Realization of Mortgage Right. 7.1 When the performance deadline of the liability under the credit contract expires (including the advanced maturity due to the violation of debtor or/and violation of the statement and guarantee, agreed issues by Party A) and Party B does not accept the tender, or the circumstances stipulated by laws, rules and regulations take place which state that Party B is entitled to dispose of the real estate, Party B may consult with Party A to accept the payment by means of mortgage conversion or auction, realization of pawn, etc. The failure of the consultation may be submitted to the People's Court by Party B for lawsuit. The insufficient sum after the mortgage disposal shall be discharged by the debtor. If the Agreement has been introduced by Party B to the designated notary organ to enforce the effective notarization, it shall be disposed with reference to Article 9.2 of this Agreement.
7.2 In the disposal process, Party B is entitled to stipulate the assignee, auction house, adjuster, lawyer or other agent to exert all or part of the rights and Party A shall raise no objection to it.
7.3 The expense caused by this article shall be taken by Party A, and Party B has the right to directly transfer from the fund of disposed mortgage.
7.4 After Party B executes the mortgage right stipulated in this Agreement, Party A promises hereby to bear liability of the non-discharged obligor if mortgage is inadequate for repaying the liability when Party A is the third person.
Realization of Mortgage Right. In the circumstance where the collateral could be disposed as per the provisions herein, the Mortgagee can dispose any collateral as per any of the following methods:
(1) The Mortgagee can consult with the Mortgagor to pay off all the debts by converting the collateral into money or auctioning or selling the collateral; if, however, consultation fails, the Mortgagee can petition people’s court to auction or sell the collateral to pay off all the debts.
(2) After converting the collateral into money or auctioning or selling the collateral, the part exceeding all the creditor’s rights guaranteed by the collateral, if any, shall be owned by the Mortgagor; if, however, it is insufficient, the Debtor shall make compensation further. The Mortgagee can decide payment sequence of the income gained by disposing the collateral.
(3) Income gained after the Mortgagee disposes the collateral shall be used to pay off the debts under master contract, either on schedule or in advance. For financing business other than loan, the Mortgagee, if there is no advance payment, shall have the right to withdraw and transfer the income gained by disposing the collateral into its designated account or the Debtor’s margin account, for external payment or as the margin for the Mortgagee’s any probable advance payment; in such case, both parties hereto have no need to sign a margin pledge contract.
(4) Other methods allowed by laws or agreed by both parties.
Realization of Mortgage Right. 13.1 Mxxxxxxxx agrees that Mortgagee may choose any of the following means to excise its mortgage right. However if the currency under the Master Contract is different from the currency of excising mortgage right, earning from disposing collaterals shall be translated at the exchange rate announced by Mortgagee at the date of such disposal. Means to excise mortgage right include:
13.1.1 Collaterals may be discounted to realize mortgage right. Mortgagee may negotiate with Mxxxxxxxx regarding discount price, or accept the discount price evaluated by a qualified evaluation agent agreed by two parties herein.
13.1.2 Collaterals may be sold to realize mortgage right. Mortgagee may directly transfer collaterals, or indirectly through any agents or Mortgagor. The calculation of sales price is applicable to Article 13.1.1.
Realization of Mortgage Right. 8.1 Under any one of the following circumstances, Party A shall have the right to realize the mortgage right:
A. the principal creditor’s right of Party A is mature (including acceleration of maturity) but is not repaid by the Debtor;
B. Party B fails to timely recover the value of the mortgaged property or fails to provide a guarantee equivalent to the value reduced under the circumstances specified in sub-clause 3.9;
C. Party B or the Debtor goes into bankruptcy, winding-up, dissolution, and liquidation, or ceases its operation for reorganization, or its business license is suspended or canceled;
D. Party B fails to follow the principle of fair transaction and disposes the mortgaged property for which floating mortgage has been set during the production and operation processes;
E. Other circumstances specified by laws and regulations under which Party A can realize the mortgage right.
8.2 When exercising the mortgage right, Party A may, through consultation with Party B, sell by auction or sell off the mortgaged property and gain compensation firstly from the funds obtained therefrom, or discount the mortgaged property to repay the debt owed by the Debtor. In the event that Party A and Party B fail to reach an agreement on the method of realization of the mortgage right, Party A may directly apply to the people’s court to sell by auction or sell off the mortgaged property.
8.3 If the currency of the money obtained from disposal of the mortgaged property is different from that under the Main Contract, Party B shall repay Party A the creditor’s right after translating the foreign currency to the currency under the Main Contract according to the applicable exchange rate announced by Party A.
