Document:

English translation of Loan and Equity Pledge Agreement dated November 10, 2006

 Exhibit 10.7 
 Chengdu Time Share Technology Information Co., Ltd. 
 Jilun He 
 and 
 Da’en He 
 Loan and Equity Pledge Agreement 
 November 10, 2006 

 Loan and Equity Pledge Agreement 
 This Loan and Equity Pledge Agreement (hereinafter “Agreement”) is entered into among the following parties in Beijing on November 10, 2006: 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
 Address: Guixi Industrial Park, High-Tech District, Chengdu

 Legal Representative: Jilun He 
 Party B: Jilun He 

ID number: 510132197202200077 
 Party C: Da’en He 
 ID number: 512323193707171812 
 Hereinafter, Party A, B and C are
individually referred to as a “Party”, and collectively “Parties”. 
 WHEREAS: 
  

	1.	Party A is a wholly foreign-owned enterprise duly incorporated under the laws of People’s Republic of China (hereinafter “PRC”) ; 

  

	2.	Party B and Party C are citizens of the PRC, with full civil capacity; 

	3.	Party B and Party C are shareholders of Sichuan Time Share Advertising & Communication Co., Ltd. (hereinafter “Sichuan Time Share”), hold a 98% and 2% equity
interest, respectively. 

  

	4.	Party B and Party C want to borrow money from Party A, and agree to pledge their collectively 100% equity interest in Sichuan Time Share as a guarantee of the loan. Party A agrees
to provide the loan to Party B and Party C and accept Sichuan Time Share’s equity as a guarantee of the aforementioned loan. 

 THEREFORE,
the Parties hereby entered into this Agreement with respect to the loan and equity pledge arrangement as follows: 
  

	1.	Loan and Payment 

  

	 	1.1.	Party A agrees to provide Party B and Party C with a loan up to RMB60 million, respectively (hereinafter “Loan”), according to this Agreement. The Loan will be disbursed
in accordance with Article 2 of this Agreement. 

  

	 	1.2.	The Parties agree that Party B and Party C shall inject the amount of the Loan to Sichuan Time Share by increasing its registered capital or in other legitimate forms, and shall be
used for the purposes of: 

 1) the daily operation expenses of Sichuan Time Share; 
 2) the operation, development and expansion of advertising business of Sichuan Time Share; 
 3) other purposes that the Parties agree to. 
  

	 	1.3.	The Parties agree that the term of the Loan is ten years, commencing from the date that the Loan is wired to the account designated by Party B and Party C. The Agreement can be
renewed upon the Parties’ written confirmation prior to its expiration. The term of the extension shall be subject to the negotiation of the Parties. 

  

	 	1.4.	To the extent permitted by PRC laws, Party B and Party C shall convert the amount to the equivalent of the equity interest, transferring it to Party A or any person or persons
designated by Party A as the payment to the loan. 

  

	 	1.5.	The Loan is an interest-free loan. 

  

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	2.	The Grant of Loan 

  

	 	2.1.	Each Party agrees that Party B and Party C can apply to Party A for drawing the Loan in one time or in several times. After the execution of this Agreement, if Party B and Party C
propose to draw all or part of the Loan, a general plan regarding the use of the Loan (including the information relating to the amount to be drawn from the Loan, the purpose of using the Loan and other necessary information) shall be provided to
Party A. Party A shall convene a meeting of the board of directors to review the plan within three (3) days upon the receipt of such plan. The plan can be passed by the affirmative vote of two-thirds of the votes cast in person at the meeting.
Once approved at the meeting of the board of directors, Party B and Party C can deliver a drawing notice pursuant to Article 2.2 of this Agreement. 

  

	 	2.2.	Each Party agrees that Party B and Party C can deliver a drawing notice from time to time, asking Party A to provide a specified amount of the loan ( “Certain Loan”) on
the designated date (“Drawing Date”), provided that the preconditions set forth in Article 2.3 and the following conditions are satisfied: (a) the Drawing Date shall not be prior to the first business day after the delivery of the
drawing notice; and (b) the aggregate amount of the Certain Loan and the unpaid outstanding loans shall not exceed the amount of the Loan. Party A shall wire the Certain Loan to the account designated by Party B and Party C on the Drawing Date.

