Common use of Delivery of Additional Collateral Clause in Contracts

Delivery of Additional Collateral. Within five (5) business days of the execution of this Agreement, Pledgor shall be obligated to deliver to Pledgee a fully executed original copy of an Absolute Assignment of Leases and Rents substantially in the form attached hereto as Exhibit A (the "Lease Assignment") covering Mineral Recovery Systems' interests in the mineral deposits which are described in the Memoranda of Mineral Leases set forth in Exhibit B attached hereto (the "Mineral Leases"). In the event the Registration Statement does not become effective on or prior to the 180th day after the date hereof and/or the closing price of the Pledgor's common shares on its principal exchange has not been above $2.25 for five consecutive days during such 180 day period, the Pledgee, at the at the Pledgor's sole cost and expense, shall be entitled to record the Lease Assignment in the proper jurisdictions to perfect Pledgee's security interest in Mineral Leases. Upon the effectiveness of the Registration Statement and at such time as the closing price of the Pledgor's common shares on its principal exchange has been above $2.25 for five consecutive days, the Pledgee shall no longer be entitled to record the Lease Assignment and shall immediately return the Lease Assignment to Pledgor or if the Lease Assignment has previously been recorded, the Pledgee shall immediately record a document in a form sufficient to release the security interest created through the prior recordation of the Lease Assignment in the proper jurisdictions.