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Chapter I of the Clearing Conditions of Eurex Clearing AG 

General Provisions 

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AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED; 

DELETIONS ARE CROSED OUT 

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Part 1 General Clearing Provisions 

Clearing Members 

2.1 Clearing License 

[ ] 

2.1.2 General Prerequisites for Clearing Licenses 

[ ] 

(3) The applicant for a Clearing License must 

[ ] 

(d) Should an applicant have insufficient own funds, equivalent regulatory capital or 

assets under management for a Clearing License, Eurex Clearing AG may 

allow that the shortfall may be made up by collateral in cash or securities 

accepted by Eurex Clearing AG. The cash and securities collateral shall 

safeguard compliance with the contractual obligations of the respective Clearing 

Member and with all other claims of Eurex Clearing AG vis- -vis the respective 

Clearing Member in connection with the Clearing of its contracts (provision 

of collateral). 

Securities collateral shall be posted by (i) transfer of ownership for security 

purposes (Eigentums bertragung zu Sicherungszwecken) into a custody 

account with Clearstream Banking AG, Clearstream Banking S.A. (also using, 

with respect to accounts with Clearstream Banking AG and/or accounts with 

Clearstream Banking S.A., the Triparty Collateral Management Service CmaX 

of Clearstream Banking S.A. ( CmaX )) or SIX SIS AG or (ii) pledge of 

securities in a custody account relating to the Clearing Member and held by 

Euroclear Bank SA/NV ("Euroclear") in its own name but for the account of 

Eurex Clearing AG. 

[ ] 
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(4) The applicant (other than an applicant that intends to become an OTC IRS 

U.S. Clearing Member) shall have available the following accounts: 

(a) Securities Accounts: 

(aa) for purposes of providing Margin in the form of Securities accordance with 

the Elementary Clearing Model Provisions: 

(i) a securities account or sub-account with Clearstream Banking AG, 

Clearstream Banking S.A., or with SIX SIS AG or Euroclear, pledged 

to Eurex Clearing AG with respect to Proprietary Margin in 

accordance with the Elementary Clearing Model Provisions (such 

account held by the Clearing Member or, in the case of an account at 

Euroclear, an account relating to the Clearing Member and held by 

Euroclear in its own name but for the account of Eurex Clearing AG, 

or, in accordance with Chapter I Part 1 Number 3.6, by a third party, 

the Pledged Securities Account ), and 

(ii) one or more securities accounts or sub-accounts (including any 

subset of securities booked on an account and identified by a 

common identifier) with Clearstream Banking AG, Clearstream 

Banking S.A., or with SIX SIS AG or Euroclear, pledged to Eurex 

Clearing AG with respect to Omnibus Margin in accordance with the 

Elementary Clearing Model Provisions (each such account held by the 

Clearing Member or, in the case of an account at Euroclear, an 

account relating to the Clearing Member and held by Euroclear in its 

own name but for the account of Eurex Clearing AG, or, in accordance 

with Chapter I Part 1 Number 3.6, by a third party, an Omnibus 

Pledged Securities Account ); 

(bb) for purposes of providing Margin in the form of Securities pursuant to the 

ISA Provisions: 

(i) in case the Eligible Margin Assets in form of Securities shall be 

pledged in favour of Eurex Clearing AG: one or several securities 

accounts or sub-accounts (including any subset of securities booked 

on an account and identified by a common identifier) with Clearstream 

Banking AG, Clearstream Banking S.A., or with SIX SIS AG or 

Euroclear, for Securities pledged or to be pledged to Eurex 

Clearing AG with respect to Margin for the purposes of the ISA 

Provisions (each such account held by the Clearing Member or, in the 

case of an account at Euroclear, an account relating to the Clearing 

Member and held by Euroclear in its own name but for the account of 

Eurex Clearing AG, or, in accordance with Chapter I Part 1 

Number 3.6, by a third party, an ISA Pledged Securities Account ); 

[ ] 
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(cc) one or more securities accounts or sub-accounts (including any subset of 

securities booked on an account and identified by a common identifier) with 

Clearstream Banking AG, Clearstream Banking S.A., or with SIX SIS AG or 

Euroclear, pledged to Eurex Clearing AG with respect to Omnibus Margin 

for ECM CASS Transactions in accordance with Part 2 Subpart D (each 

such account held by the Clearing Member or, in the case of an account at 

Euroclear, an account relating to the Clearing Member and held by 

Euroclear in its own name but for the account of Eurex Clearing AG, or, in 

accordance with Chapter I Part 1 Number 3.6, by a third party, a CASS 

Omnibus Pledged Securities Account ); 

(dd) one or more securities accounts or sub-accounts (including any subset of 

securities booked on an account and identified by a common identifier) with 

Clearstream Banking AG, Clearstream Banking S.A., or with SIX SIS AG or 

Euroclear, pledged to Eurex Clearing AG with respect to Margin for ISA 

CASS Transactions in accordance with Part 4 (each such account held by 

the Clearing Member or, in the case of an account at Euroclear, an account 

relating to the Clearing Member and held by Euroclear in its own name but 

for the account of Eurex Clearing AG, or, in accordance with Chapter I Part 

1 Number 3.6, by a third party, an ISA CASS Pledged Securities 

Account ); 

[ ] 

[ ] 

2.4 Specific Provisions for Clearing Agents and ISA Direct Clearing Members 

[ ] 

2.4.1 Special prerequisites in respect of ISA Direct Clearing Members 

[ ] 

(2) With respect to each applicant for an ISA Direct Clearing License, the applicant shall 

procure that the following accounts are available (as applicable): 

(a) Securities Accounts: 

(aa) With respect to the Clearing of Transactions for ISA Direct Clearing 

Members and for purposes of granting pledges over the Securities that 

shall form part of the ISA Direct Margin to Eurex Clearing AG in 

accordance with the ISA Direct Provisions: 

(A) one securities account or sub-account of the Clearing Agent (or, in the 

case of Euroclear, a securities account or sub-account relating to the 

Clearing Agent held in the name of Euroclear but for the account of 

Eurex Clearing AG) (including any subset of securities booked on an 

account and identified by a specific customer identifier of the relevant 
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ISA Direct Clearing Member pursuant to Subpart A Number 5.5 of the 

ISA Direct Provisions) in relation to such ISA Direct Clearing Member 

with Clearstream Banking AG, Clearstream Banking S.A,. or with SIX 

SIS AG or Euroclear, to which the pledges with respect to ISA Direct 

Margin in accordance with the ISA Direct Provisions relate; 

(B) one securities account or sub-account of the ISA Direct Clearing 

Member (or, in the case of Euroclear, a securities account or subaccount relating to the ISA Direct Clearing Member held in the name 

of Euroclear, but for the account of Eurex Clearing AG) with 

Clearstream Banking AG, Clearstream Banking S.A., or with 

SIX SIS AG or Euroclear, to which the pledges with respect to ISA 

Direct Margin in accordance with the ISA Direct Provisions relate; 

[ ] 

(D) such other securities account or sub-account as may be agreed 

between the applicant and Eurex Clearing AG 

[ ] 

Accepted Collateral Management System means CmaX the triparty 

collateral management service of SIX SIS ( TCM SIX SIS ) and any other 

collateral management system accepted by Eurex Clearing AG. 

[ ] 

General Provisions regarding Margin and Variation Margin 

[ ] 

3.2 Eligible Margin Assets; Valuation; Rejection or Exchange Request; Large 

Exposures; Cash Ratio 

[ ] 

3.2.2 [ ] 

(3) If Eligible Margin Assets in the form of Securities are credited to the Pledged 

Securities Account, Omnibus Pledged Securities Account, ISA Pledged Securities 

Account, ISA Securities Margin Account (or, if, for the purpose of providing Margin 

for ISA Transactions by way of title transfer, Eligible Margin Assets in the form of 

Securities are delivered to a securities account of Eurex Clearing AG with 

Clearstream Banking S.A., to such securities account), CASS Omnibus Pledged 

Securities Account, ISA CASS Pledged Securities Account or ISA Direct Pledged 

Securities Account, as applicable, such Securities shall for the purpose of 

assessing compliance with the margin requirement be deemed to be actually 

delivered immediately after notification by Clearstream Banking AG, Clearstream 

Banking S.A., or SIX SIS AG or Euroclear of such credit. If such notification occurs 
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after the cut-off time specified by Eurex Clearing AG from time to time with respect to 

each of Clearstream Banking AG, Clearstream Banking S.A., or SIX SIS AG or 

Euroclear, as applicable, such Securities shall for the purpose of assessing 

compliance with the margin requirement be actually delivered on the Business Day 

following such confirmation. 

