Additional Pledged Securities Clause Samples
The 'Additional Pledged Securities' clause requires a borrower or pledgor to provide extra securities as collateral beyond the initial assets pledged, typically to maintain a required collateral value or to cover increased risk. In practice, this clause may be triggered if the value of the original pledged securities falls below a certain threshold, obligating the pledgor to deliver more securities or substitute assets to restore the agreed collateral level. Its core function is to protect the secured party by ensuring that the collateral remains sufficient to cover the underlying obligation, thereby mitigating the risk of loss due to fluctuations in asset values.
Additional Pledged Securities. (a) In case, upon the redemption of the Pledged Securities or the dissolution or liquidation (in whole or in part) of the issuer of the Pledged Securities, any sum shall be paid in redemption of the Pledged Securities, or as a liquidating distribution or dividend or otherwise, such sum shall be paid over to Lender, to be held by Lender as additional Pledged Securities hereunder or as otherwise applied by Lender as provided in Section 5(c) below.
(b) If any stock dividend shall be declared on any of the Pledged Securities, or any shares of stock shall otherwise be issued relating to any of the Pledged Securities, or any distribution of capital shall be made on any of the Pledged Securities, or any shares, warrants, rights, obligations or other property shall be distributed upon or with respect to the Pledged Securities pursuant to a recapitalization or reclassification of the capital of the issuer thereof, or pursuant to the dissolution, liquidation (in whole or in part), bankruptcy or reorganization of such issuer, or pursuant to the merger or consolidation of such issuer with or into another corporation, the shares, warrants, obligations, rights or other property so distributed shall be delivered to Lender with such stock powers, assignments and endorsements as Lender may request, to be held by it as additional Pledged Securities hereunder, and all of the same shall constitute Pledged Securities for all purposes hereof.
(c) Any cash received and retained by Lender as additional Pledged Securities pursuant to Sections 5(a) or (b) above shall be applied (in whole or in part) by Lender to the payment of the outstanding balance of interest on and/or principal of the Obligations in such order as Lender shall in its sole discretion determine.
Additional Pledged Securities. All additional or other securities to which the registered owner of the Pledged Borrower Stock now or hereafter may become entitled to receive by reason of such ownership, in exchange or replacement for the Pledged Borrower Stock or in connection with any dividend, liquidating dividend, share split, recapitalization, reclassification, combination or other change in the capital structure of the Borrower or any entity in which the Borrower owns, directly or indirectly, any interest, whether by merger, consolidation, sale of assets, exchange of shares or any other manner whatsoever, together with the certificates or other instruments representing such shares and securities, duly endorsed in blank or accompanied by stock powers duly executed in blank or, at the election of the Secured Party, duly endorsed for transfer to the Secured Party (collectively, the "ADDITIONAL PLEDGED SECURITIES").
Additional Pledged Securities. Upon the request of the ------------------------------- Pledgor, and subject to Section 5.5, the Pledgee will, at the cost and expense of the Pledgor, (i) release all or a portion of the Collateral and reassign to the Pledgor all or such portion of the Collateral upon the pledge by the Pledgor of Additional Pledged Securities in exchange for such Collateral, so long as such Additional Pledged Securities are equal or greater in value than the Collateral requested to be released, and (ii) do and execute all such acts, things and instruments as in the reasonable opinion of the Pledgor are necessary to effect such release or reassignment.
Additional Pledged Securities. Schedule I to the Pledge Agreement is hereby amended and restated as set forth in Schedule I to this Agreement. Geotek shall deliver to the Collateral Agent the share certificates evidencing all of the Capital Stock of Geotek U.S. Networks, Inc., duly endorsed in blank or accompanied by proper instruments of assignment or transfer (including without limitation undated stock powers executed in blank with signatures appropriately guaranteed).
Additional Pledged Securities. The Borrower shall from time to time (a) upon obtaining any additional shares of any Issuer or any other securities constituting Pledged Securities or (b) when required to pledge additional collateral pursuant to Section 6.9 of the Credit Agreement, promptly deliver to the Administrative Agent a duly executed Pledge Agreement Supplement identifying the additional shares which are being pledged, accompanied by duly executed stock powers or other instruments of transfer or assignment undated in blank for each certificate, all in form and substance satisfactory to the Administrative Agent. The Borrower hereby authorizes the Administrative Agent to attach each Pledge Agreement Supplement to this Agreement and agrees that all shares listed on any Pledge Agreement Supplement delivered to the Administrative Agent shall for all purposes hereunder constitute Pledged Securities.