Common use of Pledge of Contract Consideration Clause in Contracts

Pledge of Contract Consideration. Subject to the time periods specified in the Contract and in this Agreement, Pledgor will pledge the maximum number or amount of each type of Exchange Property (including, without limitation, Shares) that Pledgor may be required to deliver under the Contract (the aggregate number or amount of securities, property and/or assets referred to in this sentence, the “Required Pledged Assets”); provided that, notwithstanding anything to the contrary in the Contract, the Required Pledged Assets shall not include any property distributed in respect of or contained in an Exchange Property Unit until the later of (a) the date such property is actually received by Pledgor or into the Pledged Account and (b) the date by which such property is required to be delivered to the Purchaser or into the Pledged Account pursuant to the terms of the Contract. For the avoidance of doubt and notwithstanding anything to the contrary in this Section 4.1(d), Pledgor will have the right to substitute and/or release Collateral as provided in, and subject to the conditions set forth in, this Agreement, and securities, property or other assets will not form part of the Required Pledged Assets until received by Pledgor.