Common use of Benefits of Pledge Agreement Clause in Contracts

Benefits of Pledge Agreement. Nothing in this Pledge Agreement, express or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Pledge Agreement. The rights of the Pledgor in the Collateral and the rights and obligations of the Pledgor hereunder may be assigned (an "ASSIGNMENT") to any direct or indirect Wholly Owned Subsidiary of the Pledgor (an "ASSIGNEE"), provided that such Assignee furnishes the Trustee with an Opinion of Counsel to the effect that such Assignment is valid, binding and enforceable against such Assignee and that after such Assignment the Trustee shall have a perfected security interest in the Collateral, securing the payment of the Secured Obligations, and addressing such other related matters as the Trustee may reasonably request. The Trustee shall cooperate in good faith with the Pledgor to effect any proposed Assignment. Upon the effectiveness of any such Assignment, the Assignee shall become the Pledgor hereunder for all purposes of this Agreement, and the prior Pledgor shall be released from its obligations hereunder (other than its obligations under Sections 13 and 15).

Benefits of Pledge Agreement. {TC} Nothing in this Pledge Agreement, express or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Pledge Agreement. The rights of the Pledgor Company in the Cash Collateral and the rights and obligations of the Pledgor Company hereunder may be assigned (an "ASSIGNMENT") to any direct or indirect Wholly Owned Subsidiary of the Pledgor Company (an "ASSIGNEE"), ; provided that such Assignee furnishes the Trustee with an Opinion of Counsel to the effect that such Assignment is valid, binding and enforceable against such Assignee and that after such Assignment the Trustee shall have a perfected security interest in the Cash Collateral, securing the payment of the Secured Obligations, and addressing such other related matters as the Trustee may reasonably request. The Trustee shall cooperate in good faith with the Pledgor Company to effect any proposed Assignment. Upon the effectiveness of any such Assignment, the Assignee shall become the Pledgor Company hereunder for all purposes of this Pledge Agreement, and the prior Pledgor Company shall be released from its obligations hereunder (other than its obligations under Sections 13 and 15).

Benefits of Pledge Agreement. Nothing in this Pledge Agreement, express or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the Holders of the Senior Notes, any benefit or any legal or equitable right, remedy or claim under this Pledge Agreement. The rights of the Pledgor Company in the Collateral and the rights and obligations of the Pledgor Company hereunder may be assigned (an "ASSIGNMENT") to any direct or indirect Wholly Owned Subsidiary of the Pledgor Company (an "ASSIGNEE"), ; provided that such Assignee furnishes the Trustee with an Opinion of Counsel to the effect that such Assignment is valid, binding and enforceable against such Assignee and that after such Assignment the Trustee shall have a perfected security interest in the Collateral, securing the payment of the Secured Obligations, and addressing such other related matters as the Trustee may reasonably request. The Trustee shall cooperate in good faith with the Pledgor Company to effect any proposed Assignment. Upon the effectiveness of any such Assignment, the Assignee shall become the Pledgor Company hereunder for all purposes of this Pledge Agreement, and the prior Pledgor Company shall be released from its obligations hereunder (other than its obligations under Sections 13 and 15).