PLEDGED EQUITY AND PLEDGED DEBT Sample Clauses
PLEDGED EQUITY AND PLEDGED DEBT. (a) The Pledged Equity of any Subsidiary of such Grantor in which such Grantor grants a security interest hereunder, including, without limitation, the Pledged Equity listed on Schedule 2.7(a), has been duly authorized and validly issued and is fully paid and non-assessable. If any Grantor is an issuer of Pledged Equity, such Grantor confirms that it has received notice of such security interest. To the best knowledge of such Grantor, except as set forth on Schedule 2.7(a), the Pledged Debt pledged by such Grantor hereunder which has an outstanding principal amount on the date hereof in excess of $[50,000] has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of the issuers thereof, is evidenced by one or more Promissory Notes and is not in default.
(b) The Initial Pledged Equity constitutes all of the Equity Interests of any Person owned by such Grantor as of the Effective Date (other than Equity Interests not required to be pledged hereunder on the Effective Date pursuant to the terms hereof). The Initial Pledged Debt constitutes all of the outstanding indebtedness for borrowed money owed to each Grantor by the issuers thereof (other than indebtedness for borrowed money owed to a Grantor and not required to be pledged hereunder on the Effective Date pursuant to the terms hereof) and, as of the Effective Date, is outstanding in the principal amount indicated on Schedule 2.7(b) hereto.
(c) With respect to the Initial Pledged Equity in which such Grantor has any right, title or interest and which is represented by a certificate or Instrument, such Grantor has delivered such Instruments or certificates to the Collateral Agent in suitable form for transfer by delivery or accompanied by duly executed Instruments of transfer or assignment in blank.
(d) With respect to the Initial Pledged Equity in which such Grantor has any right, title or interest and which constitutes an uncertificated security (other than an uncertificated security which (x) is not an Equity Interest in a Subsidiary of such Grantor and (y) has a fair market value, together with all uncertificated securities of such issuer held by such Grantor, of less than $[50,000]), such Grantor has caused the issuer thereof either (A) to register the Collateral Agent as the registered owner of such security or (B) agree in an authenticated record with such Grantor and the Collateral Agent that such issuer will comply with instructions with respect to s...
PLEDGED EQUITY AND PLEDGED DEBT. All of the Pledged Shares pledged by such Pledgor have been duly authorized and validly issued and are fully paid and nonassessable. All of the Pledged Debt pledged by such Pledgor has been duly authorized, authenticated or issued and delivered, and is the legal, valid and binding obligation of the issuers thereof (except as may be limited by bankruptcy, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally or by general principles of equity relating to enforceability), and is not in default. The Pledged Shares constitute all of the issued and outstanding shares of capital stock of each issuer thereof (except that the Pledged Shares of Atlantic Gulf Asia Holdings N.V. ("AG ASIA") constitute 66% of its outstanding shares of capital stock) and there are no outstanding options, warrants, rights to subscribe, stock purchase rights 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. The Pledged Debt constitutes all of the issued and outstanding intercompany indebtedness owing to Pledgor by Company or any direct or indirect Subsidiary or direct Unrestricted Subsidiary of Company.
PLEDGED EQUITY AND PLEDGED DEBT. All of the Pledged Shares pledged by such Pledgor have been duly authorized and validly issued and are fully paid and nonassessable. All of the Pledged Debt pledged by such Pledgor has been duly authorized, authenticated or issued and delivered, and is the legal, valid and binding obligation of the issuers thereof (except as may be limited by bankruptcy, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally or by general principles of equity relating to enforceability), and is not in default. The Pledged Shares constitute all of the issued and outstanding shares of capital stock of each issuer thereof, and there are no outstanding options, warrants, rights to subscribe, stock purchase rights 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. The Pledged Debt constitutes all of the issued and outstanding intercompany indebtedness owing to Pledgor by Company or any direct or indirect Subsidiary or direct Unrestricted Subsidiary of Company.
PLEDGED EQUITY AND PLEDGED DEBT. All of the Pledged Shares pledged by such Pledgor have been duly authorized and validly issued and are fully paid and nonassessable. All of the Pledged Debt pledged by such Pledgor has been duly authorized, authenticated or issued and delivered, and is the legal, valid and binding obligation of the issuers thereof (except as may be limited by bankruptcy, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally or by general principles of equity relating to enforceability), and is not in default. The Pledged Shares constitute all of the issued and outstanding shares of each issuer thereof and there are no outstanding options, warrants, rights to subscribe, stock purchase rights or other agreements outstanding with