Common use of PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE Clause in Contracts

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon the occurrence of an Event of Default which is continuing, the Pledgee is authorised to serve notice of the Right of Pledge to the Debtors or to instruct the Pledgor to serve such notices, substantially in the form as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in accordance with Section 3:246 (1) of the Dutch Civil Code, entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the Pledgor vis-à-vis a Debtor. 4.5 If a Debtor makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor or the Pledgor. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon the occurrence of an Event of Default which is continuing, the Pledgee is authorised to serve notice of the Right of Pledge to the Debtors or to instruct the relevant Pledgor to serve such notices, substantially in the form as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the relevant Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in accordance with Section 3:246 (1) of the Dutch Civil Code, entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the a Pledgor vis-à-vis a Debtor. 4.5 If a Debtor makes any payment to the a Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor Pledgors shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor or the a Pledgor. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon the occurrence of an Event of Default which Each Pledgor who is continuing, the Pledgee also a Debtor is authorised to serve notice notified of the Right of Pledge to and acknowledges the Debtors or to instruct Right of Pledge. 4.3 Each Pledgor shall promptly upon the Pledgor to serve such notices, execution of this Deed (and promptly after a Receivable has arisen against a future Debtor) notify the relevant Debtor of the Right of Pledge by serving a notice substantially in the form attached as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in In accordance with Section 3:246 (1) of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the a Pledgor vis-à-vis a Debtor. Without prejudice to its entitlement to collect and receive payment and to exercise its rights, the Pledgee authorises the relevant Pledgor to collect and receive payment from a Debtor. 4.5 If a Debtor makes any payment The authorisation granted by the Pledgee to the relevant Pledgor in respect of the Receivables, after it has been notified pursuant to Clause 4.4 will be terminated by the Pledgee, the Pledgor shall immediately transfer Pledgee by giving notice thereof to the Pledgee a sum equal to relevant Pledgor and the amount paid by relevant Debtor and such authorisation shall in any event be automatically terminated upon the Debtor concerned, without prejudice to any remedy occurrence of an Event of Default which the Pledgee may otherwise have vis-à-vis such Debtor or the Pledgoris continuing. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed The Pledgee is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor the C.V. or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed the Pledgee deems necessary or desirable to protect its interests. 4.2 Upon the occurrence of an Event of Default which is continuingDefault, the Pledgee is authorised authorized to serve notice of the Right of Pledge to the Debtors C.V. or to instruct the Pledgor to serve such notices, substantially in the form as set out in Schedule 2 1 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the DebtorsC.V., the Pledgee is, in accordance with Section 3:246 (1) of the Dutch Civil Code, entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the Pledgor vis-àá-vis a Debtorthe C.V. insofar as such rights relate to the Receivables. 4.5 4.4 If a Debtor the C.V. makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor C.V. concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-àá-vis such Debtor the C.V. or the Pledgor. 4.6 4.5 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor the C.V. or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed The Pledgee is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor the C.V. or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed the Pledgee deems necessary or desirable to protect its interests. 4.2 Upon the occurrence of an Event of Default which is continuingDefault, the Pledgee is authorised authorized to serve notice of the Right of Pledge to the Debtors C.V. or to instruct the Pledgor to serve such notices, substantially in the form as set out in Schedule 2 1 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the DebtorsC.V., the Pledgee is, in accordance with Section 3:246 (1) of the Dutch Civil Code, entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the Pledgor vis-à-vis a Debtorthe C.V. insofar as such rights relate to the Receivables. 4.5 4.4 If a Debtor the C.V. makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor C.V. concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor the C.V. or the Pledgor. 