Common use of PRESERVATION OF THE PLEDGE Clause in Contracts

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Obligations and shall remain in full force and effect during the Security Period. (b) The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold as security for the Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Obligations. (c) The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the Pledgor or any other person. (d) No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party or any other person under any Loan Document; or (ii) any failure to take, or to fully take, any security contemplated by any Loan Document or otherwise agreed to be taken in respect of the obligations of any Loan Party under the Loan Documents; or (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any Loan Party under the Loan Documents; or (iv) any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law.

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security interest and shall not be considered as satisfied or discharged or prejudiced or satisfied, discharged, prejudiced, waived or released by any intermediate payment, satisfaction or settlement of any part of the Obligations and shall remain in full force and effect during the Security Period. (b) The Pledge shall be cumulative, in addition to and independent of every other security interest which the Pledgee or any other Secured Party may at any time hold as security for the Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or prejudice, affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee or any other Secured Party may now or at any time in the future have in respect of the Obligations. (c) The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the Pledgor or any other person. (d) No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any of the Loan Party Parties or any other person under any Loan Document; or (ii) any failure to take, or to fully take, any security contemplated by any Loan Document or otherwise agreed to be taken in respect of the obligations of any of the Loan Party Parties under the Loan Documents; or (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any of the Loan Party Parties under the Loan Documents; or (iv) any other act, event or omission which but for this provision might operate to discharge, impair or otherwise affect any of the obligations of the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law.

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the applicable CFC Secured Obligations and shall remain in full force and effect during the Security Period. (b) until its release in accordance with clause 10 below. The Pledge shall be cumulative, in addition to and independent of of, every other security which the Pledgee Collateral Agent or any Secured Party may at any time hold as security for the applicable CFC Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee Collateral Agent or any Secured Party may now or at any time in the future have in respect of the applicable CFC Secured Obligations. (c) . The Pledge shall not be prejudiced by any time or indulgence granted to any personPerson, or any abstention or delay by the Pledgee Collateral Agent in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee Collateral Agent may now or at any time in the future have from or against the Pledgor or any other person. (d) Person. No failure on the part of the Pledgee Collateral Agent to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) . Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee Collateral Agent by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party the Pledgor, the Company or any other person Person under any the Loan Document; orDocuments; (ii) any failure to take, or to fully take, any security contemplated by any the Loan Document Documents or otherwise agreed to be taken in respect of the obligations of Pledgor, the Company or any Loan Party other Person under the Loan Documents; or; (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of Pledgor’s, the Company’s or any Loan Party other Person’s obligation under the Loan Documents; orCredit Agreement; (iv) any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the Company and the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee Collateral Agent by this Pledge Agreement, the Pledge or by law; or (v) the Collateral Agent’s failure to proceed against or claim payment from, or to divide any action between and against, any other Persons or enforce any guarantee or security before enforcing this Pledge. Until the Termination Date, the Pledgor shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: (i) be subrogated to any rights, security, security interests or moneys held, received or receivable by the Collateral Agent or be entitled to any right of contribution or indemnity, or (ii) claim, rank, prove or vote as a creditor of the Company or other Person liable or its estate in competition with the Collateral Agent. The Pledgor waives its right to the benefit of both “division” and “discussion” (if any) as set forth in the Luxembourg civil code.

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the applicable Secured Obligations and shall remain in full force and effect during the Security Period. (b) until its release in accordance with clause 10 below. The Pledge shall be cumulative, in addition to and independent of of, every other security which the Pledgee Collateral Agent or any Secured Party may at any time hold as security for the applicable Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee Collateral Agent or any Secured Party may now or at any time in the future have in respect of the applicable Secured Obligations. (c) . The Pledge shall not be prejudiced by any time or indulgence granted to any personPerson, or any abstention or delay by the Pledgee Collateral Agent in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee Collateral Agent may now or at any time in the future have from or against the Pledgor or any other person. (d) Person. No failure on the part of the Pledgee Collateral Agent to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) . Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee Collateral Agent by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party the Pledgor, the Company or any other person Person under any the Loan Document; orDocuments; (ii) any failure to take, or to fully take, any security contemplated by any the Loan Document Documents or otherwise agreed to be taken in respect of the obligations of Pledgor, the Company or any Loan Party other Person under the Loan Documents; or; (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of Pledgor’s, the Company’s or any Loan Party other Person’s obligation under the Loan Documents; orCredit Agreement; (iv) any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the Company and the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee Collateral Agent by this Pledge Agreement, the Pledge or by law; or (v) the Collateral Agent’s failure to proceed against or claim payment from, or to divide any action between and against, any other Persons or enforce any guarantee or security before enforcing this Pledge. Until the Termination Date, the Pledgor shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: (i) be subrogated to any rights, security, security interests or moneys held, received or receivable by the Collateral Agent or be entitled to any right of contribution or indemnity, or (ii) claim, rank, prove or vote as a creditor of the Company or other Person liable or its estate in competition with the Collateral Agent. The Pledgor waives its right to the benefit of both “division” and “discussion” (if any) as set forth in the Luxembourg civil code.

