Common use of Grant of Pledges Clause in Contracts

Grant of Pledges. (i) In order to secure the Secured Obligations, the Corporation grants to the Collateral Agent for the equal and ratable benefit of the Secured Parties, effective on [THE DATE HEREOF (IF SUCH DATE OCCURS DURING A COLLATERAL PERIOD) AND OTHERWISE ON THE FIRST DAY OF ANY COLLATERAL PERIOD FOLLOWING EXECUTION HEREOF] a continuing security interest in all the following property of the Corporation, whether now owned or existing or hereafter acquired or arising and regardless of where located (the "NEW COLLATERAL"): [DESCRIBE PROPERTY BEING ADDED TO THE COLLATERAL] The security interests granted by the Corporation pursuant hereto shall terminate in accordance with Section 18 of the Pledge Agreement. (ii) The foregoing Pledge is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of the Corporation with respect to any of the New Collateral or any transaction in connection therewith.