Common use of Equity Pledge Clause in Contracts

Equity Pledge. 2.1 Each of the Pledgors hereby agrees to pledge all the Pledged Equity Interests legally owned by it and of which it is entitled to dispose to the Pledgee as security for the repayment of the Secured Indebtedness pursuant to this Agreement. The Company hereby agrees that each of the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. In particular, as of the date of this Agreement: Xxxxx Wang shall pledge 54.8937% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 1,656,667) held by him to the Pledgee; Lu Yunfen shall pledge 0.3313% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 10,000) held by her to the Pledgee; Liu De shall pledge 17.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,516) held by him to the Pledgee; Xxx Xxxxxx shall pledge 17.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,516) held by her to the Pledgee; Yue Bin shall pledge 5.970% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 180,172) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. shall pledge 2.985% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 90,086) held by it to the Pledgee. 2.2 Each of the Pledgors covenants to register the pledge of equity interests (the “Equity Pledge”) under this Agreement with the competent industrial and commercial registration authority for the Company on the date of this Agreement. The Company covenants to use its best efforts to cooperate with the Pledgors to complete the registration with the aforesaid industrial and commercial registration authority under this article. The Equity Pledge under this Agreement shall be created upon completion of the registration of the creation of equity pledge by the Company with the competent industrial and commercial authority. 2.3 During the effective term of this Agreement, the Pledgee shall not be liable for any reduction in the value of the Pledged Equity Interests, nor the Pledgors shall have any right to make any claim or request against the Pledgee for any such reduction, provided that such reduction is not a direct result of any willful or gross negligence of the Pledgee. 2.4 Subject to the above Article 2.3, in the event of occurrence of any circumstance which may cause a substantial reduction in the value of the Pledged Equity Interests and is detrimental to the interests of the Pledgee, the Pledgee may sell by auction or otherwise dispose of the Pledged Equity Interests on behalf of the Pledgors and, upon consultation with the Pledgors, apply the proceeds from such disposal for early repayment of the Secured Indebtedness or to be held by the local notary office where the Pledgee is located in escrow (any such costs in connection therewith shall be fully borne by the Pledgee). In addition, at the request of the Pledgee, the Pledgors shall provide other assets as security for the Secured Indebtedness. 2.5 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with Article 4 under this Agreement. 2.6 The Pledgors shall not increase the capital of the Company without prior written consent of the Pledgee. Any additional contribution made by the Pledgors as a result of the increase in the Company’s capital shall constitute part of the Pledged Equity Interests. 2.7 The Pledgors shall not be entitled to receive any dividend or bonus in respect of the Pledged Equity Interests without prior written consent of the Pledgee. 2.8 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity Interests held by any Pledgor in accordance with the terms of this Agreement.

