Common use of Exercise of Pledge Clause in Contracts

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balance. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default7.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements Agreement and full payment of all payments the loan described thereinin the Loan Agreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements Agreement and full payment repayment of all payments described thereinthe loan and the accrued interest under the Loan Agreement, without Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party D. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights they may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party D shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior The Pledgee may give written notice to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interestwhen exercising its Pledge. 8.2 When the Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce exercises the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In Pledgee shall, within the Event of Default, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent scope permitted and in accordance with applicable laws; ifPRC Laws, after satisfying all Secured Obligations, there is any balance have the right to dispose of the equity in accordance with law. All the payments received by the Pledgee in the monies collected exercise of its Pledge shall be dealt with in the following order: (a) paying all the costs incurred in relation to the disposition of the Equity and the exercise of the rights by the Pledgee by enforcing (including payment of the Pledge, then such balance shall be, without calculation attorney’s fee and the commission for the agent); (b) paying taxes due to the disposition of interests, paid the equity; and (c) repaying the Secured Indebtedness to Pledgor or other parties entitled to receive such balancethe Pledgee. 8.5 8.3 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgor and the Company Party C shall provide the necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all 8.4 All actual expenses, tax, charges taxes and fees and all legal fees relating expenses related to the establishment of equity pledge hereunder and the Pledge and enforcement realization of it the rights of the Pledgee shall be borne by PledgorParty C, except those to be borne by the Pledgee according to the PRC Laws; and the Pledgee shall have the right to deduct such expenses actually incurred in the exercise of its rights from the amount gained through exercise of its rights. 8.5 The amount of the Secured Indebtedness determined by the Pledgee in the exercise of its equity pledge in accordance with this Agreement shall be used as final evidence to determine the Secured Indebtedness hereunder.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Without Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section Article 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of DefaultDefault in accordance with Article 7.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity InterestEquity. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, equity pledged hereunder to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interestsinterest, paid to Pledgor Pledgors or other parties entitled to receive such balance. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all actual expenses, taxtaxes, charges and all legal fees relating to the establishment and realization of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the Cooperation Agreements and full payment of all payments described thereinfunds under the Transaction Documents, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance The Pledgor should not transfer any of the Cooperation Agreements Equity Interests of the Company owned by it before the liabilities are discharged and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign other material obligations are performed under the Pledge or the Equity InterestMajor Contracts. 8.2 The Pledgee may issue give a Default Notice of Default to the Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section Clause 7.3, the Pledgee may exercise the right to enforce dispose the Pledge concurrently with at the issuance of same time or at anytime after the Pledgee gives the Default Notice of Default in accordance with Section 7.2 Clause 7.2. The Pledgor no longer owns any right or at any time after benefit in relation to the issuance of Equity Interests once the Notice of Default. Once Pledgee elects decides to enforce exercise the right to dispose the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In As of the Event occurrence of Defaultany Breaching Event, the Pledgee is entitled to dispose of the Pledged Equity Interest pledgedInterests according to legal procedure, to the extent permitted allowed by laws and in accordance with applicable laws, and does not need to distribute any of the proceedings of such disposal to the Pledgor; ifthe Pledgor hereby waives the contingent right to require for distribution from the Pledgee of any proceedings of such disposal. Similarly, after satisfying all Secured Obligations, there is the Pledgor should not be held liable for any balance in losses which the monies collected Pledgee may incur by Pledgee by enforcing following the Pledge, then such balance shall be, without calculation disposal of interests, paid to Pledgor or other parties entitled to receive such balancethe Pledged Equity Interests. 8.5 When As the Pledgee disposes of the Pledge in accordance with this AgreementContract, the Pledgor and the Company shall provide assistance necessary assistance to enable Pledgee to enforce for the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment realization of the Pledge and enforcement of it shall be borne by Pledgorthe Pledgee.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity InterestInterest in Party C without the Pledgee’s written consent. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default7.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, except as expressly stipulated in Section 6.1.1, without the Pledgee’s written consent, no Pledgor shall not assign the Pledge or the Equity Interest.Interest held by him in Party C. 8.2 Pledgee may shall issue a written Notice of Default to any defaulting Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, the defaulting Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation obligation to account to the relevant Pledgor for proceeds of interestsdisposition and each Pledgor hereby waives any rights he may have to demand any such accounting from Pledgee. Likewise, paid in such circumstance no Pledgor shall have obligation to Pledgor or other parties entitled to receive Pledgee for any deficiency remaining after such balancedisposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, each Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, except as expressly stipulated in Section 6.1.1, without the Pledgee’s written consent, no Pledgor shall not assign the Pledge or the Equity Interest.Interest held by it/him in Party C. 8.2 Pledgee may shall issue a written Notice of Default to any defaulting Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, the defaulting Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation obligation to account to the relevant Pledgor for proceeds of interestsdisposition and each Pledgor hereby waives any rights it/he may have to demand any such accounting from Pledgee. Likewise, paid in such circumstance no Pledgor shall have obligation to Pledgor or other parties entitled to receive Pledgee for any deficiency remaining after such balancedisposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, each Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without PledgeeXxxxxxx’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor Pledgors or other parties entitled to receive such balance. The Pledgors or other parties entitled to receive such balance shall fully return to the Pledgee to the extent permitted under PRC laws. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Shareholders and the Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by PledgorPledgors.

