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 Credit Parties, a continuing security interest in, the Pledged Collateral, as defined in Section 2.02 below. This Pledge Agreement shall secure (i) all Obligations now or hereafter existing, including any extensions, modification, substitutions, amendments, and renewals thereof, whether for principal, interest (including post-petition interest), fees, expenses, indemnifications or otherwise, and (ii) all other indebtedness, obligations and liabilities of any of the Pledgors owing to any of the Credit Parties, now or hereafter existing, in each case, with respect to any letter of credit issued by the Issuing Lender or another Lender in connection with Hydrocarbon Hedge Agreements or Interest Hedge Agreements which are not prohibited by the terms of Section 6.14 of the Credit Agreement. 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, for the benefit of the Credit Parties, a continuing security interest in, the Pledged Collateral, as defined in Section 2.02 below. This Pledge Agreement shall secure (i) all Obligations now or hereafter existing, including any extensions, modification, substitutions, amendments, and renewals thereof, whether for principal, interest (including post-petition interest), fees, expenses, indemnifications or otherwise, and (ii) all other indebtedness, obligations and liabilities of any of the Pledgors owing to any of the Credit Parties, now or hereafter existing, in each case, with respect to any letter of credit issued by the Issuing Lender or another Lender in connection with Hydrocarbon Hedge Agreements or Interest Hedge Agreements which are not prohibited by the terms of Section 6.14 of the Credit Agreement. All such obligations shall be referred to in this Pledge Agreement as the “"Secured Obligations”".