Common use of Enforcement of Collateral Clause in Contracts

Enforcement of Collateral. 8.1 Following the occurrence of an Event of Default and, in addition, if and when the requirements of Section 1204 et seq. of the German Civil Code (BGB) (Pfandreife) are met in respect of the Secured Obligations (or any part thereof) (an Enforcement Event), the Pledgees, acting through the Facility Agent, shall be entitled, after having given one week's notice to the Pledgor, to avail themselves of all rights and remedies of a pledgee (Pfandgläubiger) hereunder without prior court ruling and released from Section 1277 of the German Civil Code (BGB). However, the Pledgees will only make use of their rights to the extent necessary to cover the Secured Obligations.

Enforcement of Collateral. 8.1 Following the occurrence of an Event of Default and, in addition, if and when the requirements of Section 1204 et seq. of the German Civil Code (BGB) (Pfandreife) are met in respect of the Secured Obligations (or any part thereof) (an Enforcement Event), the Pledgees, acting through the Facility Agent, shall be entitled, after having given one week's notice to the PledgorPledgor and if such Event of Default is then still continuing, to avail themselves of all rights and remedies of a pledgee (Pfandgläubiger) hereunder without prior court ruling and released from Section 1277 of the German Civil Code (BGB). However, the Pledgees will only make use of their rights to the extent necessary to cover the Secured Obligations.