Common use of GENERAL PLEDGE Clause in Contracts

GENERAL PLEDGE. 7.1 Any and all of the Direct Clearing Client’s claims against the Clearinghouse as a result of Contracts which are recorded or which may be recorded, on the Direct Clearing Client’s Direct Clearing Account(s) with the Clearinghouse are hereby pledged to the Clearinghouse in accordance with the terms and conditions set forth in this agreement and under the Clearing Rules. 7.2 The general pledge under this Direct Clearing Client Agreement shall apply firstly to any and all obligations of the Direct Clearing Client towards the Clearinghouse under Contracts Recorded on the Direct Clearing Client’s Direct Clearing Account with the Clearinghouse and thereafter to obligations under Contracts which are Recorded on the Direct Clearing Client’s other Direct Clearing Accounts with the Clearinghouse. The general pledge shall not be utilised in such a manner so as to override the requirements of Article 39 of EMIR. 7.3 The Clearinghouse shall, to the extent possible, make use of collateral under the general pledge to the Clearinghouse before realising upon other collateral or prior to invoking any payment obligations of the Agent.

GENERAL PLEDGE. 7.1 Any and all of the Direct Clearing Client’s claims against the Clearinghouse Clearing House as a result of Contracts which are recorded or which may be recorded, on the Direct Clearing Client’s Direct Clearing Account(s) with the Clearinghouse Clearing House are hereby pledged to the Clearinghouse Clearing House in accordance with the terms and conditions set forth in this agreement and under the Clearing Rules. 7.2 The general pledge under this Direct Clearing Client Agreement shall apply firstly to any and all obligations of the Direct Clearing Client towards the Clearinghouse Clearing House under Contracts Recorded on the Direct Clearing Client’s Direct Clearing Account with the Clearinghouse Clearing House and thereafter to obligations under Contracts which are Recorded on the Direct Clearing Client’s other Direct Clearing Accounts with the ClearinghouseClearing House. The general pledge shall not be utilised in such a manner so as to override the requirements of Article 39 of EMIR. 7.3 The Clearinghouse Clearing House shall, to the extent possible, make use of collateral under the general pledge to the Clearinghouse Clearing House before realising upon other collateral or prior to invoking any payment obligations of the Agent.

GENERAL PLEDGE. 7.1 Any and all of the Direct Clearing Client’s claims against the Clearinghouse Clearing HouseClearinghouse as a result of Contracts which are recorded or which may be recorded, on the Direct Clearing Client’s Direct Clearing Account(s) with the Clearinghouse Clearing HouseClearinghouse are hereby pledged to the Clearinghouse Clearing HouseClearinghouse in accordance with the terms and conditions set forth in this agreement and under the Clearing Rules. 7.2 The general pledge under this Direct Clearing Client Agreement shall apply firstly to any and all obligations of the Direct Clearing Client towards the Clearinghouse Clearing HouseClearinghouse under Contracts Recorded on the Direct Clearing Client’s Direct Clearing Account with the Clearinghouse Clearing HouseClearinghouse and thereafter to obligations under Contracts which are Recorded on the Direct Clearing Client’s other Direct Clearing Accounts with the ClearinghouseClearing HouseClearinghouse. The general pledge shall not be utilised in such a manner so as to override the requirements of Article 39 of EMIR. 7.3 The Clearinghouse Clearing HouseClearinghouse shall, to the extent possible, make use of collateral under the general pledge to the Clearinghouse Clearing HouseClearinghouse before realising upon other collateral or prior to invoking any payment obligations of the Agent.