  

	 	2.3.	Party A shall meet the preconditions set forth below in order to disburse the Loan to Party B and Party C: 

  

	 	2.3.1.	Party A has obtained a foreign exchange registration certificate and opened a foreign exchange account; 

  

	 	2.3.2.	Party A has made contribution to the registered capital of Sichuan Time Share; 

  

	 	2.3.3.	Party B and Party C continue to be the shareholders of Sichuan Time Share and have real control over Sichuan Time Share; 

  

	 	2.3.4.	Sichuan Time Share is validly existing and operating, and all permits, authorizations and licenses necessary for its business are continuously valid; 

  

	 	2.3.5.	Party B and Party C shall urge the internal authorities of Sichuan Time Share to approve the increase of its registered capital, or any other written resolution for the purpose of
the legitimate injection of the Loan into Sichuan Time Share; 

  

	 	2.3.6.	Party A’s registered capital can be settled in Renminbi, and can be provided to Party B and Party C by means permitted by laws; 

  

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	 	2.3.7.	Party B and/or Party C do not violate any provisions under this Agreement. 

  

	 	2.4.	Party A undertakes that it will apply for a foreign exchange registration certificate and open a foreign exchange account as soon as possible, and urge its shareholders to pay the
registered capital of Party A. 

  

	 	2.5.	Party B and Party C shall provide information of the designated account by written notification to Party A within a reasonable period after the execution of this Agreement.

  

	 	2.6.	Party A shall wire transfer the Loan at one time to the account jointly or severally designated by Party B and Party C on the disbursement date of the Loan. Once Party A obtains the
payment voucher from the wire transferring bank, its obligation to provide the Loan under this Agreement is deemed to be properly performed. 

  

	3.	Pledge of Equity 

  

	 	3.1.	Party B and Party C agree to pledge their respective equity interest to Party A as a guarantee for the Loan. The guaranty scope of pledged equity under this Agreement covers the
principal amounts of the Loan, interests, compensation for breach of contract and expenses incurred in enforcing the right of pledge. 

  

	 	3.2.	The Parties agree that the pledge under this Agreement shall become effective on the date when equity pledge is registered in Sichuan Time Share’s register of shareholders, and
shall be terminated after the guaranteed payment obligations are fully performed or waived by Party A. 

  

	 	3.3.	Within the term of the pledge, without prior written consent of Party A, Party B and/or Party C shall not jointly or severally transfer or decrease their equity interest in Sichuan
Time Share, and not transfer equity interest between each other. Party A could transfer its rights under this Agreement to any third party. 

  

	 	3.4.	Without the prior written consent of Party A, Party B and Party C shall not surrender any rights in connection with the pledged equity. 

  

	 	3.5.	Without the prior written consent of Party A, within the term of the pledge, Party B and/or Party C shall not create any mortgage, pledge or any other security interest or right
encumbrance on the pledged equity other than the call option granted to Party A by Party B and/or Party C. 

  

	4.	Representations and Warrants 

  

	 	4.1.	Party A hereby represents and warrants as follows: 

  

	 	4.1.1.	Party A has been duly incorporated and is validly existing as a wholly foreign-owned enterprise and is in good standing under PRC laws, with corporate power and authority to execute
and perform this Agreement; 

  

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	 	4.1.2.	Party A’s execution and performance of this Agreement is within its business scope; Party A has all necessary internal approval and authorization to execute and perform this
Agreement; the execution and performance of this Agreement shall not violate any binding laws and regulations or agreements or commitments binding on Party A; 

  

	 	4.1.3.	Upon its execution, this Agreement is the legally and validly binding on Party A. 

  

	 	4.2.	Party B and Party C jointly and severally represent and warrant to Party A as follows: 

  

	 	4.2.1.	Party B and Party C are citizens of the PRC, with full civil capacity; 

  

	 	4.2.2.	Party B and Party C are the legal owners of the pledged equity; 

  

	 	4.2.3.	Other than the pledge created under this Agreement, the pledged equity currently has no mortgage, pledge, lien or other encumbrance of rights; 

  

	 	4.2.4.	Party B and Party C have obtained all the necessary approval, authorization, and consent from all parities, including government and regulatory authorities, to perform this
Agreement; 

  

	 	4.2.5.	For the purposes of the Agreement, if any arrangements need to be made for this Agreement, including but not limited to any registration, notarization, filing or approval in
connection with the pledged equity as required by related laws and regulations, Party B and Party C shall take prompt actions within the period required by Party A; 

  

	 	4.2.6.	All permits, authorizations and licenses necessary for Sichuan Time Share’s business are continuously valid; 

  

	 	4.2.7.	The execution and performance of this Agreement shall not violate any binding laws and regulations or agreements or commitments; 

  

	 	4.2.8.	Upon its execution, this Agreement is legally and validly binding on Party B and Party C. 

  

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	5.	Performance 

  

	 	5.1.	Party B and Party C shall complete the registration of the pledge with Party A as recorded in Sichuan Time Share’s register of shareholders (if applicable), within three
(3) days after they obtain the Loan pursuant to Article 1.1 of this Agreement. 

