Common use of Methods of Enforcement of the Pledge Clause in Contracts

Methods of Enforcement of the Pledge. (a) As part of the enforcement of the Pledge, the Pledgee may satisfy its claims by any of the following methods determined solely by the Pledgee: (i) direct sale of the Movable Assets; (ii) sale of the Movable Assets in a public tender conducted by the Pledgee pursuant to Section 281 et seq. of the Commercial Code; or (iii) any other manner legally admissible at the time of the commencement of the enforcement of the Pledge, whereas, in case of direct sale or public tender or any other manner legally admissible, the Pledgee undertakes to make an effort that the Movable Assets are sold for the price for which movable assets comparable or similar to the Movable Assets are usually sold under comparable conditions at the time and in the place of the sale of the Movable Assets. (b) The Pledgor explicitly agrees that the methods and conditions of enforcement of the Pledge agreed in this Agreement are adequate methods of pledge enforcement fully in accordance with fair business practice (in Slovak poctivý obchodný styk).