Subsidiary Pledge Agreements Clause Samples
A Subsidiary Pledge Agreements clause requires that a company's subsidiaries enter into separate pledge agreements, typically granting a security interest in their assets to secure the obligations of the parent company or a borrower. In practice, this means that each subsidiary must formally pledge its assets—such as inventory, receivables, or equipment—as collateral, often as a condition for a loan or credit facility. This clause ensures that lenders have recourse to the assets of both the parent and its subsidiaries, thereby strengthening the lender's security position and reducing credit risk.
Subsidiary Pledge Agreements. Each Subsidiary of the Borrower that owns any Equity Interest in any Person as of the Closing Date (other than an equity interest in Boston West, L.L.C. and other than in an Immaterial Subsidiary) shall have duly executed and delivered to the Agent a Subsidiary Pledge Agreement.
Subsidiary Pledge Agreements. In order to further secure the payment when due of the Borrower's Obligations, as guaranteed under each of the respective Subsidiary Guaranties, the Borrower heretofore has caused and hereafter shall cause each of its Subsidiaries to pledge to Agent for the benefit of each of the Lenders all of the issued and outstanding capital stock of each present Subsidiary of such Subsidiary of Borrower, and if any such Subsidiary is created or acquired subsequent to the date hereof, on the date of any such acquisition or formation, Borrower shall cause each of its Subsidiaries to pledge and deliver to Agent for the benefit of each of the Lenders all of the issued and outstanding stock of any such future Subsidiary. Each such pledge is or shall be evidenced by a General Pledge and Security Agreement executed, respectively, by each such Subsidiary of the Borrower in favor of Agent for the benefit of each of the Lenders in form and substance acceptable to Agent (as the same may from time to time be amended, modified, extended or renewed, the "Subsidiary Pledge Agreements"
Subsidiary Pledge Agreements. Each of the Subsidiary ---------------------------- Pledge Agreements, duly executed by CCB Bancorp, Inc. and River Valley Holdings, Inc., together with (a) acknowledgment copies of the financing statements (Form UCC-1) duly filed under the Uniform Commercial Code of all jurisdictions necessary or, in the opinion of the Agent, desirable to perfect the security interest created by each of the Subsidiary Pledge Agreements, and (b) stock powers or powers of attorney which are necessary or appropriate for the security interest of the Agent in the Collateral;
Subsidiary Pledge Agreements. Each Subsidiary of the Borrower (other than JB Newco) that owns any Equity Interest in any Person as of the Closing Date (other than an equity interest in Boston West, L.L.C.) shall have duly executed and delivered to the Agent a Subsidiary Pledge Agreement.
Subsidiary Pledge Agreements. Each of Jacor Broadcasting of Atlanta, Inc. and Chesapeake Securities, Inc. shall have
Subsidiary Pledge Agreements. The Subsidiary Pledge Agreement[s], duly executed and delivered by the Company and its Subsidiaries, as the case may be, together with stock certificates in respect of the Pledged Stock (as defined in the respective Subsidiary Pledge Agreement[s]), and undated stock powers executed in blank.
Subsidiary Pledge Agreements. Pledge agreements, each substantially in the form of Exhibit H (each a "Subsidiary Pledge Agreement"), issued by each Subsidiary of the Company which has one or more Subsidiaries, and all intercompany Indebtedness owing to each such Subsidiary, together with the stock certificates to be pledged thereunder and undated stock powers, or other instruments of transfer in form and substance satisfactory to the Administrative Agent, duly executed in blank and all intercompany notes (if any) to be pledged thereunder duly endorsed to the order of the Administrative Agent; PROVIDED, HOWEVER, Mid-Continent Agencies, Inc. shall not be required to execute and deliver a pledge agreement with respect to the following shares of stock: (i) all of the shares of Creditsafe Limited, a United Kingdom corporation, (ii) 225 shares of Mid-Continent Agencies of Kentucky, Inc. owned by certain employees of such Guarantor and (iii) 175 shares of Mid-Continent Agencies of New York, Inc. owned by certain employees of such Guarantor.
Subsidiary Pledge Agreements. The term "Subsidiary Pledge Agreements" is used as defined in Section 5.d. and when used in the singular form, the term refers to whichever of the Subsidiary Pledge Agreements the context requires.
Subsidiary Pledge Agreements. In order to further secure the payment when due of the Borrower's Obligations, the Borrower heretofore has caused and hereafter shall cause each of its Domestic Subsidiaries to pledge to Administrative Agent for the benefit of each of the Lenders all of the issued and outstanding capital stock, partnership interest, membership interests and other equity interests of each present Domestic Subsidiary and 65% of the issued and outstanding capital stock, partnership interest, membership interests and other equity interests of each present Foreign Subsidiary of such Domestic Subsidiary of Borrower, and if any such Subsidiary is created or acquired subsequent to the date hereof, on the date of any such acquisition or formation, Borrower shall cause each of its Domestic Subsidiaries to pledge and deliver to Administrative Agent for the benefit of each of the Lenders all of the issued and outstanding stock, partnership interest, membership interests and other equity interests of any such future Domestic Subsidiary and 65% of the issued and outstanding stock, partnership interest, membership interests and other equity interests of any such future Foreign Subsidiary. Each such pledge is or shall be evidenced by a General Pledge and Security Agreement or Collateral Assignment executed, respectively, by each such Domestic Subsidiary of the Borrower in favor of Administrative Agent for the benefit of each of the Lenders in form and substance acceptable to Administrative Agent (as the same may from time to time be amended, modified, extended or renewed, the "Subsidiary Pledge Agreements"
Subsidiary Pledge Agreements. Pledge agreements, each substantially in the form of Exhibit H (each a "Subsidiary Pledge Agreement"), issued by each Subsidiary of the Company which has one or more Subsidiaries, and all intercompany Indebtedness owing to each such Subsidiary, together with the stock certificates to be pledged thereunder and undated stock powers, or other instruments of transfer in form and substance satisfactory to the Administrative Agent, duly executed in blank and all intercompany notes (if any) to be pledged thereunder duly endorsed to the order of the Administrative Agent; PROVIDED, HOWEVER, Mid-Continent Agencies, Inc. shall not be required to execute and deliver a pledge agreement with respect to the following shares of stock: (i) all of the shares of Creditsafe Limited, a United Kingdom corporation, (ii) 225 shares of Mid-Continent Agencies of Kentucky, Inc. owned by certain employees of such Guarantor and (iii) 175 shares of Mid-Continent Agencies of New York, Inc. owned by certain employees of such Guarantor.