  

	 	5.2.	Within the term of the pledge, Party B and Party C shall deliver the register of shareholders and the certificate of capital contribution to Party A for recordkeeping.

  

	 	5.3.	When Party A exercises the right of pledge pursuant to this Agreement, Party B and Party C shall undertake to help Party A or any person designated by Party A to complete the equity
transfer after the evaluation of its value into money, and to execute and deliver agreements and documents in connection with the transfer of equity at Party A’s request. 

  

	6.	Defaulting Liabilities 

  

	 	6.1.	Costs incurred by the performance of this Agreement shall be borne by respective Party. Where a Party fails to perform its obligations and causes losses to other Parties, such Party
shall be held liable for all losses thus incurred. 

  

	 	6.2.	If Party B and/or Party C default under this Agreement thus materially and adversely affecting the overall arrangement pursuant to “Related Agreements”, Party B, Party C
and/or Sichuan Time Share shall be deemed to be default under any and all “Related Agreements”. If Party B, Party C and/or Sichuan Time Share default under any and all “Related Agreements” thus materially adversely affecting the
overall arrangement pursuant to “Related Agreements”, Party B and Party C shall be deemed to be default under this Agreement. For the purpose of this Agreement, “Related Agreements” mean any or all agreements listed in the Annex
1 of this Agreement and their supplements and amendments. 

  

	7.	Termination 

  

	 	7.1.	Unless extended according to related provisions under this Agreement, this Agreement will be automatically terminated upon expiration date. 

  

	 	7.2.	Early Termination 

  

	 	7.2.1.	This Agreement can be terminated in advance by written consent of the Parties. 

  

	 	7.2.2.	Within the term of this Agreement, Party B and Party C shall not terminate the Agreement in advance, while Party A has the right to inform Party B thirty (30) days in advance
in writing of the termination of this Agreement at any time. 

  

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	8.	Confidentiality 

  

	 	8.1.	The Parties agree that materials and information obtained, acquired or received from another party in performing the Agreement are confidential information (“Confidential
Information”), except the information that is publicly available. Confidential Information has economic and commercial value of the providing party, and Parties agree to take all reasonable actions to keep it confidential. Unless for purposes
of performing the Agreement, each Party shall not use the Confidential Information for any purposes, not disclose, provide or transfer the Confidential Information to any third parties without the prior written consent of the providing Party.

  

	 	8.2.	At the time of the termination of the Agreement, the Parties shall dispose of any documents, materials or software containing the Confidential Information per the request of the
providing Party, and shall delete the Confidential Information from related storage hardware, and shall not continue using such Confidential Information. 

  

	 	8.3.	Article 8 shall survive the change, cancellation or termination of this Agreement. 

  

	9.	Applicable Laws and Settlement of Disputes 

  

	 	9.1.	The formation, validity, interpretation and performance of this Agreement and the resolution of disputes under this Agreement shall be subject to PRC laws. 

 

	 	9.2.	Any disputes arising from the interpretation and performance of this Agreement shall first be resolved by both Parties through friendly negotiations. In case no resolution can be
reached within 30 days after one Party delivers a written notice asking for friendly negotiations, any Party can refer such dispute to China International Economic and Trade Arbitration Commission ( “CIETAC”) for arbitration in accordance
with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing. The arbitration award shall be final and binding upon both parties. 

  

	10.	Force Majeure 

  

	 	10.1.	An Event of Force Majeure means any event that is beyond the reasonable control of either party and unavoidable or unpreventable after it gives due attention, including, but not
limited to, government act, act of God, fire, explosion, storm, flood, earthquake, tide, lightning or war, but insufficiency of credit standing, funds or financing shall not be deemed to be beyond the reasonable control of either party. The Party
seeking exemption from its liabilities under this Agreement owing to an Event of Force Majeure shall, without undue delay, inform the other party of such event and the steps to be taken to perform its obligations. 

  

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	 	10.2.	Should the performance of this Agreement be delayed or prevented due to any Event of Force Majeure as defined above, the prevented party shall be exempt from its liabilities only to
the extent performance is being delayed or prevented. The prevented party shall take suitable measures to lower or eliminate the impact of such Event of Force Majeure, and make endeavors to resume the performance of the obligations delayed or
prevented by such Event of Force Majeure. The Parties agree to do their best to resume the performance of this Agreement once the Event of Force Majeure is eliminated. 

