Common use of ADDITIONAL STOCK OR PARTNERSHIP PLEDGE Clause in Contracts

ADDITIONAL STOCK OR PARTNERSHIP PLEDGE. The Lender shall have received executed counterparts of the Pledge Agreement, dated not later than the date of such Loan, duly executed by the Borrower or the applicable Guarantor pledging its interest in the capital stock or partnership interest, as the case may be, of any Subsidiary which is adding Hydrocarbon Interests to the Borrowing Base, unless such Pledge Agreement has already been delivered to the Lender, accompanied by the original share certificate evidencing such capital stock and executed stock powers (in blank) and the evidence of satisfactory arrangement for the completion of all filings and recordings of the Pledge Agreement as may be necessary or, in the reasonable opinion of the Lender, desirable, effectively to create a valid, perfected first priority lien against and security interest in the collateral covered thereby.