Pledged Foreign Subsidiary definition

Pledged Foreign Subsidiary means a Foreign Subsidiary of the Borrower or any Subsidiary Guarantor for which the Administrative Agent has received a Foreign Pledge Agreement from the Borrower or such Subsidiary Guarantor, as applicable, with respect to 65% of the total outstanding voting Equity Interests (and 100% of the non-voting Equity Interests) of such Foreign Subsidiary and such Foreign Pledge Agreement is in full force and effect and the Borrower or such Subsidiary Guarantor, as applicable, shall have satisfied all actions and requirements related to such Foreign Pledge Agreement (including delivery of stock certificates, where applicable).

Pledged Foreign Subsidiary means each First-Tier Foreign Subsidiary that is a wholly-owned subsidiary so long as the Equity Securities of such Foreign Subsidiary have been pledged by the Borrower and/or the applicable Guarantor(s) pursuant to a pledge agreement (or foreign equivalent thereof) governed by the laws of the jurisdiction of formation of such Foreign Subsidiary in form and substance reasonably acceptable to the Administrative Agent as contemplated by Section 5.01(i) and the other requirements of Section 5.01(i) have been satisfied in respect thereof.

Pledged Foreign Subsidiary means a Foreign Subsidiary no more than -------------------------- 65% of the Capital Stock of which is pledged to Collateral Agent.

Examples of Pledged Foreign Subsidiary in a sentence

• Except as disclosed on Schedule 5.15, no Loan Party or Pledged Foreign Subsidiary is party or subject to any Restrictive Agreement and no Non-Loan Party (excluding any Pledged Foreign Subsidiary) is party or subject to any Restrictive Agreement that restricts its ability to pay dividends or distributions to its parent company or that could otherwise reasonably be expected to have a Material Adverse Effect.

• No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by a Loan Party or Pledged Foreign Subsidiary.

• Each Loan Party and each Pledged Foreign Subsidiary shall ensure that the Equipment is mechanically and structurally sound, and capable of performing the functions for which it was designed, in accordance with manufacturer specifications, in each case in all material respects, reasonable wear and tear excepted.

• Copies of the Organization -------------------- Documents of each Pledged Foreign Subsidiary.

• With regard to each Pledged Foreign Subsidiary, the U.S. Borrower shall have provided the Administrative Agent with evidence reasonably satisfactory to the Administrative Agent of the Administrative Agent’s perfected security interest having a first priority position (or the equivalent thereof pursuant to the Applicable Laws and practices of any relevant foreign jurisdiction) in 65% of the Capital Stock to be pledged under the Security Documents of each Pledged Foreign Subsidiary.

More Definitions of Pledged Foreign Subsidiary

Pledged Foreign Subsidiary means any Foreign Subsidiary whose Equity Interests (all or a portion) of which are Pledged Collateral.

Pledged Foreign Subsidiary means each Foreign Subsidiary the stock of which has been pledged pursuant to a Pledge Agreement.

Pledged Foreign Subsidiary means a Foreign Subsidiary of the Borrower or any Guarantor where the Administrative Agent has received a Foreign Pledge Agreement from the Borrower or such Guarantor, as applicable, with respect to 100% of the non-voting Equity Securities (within the meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the IRC) of such Foreign Subsidiary and 65% of the voting Equity Securities (within the meaning of Treasury Regulation Section 1.956-2(c)(2) promulgated under the IRC) of such Foreign Subsidiary and such Foreign Pledge Agreement is in full force and effect and the Borrower or such Guarantor, as applicable, shall have satisfied all actions and requirements related to such Foreign Pledge Agreement (including delivery of stock certificates, where applicable).

Pledged Foreign Subsidiary means each Foreign Subsidiary (other than the Bermuda Subsidiary) with respect to which sixty-five percent (65%) of the ownership interests thereof have been pledged to Agent pursuant to Section 8.4(a)(ii)(C).

Pledged Foreign Subsidiary has the meaning specified in Section 2(a).

Pledged Foreign Subsidiary means a Foreign Subsidiary of the Company (which Foreign Subsidiary is not owned directly or indirectly by another Foreign Subsidiary of the Company).

Pledged Foreign Subsidiary means any Foreign Subsidiary that is a Material Subsidiary with proven and probable reserves (in each case as determined in accordance with the standards established from time to time by the SEC.)