Realization of Mortgage. 8.1 Party A has the right to realize the mortgages under any of the following circumstances:
A. The Debtor fails to discharge its obligations when Party A's Principal Claims become due (including becoming due earlier);
B. Party B fails to recover values of the Collaterals or provide other collaterals whose values equal to reduced values in the event of occurrence of circumstances as specified in Article 3.9 hereof;
C. Party B or the Debtor is petitioned for bankruptcy or out-of-business, dissolution, liquidation, or suspended for reorganization, or its business license is cancelled or withdrawn;
D. Party B disposes the Collaterals under the floating mortgages by going beyond the arm's length transaction in its production and operation;
E. Other circumstances as provided by the laws and regulations, according to which Party A may realize the mortgages.
8.2 When realizing the mortgages, Party A may be indemnified with priority from the proceeds arising out of auction of the Collaterals, or offset obligations owed by the Debtor by appraised prices of the Collaterals, based on its negotiation with Party B. If the parties fail to agree on realization of mortgages, Party A may directly apply to the People's Court for disposing the Collaterals by auction or sales.
8.3 If currency of the proceeds from disposal of the Collaterals is different from such currency as set forth in the Principal Contracts, it is required to satisfy Party A's claims after such proceeds are converted into the money in currency of the Principal Contracts at applicable exchange rate published by Party A.
Realization of Mortgage. 5.1 Party A is entitled to enforce the mortgage in any of the following circumstances:
(1) The Debtors fail to repay the principal, interest or expenses of or relating to any debt due under the Principal Contracts (including any debt due in advance);
(2) Party B breaches any of its warranties or covenants, or otherwise fails to perform any obligation hereunder;
(3) The Debtors or Party B is declared dissolved or bankrupt or is cancelled according to law;
(4) It is probable that the collaterals may be damaged or the value of the collaterals is reduced obviously, which could endanger Party A’s right, and the Debtors or Party B fails to provide any security approved by Party A within the time limit notified by Party A;
(5) The Debtors otherwise breaches the Principal Contracts, or the Principal Contracts are rescinded or terminated;
(6) Other circumstances specified by laws or regulations occur, where the mortgage may be enforced.
5.2 Party A is entitled to take precedence over the proceeds obtained from conversion of value, auction or sale of the collaterals.
5.3 Party B agrees that Party A is entitled to directly receive the fruits of the collaterals (including but not limited to the rent or contracting charge) to satisfy its debts from the second month after the Debtors or Party B breaches the Principal Contracts or this contract. Party B shall cooperate unconditionally. The fruits received shall be first used to pay the expenses incurred for receiving such fruits.
5.4 Where any circumstance of enforcing the mortgage occurs, both parties shall negotiate to determine the way of enforcement. If negotiation fails, Party A is entitled to directly apply to the people’s court for auction or sale of the collaterals.
5.5 Party B acknowledges that where the Debtors provide other collaterals, Party A has the right to enforce the mortgage over the collaterals hereunder. Party B shall not raise any objection thereto.
Realization of Mortgage. 8.1 The Mortgagee has the right to choose to cash or realize the mortgaged property by means of auction, sale, etc., and receive the proceeds for the priority of compensation, or deposit them into its designated account to guarantee the performance of the Debtor’s debt; or to choose to discount the mortgaged property to offset Debtor’s debt after consultation with the Mortgagor in case of any of the following circumstances:
(1) The Mortgagee has not been paid off upon the expiry of the term of debt performance under the Main Contract, and the expiry in question includes the case where the Mortgagee declares early maturity of the debt under the Main Contract in accordance with the Main Contract, or national laws and regulations.
(2) The Mortgagor or its related party or actual controller is declared bankrupt or revoked, etc.;
(3) The mortgaged property is seized, preserved or imposed on any other mandatory measures;
(4) The Mortgagor violates the obligations agreed herein, which has affected or may adversely affect the realization of the claim under the Main Contract.
8.2 The Mortgagor shall be actively cooperative when the Mortgagee disposes of the mortgaged property. The Mortgagor shall offer to vacate himself/herself and his/her dependent family members from the house mortgaged under the Main Contract within six months after the people’s court decides to auction or sell the house and offset the debt. If the Mortgagee agrees to provide temporary housing to the Mortgagor, the mortgagor shall pay rent to the Mortgagee; the rent to be paid by the Mortgagor to the Mortgagee shall fall within the scope of the mortgage guarantee under the Contract.
8.3 In case there are two or more independent mortgages under the Contract, the Mortgagee shall have the right to choose any one or more of them to realize the mortgage against Xxxxxx’s debt under the Main Contract.
8.4 Should there be two or more Guarantors for the principal claim under the Contract, the Mortgagor hereby irrevocably undertakes that: It voluntarily assumes joint and several guarantee liabilities for all the claim with other Guarantors, and the Mortgagee has the right to request any Guarantor to assume all or part of the guarantee liabilities. And that any Guarantor that has assumed the guarantee liabilities shall be entitled to recover the claim from other Guarantors, which is acknowledged by the Mortgagor.
Realization of Mortgage. 12.1 Upon happening any of the following events:
(a) Mortgagers failed to perform their repayment obligations under the Equity Purchase Agreement,
(b) Any of the Mortgagers was legally announced bankruptcy, winding up or dissolution,
(c) Any breach of the Equity Purchase Agreement or this Agreement by the Mortgagers, or
(d) The Equity Purchase Agreement is terminated due to reason attributable to Mortgagers, Mortgagers shall pay the Principal Claim within 10 days upon requirement of Mortgagee. Otherwise, Mortgagee shall have the right to realizing the mortgage in any legal method.
