Terms of participation for the Media-Saturn Germany partner program

These terms are provided in a German and English version. Only the German version of the terms shall be legally binding. The translations serve information purposes only.


(A)   Media-Saturn-Deutschland GmbH ("MSD") is a leading provider of consumer electronics in Germany and Europe, offering its customers low prices, concise advertising and a huge range of branded products every day. Customers can find the latest technology trends in consumer electronics in the online stores of the MediaMarkt and Saturn sales divisions, as well as a wide range of products from the areas of computers, mobile communications, new media, books and household appliances. The MediaMarkt and Saturn Tarifewelt portfolio also includes weekly changing offers.


(B)   The MSD Partner Program allows interested persons to make their advertising environments - e.g. website - available and to provide media services via these advertising environments, e.g. by means of advertising media - such as banners or text links - to support MSD in the online sale of goods and services. MSD makes various advertising media available to participants in the MSD Partner Program in accordance with these Terms of Participation.


1.              Scope


The following conditions of participation apply to participation in the MSD Partner Program (hereinafter "Partner Program").


2.              Contractors


The contractual partner for the participation in the partner program is the

Media-Saturn Deutschland GmbH

Media-Saturn-Straße 1

85053 Ingolstadt

(hereinafter "MSD")


represented by the


PIA Media MUC GmbH

Erika Mann Street 63

80636 Munich



3.              Participation


There is no entitlement to admission to or participation in the Partner Program. Furthermore, participation in the Partner Program is permitted exclusively to legal entities and natural persons of unlimited legal capacity who, when participating in the Partner Program, are acting in the exercise of their commercial or self-employed professional activity (entrepreneurs pursuant to § 14 of the German Civil Code) (hereinafter: "Publisher"). MSD reserves the right to demand the submission of evidence (e.g. excerpts from the commercial register, proof of trade, proof of identity) regarding the person of the Publisher and his authorization to participate in the Partner Program. The Publisher is not entitled to provide different personal data when registering for different accounts.


4.              Definitions


"Account" means the access of a Publisher to the online platform of the Partner Program as opened after successful registration and activation by MSD. A Publisher may register various websites in its Account. Each registered website requires a separate activation by MSD.

"Banner" is a graphic or animation file in . gif, .flash, . jpeg or . html format, which can be integrated into the advertising environment.

"Force Majeure" shall mean an extraordinary and unforeseeable event beyond the control of the respective party, which cannot be prevented even by the utmost diligence of the party claiming the existence of Force Majeure, such as natural disasters, severe weather, fire, hostage-taking, earthquake, war, riots, terrorist attacks, floods, pandemics etc. However, the following shall not be considered as force majeure: strike, lockout or the unavailability or disruption of communication services and infrastructure, means of transport, energy, fuels or water.

"MMSEC" means MMS E-Commerce GmbH, This is a subsidiary of MSD and operates the web stores of the two sales divisions MediaMarkt and Saturn.

"Party" means MSD or Publisher; "Parties" means MSD and Publisher jointly.

"Affiliate Program" means the MSD Affiliate Program.

"Product data feed" means a data set that contains all the information about an item, such as product name and description, price and text link in a specific form, and can be integrated into the advertising environment.

"Publisher" means any participant in the Affiliate Program who is eligible to participate in the Affiliate Program, has properly registered for the Affiliate Program and has accepted these Terms and Conditions.

"Publisher Segment" means the grouping of a Publisher into a certain remuneration level based on the advertising environment offered by the Publisher. The Publisher can view the Publisher Segment assigned to it via its EasyMarketing account. As far as relevant, the following Publisher Segments are currently offered within the Partner Program:


Publisher segment



Provides mainly editorial content, which can also focus on offers.


Arranges discount or benefit coupons to customers.


Exclusive focus on discounted products and offers.

Loyalty and cashback

Imparts various monetary benefits (bonuses, loyalty points, discounts) for the use of its advertising environment to its customers

Other Affiliate

Publishers that cannot be fully assigned to one of the listed segments.


"Retargeting" is a sub-form of targeting and refers to the targeted approach of customers who have not carried out a desired interaction, e.g. a purchase, on a website or in an online store.

