EUREX

In addition, the Agreement may be amended at any time by written agreement (including,
for the avoidance of doubt, scanned email attachments and electronic signatures)
between the Parties.

5 Release of Pledges
5.1 Eurex Clearing AG will only release the pledges granted pursuant to Clauses 2.2 to 2.4

upon (i) a termination in respect of the ISA Direct Clearing Member pursuant to Chapter |
Part 1 Number 13 of the Clearing Conditions or the completion of the default
management process in respect of such ISA Direct Clearing Member, as the case may
be, and (ii) the full and final discharge of all claims secured by such pledges.

5.2 Eurex Clearing AG shall notify the ISA Direct Clearing Member of a release of any of the
pledges granted pursuant to Clauses 2.2 to 2.4. If a release of any of such pledges
occurs as a matter of law, such notification shall only constitute a confirmation of the
release as a matter of record.

5.3 Following the release of the pledges granted pursuant to Clauses 2.2 to 2.4, the
Securities which are credited to the relevant Securities Account of the ISA Direct Clearing
Member or, as applicable, Clearing Agent, will remain credited to such Securities Account
and the ISA Direct Clearing Member or, as applicable, Clearing Agent, shall be free to
instruct CBF, CBL or SIX SIS AG, respectively, to book such Securities from such
Securities Account to any other securities account.

56 Governing Law; Jurisdiction, Place of Performance; Severability Clause

546.1 Governing Law

$446.1.1 This Agreement (except for Clauses 2.3, 2.4, 56.2.2, 56.2.3, and Schedule 1 [and
Schedulela] hereto) is governed by the substantive laws (Sachrecht), excluding German
private international law, of the Federal Republic of Germany. Clauses 2.3, 65.2.2 and
Schedules 1 [and ‘Schedule 2] hereto are governed by the substantive laws, excluding
Luxembourg private international law, of Luxembourg. Clauses 2.4 and 65.2.3 are
governed by the substantive laws, excluding Swiss private international law, of
Switzerland. Clause 5 shall be governed by the laws of the jurisdiction governing the
pledge to which the relevant release relates.

$426.1.2 Any non-contractual rights and obligations arising out of or in connection with this
Agreement (except for Clauses 2.3, 2.4, 66.2.2, 65.2.3, Schedule 1 [and Sch
hereto) shall also be governed by the substantive laws (Sachrecht), excluding German
private international law, of the Federal Republic of Germany. Any non-contractual rights

7 To be included if a Third-Party Account Holder is a party to the Agreement.
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The ISA Direct Clearing Member

hereby undertake to
issue all relevant notices to and obtain all relevant acknowledgements from CBL

for the perfection of such pledge, as further set out in Schedule 1 [and
Schedule 2] hereto] Bbicatia .

(ii) If one or more GC Pooling Re-use ISA Direct Luxembourg Pledged Securities
Accounts have been established pursuant to Clause 2.1.2, in order to provide ISA
Direct Margin by re-use of collateral in relation to GC Pooling Repo Transactions,

the ISA Direct

Clearing Member hereby pledges to Eurex Clearing AG pursuant to, and in
accordance with, Schedule 1 of this Agreement all securities which are at
present or are in the future deposited in any such GC Pooling Re-use ISA Direct

buxemboug Pledged Securities Account(s) (including, any distributions under
ities to the-extent itted by, and provided in Schedule-1)[! and
P Yr

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WHEREAS:

(A)

(B)

(Cc)

The ISA Direct Clearing Member, Eurex Clearing AG and the Clearing Agent have
entered or will enter into a Clearing Agreement in the form as appended to the Clearing
Conditions as Appendix 10 (as the same may have been or will be amended from time to
time, the “ISA Direct Clearing Agreement’). [In the ISA Direct Clearing Agreement, the
ISA Direct Clearing Member has appointed

[The ISA Direct Clearing Member enters into this Agreement only in the capacity as an
ISA Direct Indemnified Clearing Member to which the ISA Direct Indemnified Provisions
apply. Accordingly, all references in this Agreement (including the Schedules hereto)

