Common use of ENFORCEMENT OF THE PLEDGE Clause in Contracts

ENFORCEMENT OF THE PLEDGE. 11.1 The Pledgor accepts that at any time after the occurrence of an Enforcement Event or of a Bonding Facility Enforcement Event and the Security Trustee (acting on instructions received pursuant to the terms of the Security Trust and Intercreditor Deed) giving notice to the Issuer thereof and after five days from service of notice to the Pledgor in accordance with Article 2797, first paragraph, of the Italian Civil Code, the Security Trustee is authorised, in its absolute discretion, upon the terms and conditions set out under Clause 10 (Action and Enforcement Action) of the Security Trustee and Intercreditor Deed, to enforce the Transaction Security and therefore to sell the Pledged Shares in whole or in part, and in one or more stages, pursuant to Article 2797, last paragraph, of the Italian Civil Code. The Security Trustee, on behalf of the Secured Creditors, may also, in its absolute discretion, appoint a different credit institution to arrange the sale, or a financial brokerage company or any other specialised operator in the securities market, or proceed directly to a sale to third parties. A report of the terms of the sale effected as per above must however be delivered to the Pledgor.

ENFORCEMENT OF THE PLEDGE. 11.1 The Pledgor accepts Pledgors accept that at any time after the occurrence of an Enforcement Event or of a Bonding Facility Enforcement Event and the Security Trustee (acting on instructions received pursuant to the terms of the Security Trust and Intercreditor Deed) giving notice to the Issuer thereof and after five days from service of notice to the Pledgor Pledgors in accordance with Article 2797, first paragraph, of the Italian Civil Code, the Security Trustee is authorised, in its absolute discretion, upon the terms and conditions set out under Clause 10 (Action and Enforcement Action) of the Security Trustee and Intercreditor Deed, to enforce the Transaction Security and therefore to sell the Pledged Shares in whole or in part, and in one or more stages, pursuant to Article 2797, last paragraph, of the Italian Civil Code. The Security Trustee, on behalf of the Secured Creditors, may also, in its absolute discretion, appoint a different credit institution to arrange the sale, or a financial brokerage company or any other specialised operator in the securities market, or proceed directly to a sale to third parties. A report of the terms of the sale effected as per above must however be delivered to the PledgorPledgors.