Common use of Grant of Pledge Clause in Contracts

Grant of Pledge. (a) Each Pledgor hereby pledges to the Secured Party, and grants to the Secured Party, for the benefit of the Beneficiaries, a continuing security interest in, the Pledged Collateral, as defined in Section 2.02 below. This Pledge Agreement shall secure all Obligations now or hereafter existing, including any extensions, modifications, substitutions, amendments, and renewals thereof, whether for principal, interest, fees, expenses, indemnifications or otherwise. All such obligations shall be referred to in this Pledge Agreement as the “Secured Obligations”.

Grant of Pledge. (a) Each Pledgor hereby pledges to the Secured Party, and grants to the Secured Party, in each case, for the ratable benefit of the Beneficiaries, a continuing lien on and security interest in, in the Pledged Collateral, as defined in Section 2.02 2(b) below. This Pledge Agreement shall secure the prompt performance and payment of all Obligations now or hereafter existing, including any extensions, modifications, substitutions, amendments, amendments and renewals thereof, whether for principal, interest, fees, expenses, indemnifications indemnification, or otherwise. All such obligations shall be referred to in this Pledge Agreement as otherwise (the “"Secured Obligations”").