Common use of Stock Pledges Clause in Contracts

Stock Pledges. Promptly upon the consummation of the Acquisition of an Investment Firm or the formation of any new Subsidiary, execute and deliver or cause to be executed and delivered to the Administrative Agent a Pledge Agreement Supplement with respect to the pledge of the Capital Stock of such Investment Firm or new Subsidiary, held directly or indirectly (through a wholly-owned Subsidiary) by the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, together with evidence in form and substance reasonably satisfactory to the Administrative Agent that all deliveries, filings, recordings, registrations and other actions, including the delivery of any certificates representing such Capital Stock, together, in the case of stock certificates, with an undated transfer power, in form and substance reasonably satisfactory to the Administrative Agent, for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, and the filing of duly executed financing statements on form UCC-1, necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens created by such Pledge Agreement Supplement shall have been completed. Notwithstanding the foregoing, neither the Borrower nor any Subsidiary shall be required to pledge to the Administrative Agent more than 65% of the Capital Stock of any foreign Subsidiary.