Common use of Procedures for Exercising the Exclusive Right to Purchase Clause in Contracts

Procedures for Exercising the Exclusive Right to Purchase. Subject to the terms and conditions of this Agreement and to the extent permitted by the law of China, Party A shall have absolute discretion to decide the specific time, manner and frequency of its exercising of the Exclusive Right to Purchase hereunder. Party A shall exercise its right to purchase the equity or assets hereunder under the precondition that it is in compliance with the laws and regulations of China. Where Party A exercises its right to purchase the equity or the assets hereunder, it shall send a written notice to Party B (“Notice of Purchase”), which shall specify the following information: (a) the decision of Party A to exercise the right to purchase the equity or the assets hereunder; (b) the amount of equity to be purchased by Party A from Party B (“Purchased Equity”) or the amount of assets to be purchased from Party C (“Purchased Assets”); and (c) the date for purchase/transfer of the Purchased Equity or Purchased Assets. Party A’s exercise of the Exclusive Option to Purchase Assets shall be subject to the laws and regulations of China. Where Party A exercises its Exclusive Option to Purchase Assets, it shall give Party C a written notice (“Notice for Assets Purchase”), and the Notice for Assets Purchase shall specify the following items: (a) the decision of Party A to exercise the Exclusive Option to Purchase Assets; (b) specific assets that Party A intends to purchase from Party C (“Purchased Assets”); and (c) the date of delivery/transfer of the Purchased Assets. When Party A exercises its right to purchase the equity or assets hereunder, Party A may either choose to be the transferee of the Purchased Equity or the Purchased Assets, or appoint the Designee as the transferee of all or part of the Purchased Equity or assets.