Common use of PERFECTION OF THE PLEDGE Clause in Contracts

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor Collateral Giver, or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance Clause 3.3 below. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 12, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee to it granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) are is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) are is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor Collateral Giver, or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance Clause 4.5 below. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) a) (aiv) of the Law on financial collateral arrangements, the Relevant Pledged Assets in shall, as and when they are credited to the relevant Non-CmaX Basic Clearing Member Pledged Securities Account shall Account(s), be designated in CBL’s books books, collectively by reference to the relevant Non-CmaX Pledged Account, as collectively pledged in favour of the Pledgee (the “Perfection Requirement”)Pledgee. For this purpose, on or around the execution date of the AgreementAgreement to which this Schedule is attached, the Pledgor and the Pledgee shall inform execute and send to CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder joint notification set out in Attachment 1 to this Schedule (the “Appendix AJoint Notification”), and the Pledgor undertakes to promptly obtain the acceptance by CBL of the existence waiver set out in the Appendix to the Attachment 1 of this Schedule. The Joint Notification includes, amongst other things, instructions from the Pledge Pledgee and that any the Pledgor to CBL on the manner Relevant Pledged Assets standing to the credit of the Non-CmaX Basic Clearing Member Pledged Securities Account(s) are to shall be pledged managed by CBL as long as CBL is not otherwise instructed by the Pledgee (acting in favour of Eurex Clearing AG (altogether, compliance with its rights and obligations vis-à-vis the “Pledge Information”Pledgor). For To the avoidance of extent that any doubt, the provision of the Previous Pledge Information to CBL has been granted by the Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise Pledgee in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions relation to Relevant Pledged Assets standing to credit of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.Non-CmaX Pledged Account(s):

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) (iv) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account shall shall, as and when they are credited to the relevant GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account, be designated in CBL’s books books, collectively by reference to the GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account, as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral GiverGivers, and notably by the completion of Appendix A thereunder (the “Appendix A”) and request of “Collateral Agreement” related services from CBL (through selection of “TCMS PL” services in Appendix A), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account(s) are is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Collateral Giver, the Pledgor (if different) or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance with Clause 4.5 below. For all purposes required, if the Collateral Giver is not the Pledgor, when completing Appendix A in the manner above described and providing the Pledge Information to CBL, the Third Party Pledge Holder shall be deemed to have received power from the Pledgor, as pledgor, hereunder to complete the Pledge Information vis-à-vis CBL- Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) are is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor Collateral Giver, or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance Clause 4.5 below. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) are is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) (iv) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account shall shall, as and when they are credited to the CmaX ISA Direct Luxembourg Pledged Securities Account, be designated in CBL’s books books, collectively by reference to the relevant CmaX ISA Direct Luxembourg Pledged Securities Account, as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver and the Pledgee shall inform CBL by or through the execution of the relevant Collateral Management Service Agreement for Collateral GiverAgreements, and notably by the completion of Appendix matching Appendixes A thereunder (the each an “Appendix A”) requesting “Collateral Agreement” related services from CBL (through selection of “TCMS PL” services in Appendix A), of the existence of the Pledge and that any Relevant Pledged Assets standing from time to time to the credit of the CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, based on Appendix C of the Collateral Management Service Agreements and CBL’s internal processes, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver and the Pledgee through Appendix matching Appendixes A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Collateral Giver, the Pledgor (if different) or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance with Clause 3.3 below. For all purposes required, if the Collateral Giver is not the Pledgor, when completing its Appendix A in the manner above described and providing the Pledge Information to CBL, the Third Party Pledge Holder shall be deemed to have received power from the Pledgor, as pledgor, hereunder to complete the Pledge Information vis-à-vis CBL. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A matching Appendixes A, CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor Collateral Giver, or any other Party, to CBL shall be required, without prejudice however to the notice that shall be served by the Third Party Pledge Holder to CBL when the Pledgor is the Collateral Giver, in accordance Clause 3.3 below. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 12, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee to it granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account shall shall, as and when they are credited to the relevant GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account, be designated in CBL’s books books, collectively by reference to the relevant GC Pooling Re- use ISA Direct Luxembourg Pledged Securities Account, as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor and the Pledgee shall inform CBL by or through the execution of the relevant Collateral Management Service Agreement for Collateral GiverAgreements, and notably by the completion of Appendix matching Appendixes A thereunder (the “Appendix A”) requesting “Collateral Agreement” related services from CBL (through selection of “TCMS PL” services in Appendix A), of the existence of the Pledge and that any Relevant Pledged Assets standing from time to time to the credit of the CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account(s) are to be is pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, based on Appendix C of the Collateral Management Service Agreements and CBL’s internal processes, the provision of the Pledge Information to CBL by the Pledgor and the Pledgee through Appendix matching Appendixes A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member GC Pooling Re-use ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) (iv) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account shall shall, as and when they are credited to the relevant CmaX ISA Direct Luxembourg Pledged Securities Account, be designated in CBL’s books books, collectively by reference to the relevant CmaX ISA Direct Luxembourg Pledged Securities Account, as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor and the Pledgee shall inform CBL by or through the execution of the relevant Collateral Management Service Agreement for Collateral GiverAgreements, and notably by the completion of Appendix matching Appendixes A thereunder (the each an “Appendix A”) requesting “Collateral Agreement” related services from CBL (through selection of “TCMS PL” services in Appendix A), of the existence of the Pledge and that any Relevant Pledged Assets standing from time to time to the credit of the CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, based on Appendix C of the Collateral Management Service Agreements and CBL’s internal processes, the provision of the Pledge Information to CBL by the Pledgor and the Pledgee through Appendix matching Appendixes A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix matching Appendixes A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant CmaX Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books as collectively pledged in favour of the Pledgee (the “Perfection Requirement”). For this purpose, on or around the execution of the Agreement, the Pledgor shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral Giver, and notably by the completion of Appendix A thereunder (the “Appendix A”), of the existence of the Pledge and that any Relevant Pledged Assets standing to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) are to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision of the Pledge Information to CBL by the Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Pledgor to CBL shall be required. Accordingly, pursuant to the collateral management services provided by CBL under the Collateral Management Services Agreements and CBL’s systems, following completion of Appendix A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 1, the Parties hereby agree that CBL shall act solely in accordance with the instructions of the Pledgee granted in accordance with the provisions of the Collateral Management Service Agreements.