Pledge Realization Clause Samples

Pledge Realization. 15.1 If any one or more situations specified in Articles 12, 13.1 and 13.2 of this Contract occur, the pledge can be realized in the following manner: 15.1.1 Party A and Party B reaches an agreement to directly convert the collaterals into cash, or auction or sell the collaterals; 15.1.2 Dispose of the collaterals according to legal procedures; 15.2 Party A may receive compensation first from proceeds of the collaterals disposed in the aforesaid manner. If the proceeds exceed the principal and interest of loans, advances and alternative credits and all relevant fees owed by Party B (or the Credit Applicant) under the Credit Agreement, Party B may keep the excess amount. If the proceeds are insufficient, Party A may collect the amount difference in another manner.