Common use of Pledged Investments Clause in Contracts

Pledged Investments. If the Borrower shall become entitled to receive or shall receive any stock certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the capital stock of any issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Pledged Investments, or otherwise in respect thereof, the Borrower shall accept the same as the agent of the Secured Parties Representative and the Secured Parties and hold the same in trust therefor and deliver the same forthwith to the Custodian in the exact form received, together with an undated stock or bond power covering such certificate duly executed in blank by the Borrower or, if required, duly indorsed by the Borrower in blank, and with, if the Secured Parties Representative so requests, signature guaranteed, to be held by the Custodian as additional collateral security for the Secured Obligations (except as released pursuant to Sections 3.4 or 3.5). Any sums paid upon or in respect of the Pledged Investments upon the liquidation or dissolution of any issuer shall be paid over to the Custodian to be held by it as additional collateral security for the Secured Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Investments or any property shall be distributed upon or with respect to the Pledged Investments pursuant to the recapitalization or reclassification of the capital of any issuer or pursuant to the reorganization thereof, the property so distributed shall be delivered to the Custodian to be held by it as additional collateral security for the Secured Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Investments shall be received by the Borrower, the Borrower shall, until such money or property is paid or delivered to the Custodian, hold such money or property in trust for the Secured Parties Representative and the Secured Parties, segregated from other funds of the Borrower, as additional collateral security for the Secured Obligations.

Pledged Investments. If the Borrower or any Investment Holding Subsidiary shall become entitled to receive or shall receive any stock certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the capital stock of any issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Pledged Investments, or otherwise in respect thereof, the Borrower or applicable Investment Holding Subsidiary shall accept the same as the agent of the Secured Parties Representative and the Secured Parties and hold the same in trust therefor and deliver the same forthwith to the Custodian in the exact form received, together with an undated stock or bond power covering such certificate duly executed in blank by the Borrower or applicable Investment Holding Subsidiary or, if required, duly indorsed by the Borrower or applicable Investment Holding Subsidiary in blank, and with, if the Secured Parties Representative so requests, signature guaranteed, to be held by the Custodian as additional collateral security for the Secured Obligations (except as released pursuant to Sections Section 3.4 or 3.5). Any sums paid upon or in respect of the Pledged Investments upon the liquidation or dissolution of any issuer shall be paid over to the Custodian to be held by it as additional collateral security for the Secured Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Investments or any property shall be distributed upon or with respect to the Pledged Investments pursuant to the recapitalization or reclassification of the capital of any issuer or pursuant to the reorganization thereof, the property so distributed shall be delivered to the Custodian to be held by it as additional collateral security for the Secured Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Investments shall be received by the BorrowerBorrower or any Investment Holding Subsidiary, the Borrower or applicable Investment Holding Subsidiary shall, until such money or property is paid or delivered to the Custodian, hold such money or property in trust for the Secured Parties Representative and the Secured Parties, segregated from other funds of the BorrowerBorrower or applicable Investment Holding Subsidiary, as additional collateral security for the Secured Obligations.

Pledged Investments. If Subject to the Borrower shall become entitled provisions of Articles 2 and 3, funds held by the Escrow Agent in the Escrow Account may, at the written direction of the Company, be invested and reinvested solely in the following ("Pledged Investments"): (x) securities that are (i) direct obligations of the United States of America for the payment of which the full faith and credit of the United States of America is pledged, (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which in either case, are not callable or redeemable at the option of the issuer thereof, or (iii) any "AAA" - rated money market mutual fund that invests in (i) and (ii) and (y) depository receipts issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to receive any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder of such depository receipt, or shall receive with respect to any stock certificate specific payment of principal or interest on any U.S. Government Obligation which is so specified and held, provided that (including, without limitation, except as required by law) such custodian is not authorized to make any certificate representing a stock dividend or a distribution in connection with deduction from the amount payable to the holder of such depository receipt from any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights amount received by the custodian in respect of the capital stock U.S. Government Obligation or the specific payment of principal or interest of the U.S. Government Obligation evidenced by such depository receipt. If the Company fails to give written investment instructions to the Escrow Agent by 10:00 a.m. (New York time) on any Business Day (other than the Closing Date) on which there is uninvested cash and/or maturing Pledged Investments in the Escrow Account, the Purchaser is hereby authorized and directed to direct the Escrow Agent to, and the Escrow Agent shall, invest any such cash or the proceeds of any issuer, whether maturing Pledged Investments in addition to, the investments described in substitution of, as a conversion of, or in exchange for, any Pledged Investments, or otherwise in respect thereofclause (iii) above. On the Closing Date, the Borrower Company may direct the Purchaser, who shall accept direct the same as Escrow Agent, to invest the agent of the Secured Parties Representative and the Secured Parties and hold the same in trust therefor and deliver the same forthwith to the Custodian proceeds in the exact form received, together with an undated stock or bond power covering such certificate duly executed Escrow Account in blank by the Borrower or, if required, duly indorsed by the Borrower in blank, and with, if the Secured Parties Representative so requests, signature guaranteed, to be held by the Custodian as additional collateral security for the Secured Obligations (except as released pursuant to Sections 3.4 or 3.5). Any sums paid upon or in respect of the Pledged Investments upon the liquidation or dissolution of any issuer until 2:00 p.m., which instructions shall be paid over executed no later than 12:00 noon on the Business Day immediately following the Closing Date. The Company's failure to the Custodian to be held by it as additional collateral security for the Secured Obligations, and in case any distribution of capital give such investment instructions shall be made on not constitute a default or in respect of the Pledged Investments or any property shall be distributed upon or with respect to the Pledged Investments pursuant to the recapitalization or reclassification of the capital of any issuer or pursuant to the reorganization thereof, the property so distributed shall be delivered to the Custodian to be held by it as additional collateral security for the Secured Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Investments shall be received by the Borrower, the Borrower shall, until such money or property is paid or delivered to the Custodian, hold such money or property in trust for the Secured Parties Representative and the Secured Parties, segregated from other funds of the Borrower, as additional collateral security for the Secured Obligationsa Redemption Event hereunder.