"Sale" is the sale of goods and services through the web store by MMSEC, which was mediated due to the call of the advertising media by a customer in the advertising environment. Sale does not include: Purchases in local MSD stores, purchases via the MediaMarkt or Saturn app, sales or the referral of download/content/gaming cards, voucher (cards/boxes), prepaid services/repair services, photo services, food, third-party contracts, IQOS, e-cigarettes, heets, liquids and Tchibo Cafissimo products. MSD reserves the right to exclude further products from the classification as Sale at short notice if there are important reasons (e.g. product shortage, supply bottlenecks, etc.). MSD will inform the Publisher of this in good time (at least 24 hours before the change). A current list of excluded products can be found in the EasyMarketing interface under the "Campaigns" tab with the subcategory "excluded articles".


A sale is confirmed when the contract concluded between MMSEC and the customer has been duly executed and not cancelled.


"Targeting" refers to the specific addressing of a target group via online marketing measures on the basis of parameters defined in advance, e.g. keywords.

"Text links" are cross-references to pages of the web store that can be integrated into the advertising environment.

"Webshop" means the webshops operated by MMSEC under the MediaMarkt and Saturn sales divisions.

"Advertising Media" are product data feeds, banners or text links provided by MSD and can be integrated into the advertising environment. Advertising media are used to track sales.

"Advertising environment" means the Publisher's Internet offering that is the subject of the contract or a third party that acquires the rights to use a Publisher's Internet offerings, e.g. websites, mobile pages, social profiles, apps, etc.


5.              Admission to the Partner Program, Conclusion of Contract


5.1.          By registering via the partner program platform, naming its website(s) and providing its  e-mail address, first and last name, company if applicable, business address, telephone number, bank account details and tax number (mandatory information), the Publisher submits an offer to participate in the partner program. By registering, the publisher classifies his offer in the appropriate publisher segment. The classification is subject to review by MSD and may be changed in justified cases. Only websites that are registered to the registering publisher or that the registering publisher is authorized to use can be registered. The registered websites must contain a complete imprint in accordance with the applicable legal provisions and comply with the applicable data protection provisions.

5.2.          The contract with the content of these conditions of participation comes into effect with the complete registration, the acceptance of these conditions of participation and the activation of the account by MSD.

5.3.          MSD reserves the right to reject the Publisher's offer to conclude the contract without giving reasons.

5.4.          If necessary, MSD will contact the Publisher after receipt of its offer and request further information about the Publisher (see item 3 of these Terms and Conditions of Participation) and/or the advertising materials offered. If the Publisher has not responded to the request for further information within 14 (in words: fourteen) days, MSD shall consider its offer to have been withdrawn. In this case, no contract shall be concluded.

5.5.          If MSD has not responded within thirty days of receipt of an offer to participate in the Partner Program, the offer shall be deemed rejected and no contract shall be concluded.


6.              Independence of the parties, No exclusivity


These Terms and Conditions of Participation and the cooperation of the Parties shall not constitute a company with external effect in legal relations, nor an employment, commercial agent, commission agent or employment relationship, and shall not authorize either of the Parties to make legally binding declarations for both of them jointly or for the other Party, or to bind or represent them in any other way. The Publisher is prohibited from designing the advertising environment in such a way that there is a risk of confusion with a website operated by MSD.

These conditions of participation do not establish an exclusive relationship between the parties.


7.              Duties of the Publisher


7.1.          The Publisher is obligated to use the advertising media exclusively in accordance with their intended purpose and lawfully and not to modify them. The Publisher must design and present its advertising environment in such a way that only valid sales are generated. The improper generation of sales is prohibited and, in particular, does not trigger any claim to remuneration on the part of the Publisher. Any remuneration paid on the basis of improperly generated sales must be refunded. Should the Publisher achieve sales through manipulation, MSD shall be entitled to terminate the cooperation without notice for good cause.

7.2.          The advertising materials provided as part of the cooperation may only be used in the Publisher's advertising environment. The use of these advertising materials is only permitted in connection with participation in the partner program and within the scope of their intended use as approved by MSD. Passing on the advertising materials to third parties is prohibited. If a publisher decides to use the product data feeds, it is obliged to update these regularly (at least daily), to treat them confidentially and not to pass them on to third parties.

7.3.          The advertising environment must be designed in such a way that it does not impair the reputation or esteem of the "MediaMarkt" and "Saturn" brands. MSD reserves the right to demand an adjustment of the advertising environment from the Publisher if and to the extent that it impairs the reputation or esteem of the "MediaMarkt" or "Saturn" brands. If no adjustment is made within a period set by MSD, MSD is entitled to terminate the cooperation without notice for good cause.

