Pledge object Sample Clauses
The 'Pledge object' clause defines the specific asset or property that is being pledged as collateral in a contractual agreement. This clause typically identifies the item, such as equipment, inventory, or financial instruments, and may include details like serial numbers or descriptions to ensure clarity. By clearly specifying what is being pledged, the clause helps prevent disputes over the collateral and ensures both parties understand the scope of the security interest being granted.
Pledge object. 3.1 For pledge object, please see Pledge object List. As the attachment of this contract, Pledge object List has the same legal force as this contract.
3.2 The Pledge object List is just the agreement for pledged value and not considered as the valuation basis for Party A disposing the pledge object, and does not constitute any limit to pledge right execution of Party A.
3.3 The effect of Party A’s pledge right refers to fruits produced by the pledge object, as well as the premium, indemnity and compensation caused due to pledge object damaged, lost or collected.
3.4 Party A is entitled to charge the fruits of the pledge object, and the fruits shall be first used as fees for charging fruits.
3.5 The premium, indemnity and compensation caused to Party B due to pledge object damaged, lost or collected shall be used for settlement of principal creditor’s right in advance, or with Party A’s permission, used for recovering the value of the pledge object, or deposited to Part A’s specified account, to guarantee the fulfillment of liabilities under the contract. The undepreciated part of the pledge object shall still be used as the guarantee to the principal creditor’s right.
3.6 If the pledge object may be lost or damaged due to improper keeping of Party A, Party B can require Party A to draw the pledge object, and also require settlement of liabilities in advance and returning of the pledged property.
3.7 Party A has the right to require Party B to provide the corresponding warranty, if Party A’s rights will be harmed when the pledge object may be damaged or discounted obviously due to some reason outside the scope of Party A.
3.8 In accordance with the ratio between the pledged value and maximum balance described in item 1.1, the following warning line and disposal line are established for the pledge object under this contract: Warning line = Pledge value/Maximum balance described in item 1.1 = % Disposal line = Pledge value/Maximum balance described in item 1.1 = %
Pledge object. Pledge object under this contract is 49.702% of stock right held by Li Tingmin in Dalian Befut Wire & Cable Manufacturing Co., Ltd. (RMB 75,050,000 Yuan). The effect of pledge under this contract is extended to such yields as pledge object (share dividend and bonus, etc.).