Certain Additional Covenants. (a) If any Pledgor shall, as a result of its ownership of any of the Collateral, become entitled to receive or shall receive any Stock Certificate (including any Stock Certificate issued pursuant to a stock dividend or a distribution in connection with any reclassification or increase or reduction of capital, or any Stock Certificate issued in connection with any reorganization) or any other certificate evidencing any Collateral, such Pledgor shall accept the same as the agent of the Agent, hold the same in trust for the Agent and deliver the same forthwith to the Agent in the exact form received, duly endorsed by such Pledgor to the Agent, if required, together with an undated stock power covering such Stock Certificate or other certificate duly executed in blank by such Pledgor and with, if the Agent so requests, signature guaranteed, to be held by the Agent, subject to the terms hereof, as additional Collateral. Any sums paid upon or in respect of the Pledged Equity Interests upon the liquidation or dissolution of any Subsidiary shall be paid over to the Agent to be held as additional Collateral. In case any distribution of capital shall be made on or in respect of the Pledged Equity Interests or any property shall be distributed upon or with respect to the Pledged Equity Interests pursuant to the recapitalization or reclassification of the capital of the Pledgor or any Subsidiary or pursuant to the reorganization thereof, as applicable, the capital or property so distributed shall be delivered to the Agent to be held as additional Collateral. If any such capital or property so paid or distributed shall be received by any Pledgor, such Pledgor shall, until such capital or property is paid or delivered to the Agent, hold such money or property in trust for the Agent, segregated from other funds of such Pledgor, as additional Collateral. (b) The Pledgors shall not vote to enable, or take any other action to permit, any Subsidiary to issue any capital stock or other equity securities or to issue any options, rights or other securities convertible into or granting the right to purchase or exchange for any capital stock or other equity securities of any Subsidiary, except for such transactions, if any, as are permitted pursuant to Article 9 of the Purchase Agreement. Each Pledgor shall defend the right, title and interest of the Agent in and to the Collateral against the claims and demands of all Persons whomsoever. (c) In the event that any Pledgor shall acquire any other interest in the Subsidiaries, in each case directly or indirectly, prior to the Termination Date, then at such time, and at such Pledgor’s cost and expense, such Pledgor shall (x) grant to the Agent the same rights in such after-acquired interests as are granted to the Agent herein with respect to the Collateral and (y) execute and deliver such modifications to this Agreement and to all other documents entered into by such Pledgor in connection herewith which may be necessary or desirable to evidence the granting to the Agent of such rights.
Appears in 1 contract
Samples: Pledge Agreement (Fusion Telecommunications International Inc)
Certain Additional Covenants. (a) If any Pledgor shall, as a result of its ownership of any of the Collateral, become entitled to receive or shall receive any Stock Certificate (including any Stock Certificate issued pursuant to a stock dividend or a distribution in connection with any reclassification or increase or reduction of capital, or any Stock Certificate issued in connection with any reorganization) or any other certificate evidencing any Collateral, such Pledgor shall accept the same as the agent of the Agent, hold the same in trust for the Agent and deliver the same forthwith to the Agent in the exact form received, duly endorsed by such Pledgor to the Agent, if required, together with an undated stock power covering such Stock Certificate or other certificate duly executed in blank by such Pledgor and with, if the Agent so requests, signature guaranteed, to be held by the Agent, subject to the terms hereof, as additional Collateral. Any sums paid upon or in respect of the Pledged Equity Interests upon the liquidation or dissolution of any Subsidiary shall be paid over to the Agent to be held as additional Collateral. In case any distribution of capital shall be made on or in respect of the Pledged Equity Interests or any property shall be distributed upon or with respect to the Pledged Equity Interests pursuant to the recapitalization or reclassification of the capital of the Pledgor or any Subsidiary or pursuant to the reorganization thereof, as applicable, the capital or property so distributed shall be delivered to the Agent to be held as additional Collateral. If any such capital or property so paid or distributed shall be received by any Pledgor, such Pledgor shall, until such capital or property is paid or delivered to the Agent, hold such money or property in trust for the Agent, segregated from other funds of such Pledgor, as additional Collateral.
(b) The Pledgors shall not vote to enable, or take any other action to permit, any Subsidiary to issue any capital stock or other equity securities or to issue any options, rights or other securities convertible into or granting the right to purchase or exchange for any capital stock or other equity securities of any Subsidiary, except for such transactions, if any, as are permitted pursuant to Article 9 of the Note Purchase Agreement. Each Pledgor shall defend the right, title and interest of the Agent in and to the Collateral against the claims and demands of all Persons whomsoever.
(c) In the event that any Pledgor shall acquire any other interest in the Subsidiaries, in each case directly or indirectly, prior to the Termination Date, then at such time, and at such Pledgor’s cost and expense, such Pledgor shall (x) grant to the Agent the same rights in such after-acquired interests as are granted to the Agent herein with respect to the Collateral and (y) execute and deliver such modifications to this Agreement and to all other documents entered into by such Pledgor in connection herewith which may be necessary or desirable to evidence the granting to the Agent of such rights.
