Common use of Ownership of Pledged Collateral Clause in Contracts

Ownership of Pledged Collateral. Such Pledgor is the legal, record and beneficial owner of the Pledged Collateral owned by such Pledgor free and clear of any Lien except for the security interest created by this Agreement and by the second priority security interest, of even date herewith, given by FLAG Atlantic Holdings with respect to its Pledged Shares in favor of a party acceptable to the Secured Party who shall be identified to the Secured Party on the Closing Date (the "SECOND PRIORITY LIEN HOLDER").