Document:

Amended and Restated Shareholders Agreement, dated October 1, 2008

 Exhibit 4.13 
  
  
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 by and among 
 7 DAYS GROUP HOLDINGS LIMITED, 
 7 Days Inn (Shenzhen) Co., Ltd., 
 ZHENG NANYAN, 
 HE BOQUAN, 
 ZHANG
QIONG, 
 LEE CHIEN, 
 FORTUNE NEWS INTERNATIONAL LIMITED, 
 SMARTECH RESOURCES LIMITED, 
 PROTOTAL ENTERPRISES LIMITED, 
 SHI MINJIAN, 
 WP RE (CAYMAN) INTERNATIONAL LTD., 
 and 
 HAPPY TRAVEL
LIMITED 
  
  
 Dated October 1, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	1.	  	INFORMATION RIGHTS	  	3
			
	2.	  	REGISTRATION RIGHTS	  	5
			
	3.	  	PREEMPTIVE RIGHT TO NEW SHARES	  	19
			
	4.	  	TRANSFER RESTRICTIONS	  	21
			
	5.	  	ASSIGNMENT AND AMENDMENT	  	37
			
	6.	  	CONFIDENTIALITY AND NON-DISCLOSURE	  	38
			
	7.	  	PROTECTIVE PROVISIONS	  	39
			
	8.	  	BOARD OF DIRECTORS	  	42
			
	9.	  	EMPLOYEE SHARE OPTION PLAN; NON-COMPETITION BY SENIOR MANAGEMENT	  	44
			
	10.	  	ESG UNDERTAKINGS	  	45
			
	11.	  	GENERAL PROVISIONS	  	47

 THIS AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this “Agreement”) is made
and entered into on October 1, 2008 by and among: 
  

	(1)	7 Days Group Holdings Limited, an exempted company incorporated under the laws of the Cayman Islands (the “Company”); 

 

	(2)	7 Days Inn (Shenzhen) Co., Ltd., a wholly foreign owned enterprise organized under the laws of the People’s Republic of China (“PRC”) (the
“PRC Subsidiary”); 

  

	(3)	Zheng Nanyan (ID No. 440103196812216012), an individual; 

  

	(4)	He Boquan (ID No. 440620196011075452), an individual (“Mr. He”); 

  

	(5)	Zhang Qiong (Passport No. G13169215), an individual; 

  

	(6)	Lee Chien (Passport No. 046681184), an individual; 

  

	(7)	Fortune News International Limited, a company organized under the laws of the British Virgin Islands; 

  

	(8)	Smartech Resources Limited, a company organized under the laws of the British Virgin Islands; 

  

	(9)	Prototal Enterprises Limited, a company organized under the laws of the British Virgin Islands (“Prototal”); 

 (the parties (3), (4), (5), (6), (7), (8) and (9) and their respective successors, the “Founders”, and each a
“Founder”); 
  

	(10)	Shi Minjian (Passport No. E7599126), an individual; 

  

	(11)	WP RE (CAYMAN) INTERNATIONAL LTD. (together with its permitted successors, transferees and assignees, “WP”); and 

  

	(12)	Happy Travel Limited (together with its permitted successors, transferees and assignees, “Actis”). 

 (WP and Actis, collectively the “Investors” and, each an “Investor”). 
 For the purpose of this Agreement, the Company, the PRC Subsidiary, and all other direct or indirect subsidiaries of the foregoing may
hereinafter be referred to collectively as “Group Companies” and each individually as a “Group Company”. 
 RECITALS 
  

	A.	The Fund (as defined below) purchased from the Company, and the Company allotted and issued to the Fund, 15,724,432 Series A redeemable and convertible preferred
shares, par value US$0.125 per share, of the Company (the “Series A Shares” and the holders thereof, the “Series A Shareholders”), on the terms and conditions set forth in that certain Series A Preferred Share
Subscription Agreement dated November 7, 2006 by and among the Group Companies, some of the Founders and the Fund (the “Series A Subscription Agreement”); and 

  

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	B.	In connection with the purchase and sale of the Series A Shares, certain of the parties hereto entered into a Shareholders’ Agreement on November 7, 2006 (the
“Original Agreement”); and 

  

	C.	Mr. He, Fortune News International Limited and the Fund purchased from the Company, and the Company allotted and issued to them, 7,862,216 Series B redeemable and
convertible preferred shares, par value US$0.125 per share, of the Company (the “Series B Shares”), on the terms and conditions set forth in that certain Series B Preferred Share Subscription Agreement dated May 22, 2007 by and
among the Company, Mr. He, Fortune News International Limited, the Fund and the other parties thereto (the “Series B Subscription Agreement”); and 

  

	D.	In connection with the purchase and sale of the Series B Shares, certain of the parties hereto entered into an Amendment to Shareholders’ Agreement on May 22,
2007, amending the Original Agreement (the Original Agreement, as so amended, the “Amended Agreement”); and 

  

	E.	The Fund transferred all Shares held thereby to WP on July 4, 2007; 

  

	F.	Actis and WP agreed to purchase from the Company, and the Company agreed to allot and issue to them in the aggregate 21,533,387 Series C redeemable and convertible
preferred shares, par value US$0.125 per share, of the Company (the “Series C Shares” and the holders thereof, the “Series C Shareholders”; the Series C Shares together with the Series A Shares and Series B Shares,
the “Preferred Shares” and the holders thereof, the “Preferred Shareholders”), on the terms and conditions set forth in that certain Series C Preferred Share Subscription Agreement dated October 1, 2008 by and
among the Company, Actis, WP and certain other parties thereto (the “Series C Subscription Agreement”); and 

  

	G.	The Series C Subscription Agreement provides that the execution and entry of this Agreement by the parties hereto shall be a condition precedent to the consummation of
the transactions contemplated under the Series C Subscription Agreement; and 

  

	H.	The parties to the Amended Agreement desire to amend and restate the Amended Agreement in its entirety as set forth in this Agreement; and 

  

	I.	Mr. He contemplates to transfer all of the shares in the Company held by him to Prototal, a company wholly and beneficially owned by Mr. He, and Prototal
desires to become a party to this Agreement and to be bound by the terms and conditions of this Agreement. 

  

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 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows: 
  

	1.	INFORMATION RIGHTS. 

  

	 	1.1	Information and Inspection Rights. 

  

	 	(a)	Information Rights. For so long as any Series A Share or Series C Share is outstanding, the Company and the PRC Subsidiary shall, and shall cause the other Group
Companies to, and the Founders shall cause the Group Companies to, deliver to (x) the Series A Shareholder who holds the most Series A Shares among all Series A Shareholders so long as such Series A Shareholder, together with its Affiliates,
holds Preferred Shares representing, on an as-converted basis, five percent (5%) or more of the Shares of the Company (the “Major Series A Shareholder”) and (y) the Series C Shareholder who holds the most Series C Shares
among all Series C Shareholders so long as such Series C Shareholder, together with its Affiliates, holds Series C Shares representing, on an as-converted basis, five percent (5%) or more of the Shares of the Company (the “Major Series
C Shareholder” and together with the Major Series A Shareholder, the “Major Shareholders”): 

  

	 	(i)	audited annual consolidated financial statements, within one-hundred-fifty (150) days after the end of each fiscal year, prepared in accordance with the United
States generally accepted accounting principles (“GAAP”) and audited by a “Big 4” accounting firm mutually agreed upon by the Group Companies and the Major Shareholders, together with an auditor report issued by such
“Big 4” accounting firm; 

  

	 	(ii)	unaudited monthly consolidated financial statements and cash management statements, within fifteen (15) Business Days after the end of each month, prepared in
accordance with GAAP; 

  

	 	(iii)	unaudited quarterly consolidated financial statements and cash management statements, within thirty (30) Business Days after the end of each fiscal quarter (other
than the last fiscal quarter of the fiscal year), prepared in accordance with GAAP; 

  

	 	(iv)	an annual business and capital expenditure plan (including monthly budgets) (the “Business Plan”) for the Group Companies, as approved by the
Company’s Board of Directors (the “Board”), on or before November 30 of each year, for the following fiscal year, and any change to such approved Business Plan; 

  

	 	(v)	an annual consolidated management report, within ninety (90) days after the end of each fiscal year; 

  

	 	(vi)	resolutions and minutes of the Board meetings and the meetings of any committee thereof; 

  

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	 	(vii)	notice of any and all threatened or pending actions, suits, claims, disputes, proceedings, investigations and inquiries that may have a Material Adverse Effect (as
defined in the Series C Subscription Agreement) on the Group Companies; 

  

	 	(viii)	any report, notice or document delivered to the Ordinary Shareholders in their capacity as such, at the time when they are sent to such holders;

  

	 	(ix)	any documents material to the Group Companies taken as a whole, filed or registered with the relevant governmental authority by the Group Companies, at the time when
such documents are available; 

  

	 	(x)	upon the written request by any Major Shareholder, such other information as such Major Shareholder shall reasonably request (the above rights, collectively, the
“Information Rights”). 

