Common use of Rights of the Corporation Clause in Contracts

Rights of the Corporation. If Borrower is in default of his payment ----------------------------- obligations under the Promissory Note and such default is not cured within a period of ten (10) days thereafter, or if Borrower shall become insolvent or a voluntary or uncontroverted involuntary petition shall be filed under the Federal Bankruptcy Code or other similar Federal or state law dealing with arrangements for the relief of creditors with respect to Borrower (in each case, an "Event of Default"), Borrower shall not longer be entitled to receive any cash dividends or distributions in respect of the Pledged Stock or to exercise any voting rights, rights of conversion, exchange or subscription or any other rights, privileges or options pertaining to any shares of the Pledged Stock; and, upon the sale or other disposition of the Corporation's interest in the Pledged Stock or any part thereof, any third party purchaser or other transferee shall have the full and unrestricted right to exercise any and all such rights, privileges or options.

Rights of the Corporation. If Borrower is in default of his payment ----------------------------- ------------------------- obligations under the Promissory Note and such default is not cured within a period of ten (10) days thereafter, or if Borrower shall become insolvent or a voluntary or uncontroverted involuntary petition shall be filed under the Federal Bankruptcy Code or other similar Federal or state law dealing with arrangements for the relief of creditors with respect to Borrower (in each case, an "Event of Default"), Borrower shall not no longer be entitled to receive any cash dividends divi-dends or distributions in respect of the Pledged Stock or to exercise any voting rights, rights of conversion, exchange or subscription or any other rights, privileges or options pertaining to any shares of the Pledged Stock; and, upon the sale or other disposition of the Corporation's interest in the Pledged Stock or any part thereof, any third party purchaser or other transferee shall have the full and unrestricted right to exercise any and all such rights, privileges or options.

Rights of the Corporation. If Borrower is in default of his payment ----------------------------- obligations under the New Promissory Note and such default is not cured within a period of ten (10) days thereafter, or if Borrower shall become insolvent or a voluntary or uncontroverted involuntary petition shall be filed under the Federal Bankruptcy Code or other similar Federal or state law dealing with arrangements for the relief of creditors with respect to Borrower (in each case, an "Event of Default"), Borrower shall not longer be entitled to receive any cash dividends or distributions in respect of the Pledged Stock or to exercise any voting rights, rights of conversion, exchange or subscription or any other rights, privileges or options pertaining to any shares of the Pledged Stock; and, upon the sale or other disposition of the Corporation's interest in the Pledged Stock or any part thereof, any third party purchaser or other transferee shall have the full and unrestricted right to exercise any and all such rights, privileges or options.

Rights of the Corporation. If Borrower is in default of his payment ----------------------------- obligations under the Promissory Note and such default is not cured within a period of ten (10) days thereafter, or if Borrower shall become insolvent or a voluntary or uncontroverted involuntary petition shall be filed under the Federal Bankruptcy Code or other similar Federal or state law dealing with arrangements for the relief of creditors with respect to Borrower (in each case, an "Event of Default"), Borrower shall not no longer be entitled to receive any cash dividends or distributions in respect of the Pledged Stock or to exercise any voting rights, rights of conversion, exchange or subscription or any other rights, privileges or options pertaining to any shares of the Pledged Stock; and, upon the sale or other disposition of the Corporation's interest in the Pledged Stock or any part thereof, any third party purchaser or other transferee shall have the full and unrestricted right to exercise any and all such rights, privileges or options.