7.4.          Furthermore, the advertising environment must be designed in such a way that the rights of third parties, including copyright, are not infringed. Furthermore, the Publisher undertakes not to violate applicable law.

7.5.          The Publisher undertakes to advertise exclusively via the registered website or websites.

7.6.          The Publisher undertakes not to use the following content on the registered websites or to place these websites in a context with such content:


(a)        Depictions of violence, sexually explicit or pornographic content, discriminatory statements and depictions with regard to race, gender, religion, nationality, disability, sexual orientation or age

(b)        Banner lists or sites with click prompts/forced clicks (e.g., text messaging, forced clicks, paid-for-action sites)

(c)         Paid Link Collections

(d)        Firearms, other weapons and content glorifying violence

(e)        Drug paraphernalia

(f)          Pages that contain dialers and/or spyware or install them on the Internet user.

(g)        Content that violates morality and applicable laws or the rights of third parties

(h)        Comparative advertising, especially aggressive comparative advertising that may create problems with other advertisers, as well as aggressive competing claims that are not substantiated

In connection with the use of the advertising material, the setting of own cookies by layers, add-ons, toolbars, iFrames in connection with participation in the partner program is not permitted. The Partner warrants that it will only set cookies if an advertising medium provided by the MSD Partner Program is in visible use on the Partner Website and a voluntary and conscious click by the user occurs. The use of postview cookies is only permitted with the prior consent of MSD. The use of toolbars in connection with the use of advertising media is generally not permitted. Retargeting is only permitted with the prior consent of MSD.

7.7.          The advertising of MediaMarkt or Saturn via third-party auction platforms is not permitted without written approval.

7.8.          If and to the extent the Publisher uses social media platforms (including, but not limited to, the Facebook, Instagram and TikTok platforms) as part of its advertising environment, the Publisher agrees,

(a)        to follow the specifications of the respective platform for the creation and uploading of advertising content;

(b)        Inform MSD about the implementation of campaigns on a social media platform before they go live;

(c)         as far as technically and legally possible, actively exclude from targeting users who have already interacted with or are interested in the official MediaMarkt or Saturn fan page on the respective platform;

(d)        Facebook Product Ads and Link Ads MSD at least 2 business days in advance for prior approval in writing.

7.9.          The Publisher undertakes not to use the terms "MediaMarkt" and "Saturn" in all relevant spellings in advertisements in search engines (e.g. Google, Bing, Yahoo, etc.), either on their own or in combination with other terms.

7.10.       The Publisher undertakes not to list MSD's goods via Google Shopping or similar price search engines. Sales achieved via Google Shopping or similar price search engines will not be considered in favor of the Seller.  

7.11.       The Publisher is prohibited from making sales via a joint offer of MSD goods in connection with coupons from Amazon and any other competitors of MSD. Only advertising in combination with gift cards from MediaMarkt or Saturn is permitted. MSD reserves the right to terminate participation in the partner program without notice for good cause to publishers who advertise the "MediaMarkt" or "Saturn" brands with Amazon gift cards or similar.

7.12.       Publishers who are Mailing Partners undertake not to use the names "MediaMarkt" and "Saturn" in the sender's e-mail address, in the subject line of the e-mail or in the source code and shall ensure that the recognizability of the Partner as the sender of the advertising e-mail is sufficiently guaranteed.

7.13.       Advertising the campaign by e-mail to unknown e-mail addresses of third parties (spam) is not permitted. In particular, the publisher must ensure that - where necessary - the necessary consent is obtained from the recipients before advertising e-mails are sent to them.

7.14.       The Publisher undertakes to keep itself regularly informed about changes to the Partner Program.

7.15.       Publisher agrees to respond to requests from MSD received by Publisher on a business day within 24 hours. Saturdays are not working days within the meaning of these Conditions of Participation. If the 24 hours expire on a day that is not a business day, the request must be answered on the business day following the day of the request.


8.              Duties of MSD


8.1.          MSD provides a platform through which publishers can submit an offer to participate in the partner program and access advertising materials after registration. Access to certain advertising materials may require separate approval after registration. There is no entitlement to use the platform at a certain time and/or to use certain content.

