Common use of Pledge and Grant of Security Interest/Hypothec Clause in Contracts

Pledge and Grant of Security Interest/Hypothec. As collateral security for the prompt payment and performance of your Obligations, you hereby pledge, hypothecate (in case of a hypothec without delivery, for an amount equal to the initial Credit Limit) and grant to Neo a security interest in and over the security funds provided by you to us as collateral for payment of the Obligations (such pledge, hypothec without delivery, security interest and hypothec with delivery below, the “Collateral Security”). This Collateral Security applies regardless of when security funds are provided to Neo, and this Collateral Security may be an express condition for your Card Account. You agree to take any actions we request to evidence, perfect, render opposable to third parties or protect the first ranking security/lien position of our Collateral Security in the security funds. If you are a resident of the province of Quebec, you consent to all present and future monetary claims (within the meaning of Article 2713.1 of the Civil Code of Québec) that you may have against us relating to such security funds securing the performance of the Obligations by way of a hypothec with delivery on such monetary claims as contemplated by Articles 2713.1 and 2713.3 of the Civil Code of Québec.

Pledge and Grant of Security Interest/Hypothec. As collateral security for the prompt payment and performance of your the Obligations, you hereby pledge, hypothecate (in case of a hypothec without delivery, for an amount equal to the initial Credit Limit) and grant to Neo a security interest in and over the security funds provided by you to us as collateral for payment of the Obligations (such pledge, hypothec without delivery, security interest and hypothec with delivery below, the “Collateral Security”). This Collateral Security applies regardless of when security funds are provided to Neo, and this Collateral Security may be an express condition for your the Card Account. You agree to take any actions we request to evidence, perfect, render opposable to third parties or protect the first ranking security/lien position of our Collateral Security in the security funds. If you are a resident of the province of Quebec, you consent to all present and future monetary claims (within the meaning of Article 2713.1 of the Civil Code of Québec) that you may have against us relating to such security funds securing the performance of the Obligations by way of a hypothec with delivery on such monetary claims as contemplated by Articles 2713.1 and 2713.3 of the Civil Code of Québec.