Additional Pledge. Effective upon any Person becoming a Significant Subsidiary, the parent thereof shall pledge the stock or other equity interests thereof to the Administrative Agent for the benefit of the Secured Parties pursuant to documentation reasonably acceptable to the Administrative Agent provided that no pledge of the stock of NSIC shall be required so long as NSIC is not a direct Subsidiary of the Borrower.
Appears in 3 contracts
Samples: Letter of Credit Agreement (Navigators Group Inc), Letter of Credit Agreement (Navigators Group Inc), Funds at Lloyd’s Letter of Credit Agreement (Navigators Group Inc)
Additional Pledge. Effective upon any Person becoming a Significant Subsidiary, the parent thereof shall pledge the stock or other equity interests thereof to the Administrative Agent for the benefit of the Secured Parties pursuant to documentation reasonably acceptable to the Administrative Agent provided that no pledge of the stock of NSIC shall be required so long as NSIC is not a direct Subsidiary of the Borrower.
Appears in 2 contracts
Samples: Credit Agreement (Navigators Group Inc), Credit Agreement (Navigators Group Inc)
Additional Pledge. Effective upon any Person becoming a Significant Subsidiary, the parent thereof shall pledge the stock or other equity interests thereof to the Administrative Agent for the benefit of the Secured Parties Lenders pursuant to documentation reasonably acceptable to the Administrative Agent provided that no pledge of the stock of NSIC shall be required so long as NSIC is not a direct Subsidiary of the Borrower.
Appears in 1 contract
