7.1 All goods supplied by us shall remain our property until all the debts of the customer, irrespective of the legal ground, have been paid in full. This especially applies until the bills of exchange or cheques issued by the customer have been paid in full.
7.2 Any disposal, pledging, transfer by way of security or relinquishment of the items purchased is prohibited without our written consent as long as the reservation of title is in existence.
7.3 Goods may be disposed of in accordance with the intended purpose and in the normal course of business. This right shall lapse, however, if the customer discontinues payments. If the customer is in arrears with payments, we may revoke the right to the intended use or resale of the unpaid goods.
7.4 If the goods are resold by the customer, the customer shall assign the claims resulting from the sale to us in advance. These claims shall pass to us on conclusion of the sale transaction. If the third-party debtor makes payments to the customer in the context of this subrogation, the amounts paid shall be regarded as funds received in trust and shall be paid to us by the customer without delay irrespective of payment terms to the contrary agreed between the customer and its third-party debtor and without taking into account current rights accepted. In this regard, the customer acts as our authorised agent.
7.5 The customer shall notify us immediately by registered letter in the event of interventions by creditors, in particular regarding pledges. The customer shall take all measures required to secure our ownership of the goods. The customer shall appear and advance the costs of such measures, in particular including the costs for any intervention proceedings set in motion by us.
7.6 If the customer fails to meet his payment obligations, discontinues payments, if insolvency proceedings are pursued or out-of-court composition proceedings are instituted by same, the remaining debt from all contractual agreements between us and the customer shall become due for payment immediately, including any bills of exchange with a later due date. If this remaining debt is not paid immediately, we shall be entitled to repossess the sold items that are subject to reservation of title. The customer herewith expressly recognises their surrender obligation and further recognises that our taking possession of these items does not represent trespass. All the costs arising from repossession of the purchased goods shall be borne by the customer. Notwithstanding the continued existence of the payment obligations, we are entitled to dispose of the purchased items by selling them on the open market under the most favourable terms available. The proceeds shall be credited to the total debt of the customer after deduction of costs.
7.7 If the customer’s purchased item is combined with or integrated into another movable object, with the result that, in the mind of the public, a new item is created or the purchased item becomes a significant component of a new object, the reservation of title shall not lapse; we shall in fact acquire ownership or co-ownership in the new object pursuant to section 947 of the German Civil Code (BGB). If, within the meaning of section 950 BGB, the customer’s purchased item is processed or altered, the contractual partners shall agree that the processing was carried out for us and that we acquire ownership or co-ownership in the goods in the proportion of the value of the other goods also processed but not originating from us. If an increase in value arises due to the processing, we shall acquire co-ownership in the proportion of the material value of the purchased item to the new object. If such a newly created item is disposed of, the above-mentioned extended right of reservation shall apply mutatis mutandis.
7.8 If the customer’s purchased item is combined with land, the parties agree that this combination is only temporary and that the purchased item therefore does not become an integral part of the land.
7.9 If the collateral held exceeds the value of all our receivables by more than 20 percent, we undertake to release purchased items at our choice.