(i) to the ISA Direct Clearing Member shall only be references to the ISA Direct
Clearing Member acting in its capacity as ISA Direct Indemnified Clearing Member,

(ii) to the Clearing Agent shall only be reference to the Clearing Agent in its capacity as
the Indemnifying Clearing Agent of the ISA Direct Indemnified Clearing Memaber;
and

(iii) to ISA Direct Margin shall only be interpreted with respect to the capacity of the ISA
Direct Clearing Member as ISA Direct Indemnified Clearing Member

and all secured claims to which any of the security interest granted pursuant to this
Agreement (including the Schedules hereto) shall only comprise such claims against the
ISA Direct Clearing Member in its capacity as ISA Direct Indemnified Clearing Member.]®

The ISA Direct Clearing Member intends to grant pledges for the benefit of Eurex
Clearing AG for purposes of providing ISA Direct Margin in accordance with the ISA
Direct Provisions. The ISA Direct Clearing Member will arrange for the due filing and
registration of any security interest granted under this Agreement with any relevant
competent authority or register, if such registration is required for the creation or
enforceability of a security interest or if Eurex Clearing AG considers a registration of
such security interest expedient.

Under relevant applicable laws and subject to the limitations contained in the Clearing
Conditions and in this Agreement (in particular as set out in Clause 2.1 below), pledges
over ISA Direct Margin may, under certain conditions, also be granted by the ISA Direct
Clearing Member if the pledged ISA Direct Margin is maintained in a special account
belonging to a third party that is specially appointed by the ISA Direct Clearing Member
and Eurex Clearing AGI, such as the Clearing Agent or any other eligible Tthird Pparty
Aaccount Holder] (the “Third Party Pledge Holder’).

NOW THEREFORE, the Parties agree as follows:

Sentence to

be maintained if the Clearing Agent is not a party to the Agreement (i.e, in case of accounts held by ISA Direct

Clearing Member and/or in case of accounts held by Third Party Account Holder).

Text in brackets to be maintained if the ISA Direct Clearing Member concludes this Agreement as an ISA Direct Indemnified

Clearing Member.

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(b)

(d)

(e)

(f)

(9)

(h)

0)

its entry into, delivery and performance of this Agreement and any other
documentation relating to this Agreement to which it is a party do not conflict
with any law or regulation applicable to it, any provision of its constitutional
documents, any order or judgment of any court or other agency of government
applicable to it or any of its assets or any agreement or instrument by which it is
bound or which affects any of its assets;

it has all governmental and other consents that are required to have been
obtained by it with respect to its entry into and performance of this Agreement
and are in full force and effect and all conditions of any such consents have
been complied with;

no order has been made or applied for or resolution passed for the suspension
of payments or dissolution, termination of existence, liquidation, winding-up,
bankruptcy, insolvency, judicial management or curatorship, in each case, with
respect to it;

no moratorium in respect of all or any debts or a composition or an arrangement
with creditors or any similar proceeding or arrangement by which its assets are
submitted to the control of its creditors is ordered, declared or applied for, in
each case, with respect to it;

no liquidator, trustee, administrator, receiver or similar officer has been
appointed in respect of it or in respect of all or a substantial part of its assets;

it is able to pay its debts as and when they fall due, will not become unable to
pay its debts as a consequence of entering into this Agreement;

no event has occurred or circumstance arisen with respect to it which
constitutes or, had the Parties already entered into the ISA Direct Clearing
Agreement, might (whether or not with the giving of notice and/or the passage
of time and/or the fulfilment of any other requirement) constitute, an ISA Direct
Clearing Member Termination Event or ISA Direct Clearing Member Insolvency
Termination Event; and

it is not aware of any event or circumstance which constitute, or might (whether
or not with the giving of notice and/or the passage of time and/or the fulfilment
of any other requirement) constitute, a Termination Event or Insolvency
Termination Event with respect to its Clearing Agent.

