Common use of No Authorization Required Clause in Contracts

No Authorization Required. No authorization, approval, or other action by Parent is required either (a) for the pledge by the Pledgor of the Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by the Pledgor or (b) for the exercise by the Pledgee of the rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement.