Common use of Security for Note Clause in Contracts

Security for Note. The Note will be secured by Shares of the Company's Common Stock purchased by Xxxxxxxxx herein (the "Pledged Shares"). The Pledged Shares delivered or transferred to the Company shall be referred to herein as the "Collateral." To the extent that any portion of the Note is not paid in accordance with the terms thereof, the Company shall have the right to foreclose upon and redeem such portion of the Collateral as shall satisfy the unpaid installment or portion of the Note. Xxxxxxxxx agrees to execute and deliver any documents that may be required to establish the Company's security interest in the Collateral, including the certificates representing the Pledged Shares. This security interest shall not affect Xxxxxxxxx'x rights to vote the Pledged Shares or to receive dividends paid thereon. However, any dividends paid on Pledged Shares subject to this security interest shall be applied to the amounts due on the Note, in such order of application as shall be determined by the Company. The Company agrees to release its security interest in the Collateral, or the appropriate portion thereof, as the principal balance on the Note is paid. For purposes of releasing Pledged Shares from this Security Agreement, the Pledged Shares shall be valued at the then current market price.

Security for Note. The Note will be secured by Shares of the Company's Common Stock purchased by Xxxxxxxxx Xxxxxx herein (the "Pledged Shares"). The Pledged Shares delivered or transferred to the Company shall be referred to herein as the "Collateral." To the extent that any portion of the Note is not paid in accordance with the terms thereof, the Company shall have the right to foreclose upon and redeem such portion of the Collateral as shall satisfy the unpaid installment or portion of the Note. Xxxxxxxxx Xxxxxx agrees to execute and deliver any documents that may be required to establish the Company's security interest in the Collateral, including the certificates representing the Pledged Shares. This security interest shall not affect Xxxxxxxxx'x Walter's rights to vote the Pledged Shares or to receive dividends paid thereon. However, any dividends paid on Pledged Shares subject to this security interest shall be applied to the amounts due on the Note, in such order of application as shall be determined by the Company. The Company agrees to release its security interest in the Collateral, or the appropriate portion thereof, as the principal balance on the Note is paid. For purposes of releasing Pledged Shares from this Security Agreement, the Pledged Shares shall be valued at the then current market price.