Common use of Realization Clause in Contracts

Realization. 10.1 Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification at any time be, at its sole discretion, entitled, but not obligated: (a) to realize the Shares in full or in part through (i) a bona fide private sale (private Verwertung) at fair market value or acquisition of the Shares for its own account (Selbsteintritt) at fair market value, or (ii) a public auction or public offering; in either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA, and to transfer the Shares to any third party; or (b) to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect of the Shares (Betreibung auf Faustpfandverwertung)) in accordance with the DEBA; Share Pledge Agreement 8/12 in each case applying the resulting proceeds to the discharge of the Secured Obligations in accordance with the terms of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any sale, auction or offering. 10.2 Notwithstanding clause ‎10.1 above and notwithstanding article 41 DEBA, the Agent is at liberty to enforce any Secured Obligations prior to the enforcement of the Pledge and to commence or pursue the regular debt enforcement proceedings against the Pledgor or any other debtor of the Secured Obligations without having first to realize any of the Shares or other pledged assets or to institute statutory proceedings for the realization thereof, without foregoing any of the Pledgees' rights hereunder. 10.3 For the avoidance of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured Obligations, no legal subrogation of claims shall occur and no related rights of the Pledgees shall pass to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising. 10.4 If the proceeds resulting from enforcement actions pursuant to this clause ‎10 exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the Pledgor.

Realization. 10.1 (a) Upon the occurrence and during the continuation of an Enforcement Event, the Pledgee shall be entitled to proceed with a realization of the Pledged Rights and avail itself of any other right and remedy that a pledgee has upon default of a pledgor under the laws of the Federal Republic of Germany upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification at any time be, at its sole discretion, entitled, but not obligated: (a) to realize the Shares in full or in part through (i) a bona fide private sale (private Verwertung) at fair market value or acquisition of the Shares for its own account (Selbsteintritt) at fair market value, or (ii) a public auction or public offering; in either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA, and to transfer the Shares to any third party; orEnforcement Event. (b) The Pledgee may, in its discretion decide which of the Pledged Rights or other security rights, granted for the Secured Obligations, if any, shall be realized to satisfy the Secured Obligations. (c) The Pledgee is entitled to enforce the Share Pledge by means (or any part thereof) without the requirement of official enforcement proceedings an enforceable judgment or other enforceable title (including enforcement vollstreckbarer Titel). § 1277 BGB shall not apply. (d) The Pledgee shall give the Pledgor at least five (5) Business Days prior written notice of the Pledgee’s intention to realize its interest in the Pledged Rights, unless the Pledgor has ceased generally to pay its debts when due (Zahlungseinstellung) or when an application has been filed for the institution of insolvency proceedings in respect of the Shares assets of the Pledgor, and, if the application is filed by a party other than the Pledgor, it is not without delay established to the satisfaction of the Pledgee that the application is without merit. (Betreibung auf Faustpfandverwertung)e) The Pledgee shall be entitled to seek realization from, and shall have the right to exercise the power to sell or dispose of, the Pledged Rights in accordance with any way permitted under the DEBA; laws of the Federal Republic of Germany. (f) If the Pledgee seeks to enforce the Share Pledge Agreement 8/12 under this Clause Error! Referencúúúú (Realization), the Pledgor shall, at its own expense, render forthwith all necessary assistance in each case applying order to facilitate the resulting proceeds prompt sale of the Shares or any part thereof and/or exercise by the Pledgee of any other right it may have as pledgee. (g) Following an Enforcement Event, all subsequent dividend payments and all payments based on similar Ancillary Rights attributed to the discharge Shares may be applied by the Pledgee in satisfaction in whole or in part of the Secured Obligations or treated as additional security for the Secured Obligations. (h) Even if an Enforcement Event has occurred, the Pledgee shall not, whether as proxy or otherwise, be entitled to exercise the voting rights attached to the Shares. However, the Pledgor shall, upon occurrence of an Enforcement Event, have the obligations set forth in accordance with Clause 5.6 above regardless of which resolution s are intended to be adopted. (i) The Pledgee may, in its sole discretion, determine which of several security interests, if applicable, shall be used to satisfy the terms Secured Obligations. The Pledgor hereby expressly waives its right pursuant to § 1230 S. 2 BGB to limit the realization of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any sale, auction or offering. 