Common use of Affiliate Pledged Indebtedness Clause in Contracts

Affiliate Pledged Indebtedness. All Pledged Indebtedness owed by any Subsidiary of the Company shall, if you request, be secured by the assets of the Subsidiary issuing such Indebtedness. All Pledged Indebtedness owned by any Subsidiary of the Company or by any other Affiliate of the Company shall, if you request, be evidenced by or embodied in a promissory note or other instrument, which note or instrument shall be delivered to you after having been endorsed in blank. Unless you shall so request, the Pledged Indebtedness owed by each Subsidiary of the Company or such Affiliate shall be on open account and shall not be evidenced by a note or any other instrument. The Company will forthwith upon the receipt thereof, deliver to you any promissory note or similar instrument representing any other Pledged Indebtedness, after having endorsed such promissory note or instruments in blank.