Common use of ASSIGNMENT FOR SECURITY PURPOSES Clause in Contracts

ASSIGNMENT FOR SECURITY PURPOSES. 5.1 The Issuer hereby assigns to the Security Trustee for security purposes (Sicherungsabtretung) all its claims and other rights arising from the German Transaction Documents (with the exception of claims and other rights arising from this Agreement, but including the rights to unilaterally alter a legal relationship (unselbständige Gestaltungsrechte)) and from all present and future German law contracts the Issuer has entered or may enter into in connection with the Notes, the Subordinated Loan, the Swap Agreements, or the Receivables. The Security Trustee hereby accepts such assignments. 5.2 The assignments for security purposes pursuant to clause 5.1 are subject to the condition precedent that the German Transaction Documents (for the avoidance of doubt excluding this Agreement) are signed. 5.3 If an express or implied current account relationship (Kontokorrent) exists or is later established between the Issuer and a third party as a matter of German law, the Issuer hereby assigns to the Security Trustee - without prejudice to the generality of the provisions in clause 5.1 - the right to receive a periodic account statement (Saldenziehung) and the right to payment of present or future balances (including a final net balance determined upon the institution of any insolvency proceedings according to the Applicable Insolvency Law regarding the estate of the Issuer), as well as the right to terminate the current account relationship and to the determination and payment of the closing net balance upon termination.

ASSIGNMENT FOR SECURITY PURPOSES. 5.1 The Issuer hereby assigns to the Security Trustee for security purposes (Sicherungsabtretung) all its claims and other rights arising from the German Transaction Documents (with the exception of claims and other rights arising from this Agreement, but including the rights to unilaterally alter a legal relationship (unselbständige Gestaltungsrechte)) and from all present and future German law contracts the Issuer has entered or may enter into in connection with the Notes, the Subordinated Loan, the Swap Agreements, Agreements or the Receivables. The Security Trustee hereby accepts such assignments. 5.2 The assignments for security purposes pursuant to clause 5.1 are subject to the condition precedent that the German Transaction Documents (for the avoidance of doubt excluding this Agreement) are signed. 5.3 If an express or implied current account relationship (Kontokorrent) exists or is later established between the Issuer and a third party as a matter of German law, the Issuer hereby assigns to the Security Trustee - without prejudice to the generality of the provisions in clause 5.1 - the right to receive a periodic account statement (Saldenziehung) and the right to payment of present or future balances (including a final net balance determined upon the institution of any insolvency proceedings according to the Applicable Insolvency Law regarding the estate of the Issuer), as well as the right to terminate the current account relationship and to the determination and payment of the closing net balance upon termination.