Common use of Subsidiary Pledge Agreements Clause in Contracts

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. 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 Administrative Agent for the benefit of each of the Lenders all of the issued and outstanding capital stock of each present Domestic Subsidiary and 65% of the issued and outstanding capital stock of each present Foreign 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 Administrative Agent for the benefit of each of the Lenders all of the issued and outstanding stock of any such future Domestic Subsidiary and 65% of the issued and outstanding stock of any such future Foreign 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 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"