Common use of Negative undertakings Clause in Contracts

Negative undertakings. At all times until full discharge of the Secured Obligations, the Issuer covenants with the Security Trustee that it shall: (a) not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, any of the Pledged Bonds or the Deposited Cryptocurrency or any interest therein or agree to do so unless: (i) such action does not cause the Issuer to be in breach of the Terms and Conditions; and (ii) such action is approved in accordance with Clause 8.1 (Restrictions on operations with Pledged Bonds) or Clause 8.2 (Restrictions on operations with Deposited Cryptocurrency) of the Agreement. Any proceeds paid out to the Issuer in breach hereof shall be held for the benefit of the Security Trustee; and (b) without prejudice to transactions permitted by Clause 8.1 (Restrictions on operations with Pledged Bonds), Clause 8.2 (Restrictions on operations with Deposited Cryptocurrency) and paragraph (a) above, not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, the respective Issuance Account, nor with regard to any securities, rights and/or interests (in particular, but not limited to, any pertinent co-ownership interests in the collective custody holdings (Miteigentumsanteile am Girosammelbestand) with respect to the Pledged Bonds deposited (hinterlegt) and/or credited to (verbucht auf) such Issuance Account).

Negative undertakings. At all times until full discharge of the Secured Obligations, the Issuer covenants with the Security Collateral Trustee that it shall: (a) not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, any of the Pledged Bonds or the Deposited Cryptocurrency Crypto-Asset or any interest therein or agree to do so unless: (i) such action does not cause the Issuer to be in breach of the Terms and Conditions; and (ii) such action is approved in accordance with Clause 8.1 (Restrictions on operations with Pledged Bonds) or Clause 8.2 (Restrictions on operations with Deposited CryptocurrencyCrypto-Asset) of the Agreement. Any proceeds paid out to the Issuer in breach hereof shall be held for the benefit of the Security Collateral Trustee; and (b) without prejudice to transactions permitted by Clause 8.1 (Restrictions on operations with Pledged Bonds), Clause 8.2 (Restrictions on operations with Deposited CryptocurrencyCrypto- Asset) and paragraph (a) above, not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, the respective Issuance Account, nor with regard to any securities, rights and/or interests (in particular, but not limited to, any pertinent co-ownership interests in the collective custody holdings (Miteigentumsanteile am Girosammelbestand) with respect to the Pledged Bonds deposited (hinterlegt) and/or credited to (verbucht auf) such Issuance Account).

Negative undertakings. At all times until full discharge of the Secured Obligations, the Issuer covenants with the Security Trustee that it shall: (a) not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, any of the Pledged Bonds or the Deposited Cryptocurrency BTC or any interest therein or agree to do so unless: (i) such action does not cause the Issuer to be in breach of the Terms and Conditions; and (ii) such action is approved in accordance with Clause 8.1 (Restrictions on operations with Pledged Bonds) or Clause 8.2 (Restrictions on operations with Deposited CryptocurrencyBTC) of the Agreement. Any proceeds paid out to the Issuer in breach hereof shall be held for the benefit of the Security Trustee; and (b) without prejudice to transactions permitted by Clause 8.1 (Restrictions on operations with Pledged Bonds), Clause 8.2 (Restrictions on operations with Deposited CryptocurrencyBTC) and paragraph (a) above, not sell, transfer, assign, encumber or otherwise dispose of, neither grant any right or title with regard to, the respective Issuance Account, nor with regard to any securities, rights and/or interests (in particular, but not limited to, any pertinent co-ownership interests in the collective custody holdings (Miteigentumsanteile am Girosammelbestand) with respect to the Pledged Bonds deposited (hinterlegt) and/or credited to (verbucht auf) such Issuance Account).