[ ] 

[ ] 

Default Fund 

[ ] 

6.1 Contributions to the Default Fund 

[ ] 

6.1.2 Provision of the Contributions to the Default Fund 

[ ] 

(4) If the Clearing Member or Clearing Agent provides Contributions in the form of 

securities deposited with Euroclear, the Clearing Member or Clearing Agent shall 

transfer the relevant securities to the relevant pledged securities account maintained 

with Euroclear exclusively for purposes of providing Contributions to Eurex 

Clearing AG (such account, relating to the Clearing Member or Clearing Agent, 

respectively, held by Euroclear in its own name but for the account of Eurex 

Clearing AG, the Belgian Default Fund Pledged Securities Account ) and ensure 

that all securities credited to such account from time to time are pledged to Eurex 

Clearing AG in order to secure all Default Fund Secured Claims in accordance with 

the relevant pledge agreement in the form appended to the Clearing Conditions or in 

such other form as may be required by Eurex Clearing AG. 

For such purpose the Clearing Member or Clearing Agent shall instruct Euroclear in 

a timely manner to transfer the relevant securities to the Belgian Default Fund 

Pledged Securities Account and inform Eurex Clearing AG of such transfer. In 

relation to voting rights or other optional rights, which may arise from such securities, 

Subpart A Number 4.3.2.1 Paragraph (2) of the Elementary Clearing Model 

Provisions applies mutatis mutandis.

(54) With respect to Securities provided by the Clearing Member or the Clearing Agent to 

Eurex Clearing AG as CM Contributions or ISA Direct Clearing Member 

Contributions using securities accounts with Clearstream Banking AG, or 

Clearstream S.A. or Euroclear, Eurex Clearing AG reserves the right to make use of 

such Securities in its discretion in order to support its operations as central 

counterparty for purposes of liquidity management in relation to its clearing activities 

by obtaining refinancing from the Eurosystem or entering into repo transactions with 

commercial counterparties. 
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The information statement set out in Appendix 12 to the Clearing Conditions in 

accordance with Article 15 of the Regulation on transparency of securities financing 

transactions and of reuse (Regulation (EU) 2015/2365) is applicable to Eurex 

Clearing AG and the Clearing Member or Clearing Agent, if the Clearing Member 

or Clearing Agent provides Securities to Eurex Clearing AG as CM Contributions or 

ISA Direct Clearing Member Contributions, respectively, using securities accounts 

with Clearstream Banking AG, or Clearstream Banking S.A. or Euroclear. 

[ ] 

Termination Rules with respect to the Clearing Member 

[ ] 

[ ] 

7.4 Notification of the Markets 

Eurex Clearing AG may inform the Management Board of the respective Markets, of 

Clearstream Banking AG, and of Clearstream Banking S.A. and of Euroclear of the 

occurrence of a Termination Event and may request the Management Board of the 

relevant Markets to exclude the Affected Clearing Member, as well as its DC Market 

Participants and Indirect Client Market Participants and, if such Clearing Member acts as 

Clearing Agent, its ISA Direct Clearing Members, from trading on the respective Market or 

to restrict the trading of certain Transaction Types or products (the Clearing of which is 

carried out by Eurex Clearing AG) for the duration of the applicable Grace Period, if any, 

in accordance with the rules and regulations of such Market. 

[ ] 

Termination of Clearing Agreements, Clearing Licenses, ISA Direct Clearing 

Licenses and Client Related Standard Agreements; Market Disorders Event, 

Impossibility Event, Force Majeure Event 

[ ] 

13.3 Market Disorder Event, Impossibility Event, Force Majeure Event 

13.3.1 [ ] 

(4) Information of other third parties 

In case of the occurrence of a Special Event Off-Setting Time, Eurex Clearing AG 

[ ] 

(ii) may inform the Management Board of the respective Markets, Clearstream 

Banking AG, Clearstream Banking AG, and SIX SIS AG and Euroclear, the 

Clearing Agent of the relevant ISA Direct Clearing Member, all affected 
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Disclosed Direct Clients of the relevant Clearing Member, and other market 

participants and the public, 

of any actions taken by Eurex Clearing AG pursuant to this Number 13.3. 

[ ] 

[ ] 

Miscellaneous 

[ ] 

17.2 Changes and Amendments to the Clearing Conditions 

[ ] 

17.2.4 Special Provisions are 

[ ] 

Chapter IV Part 2 Number 2.7.22.6 Paragraph (1) (b), 

[ ] 

Appendix 13 Clause 5, last sub-paragraph, Sentence 1, 

[ ] 

[ ] 

Part 2 Elementary Clearing Model Provisions 

[ ] 

Part 2 Subpart A: General Elementary Clearing Model Provisions 

[ ] 

Margin 

[ ] 

4.3 Delivery of Eligible Margin Assets 

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4.3.2 Delivery of Eligible Margin Assets in the form of Securities 

4.3.2.1 [ ] 

(1) The Clearing Member shall instruct Clearstream Banking AG, Clearstream 

Banking S.A., or SIX SIS AG or Euroclear in a timely manner to transfer the relevant 

Securities to the Pledged Securities Account, Omnibus Pledged Securities Account 

or CASS Omnibus Pledged Securities Account, as applicable, and authorizes 

Clearstream Banking AG, Clearstream Banking S.A., or SIX SIS AG or Euroclear to 

inform Eurex Clearing AG of such transfer. If the Clearing Member uses a securities 

account with a Third-Party CM Account Holder in accordance with Part 1 

Number 3.6, the Clearing Member shall ensure that such Third-Party CM Account 

Holder provides the relevant instructions to Clearstream Banking AG or Clearstream 

Banking S.A. or that the Clearing Member is authorised to provide such instructions. 

[ ] 

4.3.2.5 Number 4.3.2.4 applies mutatis mutandis with respect to each pledge granted by the 

Clearing Member to Eurex Clearing AG over Securities which are or will be credited to the 

relevant Omnibus Pledged Securities Account or to the relevant CASS Omnibus Pledged 

Securities Account (or the relevant securities account with a Third-Party CM Account 

Holder used in accordance with Part 1 Number 3.6 for purposes of the Elementary 

Clearing Model Provisions and providing Omnibus Margin) with Clearstream Banking AG, 

provided that: 

[ ] 

4.6 Redelivery of Margin in the form of cash; Release of Eligible Margin Assets in the 

form of Securities 

[ ] 

4.6.2 Subject to the occurrence of a Clearing Member Termination Date or an Insolvency Event 

or Failure to Pay Event, Eligible Margin Assets in the form of Securities shall be released 

if a Clearing Member, prior to the then applicable cut-off time specified by Eurex 

Clearing AG with respect to each of Clearstream Banking AG, Clearstream Banking S.A.,

and SIX SIS AG and Euroclear, as applicable, with respect to any Business Day, 

requests a release of pledged Securities by Eurex Clearing AG if and to the extent that 

the requirements set out in Number 4.6.1 are met (taking into account a release request 

of the Clearing Member pursuant to this Number 4.6.2). 

4.6.2.1 [ ] 

If (i) the fulfilment of the release request would render the remaining aggregate value of 

the relevant Eligible Margin Assets actually delivered as Margin inadequate or if (ii) the 

redelivery request is received by Eurex Clearing AG after the applicable cut-off time, 

Eurex Clearing AG will approve such release on the next Business Day vis- -vis 

Clearstream Banking AG, Clearstream Banking S.A., or SIX SIS AG or Euroclear, as 

applicable, if (x) the amount of Eligible Margin Assets required to cover such shortfall has 
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been provided by the Clearing Member as Margin in accordance with the daily cash 

clearing procedure for such Business Day or (y) the relevant Eligible Margin Assets 

actually delivered as Margin are adequate at the start of such Business Day. 