10.2 Notwithstanding clause ‎10.1 above and notwithstanding article 41 DEBA, the Agent is at liberty to enforce any Secured Obligations prior to the enforcement of the Share Pledge and pledges over the shares or partnership interests in one or more other companies or partnerships to commence or pursue the regular debt enforcement proceedings against the Pledgor or any other debtor such number of pledges necessary to satisfy the Secured Obligations without having first and agrees further that the Pledgee may decide to realize any of enforce the Shares Share Pledge individually in separate proceedings or together with pledges over shares or partnership interests in one or more other pledged assets companies or to institute statutory proceedings for the realization thereof, without foregoing any of the Pledgees' rights hereunderpartnerships at one single proceeding (Gesamtverwertung). 10.3 For the avoidance (j) The Pledgor hereby expressly waives all defenses of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured Obligations, no legal subrogation of claims shall occur revocation (Einrede der Anfechtbarkeit) and no related rights of the Pledgees shall pass to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising. 10.4 If the proceeds resulting from enforcement actions set-off (Einrede der Aufrechenbarkeit) pursuant to this clause ‎10 exceed the Secured Obligations§§ 770, upon unconditional 1211 BGB unless such counter-claim is undisputed or finally and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the Pledgornon-appealable established by a German court.

Realization. 10.1 9.1 Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall, upon request of the Agent, execute all documents and do all other things that the Agent may reasonably require to facilitate the realization of the Bank Account Claims. 9.2 Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification at any time be, at its sole discretion, entitled, but not obligatedobligated to: (a) send notices to all Account Banks in respect of all Bank Account Claims to revoke any power given to, or remaining with, the Assignor in respect of the Account Claims; (b) collect the amounts standing to the credit of the Bank Accounts, in particular by withdrawing such amounts from the Bank Accounts; and/or (c) realize the Shares Bank Account Claims in full or in part through (i) through a bona fide private sale (private Verwertung) at fair market value or acquisition of the Shares Bank Account Claims for its own account (Selbsteintritt) at fair market value, or (ii) a public auction or public offering; in either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA; with respect to subclauses ‎(b) and ‎(c), and to transfer the Shares to any third party; or (b) to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect of the Shares (Betreibung auf Faustpfandverwertung)) in accordance with the DEBA; Share Pledge Agreement 8/12 in each case applying the resulting proceeds to the discharge of the Secured Obligations in accordance with the terms of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any collection or sale, auction or offering. 10.2 9.3 Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall without delay transfer any payment of the Bank Account Claims it receives to the account so designated by the Agent and, until such transfer occurs, shall hold the respective funds in trust for the Agent and segregated from other funds of the Assignor. 9.4 Nothing in this Agreement shall preclude the Agent from sending at any time on or after the Effective Date any assignment notice directly to any Account Bank upon the occurrence of an Event of Default and during the continuance thereof or if its otherwise necessary to protect the security interest under this Agreement. 9.5 Notwithstanding the provisions in this clause ‎10.1 above and notwithstanding article 41 DEBA‎9, the Agent is at liberty to enforce any Secured Obligations prior to the collection or enforcement of the Pledge any Bank Account Claims and to commence or pursue the regular debt enforcement proceedings against the Pledgor Assignor or any other debtor of any of the Secured Obligations without having first to realize collect or enforce any of the Shares or other pledged assets or to institute statutory proceedings for the realization thereofBank Account Claims, without foregoing any of the Pledgees' its rights hereunder. 10.3 For the avoidance of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured Obligations, no legal subrogation of claims shall occur and no related rights of the Pledgees shall pass to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising. 10.4 9.6 If the proceeds resulting from enforcement actions pursuant to this clause ‎10 ‎9 exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the PledgorAssignor. 9.7 For the avoidance of doubt, it is expressly agreed that the Assignor shall remain liable for any Secured Obligations which are not finally settled by application of the proceeds of the realization of the Bank Account Claims (keine Abtretung an Zahlungs Statt).

