Common use of Creation of the Pledge Clause in Contracts

Creation of the Pledge. (a) In order to secure the due and prompt satisfaction of any of the Obligations (including any obligations under the Hedging Agreements (as defined in the Credit Agreement)), each Pledgor, respectively, hereby grants in favor of the Pledgee for its own benefit and for the benefit of the Secured Parties, a first priority duly perfected pledge of, and security interest in, all of its rights and title in and to the Pledged Partnership Interests, the entry made in the partners’ registry book of the Company representing the Pledged Partnership Interests, and in and to all dividends, distributions (whether in cash, in kind, in other partnership interest or in any other form), cash, instruments, shares and other property from time to time received, receivable, payable or otherwise distributed in respect of or in exchange for any or all of each Pledgor’s interest in such Pledged Partnership Interests and all proceeds of the foregoing (collectively, the “Collateral”).