Common use of Additional Pledge Clause in Contracts

Additional Pledge. (a) When the Pledgor deposits into the Onshore Cash Collateral Account an amount additional to that required under Attachment 1 (Specifics of the Original CD) to the Agreement, the Account Control Bank shall set up a RMB certificate of deposits for the additional amount (for a tenor to be decided by the Security Agent). The Pledgor shall pledge the New CD to the Security Agent and establish the first right of pledge for the Security Agent. (b) If in accordance with the Loan Contract and the Account Control Agreement, the Security Agent deems it necessary (as per instructions of the Instructing Group), it may, in the manner it considers appropriate at its own discretion, require the Pledgor to withdraw in advance amounts from one or more Pledged CDs. After the early withdrawal, the Account Control Bank shall immediately set up a New CD (with a tenor to be decided by the Security Agent) for the remaining balance of a Pledged CD (or for the balance(s), combined or not as to be determined by the Security Agent (acting as per instructions of the Instructing Group), in the case of early withdrawals from more than one Pledged CDs). The Pledgor shall pledge the New CD(s) to the Security Agent, and establish the first right of pledge for the Security Agent. (c) For the purpose of setting up pledge under items (a) and (b) in this clause, the Pledgor shall, within 5 Business Days upon depositing any additional amounts into the Onshore Cash Collateral Account or making any early withdrawals from the Pledged CD(s) as per requirements of the Security Agent, ensure that the Security Agent receives the Additional Pledge Commitments signed in the format as specified in Attachment 2 (The Format of Additional Pledge Commitment), and provide to the Security Agent (or any party designated by the Security Agent) the New CD(s), the signature specimens or passwords and the conformation of the New CD(s).