Common use of Breach Events Clause in Contracts

Breach Events. 7.1 The following circumstances shall be deemed breach events: 7.1.1 Party C or any Pledgor breaches any obligation under the Transaction Documents; 7.1.2 Any representation or warranty made by any Pledgor in Clause 5 hereof contains material misrepresentation or omission, and/or the Pledgor breaches any warranties in Clause 5 hereof; 7.1.3 The Pledgors and Party C fail to complete any registration of the Equity Pledge with the Registration Authority according to Clause 3.1 hereof. 7.1.4 The Pledgors or Party C breaches any provisions hereof; 7.1.5 Unless specifically stipulated in Clause 6.1.1, any Pledgor transfers or intends to transfer or waives the pledged Equity, or assigns the pledged Equity without written consent of the Pledgee; 7.1.6 Any loan, undertaking, compensation, covenant or other debt owed by any Pledgors to any third party (1) is requested to be repaid or performed early owing to the Pledgor’s breach of contract; or (2) has been due but is unable to be repaid or performed, which results in adverse effect upon the Pledgor’s ability to perform the obligations hereunder; 7.1.7 Any approval, license, permit or authority that makes this Contract enforceable, legal and valid is cancelled, suspended, void or materially modified; 7.1.8 Promulgation of any applicable laws causes this Contract illegal or the Pledgor unable to perform the obligations hereunder; 7.1.9 Any adverse change occurs to any assets of any Pledgor, which, the Pledgee believes, affects the Pledgor’s ability to perform obligations hereunder; 7.1.10 The successors or trustees of Party C and the Pledgors can only perform any obligation under the Transaction Documents in part, or refuse to perform any obligation under the Transaction Documents; and 7.1.11 The Pledgee is unable or may be unable to exercise any right to the Pledge. 7.2 The Pledgors shall give written notice to the Pledgee immediately when they know or find any circumstance set forth in Clause 7.1 or any event that may cause such circumstances. 7.3 Unless the Breach Events set forth in Clause 7.1 have been corrected to the satisfaction of the Pledgee, the Pledgee may send a Breach Notice to Party C and the Pledgor when or after the Breach Event occurs, requesting the Pledgor and Party C to immediately perform obligations under the Transaction Documents, and/or dispose of the Pledge according to Clause 8 hereof.