German Collateral Matters Clause Samples

German Collateral Matters. In relation to the German Security Agreements, the following additional provisions shall apply: (a) Agent, with respect to the part of the Collateral secured pursuant to the German Security Agreements or any other Collateral created under German law (“German Collateral”), shall: (i) hold, administer and realize such German Collateral that is transferred or assigned by way of security (Sicherungseigentum/Sicherungsabtretung) or otherwise granted to it that creates or evidences a non-accessory security right (nicht akzessorische Sicherheit) in its own name as trustee (Treuhänder) for the benefit of the Lenders; (ii) hold, administer, and realize any such German Collateral that is pledged (verpfändet) or otherwise transferred to Agent and that creates or evidences an accessory security right (akzessorische Sicherheit) as agent. (b) With respect to the German Collateral, each Lender hereby authorizes and grants a power of attorney, and each future Lender by becoming a party to this Agreement in accordance with Section 13 of this Agreement authorizes, and grants a power of attorney (Vollmacht) to Agent (whether or not by or through employees or agents) to: (i) accept as its representative (Stellvertreter) any pledge or other creation of any accessory security right granted in favor of such Lender in connection with the German Security Agreements and to agree to and execute on its behalf as its representative (Stellvertreter) any amendments and/or alterations to any German Security Agreement or any other agreement related to such German Collateral which creates a pledge or any other accessory security right (akzessorische Sicherheit), including the release or confirmation of release of such security; (ii) execute on behalf of itself and the Lenders where relevant and without the need for any further referral to, or authority from, the Lenders or any other person all necessary releases of any such German Collateral secured under the German Security Agreements or any other agreement related to such German Collateral; (iii) realize such Collateral in accordance with the German Security Agreements or any other agreement securing such German Collateral; (iv) make, receive all declarations and statements and undertake all other necessary actions and measures which are necessary or desirable in connection with such German Collateral or the German Security Agreements or any other agreement securing the German Collateral; (v) take such action on its behalf as may from ti...