Equity Pledge. 2.1 Each of the Pledgors hereby agrees to pledge all the Pledged Equity Interests legally owned by it and of which it is entitled to dispose to the Pledgee as security for the repayment of the Secured Indebtedness pursuant to this Agreement. The Company hereby agrees that each of the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. In particular, as of the date of this Agreement: Xxxxx Wang Xxxx shall pledge 54.893745.773% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 1,656,667924,700) held by him to the Pledgee; Lu Yunfen shall pledge 0.33132.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 10,00043,000) held by her to the Pledgee; Liu De Fan Meihui shall pledge 17.9102.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,51643,000) held by him to the Pledgee; Xxx Xxxxxx Fan Bin shall pledge 17.9102.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,51643,000) held by her him to the Pledgee; Yue Bin Xxxxx Xx shall pledge 5.9702.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 180,17243,000) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. Xxxxx Xxxxxxx shall pledge 2.9851.386% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 90,08628,000) held by him to the Pledgee; Liu De shall pledge 17.731% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 358,200) held by him to the Pledgee; Xxx Xxxxxx shall pledge 17.731% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 358,200) held by her to the Pledgee; Yue Bin shall pledge 5.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 119,400) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. shall pledge 2.955% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 59,700) held by it to the Pledgee. 2.2 Each of the Pledgors covenants to register the pledge of equity interests (the “Equity Pledge”) under this Agreement with the competent industrial and commercial registration authority for the Company on the date of this Agreement. The Company covenants to use its best efforts to cooperate with the Pledgors to complete the registration with the aforesaid industrial and commercial registration authority under this article. The Equity Pledge under this Agreement shall be created upon completion of the registration of the creation of equity pledge by the Company with the competent industrial and commercial authority. 2.3 During the effective term of this Agreement, the Pledgee shall not be liable for any reduction in the value of the Pledged Equity Interests, nor the Pledgors shall have any right to make any claim or request against the Pledgee for any such reduction, provided that such reduction is not a direct result of any willful or gross negligence of the Pledgee. 2.4 Subject to the above Article 2.3, in the event of occurrence of any circumstance which may cause a substantial reduction in the value of the Pledged Equity Interests and is detrimental to the interests of the Pledgee, the Pledgee may sell by auction or otherwise dispose of the Pledged Equity Interests on behalf of the Pledgors and, upon consultation with the Pledgors, apply the proceeds from such disposal for early repayment of the Secured Indebtedness or to be held by the local notary office where the Pledgee is located in escrow (any such costs in connection therewith shall be fully borne by the Pledgee). In addition, at the request of the Pledgee, the Pledgors shall provide other assets as security for the Secured Indebtedness. 2.5 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with Article 4 under this Agreement. 2.6 The Pledgors shall not increase the capital of the Company without prior written consent of the Pledgee. Any additional contribution made by the Pledgors as a result of the increase in the Company’s capital shall constitute part of the Pledged Equity Interests. 2.7 The Pledgors shall not be entitled to receive any dividend or bonus in respect of the Pledged Equity Interests without prior written consent of the Pledgee. 2.8 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity Interests held by any Pledgor in accordance with the terms of this Agreement.

Equity Pledge. 2.1 Each of the Pledgors hereby agrees to pledge all the Pledged Equity Interests legally owned by it and of which it is entitled to dispose to the Pledgee as security for the repayment of the Secured Indebtedness pursuant to this Agreement. The Company hereby agrees that each of the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. In particular, as of the date of this Agreement: Xxxxx Wang Tan Man shall pledge 54.893781.9999% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 1,656,66749,199,940) held by him to the Pledgee; Lu Yunfen Hunan Yuxiong Enterprise Management Limited Partnership shall pledge 0.331315% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 10,0009,000,000) held by her them to the Pledgee; Liu De Xxxx Xxxxxxxx shall pledge 17.9103% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,5161,800,000) held by him her to the Pledgee; Xxx Xxxxxx Shanghai Hengxiong Enterprise Management Consulting Limited Partnership shall pledge 17.9100.0001% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,516XXX 00) held by her to the Pledgee; Yue Bin shall pledge 5.970% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 180,172) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. shall pledge 2.985% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 90,086) held by it to the Pledgee. 2.2 Each of the Pledgors covenants to register the pledge of equity interests (the “Equity Pledge”) under this Agreement with the competent industrial and commercial registration authority for the Company on as soon as practicable from the date of this Agreement. The Company covenants to use its best efforts to cooperate with the Pledgors to complete the registration with the aforesaid industrial and commercial registration authority under this article. The Equity Pledge under this Agreement shall be created upon completion of the registration of the creation of equity pledge by the Company with the competent industrial and commercial authority. 2.3 During the effective term of this Agreement, the Pledgee shall not be liable for any reduction in the value of the Pledged Equity Interests, nor the Pledgors shall have any right to make any claim or request against the Pledgee for any such reduction, provided that such reduction is not a direct result of any willful or gross negligence of the Pledgee. 2.4 Subject to the above Article 2.3, in the event of occurrence of any circumstance which may cause a substantial reduction in the value of the Pledged Equity Interests and is detrimental to the interests of the Pledgee, the Pledgee may sell by sell, auction or otherwise dispose of the Pledged Equity Interests on behalf of the Pledgors and, upon consultation with the Pledgors, apply the proceeds from such disposal for early repayment of the Secured Indebtedness or to be held by the local notary office where the Pledgee is located in escrow (any such costs in connection therewith shall be fully borne by the Pledgee). In addition, at the request of the Pledgee, the Pledgors shall provide other assets as security for the Secured Indebtedness. 2.5 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with Article 4 under this Agreement. 2.6 The Pledgors shall not increase the capital of the Company without prior written consent of the Pledgee. Any additional contribution made by the Pledgors as a result of the increase in the Company’s capital shall constitute part of the Pledged Equity Interests. 2.7 The Pledgors shall not be entitled to receive any dividend or bonus in respect of the Pledged Equity Interests without prior written consent of the Pledgee. 2.8 Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity Interests held by any Pledgor in accordance with the terms of this Agreement.

