Common use of Income and Proceeds Clause in Contracts

Income and Proceeds. In accordance with Article L.431-4 of the French Monetary and Financial Code (Code monétaire et financier) (as modified by the ordonnance no. 2005-171 dated 24 February 2005), any dividends paid in cash (dividendes en numéraire) interest and other distributions thereon (fruits et produits) relating to the Shareholder Interest registered in the Financial Instruments Account shall be recorded on the Bank Account. For the avoidance of doubt, the parties hereto acknowledge that subject to Clause 8.1, the Pledgor shall be free to apply and use at its discretion any such amounts, and such amounts shall only be credited to the Bank Account when, and if, required under Clause 8.1. The Bank Account shall be deemed to be an integral part of the Financial Instruments Account as from the date of execution of the Statement of Pledge. The Pledgor may request from the Bank Account Holder a certificate of pledge comprising the inventory of all sums standing to the credit of the Bank Account as at the date of delivery of such certificate.