Pledge of New Subsidiary Stock. The Borrower agrees to pledge (or cause its Subsidiaries to pledge) all of the Capital Stock of each new Domestic Subsidiary and, to the extent such pledge would not result in adverse tax consequences to the Borrower, 65% of the Capital Stock of each new first-tier Foreign Subsidiary established, acquired or created after the Closing Date to the Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Security Agreement and the other Security Documents promptly, and in any event, within 30 days of the establishment, acquisition or creation of such new Subsidiary; provided, that any filings or recordations with respect to Foreign Subsidiaries may be made after such 30-day period to the extent approved by the Administrative Agent.
Pledge of New Subsidiary Stock. (i) Pledge (or cause its Wholly-Owned Domestic Subsidiaries to pledge) all of the Capital Stock of each new Wholly-Owned Domestic Subsidiary of Company that is a Material Subsidiary and each Wholly-Owned Domestic Subsidiary of Company that becomes a Material Subsidiary (other than an Excluded Subsidiary) and 65% of the Capital Stock of each new each new first-tier Wholly-Owned Foreign Subsidiary or Wholly-Owned Subsidiary described in clause (i) or (ii) of the definition of “Domestic Subsidiary” (directly owned by Company or a Wholly-Owned Domestic Subsidiary of Company that is, in each case, a Material Subsidiary) that is, in each case, a Material Subsidiary (other than an Excluded Subsidiary) and each first-tier Wholly-Owned Foreign Subsidiary or Wholly-Owned Subsidiary described in clause (i) or (ii) of the definition of “Domestic Subsidiary” (directly owned by Company or a Wholly-Owned Domestic Subsidiary of Company that is a Material Subsidiary) that, in each case, becomes a Material Subsidiary (other than an Excluded Subsidiary or any Subsidiary whose pledge of Capital Stock is prohibited by applicable law, rule, regulation or contract (in effect at the time of the acquisition of such Subsidiary) or which would require governmental (including regulatory) consent, approval, license or authorization to pledge such Capital Stock (unless such consent, approval, license or authorization has been received)) established, acquired, created or otherwise in existence after the Effective Date to Collateral Agent for the benefit of the Secured Creditors pursuant to the terms of the Pledge Agreement promptly, and in any event, within sixty (60) days (or within such longer period of time that Collateral Agent may reasonably agree), in the case of any such Domestic Subsidiary, and one hundred and twenty (120) days (or within such longer period of time that Collateral Agent may reasonably agree), in the case of any such first-tier Foreign Subsidiary of the creation of such new Subsidiary or the date such Subsidiary becomes a Material Subsidiary, as applicable.
Pledge of New Subsidiary Stock. Company agrees to pledge (or to cause each Subsidiary Guarantor to pledge) (i) all of the Capital Stock of each new Material Domestic Subsidiary, (ii) 65% of the Capital Stock entitled to vote and 100% of the Capital Stock not entitled to vote of each new Foreign Subsidiary and (iii) all of the Capital Stock of each domestic Unrestricted Subsidiary (or 65% of the Capital Stock entitled to vote and 100% of the Capital Stock not entitled to vote in the case of Foreign Subsidiaries), (in each of (i) - (iii), directly owned by Company or a Subsidiary Guarantor) established, acquired, created or otherwise in existence after the Closing Date to Collateral Agent for the benefit of the Secured Creditors pursuant to the terms of the Security Agreement promptly, and in any event, within sixty (60) days of the establishment, acquisition or creation of such new Subsidiary. Company agrees to pledge or cause each Subsidiary Guarantor to pledge, to Collateral Agent for the benefit of the Secured Creditors pursuant to the Security Agreement all instruments evidencing indebtedness owed by any Unrestricted Subsidiary to Company or any Domestic Subsidiary promptly and in any event within sixty (60) days of the creation of such instruments.
Pledge of New Subsidiary Stock. Borrower agrees to pledge, or to cause its Subsidiaries to pledge, (i) all of the Capital Stock of each New Domestic Subsidiary and (ii) 65% of all Capital Stock of each new Foreign Subsidiary owned directly by Borrower or any Domestic Subsidiary established or created to Collateral Agent for the benefit of the Secured Creditors pursuant to the Pledge Agreement.
