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 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 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) 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 Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee.

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 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 Collateral Giver 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) 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 Collateral Giver Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Collateral Giver, or any other Party, Pledgor 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 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 GC Pooling Re-use 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 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 GC Pooling Re-use CmaX Basic Clearing Member Pledged Securities Account(s) is 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 Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the 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 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 GC Pooling Re-use CmaX Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee. Except as provided and permitted otherwise in this Schedule 2, 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 GC Pooling Re-use 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 Collateral Giver 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 GC Pooling Re-use CmaX Basic Clearing Member Pledged Securities Account(s) is 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 Collateral Giver Pledgor through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Collateral Giver, or any other Party, Pledgor 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 GC Pooling Re-use 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) (aiv) of the Law on financial collateral arrangements, the Relevant Pledged Assets shall, as and when they are credited to the GC Pooling Re-use Pledged Securities Account(s), be designated in CBL’s books, collectively by reference to the relevant GC Pooling Re-use Basic Clearing Member Pledged Securities Account shall be designated in CBL’s books Account, as collectively pledged in favour of the Pledgee (Pledgee. CBL will be informed of the “Perfection Requirement”). For this purpose, on or around granting of the Pledge in relation to a new GC Pooling Re-use Pledged Securities Account via the execution of the Agreement, the Collateral Giver shall inform CBL by or through the execution of matching Appendices A to the Collateral Management Service Agreement for Collateral GiverAgreements by each of the Parties. Following the execution of such Appendices A by each of the Parties with CBL, CBL will automatically designate the new GC Pooling Re-use Pledged Securities Account as pledged in favour of the Pledgee, and notably manage the Relevant Pledged Assets credited thereto in accordance with the Collateral Management Service Agreements. To the extent that any Previous Pledge has been granted by the completion of Appendix A thereunder (the “Appendix A”), Pledgor in favour of the existence of Pledgee in relation to the Pledge and that any Relevant Pledged Assets standing to the credit of the GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s): (a) is to be pledged in favour of Eurex Clearing AG (altogether, the “Pledge Information”). For the avoidance of any doubt, the provision execution of the Pledge Information Agreement to CBL by the Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the Collateral Giver, or any other Party, to CBL which this Schedule is attached 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour constitute evidence of the Pledgee’s consent to the granting of the Pledge, in addition to the Previous Pledge; and (b) no additional notification requirement shall be carried out by the Parties vis-à-vis CBL in respect of the Pledge.

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 GC Pooling ReNon-use Basic Clearing Member CmaX 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 Collateral Giver 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 GC Pooling ReNon-use Basic Clearing Member CmaX Pledged Securities Account(s) shall be managed by CBL as long as CBL is to be pledged 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 Collateral Giver through Appendix A will automatically entail compliance by CBL with the Perfection Requirement; no further notice or instruction by the 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the Pledgee in relation to Relevant Pledged Assets standing to credit of the Non-CmaX Pledged Account(s): (i) the execution of the Agreement to which this Schedule is attached shall constitute evidence of the Pledgee’s consent to the granting of the Pledge, in addition to the Previous Pledge; (ii) the Pledgee and the Pledgor will not be required to proceed with the Joint Notification to CBL in respect of the Pledge, provided that the Pledgee and the Pledgor previously notified CBL of the Previous Pledge along the lines of a similar notice to the Joint Notification (i.e, a notice referring to the perfection of the Previous Pledge on the basis of Article 5 (2) a) (iv) of the Law on financial collateral arrangements); and (iii) (in case previous notification to CBL in respect of a Previous Pledge did not take the form of a Joint Notification), when notifying the Pledge to CBL along the lines of the Joint Notification, the Pledgor will not be required to collect the waiver contained in the Appendix to the Attachment 1 of this Schedule, if a similar waiver was previously collected from CBL and communicated to the Pledgee.

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 GC Pooling Re-use Basic Clearing Member 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 Collateral Giver 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 GC Pooling Re-use Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) is 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 Collateral Giver 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 Collateral Giver, or any other Party, Pledgor 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 GC Pooling Re-use Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee.

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 GC Pooling Re-use Basic Clearing Member CmaX 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 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 GC Pooling Re-use Basic Clearing Member CmaX ISA Direct Luxembourg Pledged Securities Account(s) is 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 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 4.5 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 GC Pooling Re-use Basic Clearing Member CmaX ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee.

