Common use of Pledge in favour of eSett Clause in Contracts

Pledge in favour of eSett. 2.1 The Account Holder hereby irrevocably and unconditionally, on the terms and conditions set out herein, grants a security interest in and pledges to eSett, all rights and interests in and to the Pledged Cash Account including both present and future credit balances and any interest accrued but not yet capitalised. 2.2 The pledge shall serve as collateral securing any claim eSett has or may have against the Account Holder in connection with performance of obligations of the Account Holder under the Imbalance Settlement Agreement, including but not limited to, charges and fees (both internal and external) related to Imbalance Settlement, interest and delay interest, and all costs and expenses in connection with the protection, preservation and enforcement of eSett’s rights against the Account Holder under the Imbalance Settlement Agreement and this Agreement (the “Secured Obligations”). 2.3 The pledge is established pursuant to the law of the state where the entity (Settlement Bank or its branch) with which the cash is deposited is located, i.e. where the Pledged Cash Account is located. The perfection acts required to provide validity, enforceability and third party protection for the security interests granted herein shall be established in accordance with such applicable law.