Common use of Second Priority Pledge Clause in Contracts

Second Priority Pledge. The Pledgors hereby pledge to the Collateral Agent and grant to the Collateral Agent for the ratable benefit of the Second Priority Secured Parties a second priority security interest in the Pledged Collateral to secure the Second Priority Secured Obligations (as defined in Section 2). The foregoing pledges and grants of security interests confirm the pledges and grants of second priority security interests in the Pledged Collateral to secure the Second Priority Secured Obligations made in the Original Pledge Agreement and continue in all respects the pledges and grants therein without in any way causing any interruption in continuity from such original pledges and grants.

Second Priority Pledge. The Pledgors hereby pledge to the Collateral Agent and grant to the Collateral Agent for the ratable benefit of the Second Priority Secured Parties a second priority security interest in the Pledged Collateral to secure the Second Priority Secured Obligations (as defined in Section 2). The foregoing pledges and grants of security interests confirm the pledges and grants of second priority security interests in the Pledged Collateral to secure the Second Priority Secured Obligations made in the Original Pledge Agreement and the Amended and Restated Pledge Agreement and continue in all respects the pledges and grants therein without in any way causing any interruption in continuity from such original pledges and grants.