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations and shall remain in full force and effect during until its release in accordance with clause 9(b) (Application of Proceeds and Release of the Security PeriodPledge). (b) The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Secured Obligations. (c) The Pledge shall not be prejudiced by any time or indulgence granted to any personPerson, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the Pledgor or any other personPerson. (d) No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party the Pledgor or any other person Person under this Pledge Agreement or any other Loan Document; or (ii) any failure to take, or to fully take, any security contemplated by any Loan Document or otherwise agreed to be taken in respect of the obligations of Pledgor or any other Person under any Loan Party under the Loan DocumentsDocument; or (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of Pledgor’s or any other Person’s obligation under any Loan Party under the Loan DocumentsDocument; or (iv) any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the Company and the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law; or (v) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing; or (vi) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, this Pledge Agreement or any other Loan Document or any other agreement or instrument; or (vii) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party in respect of the Secured Obligations or this Agreement (other than the payment in full in cash of all the Secured Obligations). (e) The Pledgee shall not be required to proceed against or claim payment from, or to divide any action between and against, any other Persons or enforce any guarantee or security before enforcing this Pledge. (f) For the avoidance of doubt, the Pledgor hereby waives any right it may have of first requiring the Pledgee to proceed against or claim payment from any other Person or enforce any guarantee or security before enforcing this Pledge. (g) Until this Pledge has been terminated and the rights, powers and remedies conferred on the Pledgee by this Pledge Agreement shall be discharged in accordance with clause 9, the Pledgor shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: (i) be subrogated to any rights, security, security interests or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity, or (ii) claim, rank, prove or vote as a creditor of the Company or other Person liable or its estate in competition with the Pledgee.

PRESERVATION OF THE PLEDGE. (a) 6.1 The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations and shall remain in full force and effect during the Security Period. (b) 6.2 The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee Collateral Receiver may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee Collateral Receiver may now or at any time in the future have in respect of the Secured Obligations. (c) 6.3 The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee Collateral Receiver in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee Collateral Receiver may now or at any time in the future have from or against the Pledgor Collateral Giver or any other person. (d) 6.4 No failure on the part of the Pledgee Collateral Receiver to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) 6.5 Neither the obligations of the Pledgor Collateral Giver contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee Collateral Receiver by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (ia) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party or any other person the Collateral Giver under any Loan Documentthis Pledge Agreement; or (ii) any failure to take, or to fully take, any security contemplated by any Loan Document or otherwise agreed to be taken in respect of the obligations of any Loan Party under the Loan Documents; or (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any Loan Party under the Loan Documents; or (ivb) any other act, event or omission which might operate to discharge, impair or otherwise affect or 6.6 The Collateral Giver hereby waives any rights (if any) arising for it under article 2037 of the obligations Luxembourg civil code or any right it may have (if any) of first requiring the Pledgor contained Collateral Receiver to proceed against or claim payment from, or to divide any action between and against, any other persons or enforce any guarantee or security before enforcing this Pledge. 6.7 Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in this Pledge Agreementfull, the Collateral Giver shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder be subrogated to any rights, powers and remedies conferred upon security, security interests or moneys held, received or receivable by the Pledgee by this Pledge Agreement, the Pledge Collateral Receiver or by lawbe entitled to any right of contribution or indemnity.

PRESERVATION OF THE PLEDGE. (a) The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Obligations Secured Liabilities and shall remain in full force and effect during until it has been expressly released by the Security PeriodPledgee in accordance with Clause 10. below. (b) The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee Finance Parties may at any time hold as security for the Obligations Secured Liabilities or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee Finance Parties may now or at any time in the future have in respect of the ObligationsSecured Liabilities. (c) The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee Finance Parties may now or at any time in the future have from or against the Pledgor or any other person. (d) No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that or any other rights. (e) Neither the obligations of the Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of any Loan Party the Obligors or any other person under this Pledge Agreement or any Loan other Finance Document; or (ii) any failure to take, or to fully take, any security contemplated by any Loan Document of the Finance Documents or otherwise agreed to be taken in respect of the Obligors’ obligations under any of any Loan Party under the Loan Finance Documents; or (iii) any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the Obligors’ obligations under any of any Loan Party under the Loan Finance Documents; or (iv) any other act, event or omission which but for this provision might operate to discharge, impair or otherwise affect any of the obligations of the Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law. (f) The Pledgor hereby waives any rights (if any) arising for it under article 2037 of the Luxembourg civil code or any right it may have of first requiring the Pledgee to proceed against or claim payment from, or to divide any action between and against, any other persons or enforce any guarantee or security before enforcing this Pledge. (g) The Pledgor hereby irrevocably waives any right of recourse, right, action and claim (including, for the avoidance of doubt, by way of set-off or by way of provisional measures such as “saisie-arrêt”) that it may have, whether by way of subrogation or directly or of any other nature, against the Company and/or any direct and indirect subsidiaries of the Company, further to an enforcement of the Pledge by any means whatsoever (including, in particular, the right of recourse the Pledgor may have against any such entity under the terms of article 2028 et seq. of the Luxembourg Civil Code). For the avoidance of doubt, this waiver is also effective in respect of any rights of the Pledgor which come into existence after an Event of Default but prior to an enforcement in particular as a result of dividends or other distributions being paid to the Pledgee under this Pledge Agreement. For the avoidance of doubt this waiver is final and will subsist upon enforcement. The waiver under this Clause 4(g) shall be for the exclusive benefit of the Pledgee which shall be entitled to waive the benefit thereof by notice sent in writing by the Pledgee to the Pledgor and the Company, which will have as an effect that the aforementioned rights of recourse remain in existence as if never waived, without prejudice to the terms of the Credit Agreement. (h) Until the end of the Security Period, the Pledgor shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: (i) be subrogated to any rights, security, security interests or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity, or

