Common use of Description of Pledged Collateral Clause in Contracts

Description of Pledged Collateral. The Pledged Shares constitute all of the issued and outstanding shares of stock of each issuer thereof organized under the laws of a state of the United States (each a "U.S. ISSUER") and 65% of the issued and outstanding shares of stock of each other issuer thereof (each a "NON-U.S. ISSUER"), and there are no outstanding warrants, options or other rights to purchase, or other agreements outstanding with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares.

Description of Pledged Collateral. The Pledged Shares constitute all of the issued and outstanding shares of stock of each issuer thereof organized under the laws of a state of the United States (each a "U.S. ISSUER") and 65% of the issued and outstanding shares of stock of each other issuer thereof (each a "NON-U.S. ISSUER"), ) and there are no outstanding warrants, options or other rights to purchase, or other agreements outstanding with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares.