Creation of the Pledge. As continuing first ranking security for the due and full payment, discharge and performance of the Relevant Secured Liabilities, the Pledgor hereby pledges to the Pledgee all the Relevant Pledged Assets which are at present or are in the future deposited in the relevant Luxembourg Basic Clearing Member Pledged Securities Account(s) and hereby grants to the Pledgee a first ranking security (“gage”) over such Relevant Pledged Assets. The Parties hereby agree that each Luxembourg Basic Clearing Member Pledged Securities Account shall be subject to an account control mechanism as further set out in Clause 2.2 (Perfection of the Pledge).
Appears in 3 contracts
Sources: Pledge Agreement, Pledge Agreement, Pledge Agreement