Common use of German Terms Clause in Contracts

German Terms. In this Agreement, where it relates to a company incorporated or established under the laws of Germany or a Transaction Security Document governed by German law, a reference to: (a) “receiver”, “manager”, “conservator”, “trustee”, “agent”, “custodian”, “monitor”, “liquidator” or other similar officer includes a reference to an Insolvenzverwalter, vorläufiger Insolvenzverwalter, Sachwalter or vorläufiger Sachwalter; (b) seeking to adjudicate a Loan Party or Subsidiary bankrupt or insolvent or seeking the “liquidation”, “dissolution”, “winding-up”, reorganization”, “arrangement”, “protection”, “relief” or “composition” or initiating or taking steps to initiate any “Insolvency Proceedings” includes an application or filing for, or an institution of, insolvency proceedings (Antrag auf Eröffnung eines Insolvenzverfahrens) (including, without limitation, by way of (vorläufige) Eigenverwaltung or S▇▇▇▇▇-schirmverfahren), an ordering of provisional measures according to section 21 of the German Insolvency Code (Insolvenzordnung) (Anordnung vorläufiger Maßnahmen) or a rejection of insolvency proceedings on grounds of insufficiency of assets (Abweisung m▇▇▇▇▇▇ Masse); (c) a person being “unable to pay its debts” or “unable to pay its debts as they fall due”, includes that person being in a state of Zahlungsunfähigkeit within the meaning of section 17 of the German Insolvency Code (Insolvenzordnung) and a person’s “assets being less than the aggregate sum of its liabilities” includes that person being in a state of Überschuldung within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung); (d) “management” of a person includes reference to its Geschäftsführung or Vorstand (as applicable); and (e) the “Governing Documents” includes an excerpt from the competent commercial register (Ausdruck aus dem Handelsregister) of most recent date (not older than 14 days), an up-to-date copy of the articles of association (Satzung) (as filed with the competent commercial register) or partnership agreement (Gesellschafts-vertrag) and, as applicable, an up-to-date copy of the list of shareholders (Gesellschafterliste) as filed with the competent commercial register.

German Terms. In this AgreementAgreement and any other Loan Document, where it relates to a company person incorporated or established under in the laws Federal Republic of Germany or a Transaction Security Document governed by German lawGermany, a any reference to: (a) “receiver”a person being unable to pay its debts, “manager”a bankruptcy, “conservator”insolvency, “trustee”administration, “agent”(general) composition, “custodian”compromise, “monitor”moratorium, “liquidator” restructuring, reorganisation or other similar officer includes a reference to an Insolvenzverwalter, vorläufiger Insolvenzverwalter, Sachwalter or vorläufiger Sachwalter; (b) seeking to adjudicate a Loan Party or Subsidiary bankrupt or insolvent or seeking the “liquidation”, “dissolution”, “winding-up”, reorganization”, “arrangement”, “protection”, “relief” or “composition” or initiating or taking steps to initiate any “Insolvency Proceedings” includes an application or filing for, or an institution of, insolvency proceedings (Antrag auf Eröffnung eines Insolvenzverfahrens) (includinglike includes, without limitation, by way of an insolvency proceeding (vorläufigeInsolvenzverfahren) Eigenverwaltung or S▇▇▇▇▇-schirmverfahren), an ordering of provisional measures according to section 21 within the meaning of the German Insolvency Code (Insolvenzordnung) (Anordnung vorläufiger Maßnahmen) or a rejection of insolvency proceedings on grounds of insufficiency of assets (Abweisung m▇▇▇▇▇▇ Masse); (c) and any situation where a person being “unable to pay its debts” or “unable to pay its debts as they fall due”, includes that person being in a state of Zahlungsunfähigkeit is illiquid (zahlungsunfähig) within the meaning of section 17 of the German Insolvency Code (Insolvenzordnung) and a person’s “assets being less than the aggregate sum of its liabilities” includes that person being in a state of Überschuldung or over-indebted (überschuldet) within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung); (b) a custodian, liquidator, trustee, trustee in bankruptcy, compulsory