Common use of Exercise of the Pledge Clause in Contracts

Exercise of the Pledge. 1. in the event of breach or non-performance of any contractual obligation, WFOE shall have the right to dispose of all or part of the pledged shares held by any shareholder of the target company (whether or not such shareholder is in breach of a contractual obligation) in accordance with the law, and shall be entitled to priority payment of the secured obligation out of the price received from the disposal of the pledged shares.

Exercise of the Pledge. 1. in the event of breach or non-performance of any contractual obligation, WFOE shall have the right to dispose of all or part of the pledged shares held by any shareholder of the target company (whether shareholders of such breach or not such shareholder is in breach of a contractual obligation) non-performance in accordance with the law, and shall be entitled to priority payment of the secured obligation out of the price received from the disposal of the pledged shares.