Exercise of Pledge. 8.1 Prior to 11.1 Without the written consent of the Pledgee, the Pledgor shall not transfer the Pledged Equity Interests until the full performance of its obligations under the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity InterestMaster Agreement. 8.2 11.2 In case of any of the events of default as referred to in Clause 10 hereof, the Pledgee may issue shall give a Notice notice of Default breach of this Agreement to the Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, pledge. The Pledgee may exercise the right to enforce the Pledge concurrently with the issuance dispose of the Notice of Default in accordance with Section 7.2 pledge upon or at any time after the issuance giving such notice of the Notice breach of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interestthis Agreement under Clause 10.3 hereof. 8.4 In 11.3 The Pledgee shall have the Event of Default, Pledgee is entitled right to sell or otherwise dispose of the Pledged Equity Interest pledged, to the extent permitted and Interests under this Agreement in accordance with applicable laws; iflegal procedures. If the Pledgee decides to exercise its pledge, after satisfying the Pledgor undertakes that it shall transfer all Secured Obligationsits shareholder rights to the Pledgee. In addition, there is any balance the Pledgee shall have the priority right to be repaid with the proceeds from the sale, auction or disposal of all or part of the equity interests under this Agreement in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceaccordance with legal procedures. 8.5 11.4 When the Pledgee disposes of the Pledge its pledge in accordance with this Agreement, the Pledgor shall not place obstacles and the Company shall provide give any necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreementrealize its pledge. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default7.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights they may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance and payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligationsobligations secured, there is any balance in the monies collected by the Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to the Pledgor or other parties entitled to receive such balance. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by the Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balance. The Pledgor or other parties entitled to receive such balance shall fully return to the Pledgee to the extent permitted under PRC Laws. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Shareholders and the Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fee described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledgedInterest, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity InterestInterest in Party C to any third party. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the a Notice of Default in accordance with Section 7.2 or at any time after the issuance of the such Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to hold the Equity Interest pledged hereunder and to dispose of the Equity Interest pledgedInterest, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall belaw, without calculation of interests, paid the obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceproceeds from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide all necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by Notwithstanding any provisions to the lawcontrary in this Agreement, all expenses, tax, charges any and all legal fees relating liability of Pledgor under this Agreement shall be limited to the establishment of Equity Interest in Party C and the Pledge and enforcement of it Pledgor shall not be borne by Pledgorrequired to undertake any liability or provide any remedy from assets other than the Equity Interest.

Exercise of Pledge. 8.1 Prior to The Pledgor may not transfer the full performance Equity in Party C without the written consent of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 The Pledgee may issue send a Default Notice of Default to the Pledgor when exercising it exercises the Pledge. 8.3 Subject to Article 7.3 hereof, the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time when or after it sends out the issuance of the Default Notice of Defaultaccording to Article 7.2 hereof. Once the Pledgee elects to enforce the Pledge, the Pledgor shall cease to be entitled to not own any rights or interests associated with relating to the Equity InterestEquity. 8.4 In case of any default, to the Event of Defaultextent permitted by and subject to applicable laws, the Pledgee is entitled to dispose of the Equity Interest pledged, subject to Pledge. The proceeds received by the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing for exercising the Pledge, then such balance after repaying the Secured Debts, shall be, without calculation of interests, be paid to the Pledgor or other parties persons entitled to receive such balancethe remaining amount, if any, without any interest. 8.5 When the Pledgee disposes of the Pledge in accordance with according to this Agreement, the Pledgor and the Company Party C shall provide necessary assistance to enable so that the Pledgee to may enforce the Pledge in accordance with according to this Agreement. 8.6 Unless otherwise provided by the law, The Pledgor shall assume all expenses, tax, charges taxes and all legal fees costs relating to the establishment creation of Equity Pledge hereunder and realization of the Pledge and enforcement of it shall Pledgee’s rights, except for those to be borne assumed by Pledgorthe Pledgee according to laws.