8.2.          MSD shall remunerate the Confirmed Sales generated by the Publishers in accordance with Clause 9 of this Agreement.

8.3.          MSD shall be entitled to use the assistance of third party service providers or vicarious agents in the performance of its obligations under this Agreement,


9.              Remuneration


9.1.          For each confirmed sale, the publisher receives a commission depending on the net shopping cart value achieved. The amount of the commission depends on the publisher segment in which the publisher was grouped during registration:

Publisher segment

Amount of commission per valid sale


4 (in words: four) percent of the net shopping cart value

Other-Affiliates (e.g.: price comparison sites)

3 (in words: three) percent of the net shopping cart value

Deal, loyalty and cashback platforms

2 (in words: two) percent of the net shopping cart value


2 (in words: two) percent of the net shopping cart value


9.2.          MSD records which website customers visiting the webshop have visited before calling up the webshop (so-called multichannel tracking system) in order to be able to determine whether the customer has visited the contractual advertising environment of a publisher before calling up the webshop and has noticed the advertising material(s) integrated there. Within the scope of this tracking, in addition to paid online advertising (e.g. search engine advertising, affiliate advertising, etc.), customer interaction that is not based on paid advertising (e.g. direct calls to the web store, links by third parties, etc.) is also tracked. The basis for commissioning and paying publishers is the attribution model in multi-channel tracking. An extended last-click model is used, which applies across the board to all website visits, regardless of the channel used by the customer. If a customer calls up the web store, a so-called cookie is set, a piece of text information that can be stored in the browser on the end device of the viewer in each case for a website visited and enables the end device to be identified when the website is called up again. The tracking system used by MSD differentiates between website visits based on paid online advertising and customer interactions that are not based on paid advertising. If the customer accepts the setting of the cookie, a "paid cookie" is set for website calls due to paid advertising, and a "non-paid cookie" is set for all other website calls. Within 30 days after the last customer contact, a paid cookie cannot be overwritten by a non-paid cookie. Within this period, a sale can thus be assigned to the publisher. Purchases made after this period are no longer considered as sales. A paid cookie is only overwritten by a non-paid cookie after 30 days. The extended last-click model also includes the integration of a so-called basket freeze for coupon publishers. If a customer interrupts the purchase process on the payment page of the webshop by calling up the advertising environment of a publisher from the "Coupon" publisher segment that is the subject of the contract, the cookie that was set as a result of calling up the advertising environment of the coupon publisher that is the subject of the contract is only taken into account for the allocation of the sale if more than 15 minutes have passed between leaving the payment page and completing the purchase process. If less than 15 minutes have passed, the cookie set before the interruption of the purchase process is taken into account for the assignment of the sale. The affiliation of the "Coupon" publisher segment is defined by the assignment of the corresponding commission group in the affiliate network. In the event of restrictions on the part of the browser used by the customer (e.g. Safari 12 Trackingprotection ITP 2.1), the cookie runtimes stored in the program cannot always be guaranteed in individual cases, so that in these cases tracking may not be possible. MSD reserves the right to revise the logic of the attribution model at reasonable intervals. Publishers will be informed of this in good time.

9.3.          MSD shall prepare a statement ("credit note") for each Publisher by the 5th business day of each month for the remuneration earned by the respective Publisher in the previous month and send it to the Publisher's mailbox on the platform. The Publisher can view and download the statement in his EasyMarketing Account in the "Billing" section.

9.4.          MSD will pay the amount specified in the credit note to the account specified in the Publisher Account within 40 days after the credit note is issued. Payment of all existing credits will be made no later than 120 days after termination of this Agreement.

9.5.          The Publisher undertakes to check each invoice upon receipt and to give notice in text form of any defects that are obvious or recognizable to it without delay, but no later than within 30 (in words: thirty) days of receipt.

9.6.          The commission is settled via EasyMarketing.


10.           Intellectual property


10.1.       The names "MediaMarkt" and "Saturn" and the MediaMarkt and Saturn logos respectively are protected as trademarks (hereinafter: "Logos"). The Publisher acknowledges that the rights to these logos belong exclusively to Media-Saturn-Holding GmbH, Media-Saturn-Straße 1, 85053 Ingolstadt ("MSH") and that no transfer of rights to these trademarks, either in whole or in part, to the Publisher takes place or is intended by these conditions of participation or the cooperation. When using the logos, the stipulations of Item 7.3 of these Conditions of Participation must be observed. The use of the logos beyond the advertising materials requires the separate approval of MSH as the rights holder.

