Common use of Realization of Pledge Clause in Contracts

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. 1.3.2 Unless the Pledgee otherwise agrees in writing after the execution of the Agreement, only if the Company and the Pledgors have properly performed all their obligations and responsibilities under the Master Agreements and have been approved in writing by the Pledgee, the pledge under the Agreement can be released. If the Pledgors fail to fully perform all or any part of their obligations or responsibilities under the Master Agreements when the time limits specified in the Master Agreements expire, the Pledgee shall still have the pledge right under the Agreement until the aforesaid relevant obligations and responsibilities have been fully performed.

Realization of Pledge. 1.3.1 If In the event that (i) the Company fails to perform the Guaranteed Debts in accordance with the provisions of Secured Obligations pursuant to the Master Agreements Agreement, or (ii) the Pledgors fail to or the Company fails to perform the Contractual Obligations in accordance with the provisions of pursuant to the Master AgreementsAgreement, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with the provisions of the Guarantee Law Civil Code of the People’s Republic of China and the Property Lawother pertinent laws and regulations, and shall have the right to use firstly by law get compensated from the proceeds from 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 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 EquityInterests; (2) the repayment of outstanding Secured Obligations owed by the Pledgors’ outstanding Guaranteed Debts; (3) if there remains any balance upon deduction of the agreed amounts under payments set forth in the foregoing two items have been paidpreceding Items from such proceeds, and there is no amount that in the absence of any payable by 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 refund such balance to the Pledgors. At this timeIn such case, the Pledgors, as the shareholders of the Company, agree to give up waive their preemptive right of first refusal and agree that the Pledgee has the right to purchase the such Pledged Equity. 1.3.2 Equity Interests. Unless otherwise agreed in writing by the Pledgee otherwise agrees in writing after upon execution hereof, the execution of pledge hereunder may be released subject to the Agreement, Pledgee’s written approval and only if to the extent that the Company and the Pledgors have properly duly performed all of their obligations and responsibilities under the Master Agreements and have been approved in writing by Agreement. In the Pledgee, the pledge under the Agreement can be released. If event that the Pledgors fail to fully perform all or any part of their obligations or responsibilities under the Master Agreements when Agreement as of the time limits specified in the Master Agreements expireexpiration thereof, the Pledgee shall still have remains entitled to the pledge right under the Agreement hereunder until the aforesaid relevant all such obligations and responsibilities have been fully performed.

Realization of Pledge. 1.3.1 If In the event that (i) the Company fails to perform the Guaranteed Debts in accordance with the provisions of Secured Obligations pursuant to the Master Agreements Agreement, or (ii) the Pledgors fail to Pledgor or the Company fails to perform the Contractual Obligations in accordance with the provisions of pursuant to the Master AgreementsAgreement, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with the provisions of the Guarantee Law Civil Code of the People’s Republic of China and the Property Lawother pertinent laws and regulations, and shall have the right to use firstly by law get compensated from the proceeds from 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 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 EquityInterests; (2) the repayment of outstanding Secured Obligations owed by the Pledgors’ outstanding Guaranteed DebtsPledgor; (3) if there remains any balance upon deduction of the agreed amounts under payments set forth in the foregoing two items have been paidpreceding Items from such proceeds, and there is no amount that in the Pledgors absence of any payable by the Pledgor 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 refund such balance to the PledgorsPledgor. At this timeIn such case, the PledgorsPledgor, as the shareholders a shareholder of the Company, agree agrees to give up their preemptive waive his right of first refusal and agree agrees that the Pledgee has the right to purchase the such Pledged Equity. 1.3.2 Equity Interests. Unless otherwise agreed in writing by the Pledgee otherwise agrees in writing after upon execution hereof, the execution of pledge hereunder may be released subject to the Agreement, Pledgee’s written approval and only if to the extent that the Company and the Pledgors Pledgor have properly duly performed all their obligations and responsibilities under the Master Agreements and have been approved in writing by Agreement. In the Pledgee, event that the pledge under the Agreement can be released. If the Pledgors fail Pledgor fails to fully perform all or any part of their obligations or responsibilities under the Master Agreements when Agreement as of the time limits specified in the Master Agreements expireexpiration thereof, the Pledgee shall still have remains entitled to the pledge right under the Agreement hereunder until the aforesaid relevant all such obligations and responsibilities have been fully performed.