Common use of Disposal of the Pledged Equity Interest Clause in Contracts

Disposal of the Pledged Equity Interest. 4.1 The Parties hereby agree that if any Breaching Event occurs the Pledgee has the right to all remedial rights and powers it enjoys under the PRC Laws, the Transaction Agreements and this Agreement after giving a written notice to the Pledgors, including but not limited to auctioning or selling the Pledged Equity Interest and receiving payment from the proceeds in the first place. The Pledgee shall not be liable for any loss caused by its reasonable exercise of such rights and powers. The Pledgors further acknowledge and agree that their breach of Article 9 hereof shall constitute a material breach of this Agreement. The Company further acknowledges and agrees that its breach of Article 10 hereof shall constitute a material breach of this Agreement. 4.2 The Pledgee has the right to appoint in writing its lawyer or other agent to exercise any or all of the above rights and powers, to which the Pledgors or the Company shall not raise any objection. 4.3 The Pledgee has the right to deduct any reasonable cost incurred in its exercise of any or all of the above rights and powers from any amount it obtains from such exercise. 4.4 The amount obtained by the Pledgee from exercise of the above rights and powers shall be distributed: First, for payment of disposal of the Pledged Equity Interest and all costs incurred by the Pledgee for exercise of its rights and powers (including paying the remuneration of its lawyer and agent); Second, for payment of the taxes on the disposal of the Pledged Equity Interest; and Third, for repayment of the Secured Debts to the Pledgee. If there is any remaining amount after the above distribution, the Pledgee shall return such remaining amount to the Pledgors or other person entitled to such amount according to relevant laws and regulations, or lodge such amount with the notary at the lace of the Pledgee (the cost of which shall be borne by the Pledgee). 4.5 The Pledgee has the right to exercise its remedies for breach of contract at the same time or successively. The Pledgee is not required to exercise other remedies first before exercising the right hereunder to auction or sell the Pledged Equity Interest.

Disposal of the Pledged Equity Interest. 4.1 The Parties hereby agree It is agreed that if upon occurrence of any Breaching Event occurs of Default and with notice to the Plegors in writing, the Pledgee has shall have the right to exercise all remedial rights and powers available to it enjoys under the PRC Laws, the Transaction Agreements Documents and this Agreement after giving a written notice to the Pledgorshereunder, including but not limited to auctioning without limitation sale or selling disposal of the Pledged Equity Interest and receiving payment from the proceeds in the first placeInterest. The Pledgee Pledgor shall not be held liable for any loss caused by arising from its reasonable exercise of such rights and or powers. The Pledgors further acknowledge and agree that their breach of Article 9 hereof shall constitute a material breach of this Agreement. The Company further acknowledges and agrees that its breach of Article 10 hereof shall constitute a material breach of this Agreement. 4.2 The Pledgee has shall have the right to appoint in writing its lawyer attorney or any other agent to exercise any or and all of the above such rights and powerspowers in Section 4.1, to which none of the Pledgors or the Company shall not may raise any objection. 4.3 The Pledgee has shall have the right to deduct any reasonable cost incurred in from the proceeds received from its exercise of any or all of the above rights and powers from in Section 4.1 any amount costs and expenses reasonably incurred by it obtains from in connection with such exercise. 4.4 The amount obtained proceeds received by the Pledgee Pledgor from exercise of the above its rights and powers in Section 4.1 shall be distributed: First, for payment of applied in the following sequence: 1. to pay all costs and expenses incurred by it in connection with disposal of the Pledged Equity Interest and all costs incurred by the Pledgee for exercise of its rights and powers (powers, including paying the remuneration payment of its lawyer attorney and agent); Second, for payment of the ’ fees; 2. to pay all taxes on the payable due to disposal of the Pledged Equity Interest; and Third, for repayment of and 3. to Pay the Secured Debts Indebtedness to the PledgeePledgor. If there is any The amount remaining amount after the above distributionapplications, the Pledgee if any, shall return such remaining amount be returned to the Pledgors or deposited to any other person entitled to such amount according to relevant laws and regulations, it or lodge such amount with the local notary at the lace of public having jurisdiction over the Pledgee (the cost of which any costs and expenses thereof shall be borne paid by the Pledgee). 4.5 The Pledgee has shall have the right discretion to exercise any of its remedies for breach of contract at the same time remedial rights and powers concurrently or successivelysubsequently. The Pledgee is not required may exercise its right to exercise other remedies first before exercising the right hereunder to auction sell or sell dispose the Pledged Equity InterestInterest without prior exercise of any other remedy.