ADDITIONAL STOCK PLEDGE Sample Clauses

ADDITIONAL STOCK PLEDGE. The Agent shall have received executed counterparts of the Pledge Agreement (Stock), dated not later than the date of such Loan, duly executed by the applicable Guarantor or Borrower pledging its interest in the capital stock of any Subsidiary which is adding Hydrocarbon Interests to the Borrowing Base and the Collateral Value, unless such Pledge Agreement has already been delivered to the Agent, accompanied by the original share certificate evidencing such capital stock and executed stock powers (in blank) and the evidence of satisfactory arrangement for the completion of all filings and recordings of the Pledge Agreement (Stock) as may be necessary or, in the reasonable opinion of the Agent, desirable, effectively to create a valid, perfected first priority lien against and security interest in the collateral covered thereby.
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ADDITIONAL STOCK PLEDGE. In the event the Pledged Stock Value ----------------------- decreases below $175,000,000.00, Borrower shall cause Pledgor to pledge additional shares of stock in Speedway Motor Sports, Inc. to Lender. Pledgor shall be required to pledge additional shares of stock in an amount sufficient to decrease the Loan to Value to no greater than fifty-eight percent (58%), which such additional pledge agreement and pledged shares must be delivered to Lender within five (5) business days of the valuation described in the following sentence. For purposes of this paragraph, the Pledged Stock Value will be determined by Lender on the last trading day of each month during the term of this Loan by multiplying (i) the number of shares of stock in Speedway Motor Sports, Inc. pledged by Pledgor to Lender for such preceding month by (ii) the closing price for Speedway Motor Sports, Inc. stock reported on the New York Stock Exchange on the last day trading of such month. Any such Pledged Stock Value will be in effect for the next calendar month, until the final business day, upon which Lender will recalculate the Pledged Stock Value.
Sample 1
ADDITIONAL STOCK PLEDGE. The Agent shall have received from the Borrower, for the benefit of the Lenders, a pledge in form and substance satisfactory to the Agent of all of the issued and outstanding shares of capital stock of the Subsidiary of the Borrower intending to acquire the New Property, together with the certificates (or other agreements or instruments) representing such shares, and all options, contractual or otherwise, with respect thereto.
Sample 1
ADDITIONAL STOCK PLEDGE. In the event that Grantor pledges any stock in any domestic or foreign Subsidiary under Section 6.12(b) of the Credit Agreement (or any replacement or successor primary revolving credit facility for the Grantor, the Grantor shall simultaneously pledge such stock to Secured Party to secure Grantor’s Obligations under this Agreement and the other Term Loan Documents, on a parri passu basis with the Obligations under the Credit Agreement, pursuant to the terms of the Borrower Stock Pledge and subject to the Revolving Lender/Term Lender Intercreditor Agreement.
Sample 1

Related to ADDITIONAL STOCK PLEDGE

  • Stock Pledge To evidence and perfect the Liens of Collateral Agent in the Subsidiary Stock, the Company and the Subsidiaries owning other Subsidiaries or Unrestricted Sub- sidiaries shall execute and deliver the Stock Pledge Agreement and will execute and deliver related undated stock powers ex- ecuted in blank by the Company and shall deliver all original certificates representing the Subsidiary Stock to Collateral Agent and will cause all issuers of Subsidiary Stock to execute and deliver pledge acknowledgments pursuant to the Stock Pledge Agreement.

  • Release of Pledged Shares from Pledge Upon the payment of all amounts due to the Pledgee under the Convertible Debentures by repayment in accordance with the terms of the Note, the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice for payment of the amounts due to the Pledgee under the Convertible Debentures, the Escrow Agent shall return to the Pledgor the Transfer Documents and the certificates representing the Pledged Shares, (collectively the "Pledged Materials"), whereupon any and all rights of Pledgee in the Pledged Materials shall be terminated. Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgee under the Convertible Debentures, by repayment in accordance with the terms of the Note, this Agreement and Pledgee's security interest and rights in and to the Pledged Shares shall terminate.

  • As to Pledged Shares In the case of any Pledged Shares constituting Collateral, all of such Pledged Shares are duly authorized and validly issued, fully paid, and non-assessable, and constitute all of the issued and outstanding capital stock of each Securities Issuer thereof. The Grantors have no Subsidiaries other than the Securities Issuers and Timberlands II.

  • Pledged Stock; Stock Powers The Administrative Agent shall have received the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof.

  • Pledged Stock; Stock Powers; Pledged Notes The Administrative Agent shall have received (i) the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.

  • Stock Pledge Agreement The term "Stock Pledge Agreement" shall have the meaning set forth in Section 6.3(xiii).

  • Cancellation of Company-Owned Stock Each share of Company Common Stock owned by the Company or the Company Subsidiary immediately prior to the Effective Time shall be automatically canceled and extinguished without any exchange thereof and without any further action on the part of Buyer, Merger Sub or the Company.

  • Pledged Equity Interests; Stock Powers; Pledged Notes The Administrative Agent shall have received (i) the certificates representing the Equity Interests pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.

  • Cancellation of Parent-Owned Stock Each share of Company Common Stock held by Company or owned by Merger Sub, Parent or any direct or indirect wholly-owned subsidiary of Company or of Parent immediately prior to the Effective Time shall be canceled and extinguished without any conversion thereof.

  • Cancellation of Treasury Stock and Parent-Owned Stock Any shares of Company Common Stock that are owned by the Company as treasury stock, and any shares of Company Common Stock owned by Parent or Merger Sub, shall be automatically canceled and shall cease to exist and no consideration shall be delivered in exchange therefor.

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