Disposal of the Pledged Equity. 4.1. The Parties agree that if any Default Event occurs, Pledgee shall, after giving a written notice to Pledgors, have the right to exercise all remedies available to it in accordance with the PRC Laws and regulations, the VIE Agreements and this Agreement, including (but not limited to) the auction or sale of the pledged equity for priority payment. Pledgee shall not be liable for any loss arising from the reasonable exercise of such rights and powers by it. 4.2. Pledgee has the right to appoint its legal counsel or other proxy in writing to exercise any and all of its rights mentioned above, and Pledgors or the Company shall not propose any objection. 4.3. Pledgee has the right to deduct the actual fees in connection with its exercise of any or all rights and powers mentioned above from the amount received from its exercise of the rights. 4.4. The amount received by Pledgee from the exercise of its rights and powers shall be used to pay following items in the order set forth below:
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Sources: Equity Pledge Agreement (Four Seasons Education (Cayman) Inc.), Equity Pledge Agreement (Four Seasons Education (Cayman) Inc.), Equity Pledge Agreement (Four Seasons Education (Cayman) Inc.)