  

	11.	Notice 

 Any notice or other correspondence required by
either Party or Sichuan Time Share to be made under or pursuant to this Agreement shall be in Chinese and sent to the following address of the other Parties or such other addresses as may be notified by the other Parties from time to time by hand
delivery, registered mail (postage prepaid), recognized courier service or fax. Notices shall be deemed to be duly served: (a) if by hand delivery, on the date of delivery; (b) if by mail, on the tenth (10th) day after the date of
posting (as indicated on the postmark) of registered airmail (postage prepaid), or if by courier service, on the fourth (4th) day after being delivered to an internationally recognized courier service; or (c) if by fax, at the receiving
time as indicated in the transmission confirmation of the relevant document. 
 Party A: Party A: Chengdu Time Share Technology Information
Co., Ltd. 
 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men, Chaoyang District, Beijing 
 Fax: 010-87697911 
 Tel: 010-87695559

 Attention: Xingyuan Yang 
 Party B: Jilun He 
 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men, Chaoyang District, Beijing 
  

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 Fax: (010)-87697911 
 Tel: 010-87695556 
 Party C: Da’en He 
 Address: Room 3331, No. 33 Jinli Island, Caotang Road, Chengdu 
 Tel: (028)-87361717 
  

	12.	Miscellaneous 

  

	 	12.1.	All annexes to this Agreement shall form an integral part of this Agreement and have the same legal effect as this Agreement. 

  

	 	12.2.	Party B shall not assign any of its rights and obligations hereunder to any third parties hereof without the prior written consent of Party A. 

  

	 	12.3.	This Agreement shall bind upon the legal successor of Party B and Party C and any person assigned rights and obligations under this Agreement. 

  

	 	12.4.	Any invalid or unenforceable provision hereunder due to its conflict with related laws, shall only be invalid or unenforceable within related jurisdiction, and shall not affect the
force of other provisions under this Agreement. 

  

	 	12.5.	Any amendments, revisions or supplements to this Agreement shall go into effect after the execution of written agreement by the Parties. All amendments and supplements duly signed
by the Parties shall form an integral part of this Agreement and have the same legal effect as this Agreement. 

  

	 	12.6.	This Agreement shall go into effect as of the date of signing by the Parties and shall terminate after the full performance of the repayment obligations pursuant to this Agreement.

  

	 	12.7.	This Agreement and its annexes constitute the entire agreement among all parties with respect to the subject matter hereof and supersedes and replaces all prior oral and written
agreements, contracts, and understandings or correspondence among all Parties with respect to the subject matter hereof. 

  

	 	12.8.	This Agreement is executed in three (3) originals in Chinese, with each party hereto holding one (1) original. 

 [No text below, followed by execution page] 
  

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 [Execution page, no text] 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
  

					
	Authorized representative (signature):	 	 /s/ Jilun He
	  	

 Name: Jilun He 
 Date: November 11, 2006 
 Party B: Jilun He 
  

					
		 	Signature:	 	 /s/ Jilun He

 Date: November 11, 2006 
 Party C: Da’en He 
  

					
		 	Signature:	 	 /s/ Da’en He

 Date: November 11, 2006 

 Annex 1: List of Related Agreements 
 Related Agreements under this Agreement mean any and all agreements set forth below and the supplements and amendments thereof: 
  

							
	 Items
	  	 Name
	  	 Parties
	  	Date of Execution
	1	  	Cooperative Operations Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Sichuan Time Share Advertising & Communication Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	2	  	Call Option Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	3	  	Domain Name and Trademark License Agreement	  	Chengdu Time Share Technology Information Co., Ltd., and Sichuan Time Share Advertising & Communication Co., Ltd.	  	November 10, 2006
				
	4	  	Exclusive Technology Consulting and Service Agreement	  	Chengdu Time Share Technology Information Co., Ltd., and Sichuan Time Share Advertising & Communication Co., Ltd.	  	November 10, 2006

 Chengdu Time Share Technology Information Co., Ltd. 
 Jilu He 
 and 
 Da’en He 
 Amendment to Loan and Equity
Pledge Agreement 
 November 15, 2007 

 Amendment to Loan and Equity Pledge Agreement 
 This Amendment to Loan and Equity Pledge Agreement (hereinafter “Agreement”) is entered into among the following parties in Beijing on November 15, 2007:

 Party A: Chengdu Time Share Technology Information Co., Ltd. 
 Address: Guixi Industrial Park, High-Tech District, Chengdu 
 Legal Representative: Jilun He 
 Party B: Jilun He 
 Identity Card: 510132197202200077 
 Party C: Da’en He 
 Identity Card: 512323193707171812 
 Hereinafter, Party A, B and C shall be individually referred to as a “Party”, and collectively “Parties”. 
 WHEREAS: 
  

	1.	The Parties executed a Loan and Equity Pledge Agreement (hereinafter “Original Agreement”); 

  

	2.	The Parties decide to increase the aggregate principal amount of the Loan to a maximum of RMB350 million; 

  

	3.	The Parties further agree to clarify Article 1.3 of the Original Agreement. 

 Now, therefore, the Parties hereby entered into this Agreement with respect to the loan and equity pledge arrangement as follows: 
  

	1.	Change Article 1.1 of the Original Agreement to: Party A shall grant to Party B and Party C, upon the terms and subject to the condition herein, a loan facility in the aggregate
principal amount up to RMB350 million (hereinafter “Loan”). 

