Ownership of Equity Interests in Pledged Companies. Each Grantor (including any successor thereto pursuant to a merger or consolidation permitted under Section 6.05 of the Credit Agreement) agrees and covenants that (i) it will at all times remain a registered organization, as defined in Section 9-102(70) of the UCC, and (ii) with respect to each Pledged Company in which such Grantor has pledged Equity Interests hereunder, such Grantor will at all times own directly 100% of the outstanding Equity Interests issued by such Pledged Company (including voting, economic and other rights associated therewith), except to the extent permitted under Section 6.04(a)(iv) of the Credit Agreement and except for the rights of the Collateral Agent hereunder.
Appears in 6 contracts
Samples: Credit Agreement (Tennessee Gas Pipeline Co), Security Agreement (El Paso Natural Gas Co), Credit Agreement (El Paso Natural Gas Co)
