Common use of REALIZATION OF RIGHT OF PLEDGE Clause in Contracts

REALIZATION OF RIGHT OF PLEDGE. 4.1 Under any of the following circumstances, Pledgees are entitled to exercise their rights of pledge immediately: (1) Debtors violate any provisions of the Transaction Agreements or Pledgors violate any provisions of this Agreement; (2) Pledgors or Debtors apply (or applied) for bankruptcy, reorganization or reconciliation; or they are announced bankruptcy, reorganization or reconciliation, or dismissed, canceled, withdrawn, closed, suspended, out of business, merged, divided or there are other changes or similar circumstances concerning their structures. (3) Other events detrimental to Pledgees’ rights and interests happen to Pledgors or Debtors. 4.2 The Pledgors, Target Company and Pledgees hereby agree that, in case of any Breaching Event, Pledgees shall give written notice to Pledgors. Unless the Breaching Event has been rectified, Pledgees shall have the right to exercise all of the remedial rights and powers enjoyable by them under PRC Law, including but not limited to selling off and auctioning all or part of the pledged equity, publicly or privately. 4.3 The reasonable costs incurred by Pledgees in connection with their exercise of any and all rights and powers set out above shall be borne by Pledgors, and Pledgees shall have the right to deduct the costs actually incurred from the proceeds that they acquire from the exercise of the rights and powers. 4.4 The proceeds that Pledgees acquire from the exercise of their respective rights and powers shall be used in the priority order as follows: - First, to pay any cost incurred in connection with the disposal of the Pledged Property and the exercise by Pledgees of their respective rights and powers (including remuneration paid to their respective legal counsels and agents); - Second, to pay any taxes and levies payable for the disposal of the Pledged Property; and -Third, to repay Pledgee for the Guaranteed Liabilities. In case of any balance after payment of the above amounts, Pledgees shall return the same to Pledgors or other persons entitled thereto according to the relevant laws and rules or submit the same to the local notary institution where Pledgees are domiciled (any fees incurred in relation thereto shall be borne by Pledgors). 4.5 Pledgees shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled to in respect of the equity interest of any Target Company held by any Pledgor; Pledgors or Target Companies shall not oppose to whether Pledgees exercise any part of the right to the pledge or the sequence of exercising the pledge interest.

REALIZATION OF RIGHT OF PLEDGE. 4.1 Under any of the following circumstances, Pledgees are the Pledgee is entitled to exercise their the rights of pledge immediately: (1) Debtors violate Debtor violates any provisions of the Transaction Agreements or Pledgors violate the Pledgor violates any provisions of this Agreement; (2) Pledgors The Pledgor or Debtors apply Debtor applies (or applied) for bankruptcy, reorganization or reconciliation; , or they are is announced bankruptcy, reorganization or reconciliation, or dismissed, canceled, withdrawn, closed, suspended, out of business, merged, divided or there are other changes or similar circumstances concerning their its structures. (3) Other events detrimental to Pledgees’ the Pledgee’s rights and interests happen to Pledgors the Pledgor or DebtorsDebtor. 4.2 The Pledgors, Target Company Pledgor and Pledgees the Pledgee hereby agree that, in case of any Breaching Event, Pledgees the Pledgee shall give written notice to Pledgorsthe Pledgor. Unless the Breaching Event has been rectified, Pledgees the Pledgee shall have the right to exercise all of the remedial rights and powers enjoyable by them it under PRC Law, including but not limited to selling off and auctioning all or part of the pledged equityasset, publicly or privately. 4.3 The reasonable costs incurred by Pledgees the Pledgee in connection with their the exercise of any and all rights and powers set out above shall be borne by Pledgorsthe Pledgor, and Pledgees the Pledgee shall have the right to deduct the costs actually incurred from the proceeds that they acquire it acquires from the exercise of the rights and powers. 4.4 The proceeds that Pledgees acquire the Pledgee acquires from the exercise of their the respective rights and powers shall be used in the priority order as follows: - First, to pay any cost incurred in connection with the disposal of the Pledged Property Asset and the exercise by Pledgees the Pledgee of their its respective rights and powers (including remuneration paid to their its respective legal counsels and agents); - Second, to pay any taxes and levies payable for the disposal of the Pledged PropertyAsset; and -Third, to repay the Pledgee for the Guaranteed Liabilities. In case of any balance after payment of the above amounts, Pledgees the Pledgee shall return the same to Pledgors the Pledgor or other persons entitled thereto according to the relevant laws and rules or submit the same to the local notary institution where Pledgees are the Pledgee is domiciled (any fees incurred in relation thereto shall be borne by Pledgorsthe Pledgor). 4.5 Pledgees The Pledgee shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled to in respect of the equity asset interest of any Target Company Bakery held by any the Pledgor; Pledgors or Target Companies . The Pledgor shall not oppose to whether Pledgees exercise the Pledgee exercises any part of the right to the pledge or the sequence of exercising the pledge interest.

REALIZATION OF RIGHT OF PLEDGE. 4.1 Under any of the following circumstances, Pledgees are the Pledgee is entitled to exercise their the rights of pledge immediately: (1) Debtors violate Debtor violates any provisions of the Transaction Agreements or Pledgors violate the Pledgor violates any provisions of this Agreement; (2) Pledgors The Pledgor or Debtors apply Debtor applies (or applied) for bankruptcy, reorganization or reconciliation; , or they are is announced bankruptcy, reorganization or reconciliation, or dismissed, canceled, withdrawn, closed, suspended, out of business, merged, divided or there are other changes or similar circumstances concerning their its structures. (3) Other events detrimental to Pledgees’ the Pledgee’s rights and interests happen to Pledgors the Pledgor or DebtorsDebtor. 4.2 The Pledgors, Target Company Pledgor and Pledgees the Pledgee hereby agree that, in case of any Breaching Event, Pledgees the Pledgee shall give written notice to Pledgorsthe Pledgor. Unless the Breaching Event has been rectified, Pledgees the Pledgee shall have the right to exercise all of the remedial rights and powers enjoyable by them it under PRC Law, including but not limited to selling off and auctioning all or part of the pledged equityasset, publicly or privately. 4.3 The reasonable costs incurred by Pledgees the Pledgee in connection with their the exercise of any and all rights and powers set out above shall be borne by Pledgorsthe Pledgor, and Pledgees the Pledgee shall have the right to deduct the costs actually incurred from the proceeds that they acquire it acquires from the exercise of the rights and powers. 4.4 The proceeds that Pledgees acquire the Pledgee acquires from the exercise of their the respective rights and powers shall be used in the priority order as follows: - First, to pay any cost incurred in connection with the disposal of the Pledged Property Asset and the exercise by Pledgees the Pledgee of their its respective rights and powers (including remuneration paid to their its respective legal counsels and agents); - Second, to pay any taxes and levies payable for the disposal of the Pledged PropertyAsset; and -Third- Third, to repay the Pledgee for the Guaranteed Liabilities. In case of any balance after payment of the above amounts, Pledgees the Pledgee shall return the same to Pledgors the Pledgor or other persons entitled thereto according to the relevant laws and rules or submit the same to the local notary institution where Pledgees are the Pledgee is domiciled (any fees incurred in relation thereto shall be borne by Pledgorsthe Pledgor). 4.5 Pledgees The Pledgee shall have the option to exercise, simultaneously or in certain sequence, any of the remedies at breaching that it is entitled to in respect of the equity asset interest of any Target Company Bakery held by any the Pledgor; Pledgors or Target Companies . The Pledgor shall not oppose to whether Pledgees exercise the Pledgee exercises any part of the right to the pledge or the sequence of exercising the pledge interest.