Pledge of New Subsidiary Stock. Pledge (or cause its Restricted Domestic Subsidiaries to pledge) all of the Capital Stock of each new Restricted Subsidiary established or created to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Agreement and the other Security Documents; provided that the pledge of the Capital Stock of any new Restricted Subsidiary which is a Foreign Subsidiary, including “loan stock” or other obligations which are treated as equity under the Code shall, (i) only be required to the extent owned by such Borrower or its Restricted Domestic Subsidiaries, (ii) be limited to 65% of the Capital Stock of any Foreign Subsidiary with a net book value and a fair market value in excess of $250,000 and (iii) any filings or recordations with respect to Foreign Subsidiaries will be made (or submitted for recordation) within 10 Business Days of the acquisition thereof or such longer period as the Administrative Agent may approve. No Foreign Subsidiary may be or become a shareholder of a Domestic Subsidiary.
Pledge of New Subsidiary Stock. Borrower shall, and shall cause each of its Domestic Subsidiaries to, pledge all of the capital stock of each new Domestic Subsidiary held by it and 65% of the capital stock of each first tier Foreign Subsidiary (provided that if 113 Borrower or a Domestic Subsidiary of Borrower owns less than 65% of a first tier Foreign Subsidiary then Borrower or such Domestic Subsidiary shall only be required to pledge such amounts as are from time to time owned by it up to 65% of such Foreign Subsidiary) established or created to Administrative Agent for the benefit of the Lenders pursuant to the Pledge Agreement.
Pledge of New Subsidiary Stock. Borrower agrees to pledge (or cause its Domestic Subsidiaries to pledge) all of the Capital Stock owned by Borrower or a Domestic Subsidiary of each new Subsidiary established, created or acquired after the Closing Date to Collateral Agent, for the benefit of the Secured Creditors, pursuant to a pledge agreement in form and substance satisfactory to Administrative Agent, other than a Foreign Subsidiary with consolidated total assets of $1,000,000 or less as long as the consolidated total assets of all Foreign Subsidiaries owned directly by Borrower or its Domestic Subsidiaries the Capital Stock of which is not pledged hereunder does not in the aggregate exceed $1,500,000; provided, that the pledge of the Capital Stock of any new Subsidiary which is a Foreign Subsidiary shall (i) only be required to the extent owned directly by Borrower or its Domestic Subsidiaries, (ii) be limited to 65% of the Capital Stock of such Foreign Subsidiary and (iii) any filings or recordations with respect to Foreign Subsidiaries will be made (or submitted for recordation) within 10 Business Days of the establishment, creation or acquisition thereof. No Foreign Subsidiary may be or become a shareholder of a Domestic Subsidiary.
Pledge of New Subsidiary Stock. Subject to Section 12.22, Company agrees to pledge (or to cause its Subsidiaries to pledge) all of the Capital Stock of each new Domestic Subsidiary that is a Material Subsidiary and each Domestic Subsidiary that becomes a Material Subsidiary (in each case, other than a Receivables Subsidiary, Timber SPV or Insurance Subsidiary), 100% of the Capital Stock of any new Foreign Subsidiary which is also a Borrower, and 65% of the Capital Stock of each other new first-tier Foreign Subsidiary (directly owned by Company or a Domestic Subsidiary) that is or becomes a Material Subsidiary (other than Insurance Subsidiary) established, acquired, created or otherwise in existence after the Initial Borrowing Date to the Collateral Agent for the benefit of the Secured Creditors pursuant to the terms of the United States Pledge Agreement promptly, and in any event, within sixty (60) days of the creation of such new Subsidiary or the date such Subsidiary becomes a Material Subsidiary, as applicable.
Pledge of New Subsidiary Stock. The Borrower agrees to pledge (or cause its Subsidiaries to pledge) (i) all of the Capital Stock of each new Material Domestic Subsidiary and any Subsidiary owning the Stock of a Material Domestic Subsidiary, and (ii) 65% of the Capital Stock of each new Material Foreign Subsidiary and 65% of the Capital Stock of any Subsidiary owning the Stock of Material Foreign Subsidiary established, acquired or created after the Amendment/Restatement Effective Date to the Collateral Agent for the benefit of the Secured Creditors pursuant to the Pledge Agreements promptly, and in any event, within 30 days of the creation or acquisition of such new Subsidiary.
Pledge of New Subsidiary Stock. Company agrees to pledge (or to cause its Subsidiaries to pledge) all of the Capital Stock ------------------------------- of each new Domestic Subsidiary and 65% of the Capital Stock entitled to vote of each new first-tier Foreign Subsidiary (directly owned by Company or a Domestic Subsidiary) established, acquired, created or otherwise in existence after the Initial Borrowing Date to Collateral Agent for the benefit of the Secured Creditors pursuant to the terms of the Security Agreement promptly, and in any event, within sixty (60) days of the creation of such new Subsidiary;