3.2 [Representations of the Third Party Pledge Holder(s)]®

The Third Party Pledge Holder represents and warrants by way of an independent
guarantee and irrespective of fault (selbstandiges, verschuldensunabhangiges
Garantieversprechen) to Eurex Clearing AG that, at the time it enters into this Agreement:

® To be maintained in case a Third Party Pledge Holder (Clearing Agent and/or Third Party Account Holder is a Party to the

Agreement).

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2.2.2

2.2.3

present or are in the future deposited in any such ISA Direct German Pledged Securities
Account(s).

ISA Direct Provisions (Use of XemacCmaxX for German accounts,

If one or more Xemac-ISA Direct German Cmax Pledged Securities Accounts or GC
Pooling Re-use ISA Direct German Pledged Securities Accounts have been established
pursuant to Clause 2.1.1, in order to provide ISA Direct Margin, in accordance with
Chapter | Part 1 Number 3 and Part 5 Number 7 (in particular, Number 7.6.3) of the
Clearing Conditions, the ISA Direct Clearing Member hereby pledges to Eurex

Clearing AG all securities which are at present or are in the future deposited in any such
Xemac-ISA Direct German Cmax Pledged Securities Account(s) or GC Pooling Re-use
ISA Direct German Pledged Securities Account(s).

Common provisions for each of the pledges granted pursuant to Clauses 2.2.1
or 2.2.2

(1) For the purpose of granting each of the pledges pursuant to Clauses 2.2.1 or 2.2.2,
the ISA Direct Clearing Member hereby:

(i) assigns to Eurex Clearing AG its claim for surrender (Liefer- und
Herausgabeanspruch) of the relevant securities (that are the subject of the
relevant pledge) against CBF [i val

count ount of the I

pledge) agains!

i ge Holder has a 1d to th Direct
fe N

(ci iy) undertakes, if the ISA Direct Clearing Member does not have a claim for
surrender of the relevant securities against CBF, to instruct (substantially in
the form set out in Schedule 3 hereto), without undue delay, CBF to (a)
establish a bailment (Begrtindung eines Besitzmittlungsverhaltnisses) with
Eurex Clearing AG in respect of the securities that are or will be credited to
such account, (b) change its bailment intention (Besitzmittlungswillen)
accordingly and (c) appropriately record such change of its bailment
intention; and

(ci undertakes to promptly notify CBF of the conclusion of this agreement to
pledge securities (substantially in the form set out in Schedule 3 hereto).

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(iv) [Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account
num of ints or ints of thi ring Agent with CBF in CmaxX:)

(each account in-with CBF’s connected to the Triparty Collateral Management
Service ystemXemac’of Clearstream Banking S.A., Luxembourg ("CBL", and such
collateral management system, “CmaXemae’) specified (if any) under (iii) [and (iv)],
an “Xemae-ISA Direct German CmaX Pledged Securities Account” for the
purposes of granting ISA Direct Margin)

(v)_ Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account number(s)
of the ISA Direct Clearing Member with CBF in CmaX

(vi) [Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account

number(s) of accounts or sub-accounts of the Clearing Agent with CBF in CmaxX:]

(each account specified (if any) under (v) [and (vi)], a “GC Pooling Re-use ISA
Direct German Pledged Securities Account” for the purposes of granting ISA
Direct Margin by re-use of collateral in relation to GC Pooling Repo Transactions).

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Clearing Conditions

This Agreement incorporates by reference the Clearing Conditions (including all rules and
conditions which are incorporated by reference therein (the “Referenced Conditions’))
as amended from time to time. The Clearing Conditions may be viewed and printed out
(in one or more files) on the Eurex Clearing Website. The Referenced Conditions may be
obtained from Eurex Clearing AG upon request.

