Certain Obligations Respecting Subsidiaries. (a) The Obligors will take such action from time to time as shall be necessary to ensure that each Obligor maintains its percentage ownership interest in each of the Subsidiary Guarantors as set forth on Schedule III hereto. (b) In the event that any additional shares of stock shall be issued by any Subsidiary Guarantor, the Borrower agrees, and each Subsidiary Guarantor agrees, forthwith to promptly deliver (and in any event within ten days) to the Administrative Agent pursuant to the Pledge Agreement such shares of stock accompanied by undated stock powers executed in blank and to diligently take, or commence taking and diligently pursue, such other action as the Administrative Agent shall request to perfect the security interest created therein pursuant to the Pledge Agreement. (c) The Obligors may only make Investments in Subsidiaries (other than Subsidiary Guarantors) to the extent permitted by Section 9.08(g), (j) and (k) hereof.
Appears in 2 contracts
Sources: Credit Agreement (Thai Romo LTD), Credit Agreement (Rutherford-Moran Oil Corp)
Certain Obligations Respecting Subsidiaries. (a) The Obligors will take such action from time to time as shall be necessary to ensure that each Obligor maintains its percentage ownership interest in each of the Subsidiary Guarantors as set forth on Schedule III hereto.
(b) In the event that any additional shares of stock shall be issued by any Subsidiary Guarantor, the Borrower agrees, and each Subsidiary Guarantor agrees, forthwith to promptly deliver (and in any event within ten days) to the Administrative Agent pursuant to the Credit Agreement Pledge Agreement such shares of stock accompanied by undated stock powers executed in blank and to diligently take, or commence taking and diligently pursue, such other action as the Administrative Agent shall request to perfect the security interest created therein pursuant to the Pledge Agreement.
(c) The Obligors may only make Investments in Subsidiaries (other than Subsidiary Guarantors) to the extent permitted by Section 9.08(g), (j) and (k) hereof.
Appears in 1 contract