Realization of Pledge. 1.3.1 If (i) the Company fails to perform the Guaranteed Debts in accordance with the provisions of the Master Agreements or (ii) the Pledgors fail to or the Company fails to perform the Contractual Obligations in accordance with the provisions of the Master Agreements, the Pledgee shall be entitled to dispose of the Pledged Equity in accordance with the provisions of the Guarantee Law of the People’s Republic of China and the Property Law, and to use the proceeds from the disposal of the Pledged Equity first to satisfy the Guaranteed Debts and any other related expenses in accordance with the applicable laws. The Parties agree that the proceeds obtained in accordance with this article shall be paid for in the following order of priority: (1) all taxes and fees incurred in disposing of the Pledged Equity; (2) repayment of the Pledgors’ outstanding Guaranteed Debts; (3) if the agreed amounts under the foregoing two items have been paid, and there is no amount that the Pledgors or the Company should pay to the Pledgee, and the payments obtained by the Pledgee in accordance with this article still have a balance, the Pledgee shall return the balance to the Pledgors. At this time, the Pledgors, as the shareholders of the Company, agree to give up their preemptive right and agree that the Pledgee has the right to purchase the Pledged Equity.
Realization of Pledge. Upon the occurrence of an Enforcement Event and subject to the Intercreditor Agreement (in particular clauses 6 and 10 thereof), the Security Agent shall, after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have the right, but not the obligation, to enforce the Pledge created pursuant to this Agreement, by liquidation of the Shares in full or in part through an auction or a private sale (Private Verwertung) or acquisition of the Shares for the Security Agent’s or any other Pledgee’s account (Selbsteintritt), in each case without having to initiate proceedings under, and without regard to the formalities provided in, the DEBA and, to the extent legally permissible, without having to give prior notice to the Pledgors. In case of an acquisition of the Shares for the Security Agent’s or any other Pledgee’s account (Selbsteintritt), such acquisition shall be done at the “intrinsic value” (innerer Xxxx) of the Shares (the “Intrinsic Value”). If the Pledgors and the Security Agent do not reach an agreement on the Intrinsic Value” within 10 Business Days from the date of the Security Agent’s first proposal, the Intrinsic Value shall be determined by an independent expert (Schiedsgutachter) to be mutually appointed by the relevant parties. The expert’s determination of the Intrinsic Value shall be final. If the relevant parties cannot, within 10 Business Days from the date of the Security Agent’s first proposal, agree on the expert to be appointed, the independent expert shall be appointed by the president of the “TREUHANDKAMMER Schweizerische Xxxxxx der Wirtschaftsprüfer und Steuerexperten” Zurich, Switzerland. Upon the occurrence of an Enforcement Event, the Security Agent shall, after obtaining express written instructions from the Instructing Group or otherwise in accordance with the terms of the Intercreditor Agreement, have full discretion as to manner, time and place of enforcement of the Pledge. Each of the Pledgors shall cooperate and render (at its own cost and expense) all assistance, which the Security Agent considers necessary, in order to facilitate the enforcement of the Pledge. Any money received or realized by the Security Agent from any enforcement of the Pledge shall be paid or applied in the order set out in clause 9 (Application of Proceeds) of the Intercreditor Agreement. Share Pledge Agreement – Execution Version 11 /17 Notwithstanding the foregoing ...
Realization of Pledge. If the borrower is unable to settle the debt under the Master Contract in accordance with terms of the Master Contract, or if the pledgor is declared to be bankrupt, revoked or dissolved according to the law, the pledgee has the right to lawfully dispose the pledge object and all property and property rights through auction, selling or discounting etc., and to retain such money as compensation. If the proceeds exceed the amount of the secured claims under this contract, the excess shall belong to the pledgor. If the pledgor transfers the pledge stock right under the contract with prior written consent from the pledgee, such money shall be used to settle the secured claims to the pledgee in advance, or to be placed in escrow by the third party agreed by the pledgee.
Realization of Pledge. Upon the occurrence and during the continuance of an Event of Default, the Agent, acting in the name of and for the account of the Pledgees, has the right, but not the obligation, at its full discretion and without notice or demand, to realize the Pledge by either:
Realization of Pledge. In the event that (i) the Company fails to perform the Secured Obligations pursuant to the Master Agreement, or (ii) the Pledgor or the Company fails to perform the Contractual Obligations pursuant to the Master Agreement, the Pledgee shall dispose of the Pledged Equity Interests in accordance with the Civil Code of the People’s Republic of China and other pertinent laws and regulations, and shall have the right to firstly by law get compensated from the proceeds of such disposal and apply them to the satisfaction of the Secured Obligations and payment of any other relevant expenses. It is agreed that the proceeds acquired under this Article shall be applied in the following order of priority: (1) the payment of all taxes incurred due to the disposal of the Pledged Equity Interests; (2) the repayment of outstanding Secured Obligations owed by the Pledgor; (3) if there remains any balance upon deduction of the payments set forth in the preceding Items from such proceeds, in the absence of any payable by the Pledgor or the Company to the Pledgee, the Pledgee shall refund such balance to the Pledgor. In such case, the Pledgor, as a shareholder of the Company, agrees to waive his right of first refusal and agrees that the Pledgee has the right to purchase such Pledged Equity Interests. Unless otherwise agreed in writing by the Pledgee in writing upon execution hereof, the pledge hereunder may be released subject to the Pledgee’s written approval and only to the extent that the Company and the Pledgor have duly performed all their obligations and responsibilities under the Master Agreement. In the event that the Pledgor fails to fully perform all or any part of their obligations or responsibilities under the Master Agreement as of the expiration thereof, the Pledgee remains entitled to the pledge hereunder until all such obligations and responsibilities have been fully performed.
Realization of Pledge. 1. If the Debtor fails to perform the debts (including those debts required by the Pledgee for early recovery due to the breach of the Debtor and the Pledgor) due or such circumstances hereunder under which the pledge is realized occur, then the Pledgor hereby irrevocably authorizes the Pledgee to sell at a discount or through auction or sell off or otherwise directly dispose the pledged item not in accordance with the litigation or arbitration and other legal proceedings, and use the income arising from such disposal to repay the guaranteed debts after preferentially making the payment of costs arising from the disposal of the pledged item and the expenses payable or compensated by the Pledgor to the Pledgee hereunder.
Realization of Pledge. Party B shall be entitled to realize the pledge rights and receive payment therefrom in priority by having the pledge rights auctioned, transferred or sold if any of the following events takes places:
Realization of Pledge. If the Company fails to fulfill its Secured Debt pursuant to the Master Agreements, the Pledgee shall dispose of the Pledged Equity in accordance with the provisions of the Security Law of the People’s Republic of China and relevant laws and regulations, and shall have the right to be indemnified for the Secured Debt and any other relevant expenses out of the proceeds from the disposal of the Pledged Equity.
Realization of Pledge. 15.1 If Party B (or the Authorized Applicant) repays the principal and interest of the loan and advance money under the Credit Extension Agreement as well as all other expenses upon expiration of the credit extension period, or Party B (or the Authorized Applicant) prepays all the debts under the Credit Extension Agreement, Party A shall return the pledge / pledged document of title.
Realization of Pledge