Exercise of Pledge. 8.1 Prior to Without the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligationsobligations secured, there is any balance in the monies collected by the Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to the Pledgor or other parties entitled to receive such balance. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by the Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party F. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights they may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party F shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity InterestInterest in GSN. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default7.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable Hong Kong SAR laws. Only to the extent permitted under applicable Hong Kong SAR laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waives any rights it may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company GSN shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior 5.1 If (a) PTIT fails to the full performance of the Cooperation Agreements and full fulfill its payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge obligation or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to other related obligations in accordance with the provisions of Section 7.3Exclusive Cooperation Agreement, or (b) Pledgor breaches their duties or obligations hereunder, Pledgee may exercise shall have the right to enforce manage the Pledge concurrently with the issuance of the Notice of Default pledge in accordance with Section 7.2 or any manner at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, Pledgee is entitled to dispose of the Equity Interest pledged, it deems appropriate to the extent permitted by applicable laws during the Term of Pledge, including without limitation: 5.1.1 To negotiate with Pledgor to discharge the Secured Debt with the Pledged Equity at a discount rate; 5.1.2 To sell off the Pledged Equity and in accordance with use the proceeds thereof to discharge the Secured Debt; 5.1.3 To retain a relevant agency to auction all or part of the Pledged Equity; and/or 5.1.4 To otherwise dispose of the Pledged Equity appropriately to the extent permitted by applicable laws; if, after satisfying all Secured Obligations, there is any balance . 5.2 In the course of Pledgee’s disposal of the Pledged Equity as specified in the monies collected preceding section, Pledgee shall have the right to take any actions permitted by law to realize any of its rights hereunder. 5.3 As requested by Pledgee, Pledgor shall assist Pledgee in obtaining all necessary approvals or consents in connection with Pledgee’s realization of its rights to debt and pledge. 5.4 All amounts received due to Pledgee’s exercise of its pledge shall be used in the following order of priority subject to the other provisions hereof: 5.4.1 First, such amounts shall be used to pay all taxes and costs incurred by Pledgee because of its exercise of the pledge and/or other rights hereunder; 5.4.2 Second, such amounts shall be used by enforcing Pledgee to discharge the Pledge, then such Secured Debt according to law; 5.4.3 Any remaining balance shall be, without calculation of interests, be paid to Pledgor or other parties anyone who is entitled to receive such balancebalance (without interest). 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, the Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 The Pledgee may issue a Notice of Default to the Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, the Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once the Pledgee elects to enforce the Pledge, the Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgor and the Company Party C shall provide necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements Agreement and full payment of all payments the loan described thereinin the Loan Agreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in Defaultin accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of dispositionand Pledgor hereby waives any rights it may have to receive demand any suchaccounting from Pledgee. Likewise, in such balancecircumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after suchdisposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce toenforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described thereinContract Obligations, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects decides to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledgedInterest, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor the Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 The Pledgee may issue a Notice of Default to Pledgor the Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, the Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default7.2. Once the Pledgee elects to enforce the Pledge, Pledgor the Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, the Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with the applicable PRC laws. Only to the extent permitted under the applicable PRC laws, the Pledgee has no obligation to account to the Pledgors for proceeds of disposition of the Equity Interest, and the Pledgors hereby waive any rights they may have to demand any such accounting from the Pledgee; Likewise, in accordance with applicable laws; if, such circumstance the Pledgors shall have no obligation to the Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When the Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor the Pledgors and the Company Party C shall provide necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the a Notice of Default in accordance with Section 7.2 or at any time after the issuance of the such Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In 8.2 Upon the occurrence of an Event of Default, Pledgee is entitled to hold the Equity Interest pledged hereunder and to dispose of the Equity Interest pledgedInterest, to the extent permitted and in accordance with applicable laws; iflaw, and to keep all of the proceeds of disposition and Pledgor hereby waives any rights it may have to demand any such proceeds from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest. 8.5 8.3 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide all necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by 8.4 Notwithstanding any provisions to the lawcontrary in this Agreement, all expenses, tax, charges any and all legal fees relating liability of Pledgor under this Agreement shall be limited to the establishment of Equity Interest in Party C and the Pledge and enforcement of it Pledgor shall not be borne by Pledgorrequired to undertake any liability or provide any remedy from assets other than the Equity Interest.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to The Pledgors may not transfer the full performance Equity in Party C without the written consent of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 The Pledgee may issue send a Default Notice of Default to Pledgor the Pledgors when exercising it exercises the Pledge. 8.3 Subject to Article 7.3 hereof, the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time when or after it sends out the issuance of the Default Notice of Defaultaccording to Article 7.2 hereof. Once the Pledgee elects to enforce the Pledge, Pledgor the Pledgors shall cease to be entitled to not own any rights or interests associated with relating to the Equity InterestEquity. 8.4 In case of any default, to the Event of Defaultextent permitted by and subject to applicable laws, the Pledgee is entitled to dispose of the Equity Interest pledged, subject to Pledge. The proceeds received by the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing for exercising the Pledge, then such balance after repaying the Secured Debts, shall bebe paid to the Pledgors or other persons entitled to the remaining amount, if any, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceany interest. 8.5 When the Pledgee disposes of the Pledge in accordance with according to this AgreementContract, Pledgor the Pledgors and the Company Party C shall provide necessary assistance to enable so that the Pledgee to may enforce the Pledge in accordance with according to this AgreementContract. 