Common use of Pledgor’s Authority Clause in Contracts

Pledgor’s Authority. No authorization, approval or action by, and no notice or filing with, any Governmental Authority or the issuer of any Pledged Stock, its directors or shareholders is required either (i) for the pledge made by the Pledgor or for the granting of the security interest by the Pledgor pursuant to this Pledge Agreement (except as have been already obtained) or (ii) for the exercise by the Collateral Agent or the holders of the Secured Obligations of their rights and remedies hereunder (except as may be required by Laws affecting the offering and sale of securities), except for such authorization, approvals or actions as have already been obtained or performed and are in full force and effect. Without limiting the generality of the foregoing, there are no restrictions in any of the Organization Documents of the issuer of the Pledged Shares which would limit or restrict the grant of security interest hereunder or the exercise of the rights and remedies conferred hereby except such restrictions as have already been complied with.

Pledgor’s Authority. No authorization, approval or action by, and no notice or filing with, any Governmental Authority or the issuer of any Pledged StockShares, its directors or shareholders is required either (i) for the pledge made by the Pledgor or for the granting of the security interest by the Pledgor pursuant to this Pledge Agreement (except as have been already obtained) or (ii) for the exercise by the Collateral Agent or the holders of the Secured Obligations of their rights and remedies hereunder (except as may be required by Laws affecting the offering and sale of securities), except for such authorization, approvals or actions as have already been obtained or performed and are in full force and effect. Without limiting the generality of the foregoing, there are no restrictions in any of the Organization Documents of the issuer of the Pledged Shares which would limit or restrict the grant of security interest hereunder or the exercise of the rights and remedies conferred hereby except such restrictions as have already been complied with.