10.2.       The advertising materials used within the framework of the partner program are partially protected by copyright. The use is only permitted for use within the framework of the partner program. Changes to the advertising materials or own advertising statements are not permitted.

10.3.       Manipulation of the advertising materials or their incorrect use will result in the exclusion of the partner from the partner program. MSD reserves the right to further claims against the publisher due to or in connection with the manipulated advertising materials.

10.4.       Any use of the advertising material beyond the scope of the partner program, in particular commercial distribution or reproduction, is prohibited or requires the prior written consent of MSD. This also applies to inclusion in electronic databases and reproduction on CD-ROM, DVD, etc.

10.5.       After termination of the contractual relationship, all advertising media must be removed from the advertising environment without delay (but no later than after 24 hours).


11.           Liability and indemnification


11.1.       The parties shall be liable - irrespective of the legal grounds - for damage caused by negligence, gross negligence and intent. In the case of simple negligence, however, their liability shall be limited to compensation for the foreseeable, typically occurring damage, unless it is a matter of claims for damages arising from injury to life, limb or health.

The aforementioned limitations of liability shall not apply if the parties have fraudulently concealed a defect or have assumed a guarantee of quality.

Insofar as the liability of the parties is excluded or limited, this shall also apply to the personal liability of the respective employees, workers, staff, representatives and vicarious agents.

11.2.       If the Publisher is the operator of a network with sub-publishers, he guarantees with his registration to communicate these Terms of Participation to his sub-publishers and to enforce and monitor their compliance. He is fully liable for the conduct of his sub-publishers and indemnifies MSD against all claims asserted by third parties against MSD due to or in connection with the conduct of the sub-publishers.

11.3.       In the event of a breach of the provisions of these Terms and Conditions of Participation, the Publisher undertakes to bear, in addition to compensation for any damage caused thereby, such reasonable costs and expenses as MSD incurs in order to protect its interests. This also includes claims by a third party caused by this.

11.4.       The Publisher also undertakes to pay MSD a contractual penalty for each culpable case of infringement of provisions from these Terms of Participation, in particular those under section 7 of these Terms of Participation, the amount of which is at the reasonable discretion of MSD and depends on the circumstances of the individual case and, in the event of a dispute, is to be reviewed by the competent court.


12.           Force majeure


12.1.       If a party's delay in performance is caused by or is the result of Force Majeure, the delay in performance shall not constitute a breach of these Conditions of Participation and the time required for performance shall be extended by a period equal to the period of delay.

12.2.       The party affected by Force Majeure shall immediately notify the other party thereof and immediately take all reasonable measures to mitigate the effect of the Force Majeure.

12.3.       If either Party is prevented by Force Majeure from performing its obligations under this Agreement for a continuous period of at least 60 days or (by the same Force Majeure) for multiple periods totaling more than 90 days, either Party may terminate this Agreement.


13.           Compliance


13.1.       The parties undertake not to engage in any activities in connection with the initiation and implementation of the cooperation that are punishable by law or violate applicable law or standards, whether personally, by members of their corporate bodies, by their employees or by third parties commissioned by you.

13.2.       In particular and without restrictions, neither party shall commit criminal acts with an economic background, such as fraud, betrayal of secrets, falsification of documents or data, offering, promising or granting benefits to a member of the governing body or employees of the contractual partner, in accordance with the applicable and valid law.

13.3.       Each Party hereby warrants that during the term of the Collaboration, it will comply with all applicable anti-money laundering laws relating to money laundering, predicate offenses to money laundering, or related financial recordkeeping and underlying reporting requirements.

13.4.       The parties further undertake to take all necessary and reasonable measures to prevent corruption and money laundering in the course of their business activities and within their area of responsibility.

13.5.       Each party hereby guarantees that during the term of the cooperation it is neither on a sanctions list of the European Union, a member state of the European Union, the USA, the United Kingdom or the United Nations nor subject to a corresponding embargo and that the implementation of the cooperation does not violate export control regulations in any other way. Each party undertakes to inform the other party without undue delay if an event occurs that leads to a violation pursuant to sentence 1.

