Common use of PERFECTION OF THE PLEDGE Clause in Contracts

PERFECTION OF THE PLEDGE. 3.1. The Pledgor shall (i) within ten (10) Business Days of the date of this Agreement, notify this Pledge to the Bank, such notice to be substantially in the form set out in Schedule 1, and (ii) use reasonable endeavours to obtain, within twenty (20) Business Days, a duly executed acknowledgement substantially in the form set out in Schedule 2 hereto duly executed by the Bank, provided that, if the Pledgor has not been able to obtain such acknowledgment, any obligation to obtain such acknowledgement shall cease on the expiry of the aforementioned twenty (20) Business Days.