  

	2.	 Change Article 1.3 of the Original Agreement to: The Parties agree that the term of the Loan is ten (10) years, commencing from the date that the first 

  

 2 

	 	 
tranche of Loan wired to the account designated by Party B and Party C. The Agreement can be renewed upon the Parties’ written confirmation prior to its
expiration, the term of the extension shall be subject to the negotiation of the Parties. 

  

	3.	All other articles of the Original Agreement are continuously valid. 

  

	4.	This Contract is executed in three (3) originals in Chinese, with each party hereto holding one (1) original. 

  

 3 

 [Execution page, no text] 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
  

					
	Authorized representative (signature):	 	 /s/ Jilun He
	  	

 Name: Jilun He 
 Date: November 15, 2007 
 Party B: Jilun He 
  

					
		 	Signature:	 	 /s/ Jilun He

 Date: November 15, 2007 
 Party C: Da’en He 
  

					
		 	Signature:	 	 /s/ Da’en He

 Date: November 15, 2007English translation of Call Option Agreement dated November 10, 2006

 Exhibit 10.8 
 Chengdu Time Share Technology Information Co., Ltd. 
 Jilun He 
 and 
 Da’en He 
 Call Option Agreement 
 November 10, 2006

 Call Option Agreement 
 This Call Option Agreement (“Agreement”) is entered into among the following parties in Beijing on November 10, 2006: 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
 Address: Guixi Industrial Park, High-Tech District, Chengdu 
 Legal Representative: Jilun He 
 Party B: Jilun He 
 ID number: 510132197202200077 
 Party C: Da’en He 
 ID number: 512323193707171812 
 Hereinafter, Party A, Party B and Party C are
individually referred to as a “Party”, and collectively “Parties”. 
 WHEREAS: 
  

	1.	Party A has been duly incorporated and is validly existing as a wholly foreign-owned enterprise and is in good standing under the laws of People’s Republic of China
(hereinafter “PRC”) ; 

  

	2.	Party B and Party C are citizens of the PRC, with full civil capacity, holding a 98% and a 2% equity interest, respectively, in Sichuan Time Share Advertising &
Communication Co., Ltd (hereinafter “Sichuan Time Share”). 

  

	3.	Party B and Party C grant Party A an option to purchase or cause any Person or Persons designated by Party A to purchase all or part of the equity interest held by Party B and Party
C in Sichuan Time Share. 

 Therefore, through friendly negotiations, the Parties hereby agree as follows: 
  

	1.	Call Option 

  

	 	1.1.	Party B and Party C hereby irrevocably grant Party A an option (“Call Option”) to purchase or cause any Person or Persons designated by Party A (“Designee”) to
purchase from Party B and/or Party C at any time, to the extent permitted by the PRC laws and according to the steps as determined by Party A at its own discretion, all or part of the equity interest held by Party B and Party C in Sichuan Time Share
(“Target Equity”) at the price specified in Article 1.3 of this Agreement. The Call Option hereby shall automatically terminate provided that Party A obtains all the equity interest of Sichuan Time Share from Party B and Party C pursuant
to Article 1.4 of the “Loan and Equity Pledge Agreement” as listed in Annex 1. 

  

	 	1.2.	Subject to the condition that the Call Option has become effective and is permitted by the PRC laws, if Party A decides to exercise the Call Option pursuant to this Agreement, Party
B and/or Party C shall transfer the Target Equity to Party A or the Designee upon Party A’s request, and make all necessary actions to complete the transfer of Target Equity. 

 “Person” set forth in this Agreement means an individual, corporation, individual industrial and commercial entity, sole proprietorship
enterprise, partnership, fund, trust, state-owned enterprise, collective enterprise, entity, or other economic organizations. 
 “Affiliate” set forth in this Agreement means Person that control or are controlled by and/or are under common control with such Person. 
 “Third Party” set forth in this Agreement means other Persons other than Party A, the Designee, Party B and Party C. 
  

	 	1.3.	The Parties agree that Party A shall pay a nominal consideration for the equity (“Purchase Price of Equity”) as permitted by PRC laws. 