[ ]

Part 4 Individual Segregated Account Provisions 

[ ] 

Margin 

[ ] 

6.3 Delivery and Booking of Eligible Margin Assets 

[ ] 

6.3.2 Delivery of Eligible Margin Assets in the form of Securities 

[ ] 

6.3.2.2 [ ] 

(1) The Clearing Member shall instruct Clearstream Banking AG, Clearstream 

Banking S.A., or SIX SIS AG or Euroclear in a timely manner to transfer the relevant 

Securities to the relevant ISA Pledged Securities Account or ISA CASS Pledged 

Securities Account and authorises Clearstream Banking AG, Clearstream 

Banking S.A., or SIX SIS AG or Euroclear to inform Eurex Clearing AG of such 

transfer. If the Clearing Member uses a securities account with a Third-Party CM 

Account Holder in accordance with Part 1 Number 3.6 for purposes of the ISA 

Provisions, the Clearing Member shall ensure that such Third-Party CM Account 

Holder provides the relevant instructions to Clearstream Banking AG or Clearstream 

Banking S.A. or that the Clearing Member is authorised to provide such instructions. 

[ ] 

6.3.2.4 If the Clearing Member, with respect to the relevant Internal ISA Margin Account, has 

submitted a Security Interest Margin Election, then pursuant to the relevant pledge 

agreement and subject to the provisions set out therein, each pledge granted by the 

Clearing Member to Eurex Clearing AG over Securities which are or will be credited to the 

relevant ISA Pledged Securities Account or ISA CASS Pledged Securities Account (or 

the relevant securities account with a Third-Party CM Account Holder used in accordance 

with Part 1 Number 3.6 for purposes of the ISA Provisions) with Clearstream Banking AG, 

includes a right of Eurex Clearing AG (that is conditional upon the occurrence of a 

Termination Event or an Insolvency Termination Event and a Termination with respect to 

the relevant ISA Standard Agreement (for which the relevant Securities constituted 
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Margin immediately prior to the appropriation)) to appropriate one or more of such 

Securities (the Relevant ISA Pledged Securities ) and to make use of the Relevant ISA 

Pledged Securities. The following provisions apply with respect to such appropriation and 

re-use right: 

[ ] 

[ ] 

6.5 Redelivery of Margin in the form of cash or securities; Release of Eligible Margin 

Assets in the form of Securities 

[ ] 

6.5.2 [ ] 

(i) the Clearing Member, prior to the then applicable cut-off time specified by Eurex 

Clearing AG with respect to each of Clearstream Banking AG, Clearstream 

Banking S.A., and SIX SIS AG and Euroclear, as applicable, with respect to any 

Business Day, requests a release of pledged Securities by Eurex Clearing AG; and 

[ ] 

6.5.3 [ ] 

If (i) the processing of the redelivery or release request would render the remaining 

aggregate value of the relevant Eligible Margin Assets actually delivered as Margin with 

respect to the relevant Internal ISA Margin Account to be lower than the applicable 

Margin Requirement for such Internal ISA Margin Account or if (ii) the redelivery or 

release request is received by Eurex Clearing AG after the applicable cut-off time on the 

relevant Business Day, Eurex Clearing AG will approve such redelivery or release on the 

next Business Day vis- -vis Clearstream Banking AG, Clearstream Banking S.A., or SIX 

SIS AG or Euroclear, as applicable, if (x) Eligible Margin Assets in an aggregate value 

required to cover such shortfall have been actually delivered by the Clearing Member as 

Margin with respect to such Internal ISA Margin Account in accordance with the daily 

cash clearing procedure for such Business Day or (y) the aggregate value of the relevant 

Eligible Margin Assets actually delivered as Margin with respect to such Internal ISA 

Margin Account is at least equal to the applicable Margin Requirement for such Internal 

ISA Margin Account at the start of such Business Day. 

[ ] 

Part 6 Subpart A: General ISA Direct Provisions 

[ ] 
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ISA Direct Margin 

[ ] 

7.6 Delivery of Eligible Margin Assets in the form of Securities 

7.6.1 Eligible Margin Assets in the form of Securities as cover in respect of the ISA Direct 

Margin in respect of an ISA Direct Standard Agreement shall be provided by transferring 

Eligible Margin Assets in the form of Securities to the relevant ISA Direct Pledged 

Securities Account. 

(1) The Clearing Agent or the ISA Direct Clearing Member shall instruct Clearstream 

Banking AG, Clearstream Banking S.A., or SIX SIS AG or Euroclear in a timely 

manner to transfer the relevant Securities to the ISA Direct Pledged Securities 

Account and authorizes Clearstream Banking AG, Clearstream Banking S.A., or 

SIX AG or Euroclear to inform Eurex Clearing AG of such transfer. In case of a Third 

Party Account Holder, the ISA Direct Clearing Member shall procure that the 

instructions and authorisations are given by the Third Party Account Holder. 

[ ] 

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  

   





      



   

  



   



 

       

          

            

      

   

      

             

             

        

 

       

    

 
       





        

           



 

        

       

 

         

         



 

        

      

 

         

             

           

 

         

          

             

 

       


       





        

    

           

           

             

        

             

         

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            

     

             

           

            

               

        

        

       

        

        

         

         

           

        

         

         

          

          

    

         

       

        

        

        

     

          

       

         

          

       

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       





      

        



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       

          

          

          

              

              

          

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      

 

         

          

          

          

 

           

           

            

    

           

 

       

             

            

            

        

             

        

        

        

          

       

            

          

            
       





       

         

         

     

       

       

          

           

              

           

            

      

       

          

         

             

         

            

          

       

          

           

            

        

              

             

    

    

           

           

              

           

            

       

     

           

         

              
       





          

          

           



       



           

          

         

             

            

   

         

 

           

             

         

           

            

            



           

 

         

    

           

           

           

                

          

    

 

 

 

 

 
       





 

 

 

            

     

 

   

          

        

            

           

          

         

          

        

          

          

          

           

              

          

         

          

       

             

                

   

         

           

        

          

             

         

 

              

         

            

            

           
       





          

      

           

       



       

         

         

        

          

             

         

           

          

          

           

          

         

           

        

         

        

          

  

       

          

       

           

            

          

            

          

          

          

        

           

        

         

         

   

           

             
       





           

              

            

          

           

          



 

     





           

          

   



     



              

      

            

            

         

           

               

          

           

           

    

          

            

         

      

            
       





   

              

             

          

            

      

           

             

             

  

            

        

        

             

         

      

  

            

        

       

        

          

        

            

          

         

           

           

         

       

           

          

        

              

     

           

          

 
       





 

           

       

            

      

           

       

             

        

        

            

          

            




       





 

        

   

    

           

        

           

             

          





                



            

            

             

             

              

                

             

              

   

             

              

  

    

 

 

              

            

       

              

               

               

            
       





          

         

      

              

            



           

 

          

       

              

          

      

           



             

              

             

             

              

            

        

       

           



           

            

          

      

            

            

           

            

          

          

    

           

          
       





         

   

             

            

              

  

          

  

            

          

              

                

    

              

            

 

  

              

    

              

         

          

         

 

          

        

        

     

           

           

        

    

              

             

             

            

            

               

                

              
       





           

           

     

            

             

          

             

   

           

          

          

     

          

            

               

         

            



               

     

              

          

           

   

     

           

            

                

            

           

          

          

           

     

            

             

    

              

             
       





            

      

   

           

        

          

          

       

           

     

          

         

             



           

          

           

   

         

          

          

         

         

        

          

               

      

    

            

            

          

            



           

            

           

          
       





           

              

  

           

            

       

          

           

           

             

               

 

      

         

     

 

         

           

              

         

           



           

            

    

           

            

          

  

               

        

          

            

          

          

             

               

        
       





           

  

 

           