Equity Pledge. 2.1 2.1. Each of the Pledgors hereby agrees to pledge all the Pledged Equity Interests legally owned by it and of which it is entitled to dispose to the Pledgee as security for the repayment of the Secured Indebtedness pursuant to this Agreement. The Company hereby agrees that each of the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. In particular, as of the date of this Agreement: Xxxxx Wang Xxxx shall pledge 54.893790.1000% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB1,820,200) held by him to the Pledgee; Lu Yunfen shall pledge 2.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 1,656,66743,000) held by him her to the Pledgee; Lu Yunfen Fan Meihui shall pledge 0.33132.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 10,00043,000) held by her him to the Pledgee; Liu De Fan Bin shall pledge 17.9102.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,51643,000) held by him to the Pledgee; Xxx Xxxxxx Xxxxx Xx shall pledge 17.9102.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,51643,000) held by her him to the Pledgee; Yue Bin and Xxxxx Xxxxxxx shall pledge 5.9701.3860% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 180,17228,000) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. shall pledge 2.985% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 90,086) held by it to the Pledgee. 2.2 2.2. Each of the Pledgors covenants to register the pledge of equity interests (the “Equity Pledge”) under this Agreement with the competent industrial and commercial registration authority for the Company on the date of this Agreement. The Company covenants to use its best efforts to cooperate with the Pledgors to complete the registration with the aforesaid industrial and commercial registration authority under this article. The Equity Pledge under this Agreement shall be created upon completion of the registration of the creation of equity pledge by the Company with the competent industrial and commercial authority. 2.3 2.3. During the effective term of this Agreement, the Pledgee shall not be liable for any reduction in the value of the Pledged Equity Interests, nor the Pledgors shall have any right to make any claim or request against the Pledgee for any such reduction, provided that such reduction is not a direct result of any willful or gross negligence of the Pledgee. 2.4 2.4. Subject to the above Article 2.3, in the event of occurrence of any circumstance which may cause a substantial reduction in the value of the Pledged Equity Interests and is detrimental to the interests of the Pledgee, the Pledgee may sell by auction or otherwise dispose of the Pledged Equity Interests on behalf of the Pledgors and, upon consultation with the Pledgors, apply the proceeds from such disposal for early repayment of the Secured Indebtedness or to be held by the local notary office where the Pledgee is located in escrow (any such costs in connection therewith shall be fully borne by the Pledgee). In addition, at the request of the Pledgee, the Pledgors shall provide other assets as security for the Secured Indebtedness. 2.5 2.5. Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equity Interests in accordance with Article 4 under this Agreement. 2.6 2.6. The Pledgors shall not increase the capital of the Company without prior written consent of the Pledgee. Any additional contribution made by the Pledgors as a result of the increase in the Company’s capital shall constitute part of the Pledged Equity Interests. 2.7 2.7. The Pledgors shall not be entitled to receive any dividend or bonus in respect of the Pledged Equity Interests without prior written consent of the Pledgee. 2.8 2.8. Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity Interests held by any Pledgor in accordance with the terms of this Agreement.

