Right of separation in case of an Insolvency Event of ECC Sample Clauses

Right of separation in case of an Insolvency Event of ECC. It is the mutual understanding of the Parties to this Agreement that the Escrow Allowances, and in case of Loss, the Replacement Allowances, shall be treated as rights in rem which shall be treated as if they can be separated, especially within the meaning of section 47 of the German Insolvency Code. Furthermore all Escrow Allowances on the Custody Accounts are and remain legally and economically the exclusive and sole property of the relevant Member States. ECC shall ensure that the Escrow Allowances and any Replacement Allowances on each Custody Account are individually segregated at all times from any allowances that ECC holds in its own capacity and from the allowances that ECC holds for third parties and other Member States, by ensuring that at all times all the Escrow Allowances and Replacement Allowances held in such segregated Custody Account are exclusively allowances held for the account of the relevant Member State as set forth in Article 4.2. of the Custody Agreement. ECC shall moreover segregate the Escrow Allowances and Replacement Allowances in the Union registry on an omnibus basis as set forth in Article 4.3. of the Custody Agreement. This shall mean that in case of an Insolvency Event of ECC, the Member States are entitled, based on this Agreement, to claim the separation (“Aussonderung”) of the Escrow Allowances and Replacement Allowances from the insolvency estate of ECC pursuant to section 47 of the German Insolvency Code, as owners with full legal rights (“Vollrechtsinhaber”).
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