 When Party A exercises the Call Option in accordance with this Agreement, it shall pay the Purchase Price of Equity to the bank account designated by
Party B and Party C in a timely manner pursuant to the equity transfer agreement. 
  

	 	1.4.	Call Option shall go into effect as of the date on which the Parties execute this Agreement and terminate on the date on which Party A exercises the Call Option and holds 100%
equity interest in Sichuan Time Share. 

  

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	2.	Exercise of Call Option 

  

	 	2.1.	Notice 

 Party A should exercise Call Option in compliance
with PRC laws and regulations. Party A and/or Designee shall give a written notice to Party B and/or Party C (“Exercise Notice”) ten days prior to the exercise of Call Option. 
 Exercise Notice shall set forth the following matters: 
  

	 	1)	Party A’s decision with respect to the exercise of Call Option; 

  

	 	2)	The identity of the Designee, if Party A designate other Persons to exercise Call Option; 

  

	 	3)	The ratio or percentage of the Target Equity Party A plans to purchase from Party B and/or Party C. 

 The Exercise Notice shall go into effect as of the date delivered. Upon the receipt of the Exercise Notice, Party B and Party C shall do their best to
complete the equity transfer as early as possible according to this Agreement. 
  

	 	2.2.	Upon each exercise of Call Option by Party A, Party B and/or Party C shall take the following measures: 

  

	 	2.2.1.	Party B and/or Party C shall convene a shareholders’ meeting within five days upon the receipt of the Exercise Notice, at which to adopt a resolution on the transfer of the
Target Equity in Sichuan Time Share to Party A and/or the Designee and related revisions to its articles of association. Party B and/or Party C shall waive their preemptive rights to the Target Equity; 

  

	 	2.2.2.	Party B and/or Party C, subject to the terms and conditions of this Agreement and the Exercise Notice related to Target Equity, shall enter into an equity transfer agreement with
Party A and/or the Designee for each transfer within five days after the shareholders’ resolution as provided in Section 2.2.1.; 

  

	 	2.2.3.	Party B and/or Party C shall execute all other requisite agreements and documents and help Party A to obtain all requisite government approvals and registrations and/or filings in
connection with the transfer of Target Equity; and 

  

	 	2.2.4.	Party B and/or Party C shall take all necessary actions to facilitate the transfer of Target Equity to Party A and/or the Designee, and ensure Party A and/or the Designee to be the
registered shareholders of Sichuan Time Share. 

  

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	3.	Protective Provisions 

 To protect Party A’s Call
Option, the Parties agree that Party B and Party C shall not take the following actions without Party A’s prior written consents. 
  

	 	3.1.	Grant or undertake to grant Call Options or other rights that may affect or encumber Party A’s exercise of Call Option to any Persons other than Party A and Designee;

  

	 	3.2.	Supplement, amend or modify Sichuan Time Share’s articles of association in any form, or increase or decrease its registered capital, or change its shareholding structure by
any means; 

  

	 	3.3.	Transfer or undertake to transfer or otherwise dispose of or decrease the equity interest in Sichuan Time Share in any form, or create any pledge, guarantee, trust or any other
encumbrances on the equity interest in Sichuan Time Share, except the pledge created pursuant to the Loan and Equity Pledge Agreement as listed in Annex 1 of this Agreement. 

  

	 	3.4.	Cause or permit Sichuan Time Share to sell, transfer, mortgage or otherwise dispose of, or create any other security interest or encumbrances on its assets, businesses or external
investments, or to purchase a third party’s assets, businesses or make external investments except as occurs during daily operations, or undertake to do so; 

  

	 	3.5.	Cause Sichuan Time Share to close up or suspend, to change its main business or operation policies, or to undertake any operations that it has not yet developed.

  

	 	3.6.	Cause or permit Sichuan Time Share to bear any debt or to provide any loan or guarantee to any Third Party except as occurs during daily operations; 

  

	 	3.7.	Enter into any agreements, undertakings or documents that may have material effects except as occurs during daily operations; 

  

	 	3.8.	Accept or admit counterparties’ claims and appeals in litigations, arbitrations, disputes and similar situations; 

  

	 	3.9.	Cause Sichuan Time Share to merge or separate, and to merge or combine with Third Party, or to acquire or invest in any entities. 

  

	 	3.10.	Without Party A’s prior written consent, Party B and/or Party C will not cause Sichuan Time Share to distribute dividends to its shareholders in any form.

 For the avoidance of doubt, “daily operations” under this Article 3 mean operations necessary for Sichuan Time Share’s
business. If any party has a different understanding of “daily operations”, Party A’s understanding shall prevail. 
  

