Common use of Exercise of the Pledge Rights Clause in Contracts

Exercise of the Pledge Rights. 8.1 The Pledgee shall give a default notice to the Pledgors in accordance with Article 7.3 of the Agreement when exercising the Pledge Rights. 8.2 Subject to the stipulations of Article 7.3, the Pledgee may exercise the Pledge Rights at any time after the default notice is given in accordance with Article 7.3. 8.3 The Pledgee shall be entitled to first receive the proceeds from the discounted sale, auction or disposal of all or part of the equity under the Agreement in accordance with the statutory procedures, until the outstanding service fees and all other amounts due under each agreement have been satisfied, and all other obligations under each agreement have been fulfilled. 8.4 When the Pledgee exercises the Pledge Rights in accordance with the Agreement, the Pledgors and/or Party C shall not create any obstacles and shall provide necessary assistance to enable the Pledgee to realize its Pledge Rights.