Common use of Shareholder Interest Clause in Contracts

Shareholder Interest. (a) Without prejudice to Clause 3.1 and subject to the provisions of Clause 8: (i) any shareholder interest (instrument financier) for any reason whatsoever substituted for, or added to, the Shareholder Interest of the Pledgor, together with any and all distributions, interest and proceeds (fruits et produits) resulting therefrom in accordance with Article L. 431-4 of the French Monetary and Financial Code (Code monétaire et financier) (as modified by the ordonnance no. 2005-171 dated 24 February 2005), and (ii) more generally, any shares or other shareholder interests (instruments financiers) attributed to, and any additional shares or other shareholder interests (instruments financiers) acquired by, the Pledgor and constituting ownership interests in the Account Holder or any legal entity resulting from the transformation or merger of the Account Holder or any similar operation shall automatically be deemed the Shareholder Interest of the Pledgor for the purposes of this Agreement and shall, subject to Clause 3.5, be promptly credited to the Pledged Account, without any such operation constituting in any manner a novation of the rights and security granted to the Beneficiaries hereunder and the Pledgor shall sign and instruct the Account Holder to sign all documents and take all action necessary to confirm the same in favour of the Beneficiaries. (b) The Pledgor shall not be entitled to replace or substitute all or part of its Shareholder Interest without the prior written consent of the Beneficiaries in each instance.