Common use of Disposition of pledge Clause in Contracts

Disposition of pledge. 4.1. The Pledgor, company and the Pledgee hereby agrees that, in the Event of Default, the Pledgee have the right to exercise the all remedy rights and power after sending the written consent to the Pledgor under the PRC laws, the terms of the Transaction Documents including but not limited to get the prior compensation via auctioning or selling the Pledge. The Pledgee shall not be liable for any loss incurred by its duly exercise of such rights and powers. 4.2. The Pledgee is entitled to designate attorney or other representatives to exercise any or all rights above in written forms , and the Pledgor or Company shall not raise any objection to such action. 4.3. The Pledgee’s reasonable expenses incurred by the execution of any or all of the rights mentioned above are borne by the Pledgor, and the Pledgee has the right to deduct such expenses in accordance with the amounts obtained from executing his right. 4.4. The amounts of executing the rights of the Pledgee shall be dealt with in the following order: First, pay all expenses arising from the disposition of the Pledge and the Pledgee execute their rights (including pay the attorney fee and agent’s remuneration); Second, pay the tax fees which results of disposing the Pledge; and Third, the Secured Indebtedness payed to the Pledgee. If there are remaining balance after paying above amounts, the remaining balance shall be returned to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public office where the Pledgor resides by the Pledgee. (All expenses incurred are borne by the Pledgor). 4.5. The Pledgee has the right to execute the pledge right of company shares which held by any Pledgor simultaneously or in any order. The Pledgee doesn’t need to preferentially execute the other remedies before executing the auction or selling of the Pledge under this Agreement. And the Pledgor or the Company also have no right to raise an objection on the situations that whether the Pledgee execute part of their pledge right or the orders of executing the pledge right.

Disposition of pledge. 4.1. The Pledgor, company Company and the Pledgee hereby agrees that, in the Event of Default, the Pledgee have the right to exercise the all remedy rights and power after sending the written consent to the Pledgor under the PRC laws, the terms of the Transaction Documents Documents, including but not limited to get the prior compensation via auctioning or selling the Pledge. The Pledgee shall not be liable for any loss incurred by its duly exercise of such rights and powers. 4.2. The Pledgee is entitled to designate attorney or other representatives to exercise any or all rights above in written forms , and the Pledgor or Company shall not raise any objection to such action. 4.3. The Pledgee’s reasonable expenses incurred by the execution of any or all of the rights mentioned above are borne by the Pledgor, and the Pledgee has the right to deduct such expenses in accordance with the amounts obtained from executing his right. 4.4. The amounts of executing the rights of the Pledgee shall be dealt with in the following order: First, pay all expenses arising from the disposition of the Pledge and the Pledgee execute their rights (including pay the attorney fee and agent’s remuneration); Second, pay the tax fees which results of disposing the Pledge; and Third, the Secured Indebtedness payed to the Pledgee. If there are remaining balance after paying above amounts, the remaining balance shall be returned to Pledgor or any other person who have rights to such balance under applicable laws or be deposited to the local notary public office where the Pledgor resides by the Pledgee. (All expenses incurred are borne by the Pledgor). 4.5. The Pledgee has the right to execute the pledge right of company shares which held by any Pledgor simultaneously or in any order. The Pledgee doesn’t need to preferentially execute the other remedies before executing the auction or selling of the Pledge under this Agreement. And the Pledgor or the Company also have no right to raise an objection on the situations that whether the Pledgee execute part of their pledge right or the orders of executing the pledge right.