Appears in 1 contract
Certain Additional Covenants. (a) If any such Pledgor shall, as a result of its ownership of any of the Collateral, become entitled to receive or shall receive any Stock Certificate (including including, without limitation, any Stock Certificate issued pursuant to a stock dividend or a distribution in connection with any reclassification or increase or reduction of capital, or any Stock Certificate issued in connection with any reorganization) or any other certificate evidencing any Collateral, such Pledgor shall accept the same as the agent of the AgentLender, hold the same in trust for the Agent Lender and deliver the same forthwith to the Agent Lender in the exact form received, duly endorsed by such Pledgor to the AgentLender, if required, together with an undated stock power covering such Stock Certificate or other certificate duly executed in blank by such Pledgor and with, if the Agent so requests, signature guaranteed, to be held by the AgentLender, subject to the terms hereof, as additional Collateral. Any sums paid upon or in respect of the Pledged Equity Interests Stock or the iJET Securities upon the liquidation or dissolution of any Pledged Subsidiary or iJET and any payment of any or all of the principal amount of the Senior Unsecured Note shall be paid over to the Agent Lender to be held as additional Collateral. In , and in case any distribution of capital shall be made on or in respect of the Pledged Equity Interests Stock or the iJET Securities or the Senior Unsecured Note or any property shall be distributed upon or with respect to the Pledged Equity Interests Stock or the iJET Securities or the Senior Unsecured Note pursuant to the recapitalization or reclassification of the capital of the Pledgor Pledged Subsidiaries or any Subsidiary iJET or pursuant to the reorganization thereof, as applicable, the capital or property so distributed shall be delivered to the Agent Lender to be held as additional Collateral. If any such capital or property so paid or distributed shall be received by any such Pledgor, such Pledgor shall, until such capital or property is paid or delivered to the AgentLender, hold such money capital or property in trust for the AgentLender, segregated from other funds of such Pledgor, as additional Collateral, except as otherwise provided in Article 4 hereof.
(b) The Pledgors Except as otherwise provided in the Facility Documents, such Pledgor shall not vote to enable, or take any other action to permit, any Subsidiary the Pledged Subsidiaries to issue any capital stock or other equity securities or to issue any options, rights or other securities convertible into or granting the right to purchase or exchange for any capital stock or other equity securities of any Subsidiary, except for such transactions, if any, as are permitted pursuant to Article 9 of the Purchase AgreementPledged Subsidiaries. Each Such Pledgor shall defend the right, title and interest of the Agent Lender in and to the Collateral against the claims and demands of all Persons whomsoever.
(c) In the event that any such Pledgor shall acquire any other interest in any of the Pledged Subsidiaries or shall acquire any equity interest in any other Subsidiary (other than Immaterial Subsidiaries), in each case directly or indirectly, prior to the Termination Date, then at such time, and at such Pledgor’s 's cost and expense, such Pledgor shall (xi) grant to the Agent Lender the same rights in such after-acquired interests as are granted to the Agent Lender herein with respect to the Collateral and (yii) execute and deliver such modifications to this Agreement and to all other documents entered into by such Pledgor in connection herewith which may be necessary or desirable to evidence the granting to the Agent extent required to be delivered as set forth in Section 7.09 of such rightsthe Credit Agreement.
Appears in 1 contract
Samples: Pledge Agreement (Kroll Inc)
Certain Additional Covenants. (a) If any Pledgor shall, as a result of its ownership of any of the Collateral, become entitled to receive or shall receive any Stock Certificate (including including, without limitation, any Stock Certificate issued pursuant to a stock dividend or a distribution in connection with any reclassification or increase or reduction of capital, or any Stock Certificate issued in connection with any reorganization) or any other certificate evidencing any Collateral, such the Pledgor shall accept the same as the agent of the AgentAgent and the Lenders, hold the same in trust for the Agent and the Lenders and deliver the same forthwith to the Agent in the exact form received, duly endorsed by such the Pledgor to the Agent, if required, together with an undated stock power covering such Stock Certificate or other certificate duly executed in blank by such the Pledgor and with, if the Agent so requests, signature guaranteed, to be held by the Agent, subject to the terms hereof, as additional Collateral. Any sums paid upon or in respect of the Pledged Equity Interests Stock upon the liquidation or dissolution of the any Subsidiary shall be paid over to the Agent to be held as additional Collateral. In , and in case any distribution of capital shall be made on or in respect of the Pledged Equity Interests Stock or any property shall be distributed upon or with respect to the Pledged Equity Interests Stock pursuant to the recapitalization or reclassification of the capital of the Pledgor or any Subsidiary Subsidiaries or pursuant to the reorganization thereof, as applicable, the capital or property so distributed shall be delivered to the Agent to be held as additional Collateral. If any such capital or property so paid or distributed shall be received by any the Pledgor, such the Pledgor shall, until such capital or property is paid or delivered to the Agent, hold such money or property in trust for the AgentAgent and the Lenders, segregated from other funds of such the Pledgor, as additional Collateral.
