Common use of Pledge Documents Clause in Contracts

Pledge Documents. Each Subsidiary which owns any capital stock or other equity interest in any other Subsidiary has duly executed and delivered the Pledge Agreement. The Pledge Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and, when the Collateral is delivered to the Collateral Agent (and the appropriate filings or other action specified in Schedule 5.20 are made), the Pledge Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the pledgors thereunder in such Collateral, in each case prior and superior in right to any other person.