PERFECTION OF THE PLEDGE. For the perfection of the Pledge, for purposes of Article 5 (2) (a) of The Chargor hereby undertakes to the Law on financial collateral arrangements, Secured Party that the Relevant Pledged Assets Securities described in Annex 1 hereto shall be transferred to the relevant GC Pooling Re-use Basic Clearing Member Pledged Securities Account on the date of this Agreement. (b) The Parties shall be designated in CBL’s books treat the Pledged Accounts for all purposes as collectively pledged in favour special segregated accounts specifically opened for the purpose of holding the Pledgee (Pledged Assets and shall not use the “Perfection Requirement”)Pledged Accounts for any other purposes. For this purpose, on or around The Chargor shall at all times prior to the execution of the Agreement, the 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 enforcement of the Pledge pursuant to paragraph 11 below be and that any Relevant remain the owner of the Pledged Assets standing Securities. (c) The Parties hereby agree and acknowledge that: (i) the Pledged Securities shall be subject to the credit fungibility regime organised by the Royal Decree n° 62 and/or, as the case may be, the law of 2 January 1991 on the market for public debt securities and monetary policy instruments, the law of 22 July 1991 on treasury bonds and certificates of deposit and articles 468 to 475ter of the GC Pooling Re-use Basic Clearing Member Belgian Company Code; (ii) notwithstanding the fact that the Pledged Cash Account will be identified as a pledged account in the Euroclear System, the security interest granted by the Chargor to the Secured Party over the Pledged Cash takes the form of a transfer of title for security purposes for the benefit of the Secured Party under the Financial Collateral Law; (iii) the continuity of the Pledge shall not be affected by the transfer of additional securities to the Pledged Securities Account(sAccount, a substitution of all or part of the Pledged Securities and/or a transfer of a Return Amount (IM) is from the Pledged Securities Account effected in accordance with the Master Pledge Agreement (IM) or this Agreement; (iv) any additional securities transferred to the Pledged Securities Account pursuant to the Master Pledge Agreement (IM) or this Agreement shall be deemed to be pledged under the same conditions as the Pledged Securities and, from such transfer, all references to ‘Pledged Securities’ in favour of Eurex Clearing AG this Agreement shall be deemed to include such additional securities; and (altogether, the “Pledge Information”). For the avoidance of v) any doubt, the provision of the Pledge Information to CBL by the Collateral Giver through Appendix A will automatically entail compliance by CBL securities or cash that is transferred as Return Amount (IM) from a Pledged Account in accordance with the Perfection Requirement; no further notice or instruction by the Collateral Giver, or any other Party, to CBL Master Pledge Agreement (IM) shall be required, without prejudice however to automatically and immediately released from 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the PledgeePledge.

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 GC Pooling Re-use Basic Clearing Member CmaX 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 Collateral Giver 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 GC Pooling Re-use Basic Clearing Member CmaX ISA Direct Luxembourg Pledged Securities Account(s) is to be are 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 Collateral Giver 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 Collateral Giver, or any other Party, Pledgor 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 matching Appendixes A CBL will automatically xxxx mark any Relevant Pledged Assets deposited from time to time to the credit of the GC Pooling Re-use Basic Clearing Member CmaX ISA Direct Luxembourg Pledged Securities Account(s) as collectively pledged in favour of the Pledgee.

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 GC Pooling Re-use Basic Clearing Member 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 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 GC Pooling Re-use Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) 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 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 GC Pooling Re-use Basic Clearing Member ISA Direct Luxembourg Pledged Securities Account(s) as pledged in favour of the Pledgee.

PERFECTION OF THE PLEDGE. For (a) In order to perfect the Pledge over the Initial Shares, CVH shall, in accordance with Section 215 of the Argentine Company’s Law, notify CV of the constitution of the Pledge, and deliver to the Collateral Agent, simultaneously with the execution of this Agreement: (i) a duly notarized copy of the notice to CV of the creation of the pledge on the Initial Shares together with CV’s receipt, substantially in the form of Exhibit B hereto; and (ii) a copy of the relevant page of CV’s stock ledger, duly notarized, evidencing the registration of the Pledge created on the Initial Shares in the name of the Collateral Agent and for the benefit and in favor of the Secured Parties. (b) In order to perfect the Pledge over those Additional and/or Subsequent Shares and Rights that have not been authorized for their public offering (oferta pública) under the Argentine Securities Law by the Argentine Securities Exchange Commission, CVH shall, simultaneously delivery of such Additional and/or Subsequent Shares and Rights to CVH, comply with those obligations set forth in Section 2.2(a) above in connection with the issuer of those Additional and/or Subsequent Shares and Rights. (c) In order to perfect the Pledge over those Additional and/or Subsequent Shares and Rights that have been authorized for their public offering (oferta pública) under the Argentine Securities Law by the Argentine Securities Exchange Commission (including the Merger TEO Shares), CVH shall, simultaneously with the delivery of such Additional and/or Subsequent Shares and Rights to CVH, and in accordance with Section 215 of the Argentine Company’s Law and Article 129 of the Argentine Securities Law (x) instruct the issuer of any Additional and/or Subsequent Shares and Rights to deposit such Additional and/or Subsequent Shares and Rights into the account of CVH with Caja de Valores, (y) deliver to Caja de Valores the requisite form instructing Caja de Valores to annotate the Pledge in the stock ledger of the issuer of such Additional and/or Subsequent Shares and Rights, and (z) deliver to the relevant issuer of those Additional and/or Subsequent Shares and Rights, a pledge notice substantially in the form of Exhibit B, informing the creation and perfection of the Pledge, for purposes of Article 5 . (2d) (a) of the Law on financial collateral arrangements, the Relevant Pledged Assets in the relevant GC Pooling Re-use Basic Clearing Member Pledged Securities Account CVH 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, deliver to the Collateral Giver shall inform CBL by or through the execution of the Collateral Management Service Agreement for Collateral GiverAgent, 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 GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) 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 promptly upon request by the Collateral Giver through Appendix A will automatically entail compliance by CBL Agent notarized copies of all the notices, notifications, stock ledger pages and forms duly submitted corresponding to the fulfillment of the obligations set forth in this Section 2.2. (e) CVH hereby agrees and acknowledges that any failure to duly comply with the Perfection Requirement; no further notice or instruction by obligations of this Section 2.2 shall constitute an Event of Default under the Credit Agreement, in which case the Collateral Giver, Agent 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 Person who the Collateral Giver, in accordance Clause 4.5 below. Accordingly, Agent may appoint pursuant to the collateral management services provided by CBL Power of Attorney shall be entitled to comply with CVH’s obligations under the Collateral Management Services Agreements and CBL’s systems, following completion this Section 2.2 on behalf of Appendix A CBL will automatically xxxx any Relevant Pledged Assets deposited from time to time to the credit of the GC Pooling Re-use Basic Clearing Member Pledged Securities Account(s) as pledged in favour of the PledgeeCVH.