Common use of Acknowledgement and Consent to Pledge by Accounts Bank Clause in Contracts

Acknowledgement and Consent to Pledge by Accounts Bank. (a) This Agreement constitutes a valid notice to the Accounts Bank on the Pledge of the Pledged Assets and such notice is irrevocable unless and until the Pledgeholder issues to the Accounts Bank a written notice that this Agreement has been terminated. (b) The Accounts Bank hereby acknowledges that it is advised of the Pledge by the Pledgor to the Pledgeholder of all of its rights, interests and benefits in the Pledged Assets. The Accounts Bank confirms that it has received no prior notice of any pledge, assignment, lien, charge, encumbrance or other claim over the Pledged Assets. (c) The Accounts Bank and the Pledgor hereby acknowledge and consent that upon receipt of Pledgeholder's written notice under Section 3.05 (Right to Use the Pledged Assets), the Accounts Bank shall accept instructions from the Pledgeholder with respect to operation of the Bank Accounts and the Pledged Assets. (d) The Accounts Bank and the Pledgor hereby agree that the Pledgeholder and its authorised representatives shall have the right to use and operate the Pledged Assets and the Bank Accounts in accordance with this Agreement, and the Accounts Bank shall accept and act in accordance with all instructions of the Pledgeholder and their authorised representatives, pursuant to the terms and conditions set forth in Article VII (Default; Remedies) hereunder and the Account Agreements.

Acknowledgement and Consent to Pledge by Accounts Bank. (a) This Agreement constitutes a valid notice to the Accounts Bank on the Pledge of the Pledged Assets and such notice is irrevocable unless and until the Pledgeholder issues to the Accounts Bank a written notice that this Agreement has been terminated. (b) The Accounts Bank hereby acknowledges that it is advised of the Pledge by the Pledgor to the Pledgeholder of all of its rights, interests and benefits in the Pledged Assets. The Accounts Bank confirms that it has received no prior notice of any pledge, assignment, lien, charge, encumbrance or other claim over the Pledged Assets. (c) The Accounts Bank and the Pledgor hereby acknowledge and consent that upon receipt of Pledgeholder's written notice under Section 3.05 (Right to Use the Pledged Assets), the Accounts Bank shall accept instructions from the Pledgeholder with respect to operation of the Bank Accounts Account and the Pledged Assets. (d) The Accounts Bank and the Pledgor hereby agree that the Pledgeholder and its authorised representatives shall have the right to use and operate the Pledged Assets and the Bank Accounts Account in accordance with this Agreement, and the Accounts Bank shall accept and act in accordance with all instructions of the Pledgeholder and their authorised representatives, pursuant to the terms and conditions set forth in Article VII (Default; Remedies) hereunder and the Account AgreementsAgreement.