8.6 Unless otherwise provided by the law, The Pledgors shall assume all expenses, tax, charges taxes and all legal fees costs relating to the establishment creation of Equity Pledge hereunder and realization of the Pledge and enforcement of it shall Pledgee’s rights, except for those to be borne assumed by Pledgorthe Pledgee according to laws.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, except as expressly stipulated in Section 6.1.1, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest held by it in Party C. 8.2 Pledgee may shall issue a written Notice of Default to the defaulting Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event of Default, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall not have obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to 11.1 Without the written consent of the Pledgee, the Pledgors shall not transfer the Pledged Equity Interests until the full performance of its obligations under the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity InterestMaster Agreement. 8.2 11.2 In case of any of the events of default as referred to in Clause 10 hereof, the Pledgee may issue shall give a Notice notice of Default breach of this Agreement to Pledgor the Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, pledge. The Pledgee may exercise the right to enforce the Pledge concurrently with the issuance dispose of the Notice of Default in accordance with Section 7.2 pledge upon or at any time after the issuance giving such notice of the Notice breach of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interestthis Agreement under Clause 10.3 hereof. 8.4 In 11.3 The Pledgee shall have the Event of Default, Pledgee is entitled right to sell or otherwise dispose of the Pledged Equity Interest pledged, to the extent permitted and Interests under this Agreement in accordance with applicable laws; iflegal procedures. If the Pledgee decides to exercise its pledge, after satisfying the Pledgors undertake that it shall transfer all Secured Obligationsits shareholder rights to the Pledgee. In addition, there is any balance the Pledgee shall have the priority right to be repaid with the proceeds from the sale, auction or disposal of all or part of the equity interests under this Agreement in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceaccordance with legal procedures. 8.5 11.4 When the Pledgee disposes of the Pledge its pledge in accordance with this Agreement, Pledgor the Pledgors shall not place obstacles and the Company shall provide give any necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreementrealize its pledge. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted and in accordance with under applicable PRC laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid has no obligation to account to Pledgor or other parties entitled for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee; Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the Cooperation Agreements consulting and full payment of all payments service fees described thereinin the Principal Agreements, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights they may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party G shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor Pledgors shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights it may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the Cooperation Agreements and full payment of all payments service fees described thereinin the Services Agreement, without the written consent of Pledgee or Pledgee’s written consentoffshore parent company Puyi Inc. (“Pledgee’s Parent Company”), Pledgor Pledgors shall not assign transfer the Pledge or the Equity InterestInterest in Target Company, unless such transfer arises from the rights and obligations under the Exclusive Option Agreement (Attachment 2) entered into by Pledgors, Pledgee, and Target Company. 8.2 Pledgee may issue a Notice of Default to Pledgor Pledgors when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at the time when, or at any time after, the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor Pledgors shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, pledged in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgors for proceeds of disposition of the Equity Interest, and Pledgors hereby waive any rights it may have to demand any such accounting from Pledgee; Likewise, in accordance with applicable laws; if, such circumstance Pledgors shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor Pledgors and the Target Company shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance and payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to exercise any rights or interests associated with the Equity InterestInterest until such enforcement is completed. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to take possession of the Equity Interest pledged hereunder and to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligationsobligations secured, there is any balance in the monies collected by the Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to the Pledgor or other parties entitled to receive such balance. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by the Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, the Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 The Pledgee may issue a Notice of Default to the Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, the Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 8.2 or at any time after the issuance of the Notice of Default. Once the Pledgee elects to enforce the Pledge, the Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, the Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation obligation to account to the Pledgor for proceeds of interestsdisposition and the Pledgor hereby waives any rights it may have to demand any such accounting from the Pledgee. Likewise, paid in such circumstance the Pledgor shall have no obligation to Pledgor or other parties entitled to receive the Pledgee for any deficiency remaining after such balancedisposition of the Equity Interest pledged. 8.5 When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgor and the Company Party C shall provide necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the New Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement or prior to fulfill the obligations under the Loan Agreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity InterestInterest in Party C to any third party. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with at any time after the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default8.2. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaulta default, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted and pledged in accordance with applicable PRC laws; if. To the extent permitted under PRC laws, Pledgee has no obligation to pay Pledgor the proceeds arising from disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such payment from Pledgee. Likewise, in such circumstances Pledgor shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance payment of the consulting and service fees described in the Business Cooperation Agreements and full payment of all payments described thereinAgreement, without the Pledgee’s 's written consent, Pledgor shall not assign the Pledge or the Equity Interest.Interest in Party C. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Default in accordance with Section 7.2 or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In the Event event of Defaultdefault, Pledgee is entitled to dispose of the Equity Interest pledged, to the extent permitted by and in accordance with applicable laws; if, after satisfying all Secured Obligations, there is any balance in the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid obligation to account to Pledgor or other parties entitled for proceeds of disposition and Pledgor hereby waives any rights it may have to receive demand any such balanceaccounting from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after such disposition of the Equity Interest pledged. 8.5 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.