12.2 The income in realization of mortgage under this Agreement shall offset the fees for realization of mortgage, and then shall pay off the Secured Debt; the remaining portion will be returned to Mortgagers or other beneficiaries.
Realization of Mortgage. 16.1 Under any or more circumstances provided in Article 13 or Article 14 hereof, Party A may realize its mortgage by one of the following means:
16.1.1 Party A and Party B reach an agreement to directly convert the collaterals into monetary value or auction or sell off the collaterals; if the Parties fail to reach an agreement within fifteen (15) days of occurrence of any or more of the circumstances provided in Article 13 or Article 14 hereof, Party A has the right to directly apply to the people’s court for auction or sell-off of the collaterals;
16.1.2 The collaterals shall be disposed according to legal procedures by the method of dispute resolution as agreed in the Credit Facility Agreement;
Realization of Mortgage. 1. In case of breach of contract by the Mortgagor or Debtor under the Loan Contracts or this Contract, the Mortgagee is entitled to declare the indebtedness under the Loan Contracts become mature immediately and to realize the mortgage under this Contract. In case that the Debtor fails to perform its obligations under any of the Loan Contracts upon maturity, the Mortgagee is entitled to use the collateral to make up for the indebtedness or settle the outstanding indebtedness by the proceeds derived from the sale or auction of the collateral. The remaining proceeds shall be used to secure the non-mature indebtedness under the Loan Contracts or shall be deposited in a third party designated by the Mortgagor and the Mortgagee.
2. If there is more than one Mortgagor, the Mortgagee is entitled to choose the collateral of any Mortgagor in realization of the security.
Realization of Mortgage. 8.1 Party A has the right to exercise the mortgage if any of the following circumstances occurs:
A. The principal debts become due (or become due early), and the debtors fail to repay the debts;
B. Any of the circumstances specified in Article 3.9 hereof occurs, and Party B fails to recover value of the collaterals or to provide other security equal to the reduced value;
C. Party B or any debtor is declared bankrupt, wound-up, dissolved or liquidated, stops business for rectification, is revoked of business license, or is cancelled;
D. Party B disposes of any collaterals subject to the floating mortgage herein during its production and operation in violation of the principle of fair trading;
E. Other circumstances where Party A may realize its mortgage according to laws or regulations.
8.2 Where Party A realizes the mortgage, it may negotiate with Party B to get paid preferentially from the proceeds of auctioning or sale of the collaterals, or use the collaterals themselves to settle the debts by conversion of their value. If both parties fail to reach an agreement on the way of realization of mortgage, Party A may directly request the people’s court to auction or sell the collaterals.
8.3 If the proceeds obtained from disposition of the collaterals are in currency different from the currency of the Principal Contracts, they shall be converted into the currency of the Principal Contracts at applicable rate published by Party A and be used to satisfy the debts under the Principal Contracts.
Realization of Mortgage. I. If the Creditor declares that Party B’s debts are due ahead of schedule according to law or in accordance with the financing business agreement, and requests Party B to perform the debts ahead of time, but Party B fails to perform or fails to perform in full, which results in Party A’s compensation, it shall be deemed to be an important condition for Party A to claim guarantee liability to Party B. If Party B fails to pay off the mortgage within five days after Party A’s compensation, Party A shall have the right to dispose of the mortgage to realize the mortgage, which shall not be subject to the limitation of the repayment period.
II. If Party A fails to be liquidated by Party B within five days after fulfilling its obligation of compensation, Party A may apply to the people’s court for the disposal of the mortgage in accordance with the form prescribed by law, giving priority to the payment received, and Party B shall not raise any objection to Party A’s application for the disposal of the mortgage.
III. If Party A fails to be liquidated by Party B within five days after fulfilling its obligation of compensation, Party A shall have the right to negotiate with Party B, to possess and exercise the mortgaged property management rights according to law, and the income will be used to repay all the debts of Party B under this agreement. Party A may occupy and exercise the property management right, or entrust or contract to a third party for operation and management. When Party A disposes of its rights in accordance with this agreement, Party B shall cooperate and shall not set any obstacles.
Realization of Mortgage. Upon any of the following cases, Party A agrees that Party B is entitled to auction or sell the mortgaged objects at an agreed-upon price, in accordance with related laws:
10.1 Party B fails to be paid upon the expiry of the performance term for the repayment of the principal of the loan or the accrued interest on the loan, wholly or partly, hereunder;
10.2 Other events allowing Party B to realize its creditor’s rights ahead of schedule as stipulated herein.
Realization of Mortgage. 15.1 In case of any single or multiple circumstances contemplated by 11 hereof or when the collateral is to be disposed of due to breach of contract as agreed hereunder, the mortgage can be realized in one of the following ways:
15.1.1 The parties reach an agreement or Party A directly discounts or auctions or sells the collateral at its discretion; the two parties fail to reach an agreement within 15 days from the date when any of the circumstances contemplated by 11 hereof occurs or from the date when Party A requests to dispose of the collateral due to breach of contract as agreed hereunder, Party A shall have the right to directly request the people's court to auction and sell the collateral;
15.1.2 The collateral is to be dealt with by legal procedures as per dispute resolution as agreed under the Master Contract;
15.1.3 After this Contract has been notarized by the parties to give it enforcement effect, Party A may directly file for enforcement to the people's court with jurisdiction.
15.2 Party A shall have the priority to compensation for the proceeds from dealing with the collateral in the said manner. Any part of the proceeds exceeding the principal and interest of all debts owed by Party B (or the Debtor) and all other related expenses under the Master Contract shall be attributable to Party B. Any insufficient part will be otherwise recovered by Party A.
