Common use of Pledged Indebtedness Clause in Contracts

Pledged Indebtedness. The Pledged Indebtedness constitutes all of the outstanding indebtedness owed to the Pledgor by the Company or any of its Subsidiaries. The Pledged Indebtedness (i) has been duly authorized, authenticated or issued and delivered, (ii) is the legal, valid and binding obligation of the respective issuers thereof and (iii) is evidenced by one or more promissory notes (which notes have been delivered to the Collateral Agent). No party to any Pledged Indebtedness is in default thereunder.