Granting of Pledges

Securities Accounts

Each of the following securities accounts or sub-accounts for which account details are
provided below have been established:

German Securities Accounts

The following securities account(s) or sub-account(s) under German law_with
Clearstream Banking AG, Frankfurt am Main (“CBF”):

(i) Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account number(s)
of the ISA Direct Clearing Member with CBF:

(ii) [Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account

number(s) of accounts or sub-accounts of the Clearing Agent with CBF.]

(each account specified (if any) under (i) [and (ii)], an “ISA Direct German Pledged
Securities Account” for the purposes of granting ISA Direct Margin)

(iii) Cascade and/or CBF Int 6-series Securities Margin Account/Sub-Account
number(s)XEMAG-Glaim-1D of the ISA Direct Clearing Member with CBF in Cmax:

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(ii)

(ii)

(iv)

=

(vii)

4 Amendments

This Agreement shall be amended pursuant to Chapter | Part 1 Number 17.2 of the
Clearing Conditions, applied mutatis mutandis. For this purpose, the provisions in this
Agreement shall constitute Special Provisions to the extent they relate to the granting of
powers of attorney, the granting of margin or the creation of security interests.

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(each account specified (if any) under (v) [and (vi)], a “GC Pooling Re-use ISA
Direct Luxembourg Pledged Securities Account” for the purposes of granting ISA
Direct Margin by re-use of collateral in relation to GC Pooling Repo Transactions)

2.1.3 Swiss Securities Accounts
The following securities account(s) with SIX SIS AG, Switzerland (“SIX SIS”) under Swiss
law:
(i) Securities account(s) of the ISA Direct Clearing Member
Securities Account number(s):
4}—Secutiti (s)-of the Clearing Agent
« ig Ag
(each account specified (if any) under (i)-or-), a “Swiss ISA Direct Pledged
Securities Account” for the purposes of granting ISA Direct Margin)
(ii) Securities account(s) of the ISA Direct Clearing Member in the triparty collateral
management system of SIX SIS
Securities Account number(s):
tiv) Securit 4s) of the Cl Agentin-the triparty-collateral t
€ + ig Ag party s
system-of SICSIS.
(each account specified (if any) under (iii)-or-4¥), a “TCM SIX SIS ISA Direct
Pledged Securities Account” for the purposes of granting ISA Direct Margin by use
of the triparty collateral management service of SIX SIS (“TCM SIX SIS")).
2.2 Pledges of Securities in German Securities Accounts
2.2.1 ISA Direct Provisions (without use of XemacCmaxX)
If one or more ISA Direct German Pledged Securities Accounts have been established
pursuant to Clause 2.1.1, in order to provide ISA Direct Margin, in accordance with
Chapter | Part 1 Number 3 and Part 5 Number 7 of the Clearing Conditions, the ISA
Direct Clearing Member hereby pledges to Eurex Clearing AG all securities which are at
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Appendix 11 to the Clearing Conditions for Eurex Clearing AG:

Pledge Agreement

relating to pledges of Eligible Margin Assets in order to provide ISA
Direct Margin in the form of Securities

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2.2.4

Additional provisions for each of the pledges granted pursuant to Clauses 2.2.1 or

2.2.2

The ISA Direct Clearing Member and Eurex Clearing AG agree that each pledge granted

by the ISA Direct Clearing Member to Eurex Clearing AG in accordance with Clause 2.2.1
and 2.2.2 shall include a right of Eurex Clearing AG to appropriate (and to make use of)
one or more of the securities which, at the time of the exercise of such appropriation right,
are credited to the relevant ISA Direct German Pledged Securities Account, ISA Direct
German Cmax Pledged Securities Account or GC Pooling Re-use ISA Direct Pledged
Securities Account (the “Relevant Pledged Securities”). Such right of Eurex Clearing
AG to appropriate (and to make use of) the Relevant Pledged Securities shall be
conditional upon the occurrence of an ISA Direct Termination Event or an ISA Direct
Insolvency Termination Event and an ISA Direct Clearing Member Termination Date with
respect to the ISA Direct Clearing Member.

