Common use of Creation of Pledge Clause in Contracts

Creation of Pledge. In order to secure the due, full and timely payment of all Secured Receivables, the Pledgor hereby unconditionally and irrevocably creates a first ranking pledge over the Movable Assets pursuant to the provisions of Section 151a et seq. of the Civil Code in favour of the Pledgee, which pledge applies also to their parts, benefits and appurtenances (the „Pledge”). The Pledgor explicitly agrees that the Pledge shall continue to secure the Secured Receivables also in the case of any future amendments or changes (including privative novation) made to the Facilities Agreement, the Agreement or other Finance Documents.

Creation of Pledge. In order to secure the due, full and timely payment of all Secured Receivables, the Pledgor hereby unconditionally and irrevocably creates a first ranking pledge over the Movable Assets Shares pursuant to the provisions of Section 151a et seq. of the Civil Code and Section 45 et seq. of the Securities Act in favour of the Pledgee, which pledge applies also to their parts, benefits and appurtenances (the „Pledge”). The Pledgor explicitly agrees that the Pledge shall continue to secure the Secured Receivables also in the case of any future amendments or changes (including privative novation) made to the Facilities Agreement, the Agreement or other Finance Documents.