Equity Pledge. 2.1 Each Except as otherwise specified in Article 2.2, the amount of the secured creditor's rights under the Agreement is RMB1 billion. The collateral is all the equity held by the Pledgors, of which: (1) Zhang Tianze pledged all the equity interests (i.e., 74.5% equity) corresponding to the Company's registered capital of RMB14.90 million to the Pledgee, and the amount of the secured creditor's rights is RMB745 million; (2) Xx Xxxxxx pledged all the equity interests (i.e., 12.4% equity) corresponding to the Company's registered capital of RMB2.48 million to the Pledgee, and the amount of the secured creditor's rights is RMB124 million; (3) Xxx Xxxxxx pledged all the equity interests (i.e., 10% equity) corresponding to the Company's registered capital of RMB2 million to the Pledgee, and the amount of the secured creditor's rights is RMB100 million; (4) Tang Peng pledged all the equity interests (i.e., 3.1% equity) corresponding to the Company's registered capital of RMB0.62 million to the Pledgee, and the amount of the secured creditor's rights is RMB31 million; 2.2 The Pledgors hereby agrees agree to pledge to the Pledgee the collateral that they legally own and are entitled to dispose of as a guarantee of contractual obligations in accordance with the Agreement. The parties understand and agree that the Pledgee may make reasonable adjustments to the amount of pledged equity and the amount of the secured creditor's rights from time to time due to changes in the secured debt and equity valuation, so that the Pledgors can pledge all the Pledged Equity Interests legally owned by it and of which it is entitled to dispose collateral to the Pledgee as security for the purpose of guaranteeing the full performance of contractual obligations and repayment of guaranteed debts by related parties. 2.3 The Pledgors shall record the Secured Indebtedness pursuant to this Agreementequity pledge arrangement (the "Equity Pledge") under the Agreement in the Company's shareholder register on the day when the Agreement is signed. The Company hereby agrees that each of the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement. In particular, as of the date of this Agreement: Xxxxx Wang shall pledge 54.8937% of the Equity Interests in the registered capital of Pledgors and the Company (representing a capital contribution of RMB 1,656,667) held by him to the Pledgee; Lu Yunfen shall pledge 0.3313% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 10,000) held by her to the Pledgee; Liu De shall pledge 17.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,516) held by him to the Pledgee; Xxx Xxxxxx shall pledge 17.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 540,516) held by her to the Pledgee; Yue Bin shall pledge 5.970% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 180,172) held by him to the Pledgee; and Lhasa Heye Investment Management Co., Ltd. shall pledge 2.985% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 90,086) held by it to the Pledgee. 2.2 Each of the Pledgors covenants to register the pledge of equity interests (the “Equity Pledge”) under this Agreement with the competent industrial and commercial registration authority apply for the Company on the date of this Agreement. The Company covenants to use its best efforts to cooperate with the Pledgors to complete the registration with the aforesaid industrial and commercial registration authority under this article. The Equity Pledge under this Agreement shall be created upon completion of the registration of the creation of equity pledge by the Company with the competent industrial and commercial authoritydepartment within 10 working days after the signing of the Agreement or within a time limit otherwise agreed by the parties. The Pledgee agrees to cooperate with the aforementioned equity pledge registration matters. The Pledgors shall provide the Pledgee with the original shareholder register containing the equity pledge and the original industrial and commercial registration documents (including but not limited to the "Decision to Approve the Registration of Equity Pledge"), and the Pledgee shall keep these documents during the pledge period stipulated in the Agreement. 2.3 2.4 The pledge shall be established from the date of registration of the pledged collateral in the industrial and commercial department. Unless otherwise provided by Chinese laws, the pledge shall be valid until the relevant parties have fully fulfilled contractual obligations and paid off the guaranteed debt (the "Pledge Period"). 