Common use of Target Assets Clause in Contracts

Target Assets. 2.1 The Company hereby agrees, and hereby grants irrevocably and without any additional conditions, the WFOE an option to require, under any of the following circumstances, the Company to transfer to the WFOE or the Nominated Entity part or all (subject to the WFOE’s specific requirements) of the equity of the Company held by the Company (the “Target Assets”) (the “Assets Purchase Option”): 2.1.1 the WFOE and/or the Nominated Entity is permitted to lawfully own all or part of the Target Assets subject to PRC laws and administrative regulations. 2.1.2 Subject to permission by PRC laws and regulations, any other circumstances as the WFOE deems, at its sole discretion, to be appropriate or necessary. 2.2 The Existing Shareholders hereby agrees the Company to grant to the WFOE the Assets Purchase Option. 2.3 The WFOE shall have the right to exercise at any time all or part of its Assets Purchase Option to obtain all or part of the Target Assets, without any limitation on how many times the option will be exercised. 2.4 The WFOE shall have the right to nominate any third entity to obtain part or all of the Target Assets, which shall not be refused by the Company or Existing Shareholders who shall transfer to the Nominated Entity part or all of the Target Assets as required by the WFOE. 2.5 Prior to transfer of the Target Assets to the WFOE or the Nominated Entity subject to this Agreement, and without the WFOE’s prior written consent, neither the Company nor the Existing Shareholders shall transfer the Target Assets, or pledge, hypothecate or otherwise encumber any of the Target Assets.