          

          

          

            

           

               

  

    

              

               

               

             

                

               

               

                

    

 

              

     

  

           

            

  

          

               

       

             

         

               

         

             

             

          


       





              

            

            

               

                

     

             

              

            

             

            

        

                  

               

               



              

        

               

             

                

                 

           

                 

          

             

                

               

       

            

             

            

            

              

               

      

      

             

             

              

            

           
       





                

           

    

            

              

        

 

    

              

          

              

              

 

   

            

                

              

            

              

               

    

    

               



   

              

             

              

 

   

   

              

            

    
       





               

 

              

          

      

              

             

             

               

            

                

       

   

           

          

  

 

                

            



 

                 

           

   

                

            

   

 

               

        

 

  

             

              

               

     
       





             

              

     

              

               

             

          

             

      

               

           

              

 

             

              

               

               

             

              

  

   

             

   

          

                  

 

               

              

       

  

 

               

               

     

  

              

        

 
       





              

   

  

   

            

            

           

             

       

                

       



 

                 

          

           

               

      

               

              

      

              

        

 

               

                

             

        

               



                

    

           

              

             

               


       





            

         

          

     

             

       

     

  

              

                

             

              

    

  

              

              

        

            

               

             

         

      

  

                

         

 

             

            

               

               

         

            

             

         

                 

          
       





  

 

           

            

              

    

            

        

    

              

           

 

           

        

   

               

   

               

            

        

   

               

              

            

         

 

             

             

                

           

                

               

 

    

 

               

          
       





   

                  

                 

                 

               

     

 

                

        
       





                



 

 

             

               

              

          

               

                 

       

               

 

                 

 

 

               

               

              

           

              

  

             

                  

             

             

        

               

             

               

 

              

               

 

            

              
       





              

                

               

  

                 

    

              

              

          

               

               

          

            

             

        

             

            

           

             

    

              

           

               

           

            

             

     


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Appendix 11 to the Clearing Conditions for of Eurex Clearing AG: 

Pledge Agreement 

relating to pledges of Eligible Margin Assets in order to provide ISA 

Direct Margin in the form of Securities 

As of 12.02.2024
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************************************************************ 

AMENDMENTS ARE MARKED AS FOLLOWS: 

INSERTIONS ARE UNDERLINED; 

DELETIONS ARE CROSED OUT 

************************************************************ 

[ ] 

2 Granting of Pledges 

2.1 Securities Accounts 

[ ] 

2.1.4 Belgian Securities Accounts 

The following securities account(s) or sub-account(s) with Euroclear Bank SA/NV, 

Belgium ( Euroclear ) under Belgian law (in each case, in the form of a Single Pledgor 

Pledged Account opened in the name of Euroclear and held by Euroclear as a 

pledgeholder (tiers d tenteur du gage or tiers convenu / derde pandhouder) for the 

account of Eurex Clearing AG): 

Securities account/sub-account number(s):

(each account (if any) so specified, a Belgian ISA Direct Pledged Securities 

Account for the purposes of granting ISA Direct Margin) 

2.2 Pledges of Securities in German Securities Accounts 

2.2.1 ISA Direct Provisions (without use of CmaX) 

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 I Part 1 Number 3 and Part 65 Subpart A Number 7 (where relevant, in 

conjunction with Subpart B) 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 ISA Direct German Pledged Securities Account(s). 

2.2.2 ISA Direct Provisions (Use of CmaX for German accounts) 

If one or more ISA Direct German CmaX Pledged Securities Accounts or GC Pooling Reuse 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 I Part 1 

Number 3 and Part 65 Subpart A Number 7 (in particular, Number 7.6.3) (where relevant, 

in conjunction with Subpart B) of the Clearing Conditions, the ISA Direct Clearing 
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Member hereby pledges to Eurex Clearing AG all securities which are at present or are in 

the future deposited in any such ISA Direct German CmaX Pledged Securities Account(s) 

or GC Pooling Re-use ISA Direct German Pledged Securities Account(s). 

[ ] 

2.3 Pledges of Securities in Luxembourg Securities Accounts 

2.3.1 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 I Part 1 Number 3 and 

Part 65 Subpart A Number 7 (where relevant, in conjunction with Subpart B) of the 

Clearing Conditions, 

[ ]

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

(i) If one or more CmaX 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 I Part 1 Number 3 and Part 65 Subpart A Number 7 (in 

particular, Number 7.6.3) (where relevant, in conjunction with Subpart B) of the 

Clearing Conditions by use of CmaX, 

[ ] 

2.4 Pledges of Securities in Swiss Securities Accounts 

2.4.1 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 I Part 1 Number 3 and Part 56 Subpart A 

Number 7 (where relevant, in conjunction with Subpart B) 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). 

[ ] 

2.4.2 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 I Part 1 Number 3 and Part 65

Subpart A Number 7 (where relevant, in conjunction with Subpart B) of the Clearing 

Conditions, the ISA Direct Clearing Member hereby pledges to Eurex Clearing AG all 
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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). 

[ ]

2.5 Pledges of Securities in Belgian Securities Accounts 

2.5.1 If one or more Belgian ISA Direct Pledged Securities Accounts have been established 

pursuant to Clause 2.1.4, in order to provide ISA Direct Margin pursuant to the ISA Direct 

Provisions, in accordance with Chapter I Part 1 Number 3 and Part 6 Subpart A 

Number 7 (where relevant, in conjunction with Subpart B) of the Clearing Conditions, the 

ISA Direct Clearing Member hereby pledges to Eurex Clearing AG pursuant to, and in 

accordance with, Schedule 4 of this Agreement all securities which are at present or are 

in the future deposited in any such Belgian ISA Direct Pledged Securities Account(s). 

2.5.2 The ISA Direct Clearing Member confirms that Euroclear has agreed 

(i) to the granting of the pledges pursuant to Clause 2.5.1; and 

(ii) to act as pledgeholder (tiers d tenteur du gage or tiers convenu / derde 

pandhouder) with respect to all securities accounts referred to in Clause 2.1.4 

and to hold the pledged assets from time to time standing to the credit of any of 

such securities accounts for the account of Eurex Clearing AG as pledgee.

2.65 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 

Clause 2.4.3) and Clause 2.5.1 shall secure the claims specified in Chapter I 

Part 6 Subpart A Number 7.6.2 of the Clearing Conditions (the ISA Direct Secured 

Claims ). 

2.76 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 2.54 above (where relevant, in 

connection with Schedule 1 and/or Schedule 2 or Schedule 4 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 I Part 1 Number 3 and Part 6 

Subpart A Number 7 of the Clearing Conditions. 
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2.87 Registration 

To the extent required by applicable law for the valid creation and/or enforceability of a 

security interest and without prejudice to any undertakings set out in this Agreement 

relating to the perfection of pledges, 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 2.45 (where relevant, in connection with Schedule 1 [and/or 

Schedule 2 hereto] or Schedule 4 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. 

3 Representations 

3.1 Representations of the ISA Direct Clearing Member 

[ ] 

(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 2.45 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; 

[ ] 

5 Release of Pledges 

5.1 Eurex Clearing AG will only release the pledges granted pursuant to Clauses 2.2 to 2.45

upon (i) a termination in respect of the ISA Direct Clearing Member pursuant to Chapter I 

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 2.54. 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 2.54, the 

Securities which are credited to the relevant Securities Account of (or relating to) 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. 
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6 Governing Law; Jurisdiction, Place of Performance; Severability Clause 

6.1 Governing Law 

6.1.1 This Agreement (except for Clauses 2.3 to, 2.54, 6.2.2 to, 6.2.34 and Schedule 1 [and 

Schedule 2] and Schedule 4 hereto) is governed by the substantive laws (Sachrecht), 

excluding German private international law, of the Federal Republic of Germany. 

Clauses 2.3, 6.2.2 and Schedule 1 [and Schedule 2] hereto are governed by the 

substantive laws, excluding Luxembourg private international law, of Luxembourg. 

