Common use of Grant Right Clause in Contracts

Grant Right. Party B hereby irrevocably grants Party A the exclusive right that Party A, based on the consideration provided in Article 1.3 of this Agreement, can purchase or designate one or more persons (the “Specified Person”) to purchase the Equity Interest subject to compliance with legal restriction under the applicable PRC laws(the “Purchase Right”). Except for Party A and the Specified Person, Party C shall not sell the Equity Interest to any third party. Party C hereby agrees that Party B may grant the Purchase Right to Party A, and the other shareholder of Party C hereby give up the preemption right relating to the Equity Interest evidenced by the Announcement document attached hereto as the Appendix. Such person hereunder in this Agreement refers to individual, corporation, joint enterprise, partnership, enterprise, trust or non-corporation organization.