Common use of SETTLEMENT REQUEST Clause in Contracts

SETTLEMENT REQUEST. Date: Reference is made to the Participation Agreement (the “Participation Agreement”) entered into between the undersigned, Splendid Days Limited (the “Grantor”), and Ark Pacific Investment Management Limited on [date]. This is a [Cash][ADS] Settlement Request in accordance with and pursuant to section 5(a) of the Participation Agreement. Capitalized terms used herein not otherwise defined shall have the meanings as ascribed to them in the Participation Agreement. The undersigned hereby requests that the following amount of the Underlying Instruments indicated below be settled in the form of [cash][ADSs]. Principal amount of [Tranche [·] 12.00% Senior Convertible Note of the Issuer][Tranche [·] Warrant to Purchase American Depositary Shares of the Issuer (the “Warrant”)] to be settled: [In the case of settlement of Tranche I Warrant by cashless exercise only: The undersigned hereby requests that the settlement of the Warrant be effected by means of cashless exercise in accordance with the terms and conditions of the Warrant.] [In the case of settlement of Tranche A/B/C Warrant by Loan Waiver Notice only: A copy of a Loan Waiver Notice (as defined in the terms and conditions of the Warrant) is attached herewith in relation to such principal amount of the Onshore Loan (as defined in the terms and conditions of the Warrant) as is equal to the principal amount of the Warrant to be settled, and accordingly no cash exercise price is payable in relation to the settlement in accordance with the terms and conditions of the Warrant.] [In the case of settlement of Tranche I Warrant or Tranche A/B/C Warrant by payment in cash of the warrant exercise price: Unless otherwise agreed by Grantor, the undersigned hereby confirms that on even date herewith it has transmitted to the bank account of Grantor set forth on Schedule IV to the Participation Agreement (as amended from time to time by Grantor) an amount equal to the aggregate warrant exercise price by wire transfer of immediately available funds ]. Name and address of person in whose name the ADSs will be registered[, should Grantor elect for settlement by way of ADSs pursuant to Section 5(b)(i) of the Participation Agreement]: Name: For and on behalf of [Participant] Schedule VI