Clauses 2.4 and 6.2.3 are governed by the substantive laws, excluding Swiss private 

international law, of Switzerland. Clauses 2.5 and 6.2.4 and Schedule 4 are governed by 

the substantive laws, excluding Belgian private international law, of Belgium. Clause 5 

shall be governed by the laws of the jurisdiction governing the pledge to which the 

relevant release relates. 

6.1.2 Any non-contractual rights and obligations arising out of or in connection with this 

Agreement (except for Clauses 2.3 to, 2.54, 6.2.2 to, 6.2.34, Schedule 1 [and Schedule 2] 

and Schedule 4 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 and obligations arising out of or in connection with Clauses 2.3, 

6.2.2, Schedule 1 [and/or Schedule 2] hereto shall be governed by the substantive laws, 

excluding Luxembourg private international law, of Luxembourg. Any non-contractual 

rights and obligations arising out of or in connection with Clauses 2.4 and/or 6.2.3 shall 

be governed by the substantive laws, excluding Swiss private international law, of 

Switzerland. Any non-contractual rights and obligations arising out of or in connection 

with Clauses 2.5, 6.2.4 and/or Schedule 4 shall be governed by the substantive laws, 

excluding Belgian private international law, of Belgium.

6.2 Jurisdiction 

6.2.1 The courts in Frankfurt am Main, Federal Republic of Germany shall have exclusive 

jurisdiction (ausschlie licher Gerichtsstand) over any action or other legal proceedings 

arising out of or in connection with this Agreement (except for Clauses 2.3 to, 2.45, 

Schedule 1 [and/or Schedule 2] and Schedule 4 hereto). 

[ ]

6.2.4 The courts of Brussels, Belgium, shall have exclusive jurisdiction over any action or other 

legal proceedings arising out of or in connection with Clause 2.5 and Schedule 4 of this 

Agreement.

[ ] 
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Schedule 1 

Pledges relating to ISA Direct Margin 

in (non-CmaX and CmaX) Luxembourg Securities Accounts held by the 

ISA Direct Clearing Member 

[ ] 

1 Definitions and Interpretations 

1.1 Definitions 

[ ] 

Enforcement Event means 

[ ] 

(ii) irrespective of, including prior to the occurrence of, any of the events referred to 

in (i), 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. 

[ ] 
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Schedule 2 

Pledges relating to ISA Direct Margin 

in (non-CmaX and CmaX) Luxembourg Securities Accounts held by the 

Third Party Pledge Holder1

[ ] 

1 Definitions and Interpretations 

1.1 Definitions 

[ ] 

Enforcement Event means 

[ ] 

(ii) irrespective of, including prior to the occurrence of, any of the events referred to in 

(i), 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. 

[ ] 

1

In case a specific operation/construction involves several Third Party Pledge Holders (for instance, a Clearing Agent and a 

Third Party Account Holder), all having signed the main Agreement (the Agreement being hence a multiparty agreement), 

this Schedule 2 shall be read as governing the relationship between the Pledgor, the Pledge and a relevant Third Party 

Pledge Holder (the Relevant Third Party Pledge Holder ) in a triparty manner and with respect to the relevant Collateral 

Accounts opened in the name of that Relevant Third Party Pledge Holder and excluding any other Third Party Pledge Holder 

(the Other Third Party Pledge Holder ) and the Collateral Accounts opened in the name of the Other Third Party Pledge 

Holder. In other words, there will be as many Agreements and related Schedule 2 concluded as there will be different Third 

Party Pledge Holders involved. 

Accordingly, the analysis of the required notices to be served to CBL under Attachments 1 or 2 hereunder (as applicable) 

shall be made by reference to each triparty relationship considering the relevant type of Collateral Accounts of the Relevant 

Third Party Pledge Holder and the role of the Relevant Third Party Pledge Holder (whether it is the Collateral Giver or not). 

In the above context: 

(a) where (non-CmaX) Luxembourg ISA Direct Pledged Securities Accounts are concerned: a notice in the form of 

Attachment 1 hereto will always be required; 

(b) where CmaX ISA Direct Luxembourg Pledged Securities Accounts and GC Pooling Re-Use ISA Direct Luxembourg 

Pledged Securities Accounts are concerned: the Relevant Third Party Pledge Holder (which may either be the Clearing 

Agent or the Third Party Account Holder) will be required to serve a notice to CBL in accordance with Attachment 2 hereto if 

it is not the Collateral Giver. In case it is the Collateral Giver, no notices are required to be made specifically under this 

Agreement. 
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Schedule 4 

Pledges relating to ISA Direct Margin 

in Belgian Securities Accounts (each in the form of a Single Pledgor Pledged 

Account) 

This Schedule 4 (the "Schedule 4") is made between: 

(1) the ISA Direct Clearing Member (as defined above in the Agreement), as pledgor (the 

Pledgor ); 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, as pledgee (the 

Pledgee ). 

Background 

(A) The Pledgee and the Pledgor, as clearing member, have entered or will enter into the ISA Direct 

Clearing Agreement. 

(B) The Pledgor intends to grant pledges for the benefit of the Pledgee for purposes of providing 

ISA Direct Margin in accordance with the ISA Direct Provisions (as defined in the Clearing 

Conditions). 

(C) The Pledgor and the Pledgee are participants in the Euroclear System (as defined below). 

(D) The Pledgor and the Pledgee have requested or will request Euroclear to open one or more 

Pledged Securities Account(s) (as defined below) in the Euroclear System in the name of 

Euroclear but for the account of the Pledgee, to be operated in accordance with the Euroclear 

Agreements (as defined below). 

(E) The Parties have entered into the Euroclear Agreements (as defined below) in connection with 

this Schedule 4 and the Pledged Securities Accounts (as defined below) on or about the date of 

this Schedule 4. 

IT IS AGREED as follows: 

1 Interpretation 

1.1 Definitions 

In this Schedule 4, unless a contrary indication appears, terms used but not defined shall have 

the meaning given to them (including by way of reference therein) in the text of the Agreement 

to which this Schedule 4 is attached and: 

Affiliate means in relation to any person, any entity controlled, directly or indirectly, by the 

person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly 

under common control with the person. For this purpose, control of any entity or person means 

ownership of a majority of the voting power of the entity or person. 
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"Agreement" means the agreement to which this Schedule 4 is attached 

Amendment Agreement means the amendment agreement between the Pledgor, the 

Pledgee and Euroclear, in relation to the SPPA Agreement. 

Appropriate Market means, in relation to securities of any description, the market which is the 

most appropriate market for securities of that description, as reasonably determined by the 

Pledgee. 

Appropriation Value means, in relation to securities of any description (such securities, 

Relevant Securities ): 

(a) if the Pledgee has received firm or indicative bid quotations in respect of such Relevant 

Securities from, at the option of the Pledgee, either: 

(i) two or more market makers or regular dealers in the Appropriate Market in a 

commercially reasonable size (as determined by the Pledgee) but which in 

aggregate are for all such Relevant Securities; or 

(i) a market maker or regular dealer in the Appropriate Market for all such Relevant 

Securities, 

the Appropriation Value of such Relevant Securities shall be the firm or indicative price 

quoted (or where more than one price is so quoted, the arithmetic mean of the prices so 

quoted for the purchase by the relevant market maker or dealer), provided that such 

price or prices quoted may be adjusted in a commercially reasonable manner by the 

Pledgee to reflect accrued but unpaid coupons not reflected in the price or prices quoted 

in respect of such Relevant Securities after deducting the Transaction Costs which would 

be incurred or reasonably anticipated in connection with such transaction; and 

(b) if, acting in good faith, the Pledgee has either: 

(i) endeavoured but been unable to obtain quotations in accordance with paragraph 

(a) above; or 

(ii) determined that it would not be commercially reasonable to obtain such 

quotations, or that it would not be commercially reasonable to use any quotations 

which it has obtained under paragraph (a) above (including, without limitation, 

owing to circumstances affecting the market in such Relevant Securities), 

then, in either case, the Pledgee may determine the Appropriation Value of such 

Relevant Securities as the amount which, in the reasonable opinion of the Pledgee, 

represents their fair market value (after deducting all Transaction Costs which the 

Pledgee would have incurred had it sold such securities), having regard to such pricing 

sources and methods as the Pledgee considers appropriate, including, without limitation: 

A. available prices for securities with similar maturities, terms and credit 

characteristics as the Relevant Securities; 

B. information consisting of relevant market data in the relevant market supplied by 

one or more third parties including, without limitation, relevant rates, prices, 
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yields, yield curves, volatilities, spreads, correlations or other relevant market 

data in the relevant market; and 

C. information of the types described in paragraph (A) or (B) above from internal 

sources (including any of the Pledgee s Affiliates) if that information is of the 

same type used by the Pledgee in the regular course of its business for the 

valuation of similar securities. 

