RIGHTS OF RECOURSE. The Pledgor hereby waives and formally undertakes not to exercise the Rights of Recourse or any other similar rights in any manner (including for the avoidance of doubt, by way of provisional measures such as provisional attachment (saisie-arrêt conservatoire), by way of set-off or in any other way), nor to take any action or do anything in relation to such Rights of Recourse or other similar rights, except as otherwise permitted in writing by the Pledgee. This clause shall remain in full force during the Security Period and shall, to the extent required, survive any termination or discharge of this Agreement. The Pledgor acknowledges that this waiver is of the essence for the Pledgee.
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