The aforesaid requirements for the exercise of the appropriation right apph

notwithstanding any broader re-use entitlements under any collateral management
documentation.

Accordingly, the ISA Direct Clearing Member hereby irrevocably offers to transfer the

Relevant Pledged Securities to Eurex Clearing AG and Eurex Clearing AG accepts this
offer by exercise of its appropriation right which shall be made by written notice to the ISA
irect Clearing Member. [Clearing Agent! here

ex ly consents to any such ia

The ISA Direct Clearing Member hereby confirms that it has taken notice of the

2.3

2.3.1

information statement set out in Appendix 12 and grants, as evidenced by its signature to
this Agreement, its express consent with the use of the Relevant Pledged Securities by
Eurex Clearing AG (in accordance with Article 15 (1) b) of Regulation (EU) 2015/2365)
pursuant to this Clause 2.2.4.

Pledges of Securities in Luxembourg Securities Accounts

ISA Direct Provisions (without use of CmaX)

(i) If one or more Luxembourg ISA Direct Pledged Securities Accounts have been
established pursuant to Clause 2.1.2, in order to provide ISA Direct Margin pursuant
to the ISA Direct Provisions, in accordance with Chapter | Part 1 Number 3 and
Part 5 Number 7 of the Clearing Conditions,

(a) [if the Luxembourg ISA Direct Pledged Securities Account is an account of the
ISA Direct Clearing Member,] the ISA Direct Clearing Member hereby pledges
to Eurex Clearing AG pursuant to, and in accordance with, Schedule 1 hereto
all securities which are at present or are in the future deposited in any such
Luxembourg ISA Direct Pledged Securities Account(s) (reludiag—any.
distributi nr h ities to the extent permitted by_and. idedi

Sehedulet)[; and i. :

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(211) Upon the relevant pledge becoming enforceable (Pfandreife), Eurex
Clearing AG may sell the pledged securities without prior notice in a private sale or
may appropriate such securities in whole or in part. The appropriation right expires
upon it being exercised by Eurex Clearing AG or upon the sale of the pledged
securities.

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Luxembourg Securities Accounts

The following securities account(s) with Clearstream Banking S.A., Luxembourg (“CBL”)
under Luxembourg law:

(i) Securities account(s) of the ISA Direct Clearing Member

Creation Securities Account number:

Creation Securities Account number_and name of Third Party Pledge Holder(s):

(each account specified (if any) under (i) [or (ii)], a “Luxembourg ISA Direct
Pledged Securities Account” for the purposes of granting ISA Direct Margin)

(ili) Securities account(s) of the ISA Direct Clearing Member in CmaX

Creation Securities Account number(s):

Creation Securities Account number(s) and name of Third Party Pledge Holder(s):

(each account specified (if any) under (iii) [or (iv)], a “CmaX ISA Direct
Luxembourg Pledged Securities Account” for the purposes of granting ISA Direct
Margin by use of the triparty collateral management service ‘Cmax’ of CBL
(“Cmax’))

(v) Securities account(s) of the ISA Direct Clearing Member

Creation Securities Account number(s):

Creation Securities Account number(s) and name of Third Party Pledge Holder(s):

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The ISA Direct Clearing Member{i] [and] Eurex Clearing AG [fandJ/[,] the Clearing Agent] [and the Third

Party Account Holder] are hereinafter also referred to as the “Parties” and each of them as a “Party”.

Unless the context requires otherwise, terms used but not defined in this Agreement shall have the
| meaning given to them in the Clearing Conditions for Eurex Clearing AG (the “Clearing Conditions’).

3 Text in square brackets marked in green (BBN shall apply if the pledges relate to one or more accounts held by a Third
Party Account Holder other than the Clearing Agent.

