Common use of Representations and Warranties of the Pledgors Clause in Contracts

Representations and Warranties of the Pledgors. At the time of executing this Agreement, the Pledgors represent and warrant to the Pledgee the following and acknowledge that Party A’s execution and performance of this Agreement is in reliance on such representations and warranties: 5.1 the Pledgors lawfully own the Equity hereunder and have the right to pledge the Equity for the benefit of Party A as security; 5.2 no claim or intervention will be made by any other party against Party A at any time once Party A is entitled to exercise its rights or enforce the Pledge pursuant to this Agreement; 5.3 Party A has the right to enforce the Pledge in a way specified by the laws, regulations and this Agreement; 5.4 each of the Pledgors has obtained all corporate authorization or approvals necessary for its execution and performance of this Agreement, and such execution and performance does not violate the provisions of any applicable laws, regulations and articles of association; 5.5 the Equity held by the Pledgors is free from any other encumbrance or any third-party security interest of any form (including but not limited to pledge); 5.6 there is no pending or threatened civil, administrative or criminal litigation, administrative penalty or arbitration in connection with the Equity; 5.7 no tax, fee or expense in connection with the Equity is due but remains unpaid, or no required legal procedures or formalities remain uncompleted in respect of the Equity; and 5.8 the terms of this Agreement represent the true intention of the Pledgors and are legally binding upon them.