Common use of Transfer of Equity Clause in Contracts

Transfer of Equity. Each time when Party A exercises the option, within 10 business days upon receipt of a notice of exercise sent by Party A under Article 2.4 hereof: (1) The Authorizers shall direct Party C to convene a shareholders meeting, during which a resolution will be adopted to approve the Authorizers to assign their equities to Party A and/or its designated third parties: (2) The Authorizer shall execute an equity transfer agreement with Party A (or its designated third party, as the case may be) substantially in the form of the equity transfer agreement as set out in Schedule I attached hereto; and (3) Party B shall each execute all contracts, agreements or instruments as required and obtain all necessary government approvals and consents, and take all necessary actions to transfer the valid ownership of equity interest purchased to Party A and/or its designated third parties free of any security interest, and cause Party A and/or its designated third parties to be registered owner of such equity interest with competent administration of industry and commerce, and submit the updated business license, articles of association, certificates of approval (if applicable) and any other relevant documents issued by or filed with competent authorities in the PRC to Party A and/or its designated third parties, indicating such matters as the change of equity interests of Party C and change of directors and legal representative of Party C.

Transfer of Equity. Each time when Party A exercises the option, within 10 business ten working days upon receipt of a notice of exercise sent by Party A under Article 2.4 hereof: (1) The Authorizers shall direct Party C Beijing Technology to convene a shareholders meeting, during which shall: adopt a resolution will be adopted to approve of the shareholders meeting that approves the Authorizers to assign their equities to Party A and/or its designated third parties: (2) The Authorizer shall execute an equity transfer assignment agreement with Party A (or its designated third party, as the case may be) substantially in the form of the equity transfer agreement as set out in Schedule I Appendix 1 attached hereto; and; (3) Party B shall each execute all contracts, agreements or instruments as required and obtain all necessary government approvals and consents, and take all necessary actions to transfer the valid effective ownership of equity interest interests as purchased to Party A and/or its designated third parties free of any security interest, and cause Party A and/or its designated third parties to be registered owner owners of such equity interest interests as purchased with the competent administration of industry and commerceAIC, and submit the updated up-to-date business license, articles Articles of associationAssociations, certificates of approval (if applicable) and any other relevant documents as issued by or filed with for recordation by competent authorities in the PRC of China to Party A and/or its designated third parties, indicating such matters as the change of equity interests of Party C Beijing Technology and change of directors and legal representative of Party C.Beijing Technology.