Common use of Term of Pledge Clause in Contracts

Term of Pledge. 3.1 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein has been registered with relevant administration for industry and commerce (the “AIC”), and thereafter shall be continuously valid until (1) all Contract Obligations have been fulfilled and all Secured Indebtedness have been repaid up, or (2) if the Pledgee and/or its designee decides to purchase all the equity interests held by the Pledgors in Party C in accordance with Exclusive Option Agreement to the extent as permitted by PRC laws, the equity interests of Party C have been transferred to the Pledgee and/or its designee in accordance with law and Pledgee and/or its designee have been legally qualified to engage in business of Party C. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the date hereof and the Pledgors shall handle the industrial and commercial registration relating to the Pledge on the same day. The Parties jointly confirm that for the purpose of registering the Pledge with the industrial and commercial administration, the Parties shall, upon request of Party A, submit a copy of this Agreement or an equity pledge agreement executed in the form required by the local industrial and commercial administration where Party C resides (“AIC Equity Pledge Agreement”) to the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to the PRC laws and regulations and the requirements of relevant AIC, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The Pledge shall become effective on such date when the pledge of the Equity Interest contemplated herein has been registered with relevant administration for industry and commerce (the “AIC”), and thereafter market regulatory authority. The Pledge shall be continuously valid until (1) all Contract Obligations have been fulfilled fully performed and all Secured Indebtedness have been repaid up, or (2) if fully paid. The Pledge shall be continuously valid until all payments due under the Pledgee and/or its designee decides to purchase all the equity interests held by the Pledgors in Party C in accordance with Exclusive Option Agreement to the extent as permitted by PRC laws, the equity interests of Party C Equity Interest contemplated herein have been transferred to the Pledgee and/or its designee in accordance with law and Pledgee and/or its designee have been legally qualified to engage in business of fulfilled by Party C. The Pledgors Pledgor and Party C shall (1) register the Pledge hereof in the shareholders’ register of Party C on within 3 business days following the date hereof execution of this Agreement, and the Pledgors shall handle the industrial and commercial registration relating (2) submit an application to the relevant market regulatory authority for the registration of the Pledge on of the same dayEquity Interest contemplated herein within thirty (30) business days following the execution of this Agreement. The Parties jointly confirm covenant that if required by the market regulatory authority, for the purpose of registering registration of the Pledge with the industrial and commercial administrationPledge, the Parties shall, upon request hereto and all other shareholders of Party A, C shall submit a copy of to the relevant market regulatory authority this Agreement or an equity interest pledge agreement executed contract in the form required by the local industrial and commercial administration where market regulatory authority of location of Party C resides which shall truly reflect the information of the Pledge hereunder (the “AIC Pledge Contract”). Provided, however, that all pledges of the Equity Pledge Agreement”) Interest shall be subject to the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and provisions of this Agreement, this Agreement shall prevail. The Pledgors Pledgor and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICcompetent market regulatory authority, to ensure that the Pledge of the Equity Interest shall be registered with the relevant market regulatory authority as soon as possible after filing.

Term of Pledge. 3.1 The Pledge shall become effective on such date when the pledge of the Equity Interest EquityInterest contemplated herein has been is registered with relevant administration for industry and commerce (the “AIC”), and thereafter . The Pledge shall be continuously valid remain effective until (1) all Contract Obligations have been fulfilled fully performed and all Secured Indebtedness have been repaid upfully paid, or (2) if to the extent permitted under the PRC law, Pledgee and/or its designee decides the Designee (s) have decided to purchase all the equity interests Equity Interest held by the Pledgors Pledgor in Party C in accordance with according to the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, the equity interests of and all Equity Interest in Party C have has been lawfully transferred to the Pledgee and/or its designee in accordance with law and Pledgee and/or its designee have been legally qualified to the Designee (s) can lawfully engage in the business of Party C. The Pledgors Pledge shall be continuously valid until all payments due under the Business CooperationAgreement have been fulfilled by Party C. Pledgor and Party C shall (1) register the Pledge hereof in the shareholders’ register of Party C on within 3 business days following the date hereof execution of this Agreement, and the Pledgors shall handle the industrial and commercial registration relating (2) submit an application to the AIC for the registration of the Pledge on of the same dayEquity Interest contemplated herein within 30 business days following the execution of this Agreement. The Parties jointly confirm parties covenant that for the purpose of registering registration of the Pledge with the industrial and commercial administrationPledge, the Parties shall, upon request of parties hereto and all other shareholdersof Party A, C shall submit a copy of to the AIC this Agreement or an equity equityinterest pledge agreement executed contract in the form required by the local industrial and commercial administration where AIC at thelocation of Party C resides which shall truly reflect the information of the Pledge hereunder (the “AIC Equity Pledge AgreementContract”) to .For matters not specified in the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and Contract, the parties shall be bound by the provisions of this Agreement, this Agreement shall prevail. The Pledgors and Party Pledgor andParty C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible after filing.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter commerce. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness, or (2) if to the extent permitted by the ​ ​ PRC laws, the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the effective date hereof of this Agreement, and the Pledgors shall handle submit an application to the industrial relevant administration for industry and commercial commerce for the registration relating to of the Pledge on the same daydate. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for industry and commerce this Agreement or an equity interest pledge agreement executed in the form required by the local industrial administration for industry and commercial administration commerce at the place where Party C resides is located (the “AIC Equity Pledge Agreement”) to ). In case of any matter specified in the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and which is inconsistent with this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for industry and commerce, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The Pledge shall become effective on such the date when the pledge registration of the Pledged Equity Interest contemplated herein has been registered is established or changed with a relevant administration Administration for industry and commerce (the “AIC”), and thereafter Market Regulation. The Pledge shall be continuously valid remain effective until (1) all Contract Obligations have been fulfilled fully performed and all Secured Indebtedness have has been repaid up, or fully paid. The Pledgor and the Domestic Company shall (21) if the Pledgee and/or its designee decides to purchase all the equity interests held by the Pledgors in Party C in accordance with Exclusive Option Agreement to the extent as permitted by PRC laws, the equity interests of Party C have been transferred to the Pledgee and/or its designee in accordance with law and Pledgee and/or its designee have been legally qualified to engage in business of Party C. The Pledgors and Party C shall register the Pledge hereof herein in the shareholders’ register of Party C on the date hereof Domestic Company within three (3) business days following the execution of this Agreement, and the Pledgors shall handle the industrial and commercial registration relating (2) submit an application to the Pledge on relevant Administration for Market Regulation for establishing or changing the same dayregistration of the Pledged Equity Interest contemplated herein within thirty (30) business days following the execution of this Agreement. The Parties jointly confirm that for the purpose of registering establishing or changing the registration of the Pledge with the industrial and commercial administrationrelevant Administration for Market Regulation, the Parties shalland all other shareholders of the Domestic Company shall submit this Agreement, upon request of Party A, submit a copy of this Agreement or an equity interest pledge agreement executed contract in the form required by the local industrial and commercial administration Administration for Market Regulation at the place where Party C resides the Domestic Company is located (which shall truly reflect the information of the Pledge hereunder) (the “AIC Equity AMR Pledge AgreementRegistration Establishing/Changing Contract”) ), to the industrial and commercial administrationcompetent Administration for Market Regulation. Where there is any inconsistency between AIC Equity For matters not specified in the AMR Pledge Agreement and Registration Establishing/Changing Contract, the Parties shall be bound by the provisions of this Agreement, this Agreement shall prevail. The Pledgors Pledgor and Party C the Domestic Company shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICcompetent Administration for Market Regulation, to ensure that the registration of the Pledge shall can be registered established or changed as soon as possible after filingsubmission of the application.

Term of Pledge. 3.1 The This Pledge shall become effective on such take effect from the date when the pledge of the Equity Interest contemplated herein has been Pledged Shares under this Agreement is registered with relevant administration for industry the competent industrial and commerce (the “AIC”)commercial authority, and thereafter shall be continuously remain valid until (1) all Contract Contractual Obligations have been fulfilled and all Secured Indebtedness Debts have been repaid up, or (2) if paid off. The Pledgor shall submit the Pledgee and/or its designee decides to purchase all pledge registration documents of the equity interests held by the Pledgors in Party C in accordance with Exclusive Option Agreement Pledged Shares to the extent as permitted by PRC lawscompetent regulatory authority for review within five days from the date of signing this Agreement, and after confirming that the regulatory authority has no objection, the equity interests Pledgor shall submit the application documents for the pledge registration of Party C have been transferred the Pledged Shares to the Pledgee and/or its designee in accordance with law competent industrial and Pledgee and/or its designee have been legally qualified to engage in business of Party C. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on commercial authority within three days. Within thirty (30) days from the date hereof of signing this Agreement, the Pledgor shall complete the pledge registration under this Agreement with the competent industrial and commercial authority and provide the Pledgors shall original pledge registration notice of the Pledged Shares to the Pledgee. The Parties jointly acknowledge that, in order to handle the industrial and commercial registration relating to the Pledge on the same day. The Parties jointly confirm that procedures for the purpose of registering the Pledge with the industrial and commercial administrationEquity Pledge, the Parties shall, upon request of Party A, shall submit a copy of this Agreement or an equity pledge agreement executed a Equity Pledge contract which is signed in the form required by the local competent industrial and commercial administration authority at the place where Party C resides the Company is located and which truly reflects the pledge information under this Agreement (hereinafter referred to as the “AIC Equity Pledge AgreementContract for Industrial and Commercial Registration”) (if necessary) to the such industrial and commercial administration. Where there is any inconsistency between AIC Equity authority, and the matters not stipulated in the Pledge Agreement Contract for Industrial and Commercial Registration shall be subject to the provisions of this Agreement, this Agreement shall prevail. The Pledgors and Party C Pledgor shall submit all necessary documents and complete all necessary procedures, pursuant to the PRC formalities in accordance with Chinese laws and regulations and the requirements of relevant AIC, the competent industrial and commercial authority to ensure that the Pledge shall be is registered as soon as possible after filingthe application is submitted.