AND
6.1.4
THAT THERE ARE NO
RIGHTS OF RETENTION ON OR AGAINST THE GOODS (OTHER THAN THOSE NOTIFIED TO THE
PLEDGEE IN ACCORDANCE WITH THE CREDIT AGREEMENT).
6.2
THE PLEDGOR HEREBY COVENANTS AND
AGREES THAT THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SUBCLAUSE 6.1 SHALL
BE DEEMED MADE BY IT WITH RESPECT TO EACH OF THE FUTURE GOODS IN EACH INSTANCE,
AND UPON THE MOMENT, WHEN THE PLEDGOR BECOMES THE OWNER OF SUCH GOODS.
6.3
THE PLEDGOR FURTHER DECLARES THAT
IT HAS NOT PREVIOUSLY OR IN ADVANCE TRANSFERRED OR CREATED LIMITED PROPERTY
RIGHTS ON OR AGAINST THE GOODS, EITHER IN WHOLE OR IN PART, TO OR IN FAVOUR OF
ANY THIRD PARTIES.
7.
RESERVED RIGHTS
7.1
THE PLEDGOR SHALL ENSURE IN SO FAR
AS POSSIBLE THAT, UPON ITS ACQUISITION OF ANY OF THE GOODS, THE TRANSFEROR OF
SUCH GOODS SHALL NOT RESERVE TITLE TO ANY OF THE GOODS OR ANY LIMITED PROPERTY
RIGHTS IN RESPECT OF ANY OF THE GOODS.
THE PLEDGOR SHALL NOTIFY THE PLEDGEE OF
ANY RESERVATION OF TITLE AFFECTING THE GOODS IN ACCORDANCE WITH THE CREDIT
AGREEMENT.
7.2
IF AND TO THE EXTENT THAT THE
ACQUISITION BY THE PLEDGOR OF THE FULL AND UNENCUMBERED OWNERSHIP OF ANY OF THE
GOODS IS SUBJECT TO THE PLEDGOR (FURTHER) PERFORMING ANY ACT OR
3
MAKING ANY PAYMENT, THE PLEDGOR HEREBY UNDERTAKES TO PERFORM SUCH ACT OR TO MAKE
SUCH PAYMENT WHEN DUE.
8.
DUTY OF CARE
The Pledgor shall take good care of the Goods and must take all measures
necessary or desired by the Pledgee. The Pledgor may not perform or neglect to
perform any acts which may prejudice the interests of the Pledgee. If the
Pledgor is in default with respect to any of these obligations, the Pledgee may,
at the expense of the Pledgor, do all that it deems necessary, without prejudice
to any of the Pledgee's other rights.
9.
SPECIFICATION
9.1
THE PLEDGOR SHALL, UPON FIRST
REQUEST THERETO OF THE PLEDGEE, IMMEDIATELY PROVIDE THE PLEDGEE WITH A
SPECIFICATION OF THE GOODS AND/OR OF THE LOCATION OF THE GOODS.
9.2
THE PLEDGEE OR ANY PERSONS
APPOINTED BY THE PLEDGEE SHALL AT ANY TIME BE ALLOWED TO ENTER THE PLACES WHERE
THE GOODS ARE LOCATED, IN ORDER TO INSPECT AND CHECK THE STATE OF THE GOODS.
10.
OTHER DOCUMENTS
10.1
THE PLEDGOR HEREBY AGREES THAT, TO THE
EXTENT THE GOODS ARE OR SHALL BE REPRESENTED BY DOCUMENTS OF TITLE OR SHIPPING
DOCUMENTS, SUCH AS WAREHOUSE RECEIPTS AND BILLS OF LADING OR OTHER COMMERCIAL
DOCUMENTS, THE RIGHT OF PLEDGE CREATED HEREBY SHALL ENCOMPASS SUCH DOCUMENTS.
10.2
THE PLEDGOR SHALL, UPON FIRST DEMAND OF
THE PLEDGEE, DELIVER SUCH DOCUMENTS IN SO FAR AS NOT YET PLEDGED HEREUNDER, THUS
CREATING A RIGHT PLEDGE IN FAVOUR OF THE PLEDGEE, ENDORSED IF NECESSARY TO
EFFECT SUCH PLEDGE, TO THE PLEDGEE.
11.
INSURANCE
11.1
THE PLEDGOR SHALL, FOR ITS OWN ACCOUNT,
INSURE AND KEEP THE GOODS INSURED UNDER NORMAL CONDITIONS. THE PLEDGOR SHALL
PROVIDE THE PLEDGEE WITH THE INSURANCE POLICIES AT THE PLEDGEE'S