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	4.	Representations, Warranties and Undertakings 

  

	 	4.1.	Party B and/or Party C jointly and severally hereby represent and warrant to Party A that: 

  

	 	4.1.1.	Party B and/or Party C have the full right and capability to execute, deliver and perform this Agreement and to execute equity transfer agreement for the purpose of transferring
Target Equity. When duly executed, this Agreement and related equity transfer agreements constitute the legal, valid and binding obligations on Party B and/or Party C, and can be enforced. 

  

	 	4.1.2.	The execution, delivery and performance of this Agreement are not in violation of any PRC laws, conflict with any articles of association or other organizational documents of Party
B and/or Party C, or breach any agreements or undertakings binding on Party B and/or Party C; 

  

	 	4.1.3.	Party B and/or Party C are the legal owner of the Target Equity, except for the encumbrances set pursuant to the Loan and Equity Pledge Agreement as listed in Annex 1, there is no
other security interest or encumbrance of rights set on the Target Equity; 

  

	 	4.1.4.	Party B and/or Party C have not granted option rights or similar rights to Third Party other than Party A, or have undertaken to do so; 

  

	 	4.1.5.	Party B and/or Party C have not had an interest in any pending or threatened litigations, arbitrations or administrative proceedings against the Target Equity;

  

	 	4.1.6.	Party B and/or Party C agree that the foregoing representations and warranties will remain true and effective at the time of transferring the Target Equity to Party A .

  

	 	4.2.	In addition to the obligations and undertakings pursuant to this Agreement hereof, Party B and/or Party C hereby undertake to Party A: 

  

	 	4.2.1.	Upon Party A’s request, to provide related operational and financial information of Sichuan Time Share; 

  

	 	4.2.2.	To promptly inform Party A of any litigations, arbitrations or administrative proceedings pending or threatened against assets, business or revenues of Sichuan Time Share;

  

	 	4.2.3.	To execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate claims or make all necessary and appropriate
defenses against all claims in order to maintain Sichuan Time Share’s rights over its assets; 

  

 6 

	 	4.2.4.	To vote for Persons recommended or nominated by Party A as Sichuan Time Share’s directors at shareholders’ meetings of Sichuan Time Share, and to cause such directors to
vote for Persons recommended or nominated by Party A as Sichuan Time Share’s senior management; 

  

	 	4.2.5.	Ensure the continuous validity of all permits, licenses and approvals necessary for the business of Sichuan Time Share. 

  

	5.	Confidentiality 

  

	 	5.1.	The Parties agree that materials and information obtained, acquired or received from another party in performing the Agreement are confidential information (hereinafter
“Confidential Information”), except the information that is publicly available. Confidential Information has economic and commercial values of the providing party, and the Parties undertake to take all reasonable actions to keep it
confidential. Unless for the purpose of performing this Agreement, each Party shall not use the Confidential Information for any purposes, not disclose, provide or transfer such information to any third parties without the prior written consent of
the providing Party. 

  

	 	5.2.	At the time of the termination of this Agreement, the Parties shall dispose of any documents, materials or software containing the Confidential Information per the request of the
providing Party, and shall delete the Confidential Information from related storage hardware, and shall not continue using such Confidential Information. 

  

	 	5.3.	Article 5 shall survive the change, cancellation or termination of this Agreement. 

  

	6.	Defaulting Liabilities 

  

	 	6.1.	Where a Party fails to perform its obligations and causes losses to the other Parties, such Party shall be liable for all the losses thus incurred. A Party’s failure or delay
in exercising any rights or remedies under this Agreement shall not constitute the waiver of such rights or remedies; partly exercising rights or remedies shall not prevent the exercise of other rights or remedies. 

  

	 	6.2.	 If Party B and/or Party C default under this Agreement thus materially and adversely affecting the overall arrangement pursuant to “Related Agreements”,
Party B, Party C and/or Sichuan Time Share shall be deemed to default under any and all “Related Agreements”. If Party B, Party C and/or Sichuan Time Share default under any and all “Related 

  

 7 

	 	 
Agreements” thus materially and adversely affecting the overall arrangement pursuant to “Related Agreements”, Party B and Party C shall be
deemed to default under this Agreement. For the purpose of this Agreement, “Related Agreements” mean any or all agreements listed in the Annex 1 of this Agreement and their supplements and amendments. 

  

	7.	Applicable Laws and Settlement of Disputes 

  

	 	7.1.	The formation, validity, interpretation and performance of this Agreement and the resolution of disputes under this Agreement shall be subject to PRC laws. 

