Events triggering enforcement of Relevant Security. (a) Subject to paragraphs (b) and (c) below, and subject to being indemnified and/or secured and/or prefunded, the Security Trustee (acting on the instructions of the Bondholders' Representative) shall be entitled to enforce the Relevant Security upon notification by the Bondholders' Representative of the occurrence of an Event of Default listed in sub-paragraph (a) of paragraph 1 of Section 11 of the Terms and Conditions. The Security Trustee shall be entitled to apply the Prefunding Amount towards any costs and expenses in connection with the enforcement of the Relevant Security.
(b) The Security Trustee shall only be entitled to enforce the Pledges, if the requirements set forth in sections 1273, 1204 et seq. of the BGB are satisfied (Pfandreife). The Security Trustee acknowledges, that this requires, among others, that the Secured Obligations have become due and any non-monetary obligation has been converted into a payment claim.
(c) If the underlying cause which triggered the enforcement of the Relevant Security has ceased to exist, been waived by the party affected or remedied by the Issuer, the Security Trustee shall, after having been informed about such circumstance by the Bondholders' Representative, terminate any enforcement action.
