Common use of Pledged Shares and Instruments Clause in Contracts

Pledged Shares and Instruments. (a) The Pledged Shares have been duly authorized and validly issued and are fully paid and nonassessable under the laws of the jurisdiction of incorporation or organization of the issuers thereof. To the best knowledge of Debtor, the Instruments have been duly authorized and validly issued by the obligor(s) thereunder and constitute legally enforceable indebtedness of the obligor(s) thereunder. (b) Debtor is the legal and beneficial owner of the Pledged Shares and the Instruments, free and clear of any Lien (other than Permitted Encumbrances which are, in accordance with the Restated Lease Agreement, permitted to attach to the Pledged Shares), and Debtor has not sold, granted any option with respect to, assigned, transferred or otherwise disposed of any of its rights or interest in or to the Pledged Shares or the Instruments. (c) On the date hereof, the Pledged Shares constitute the percentage of the issued and outstanding Capital Stock of the issuers thereof indicated on Schedule 3, as such Schedule 3 may from time to time be supplemented, amended or modified.

Pledged Shares and Instruments. (a) The Pledged Shares that are shares of a corporation have been duly authorized and validly issued and are fully paid and nonassessable nonassessable, and the Pledged Shares that are membership or partnership interests have been validly granted, under the laws of the jurisdiction of incorporation or organization of the issuers thereof. To the best knowledge of Debtor, the Instruments have been duly authorized and validly issued by the obligor(s) thereunder and constitute legally legal and enforceable indebtedness of the obligor(s) thereundermakers or issuers thereof. (b) Debtor is the legal and beneficial owner of the Pledged Shares and the Instruments, free and clear of any Lien (other than Permitted Encumbrances which are, in accordance with the Restated Lease Lien created by this Agreement, permitted to attach to the Pledged Shares), and Debtor has not sold, granted any option with respect to, assigned, transferred or otherwise disposed of any of its rights or interest in or to the Pledged Shares or the Instruments. (c) On the date hereof, the Pledged Shares constitute the percentage of the issued and outstanding Capital Stock of the issuers thereof indicated on Schedule 34, as such Schedule 3 4 may from time to time be supplemented, amended or modified.