Enforcement Right. If and when an Enforcement Event has occurred and, in addition, the requirements set forth in Sec. 1273 para 2, 1204 et seq. BGB with regard to the enforcement of pledges are met (Pfandreife), the Collateral Agent may realize the Pledges (or any part thereof) by way of collecting the credit balances from the Bank Accounts, exercising any Ancillary Right or in any way permitted under German law, in any case notwithstanding Sec. 1277 BGB and without obtaining any enforceable judgment or other instrument (vollstreckbarer Titel).
Appears in 2 contracts
Sources: Junior Ranking Account Pledge Agreement (Li-Cycle Holdings Corp.), Account Pledge Agreement (Li-Cycle Holdings Corp.)