manager, receiver, (provisional, interim or permanent), manager, examiner, supervisor, assignee, sequestrator, administrator or the like includes, without limitation, an insolvency administrator (Insolvenzverwalter), a preliminary insolvency administrator (vorläufiger Insolvenzverwalter) or a custodian (Sachwalter) within the meaning of the German Insolvency Code (Insolvenzordnung) or a liquidator (Abwickler) within the meaning of the German Stock Corporation Act (Aktiengesetz) or the German Act on Limited Liability Companies (GmbH-Gesetz); (c) winding up, administration, dissolution or the like includes, without limitation, a liquidation (Auflösung) within the meaning of the German Stock Corporation Act (Aktiengesetz) or the German Act on Limited Liability Companies (GmbH-Gesetz) or insolvency proceedings (Insolvenzverfahren); (d) “management” any act, procedure or step taken in connection with insolvency proceedings or bankruptcy or the like includes, without limitation, the filing of a person includes reference petition for opening an insolvency proceeding (Antrag auf Eröffnung eines Insolvenzverfahrens) (including, by way of “(vorläufige) Eigenverwaltung” or “Schutzschirmverfahren”) pursuant to its Geschäftsführung the relevant provisions of the German Insolvency Code (Insolvenzordnung), an ordering of provisional measures (Anordnung vorläufiger Maßnahmen) pursuant to section 21 of the German Insolvency Code (Insolvenzordnung) or Vorstand a rejection of insolvency proceedings on the grounds of insufficiency of assets (as applicableAbweisung ▇▇▇▇▇▇▇ ▇▇▇▇▇) pursuant to section 26 of the German Insolvency Code (Insolvenzordnung); and; (e) an expropriation, attachment, sequestration, distress or execution or the “Governing Documents” includes an excerpt from like includes, without limitation, attachment (Pfändung) or execution (Vollstreckung) within the competent commercial register (Ausdruck aus dem Handelsregister) of most recent date (not older than 14 days), an up-to-date copy meaning of the German Code of Civil Procedure (Zivilprozessordnung); (f) trust, trustee or on trust shall, in relation to any Collateral or other security rights or security assets governed by German law or located in Germany, not be construed as “Treuhand”, “Treuhänder” or “treuhänderisch”; (g) by laws, constitutional documents, constitutive documents, organizational documents, documents and instruments constituting a person or the like include, without limitation, reference to articles of association (Satzung) (as filed with the competent commercial register) or partnership agreement (Gesellschafts-vertrag) andGesellschaftsvertrag), as applicablerules of procedure (Geschäftsordnung), an up-to-date copy of the list lists of shareholders (GesellschafterlisteGesellschafterlisten) and commercial register extracts (Handelsregisterauszüge), and with respect to a German limited partnership (Kommanditgesellschaft) with a limited liability company (Gesellschaft mit beschränkter Haftung) as filed general partner (Komplementär) (GmbH & Co. KG), also the documents listed above in relation to such general partner (Komplementär); (h) a director or officer includes any statutory legal representative(s) (organschaftlicher Vertreter) of a person, including but not limited to, a managing director (Geschäftsführer) or member of the board of directors (Vorstand) or an authorized representative (Prokurist) or a general partner (Komplementär); (i) a share, equity or the like includes, without limitation, a reference to any partnership interest (Gesellschaftsanteil) or any other type of stake (Anteil) in a company incorporated or established under the laws of Germany (and shareholder and similar expressions shall be construed accordingly); (j) social security laws or similar legislation or regulations include, without limitation, the German Act on Partial Retirement (Altersteilzeitgesetz) and the German Social Code (Sozialgesetzbuch IV); and (k) debtor relief laws include, without limitation, the German Insolvency Code (Insolvenzordnung) and the German Restructuring Act (StaRUG). Where a German translation of a word or phrase appears in the text of this Agreement, the German meaning and the underlying German law legal concept shall prevail with respect to the competent commercial registerGerman Loan Parties.

