Promissory note for pledged stock.

[Place and date]

_________ after date the undersigned, for value received, promises to pay to the order of _________ Bank at its office in _________, $_____, waiving demand, notice and protest, with interest at the rate of _________ percent per annum after maturity and as collateral security for payment of this and any other liability or liabilities of the undersigned to the bank, due or to become due whether now existing or later arising and, whether direct, indirect, absolute or contingent and whether several, joint or joint and several, the undersigned pledges with and to the bank all property of the undersigned of any kind or description, tangible or intangible, now or at any time or times assigned, transferred or delivered to or left in or coming into the possession, control or custody of the bank by or for the account of the undersigned, whether expressly as collateral security or for any other purpose, including without limitation all property described in the receipts for collateral from time to time issued by the bank to or for the account of the undersigned. The bank shall have the right to call for additional security satisfactory to the bank should the value of the security decline or be deemed by the bank inadequate or unsatisfactory.

Upon nonpayment when due of any liabilities of the undersigned to the bank, or upon failure of the undersigned to respond to the request of the bank for additional security, or in the event of the insolvency, or the death, dissolution or termination of existence of the undersigned, or in the event of the institution by or against the undersigned of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings for relief under any bankruptcy law or similar law for the relief of debtors, or the application for the appointment or the appointment of any receiver for the undersigned or any of the property of the undersigned, or upon the service of any warrant of attachment, garnishment, or the existence or making or issuance of any tax lien, levy or similar process on or with respect to any property of the undersigned, or the making by the undersigned of an assignment for the benefit of creditors, then this note and all other liabilities of the undersigned referred to above shall, unless the bank shall otherwise elect, immediately become due and payable without presentment, demand or notice of any kind. Also in any event the bank shall have full power and authority at any time or times to sell and assign and deliver all of the property then constituting security, or any part, or any substitute, or any additions, at any brokers' board, or at public or private sale, at the option of the bank, and with the right to be purchaser itself at the brokers' board or public sale, without demand, advertisement or notice of sale or of intention to sell, and after deducting all legal or other costs and expenses for collection, sale and delivery, the residue of the proceeds of the sale or sales so to be made shall be applied to pay any or all of the liabilities as the bank shall deem proper, any surplus to be returned to the undersigned, who shall remain liable for any deficiency arising on account of the sale.

The holder shall have no responsibility for the collection or protection of the property constituting security or any part or to bind or hold any maker, acceptor, endorser or guarantor, or for effecting presentment, demand, protest or notice of nonpayment, all of which are waived by the undersigned. Any indebtedness due from the legal holder to the undersigned may be appropriated and applied at any time, as well before as after maturity. The bank may without notice and either before or after maturity at its option transfer or register the property constituting security or any part or parts into its or its nominee's name with or without any indication of pledge.

The bank may transfer this note and deliver to the transferee all or any part of the property then held by it as security, and the transferee shall become vested with all the powers and rights given to the bank with respect to the property transferred, but the bank shall retain all rights and powers given with respect to any property not transferred.

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Address _________