Common use of TITLE TO THE PLEDGED SHARES Clause in Contracts

TITLE TO THE PLEDGED SHARES. Immediately prior to the pledge of the Pledged Shares the Pledgor was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all Liens. The Pledged Shares owned by the Pledgor are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Pledgor is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Pledgor pursuant to which the Pledgor may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. In the event that (i) the Pledgor defaults under the Note and Xxxx enforces the provisions of this Agreement, or (ii) the provisions of Section 3.1 of the Note apply, Xxxx will acquire good and marketable title to the Pledged Shares, free and clear of all Liens.

TITLE TO THE PLEDGED SHARES. Immediately prior to the pledge of the Pledged Shares Shares, the Pledgor Borrower was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all LiensEncumbrances. The Pledged Shares owned by the Pledgor Borrower are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Pledgor Borrower is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Pledgor Borrower pursuant to which the Pledgor Borrower may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. In Subject to the Subordination Agreement, in the event that (i) the Pledgor defaults under the this Note and Xxxx enforces the provisions of this Agreement, the Pledge Agreement or (ii) the provisions of Section 3.1 of the Note Article 5 hereof apply, Xxxx will acquire good and marketable title to the Pledged Shares, free and clear of all LiensEncumbrances.

TITLE TO THE PLEDGED SHARES. Immediately prior to the pledge of the Pledged Shares the Pledgor was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all Liens. The Pledged Shares owned by the Pledgor are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Pledgor is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Pledgor pursuant to which the Pledgor may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. In the event that (i) the Pledgor defaults under the Note and Xxxx Berkshire enforces the provisions of this Agreement, or (ii) the provisions of Section 3.1 of the Note apply, Xxxx Berkshire will acquire good and marketable title to the Pledged Shares, free and clear of all Liens.

TITLE TO THE PLEDGED SHARES. Immediately prior to the pledge of the Pledged Shares Shares, the Pledgor Borrower was the record and beneficial owner of, and had good and marketable title to, the Pledged Shares free and clear of all LiensEncumbrances. The Pledged Shares owned by the Pledgor Borrower are validly issued, duly authorized and free of any preemptive rights. There are no voting trusts or other agreements or understandings to which the Pledgor Borrower is a party with respect to the voting of the Pledged Shares. The Pledged Shares are not subject to any restrictions on transferability other than those imposed by the Securities Act and applicable state securities laws. Except for the Option Agreement, there are no options, warrants, calls, commitments or rights of any character to purchase or otherwise acquire the Pledged Shares from the Pledgor Borrower pursuant to which the Pledgor Borrower may be obligated to sell, transfer or otherwise dispose of any of the Pledged Shares. In Subject to the Subordination Agreement, in the event that (i) the Pledgor defaults under the this Note and Xxxx Berkshire enforces the provisions of this Agreement, the Pledge Agreement or (ii) the provisions of Section 3.1 of the Note Article 5 hereof apply, Xxxx Berkshire will acquire good and marketable title to the Pledged Shares, free and clear of all LiensEncumbrances.