Realization of Mortgage Right. 11.1 If any default events under Article 10.1 of the Maximum Amount Property Mortgage Contract happen, the Guarantee Agent Bank has right to legally dispose the mortgaged articles by auction, disposal and discount. The amount obtained by the disposal of mortgaged articles will be used to liquidate the guarantee debts. To dispose the mortgaged articles shall be done via the Guarantee Agent Bank. The Guarantee Agent Bank shall pay any funds obtained by disposing the mortgaged articles to each Mortgagee and agent bank as per the following way and orders:
(1) Pay the charges paid by the Mortgagee and agent bank for realizing the creditor’s right under the Credit Agreement and guarantee interests under the Maximum Amount Property Mortgage Contract and any other charges, default money and damage compensation payable by the Mortgagor under the Maximum Amount Property Mortgage Contract to the Mortgagee and agent bank;
(2) Pay any reasonable charges, default money and damage compensation due and unpaid by the borrower under the Credit Agreement to each Participant Bank and agent bank;
(3) Pay the interests (including, but not limited to interests, compound interests and penalty interests) of liquid funds loan due and unpaid by the borrower to each Participant Bank under the Credit Agreement according to the proportion of unpaid loan funds granted by each Participant Bank accounting for the loan balance of all the Participant Banks;
(4) Pay the principal of any liquid funds loan due and unpaid by the borrower to each Participant Bank under the Credit Agreement according to the proportion of unpaid loan funds granted by each Participant Bank accounting for the loan balance of all the Participant Banks;
(5) Pay the interests and charges for credit funds of any bank acceptance xxxx due and unpaid by the borrower to each Participant Bank under the Credit Agreement according to the proportion of unpaid credit funds of bank acceptance xxxx accepted by each Participant Bank accounting for total unpaid credit funds of bank acceptance xxxx accepted by all the Participant Banks.
(6) Pay the principal for credit funds of any bank acceptance xxxx due and unpaid by the borrower to each Participant Bank under the Credit Agreement according to the proportion of unpaid credit funds of bank acceptance xxxx accepted by each Participant Bank accounting for total unpaid credit funds of bank acceptance xxxx accepted by all the Participant Banks;
(7) Pay the accrued interests (including,...
Realization of Mortgage Right. 50. In case of any event of default under this Contract, the “Mortgagee” has the right to implement and realize the mortgage right placed hereunder according to law by means it deems appropriate, including that the “Mortgagee” and the “Mortgagor” may reach an agreement on selling the “Mortgaged Property” at a discount or auction the “Mortgaged Property” and the receipt from selling of the “Mortgaged Property” shall be preferentially used for repayment of the debts. If the “Mortgagee” and the “Mortgagor” do not reach an agreement on the means to realize the mortgage right, the “Mortgagee” may request the people’s court to auction or sell off the “Mortgaged Property”.
51. In the course of the “Mortgagee’s” disposal of the “Mortgaged Property” according to the foregoing provision, the “Mortgagee” has the right to take the following actions according to law:
(1) Possessing all or a part of the “Mortgaged Property”;
(2) Requesting the “Mortgagor” to reimburse the necessary expenses paid by the “Mortgagee” for exercising any right granted by this Contract or laws;
(3) Possessing the right to sell the “Mortgaged Property” to the extent allowed by law at such market price as deemed appropriate by the “Mortgagee” at appropriate time, and assuming no responsibility for any loss caused thereby to the “Mortgagor”;
(4) With respect to any claim made by any person in relation to the “Mortgaged Property”, resolving, reconciling, filing for arbitration or litigation, or exercising or allowing other persons to exercise any right in relation to the “Mortgaged Property” by other means it deems appropriate;
(5) Applying to the competent authority for enforcement;
(6) In order to realize any right hereunder, exercising or taking all the other rights or actions permitted by law. The “Mortgagee” has the right to choose to exercise all or any part of the said rights or postpone exercising any right.
52. Upon the request of the “Mortgagee”, the “Mortgagor” must assist the “Mortgagee” in obtaining all necessary permits or consents in relation to the “Mortgagee’s” realization of its creditor’s rights, or assist the “Mortgagee” in going through all the other necessary formalities.
53. Any receipt from the “Mortgagee’s” disposal of the “Mortgaged Property” hereunder shall be treated in the following order: First, the receipts will be used for payment of all expenses incurred to the “Mortgagee” for realization of the security interest hereunder (including but not limited to legal fees,...
Realization of Mortgage Right. (1) In case that any events of default under this Agreement occurs, or other situation of realizing the mortgage right agreed by the parties occurs, and the Mortgagee decides Crystallization, the Mortgagee shall have the right to notify the Mortgagor that the Floating Mortgage hereunder be crystallized immediately. The notification obligation of the Mortgagee shall be deemed being performed upon the occurrence of each of the following situations:-
(a) There is evidence to prove that the Mortgagee has sent the notice to the following designated contact person or that the Mortgagee has deliver the written notice to the following designated contact address:- Designated contact information of the Mortgagor: Company Name: Same as the name of the Mortgagor listed at the head of this Agreement Address of Delivery: Room 1503. Block C, Galaxy SOHO, Chaoyangmen Inner Street, Dongcheng District, Beijing
(b) The Mortgagee has filed a suit to any court in respect of the Principal Contract or this Agreement.