German Terms. In this Agreement, where it relates to a company person or entity incorporated or established under the laws of, or having its centre of main interest (as that term is used in Article 3(1) of Regulation (EU) 2015/848 on insolvency proceedings (recast)) in, Germany or a Transaction Security Document governed by (“German lawEntity”), a reference to: (a) “receiver”, “manager”, “conservator”, “trustee”, “agent”, “custodian”, “monitor”, “liquidator” or other similar officer includes a reference person being unable to an Insolvenzverwalter, vorläufiger Insolvenzverwalter, Sachwalter or vorläufiger Sachwalter; pay its debts means that person being in a state of illiquidity (bZahlungsunfähigkeit) seeking to adjudicate a Loan Party or Subsidiary bankrupt or insolvent or seeking the “liquidation”, “dissolution”, “winding-up”, reorganization”, “arrangement”, “protection”, “relief” or “composition” or initiating or taking steps to initiate any “Insolvency Proceedings” includes an application or filing for, or an institution of, insolvency proceedings (Antrag auf Eröffnung eines Insolvenzverfahrens) (including, without limitation, by way of (vorläufige) Eigenverwaltung or S▇▇▇▇▇-schirmverfahren), an ordering of provisional measures according to under section 21 17 of the German Insolvency Code (Insolvenzordnung) and a person being presumed to be insolvent by applicable law includes that person being over-indebted (Anordnung überschuldet) under section 19 of the German Insolvency Code (Insolvenzordnung); (b) a liquidator, trustee in bankruptcy, compulsory manager, receiver or administrator includes an “Insolvenzverwalter”, a “vorläufiger Maßnahmen) Insolvenzverwalter” or a rejection of insolvency proceedings on grounds of insufficiency of assets (Abweisung m▇▇▇▇▇▇ Masse)“Sachwalter”; (c) winding up, administration or dissolution includes insolvency proceedings (Insolvenzverfahren); (d) a person being “unable to pay its debts” bankruptcy, insolvency, administration, (general) composition, compromise, moratorium, restructuring, reorganisation or “unable to pay its debts as they fall due”the like includes, includes that person being in without limitation, an Insolvenzverfahren within the meaning of the German Insolvency Code (Insolvenzordnung) and any situation where a state of Zahlungsunfähigkeit German Entity is illiquid (zahlungsunfähig) within the meaning of section 17 of the German Insolvency Code (Insolvenzordnung) and a person’s “assets being less than the aggregate sum of its liabilities” includes that person being in a state of Überschuldung or over-indebted (überschuldet) within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung); (de) a winding-up, dissolution or the like includes, without limitation, a liquidation (Auflösung) within the meaning of the German Stock Corporation Act (Aktiengesetz) or the German Act on Limited Liability Companies (Gesetz betreffend die Gesellschaften mit beschränkter Haftung); (f) an attachment, sequestration or execution or the like includes, without limitation, attachment (Pfändung) or execution (Vollstreckung) within the meaning of the German Code of Civil Procedure (Zivilprozessordnung); (g) in relation to any security rights or security assets governed by German law “trust”, “trustee” or “on trust” shall be construed as “Treuhand”, “Treuhänder” or “treuhänderisch”; (h) “managementby-laws” of a person or “constitutional documents” includes reference to its Geschäftsführung articles of association (Satzung) or Vorstand partnership agreement (Gesellschaftsvertrag) and rules of procedure (Geschäftsordnung) (as applicable); and (ei) the a “Governing Documentsdirector” or “officer” includes an excerpt from the competent commercial register any statutory legal representative(s) (Ausdruck aus dem Handelsregisterorganschaftlicher Vertreter) of most recent date a person, including but not limited to, a managing director (not older than 14 days), an up-to-date copy Geschäftsführer) or member of the articles board of association directors (Satzung) (as filed with the competent commercial registerVorstand) or partnership agreement an authorised representative (Gesellschafts-vertrag) and, as applicable, an up-to-date copy of the list of shareholders (Gesellschafterliste) as filed with the competent commercial registerProkurist).