Realization of Hypothec Sample Clauses
Realization of Hypothec. In following cases, the monrtgagee may be compensated by the price of pledge or guaranty traded in or auctioned or sold off via mutual negotiation; and if such negotiation fails, the pledge has the right to present a suit to an appropriate people’s court for judgment: when the monrtgagee fails to be compensated upon expiration of the debt clearing period covered under This Contract (including part of the debt that was proclaimed to be mature before maturity, due to the debtor’s breach of contract and/or the monrtgagor’s violation of statement and guarantee or promises, and etc.); or when the monrtgagee has the right to dispose of the estates in pledge as stipulated by or associated with law, code, rules & regulations. The debtor shall pay the deficit part as to the guaranty disposed. Parts or the whole of this Contract that has been notarized with enforceable effect by a monrtgagee-designated public notary shall be as per Article 9.2
Realization of Hypothec. 1. If one of the following circumstances occurs, the mortgagee will be authorized to directly dispose the guaranty by the mortgager (including but not limited to guaranty discount or direct auction, and guaranty sales), and the obtained money will be used to pay for the debts.
(1) The debtor does not pay off the mortgaged debts according to the main contract (including the interest on principal for debts which is declared to come to end because of the violation of debtor and mortgager):
(2) The value of guaranty is reduced or will be reduced due to the factors like market changes;
(3) The operation condition of the debtor becomes seriously worse, and the debtor loses the business honor or has the possibility or probably looses the performance ability, the mortgagee is needed to collect the mortgaged debts in advance;
(4) Other situations that the mortgagee has right to dispose the guaranty in accordance with the laws and regulations or the contract.
2. If there are more than two mortgagers, the mortgagee will have right to dispose any or each mortgager’s guaranty when implementing the hypothec.
Realization of Hypothec. After the occurrence of the guarantee liability, the Mortgagee has the right to negotiate with the Mortgagor to discount the collateral or use the proceeds from auctioning or selling the collateral to pay off the principal creditor’s rights first. If the agreement cannot be reached, the Mortgagee has the right to request the people's court to auction or sell the collateral in accordance with the law. The proceeds from the disposal of the collateral shall be used to settle the principal creditor’s rights after priority payment of the disposal expenses of the collateral and the expenses that the Mortgagor shall pay or repay to the Mortgagee under this Contract. The simultaneous existence of other security under guarantee or warranty for the principal debt outside this Contract shall not affect any right of the Mortgagee hereunder and its exercise, and the Mortgagee shall have the right to decide the order of exercise of each security right, and the Mortgagor shall assume the security responsibility in accordance with this Contract and shall not use the existence of other security and the order of its exercise as a defense against the Creditor.
Realization of Hypothec. In the event that Marker breaches its obligation to Transfer its Shares pursuant to the terms of Section CALL OPTIONs hereof, CT Sports shall be entitled to exercise its hypothecary recourses in respect of such Shares and the Escrow Agent shall deal with the shares in the manner provided for at law in respect of the hypothecary recourse exercised.
Realization of Hypothec. After the occurrence of the guaranteed liability, the mortgagee is entitled to consult with the mortgagor to discount the collateral or discharge the principal credit in priority by using the payment from auctioning or disposing of the collateral. If negotiation fails, the mortgagee is entitled to legally request the people’s court to auction or dispose the collateral. The payment obtained by disposing the collateral will be paid off the principal credit after being paid for the expense of disposition and the expense herein paid to the mortgagee by the mortgagor. If there exists any other guarantee related to the principal credit out of this Agreement, it shall not affect any right and its performance of the mortgagee herein and the mortgagee shall not defend against the mortgagee based on this ground.