(2) After Crystallization, the Mortgagee shall have the right to dispose of the Crystallized mortgage property in accordance with the provisions of the laws and this Agreement, and to take any measures allowed by laws to realize the mortgage right.
(3) Unless otherwise provided in PRC laws or in the Principal Contract, the proceeds acquired from the disposal of the security hereunder shall be distributed in the sequence set forth below:
a) Any fee, penalty fine and compensation payable;
b) Any penalty interest payable;
c) Any interest payable;
d) Any principal payable. For the monies obtained after the enforcement of the Charged Property hereunder, if they exceed all the amount of the indebtedness secured by the Charged Property, the excess part shall belong and be returned to the Mortgagor.
Realization of Mortgage Right. The Mortgagee shall have the right to realize the mortgage right under any of the following circumstances:
Realization of Mortgage Right. I. If the Debtor fails to perform the debts due under the Master Contract or fails to perform the debts declared to be due in advance, or violates other agreements in the Master Contract, Party B shall have the right to dispose of the mortgaged property.
II. The value of the mortgaged property recorded in the “List of Mortgaged Property” or otherwise agreed upon by both parties (hereinafter referred to as “Provisional Value”) in this Contract, whether recorded in the register book of the registration authority or not, does not indicate the final value of the mortgaged property. Its final value is the net amount of the proceeds from Party B’s disposal of the mortgaged property after deducting various taxes and fees. If the mortgaged property is used to offset Party B’s credit rights, the above Provisional Value shall not be used as the basis for the mortgaged property to offset Party B’s credit rights. Meanwhile, the value of the mortgaged property shall be determined by both parties through negotiation or fair evaluation according to law.
III. The proceeds from Party B’s disposal of the mortgaged property shall be used to pay off the debts under the Master Contract after paying the expenses (including but not limited to safekeeping fees, assessment fees, auction fees, transfer fees, taxes, transfer fees of state-owned land use rights, etc.) in the process of sale or auction, and the remaining proceeds shall be returned to Party A.
IV. If Party A is the Debtor, Party B may apply for compulsory execution of the property other than Party A’s mortgaged property without considering giving up the mortgage right or having to dispose of the mortgaged property as the precondition.
V. Party A shall not prevent Party B from realizing the mortgage rights in any way (including acts or omissions).
VI. No matter whether Party B has other guarantees (including but not limited to guarantee, mortgage, pledge, letter of guarantee, standby letter of credit, etc.) for the credit rights under the Master Contract, no matter when the above other guarantees are established, whether they are valid, whether Party B puts forward claims to other guarantors, whether a third party agrees to bear all or part of the debts under the Master Contract, and whether other guarantees are provided by the Debtor himself, Party A’s guarantee liability under the Contract will not be relieved as a result, and Party B may directly require Party A to bear the guarantee liabilities within its guarantee ...
Realization of Mortgage Right. 12.1 The Mortgagee is entitled to implementing the mortgage rights in any of the following circumstances via an auction, sale or agreement of disposing the Collateral at a discount price with the priority of compensation. If the gains are unable to pay off the credit guaranteed under the Contract, the Mortgagee is allowed to choose to pay off the principal, interest, penalty or other fees via such gains:
A. The Mortgagee has not accepted the pay off when the disposal term of any debt under the Master Contract expires. “The terms expire” contains that the disposal term of the debt under the Master Contract expires and the circumstances when the Mortgagee declares in advance that the disposal term of debt expires in accordance with national laws or provisions under this Contract.
B. The People’s Court accepts the bankruptcy petition from the Debtor and the Mortgager or verdicts a settlement.
C. The Debtor or the Mortgager’s business license is revoked or it is voided, or the Debtor or the Mortgager is involved in business closure or other matters leading to a dissolution;
D. The Debtor or the Mortgager is dead or declared as missing or dead.
E. The Collateral is attached, sequestrated, supervised or other enforcement measures are taken.
F. The Mortgager dose not recover the value of the Collateral or provide corresponding guarantee in accordance with the requirement of the Mortgagee.
G. The Mortgager breaches this contract.
H. Other serious situations affect the realization of credit.
12.2 If the credit under this Contract is guaranteed by more than one collateral, the Mortgagee is entitled to excising guarantee rights based on any collateral or multiple collaterals. No matter whether the Mortgagee enjoys other credit (including but not limited to guarantee, mortgage or pledge) under the Master Contract, the Mortgagee is entitled to requiring the Mortgager to be liable for the guarantee directly.
12.3 If the Debtor provides property securities for the guaranteed credit under this Contract at the same time, when the Mortgagee gives up this guarantee right, the priority of this guarantee right changes or this guarantee right modifies, the Mortgager agrees to provide a guarantee for the credit under the Master Contract and consecutively be subject to this Contract. “This guarantee right” refers to the guarantee right forms under the Master Contract by the Debtor’s provision of property securities for the credit.
12.4 The responsibilities of guarantee by the Mor...