PRESERVATION OF THE PLEDGE. (a) 9.1 The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations and shall remain in full force and effect during the Security Perioduntil its discharge. (b) 9.2 The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Secured Obligations. (c) 9.3 The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the any Pledgor or any other person. (d) 9.4 No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that such rights or any other rights. (e) 9.5 Neither the obligations of the any Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) 9.5.1 any amendment to, or any variation, waiver or release of, any obligation of any Loan Party Pledgor or any other person under any Loan First Lien Document; or (ii) 9.5.2 any failure to take, or to fully take, any security contemplated by any Loan First Lien Document or otherwise agreed to be taken in respect of the obligations of any Loan Party Pledgor under the Loan Documentsany First Lien Document; or (iii) 9.5.3 any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any Loan Party Pledgor under the Loan Documentsany First Lien Document; or (iv) 9.5.4 any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the any Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law. 9.6 Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Pledgors shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: 9.6.1 be subrogated to any rights, security, security interests or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity, or 9.6.2 claim, rank, prove or vote as a creditor of any Company or its estate in competition with the Pledgee. 9.7 The Pledgors hereby irrevocably waive any right of recourse, right, action and claim (including, for the avoidance of doubt, by way of set-off) that they may have, whether by way of subrogation or directly or of any other nature, against the relevant Companies and/or any direct and indirect subsidiaries of those Companies, further to an enforcement of the Pledge by any means whatsoever (including, in particular, the right of recourse the Pledgors may have against any such entity under the terms of Article 2028 et seq. of the Luxembourg Civil Code). This waiver is effective in respect of any rights of the Pledgors which come into existence prior to an enforcement in particular as a result of dividends or other distributions being paid to the Pledgee. For the avoidance of doubt this waiver is final and will subsist after all Secured Obligations have been unconditionally and irrevocably paid and discharged in full.

PRESERVATION OF THE PLEDGE. (a) 1. The Pledge shall be a continuing first ranking security and shall not be considered as satisfied or discharged or prejudiced or waived or released by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations and shall remain in full force and effect during the Security Perioduntil its discharge. (b) 2. The Pledge shall be cumulative, in addition to and independent of every other security which the Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy which the Pledgee may now or at any time in the future have in respect of the Secured Obligations. (c) 3. The Pledge shall not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Pledgee in perfecting or enforcing the Pledge or any security interest or rights or remedies that the Pledgee may now or at any time in the future have from or against the any Pledgor or any other person. (d) 4. No failure on the part of the Pledgee to exercise, or delay on its part in exercising, any of its rights under this Pledge Agreement shall operate as a waiver or release thereof, nor shall any single or partial exercise of any such right preclude any further or other exercise of that such rights or any other rights. (e) 5. Neither the obligations of the any Pledgor contained in this Pledge Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement or by law nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) 1. any amendment to, or any variation, waiver or release of, any obligation of any Loan Party Pledgor or any other person under any Loan First Lien Document; or (ii) 2. any failure to take, or to fully take, any security contemplated by any Loan First Lien Document or otherwise agreed to be taken in respect of the obligations of any Loan Party Pledgor under the Loan Documentsany First Lien Document; or (iii) 3. any failure to realise or to fully realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the obligations of any Loan Party Pledgor under the Loan Documentsany First Lien Document; or (iv) 4. any other act, event or omission which might operate to discharge, impair or otherwise affect any of the obligations of the any Pledgor contained in this Pledge Agreement, the rights, powers and remedies conferred upon the Pledgee by this Pledge Agreement, the Pledge or by law. 6. Until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full, the Pledgors shall not by virtue of any payment made, security realised or security interest enforced or moneys received hereunder: 1. be subrogated to any rights, security, security interests or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity, or 2. claim, rank, prove or vote as a creditor of any Company or its estate in competition with the Pledgee.