Common use of ENFORCEMENT OF THE PLEDGES Clause in Contracts

ENFORCEMENT OF THE PLEDGES. 7.1 At any time after the occurrence of an Enforcement Event which is continuing and if the requirements set forth in Section 1204 et seq. of the German Civil Code (Burgerliches Gesetzbuch) with regard to the enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the Secured Obligations has become due and payable, then in order to enforce the Pledges, the Pledgee may, in its discretion, at any time hereafter avail itself of all rights and remedies that a pledgee has upon occurrence of the requirements with regard to the enforcement of the Pledges under the laws of the Federal Republic of Germany (Pfandreife).

ENFORCEMENT OF THE PLEDGES. 7.1 At any time after the occurrence of an Enforcement Event which is continuing and if the requirements set forth in Section 1204 et seq. of the German Civil Code (Burgerliches Gesetzbuch) with regard to the enforcement of any of the Pledges are met (Pfandreife), in particular, if any of the Secured Obligations has become due and payable, then in order to enforce the PledgesPledges (or any of them), the Pledgee may, in its discretion, at any time hereafter thereafter avail itself of all rights and remedies that a pledgee has upon occurrence default of the requirements with regard to the enforcement of the Pledges a pledgor under the laws of the Federal Republic of Germany (Pfandreife)Germany.