# Enforcement All transaction parties will enter into and be bound by arbitration agreements, which forms part of the eNote Registration Agreement (to which the issuer, first taker and all subsequent holders are bound). The terms subject all eNote-related disputes to arbitration in Switzerland. Arbitration avails the parties to business expertise, confidentiality, speed and very quick finality in dispute resolution. In case the issuer does not pay a coupon or the principal of its eNote on time (= an event of default), these are the concrete steps: #### 1. Decide whether to coordinate with other investors It is possible for every eNote investor to enforce the claims against the issuer individually, however, in practice the larger creditors often coordinate, which facilitates potential negotiations with the issuer. Interested parties may contact to join other creditors in coordination for enforcement of claims against the issuer. #### 2. Send Notice of Arbitration To initiate the arbitration procedure, the claiming party (“Claimant”) shall (electronically) submit a Notice of Arbitration to the Swiss Arbitration Court Secretariat of the Swiss Arbitration Centre (). The Notice shall include, besides other aspects, details about the unpaid eNotes. #### 3. Arbitration Procedure As a following step, the issuer (“Respondent”) will have to submit an answer. The terms foresee an expedited, document-based procedure and a sole arbitrator. The Claimant and the Respondent can together select the arbitrator, if they disagree, the arbitration court proceeds with an appointment. The language of the arbitration procedure will be English. Both parties submit statements to the arbitration court. Based on those, the court formally decides and issues an arbitral award. #### 4. Enforcement of Arbitral Award The arbitral award is enforceable under the New York Convention on the Recognition and Enforceability of Arbitral Awards (“NYC”). This arbitral award can be presented to any relevant local public enforcement authority or court and will be granted enforcement without a further review of its merits. The NYC has been signed by more than 168 countries and has an outstanding reputation for adherence to it by its member states and their courts. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.obligate.com/obligate-for-investors/enforcement.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.