I/We do hereby pledge to you the merchandise, documents, insurance policy/ies or certificate/s and all proceeds deriving therefrom as security/ies for all liabilities and obligations incurred by you at present or in the future. I/We also agree that, at your absolute discretion, you are authorized to sell the merchandise without prior demand or notice to me/us. Furthermore I/We undertake to indemnify you against any deficiency after the realization of said merchandise.