Assignment of rights under Resolution Loan. The Recapitalisation Fund undertakes that, until such time as all principal under the Agreement has been fully reimbursed and all interest and additional amounts (if any) due under the Agreement have been fully paid, it shall upon request by ESM assign or grant valid first ranking security to ESM over any and all rights and interest it may have in relation to any Resolution Loan and which ESM may request (or, if this is not possible under the laws of the Beneficiary Member State, provide rights of equivalent effect, provided that this shall not reduce the obligations of the Beneficiary Member State under Clause 3.4(e) above). Such assignment:
