Common use of Following an Enforcement Event Clause in Contracts

Following an Enforcement Event. and issuing of a Notice of Enforcement Event, the Vendors may exercise in relation to any and all of the Pledged Shares all the rights and remedies possessed by them under this Agreement or granted to them by law or otherwise and in particular: 7.1.1 Apply to the Secured Obligations the unappropriated cash (if any) then held by them as security hereunder; 7.1.2 Exercise all rights relating to the Pledged Shares without limitation, including appointing proxies, calling meetings, removing directors, approving or otherwise accounts, increasing or reducing capital, purchasing or selling assets, declaring dividends, undertaking or repaying loans or other indebtedness and other actions which in their sole and absolute discretion is deemed necessary to preserve the value of the Pledged Shares; 7.1.3 Appoint directors and officers of the Company; 7.1.4 Dispose of or appropriate and acquire the Pledged Shares in accordance with Greek law; 7.1.5 Where applicable, dispose of, or appropriate and acquire, the Pledged Shares and/or set off the value of the Pledged Shares against, or apply the value of the Pledged Shares in discharge of, the Secured Obligations, in accordance with Greek law. The value of the Pledged Shares for the purposes of this clause shall be determined in accordance with sub-clause 7.3 hereof; and/or 7.1.6 Apply to the Courts for the judicial auction of the Pledged Shares in accordance with Greek law.

Following an Enforcement Event. and issuing of a Notice of Enforcement Event, the Vendors may exercise in relation to any and all of the Pledged Shares all the rights and remedies possessed by them under this Agreement or granted to them by law or otherwise and in particular: 7.1.1 Apply to the Secured Obligations the unappropriated cash (if any) then held by them as security hereunder; 7.1.2 Exercise all rights relating to the Pledged Shares without limitation, including appointing proxies, calling meetings, removing directors, approving or otherwise accounts, increasing or reducing capital, purchasing or selling assets, declaring dividends, undertaking or repaying loans or other indebtedness and other actions which in their sole and absolute discretion is deemed necessary to preserve the value of the Pledged Shares; 7.1.3 Appoint directors and officers of the Company; 7.1.4 Dispose of or appropriate and acquire the Pledged Shares in accordance with Greek law; 7.1.5 Where applicable, dispose of, or appropriate and acquire, the Pledged Shares and/or set off the value of the Pledged Shares against, or apply the value of the Pledged Shares in discharge of, the Secured Obligations, in accordance with Greek law. The value of the Pledged Shares for the purposes of this clause shall be determined in accordance with sub-clause 7.3 hereofhereof ; and/or 7.1.6 Apply to the Courts for the judicial auction of the Pledged Shares in accordance with Greek law.