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”). 2.2 Any right of the Pledgor on the amount credited on any of the Pledged Accounts shall immediately become part of the Accounts Pledge. 2.3 In case of enforcement of the Pledge Agreement, the Pledgor agrees that the Beneficiary will enforce the Pledge as security for the Secured Obligations, pursuant to the terms of this Pledge Agreement and shall have no recourse over the assets of the Pledgor other than the Credit Balance, in accordance with the provisions of article 2334 of the French Civil Code (Code civil). 2.4 This Pledge Agreement shall be notified upon signature by the Beneficiary to the Accounts Holder(s) solely for perfection purposes as provided in Article 2362 of the French Civil code (Code civil), but without triggering any obligation for the Accounts Holder to pay off in the hands of the Beneficiary until the issuance of a Blocking Notice, by way of exception to the provisions of Article 2363 of the French Civil code (Code civil). 2.5 The security interest constituted by virtue of the Pledge Agreement will not be considered extinguished and will not be affected by the punctual instalments made for payment and/or partial reimbursement of the Secured Obligations. 2.6 The Pledgor irrevocably and definitively waives, by the execution of this Pledge Agreement, its right to require from the Beneficiary to perform or exercise any other right or security interest towards any other person, before exercising its rights under the Pledge Agreement and any right to require the Beneficiary to exercise its rights in a specific order.

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”"). 2.2 Any right of the Pledgor on the amount credited on any of the Pledged Accounts shall immediately become part of the Accounts Pledge. 2.3 In case of enforcement of the Pledge Agreement, the Pledgor agrees that the Beneficiary will enforce the Pledge as security for the Secured Obligations, pursuant to the terms of this Pledge Agreement and shall have no recourse over the assets of the Pledgor other than the Credit Balance, in accordance with the provisions of article Article 2334 of the French Civil Code (Code civil). 2.4 This Pledge Agreement shall be notified (substantially in the form attached in Schedule 2) upon signature by the Beneficiary to the Accounts Holder(s) Account Holders solely for perfection purposes as provided in Article 2362 of the French Civil code (Code civil), but ) and without triggering any obligation for the Accounts Holder Account Holders to pay off in the hands of the Beneficiary until the issuance of a Blocking Notice, by way of exception to the provisions of Article 2363 of the French Civil code (Code civil). 2.5 The security interest constituted by virtue of the Pledge Agreement will not be considered extinguished and will not be affected by the punctual instalments made for payment and/or partial reimbursement of the Secured Obligations. 2.6 The Pledgor irrevocably and definitively waives, by the execution of this Pledge Agreement, its right to require from the Beneficiary to perform or exercise any other right or security interest towards any other person, before exercising its rights under the Pledge Agreement and any right to require the Beneficiary to exercise its rights in a specific order.