Enforcement due to Material Breaches - Conditions of Sale. If the enforcement of the Pledge is initiated by any method under Clause 7.3 (Methods of Enforcement of the Pledge) due to: (a) non-payment of any regular instalment of any Loan on its due date under the Facilities Agreement, or (b) breach of a financial covenant under Clause 20.2 (Financial Condition) of the Facilities Agreement, or (c) a material adverse change under Clause 24.19 (Material Adverse Change) of the Facilities Agreement, the Pledgee shall follow the following rules: (a) in case of sale by direct sale paragraph (a)(i) of Clause 7.3 (Methods of Enforcement of Pledge) or in a public tender pursuant to paragraph (a)(ii) of Clause 7.3 (Methods of Enforcement of Pledge), the minimum purchase price for which any Movable Asset can be sold shall not be lower than 60% of the Value of the Movable Assets being sold; (b) the conditions of maturity of the purchase price for the Movable Assets or their part shall be determined or agreed by the Pledgee in its sole discretion; (c) the place and the time of sale of the Movable Assets or their part shall be determined by the Pledgee in its sole discretion; and (d) when considering the best offer, the Pledgee is entitled to take into account also other criteria than the amount of the proposed purchase price, in particular the proposed time of the sale, the proposed time of payment of the purchase price and other conditions of sale; on the basis of assessment of all conditions of sale, the Pledgee may decide which offer is the best whereas the offer with highest purchase price does not automatically represent the best offer.
Appears in 9 contracts
Samples: Pledge Agreement, Pledge Agreement, Pledge Agreement