13.6.       If one party violates this clause, the respective other party shall be entitled to terminate the cooperation with immediate effect. Termination shall only be possible if the terminating party has set a reasonable deadline for remedying the breach and the breaching party has not remedied the breach within such deadline; however, in the cases specified in Sections 1.2, 1.3 and 1.5, the setting of a deadline shall not be required. All other rights of the terminating party (e.g. claims for damages or compensation) shall remain unaffected.


14.           Privacy


14.1.       The Parties shall process personal data in accordance with the European Data Protection Regulation ("GDPR") (Regulation (EU) 2016/679) and applicable national law (together with GDPR hereinafter "Data Protection Provisions"). They shall require their employees and agents engaged in the processing of personal data to comply, or have already complied, with this Section 14 and the applicable Data Protection Provisions.

14.2.       The Parties shall act as independent controllers pursuant to Art. 4 No. 7 GDPR and shall not be responsible for each other's processing activities. This does not apply if the parties act as joint controllers or within a controller-processor relationship, which is, however, governed by a separate agreement.


15.           Conclusion and termination of the contract


15.1.       Participation in the affiliate program begins with the proper registration of the publisher via the website https://pvn.mediamarkt.de/registry-signup.do (for MediaMarkt) and https://pvn.saturn.de/registry-signup.do (for Saturn) and runs for an indefinite period.

15.2.       The Publisher may terminate its participation in the Partner Program at any time by declaration in text form.

15.3.       MSD may terminate the cooperation with one month's notice to the end of the month. The right to extraordinary termination for good cause remains unaffected.

15.4.       For MSD, good cause exists in particular if:

(a)        the Publisher demonstrably and repeatedly violates material provisions of these Terms and Conditions of Participation including annexes and fails to remedy such violations despite a warning with a reasonable deadline set by Media-Saturn at least in text form (e.g. by e-mail);

(b)        composition or insolvency proceedings are instituted against the assets of the Publisher or the insolvency of the Publisher is established;

(c)         the publisher ceases its business operations;

(d)        the Publisher violates the terms and conditions set forth in Section 13 of these Terms and Conditions of Participation;  

15.5.       The termination must be in text form (e.g. e-mail).


16.           Contract adjustment


MSD reserves the right to amend these Terms and Conditions of Participation from time to time, in particular insofar as this is necessary due to changes in the legal situation or for the smooth running of the Affiliate Program, and provided that the Publisher is not unreasonably disadvantaged thereby in accordance with the principles of good faith. The changes will be announced to the Publishers in text form with a notice period of two weeks in advance and made available to all Publishers in a suitable manner. Unless an express written objection is made within six weeks of the announcement, the new Terms and Conditions of Participation shall be deemed to have been accepted by the Publisher.


17.           Final provisions


17.1.       These Terms and Conditions of Participation represent the entire arrangements between the Parties regarding the subject matter of the cooperation. There are no subsidiary agreements. All previous oral or written agreements shall be replaced by these Terms of Participation.

17.2.       All amendments and supplements to the agreements of the parties must be made in text form (electronic form is sufficient), unless a stricter form is prescribed by law or otherwise results from these Terms and Conditions of Participation. The same applies to the cancellation or amendment of this text form requirement.

17.3.       If any provision of these Terms and Conditions of Participation is or becomes invalid or unenforceable in whole or in part, this shall not affect the validity and enforceability of the remaining part of these Terms and Conditions of Participation. The parties are obliged to replace the invalid or unenforceable provision or the part of such a provision with a valid and enforceable provision that comes as close as possible to the economic purpose that the parties would have agreed upon if they had been aware of the invalidity or unenforceability when concluding this agreement. The foregoing shall apply mutatis mutandis if this Agreement contains a loophole.

17.4.       The Publisher's General Terms and Conditions of Business shall apply only insofar as they are expressly confirmed in writing by MSD. Signatures on delivery bills under general terms and conditions etc. shall not be deemed to constitute written consent in this context.

17.5.       These Terms and Conditions of Participation and all non-contractual obligations arising in this context shall be governed by the laws of the Federal Republic of Germany, excluding the UN Convention on Contracts for the International Sale of Goods. The exclusive place of jurisdiction for all legal disputes arising from these Terms and Conditions of Participation shall be Munich, Germany, to the extent permitted by law.