"Belgian Civil Code means the Belgian Burgerlijk Wetboek/Code civil introduced by the 

law of 13 April 2019. 

Business Day means a day when banks are open for business in Brussels (Belgium). 

Charge means a mortgage, charge, pledge, lien (including voorrecht/privil ge) or other 

security interest (including title transfer by way of security) securing any obligation of any person, 

a mandate to create the same or any other right arising by operation of law, agreement, or 

arrangement having a similar effect. 

Distributions means all assets received in kind (i.e. excluding any cash) in respect of the 

Euroclear Collateral, whether by way of principal, premium, interest, dividend, return on capital 

or otherwise. 

Enforcement Event means 

(i) the non-delivery or non-payment of the Relevant Secured Liabilities on the due date of 

the relevant delivery or payment obligation; and 

(ii) irrespective of, including prior to the occurrence of, any of the events referred to in (i), 

the occurrence of an ISA Direct Clearing Member Termination with respect to the ISA 

Direct Standard Agreement of the ISA Direct Clearing Member. 

Euroclear means Euroclear Bank SA/NV, a credit institution incorporated under the laws of 

Belgium, with registered office at Boulevard du Roi Albert II, 1210 Brussels, and registered with 

the Crossroads Bank for Enterprises under number 0429.875.591 (Brussels), as operator of the 

Euroclear System, and which is recognised as a central securities depository for purposes of 

Royal Decree No 62. 

Euroclear Agreements means (i) the Terms and Conditions Governing Use of Euroclear, (ii) 

the Operating Procedures of the Euroclear System and (iii) the SPPA Agreement. 

Euroclear Collateral means the Relevant Pledged Assets (including the Distributions and all 

right, title and interest of the Pledgor therein). 

Euroclear System means the clearance and settlement system for internationally traded 

securities operated by Euroclear, including all services offered by Euroclear in respect of 

securities held or recorded in any account as set forth in the Terms and Conditions Governing 

Use of Euroclear or in the Operating Procedures of the Euroclear System.

Financial Collateral Law means the Belgian law of 15 December 2004 on financial collateral 

arrangements. 

Financial Supervision Law means the Belgian law of 2 August 2002 on the supervision of the 

financial sector and the financial services. 
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Income means all interest and dividends received in kind in respect of the Relevant Pledged 

Assets standing from time to time to the credit of the Pledged Securities Accounts. 

Operating Procedures of the Euroclear System means the Operating Procedures of the 

Euroclear System issued by Euroclear. 

Party means a party to this Schedule 4. 

Pledged Securities Account means each of the securities accounts (each being a Securities 

Clearance Account (as defined in the Terms and Conditions Governing Use of Euroclear)) in the 

Euroclear System held in the name of Euroclear and for the account of the Pledgee opened 

pursuant to the SPPA Terms and Conditions and identified pursuant to Clause 2.1.4 of the 

Agreement as a Belgian ISA Direct Pledged Securities Account. 

Relevant Collateral Document means any of this Schedule 4, the ISA Direct Clearing 

Agreement, the Clearing Conditions, the SPPA Terms and Conditions, as well as any other 

document designated as Relevant Collateral Document by the Parties. 

Relevant Pledged Assets means all securities which are at present or are in the future 

deposited in the relevant Pledged Securities Account(s) (including all right, tilte and interest of 

the Pledgor relating to or arising from such securities, including, without limitation, any 

Distributions) for the purpose of securing the Relevant Secured Liabilities. 

Relevant Secured Liabilities means with respect to the Pledge over Relevant Pledged Assets 

credited to one or more Belgian ISA Direct Pledged Securities Account(s), the ISA Direct 

Secured Claims (as defined in the Agreement). 

Royal Decree No 62 means the Belgian Royal Decree No 62 of 10 November 1967 concerning 

the custody and clearing of fungible financial instruments. 

Schedule 4 means this Schedule 4. 

Security Interest means each first ranking pledge (pand in eerste rang/gage de premier rang) 

for the benefit of the Pledgee created by or pursuant to this Schedule 4. 

SPPA Agreement means the agreement comprising the SPPA Terms and Conditions 

Acceptance Agreement and the SPPA Terms and Conditions as amended by the Amendment 

Agreement. 

SPPA Terms and Conditions means the Single Pledgor Pledged Accounts Terms and 

Conditions, Pledgee version entered into by the Pledgor, the Pledgee and Euroclear in 

connection with this Schedule 4 through the SPPA Terms and Conditions AcceptanceAgreement 

(as amended by way of an amendment agreement between such parties). 

SPPA Terms and Conditions Acceptance Agreement means the agreement to the SPPA 

Terms and Conditions entered into by the Pledgor, the Pledgee and Euroclear in connection with 

this Schedule 4. 

Terms and Conditions Governing Use of Euroclear means the Terms and Conditions 

governing use of Euroclear The clearance and settlement system for internationally traded 

securities issued by Euroclear, as amended from time to time. 
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Transaction Costs means, in relation to any transaction, the reasonable costs, commissions 

(including internal commissions), fees and expenses (including any mark-up or mark-down or 

premium paid for guaranteed delivery) which would have been incurred or reasonably 

anticipated in connection with the sale of securities, calculated on the assumption that the 

aggregate thereof is the least that could reasonably be expected to be paid in order to carry out 

the transaction. 

Winding-up means winding-up, amalgamation, reconstruction, administration, judicial 

reorganisation, insolvency, dissolution, liquidation, merger or consolidation or any analogous 

procedure or step in any jurisdiction. 

1.2 Construction 

Unless a contrary indication appears (and without limiting the generality of the foregoing): 

(i) the terms Party , Pledgor and Pledgee , include their respective successors ( ad 

universum ) and, in the case of the Pledgee, the transferees or assignees (by way of 

novation or otherwise) of its rights and obligations under this Schedule 4; 

(ii) assets includes present and future properties, revenues and rights of every 

description; 

(iii) a person includes any individual, firm, company, corporation, government, state or 

agency of a state or any association, trust, joint venture, consortium or partnership 

(whether or not having separate legal personality); 

(iv) a regulation includes any regulation, rule, official directive, request or guideline 

(whether or not having the force of law) of any governmental, intergovernmental or 

supranational body, agency, department or of any regulatory, self-regulatory or other 

authority or organisation; 

(v) a provision of law is a reference to that provision as amended or re-enacted; and 

(vi) a time of day is a reference to Brussels time;

(vii) Section, Clause and Schedule headings are for ease of reference only; 

(viii) any reference to any Relevant Collateral Document or any other agreement or 

instrument is a reference to such Relevant Collateral Document, agreement or 

instrument as the same may be amended, novated, supplemented, restated or replaced 

by any other agreement or instrument and includes any increase in, extension of or 

change to any facility, the margin or any other amount made available or due under such 

Relevant Collateral Document, agreement or instrument (including, without limitation, 

any new, additional or incremental facility or any substitution or refinancing of any of the 

facilities made available thereunder). 

