Security of Borrower. The Obligations shall continue to be equally and ratably secured by (a) a perfected first priority security interest in or lien on the Collateral (subject only to Permitted Liens entitled to priority under applicable law) pursuant to the terms of the Security Documents to which the Borrower is a party, and (b) a pledge by the Borrower of (i) one hundred percent (100%) of the capital stock of each of its Domestic Subsidiaries, and (ii) sixty-six percent (66%) of the capital stock of each of its Foreign Subsidiaries, pursuant to the terms of the Stock Pledge Agreement, provided, that the Borrower will not be required to -------- pledge the capital stock of any Subsidiary which is an Immaterial Subsidiary.
Appears in 2 contracts
Sources: Revolving Credit and Term Loan Agreement (Petro Stopping Centers Holdings Lp), Revolving Credit and Term Loan Agreement (Petro Stopping Centers L P)
Security of Borrower. The Obligations shall continue to be equally and -------------------- ratably secured by (a) a perfected first priority security interest in or lien on the Collateral (subject only to Permitted Liens entitled to priority under applicable law) pursuant to the terms of the Security Documents to which the Borrower is a party, and (b) a pledge by the Borrower of (i) one hundred percent (100%) of the capital stock of each of its Domestic Subsidiaries, and (ii) sixty-six percent (66%) of the capital stock of each of its Foreign Subsidiaries, pursuant to the terms of the Stock Pledge Agreement, provided, that the Borrower will not be required to -------- pledge the capital stock of any Subsidiary which is an Immaterial Subsidiary.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Petro Stopping Centers L P)