Common use of Exercise of the Right of Pledge Clause in Contracts

Exercise of the Right of Pledge. 5.1 In the event that the Pledgor fails to pay off its debts under the Loan Agreement or the Share Rights Agreement to the Pledgee on time, or [VIE] fails to perform its payment obligation or other relevant obligations to the Pledgee under the Trademark License Agreement or the Technical Services Agreement, or the Pledgor breaches its responsibilities or obligations under this Agreement, the Pledgee shall be entitled to, within a scope permitted by the applicable laws, exercise the right of pledge at any time it considers appropriate within the duration of the right of pledge and in a method it considers appropriate. Such methods shall include but not be limited to: 5.1.1 negotiating with the Pledgor on paying off the Secured Debts by transferring to the Pledgee the Pledged Rights; 5.1.2 selling off the Pledged Rights, and paying off the Secured Debts with the proceeds from the sale; 5.1.3 retaining a competent institution to auction total or partial Pledged Rights; and/or 5.1.4 disposing of the Pledged Rights by taking other appropriate measures permitted by the applicable laws. 5.2 In the process when the Pledgee disposes of the Pledged Rights according to the preceding paragraph, the Pledgee shall be entitled to: 5.2.1 substitute the Pledgor to exercise the powers or rights relevant to the Pledged Rights as [VIE]’s shareholder; 5.2.2 pay necessary money for exercising any power or right imposed by this Agreement or the law upon the Pledgee; 5.2.3 exercise in a way it considers appropriate or permit other person to exercise any power or right under the Pledged Rights; 5.2.4 recover or claim the money payable to the Pledgor arising from the Pledged Rights for paying off the Secured Debts; 5.2.5 with respect to claim by any person for the rights relevant to the Pledged Rights in any respect, make settlement, reach reconciliation, resort to arbitration or litigation proceedings or seek any other measures it considers appropriate; 5.2.6 take all other actions permitted by law for the purpose of enforcing any of its rights under this Agreement. 5.3 At the Pledgee’s request, the Pledgor must assist the Pledgee in obtaining all necessary approvals or consents relevant to the Pledgee’s enforcement of its credit rights and the right of pledge. 5.4 Within the duration of the right of pledge, the Pledgee shall be entitled to collect the legal fruits of the Pledged Rights. 5.5 All the money collected by the Pledgee from the exercise of its right of pledge (including but not limited to the price obtained from disposing of the Pledged Rights and any proceeds derived from the Pledged Rights) shall be put into use in the following order on the premise of not violating other clauses of this Agreement: 5.5.1 It shall be at first used to pay all the expenses incurred to the Pledgee due to exercise of the right of pledge and/or other rights under this Agreement; 5.5.2 Then, it shall be used by the Pledgee to pay off the Secured Debts according to law; 5.5.3 If there is still remaining amount after the Secured Debts are paid off, the said amount shall be paid to the Pledgor or the person who is entitled to receive it, with no interest being paid.

Exercise of the Right of Pledge. 5.1 In the event that the Pledgor fails to pay off its debts under the Loan Agreement or the Share Rights Agreement to the Pledgee on time, or [VIE] Weimeng fails to perform its payment obligation or other relevant obligations to the Pledgee under the Trademark License Agreement or the Technical Services Agreement, or the Pledgor breaches its responsibilities or obligations under this Agreement, the Pledgee shall be entitled to, within a scope permitted by the applicable laws, exercise the right of pledge at any time it considers appropriate within the duration of the right of pledge and in a method it considers appropriate. Such methods shall include but not be limited to: 5.1.1 negotiating with the Pledgor on paying off the Secured Debts by transferring to the Pledgee the Pledged Rights; 5.1.2 selling off the Pledged Rights, and paying off the Secured Debts with the proceeds from the sale; 5.1.3 retaining a competent institution to auction total or partial Pledged Rights; and/or 5.1.4 disposing of the Pledged Rights by taking other appropriate measures permitted by the applicable laws. 5.2 In the process when the Pledgee disposes of the Pledged Rights according to the preceding paragraph, the Pledgee shall be entitled to: 5.2.1 substitute the Pledgor to exercise the powers or rights relevant to the Pledged Rights as [VIE]Weimeng’s shareholder; 5.2.2 pay necessary money for exercising any power or right imposed by this Agreement or the law upon the Pledgee; 5.2.3 exercise in a way it considers appropriate or permit other person to exercise any power or right under the Pledged Rights; 5.2.4 recover or claim the money payable to the Pledgor arising from the Pledged Rights for paying off the Secured Debts; 5.2.5 with respect to claim by any person for the rights relevant to the Pledged Rights in any respect, make settlement, reach reconciliation, resort to arbitration or litigation proceedings or seek any other measures it considers appropriate; 5.2.6 take all other actions permitted by law for the purpose of enforcing any of its rights under this Agreement. 5.3 At the Pledgee’s request, the Pledgor must assist the Pledgee in obtaining all necessary approvals or consents relevant to the Pledgee’s enforcement of its credit rights and the right of pledge. 5.4 Within the duration of the right of pledge, the Pledgee shall be entitled to collect the legal fruits of the Pledged Rights. 5.5 All the money collected by the Pledgee from the exercise of its right of pledge (including but not limited to the price obtained from disposing of the Pledged Rights and any proceeds derived from the Pledged Rights) shall be put into use in the following order on the premise of not violating other clauses of this Agreement: 5.5.1 It shall be at first used to pay all the expenses incurred to the Pledgee due to exercise of the right of pledge and/or other rights under this Agreement; 5.5.2 Then, it shall be used by the Pledgee to pay off the Secured Debts according to law; 5.5.3 If there is still remaining amount after the Secured Debts are paid off, the said amount shall be paid to the Pledgor or the person who is entitled to receive it, with no interest being paid.

