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 Xxxx shall pledge 45.773% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 924,700) held by him to the Pledgee; Lu Yunfen shall pledge 2.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by her to the Pledgee; Fan Meihui shall pledge 2.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; Fan Bin shall pledge 2.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; Xxxxx Xx shall pledge 2.129% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; Xxxxx Xxxxxxx shall pledge 1.386% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 28,000) 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 Xxxx Wang shall pledge 45.77354.8937% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 924,7001,656,667) held by him to the Pledgee; Lu Yunfen shall pledge 2.1290.3313% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,00010,000) held by her to the Pledgee; Fan Meihui Liu De shall pledge 2.12917.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000540,516) held by him to the Pledgee; Fan Bin Xxx Xxxxxx shall pledge 2.12917.910% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000540,516) held by him her to the Pledgee; Xxxxx Xx Yue Bin shall pledge 2.1295.970% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000180,172) held by him to the Pledgee; Xxxxx Xxxxxxx and Lhasa Heye Investment Management Co., Ltd. shall pledge 1.3862.985% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 28,000) 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 59,70090,086) 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 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 Xxxx shall pledge 45.77390.1000% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 924,700RMB1,820,200) held by him to the Pledgee; Lu Yunfen shall pledge 2.1292.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by her to the Pledgee; Fan Meihui shall pledge 2.1292.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; Fan Bin shall pledge 2.1292.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; Xxxxx Xx shall pledge 2.1292.1285% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 43,000) held by him to the Pledgee; and Xxxxx Xxxxxxx shall pledge 1.3861.3860% of the Equity Interests in the registered capital of the Company (representing a capital contribution of RMB 28,000) 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 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.