 

	 	7.2.	Any disputes arising from the interpretation and performance of this Agreement shall first be resolved by the Parties through friendly negotiations. In case no resolution can be
reached within 30 days after one Party delivers a written notice asking for friendly negotiations, any Party can refer such dispute to China International Economic and Trade Arbitration Commission ( “CIETAC”) for arbitration in accordance
with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing. The arbitration award shall be final and binding upon the Parties. 

  

	8.	Notice 

 Any notice or other correspondence required by
either Party or Sichuan Time Share to be made pursuant to this Agreement shall be in Chinese and sent to the following address of other parties or such other addresses as may be notified by other parties from time to time by hand delivery,
registered mail (postage prepaid), recognized courier service or fax. Notices shall be deemed to be duly served: (a) if by hand delivery, on the date of delivery; (b) if by mail, on the tenth (10th) day after the date of posting (as
indicated on the postmark) of registered airmail (postage prepaid), or if by courier service, on the fourth (4th) day after being delivered to an internationally recognized courier service; or (c) if by fax, at the receiving time as
indicated in the transmission confirmation of the relevant document. 
 Party A: Party A: Chengdu Time Share Technology Information Co., Ltd.

 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men, Chaoyang District, Beijing 
 Postal Code: 100078 
 Fax: (010)-87697911

 Attention: Xingyuan Yang 
  

 8 

 Party B: Jilun He 
 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men, Chaoyang District, Beijing 
 Postal Code:
100078 
 Fax: (010)-87697911 
 Party C: Da’en He 
 Address: Room 3331, No. 33 Jinli Island, Caotang Road, Qingyang District, Chengdu 
 Tel: (028)-87361717 
  

	9.	Further Undertakings 

 The Parties agree to promptly
execute all necessary and favorable documents and take all necessary actions for the performance of this Agreement. 
  

	10.	Miscellaneous 

  

	 	10.1.	This Agreement shall go into effect as of the date of signing by the Parties and shall terminate after the full performance of the rights and obligations pursuant to this Agreement.

  

	 	10.2.	Any amendments, revisions or supplements to this Agreement shall go into effect after the execution of written agreement by the Parties. 

  

	 	10.3.	This Agreement constitutes the entire agreement and understanding between both parties with respect to the subject matter hereof and supersedes and replaces all prior oral and
written agreements and understandings between both parties with respect to the subject matter hereof. 

  

	 	10.4.	Each Party shall bear all the fees and taxes incurred in the preparation and execution of this Agreement and each transfer agreement and the transactions thereof under PRC laws.

  

	 	10.5.	 In case that the changes of any PRC laws after this Agreement becomes effective and before its closing, making transactions under this 

  

 9 

	 	 
Agreement in violation of such laws, each Party shall promptly negotiate and revise this Agreement to legally complete this transaction. The changes of such
PRC laws shall not lead to an automatic termination or invalidity of this Agreement, and shall not be the basis on which a Party proposes to terminate this Agreement. 

  

	 	10.6.	Should any provision of this Agreement be held to be invalid, revocable, illegal or unenforceable under applicable laws, such invalidity or unenforceability shall not invalidate,
make illegal or render unenforceable the remainder of this Agreement. Each Party shall negotiate in good faith to make supplements in place of such invalid, revocable, illegal or unenforceable provisions. 

  

	 	10.7.	This Contract is executed in three (3) originals in Chinese, with each party hereto holding one (1) original. 

 [No text below, followed by execution page] 
  

 10 

 [Execution page, no text] 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
  

							
	Authorized representative (signature):	 	 /s/ Jilun He                                    
    
	 		 	

 Name: Jilun He 
 Date: November 11, 2006 
 Party B: Jilun He 
  

									
	Signature:	 	 /s/ Jilun He                                    
    
	 		 		 	

 Date: November 11, 2006 
 Party C: Da’en He 
  

									
	Signature:	 	 /s/ Jilun He                                    
    
	 		 		 	

 Date: November 11, 2006 

 Annex 1: List of Related Agreements 
 Related Agreements under this Agreement mean any and all agreements set forth below and the supplements and amendments thereof: 
  

							
	 Items
	  	 Name
	  	 Parties
	  	 Date of
Execution

	 1
	  	Cooperative Operations Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Sichuan Time Share Advertising & Communication Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	 2
	  	Loan and Equity Pledge Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	 3
	  	Domain Name and Trademark License Agreement	  	Chengdu Time Share Technology Information Co., Ltd., and Sichuan Time Share Advertising & Communication Co., Ltd.	  	November 10, 2006
				
	 4
	  	Exclusive Technology Consulting and Service Agreement	  	Chengdu Time Share Technology Information Co., Ltd., and Sichuan Time Share Advertising & Communication Co., Ltd.	  	November 10, 2006

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