Percentage Pledged. The Obligors will cause the Equity Collateral to constitute at all times 100% of the total number of shares of each class of capital stock of each Issuer then outstanding held by the Obligors, provided that in the case of any Issuer that is a Foreign Subsidiary (other than a Special Purpose Foreign Subsidiary), the Obligors shall only be required to pledge 65% of the total number of shares of the voting stock of each such Issuer then issued and outstanding (to the extent held by them) and 100% of the total number of shares of all other classes of capital stock of each such Issuer then issued and outstanding (to the extent held by them), or such greater percentage of such stock of such Foreign Subsidiary as shall be agreed to by the Obligors pursuant to the requirements of Section 5.11 of the Credit Agreement.
Appears in 2 contracts
Sources: Shared Security Agreement (Panamsat Corp /New/), Lender Security Agreement (Panamsat Corp /New/)