Common use of Pledge of New Subsidiary Stock Clause in Contracts

Pledge of New Subsidiary Stock. The Borrower agrees to pledge ------------------------------ (or cause its Subsidiaries to pledge) all of the Capital Stock of each new Domestic Subsidiary and, to the extent such pledge would not result in adverse tax consequences to the Borrower, 65% of the Capital Stock of each new first- tier Foreign Subsidiary established, acquired or created after the Initial Borrowing Date to the Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Security Agreement promptly, and in any event, within 30 days of the creation of such new Subsidiary.

Pledge of New Subsidiary Stock. The Borrower Company agrees to pledge ------------------------------ (or to cause its Subsidiaries to pledge) all of the Capital Stock ------------------------------- of each new Domestic Subsidiary and, to the extent such pledge would not result in adverse tax consequences to the Borrower, and 65% of the Capital Stock entitled to vote of each new first- first-tier Foreign Subsidiary (directly owned by Company or a Domestic Subsidiary) established, acquired acquired, created or created otherwise in existence after the Initial Borrowing Date to the Collateral Agent for the benefit of the Secured Parties Creditors pursuant to the Collateral terms of the Security Agreement promptly, and in any event, within 30 sixty (60) days of the creation of such new Subsidiary.;