Common use of Record Transfer of Covered Shares Clause in Contracts

Record Transfer of Covered Shares. If a Default has occurred, the Company may, in its sole discretion, cause any or all of the Covered Shares to be transferred of record into the name of the Company or its nominee. The Executive will promptly give to the Company copies of any notices or other communications received by him with respect to Shares registered in the name of the Executive (other than from the Company), and the Company will promptly give to the Executive copies of any notices and communications received by the Company with respect to Covered Shares registered in the name of the Company or its nominee.

Record Transfer of Covered Shares. If a Default has occurred, the Company may, in its sole discretion, cause any or all of the Covered Shares to be transferred of record into the name of the Company or its nominee. The Executive Director will promptly give to the Company copies of any notices or other communications received by him with respect to Shares registered in the name of the Executive Director (other than from the Company), and the Company will promptly give to the Executive Director copies of any notices and communications received by the Company with respect to Covered Shares registered in the name of the Company or its nominee.