Control Requirements. With respect to any Uncertificated Security included in the Collateral, the applicable Grantor shall cause the issuer of such Uncertificated Security to either (i) register the Collateral Agent as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance reasonably satisfactory to the Collateral Agent, pursuant to which such issuer agrees to comply with the Collateral Agent’s instructions with respect to such Uncertificated Security without further consent by such Grantor; provided that, the Collateral Agent agrees with the Grantors that it shall not give any such instructions unless an Event of Default has occurred and is continuing.
Appears in 2 contracts
Sources: Credit and Guaranty Agreement (Covia Holdings Corp), Pledge and Security Agreement (Covia Holdings Corp)