4.6 4.5 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor the C.V. or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor or any other person, if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon The Pledgor shall promptly upon the occurrence execution of an Event of Default which is continuing, this Deed (and promptly after a Receivable has arisen against a future Debtor) notify the Pledgee is authorised to serve notice relevant Debtor of the Right of Pledge to the Debtors or to instruct the Pledgor to serve such notices, by serving a notice substantially in the form attached as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in In accordance with Section 3:246 (1) of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Receivables which are subject to the Right of Pledge and to exercise all rights of the Pledgor vis-à-vis a Debtor. Without prejudice to its entitlement to collect and receive payment and to exercise its rights, the Pledgee authorises the Pledgor to collect and receive payment from a Debtor. 4.4 The authorisation granted by the Pledgee to the Pledgor pursuant to Clause 4.3 will be terminated by the Pledgee by giving notice thereof to the Pledgor and the relevant Debtor and such authorisation shall in any event be automatically terminated upon the occurrence of an Event of Default which is continuing. 4.5 If a Debtor makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor or the Pledgor. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables with any Debtor or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor an Account Bank or any other person, if otherwise acting in conflict with applicable law or rules and regulations or of court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon Each Pledgor shall promptly upon the occurrence execution of this Deed (and promptly after a Pledgor has opened an Event of Default which is continuing, Account) notify the Pledgee is authorised to serve notice relevant Account Bank of the Right of Pledge to the Debtors or to instruct the Pledgor to serve such notices, by serving a notice substantially in the form attached as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in In accordance with Section 3:246 (1) of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Receivables Account Rights which are subject to the Right of Pledge and to exercise all rights of the a Pledgor vis-àá-vis a Debtoran Account Bank. Without prejudice to its entitlement to collect and receive payment and to exercise its rights, the Pledgee authorises the relevant Pledgor to withdraw and transfer monies from an Account. 4.4 The authorisation granted by the Pledgee to the relevant Pledgor pursuant to Clause 4.3 will be terminated by the Pledgee by giving notice thereof to the relevant Pledgor and the relevant Account Bank and such authorisation shall in any event be automatically terminated upon the occurrence of an Event of Default which is continuing. 4.5 If a Debtor makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor or the Pledgor. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables Account Rights with any Debtor Account Bank or any other person.

PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE. 4.1 Each party to this Deed is entitled: (a) to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and (b) to serve any notice to a Debtor an Account Bank or any other person, if otherwise acting in conflict with applicable law or rules and regulations or of court orders or as a party to this Deed deems necessary or desirable to protect its interests. 4.2 Upon The Pledgor shall promptly upon the occurrence execution of this Deed (and promptly after the Pledgor has opened an Event of Default which is continuing, Account) notify the Pledgee is authorised to serve notice relevant Account Bank of the Right of Pledge to the Debtors or to instruct the Pledgor to serve such notices, by serving a notice substantially in the form attached as set out in Schedule 2 (Form of Notice of Pledge). 4.3 Once every 6 months (or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the Pledgor) and at the Pledgee’s first request, each the Pledgor shall promptly submit an up-to-date overview listing the Receivables and the full names and addresses of the Debtors in the form designated by the Pledgee, which may include a print-out and/or an electronic data carrier containing the relevant data in such a format that the Pledgee can use the same to process and address electronically specified notifications of pledge (mededeling van pandrecht) to each such Debtor. 4.4 Upon notification of the Right of Pledge to the Debtors, the Pledgee is, in In accordance with Section 3:246 (1) of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Receivables Account Rights which are subject to the Right of Pledge and to exercise all rights of the Pledgor vis-à-vis a Debtoran Account Bank. Without prejudice to its entitlement to collect and receive payment and to exercise its rights, the Pledgee authorises the Pledgor to withdraw and transfer monies from an Account. 4.4 The authorisation granted by the Pledgee to the Pledgor pursuant to Clause 4.3 will be terminated by the Pledgee by giving notice thereof to the Pledgor and the relevant Account Bank and such authorisation shall in any event be automatically terminated upon the occurrence of an Event of Default which is continuing. 4.5 If a Debtor makes any payment to the Pledgor in respect of the Receivables, after it has been notified by the Pledgee, the Pledgor shall immediately transfer to the Pledgee a sum equal to the amount paid by the Debtor concerned, without prejudice to any remedy which the Pledgee may otherwise have vis-à-vis such Debtor or the Pledgor. 4.6 Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to or enter into any settlement agreement regarding the Receivables Account Rights with any Debtor Account Bank or any other person.