Realization. 10.1 Upon 5.01 Each Lender shall, upon becoming aware of any default under the occurrence terms of an Event its Security and prior to making any demand for payment or taking any steps to enforce its Security, notify the other Lender of Default such default and during the continuance thereofintention of such Lender to make demand and enforce its Security (the “Notice”). The Lenders shall meet promptly after the giving by a Lender of a Notice and, in any event, not later than seven (7) days after the giving by a Lender of a Notice to discuss and reach agreement as to the procedure to be followed in the realization of the Security, including without limitation, the Agent appointment of a single receiver or receiver-manager to effect such realization. 5.02 If subsequent to the giving by a Lender of a Notice, either ▇▇▇▇▇▇ does not wish to realize upon its Security it shall, upon request by the other Lender, subordinate and postpone its Security in favour of the other Lender and shall without do all such further notification at acts and things as may be necessary to give effect to such subordination and postponement. In such event, the Lender wishing to realize upon its Security may appoint a receiver or receiver-manager to realize upon its Security, provided that it shall give written notice of such appointment to the other Lender concurrent with such appointment. Notwithstanding the foregoing it is understood and agreed that any time berealization by a Lender shall be for the benefit of both Lenders in accordance with the provisions of this Agreement. 5.03 Any realization upon the Security by the Lenders or either Lender shall be made for an amount, after payment of all costs and expenses, at its sole discretionleast equal to the aggregate amount owing to the Lenders, entitledunless otherwise agreed upon by the Lenders. A Lender who receives a bona fide offer to purchase the property and assets charged by the Security for an amount, but not obligatedafter payment of all costs and expenses, less than the aggregate amount outstanding to the Lenders, which offer it wishes to accept, shall, prior to accepting such offer, give the other Lender fifteen (15) days to consent to the acceptance of such offer. If the other Lender fails to consent to the acceptance of the offer within the said fifteen (15) day period, then such other Lender shall be deemed to have agreed to purchase, within a further fifteen (15) day period, the Security of the Lender who received the said offer for an amount equal to the pro-rata proceeds that such ▇▇▇▇▇▇ would have received on a successful completion of such offer, after payment of costs and expenses, in accordance with the provisions of this Agreement. 5.04 Neither Lender shall become absolute owner by foreclosure of any of the property or assets which are subject to the Security without the consent of the other Lender. 5.05 Subject to Section 3.05, all proceeds received by the receiver or receiver-manager or either of the Lenders after the giving of a Notice by a Lender shall be applied as follows: (a) to realize the Shares in full or in part through (i) firstly, in payment of all costs, charges and expenses of and incidental to the appointment of a bona fide private sale (private Verwertung) at fair market value receiver or acquisition receiver-manager and the exercise by such receiver or receiver-manager of all or any of its powers including the remuneration of the Shares for its own account (Selbsteintritt) at fair market value, orreceiver or receiver-manager and all amounts properly payable by him; (ii) a public auction secondly, in payment of or public offering; in either case without having to initiate proceedings under, and without regard reimbursement to the formalities provided inLenders of all reasonable costs, charges and expenses incurred in connection with the DEBA, protection and to transfer realization of the Shares to Security including any third party; orpayments made upon claims having priority over the Security; (biii) to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect thirdly, on account of the Shares (Betreibung auf Faustpfandverwertung)) in accordance with indebtedness due to each of the DEBA; Share Pledge Agreement 8/12 in each case applying Lenders under the resulting proceeds Security, rateably according to the discharge proportion that the principal amount then outstanding to each Lender bears to the total principal amount then outstanding to both Lenders under the Security; (iv) fourthly, any surplus remaining to the Borrower or to the party next entitled thereto, or if there are competing claims to the knowledge of the Secured Obligations in accordance with the terms Lenders, then payment may be made into Court by way of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any sale, auction or offeringinterpleader. 10.2 Notwithstanding clause ‎10.1 above and notwithstanding article 41 DEBA, the Agent is at liberty to enforce any Secured Obligations prior to the enforcement of the Pledge and to commence or pursue the regular debt enforcement proceedings against the Pledgor or any other debtor of the Secured Obligations without having first to realize any of the Shares or other pledged assets or to institute statutory proceedings for the realization thereof, without foregoing any of the Pledgees' rights hereunder. 10.3 For the avoidance of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured Obligations, no legal subrogation of claims shall occur and no related rights of the Pledgees shall pass to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising. 10.4 If the proceeds resulting from enforcement actions pursuant to this clause ‎10 exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the Pledgor.