2.5 During the effective term validity period of this the Agreement, unless due to the intention of the Pledgee or major negligence directly causally related to the result, the Pledgee shall not be liable for any reduction decrease in the value of the Pledged Equity Interestscollateral, nor and the Pledgors shall not have any the right to recourse in any form or make any claim or request demands against the Pledgee for any such reduction, provided that such reduction is not a direct result of any willful or gross negligence of the Pledgee. 2.4 Subject 2.6 Under the premise of not violating the above-mentioned Article 2.5, if the collateral is likely to be significantly reduced in value such that it is sufficient to endanger the above Article 2.3, in the event of occurrence of any circumstance which may cause a substantial reduction in the value of the Pledged Equity Interests and is detrimental to the interests rights of the Pledgee, the Pledgee may sell by at any time represent the Pledgors to auction or otherwise dispose of sell the Pledged Equity Interests on behalf of collateral, and agrees with the Pledgors and, upon consultation with the Pledgors, apply to use the proceeds from such disposal for early repayment of the Secured Indebtedness auction or sale to pay off the guaranteed debt in advance or to be held by deposited with the local notary office where the Pledgee is located in escrow (any such costs in connection therewith all expenses incurred therefrom shall be fully borne by the PledgeePledgors). In addition, at the request of the Pledgee, the Pledgors shall provide other assets property that satisfies the Pledgee as security security. When the above-mentioned event that may cause any significant reduction in the value of the collateral to endanger the rights of the Pledgee occurs, the Pledgors must promptly notify the Pledgee and take necessary actions to resolve the above-mentioned incident or reduce its adverse effects according to the reasonable request of the Pledgee. Otherwise, the Pledgors shall bear the corresponding compensation liability to the Pledgee for the Secured Indebtednessdirect or indirect losses caused thereby. 2.5 Upon occurrence 2.7 When any event of any Event of Defaultdefault occurs, the Pledgee shall be entitled have the right to dispose of the Pledged Equity Interests collateral in accordance with the manner prescribed in Article 4 under this of the Agreement. If it is known or discovered that an event of default has occurred or is likely to occur, the Pledgors shall immediately notify the Pledgee in writing. 2.8 The Pledgors can increase the capital to the Company only if the Pledgee expressly agrees in writing in advance. The increase in the amount of the Company's registered capital contributed by the Pledgors is also collateral. The Pledgors shall urge the Company to record the changed equity pledge on the Company's shareholder register within a day of the collateral changing (including but not limited to capital increase), and apply for the registration of the change of equity pledge to the industrial and commercial department within10 working days after such change or within a time limit otherwise agreed by the parties, and provide the Pledgee with the original industrial and commercial registration documents related to the equity pledge (including but not limited to the "Decision to Approve the Registration of Equity Pledge"). The Pledgee will keep these documents during the pledge period stipulated in the Agreement. 2.6 The Pledgors shall not increase 2.9 Only when the capital Pledgee expressly agrees in writing in advance, the Company may distribute dividends or bonuses in respect of the Company without prior written consent of the Pledgeecollateral. Any additional contribution made by Dividends or bonuses distributed to the Pledgors as a result of the increase collateral shall be deposited in the Company’s capital shall constitute part of account designated by the Pledged Equity Interests. 2.7 The Pledgors shall not be entitled to receive any dividend or bonus in respect of Pledgee, under the Pledged Equity Interests without prior written consent supervision of the Pledgee, and used first as the collateral for the repayment of the guaranteed debt. 2.8 Upon occurrence of any Event of Default, 2.10 The Pledgee has the Pledgee shall be entitled right to dispose of any Pledged Equity Interests held by any Pledgor collateral of the Pledgors in accordance with the terms provisions of this Agreementthe Agreement after the occurrence of the event of default.