(b) The Pledgors Pledgor shall not vote to enable, or take any other action to permit, any Subsidiary the Subsidiaries to issue any capital stock or other equity securities or to issue any options, rights or other securities convertible into or granting the right to purchase or exchange for any capital stock or other equity securities of any Subsidiary, except for such transactions, if any, as are permitted pursuant to Article 9 of the Purchase AgreementSubsidiaries. Each The Pledgor shall defend the right, title and interest of the Agent in and to the Collateral against the claims and demands of all Persons whomsoever.
(c) In the event that any the Pledgor shall acquire any other interest in any of the Subsidiaries, in each case directly or indirectly, prior to the Termination Date, then at such time, and at such the Pledgor’s 's cost and expense, such the Pledgor shall (xi) grant to the Agent for the benefit of the Lenders the same rights in such after-acquired interests as are granted to the Agent herein with respect to the Collateral and (yii) execute and deliver such modifications to this Agreement and to all other documents entered into by such the Pledgor in connection herewith which may be necessary or desirable to evidence the granting to the Agent for the benefit of the Lenders of such rights.
Appears in 1 contract
Certain Additional Covenants. (a) If any Pledgor shall, as a result of its ownership of any of the Pledged Collateral, become entitled to receive or shall receive any Stock Share Certificate (including including, without limitation, any Stock Share Certificate issued pursuant to a stock dividend or a distribution in connection with any reclassification or increase or reduction of capital, or any Stock Share Certificate issued in connection with any reorganization) or any other certificate evidencing any Pledged Collateral, such Pledgor shall accept the same as the agent of the AgentSecured Party, hold the same in trust for the Agent Secured Party and deliver the same forthwith to the Agent Secured Party in the exact form received, duly endorsed by such Pledgor to the AgentSecured Party, if required, together with an undated stock power assignment covering such Stock Share Certificate or other certificate duly executed in blank by such Pledgor and with, if the Agent so requests, signature guaranteed, to be held by the AgentSecured Party, subject to the terms hereof, as additional Pledged Collateral. Any cash sums paid upon or in respect of the Pledged Equity Interests Shares upon the liquidation or dissolution of any Subsidiary Company shall be paid over to the Agent Secured Party to be held as additional Pledged Collateral. In case any Any non-cash distribution of capital shall be or assets of the Company made on or in respect of the Pledged Equity Interests Shares or any property shall be distributed upon or with respect to the Pledged Equity Interests pursuant to the recapitalization or reclassification of the capital of the Pledgor or any Subsidiary or pursuant to the reorganization thereof, as applicable, the capital or property so distributed shall be delivered to the Agent Secured Party to be held as additional Pledged Collateral; provided, that the foregoing shall not prohibit Company from paying cash dividends or distributions on the Pledged Shares to Pledgor other than in liquidation or dissolution of Company. If any such capital or property so paid or distributed shall be is received by any PledgorPledgor which, such pursuant to this Section 3.9(a), is to be held as additional Pledged Collateral, Pledgor shall, until such capital or property is paid or delivered to the AgentSecured Party, hold such money capital or property in trust for the AgentSecured Party, segregated from other funds of such Pledgor, as additional Collateral.
(b) The Pledgors .. Pledgor shall not vote to enable, or take any other action to permit, Company to issue, and Company shall not issue, any Subsidiary to issue any capital common stock or other equity securities or to issue interests or any options, rights or other securities convertible into or granting the right to purchase or exchange for any capital common stock or other equity securities or interests of any Subsidiary, except for such transactions, if any, as are permitted pursuant to Article 9 of the Purchase AgreementCompany. Each Pledgor shall defend the right, title and interest of the Agent Secured Party in and to the Pledged Collateral against the claims and demands of all Persons whomsoever.
(c) . In the event that any Pledgor shall acquire any other interest (including, without limitation, any common stock) in the SubsidiariesCompany, in each case directly or indirectly, prior to the Termination Date, then at such time, and at such Pledgor’s cost and expense, such Pledgor shall (xi) grant to the Agent Secured Party the same rights in such after-acquired interests as are granted to the Agent Secured Party herein with respect to the Collateral Pledged Collateral; and (yii) execute and deliver such modifications to this Agreement and to all other documents entered into by such Pledgor in connection herewith which that Secured Party may be deem necessary or desirable to evidence such grant to Secured Party. Pledgor shall not vote to enable, or take any other action to permit, Company to : (i) redeem, and Company shall not redeem, the granting to the Agent interest of such rightsany holder of its equity; or (ii) merge with or into, or consolidate with, and Company shall not merge with or into or consolidate with, any other entity.
Appears in 1 contract
Samples: Pledge and Security Agreement (Warp Technology Holdings Inc)