Exercise of the Right of Pledge. 5.1 In the event that the Pledgor fails to pay off its debts under the Loan Agreement or the Share Rights Agreement to the Pledgee on time, or [VIE] IAD Company fails to perform its payment obligation or other relevant obligations to the Pledgee under the Trademark License Agreement or the Technical Services Agreement, or the Pledgor breaches its responsibilities or obligations under this Agreement, the Pledgee shall be entitled to, within a scope permitted by the applicable laws, exercise the right of pledge at any time it considers appropriate within the duration of the right of pledge and in a method it considers appropriate. Such methods shall include but not be limited to: 5.1.1 negotiating with the Pledgor on paying off the Secured Debts by transferring to the Pledgee the Pledged Rights; 5.1.2 selling off the Pledged Rights, and paying off the Secured Debts with the proceeds from the sale; 5.1.3 retaining a competent institution to auction total or partial Pledged Rights; and/or 5.1.4 disposing of the Pledged Rights by taking other appropriate measures permitted by the applicable laws. 5.2 In the process when the Pledgee disposes of the Pledged Rights according to the preceding paragraph, the Pledgee shall be entitled to: 5.2.1 substitute the Pledgor to exercise the powers or rights relevant to the Pledged Rights as [VIE]IAD Company’s shareholder; 5.2.2 pay necessary money for exercising any power or right imposed by this Agreement or the law upon the Pledgee; 5.2.3 exercise in a way it considers appropriate or permit other person to exercise any power or right under the Pledged Rights; 5.2.4 recover or claim the money payable to the Pledgor arising from the Pledged Rights for paying off the Secured Debts; 5.2.5 with respect to claim by any person for the rights relevant to the Pledged Rights in any respect, make settlement, reach reconciliation, resort to arbitration or litigation proceedings or seek any other measures it considers appropriate; 5.2.6 take all other actions permitted by law for the purpose of enforcing any of its rights under this Agreement. 5.3 At the Pledgee’s request, the Pledgor must assist the Pledgee in obtaining all necessary approvals or consents relevant to the Pledgee’s enforcement of its credit rights and the right of pledge. 5.4 Within the duration of the right of pledge, the Pledgee shall be entitled to collect the legal fruits of the Pledged Rights. 5.5 All the money collected by the Pledgee from the exercise of its right of pledge (including but not limited to the price obtained from disposing of the Pledged Rights and any proceeds derived from the Pledged Rights) shall be put into use in the following order on the premise of not violating other clauses of this Agreement: 5.5.1 It shall be at first used to pay all the expenses incurred to the Pledgee due to exercise of the right of pledge and/or other rights under this Agreement; 5.5.2 Then, it shall be used by the Pledgee to pay off the Secured Debts according to law; 5.5.3 If there is still remaining amount after the Secured Debts are paid off, the said amount shall be paid to the Pledgor or the person who is entitled to receive it, with no interest being paid.