2 Security Interests 

If one or more Belgian ISA Direct Pledged Securities Accounts (hereafter each a Belgian 

Pledged Account ) have been established in relation to the ISA Direct Clearing Member in the 

name of Euroclear for the account of the Pledgee and identified pursuant to Clause 2.1.4 of the 

Agreement, the following special provisions apply: 
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2.1 Security Interests in favour of the Pledgee 

As security for the discharge and payment of the Relevant Secured Liabilities, the Pledgor grants 

to the Pledgee a first ranking pledge (pand in eerste rang/gage de premier rang) over the 

Relevant Pledged Assets which are at present or will in the future be deposited in the relevant 

Belgian Pledged Account, in accordance with the Financial Collateral Law and Royal Decree No 

62 or, as the case may be, (i) the law of 2 January 1991 on the market of public debt securities 

and monetary policy instruments, (ii) the law of 22 July 1991 on deposit and treasury certificates 

or (iii) Articles 7:22 and 7:35 to 7:44 of the Belgian Companies and Associations Code, the law 

of 14 December 2005 on the abolition of bearer shares and the Royal Decree of 12 January 

2006 on companies dematerialised shares. 

2.2 Ranking 

The Security Interests shall rank ahead of the right of preference of Euroclear as contemplated 

in Article 31 of the Financial Supervision Law. 

2.3 Special accounts 

The Parties have appointed Euroclear as third-party pledgeholder of the Relevant Pledged 

Assets, and Euroclear has accepted that appointment by executing the SPPA Terms and 

Conditions Acceptance Agreement. 

The Parties shall treat the Pledged Securities Accounts as special accounts specifically opened 

for the purpose of holding Relevant Pledged Assets in accordance with Article 4, 1 of the 

Financial Collateral Law and Article 7 of Royal Decree No 62. 

2.4 Ownership of the Relevant Pledged Assets 

The Pledgee confirms and acknowledges that the Pledgor (or, if the Pledgor is not the owner of 

the Relevant Pledged Assets, but has been authorised to grant the Security Interests, the 

relevant owner) shall at all times prior to enforcement of the Security Interests pursuant to 

Clause 08 (Enforcement) remain the legal owner of the Relevant Pledged Assets for all 

purposes, including for the purpose of the right of recovery (droit de 

revindication/revindicatierecht) envisaged in Royal Decree No 62 (it being understood that any 

such rights shall be subject to the Security Interests and the rights of the Pledgee under this 

Schedule 4. 

3 Perfection of the Security Interests 

The Pledgor shall deliver to the relevant Pledged Securities Account(s), eligible securties in 

accordance with the provisions of the Clearing Conditions and as a result of such transfer, the 

Security Interests over the relevant Euroclear Collateral will be perfected.

4 Income 

4.1 Before an Enforcement Event 

Prior to the occurrence of an Enforcement Event, all Income from time to time collected on the 

Relevant Pledged Assets shall be transferred by Euroclear directly to the Pledgor. 
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Any transfer from the Pledged Securities Accounts under this Clause 04.1 shall, to the extent of 

such transfer, constitute an automatic release of the Security Interests in respect of the assets 

so transferred. 

4.2 After an Enforcement Event 

The Pledgor undertakes, at any time after an Enforcement Event has occurred and at any time 

as long as such event shall be continuing, that all Income shall be retained in the relevant 

Pledged Securities Accounts for the account of the Pledgee and shall remain subject to the 

Security Interests. If the Pledgor nevertheless receives any Income, the Pledgor shall be 

deemed to hold such Income as agent on behalf of the Pledgee and shall transfer such Income 

to the relevant Pledged Securities Account and thus such Income shall fall within the scope of 

the pledge referred to in Clause 2.1. 

5 Status of the Pledgee 

The Pledgee represents and warrants to the Pledgor that it is a participant in the Euroclear 

System. 

6 Representations and Warranties 

6.1 The Pledgor makes the representations and warranties set out in this Clause 06 to the Pledgee. 

The Pledgor undertakes to the Pledgee that these representations and warranties shall at all 

times remain true and correct until full discharge of the Security Interests in accordance with 

Clause 011 (Discharge of Security Interests). 

6.2 Relevant Pledged Assets 

The Relevant Pledged Assets are 

(a) subject to the provisions of any law or regulation relevant to the Relevant Pledged 

Assets, freely and fully transferable and pledgeable and not subject to any pre-emptive 

rights or restrictions on transfer; 

(b) fully paid up and do not have any money or liabilities outstanding or payable in respect 

of it; and 

(c) subject to the fungibility regime organised by Royal Decree No 62 or other applicable 

Belgian legislation providing for a regime of fungibility, as the case may be. 

6.3 Ownership no Charge or other encumbrances 

The Pledgor will, at the time of their being credited to the Pledged Securities Account(s), be the 

absolute legal and beneficial owner of all securities it transfers to the Pledged Securities 

Account(s) under this Schedule 4 (or will otherwise be authorised to transfer such securities), 

free and clear of any claims, options, security interest, liens, other rights of third parties and 

other encumbrances or other interest or restriction other than the Security Interests created 

under this Schedule 4 and any lien routinely imposed on all securities in a clearing system in 

which any such securities may be held; and 
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7 Restrictions and Undertakings 

The Pledgor hereby irrevocably and unconditionally undertakes until full discharge of the 

Security Interests in accordance with Clause 011 (Discharge of Security Interests), the following 

restrictions and undertakings: 

7.1 Charge 

The Pledgor shall not create or permit to subsist any Charge over any of the Euroclear Collateral 

or the Pledged Securities Accounts, except as expressly permitted by any Relevant Collateral 

Document. 

7.2 Disposal 

The Pledgor shall not (nor shall it agree to) sell, lease, transfer or otherwise dispose of any of 

the Euroclear Collateral, except as expressly permitted by any Relevant Collateral Document. 

7.3 No adverse action 

The Pledgor shall not do, cause, or permit to be done anything which may directly or indirectly 

adversely affect the effectiveness, ranking, validity or enforceability of the Security Interests or 

the rights of the Pledgee. 

7.4 Attachments 

The Pledgor shall procure that no attachment is made on any of the Euroclear Collateral. The 

Pledgor shall inform the Pledgee without delay of any such attachment. 

8 Enforcement 

8.1 Enforcement Rights 

Upon the occurrence of an Enforcement Event which is continuing and provided that any of the 

Relevant Secured Liabilities is then due and unpaid, the Pledgee may immediately at its sole 

discretion:

(a) enforce the Security Interests over the Relevant Pledged Assets pursuant to Article 8, 

1 of the Financial Collateral Law by realising the Relevant Pledged Assets by way of 

private sale, public auction or otherwise; 

(b) appropriate the Relevant Pledged Assets (or any of them) pursuant to and in accordance 

with Article 8, 2 of the Financial Collateral Law and set off the value thereof against the 

amount of the Relevant Secured Liabilities. The value of the Relevant Pledged Assets in 

the event of appropriation under this Clause 08.1(b) will be the Appropriation Value of 

such Relevant Pledged Assets as of, or as soon as reasonably practicable after, the date 

on which such Relevant Pledged Assets are appropriated; and 

(c) exercise all rights and remedies it possesses, and may act generally in relation to the 

relevant Euroclear Collateral in such manner as it shall reasonably determine; and 

provided that no such action should be inconsistent with what may be required by the 

SPPA Agreement. 
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If the Pledgee determines to appropriate, sell or otherwise dispose of the relevant Euroclear 

Collateral, it shall have the right to request Euroclear to deliver, assign and transfer such 

Euroclear Collateral to itself or, as the case may be, to the purchaser or assignee thereof, free 

from any claim or right of whatsoever kind, and the Pledgor further covenants and agrees to 

execute and deliver such documents and take such other action as the Pledgee deems 

necessary or advisable in order that any such exercise of rights and remedies may be made in 

compliance with law. 

8.2 Notice of enforcement 

Where the Pledgee delivers to Euroclear a notice of the occurrence of an Enforcement Event in 

respect of the Pledgor, it shall: 

(a) deliver such notice in, or substantially in, a form accepted by Euroclear; and 

(b) deliver a copy of such notice to the Pledgor at the same time as it delivers such notice 

to Euroclear, 

provided that failure by the Pledgee to comply with paragraph (b) above shall not affect the 

validity of any action taken by the Pledgee in connection with such Enforcement Event pursuant 

to this Schedule 4 or the relevant Euroclear Agreements or at law. 

