Common use of FIRST RANKING PLEDGE Clause in Contracts

FIRST RANKING PLEDGE. 2.1 As security for the due performance, payment and discharge in full of the Secured Obligations, the Pledgor hereby irrevocably grants to the benefit of the Beneficiary, which has accepted it, a first ranking pledge (nantissement de premier rang) over the Credit Balance in accordance with Article 2360 of the French Civil Code (Code civil)) and Article L. 521-I and sequitur of the French Commercial Code (Code de commerce) (hereinafter the “Accounts Pledge”).

FIRST RANKING PLEDGE. 2.1 As security for the due performance, payment and discharge in full of the Secured Obligations, the Pledgor hereby irrevocably grants to the benefit in favour of the Beneficiary, which has accepted who accepts it, a first ranking pledge (nantissement de premier rang) over the Credit Balance in accordance with Article 2360 of the French Civil Code (Code civil)) and Article Articles L. 521-I and sequitur 1 et seq. of the French Commercial Code (Code de commerce) (hereinafter the “Accounts "Pledge”").