's authorized but unissued Class A Junior Participating Preferred Stock, par value $1.00 per share (the "Class A Preferred Stock"), the Class B Preferred Stock, the Class C Preferred Stock and the Rights Agreement dated as of June 25, 1998 (the "Rights Agreement") between the Company and The Bank of New York conform to all statements relating thereto contained or incorporated by reference in the Prospectus and such statements conform to the rights set forth in the instruments defining the same.

Authorization of Common Stock. The shares of issued and outstanding Common Stock, Class B Preferred Stock and Class C Preferred Stock have been duly authorized and validly issued and are fully paid and non-assessable; none of the outstanding shares of Common Stock, Class B Preferred Stock or Class C Preferred Stock was issued in violation of preemptive or other similar rights arising by operation of law, under the charter or bylaws of the Company, under any agreement or instrument to which the Company or any of its subsidiaries is a party or otherwise; and . The Common Stock, the Company's authorized but unissued Class A Junior Participating Preferred Stock, par value $1.00 per share (the "Class A Preferred Stock"), the Company's 9 3/8% Class B Cumulative Redeemable Preferred Stock, par value $1.00 per share (the "Class B Preferred Stock"), the Class C Preferred Stock and the Rights Agreement dated as of June 25, 1998 (the "Rights Agreement") between the Company and The Bank of New York conform to all statements relating thereto contained or incorporated by reference in the Prospectus and such statements conform to the rights set forth in the instruments defining the same.