Exercise of the Right of Pledge. 5.1 In 3.1 The Parties agree that if the event that the Pledgor Company fails to pay off its debts under repay the Loan Agreement or the Share Rights Agreement Loans in full to the Pledgee on timeas scheduled in accordance with the provisions of the Loan Agreement, the Pledgee is entitled to, after notifying the Pledgors in writing, exert all the rights and authorities of default remedies provided in the Chinese Laws, the Loan Agreement, this Agreement and other relevant agreements to which the Parties are parties, including (but not limited to) repayment with whole or partial Pledged Shares at the discount value agreed by the Parties, or [VIE] fails auctioning and selling off the Pledged Shares to perform repay in priority. The Pledgee shall not be responsible for any losses caused by its payment obligation reasonable exertion of such rights and authorities unless the Pledgee cause damages to the Pledgors intentionally or at its fault. 3.2 The Pledgee is entitled to appoint its lawyer or other relevant obligations agents in writing to exercise any and all of the above-mentioned rights and authorities. Neither the Pledgors nor the Company may dissent from this. 3.3 The Pledgors shall equally bear the reasonable expenses occurring when the Pledgee exerts any or all of the above-mentioned rights and authorities. The Pledgee is entitled to deduct such expenses actually incurred from the amount acquired in its exertion of the rights and authorities. 3.4 The sum acquired by the Pledgee in its exertion of rights and authorities shall be handled in accordance with the following sequences? Firstly, pay all the reasonable expenses incurred in the disposal of the Pledged Shares and the exertion of its rights and authorities (including the compensation paid to its lawyer and agents); Secondly, pay taxes payable for the disposal of the Pledged Shares; and Thirdly, repay the Secured Debt to the Pledgee; If there is still a remaining amount after deduction of the above-mentioned sum, the Pledgee under shall return the Trademark License Agreement remaining amount to the Pledgors or the Technical Services Agreementothers that are entitled to such amount in accordance with relevant laws and regulations, or deposit it at the Pledgor breaches notary authority of the place where the Pledgors are (any reasonable expenses caused thereby shall be fully borne by the Pledgors). After the Pledged Shares are converted for repayment, auctioned or sold off, the portion of the sum that is less than the repayment amount of the Secured Debt shall be repaid by the Pledgors. 3.5 When the Pledgee exerting its responsibilities or obligations under right of pledge in accordance with this Agreement, the Pledgee Pledgors may not set any obstacles and shall be entitled to, within a scope permitted by the applicable laws, exercise the right of pledge at any time it considers appropriate within the duration of the right of pledge and in a method it considers appropriate. Such methods shall include but not be limited to: 5.1.1 negotiating with the Pledgor on paying off the Secured Debts by transferring to the Pledgee the Pledged Rights; 5.1.2 selling off the Pledged Rights, and paying off the Secured Debts with the proceeds from the sale; 5.1.3 retaining a competent institution to auction total or partial Pledged Rights; and/or 5.1.4 disposing of the Pledged Rights by taking other appropriate measures permitted by the applicable laws. 5.2 In the process when the Pledgee disposes of the Pledged Rights according to the preceding paragraph, the Pledgee shall be entitled to: 5.2.1 substitute the Pledgor to exercise the powers or rights relevant to the Pledged Rights as [VIE]’s shareholder; 5.2.2 pay necessary money for exercising any power or right imposed by this Agreement or the law upon the Pledgee; 5.2.3 exercise in a way it considers appropriate or permit other person to exercise any power or right under the Pledged Rights; 5.2.4 recover or claim the money payable to the Pledgor arising from the Pledged Rights for paying off the Secured Debts; 5.2.5 with respect to claim by any person for the rights relevant to the Pledged Rights in any respect, make settlement, reach reconciliation, resort to arbitration or litigation proceedings or seek any other measures it considers appropriate; 5.2.6 take all other actions permitted by law for the purpose of enforcing any of its rights under this Agreement. 5.3 At necessary and indispensable measures and sign all the Pledgee’s request, the Pledgor must necessary and indispensable documents to assist the Pledgee in obtaining all necessary approvals or consents relevant to the Pledgee’s enforcement exertion of its credit rights and the right of pledge. 5.4 Within 3.6 In the duration event of any default events stated in Article VIII hereof, the Pledgors shall compensate for any losses of the right of pledge, the Pledgee shall be entitled to collect the legal fruits of the Pledged RightsPledgee. 5.5 All the money collected by the Pledgee from the exercise of its right of pledge (including but not limited to the price obtained from disposing of the Pledged Rights and any proceeds derived from the Pledged Rights) shall be put into use in the following order on the premise of not violating other clauses of this Agreement: 5.5.1 It shall be at first used to pay all the expenses incurred to the Pledgee due to exercise of the right of pledge and/or other rights under this Agreement; 5.5.2 Then, it shall be used by the Pledgee to pay off the Secured Debts according to law; 5.5.3 If there is still remaining amount after the Secured Debts are paid off, the said amount shall be paid to the Pledgor or the person who is entitled to receive it, with no interest being paid.