HAS ANY LIMITED PROPERTY RIGHT OR
WHO HAS LEVIED AN ATTACHMENT ON OR AGAINST THE GOODS OR ANY PARTY THEREOF OF ITS
INTENTION TO SELL THE GOODS.
5
15.3
THE PLEDGOR HEREBY RENOUNCES ITS RIGHT
TO REQUEST THE PRESIDENT OF THE DISTRICT COURT TO ORDER THAT THE GOODS BE SOLD
IN A MANNER WHICH DIFFERS FROM THE PUBLIC AUCTION, DESCRIBED IN ARTICLE 3:250 OF
THE NETHERLANDS CIVIL CODE.
16.
CONTINUING AND INDEPENDENT SECURITY
16.1
THIS AGREEMENT AND THE SECURITY HEREBY
CREATED SHALL BE:
16.1.1
A CONTINUING SECURITY FOR
THE OBLIGATIONS AND IN PARTICULAR, BUT WITHOUT LIMITATION, SHALL NOT BE, NOR BE
CONSIDERED AS SATISFIED BY ANY INTERMEDIATE PAYMENT OR SATISFACTION ON ACCOUNT
OF ANY OF THE MONEYS AND LIABILITIES HEREBY SECURED OR ANY SETTLEMENT OF
ACCOUNTS BETWEEN THE PLEDGOR OR ANY OTHER PARTY THAT HAS ASSUMED LIABILITY FOR,
AND/OR PROVIDED SECURITY IN RESPECT OF, THE OBLIGATIONS; AND
16.1.2
IN ADDITION TO, AND
INDEPENDENT OF AND SHALL NOT OPERATE SO AS TO PREJUDICE OR AFFECT OR MERGE IN
ANY OTHER SECURITY WHICH THE PLEDGEE MAY HOLD AT ANY TIME FOR THE OBLIGATIONS.
16.2
WHERE ANY DISCHARGE (WHETHER IN RESPECT
OF THIS AGREEMENT, ANY OTHER SECURITY FOR THE OBLIGATIONS OR OTHERWISE) IS MADE
IN WHOLE OR IN PART OR ANY ARRANGEMENT IS MADE ON THE FAITH OF ANY PAYMENT,
SECURITY OR OTHER DISPOSITION WHICH IS SUBSEQUENTLY AVOIDED OR MUST BE RESTORED
ON BANKRUPTCY, LIQUIDATION OR OTHERWISE WITHOUT LIMITATION, THE LIABILITY OF THE
PLEDGOR UNDER THIS AGREEMENT AND THE SECURITY INTERESTS HEREBY CREATED SHALL
CONTINUE AS IF THERE HAD BEEN NO DISCHARGE OR ARRANGEMENT. THE PLEDGEE SHALL BE
ENTITLED TO CONCEDE OR COMPROMISE ANY CLAIM THAT ANY SUCH PAYMENT, SECURITY OR
OTHER DISPOSITION IS LIABLE TO AVOIDANCE OR REPAYMENT.
16.3
TO THE EXTENT POSSIBLE UNDER THE LAWS OF
THE NETHERLANDS, THE SECURITY CREATED HEREBY SHALL NOT BE PREJUDICED, AFFECTED
OR DIMINISHED BY ANY ACT, OMISSION OR CIRCUMSTANCE WHICH, BUT FOR THIS
PROVISION, MIGHT OPERATE TO RELEASE, DISCHARGE OR OTHERWISE EXONERATE THE
PLEDGOR FROM ITS LIABILITY TO THE PLEDGEE IN RESPECT OF ANY OF THE OBLIGATIONS
OR AFFECT SUCH OBLIGATIONS, INCLUDING WITHOUT LIMITATION:
16.3.1
ANY EXTENSION OR
POSTPONEMENT OF THE TIME OF PAYMENT OR OTHER INDULGENCE GRANTED TO OR ANY
ACCEPTANCE OF PARTIAL PAYMENT BY OR ANY SETTLEMENT, COMPOSITION OR ADJUSTMENT
WITH THE PLEDGOR OR ANY OTHER PERSON;
16.3.2
ANY, AMENDMENT OR VARIATION
OF OR EXTENSION OF THE DUE DATE FOR PERFORMANCE OF ANY TERM OF THE CREDIT
AGREEMENT OR ANY OTHER AGREEMENT IN CONNECTION WITH THE OBLIGATIONS OR ANY
INCREASE, REDUCTION, EXCHANGE, ACCELERATION, RENEWAL, SURRENDER, RELEASE OR LOSS
OF OR FAILURE TO PERFECT ANY OF THE OBLIGATIONS OR ANY SECURITY THEREFORE OR ANY
NON-PRESENTMENT OR NON-OBSERVANCE OF ANY FORMALITY IN RESPECT OF ANY
INSTRUMENTS;
16.3.3
THE TRANSFER BY THE PLEDGEE
OF ANY OF ITS RIGHTS, BENEFITS OR OBLIGATIONS UNDER THE CREDIT AGREEMENT OR ANY
OTHER AGREEMENT TO WHICH IT IS A PARTY TO ANOTHER PERSON OR ENTITY;
16.3.4
ANY IRREGULARITY,
UNENFORCEABILITY OR INVALIDITY OF ANY (BUT NOT ALL) OF THE SECURED OBLIGATIONS