Common use of Exercise of the Right of Pledge Clause in Contracts

Exercise of the Right of Pledge. 8.1 Before all obligations under the Main Agreements are fulfilled, the Xxxxxxx shall not transfer the Pledged Equity without prior written consent of the Pledgee. 8.2 In case of an Event of Default referred to in Article 7, the Pledgee shall issue a notice of default to the Xxxxxxx when exercising the right of pledge. 8.3 Subject to the provisions of Article 7.3, the Pledgee may dispose of the right of pledge at the same time as or at any time after issuing the notice of default in accordance with Article 7.3. 8.4 The Pledgee shall be entitled to transfer all or part of the Pledged Equity hereunder at its discounted value in accordance with legal procedures, or to have priority of payment from the auction or sales of the equity, till all obligations under the Main Agreements are fulfilled. If the Pledgee decides to exercise the right of pledge, the Xxxxxxx undertakes to transfer all its shareholders’ rights to the Pledgee. 8.5 When the Pledgee disposes the right of pledge in accordance with this Agreement, the Xxxxxxx shall, without any obstruction, provide necessary and active assistance to enable the Pledgee to realize its right of pledge.