Common use of Establishment of Pledge Clause in Contracts

Establishment of Pledge. The Pledgor hereby pledges to the Pledgees by way of first priority registered pledge (the “Pledge”, deungrok-jilkwon in Korean), all of its right, title and interest in the Subject Shares, and the Pledgees hereby accept such Pledge of the Subject Shares, as collateral security for the due and punctual performance and discharge in full of the Secured Obligations. For the avoidance of doubt, subject to the provisions of this Pledge Agreement, the Pledge shall cover and apply to any and all right or property arising out of the Subject Shares after the execution of this Pledge Agreement, including, without limitation, (i) any shares of the Company resulting from the subdivision, consolidation or reclassification of the Subject Shares, (ii) any dividend or other property distributed from the Subject Shares and (iii) any rights or payments in respect of the Subject Shares arising from the dissolution or liquidation of the Company.