Common use of Ownership and Control of Borrower Clause in Contracts

Ownership and Control of Borrower. The Borrower's management (president, vice president, senior vice president, secretary, treasurer, executive vice president, chief financial officer or chief executive officer) and directors shall directly or indirectly control the ownership (which shall include vested options) of a minimum 550,000 common shares of the Borrower adjusted for stock splits, provided that if Borrower's management and directors fail to maintain such ownership, such failure shall not constitute a Default unless such failure continues for six months without approval by the Required Lenders of such lower level of ownership.

Ownership and Control of Borrower. The Borrower's ’s management (president, vice president, senior vice president, secretary, treasurer, executive vice president, chief financial officer or chief executive officer) and directors shall directly or indirectly control the ownership (which shall include vested options) of a minimum 550,000 common shares of the Borrower adjusted for stock splits, provided that if Borrower's ’s management and directors fail to maintain such ownership, such failure shall not constitute a Default unless such failure continues for six months without approval by the Required Lenders of such lower level of ownership.