The L-shaped bar inside the side plate can be considered to be trigger's extension. When trigger is pushed, the L-bar pushes down the spring loaded head of the sear to release the striker. "Bang". The barrel extension recoils, the sear goes along with it, and the L-bar does not control the sear anymore. Sear returns to its 'locking' position under the force of sear spring and locks the striker again. After everything returns to their 'normal' position, the head of the sear is blocked by the L-bar because the trigger is still in the 'pushed-down' state. The trigger must be released so the sear head could go under the L-bar again for the next shot. So, semi-auto.
One item might be interesting to think.... if design a "Schnellfeuer-Parabellum", what's the best implementation? Historically, there was full-auto version of Borchardt, recorded in John Walter's book. Not legal to build one, but on paper should be OK.
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