Common use of FUTURE RECEIVABLES Clause in Contracts

FUTURE RECEIVABLES. 4.1 The Pledgor hereby undertakes to pledge to the Pledgee in order to secure and provide for the payment and discharge of all Secured Obligations and subject to the terms hereof all of its Receivables (i) not later than ten (10) business days from the last day of each year (or with such other frequency as the Pledgee may designate in writing to the Pledgor) or (ii) at first reasonable request of the Pledgee. 4.2 In order to effect the pledge of the Receivables referred to in paragraph 1 of this Clause 4, the Pledgor shall complete and sign and send to the Pledgee a shortened pledge list (the “Borderel”) in the form of Schedule 3 attached to this Deed, accompanied by an authorisation (the “Authorisation”) in the form of Schedule 4 attached to this Deed and a separate (electronic) listing of all names and addresses of its debtors at that moment. The Administrative Agent shall be authorised to present each Borderel immediately for registration to the Belastingdienst/Ondernemingen (the “Tax Inspection”), together with the relevant Authorisation and under cover of a registration letter in substantially the form of Schedule 5 attached to this Deed, or such other format as the Administrative Agent deems useful. 4.3 Notwithstanding the obligations of the Pledgor under paragraph 1 of this Clause 4, the Pledgee is hereby irrevocably authorised by the Pledgor to sign on its behalf at any time a supplemental pledge notice, whereby the Pledgor pledges to the Pledgee all its Receivables which are then capable of being pledged, in substantially the form of Schedule 6 attached to this Deed. The Administrative Agent shall be authorised to (i) present such supplemental pledge notice for registration to the Tax Inspection, under cover of a registration letter in substantially the form of Schedule 5 attached to this Deed, or such other format as the Administrative Agent deems useful, and (ii) notify the disclosed rights of pledge created by such supplemental pledge notice to each debtor of the Receivables by notice in substantially the form of Schedule 7 attached to this Deed, and the Administrative Agent shall give notice of such supplemental pledge notice to the Pledgor as soon as reasonably practicable.