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter market regulation. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness, or (2) if to the extent permitted by the PRC laws, the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party ​ C shall register the Pledge hereof in the shareholders’ register of Party C on the date hereof hereof, and shall submit an application for the Pledgors shall handle the industrial and commercial AIC registration relating to of the Pledge on the same dayin due course. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for market regulation this Agreement or an equity interest pledge agreement executed in the form required by the local industrial and commercial administration for market regulation at the place where Party C resides is located which truthfully reflects the Pledge hereunder (the “AIC Equity Pledge Agreement”) to ). In case of any matter unspecified in the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for market regulation, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter market regulation. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness, or (2) if to the extent permitted by the PRC laws, the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by ​ the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the excution date hereof of this Agreement, and the Pledgors shall handle the industrial and commercial registration relating duly submit an application to the Pledge on relevant administration for market regulation for the same dayregistration of the Pledge. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for market regulation this Agreement or an equity interest pledge agreement executed in the form required by the local industrial and commercial administration for market regulation at the place where Party C resides is located (the “AIC Equity Pledge Agreement”) to which truthfully reflects the industrial and commercial administrationpledge information under this Agreement. Where there is In case of any inconsistency between matter not specified in the AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for market regulation, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The Pledge shall become effective on such date when take effect upon the pledge completion of registration of the Pledged Equity Interest contemplated herein has been registered under this Agreement with relevant administration for industry competent industrial and commerce (the “AIC”), and thereafter commercial administrative authority. The Pledge shall be continuously valid remain effective until (1) all Contract Obligations have been fulfilled fully performed and all Secured Indebtedness Liabilities have been repaid upfully paid, or (2) if the Pledgee and/or its designee decides the Designee(s) decide to purchase all the equity interests Pledge Equity Interest held by the Pledgors Pledgor in Party C under the Exclusive Call Option Agreement, and all Equity Interest in accordance with Exclusive Option Agreement to the extent as permitted by PRC laws, the equity interests of Party C have has been lawfully transferred to the Pledgee and/or its designee in accordance with law the Designee(s), and the Pledgee and/or its designee have been legally qualified to and the Designee(s) can lawfully engage in the business of Party C. The Pledgors Pledgee and Party C shall (i) register the Pledge hereof under this Agreement in the shareholders’ register of shareholders of Party C on within three (3) business days from the date hereof of this Agreement, and (ii) apply for registration of the Pledgors shall handle Pledge under this Agreement with the competent industrial and commercial registration relating to administrative authority within thirty (30) business days from the Pledge on the same daydate of this Agreement. The Parties jointly confirm that that, for the purpose of registering registration of the Pledge with the competent industrial and commercial administrationadministrative authority, the Parties shall, upon request and other shareholders of Party A, C shall submit to the competent administration for industry and commerce a copy of this Agreement or an equity pledge agreement executed made in the form required by the local industrial and commercial administration where administrative authority having jurisdiction over Party C resides and reflecting the information of the pledge under this Agreement (hereinafter referred to as the “AIC Equity Industrial and Commercial Registration Pledge AgreementContract”) Matters not provided for under the Industrial and Commercial Registration Pledge Contract shall be subject to the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors Pledgor and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to formalities as required by the PRC laws and regulations of the PRC and the various requirements of relevant AIC, the industrial and commercial administrative authority to ensure that the Pledge shall be is registered as soon as possible practicable after filingthe submission of application.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter market regulation. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness, or (2) if to the extent permitted by the PRC laws, the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the date hereof hereof, and shall submit an ​ application for the Pledgors shall handle the industrial and commercial AIC registration relating to of the Pledge on the same dayin due course. