Common use of Tax Treatment of Preferred Stock Clause in Contracts

Tax Treatment of Preferred Stock. The Company agrees that the Series A Preferred Stock is stock which participates in corporate growth to a significant extent within the meaning of Treasury Regulation ss.1.305-5(a), and hence will not be treated as preferred stock for purposes of Internal Revenue Code ss.305 and the regulations thereunder. Accordingly, the Company has determined that there will not be constructive distributions under Treasury Regulation ss.1.305-5(b) with respect to the Series A Preferred Stock.

Tax Treatment of Preferred Stock. The Company agrees that the Series A -------------------------------- Preferred Stock is stock which participates in corporate growth to a significant extent within the meaning of Treasury Regulation ss.1.305(S) 1.305-5(a), and hence will not be treated as preferred stock for purposes of Internal Revenue Code ss.305 (S) 305 and the regulations thereunder. Accordingly, the Company has determined that there will not be constructive distributions under Treasury Regulation ss.1.305(S) 1.305-5(b) with respect to the Series A Preferred Stock.

Tax Treatment of Preferred Stock. The Company agrees that the Series A B -------------------------------- Preferred Stock is stock which participates in corporate growth to a significant extent within the meaning of Treasury Regulation ss.1.305(S) 1.305-5(a), and hence will not be treated as preferred stock for purposes of Internal Revenue Code ss.305 (S)305 and the regulations regulation thereunder. Accordingly, the Company has determined that there will not be constructive distributions under Treasury Regulation ss.1.305(S) 1.305-5(b) with respect to the Series A B Preferred Stock.