9 Order of Distributions 

9.1 General 

All amounts received or recovered by the Pledgee in the exercise of its rights under this 

Schedule 4 shall, be applied in or towards the payment of the Relevant Secured Liabilities in 

accordance with the Relevant Collateral Documents. 

9.2 Surplus proceeds 

In the absence of Relevant Secured Liabilities then due and payable, any surplus proceeds shall 

be returned to the Pledgor (unless otherwise required pursuant to applicable law). 

9.3 Waiver 

To the extent applicable, the Pledgor expressly waives the benefit of Articles 5.208 to 5.210 of 

the Belgian Civil Code.

10 Saving Provisions 

10.1 Continuing Security Interests 

10.1.1 Subject to Clause 011 (Discharge of Security Interests), the Security Interests are 

continuing security interests and will extend to the ultimate balance of the Relevant 

Secured Liabilities, regardless of any intermediate payment or discharge in whole or in 

part. They shall, in particular, not be discharged by reason of the circumstances that 

there is at any time no Relevant Secured Liability arising.
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10.1.2 All rights of the Pledgee under this Schedule 4 will remain in full force and effect 

notwithstanding a novation (schuldvernieuwing/novation) of the Relevant Secured 

Liabilities. 

10.2 Reinstatement 

If any payment by the Pledgor or any discharge given by the Pledgee (whether in respect of any 

of the Relevant Secured Liabilities or any Security Interests for the Relevant Secured Liabilities 

or otherwise) is avoided or reduced as a result of insolvency or any similar event: 

(a) the liability of the Pledgor and the Security Interests shall continue as if the payment, 

discharge, avoidance or reduction had not occurred; and 

(b) the Pledgee shall, to the extent permitted by applicable law, be entitled to recover the 

value or amount of those Security Interests or payment from the Pledgor, as if the 

payment, discharge, avoidance or reduction had not occurred, 

it being understood that the Pledgor shall promptly do whatever the Pledgee requires for such 

purpose, without prejudice to the Pledgor s other obligations under this Schedule 4. 

10.3 Waiver of defences 

Neither the obligations of the Pledgor under this Schedule 4 nor the Security Interests will be 

affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or 

prejudice any of its obligations under any Relevant Collateral Document or the Security Interests 

(without limitation and whether or not known to it or the Pledgee) including: 

(a) any time, waiver or consent granted to, or composition with, the Pledgor or any other 

person; 

(b) the release of the Pledgor or any other person under the terms of any composition or 

arrangement with any creditor of the Pledgor; 

(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect 

to perfect, take up or enforce any rights against, or Charge over assets of, the Pledgor 

or any other person or any non-presentation or non-observance of any formality or other 

requirement in respect of any instrument or any failure to realise the full value of any 

Charge; 

(d) any incapacity or lack of power, authority or legal personality of or dissolution or change 

in the members or status of the Pledgor or any other person; 

(e) any amendment (however fundamental) or replacement of any Relevant Collateral 

Document or any other document or Charge; 

(f) any unenforceability, illegality or invalidity of any obligation of any person under any 

Relevant Collateral Document or any other document or Charge; or 

(g) any insolvency or similar proceedings. 

10.4 Immediate recourse 

The Pledgor waives any right it may have of first requiring the Pledgee (or any trustee or agent 

on its behalf) to proceed against or enforce any other rights or Charge or claim payment from 
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any person before claiming from the Pledgor or enforcing the Security Interests under this 

Schedule 4. This waiver applies irrespective of any law or any provision of any Relevant 

Collateral Document to the contrary. 

10.5 Deferral of Pledgor s rights 

Until all the Relevant Secured Liabilities have been irrevocably paid in full and unless the 

Pledgee otherwise directs, the Pledgor will not exercise any rights which it may have by reason 

of performance by it of its obligations under any Relevant Collateral Document: 

(a) to claim any contribution from any other guarantor of the Relevant Secured Liabilities; 

(b) to take the benefit (in whole or in part and whether by way of subrogation or otherwise) 

of any rights of the Pledgee or of any guarantee or other Security taken pursuant to, or 

in connection with, any Relevant Collateral Document by the Pledgee; and/or 

(c) to be indemnified by any other person. 

10.6 Additional Security Interests 

The Security Interests are in addition to and are not in any way prejudiced by any other 

guarantees or Charge now or subsequently held by the Pledgee. 

10.7 Transferability 

In case of assignment or transfer by the Pledgee of its rights under the ISA Direct Clearing 

Agreement, the benefit of the Security Interest and of this Schedule 4 shall be automatically 

transferred to any transferee or assignee (whether by way of novation or otherwise), of (part or 

all of) the Relevant Secured Liabilities including for the purposes of Article 5.247 of the Belgian 

Civil Code (to the extent applicable), and the Pledgor shall sign or cause to be signed all such 

further documents and take all such further action as may be reasonably required from time to 

time to ensure that such benefit be transferred to the transferee or assignee. Such transferee 

shall henceforth be regarded as a beneficiary for all purposes of this Schedule 4. 

The Pledgor may not assign, transfer, novate or dispose of any of, or any interest in, its rights 

and/or obligations under this Schedule 4 without the prior written consent of the Pledgee. 

11 Discharge of Security Interests 

11.1 Release 

11.1.1 Unless released pursuant to the terms of the Agreement, the Security Interests created 

and perfected in accordance with this Schedule 4 will continue and remain in effect until 

expressly released by the Pledgee. The Pledgee may, in its sole discretion grant a full 

or partial release of the Security Interests. 

11.1.2 Subject to Clause 011.2 (Retention of Security), the Euroclear Collateral shall be 

automatically and immediately released from the Security Interest upon the occurrence 

of any of the following: 

(a) upon full and final discharge of the Relevant Secured Liabilities at a time when 

there is no possibility of any further Relevant Secured Liabilities coming into 

existence; or 
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(b) the Pledgee is so instructed in accordance with any Relevant Collateral 

Document following a disposal of any Euroclear Collateral permitted thereunder 

or agreed pursuant thereto. 

The Pledgee shall at the request and cost of the Pledgor release the Euroclear Collateral (or 

relevant part thereof) from the Pledge. 

Further to any release in accordance with this Clause 011.1, the Pledgee shall procure that all 

relevant Euroclear Collateral required to be released from the Security Interests shall be 

transferred back to the Pledgor as soon as reasonably practicable. 

11.2 Retention of Security 

If the Pledgee considers that any amount paid or credited to it under any Relevant Collateral 

Document is capable of being avoided, reduced or otherwise set aside on the Winding-up of the 

Pledgor that amount shall not be considered to have been paid for the purposes of determining 

whether all the Relevant Secured Liabilities have been irrevocably paid. 

12 Expenses 

The Pledgor shall, within three (3) Business Days of demand, pay to the Pledgee the amount of 

all costs, losses, liabilities and expenses (including legal fees, any fees charged by Euroclear 

and expenses) incurred by it (or any of its delegates) in relation to this Schedule 4 (including the 

administration, protection, realisation, enforcement or preservation of any rights under or in 

connection with this Schedule 4, or any consideration by the Pledgee as to whether to realise or 

enforce the same, and/or any amendment, waiver, consent or release of or pursuant to in this 

Schedule 4). 

13 Rights, Waivers and Determinations 

13.1 Ambiguity 

Where there is any ambiguity or conflict between the rights conferred by law and those conferred 

by or pursuant to this Schedule 4, the terms of this Schedule 4 shall prevail. 

13.2 Exercise of rights 

No failure to exercise, nor any delay in exercising, on the part of the Pledgee, any right or remedy 

under this Schedule 4 shall operate as a waiver, nor shall any single or partial exercise of any 

right or remedy prevent any further or other exercise or the exercise of any other right or remedy. 

The rights and remedies provided in this Schedule 4 are cumulative and not exclusive of any 

rights or remedies provided by law. 

13.3 Determinations 

Any determination by or certificate of the Pledgee under this Schedule 4 is, in the absence of 

manifest error, conclusive evidence of the matters to which it relates. 
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This Schedule 4 has been duly executed on the date on which the Agreement has been entered into. 

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