Common use of Security Assignment Clause in Contracts

Security Assignment. (a) All the Collateral transferred in form of cash to the Business Account is assigned for collateral purpose by the Registered Participant to, and in favour of, the Allocation Platform as continuing security for the due and full payment and discharge of the Secured Liabilities. The Security Assignment constitutes an assignment for collateral purposes (transfert de propriété à titre de garantie), as provided for in Luxembourg law and/or the Collateral Law, over such Collateral. (b) The Security Assignment shall take effect as between the Parties and as against third parties from the date of this Agreement pursuant to article 14 (2) of the Collateral Law. (c) To the extent any future Collateral in form of cash arise and/or is credited to the Business Account, the transfer of ownership for the collateral purposes will also take effect between the Parties and as against third parties as of the date, on which such Collateral is credited to the Business Account, or to the extent legally possible, on the date of this Agreement. (d) Upon the occurrence and during the continuance of an Event of Default, the Allocation Platform shall forthwith (and without any prior notice) be fully released from its obligation to re-assign to the Registered Participant the Collateral on the Business Account then outstanding and/or be entitled to exercise all rights in respect of the Collateral on the Business Account and in particular:‌ (i) execute and do all such acts, deeds and things as the Allocation Platform may consider reasonably necessary or proper for, or in relation to, any of the purposes set out above; or (ii) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to any Collateral on the Business Account which the Allocation Platform may consider appropriate; or (iii) apply the sums of money received or recovered by the Allocation Platform in the exercise of its rights under this Agreement to the Secured Liabilities; or (iv) apply the amounts received or recovered by the Allocation Platform in the exercise of its rights under this Agreement by way of set-off to the discharge of the Secured Liabilities. (e) On the date on which the Allocation Platform is satisfied that the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full and that there is no possibility for further Secured Liabilities, the Allocation Platform shall take any action which is necessary to assign the outstanding Collateral on the Business Account to the Registered Participant. (f) The Security Assignment will not affect the right of the Allocation Platform to block any amount pursuant to Clause 4(d) above, to debit any amounts from the Business Account for the payment of any debt due by the Registered Participant and any costs and expenses borne by the Registered Participant, and appropriate definitively such amounts; (g) The Security Assignment will not affect the right of the Allocation Platform to call upon Collaterals of a Registered Participant in the form of Bank Guarantee, if available. (h) The Registered Participant shall restore its Collaterals after a payment incident or collaterals incident in accordance with the relevant Allocation Rules and/or Additional Rules. After a payment incident, the Registered Participant shall make use of the Business Account as detailed under Clause 3 and 4 of the Agreement. (i) This Article shall not in any form limit the rights and obligations ascribed to the Parties by the relevant Allocation Rules and/or Additional Rules arisen out of the occurrence of an Event of Default.

Security Assignment. (a) All the Collateral transferred in form of cash to the Business Account is assigned for collateral purpose by the Registered Participant to, and in favour of, the Allocation Platform as continuing security for the due and full payment and discharge of the Secured Liabilities. The Security Assignment constitutes an assignment for collateral purposes (transfert de propriété à titre de garantie), as provided for in Luxembourg law and/or the Collateral Law, over such Collateral. (b) The Security Assignment shall take effect as between the Parties and as against third parties from the date of this Agreement pursuant to article Article 14 (2) of the Collateral Law. (c) To the extent any future Collateral in form of cash arise and/or is credited to the Business Account, the transfer of ownership for the collateral purposes will also take effect between the Parties and as against third parties as of the date, on which such Collateral is credited to the Business Account, or to the extent legally possible, on the date of this Agreement. (d) Upon the occurrence and during the continuance of an Event of Default, the Allocation Platform shall forthwith (and without any prior notice) be fully released from its obligation to re-assign to the Registered Participant the Collateral on the Business Account then outstanding and/or be entitled to exercise all rights in respect of the Collateral on the Business Account and in particular:‌particular: (i) execute and do all such acts, deeds and things as the Allocation Platform may consider reasonably necessary or proper for, or in relation to, any of the purposes set out above; or (ii) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to any Collateral on the Business Account which the Allocation Platform may consider appropriate; or (iii) apply the sums of money received or recovered by the Allocation Platform in the exercise of its rights under this Agreement to the Secured Liabilities; or (iv) apply the amounts received or recovered by the Allocation Platform in the exercise of its rights under this Agreement by way of set-off to the discharge of the Secured Liabilities. (e) On the date on which the Allocation Platform is satisfied that the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full and that there is no possibility for further Secured Liabilities, the Allocation Platform shall take any action which is necessary to re- assign the outstanding Collateral on the Business Account to the Registered Participant. (f) The Security Assignment will not affect the right of the Allocation Platform to block any amount pursuant to Clause 4(d) above, to debit any amounts from the Business Account for the payment of any debt due by the Registered Participant and any costs and expenses borne by the Registered Participant, and appropriate definitively such amounts; (g) The Security Assignment will not affect the right of the Allocation Platform to call upon Collaterals of a Registered Participant in the form of Bank Guarantee, if available. (h) The Registered Participant shall restore its Collaterals after a payment incident or collaterals incident in accordance with the relevant Allocation Rules and/or Additional Rules. After a payment incident, the Registered Participant shall make use of the Business Account as detailed under Clause 3 and 4 of the Agreement. (i) This Article Clause shall not in any form limit the rights and obligations ascribed to the Parties by the relevant Allocation Rules and/or Additional Rules arisen out of the occurrence of an Event of Default.

