Common use of Equity Interest Pledge Agreement Clause in Contracts

Equity Interest Pledge Agreement. The shareholders of Beijing Tixian have entered into an equity interest pledge agreement with Reshuffle Technology, under which each shareholder of Beijing Tixian pledged all of his or her equity interest in Beijing Tixian to Reshuffle Technology to secure his or her and Beijing Tixian's obligations under the above agreements and this agreement and as collateral for his or her payment of compensation for any losses suffered by Reshuffle Technology due to any event of default by Beijing Tixian and/or its shareholders and for any expenses incurred by Reshuffle Technology to enforce Beijing Tixian's and/or its shareholders' obligations. If any event of default occurs, Reshuffle Technology, as pledgee, may enforce the equity interest pledge agreement. Should Reshuffle Technology decide to enforce the equity interest pledge agreement, a court would determine the amount owed to it by evaluating all the obligations of the pledgors and Beijing Tixian under the contractual arrangements, including service fee payment obligations under the exclusive consultancy and service agreement and the repayment obligation under the loan agreement. However, Reshuffle Technology will not be able to enforce the agreements by acquiring the pledged equity interest due to PRC regulatory restrictions on foreign ownership of internet-related businesses. The primary remedy for default under these arrangements is to require the pledgor to sell the equity interest in an auction or private sale and remit the proceeds to Tudou, net of all related taxes and expenses. Under the equity interest pledge agreement, any dividends from Beijing Tixian permitted by Reshuffle Technology will be deposited into the account designated by Reshuffle Technology and be further pledged in favor of Reshuffle Technology. The equity pledge agreement will remain in effect until Beijing Tixian and its shareholders perform their contractual obligations in full or fully discharge the liabilities secured by the pledge. The above pledge has been registered with the relevant local branch of the State Administration for Industry and Commerce in China. The total amount of registered pledged equity is RMB1.0 million, representing 100% of the registered capital of or equity interest in Beijing Tixian. Thus, in the event of a default under the equity interest pledge agreement, a court would treat the entire equity interest in Beijing Tixian as collateral securing the performance of all obligations of the pledgors and Beijing Tixian under the contractual arrangements.

Equity Interest Pledge Agreement. The shareholders of Beijing Tixian Shanghai Suzao have entered into an equity interest pledge agreement with Reshuffle Technology, under which each shareholder of Beijing Tixian Shanghai Suzao pledged all of his or her equity interest in Beijing Tixian Shanghai Suzao to Reshuffle Technology to secure his or her and Beijing TixianShanghai Suzao's obligations under the above agreements and this agreement and as collateral for his or her payment of compensation for any losses suffered by Reshuffle Technology due to any event 215 of default by Beijing Tixian Shanghai Suzao and/or its shareholders and for any expenses incurred by Reshuffle Technology to enforce Beijing TixianShanghai Suzao's and/or its shareholders' obligations. If any event of default occurs, Reshuffle Technology, as pledgee, may enforce the equity interest pledge agreement. Should Reshuffle Technology decide to enforce the equity interest pledge agreement, a court would determine the amount owed to it by evaluating all the obligations of the pledgors and Beijing Tixian Shanghai Suzhao under the contractual arrangements, including service fee payment obligations under the exclusive consultancy and service agreement and the repayment obligation under the loan agreement. However, Reshuffle Technology will not be able to enforce the agreements by acquiring the pledged equity interest due to PRC regulatory restrictions on foreign ownership of internet-related businesses. The primary remedy for default under these arrangements is to require the pledgor to sell the equity interest in an auction or private sale and remit the proceeds to Tudou, net of all related taxes and expenses. Under the equity interest pledge agreement, any dividends from Beijing Tixian Shanghai Suzao permitted by Reshuffle Technology will be deposited into the account designated by Reshuffle Technology and be further pledged in favor of Reshuffle Technology. The equity pledge agreement will remain in effect until Beijing Tixian Shanghai Suzao and its shareholders perform their contractual obligations in full or fully discharge the liabilities secured by the pledge. The above pledge has been de-registered with the relevant local branch of the State Administration for Industry and Commerce in ChinaChina as part of Shanghai Suzao's dissolution. The total amount of registered pledged equity Tudou is RMB1.0 million, representing 100% of the registered capital of or equity interest in Beijing Tixian. Thus, currently in the event process of a default under terminating the equity interest pledge agreement, a court would treat above contractual arrangements with Shanghai Suzao and its shareholders in connection with the entire equity interest in Beijing Tixian as collateral securing the performance dissolution of all obligations of the pledgors and Beijing Tixian under the contractual arrangementsShanghai Suzao.

Equity Interest Pledge Agreement. The shareholders of Beijing Tixian Quan Toodou have entered into an equity interest pledge agreement with Reshuffle Technology, under which each shareholder of Beijing Tixian Xxxx Xxxxxx pledged all of his or her equity interest in Beijing Tixian Quan Toodou to Reshuffle Technology to secure his or her and Beijing TixianXxxx Xxxxxx's obligations under the above agreements and this agreement and as collateral for his or her payment of compensation for any losses suffered by Reshuffle Technology due to any event of default by Beijing Tixian Xxxx Xxxxxx and/or its shareholders and for any expenses incurred by Reshuffle Technology to enforce Beijing TixianQuan Toodou's and/or its shareholders' obligations. If any event of default occurs, Reshuffle Technology, as pledgee, may enforce the equity interest pledge agreement. Should Reshuffle Technology decide to enforce the equity interest pledge agreement, a court would determine the amount owed to it by evaluating all the obligations of the pledgors and Beijing Tixian Quan Toodou under the contractual arrangements, including service fee payment obligations under the exclusive consultancy and service agreement and the repayment obligation under the loan agreement. However, Reshuffle Technology will not be able to enforce the agreements by acquiring the pledged equity interest due to PRC regulatory restrictions on foreign ownership of internet-related businesses. The primary remedy for default under these arrangements is to require the pledgor to sell the equity interest in an auction or private sale and remit the proceeds to Tudou, net of all related taxes and expenses. Under the equity interest pledge agreement, any dividends from Beijing Tixian Quan Toodou permitted by Reshuffle Technology will be deposited into the account designated by Reshuffle Technology and be further pledged in favor of Reshuffle Technology. The equity pledge agreement will remain in effect until Beijing Tixian Quan Toodou and its shareholders perform their contractual obligations in full or fully discharge the liabilities secured by the pledge. The above pledge has been registered with the relevant local branch of the State Administration for Industry and Commerce in China. The total amount of registered pledged equity is RMB1.0 RMB50.0 million, representing 100% of the registered capital of or equity interest in Beijing TixianQuan Toodou. Thus, in the event of a default under the equity interest pledge agreement, a court would treat the entire equity interest in Beijing Tixian Quan Toodou as collateral securing the performance of all obligations of the pledgors and Beijing Tixian Xxxx Xxxxxx under the contractual arrangements.