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for market regulation this Agreement or an equity interest pledge agreement executed in the form required by the local industrial and commercial administration for market regulation at the place where Party C resides is located which truthfully reflects the Pledge hereunder (the “AIC Equity Pledge Agreement”) to ). In case of any matter unspecified in the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for market regulation, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The Pledge shall become effective on such date when take effect upon the pledge completion of registration of the Pledged Equity Interest contemplated herein under this Agreement with competent administration for industry and commerce. The Pledge shall remain effective until (1) all Contractual Obligations have been fully performed and all Secured Liabilities have been fully paid, or (2) the Pledgee and/or the Designee(s) decide to purchase all Pledge Equity Interest held by the Pledgor in Party C under the Exclusive Call Option Agreement, and all Equity Interest in Party C has been registered lawfully transferred to the Pledgee and/or the Designee(s), and the Pledgee and the Designee(s) can lawfully engage in the business of Party C. The Pledgee and Party C shall (i) register the Pledge under this Agreement in the register of shareholders of Party C within three (3) business days from the date of this Agreement, and (ii) apply for registration of the Pledge under this Agreement with relevant the competent administration for industry and commerce within thirty (the “AIC”), and thereafter shall be continuously valid until (130) all Contract Obligations have been fulfilled and all Secured Indebtedness have been repaid up, or (2) if the Pledgee and/or its designee decides to purchase all the equity interests held by the Pledgors in Party C in accordance with Exclusive Option Agreement to the extent as permitted by PRC laws, the equity interests of Party C have been transferred to the Pledgee and/or its designee in accordance with law and Pledgee and/or its designee have been legally qualified to engage in business of Party C. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on days from the date hereof and the Pledgors shall handle the industrial and commercial registration relating to the Pledge on the same dayof this Agreement. The Parties jointly confirm that that, for the purpose of registering registration of the Pledge with the industrial competent administration for industry and commercial administrationcommerce, the Parties shall, upon request and other shareholders of Party A, C shall submit to the competent administration for industry and commerce a copy of this Agreement or an equity pledge agreement executed made in the form required by the local industrial administration for industry and commercial administration where commerce having jurisdiction over Party C resides and reflecting the information of the pledge under this Agreement (hereinafter referred to as the “AIC Equity Industrial and Commercial Registration Pledge AgreementContract”) ). Matters not provided for under the Industrial and Commercial Registration Pledge Contract shall be subject to the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors Pledgor and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to formalities as required by the PRC laws and regulations of the PRC and the various requirements of relevant AIC, the administration for industry and commerce to ensure that the Pledge shall be is registered as soon as possible practicable after filingthe submission of application.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter commerce. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness,(2) to the extent permitted by the PRC laws, or (2) if the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by ​ ​ the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the excution date hereof of this Agreement, and the Pledgors shall handle the industrial and commercial registration relating duly submit an application to the Pledge on relevant administration for industry and commerce for the same dayregistration of the Pledge. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for industry and commerce this Agreement or an equity interest pledge agreement executed in the form required by the local industrial and commercial administration for industryand commerce at the place where Party C resides is located (the “AIC Equity Pledge Agreement”) to which truthfully reflects the industrial and commercial administrationpledge information under this Agreement. Where there is In case of any inconsistency between matter not specified in the AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for industry and commerce, to ensure that the Pledge shall be registered as soon as possible after filing.

Term of Pledge. 3.1 The 3.1The Pledge shall become effective on such date when the pledge of the Pledged Equity Interest contemplated herein has been registered with the relevant administration for industry and commerce (the “AIC”), and thereafter market regulation. The Pledge shall be continuously valid until (1) all Contract full performance of the Contractual Obligations have been fulfilled and all full satisfaction of the Secured Indebtedness have been repaid upIndebtedness, or (2) if to the extent permitted by the PRC laws, the Pledgee and/or its designee the Designee decides to purchase all the equity interests in Party C held by the Pledgors in Party C in accordance with the Exclusive Option Agreement to the extent as permitted by PRC lawsAgreement, and the equity interests of in Party C have all been duly transferred to under the name of the Pledgee and/or its designee in accordance with law the designee, and the Pledgee and/or its the designee have been may legally qualified to engage in business of Party C. C’s business. The Pledgors and Party C shall register the Pledge hereof in the shareholders’ register of Party C on the date hereof hereof, and shall submit an application for the Pledgors shall handle the industrial and commercial AIC registration relating to of the Pledge on the same dayin due course. The Parties jointly confirm that for the purpose of registering registration of the Pledge with Pledged Equity Interest, at the industrial and commercial administration, the Parties shall, upon request of Party A, the Parties shall submit a copy of to the administration for market regulation this Agreement or an equity interest pledge agreement executed in the form required by the local industrial and commercial administration for market regulation at the place where Party C resides is located which truthfully reflects the Pledge hereunder (the “AIC Equity Pledge Agreement”) to ). In case of any matter unspecified in the industrial and commercial administration. Where there is any inconsistency between AIC Equity Pledge Agreement and this Agreement, this Agreement shall prevail. The Pledgors and Party C shall submit all necessary documents and complete all necessary procedures, pursuant to as required by the PRC laws and regulations and the requirements of relevant AICadministration for market regulation, to ensure that the Pledge shall be registered as soon as possible after filing.