Security Assignment. (a) All the Collateral transferred in form of cash to the Business Account is assigned for collateral purpose by the Registered Participant to, and in favour of, the Allocation Platform as continuing security for the due and full payment and discharge of the Secured Liabilities. The Security Assignment constitutes an assignment for collateral purposes (transfert de propriété à titre de garantie), as provided for in Luxembourg law and/or the Collateral Law, over such Collateral. (b) The Security Assignment shall take effect as between the Parties and as against third parties from the date of this Agreement pursuant to article 14 (2) of the Collateral Law. (c) To the extent any future Collateral in form of cash arise and/or is credited to the Business Account, the transfer of ownership for the collateral purposes will also take effect between the Parties and as against third parties as of the date, on which such Collateral is credited to the Business Account, or to the extent legally possible, on the date of this Agreement. (d) Upon the occurrence and during the continuance of an Event of Default, the Allocation Platform shall forthwith (and without any prior notice) be fully released from its obligation to re-assign to the Registered Participant the Collateral on the Business Account then outstanding and/or be entitled to exercise all rights in respect of the Collateral on the Business Account and in particular:‌particular: (i) execute and do all such acts, deeds and things as the Allocation Platform may consider reasonably necessary or proper for, or in relation to, any of the purposes set out above; or (ii) generally, to enter into any transaction or arrangement of any kind and to do anything in relation to any Collateral on the Business Account which the Allocation Platform may consider appropriate; or (iii) apply the sums of money received or recovered by the Allocation Platform in the exercise of its rights under this Agreement to the Secured Liabilities; or (iv) apply the amounts received or recovered by the Allocation Platform in the exercise of its rights under this Agreement by way of set-off to the discharge of the Secured Liabilities. (e) On the date on which the Allocation Platform is satisfied that the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full and that there is no possibility for further Secured Liabilities, the Allocation Platform shall take any action which is necessary to assign the outstanding Collateral on the Business Account to the Registered Participant. (f) The Security Assignment will not affect the right of the Allocation Platform to block any amount pursuant to Clause 4(d) above, to debit any amounts from the Business Account for the payment of any debt due by the Registered Participant and any costs and expenses borne by the Registered Participant, and appropriate definitively such amounts; (g) The Security Assignment will not affect the right of the Allocation Platform to call upon Collaterals of a Registered Participant in the form of Bank Guarantee, if available. (h) The Registered Participant shall restore its Collaterals after a payment incident or collaterals incident in accordance with the relevant Allocation Rules and/or Additional Rules. After a payment incident, the Registered Participant shall make use of the Business Account as detailed under Clause 3 and 4 of the Agreement. (i) This Article shall not in any form limit the rights and obligations ascribed to the Parties by the relevant Allocation Rules and/or Additional Rules arisen out of the occurrence of an Event of Default.