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The ISA Direct Clearing Member and the Third Party Pledge Holder, to the extent
relevant in the case of GC Pooling Re-use ISA Direct Luxembourg Pledged
Securities Account(s) in the name of a Third Party Pledge Holder, hereby undertake
to issue all relevant notices to and obtain all relevant acknowledgements from CBL
for the perfection of such pledge, as further set out in Schedule 1 [and Sche
hereto[, as appl

2.4 Pledges of Securities in Swiss Securities Accounts

2.41 ISA Direct Provisions (without use of TCM SIX SIS)
If one or more Swiss ISA Direct Pledged Securities Accounts have been established
pursuant to Clause 2.1.3, in order to provide ISA Direct Margin pursuant to the ISA Direct
Provisions, in accordance with Chapter | Part 1 Number 3 and Part 5 Number 7 of the
Clearing Conditions, the ISA Direct Clearing Member hereby pledges to Eurex
Clearing AG all securities which are at present or are in the future deposited in any such
Swiss ISA Direct Pledged Securities Account(s).
If the Swiss ISA Direct Pledged ities A ti tof the ISA Direct
Glearing-Member,tThe ISA Direct Clearing Member further undertakes to enter into an
additional control agreement (in the form provided by Eurex Clearing AG) between the
ISA Direct Clearing Member, SIX SIS AG and Eurex Clearing AG in respect of all
securities which are at present or are in the future deposited in such Swiss ISA Direct
Pledged Securities Account(s).
I£-the Swiss SA Direct Pledged ities A ti ofthe Ch Agent

g ig Agent;
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2.6

27

3.1

Clause 2.4.3) shall secure the claims specified in Chapter | Part 6 Subpart A
Number 7.6.2 of the Clearing Conditions (the “ISA Direct Secured Claims’).

References

The Parties further agree that references in the Clearing Conditions to ISA Direct Margin
that relate to Eligible Margin Assets in the form of Securities for purposes of the ISA
Direct Provisions shall include references to Securities that are subject to those pledges
granted pursuant to or in accordance with Clauses 2.2 to 2.4 above (where relevant, in
connection with Schedule 1 and/or Schedule 2 hereto and, in the case of any Swiss
pledge, the related control agreement or SIX SIS TCM agreement) that refer to ISA Direct
Margin to be granted in accordance with Chapter | Part 1 Number 3 and Part 6 Subpart A
Number 7 of the Clearing Conditions.

Registration

To the extent required by applicable law for the valid creation and/or enforceability of a
security interest, the ISA Direct Clearing Member will arrange for the due filing and
registration of any security interest granted pursuant to or in accordance with Clauses 2.2
to 2.4 (where relevant, in connection with Schedule 1 [and/or Schedule 2 hereto] and, in
the case of any Swiss pledge, the related control agreement or SIX SIS TCM agreement)
with any relevant competent authority or any relevant competent register and will
evidence the due filing and registration of such security interest to Eurex Clearing AG.

Representations

Representations of the ISA Direct Clearing Member

The ISA Direct Clearing Member represents and warrants by way of an independent
guarantee and irrespective of fault (se/bstandiges, verschuldensunabhangiges
Garantieversprechen) to Eurex Clearing AG that

(i) at the time when the relevant securities are credited to the relevant securities
account or sub-account to which any of the pledges set out or referred to in
Clauses 2.2 to 2.4 relate, it is the owner of the securities or otherwise entitled or
authorised to pledge the securities to Eurex Clearing AG and that such securities are
not subject to any prior or equal claims of third parties, except for any rights and
claims arising pursuant to the standard business terms of any central securities
depository or as a matter of law. The ISA Direct Clearing Member shall not, for the
duration of any such pledge, permit any such claims to arise without the prior
consent of Eurex Clearing AG;

(ii) at the time it enters into this Agreement:

(a) it has the power to enter into, deliver and perform this Agreement and any other
documentation relating to this Agreement to which it is a party and has taken all
necessary action to authorise such execution, delivery and performance;

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as Clearing Agent of the ISA Direct Clearing Member (the “Clearing Agent”).]*

Text in square brackets marked in blue [ shall apply if the pledges relate to one or more accounts held by the Clearing
Agent.