Realization. 10.1 9.1 Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall, upon request of the Agent, execute all documents and do all other things that the Agent may reasonably require to facilitate the realization of the Account Receivables. 9.2 Upon the occurrence of an Event of Default and during the continuance thereof, promptly upon being requested by the Agent to do so, the Assignor shall send (with a copy to the Agent) a notice to be established in accordance with Schedule 1 (or with such other form as the Agent may deem appropriate) to the debtors of the Account Receivables. If following an Event of Default any order is made, or any transaction is entered into, which may result in Account Receivables Claims Security Assignment Agreement 6/12 being owed by a new debtor, which was not covered by a notice given pursuant to this clause 9.2, the Assignor shall immediately send a notice (with a copy to the Agent) to such new debtor in accordance with Schedule 1 (or with such other form as the Agent may deem appropriate). However, nothing in this Agreement shall preclude the Agent from sending at any time on or after the Effective Date any assignment notice directly to any debtor of Account Receivables upon the occurrence of an Event of Default and during the continuance thereof or if its otherwise necessary to protect the security interest under this Agreement. 9.3 Upon the occurrence of an Event of Default and during the continuance thereof, the Agent shall without further notification at any time be, at its sole discretion, entitled, but not obligated: (a) without prejudice to the generality of clause 8.1, to collect the Account Receivables, when due, from the relevant debtors; and/or (b) to realize the Shares Account Receivables in full or in part through (i) through a bona fide private sale (private Verwertung) at fair market value or acquisition of the Shares Account Receivables for its own account (Selbsteintritt) at fair market value, or (ii) a public auction or public offering; in either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA, and to transfer the Shares to any third party; or (b) to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect of the Shares (Betreibung auf Faustpfandverwertung)) in accordance with the DEBA; Share Pledge Agreement 8/12 in each case applying the resulting proceeds to the discharge of the Secured Obligations in accordance with the terms of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any collection or sale, auction or offering. 10.2 9.4 Upon the occurrence of an Event of Default and during the continuance thereof, the Assignor shall without delay transfer any payment of the Account Receivables it receives to the account so designated by the Agent and, until such transfer occurs, shall hold the respective funds in trust for the Agent and segregated from other funds of the Assignor. 9.5 Notwithstanding the provisions in this clause ‎10.1 above and notwithstanding article 41 DEBA9, the Agent is at liberty to enforce any Secured Obligations prior to the collection or enforcement of the Pledge any Account Receivables and to commence or pursue the regular debt enforcement proceedings against the Pledgor Assignor or any other debtor of any of the Secured Obligations without having first to realize collect or enforce any of the Shares or other pledged assets or to institute statutory proceedings for the realization thereofAccount Receivables, without foregoing any of the Pledgees' its rights hereunder. 10.3 For the avoidance of doubt, if the Pledge is enforced or if the Pledgor or any other debtor has discharged any of the Secured Obligations, no legal subrogation of claims shall occur and no related rights of the Pledgees shall pass to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arising. 10.4 9.6 If the proceeds resulting from enforcement actions pursuant to this clause ‎10 9 exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the PledgorAssignor. 9.7 For the avoidance of doubt, it is expressly agreed that the Assignor shall remain liable for any Secured Obligations which are not finally settled by application of the proceeds of the realization of the Account Receivables (keine Abtretung an Zahlungs Statt).

