Common use of POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE ISSUER Clause in Contracts

POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE ISSUER. 4.1 With respect to the Security, the Security Trustee is legally a secured party (Sicherungsnehmer) in relation to the Issuer. Accordingly, to the extent that any rights and claims are assigned by the Issuer to the Security Trustee for security purposes in accordance with clause 5 (Assignment for Security Purposes), in insolvency proceedings on the Security Trustee's estate, such rights would be segregated (Aussonderungsrecht) as assets of the Issuer held in trust. 4.2 The Issuer hereby grants the Security Trustee a separate trustee claim (the "Trustee Claim"), entitling the Security Trustee to demand from the Issuer: (a) that any present or future obligation of the Issuer in relation to the Noteholders be fulfilled; (b) that any present or future obligation of the Issuer in relation to a Transaction Creditor of the Transaction Documents be fulfilled; and (c) (if the Issuer is in default in respect of any Secured Obligation(s) and insolvency proceedings have not been instituted against the estate of the Security Trustee) that any payment owed under the respective Secured Obligation will be made to the Security Trustee for onward payment to the Transaction Creditors and discharge the Issuer's obligation accordingly. The right of the Issuer to make payments to the respective Transaction Creditor shall remain unaffected. The Trustee Claim in whole or in part may be enforced separately from the relevant Transaction Creditor's claim related thereto. In the case of a payment pursuant to clause 4.2(c) hereof, the Issuer shall have a claim against the Security Trustee for onward payment to the respective Transaction Creditors. 4.3 The obligations of the Security Trustee under this Agreement are owed exclusively to the Transaction Creditors, except for the obligations and declarations of the Security Trustee to the Issuer pursuant to clause 4.1, the last sentence of clause 4.2, clause 11, clause 32 and clauses 38 through 39 hereof.

POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE ISSUER. 4.1 With respect to the Security, the Security Trustee is legally a secured party (Sicherungsnehmer) in relation to the Issuer. Accordingly, to the extent that any rights and claims are assigned by the Issuer to the Security Trustee for security purposes in accordance with clause 5 (Assignment for Security Purposes), in insolvency proceedings on the Security Trustee's estate, such rights would be segregated (Aussonderungsrecht) as assets of the Issuer held in trust. 4.2 The Issuer hereby grants the Security Trustee a separate trustee claim (the "Trustee Claim"), entitling the Security Trustee to demand from the Issuer: (a) that any present or future obligation of the Issuer in relation to the Noteholders be fulfilled; (b) that any present or future obligation of the Issuer in relation to a Transaction Creditor of the Transaction Documents be fulfilled; and (c) (if the Issuer is in default in respect of any Secured Obligation(s) and insolvency proceedings have not been instituted against the estate of the Security Trustee) that any payment owed under the respective Secured Obligation will be made to the Security Trustee for onward non-payment to the Transaction Creditors and discharge the Issuer's obligation accordingly. The right of the Issuer to make payments to the respective Transaction Creditor shall remain unaffected. The Trustee Claim in whole or in part may be enforced separately from the relevant Transaction Creditor's claim related thereto. In the case of a payment pursuant to clause 4.2(c) hereof, the Issuer shall have a claim against the Security Trustee for onward non-payment to the respective Transaction Creditors. 4.3 The obligations of the Security Trustee under this Agreement are owed exclusively to the Transaction Creditors, except for the obligations and declarations of the Security Trustee to the Issuer pursuant to clause 4.1, the last sentence of clause 4.2, clause 11, clause 32 and clauses 38 through 39 hereof.

POSITION OF THE SECURITY TRUSTEE IN RELATION TO THE ISSUER. ‌ 4.1 With respect to the Security, the Security Trustee is legally a secured party (Sicherungsnehmer) in relation to the Issuer. Accordingly, to the extent that any rights and claims are assigned by the Issuer to the Security Trustee for security purposes in accordance with clause 5 (Assignment for Security Purposes), in insolvency proceedings on the Security Trustee's estate, such rights would be segregated (Aussonderungsrecht) as assets of the Issuer held in trust. 4.2 The Issuer hereby grants the Security Trustee a separate trustee claim (the "Trustee Claim"), entitling the Security Trustee to demand from the Issuer: (a) that any present or future obligation of the Issuer in relation to the Noteholders be fulfilled; (b) that any present or future obligation of the Issuer in relation to a Transaction Creditor of the Transaction Documents be fulfilled; and (c) (if the Issuer is in default in respect of any Secured Obligation(s) and insolvency proceedings have not been instituted against the estate of the Security Trustee) that any payment owed under the respective Secured Obligation will be made to the Security Trustee for onward non-payment to the Transaction Creditors and discharge the Issuer's obligation accordingly. The right of the Issuer to make payments to the respective Transaction Creditor shall remain unaffected. The Trustee Claim in whole or in part may be enforced separately from the relevant Transaction Creditor's claim related thereto. In the case of a payment pursuant to clause 4.2(c) hereof, the Issuer shall have a claim against the Security Trustee for onward payment to the respective Transaction Creditors. 4.3 The obligations of the Security Trustee under this Agreement are owed exclusively to the Transaction Creditors, except for the obligations and declarations of the Security Trustee to the Issuer pursuant to clause 4.1, the last sentence of clause 4.2, clause 11, clause 32 and clauses 38 through 39 hereof.. Granting of Security