Exercise of Pledge. 8.1 Prior to the full performance of the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity Interest. 8.2 Pledgee may issue a Notice of Default to Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge concurrently with the issuance of the a Notice of Default in accordance with Section 7.2 or at any time after the issuance of the such Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest. 8.4 In 8.2 Upon the occurrence of an Event of Default, Pledgee is entitled to acquire the Equity Interest pledged hereunder and to dispose of the Equity Interest pledgedInterest, to the extent permitted and in accordance with applicable laws; iflaw, and to keep all of the proceeds from such disposition and Pledgor hereby waives any rights it may have to demand any such proceeds from Pledgee. Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after satisfying all Secured Obligations, there is any balance in such disposition of the monies collected by Pledgee by enforcing the Pledge, then such balance shall be, without calculation of interests, paid to Pledgor or other parties entitled to receive such balanceEquity Interest. 8.5 8.3 When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and the Company Party C shall provide all necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement. 8.6 Unless otherwise provided by 8.4 Notwithstanding any provisions to the lawcontrary in this Agreement, all expenses, tax, charges any and all legal fees relating liability of Pledgor under this Agreement shall be limited to the establishment of Equity Interest in Party C and the Pledge and enforcement of it Pledgor shall not be borne by Pledgorrequired to undertake any liability or provide any remedy from assets other than the Equity Interest.

Exercise of Pledge. 8.1 Prior to 11.1 Without the written consent of the Pledgee, the Pledgor shall not transfer the Pledged Equity Interests until the full performance of its obligations under the Cooperation Agreements and full payment of all payments described therein, without Pledgee’s written consent, Pledgor shall not assign the Pledge or the Equity InterestMaster Agreement. 8.2 11.2 In case of any of the events of default as referred to in Clause 10 hereof, the Pledgee may issue shall give a Notice notice of Default breach of this Agreement to the Pledgor when exercising the Pledge. 8.3 Subject to the provisions of Section 7.3, pledge. The Pledgee may exercise the right to enforce the Pledge concurrently with the issuance dispose of the Notice of Default in accordance with Section 7.2 pledge upon or at any time after the issuance giving such notice of the Notice breach of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interestthis Agreement under Clause 10.3 hereof. 8.4 In 11.3 The Pledgee shall have the Event of Default, Pledgee is entitled right to sell or otherwise dispose of the Pledged Equity Interest pledged, to the extent permitted and Interests under this Agreement in accordance with applicable laws; iflegal procedures. If the Pledgee decides to exercise its pledge, after satisfying the Pledgor undertakes that it shall transfer all Secured Obligationsits shareholder rights to the Pledgee. In addition, there is any balance the Pledgee shall have the right to discount all or part of the equity interests under this Agreement in accordance with legal procedures or have the monies collected by Pledgee by enforcing priority to be repaid with the Pledgeproceeds from the sale, then auction or disposal of such balance shall be, without calculation of equity interests, paid to Pledgor or other parties entitled to receive such balance. 8.5 11.4 When the Pledgee disposes of the Pledge its pledge in accordance with this Agreement, the Pledgor shall not place obstacles and the Company shall provide give any necessary assistance to enable the Pledgee to enforce the Pledge in accordance with this Agreementrealize its pledge. 8.6 Unless otherwise provided by the law, all expenses, tax, charges and all legal fees relating to the establishment of the Pledge and enforcement of it shall be borne by Pledgor.