Realization. 10.1 Upon 16.1 For the occurrence full discharge of an Event of Default our obligations towards the Bank and during all charges and amounts which we owe or which we will be owing towards the continuance thereofBank, including Credit Amounts for the Credit Facility, the Agent shall without further notification at any time beBank may realize the guarantees, fully or partially, at its sole discretionthe date which will be determined by it, entitled, but not obligated: (a) to realize for the Shares in full or in part through (i) a bona fide private sale (private Verwertung) at fair market value or acquisition discharge of the Shares for its own account (Selbsteintritt) at fair market value, or (ii) a public auction or public offering; in either case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA, and to transfer the Shares to any third party; or (b) to enforce the Pledge by means of official enforcement proceedings (including enforcement proceedings in respect of the Shares (Betreibung auf Faustpfandverwertung)) our commitments in accordance with the DEBA; Share Pledge Agreement 8/12 order of crediting the payments and debts as stated in Section 18 below. The realization of one guarantee shall not harm or derogate any other guarantee. 16.2 Where legal proceedings or Bailiff Office proceedings or seizure or sale proceedings, etc., have been instituted, to which we are party in the matter of a guarantee which has been delivered to the Bank or in connection with such guarantee, we will notify the competent authority of the Bank's rights, we will object to any harm to the Bank's rights and we will demand to attach the Bank as a party to the proceedings and to receive its response. Moreover, we will immediately notify the Bank about the existence of the said proceedings. 16.3 In each case applying one of the resulting incidents detailed in Section 14 above, the Bank may use all means it deems appropriate in order to collect the Credit Amounts for the Credit Facilities, expenses and other payments of all sorts, and to realize all its rights under this Letter of Undertaking, including the realization of assets as stated in Section 15 above, fully or partially, and to use the payment for discharge of the Credit Amounts for the Credit Facilities, other expenses and payments of all sorts, without such imposing upon the Bank to initially realize other guarantees or collateral, if any, held by the Bank. 16.4 If the Bank decides to realize securities, notes or other negotiable documents, a notice of three days in advance regarding the actions which the Bank is about to take will be deemed a reasonable period of time for the purpose of Section 19(b) of the Pledges Law, 5727 - 1967, or any provision of law replacing it. 16.5 Without derogating from the above-said, should the Bank ask to sell securities which have been pledged in its favour, as stated in Section 16.4 above, on the Stock Exchange, then the Bank may execute the sale at any price which may be obtained on the Stock Exchange at that time, for the sale. 16.6 The Bank may, as our legal representative, and for the purpose of this Section, we hereby irrevocably appoint the Bank as our legal representative, realize any of the guarantees and/or sale any property which has been pledged to the Bank, to guarantee any of our commitments towards the Bank and/or any part of the said property, in a public sale (auction) or other sale, by itself or by others, in cash or in instalments or otherwise, at the price and under the conditions at the reasonable discretion of the Bank and moreover the Bank itself, or by the Court or by the Bailiff's Office, may realize the pledged property and/or any other property, inter alia, by the appointing of a receiver and/or a receiver and administrator and/or liquidator and/or trustee and/or special administrator on behalf of the Bank and who shall, amongst his other powers, be entitled to do the following: 16.6.1 Receive into his possession any pledged property and/or other property and/or part thereof; 16.6.2 Manage our business or to participate in the management thereof; 16.6.3 To sell or to agree to the sale of pledged property and/or other property, fully or partially, to transfer it or to agree to transfer it, in any other way, in accordance with the conditions as he deems appropriate; 16.6.4 To enter into any other arrangement with respect of the pledged property and/or other property or part thereof, as he deems appropriate; 16.6.5 To request and to receive tax exemptions for the pledged and/or other property, as were due to us had we executed the transaction, including a sale transaction in the pledged property. 