Common use of Rights of the Pledgee Clause in Contracts

Rights of the Pledgee. 8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full repayment of the consulting and service fees under the Service Agreement. 8.2 The Pledgee shall serve a Notice of Default on the Pledgor when exercises the right of pledge. 8.3 Subject to Article 7.3, the Pledgee may exercise the right to foreclose on the Pledge at any time when the Pledgee serves the Notice of Default pursuant to Article 7.3 or thereafter. 8.4 The Pledgee shall have the preferential right to receive payments or proceeds from the auction or sale of whole or part of the Equity Interest pledged herein in accordance with applicable law until the outstanding technical consulting and service fees and all other payables under the Service Agreement are fully repaid. A mutual consent should be reached on the sale price and procedure of disclosure of pledge by and between both parties, in the event a mutual consent could not be reached, the pledgee should file a lawsuit with court of competent authority to determine the same. 8.5 The Pledgor shall not hinder the Pledgee from foreclosing on the Pledge in accordance with this Agreement and shall provide all necessary assistance for the foreclosure.