Common use of Stated Value Clause in Contracts

Stated Value. The Stated Value Per Share (as such term is defined in the Certificate of Designations, Preferences and Rights of the Preferred Stock) of each Purchased Share as of September 30, 2002 is $3.797591784, and, accordingly, the Purchased Shares are currently convertible by their terms into an aggregate of 2,000,000.63 shares of the Company's common stock. The dividends payable with respect to the Purchased Shares on June 30, 2002 and September 30, 2002 were paid in cash by the Company.