16.7 If, at the time of the sale of the pledged or other property, some payment dates are not yet due on account of the Credit Amounts for the Credit Facility or these amounts are due to the Bank only conditionally (hereinafter: the "Future Payment Amounts"), the Bank may collect, from the proceeds of the sale and/or from everything received pursuant to this Section 16 above, a sufficient amount in order to cover any liability of ours towards the Bank, of any sort, under this Letter of Undertaking and/or for and/or in connection with the Credit Facility, including covering the Future Payment Amounts, and the amount which is to be collected and which has not yet been credited to the discharge of any of our liabilities towards the Secured Obligations Bank, of any sort, under this Letter of Undertaking and/or for and/or in accordance connection with the terms Credit Facility, including the discharge of all Future Payment Amounts, including discharge of any Credit Amounts, for the said Credit Facility, in Section 18 below, will be pledged to the Bank as guarantee for the fulfilment of any of our liability towards the Bank, of any sort, under this Letter of Undertaking and/or for and/or in connection with the Credit Facilities, including repayment of all Credit Amounts for the Credit Facilities, including repayment of all Future Payment Amounts, and will remain with the Bank until the full repayment thereof. 16.8 If the Existing Currency, as defined in Sections 15.8.1 or 15.8.2 or 15.8.3 above, as the case may be, is available to us as the result of the Loan and Security Agreement. The Agent shall promptly account for the proceeds of any sale, auction or offering. 10.2 Notwithstanding clause ‎10.1 above and notwithstanding article 41 DEBA, the Agent is at liberty to enforce any Secured Obligations prior to the enforcement realization of the Pledge and to commence or pursue the regular debt enforcement proceedings against the Pledgor or any other debtor of the Secured Obligations without having first to realize Bank's rights in any of the Shares Assets, by the Bank, then, if the asset which was realized was a deposit, or a saving plan or a deposit for some other pledged assets or to institute statutory proceedings period, the provisions of the documents for the realization thereofopening of the Account shall apply, without foregoing inter alia, in connection with the breaking of the deposit or the saving plan or in connection with the early payment of any deposit, as the case may be; and if the asset which has been realized was a security or foreign currency or a note or some other security, the provisions of the Credit Facility Documents shall apply, inter alia, in connection with the sale of any of the Pledgees' rights hereunderAssets and/or the collection of the consideration for such and/or the presentation for payment and/or the conversion of the consideration thereof, however, the limitation on the Bank's rights, as detailed in the provisions of Section 15.6 above, shall not apply. 10.3 16.9 Without derogating from the generality of that stated in Section 16.8 above, we will bear the results arising from the stated action, and the obligations arising from such, including loss to us or the Bank, loss of interest, damage to the principal of the deposit, payment for early repayment of the deposit or of any of our charges, payment for early repayment of the Credit or early payment of the deposit, and all payments mentioned in Section 15.10.2 above, and the payment of all expenses, commissions, damages, charges and other payments resulting from the execution of the said action. 16.10 For the avoidance of doubt, it is hereby agreed that in the realization of the pledge of the saving, the Bank may realize the charge even if the Pledge is enforced or if the Pledgor or any other debtor has discharged any repayment date of the Secured Obligationssaving is not yet due, no legal subrogation of claims shall occur and no related rights it may debit us with the losses or early payments of the Pledgees shall pass savings and/or the charge. 16.11 It is declared and agreed that we undertake to bear all expenses and payments customary at the Bank at that time, in connection with the execution of that stated in this Section 16, including any action, realization of a charge and other rights, realization of guarantees, making our obligations immediately and duly payable, early repayment of period deposits, sale of securities, storage fees, levies, payments, commissions and expenses as detailed in Section 10 above and wherever this Letter of Undertaking and/or document relates to the Pledgor or any other debtor by subrogation or otherwise for as long as any of the Secured Obligations remains unpaid or is capable of arisingaforesaid guarantees. 10.4 If the proceeds resulting from enforcement actions pursuant to this clause ‎10 exceed the Secured Obligations, upon unconditional and irrevocable satisfaction of all Secured Obligations (except for inchoate indemnity obligations) and no further Secured Obligations being capable of arising, the Agent shall promptly account for and remit the excess amount to the Pledgor.