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AMENDMENTS ARE MARKED AS FOLLOWS:
INSERTIONS ARE UNDERLINED,
DELETIONS ARE CROSSED OUT.

This agreement (the “Agreement’) is dated the last date set out on the signature page hereof and
entered into

BETWEEN:

(1)

legal name

a acting through / c having its (co registered) office at

as ISA Direct Clearing Member (the “ISA Direct Clearing Member’); [and]*

(2) Eurex Clearing Aktiengesellschaft, a stock company (Aktiengesellschaft)
incorporated under the laws of the Federal Republic of Germany, registered in
the commercial register of the local court (Amtsgericht) in Frankfurt am Main
under HRB 44828 and having its registered office at Mergenthalerallee 61,
65760 Eschborn, Federal Republic of Germany (“Eurex Clearing AG”)[.] [5 and]

(3) L
(legal name)

c acting through / 5 having its (co registered) office at

+ Text in square brackets marked in grey [ shall apply if the pledges only relate to accounts held by the ISA Direct
Clearing Member.

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The ISA Direct Clearing Member

hereby undertake to issue all relevant notices to and obtain all relevant
acknowledgements from CBL for the perfection of such pledge, as further set
out in Schedule 1 [and Schedule 2) hereto|

2.3.2 ISA Direct Provisions (use of CmaX for Luxembourg accounts)

(i) If one or more CmaxX ISA Direct Luxembourg Pledged Securities Accounts have
been established pursuant to Clause 2.1.2, in order to provide ISA Direct Margin, in
accordance with Chapter | Part 1 Number 3 and Part 5 Number 7 (in particular,
Number 7.6.3) of the Clearing Conditions by use of Cmax,

hereby pledges to Eurex Clearing AG pursuant to, and in accordance with,
Schedule 1 hereto all securities which are at present or are in the future
deposited in any such Cmax ISA Direct Luxembourg Pledged Securities
Account(s){including,any-distributi di h ities to-the-extent

permitted by,and provided in, Schedule-t)[) and

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ISA Direct Provisions (use of TCM SIX SIS)

If one or more TCM SIX SIS ISA Direct Pledged Securities Accounts have been
established pursuant to Clause 2.1.3, in order to provide ISA Direct Margin pursuant to
the ISA Direct Provisions, in accordance with Chapter | Part 1 Number 3 and Part 5
Number 7 of the Clearing Conditions, the ISA Direct Clearing Member hereby pledges to
Eurex Clearing AG all securities which are at present or are in the future deposited in the
TCM SIX SIS ISA Direct Pledged Securities Account(s).

The ISA Direct Clearing Member further undertakes to enter into a SIX
SIS TCM agreement (in the form provided by Eurex Clearing AG) between the ISA Direct
Clearing Member, SIX SIS AG and Eurex Clearing AG in respect of all securities which
are at present or are in the future deposited in such TCM SIX SIS ISA Direct Pledged
Securities Account(s).

2.4.2

2.5

Ifthe TCM SIX SISISA Direct Pledged ities A ti ttoftheCh

Common provisions for each of the pledges granted pursuant to Clauses 2.4.1
or 2.4.2

Upon the relevant pledge granted pursuant to Clauses 2.4.1 or 2.4.2 becoming
enforceable, Eurex Clearing AG may sell the pledged securities (that are the subject of
the relevant pledge) without prior notice in a private sale or may appropriate such
securities in whole or in part. The appropriation right expires upon it being exercised by
Eurex Clearing AG or upon the sale of the pledged securities.

Security Purpose (Sicherungszweck) of the Pledges

The pledges of the Securities pursuant to Clause 2.2.1 and/or Clause 2.2.2 (each in
connection with Clause 2.2.3), Clause 2.4.1 and/or Clause 2.4.2 (each in connection with

Appendix 11 to the Clearing Conditions for Eurex Clearing AG (as of 24.10.2022) 15/22

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