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Pledge Security Agreement

3.7. Copyright of chatl`s letter of credit and paper. Figure C lists all the rights to the letter of credit and Chatl`s paper of such a Grantor. All measures of such a grantor, necessary or desirable to protect and perfect the agent`s link on each item in Appendix C (including the delivery of all the originals and the placement of a caption on all Chatl documents, as required below), were carried out correctly. The officer has a primary safety interest in the security listed in Schedule C, subject to the links authorized in accordance with point 4.1 (e). (f) The agent may act against one or all collaterals and one or more grantors in such an order and apply the obligations that the agent may choose in all cases, at his sole discretion, regardless of the contribution rights that may exist as for the fellows. The officer`s rights to a fellow in this appendix cannot be released, decreased, altered, decreased, dependent, or by any of the following defects or invalidations, the illegality or inapplicability of secured bonds or loan documents relating to another grantor, or omission or non-compliance by a grantor, B) any claim, defence or compensation that such a grantor may have with respect to another grantor or agent , (C) bankruptcy, liquidation, liquidation, liquidation or termination of another grantor; (D) any release of security that has been pledged by another grantor by the agent; or (E) any other circumstance which might otherwise constitute a defence at the disposal of a guarantor, guarantor or pledgee of any kind, to which all defences renounce. Under Dutch (Dutch) law, the Dutch civil code designates the guarantee as an agreement by which a third party undertakes a contractual creditor to comply with a debtor`s contractual obligations. Such a guarantee agreement is concluded between the surety company and the creditor. The debtor of the guaranteed commitment is not required to participate in such an agreement.

It is even possible that such a guarantee agreement will be concluded without the debtor`s knowledge or agreement. Article 7:850 of the Dutch Civil Code is established: 1. A guarantee agreement is an agreement under which one of the parties (hereafter referred to as the guarantee) has committed to the other party (the “creditor”) to fulfil an obligation that a third party (the principal debtor) has owed or returned to the creditor. 2. For the validity of a guarantee agreement, it is not necessary for the principal debtor to know the existence of the guarantee in question. 3. The legal provisions relating to joint and several bonds apply to a bonding contract, as long as the provisions of this security do not deviate from it. With regard to the nature of the commitment guaranteed by a guarantee agreement under Dutch law, Article 7:854 of the Dutch Civil Code states that if the principal debtor`s guaranteed commitment relates to a benefit other than the payment of a sum of money, the surety contract is considered a guarantee of the creditor`s claim on the sum of money. which is attributable to the principal debtor if it has not fulfilled its primary obligation to the creditor, unless the surety agreement expressly provides for something else.