Common use of Perfection of Pledge Clause in Contracts

Perfection of Pledge. The Security Trustee shall be entitled at its option to obtain possession of the Goods in order to perfect the pledge made by Clause 8.3 (Pledge). The relevant Borrower assigns to the Security Trustee its right, title and interest in and to the Documents and all claims and rights arising from them and the relevant Borrower irrevocably and unconditionally authorises the Security Trustee to sign all documents and do all such other things as may be necessary to obtain possession of and to realise the Goods, and to apply the proceeds in reduction of amounts owing under this Agreement.