 All financial statements to be provided to the Major Shareholders
pursuant to this Section 1.1(a) shall include (A) an income statement and a cash flow statement for the period then-ended as well as for year-to-date and (B) a balance sheet as of the end of such period compared with the last audited
balance sheet and shall be prepared in accordance with GAAP or in accordance with an international accounting standard approved by the Board of Directors of the Company (the “Board”), including the Series A Director and Series C
Director, if applicable. 
  

	 	(b)	Inspection Rights. Each Major Shareholder shall have (i) the right to inspect facilities, records and books of any Group Company and to make extracts
therefrom, at any time during regular working hours on reasonable prior notice to the relevant Group Company, and (ii) the right to discuss the business, operations and conditions of any Group Company with its respective directors, officers,
employees, accountants, legal counsel and investment bankers (the “Inspection Rights”) at its own cost and expense on reasonable prior notice to the Company; provided that to the extent possible, the Company’s business
activities shall not be impaired or materially interfered with by the exercise of such Inspection Rights. The Company and the PRC Subsidiary shall, and shall cause the other Group Companies to, provide to the Major Shareholders other information and
access as may be mutually agreed upon from time to time. 

  

	 	(c)	Termination of Rights. The Information Rights, Inspection Rights and Audit Rights (as defined below) shall terminate upon a Qualified Public Offering.

  

	 	(d)	 Right to Audit. The Major Shareholders shall have the right (the “Audit Rights”) to appoint their respective auditors (each, a
“Major Shareholder Auditor”) at their own cost to review and audit on reasonable prior notice any and all financial statements, including without limitation any balance sheet, income statement and cash flow statement and accounting
books and records (the “Records”) of any Group Company at any time on

  

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thirty (30) days’ prior notice to the Board; provided that to the extent possible, the Company’s business activities shall not be impaired or materially interfered with by the
exercise of such Audit Rights. The Company, the PRC Subsidiary and the Founders shall, and shall cause the other Group Companies to, provide to the Major Shareholders and the Major Shareholder Auditors all information and access and assistance as
they may reasonably request, including without limitation access to senior members of the management team of any Group Company, and shall cause the management team to provide written replies within thirty (30) days after receiving such
inquiries. 

  

	2.	REGISTRATION RIGHTS. 

  

	 	2.1	Applicability of Rights. The Holders (as defined below) (a) shall be entitled to the following rights with respect to any public offering of the
Company’s securities in the United States; provided that at the time of exercising such rights, the Ordinary Shares have been listed on a stock exchange in the United States, and (b) shall be entitled to reasonably equivalent or
analogous rights with respect to any other public offering of the Company’s securities in any other jurisdiction; provided that at the time of exercising such rights, the Ordinary Shares have been listed on a stock exchange in that
jurisdiction. 

  

	 	2.2	Definitions. For purposes of this Section 2 and to the extent applicable under this Agreement: 

  

	 	(a)	Registration. The terms “register,” “registered,” and “registration” refer to a registration effected by
filing a registration statement which is in a form which complies with, and is declared effective by the SEC (as defined below) in accordance with, the Securities Act (as defined below). 

  

	 	(b)	Registrable Securities. The term “Registrable Securities” means: (i) any Ordinary Shares held by the Investors or the Founders from time to
time, (ii) any Ordinary Shares issued or issuable upon conversion of any Preferred Shares (the “Conversion Shares”); and (iii) any Ordinary Shares issued (or issuable upon the conversion or exercise of any warrant, right
or other security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Preferred Shares or any Conversion Shares. Notwithstanding the foregoing, “Registrable Securities”
shall exclude any Registrable Securities sold by a person in a transaction in which rights under this Section 2 are not assigned in accordance with this Agreement, and any Registrable Securities which are sold in a registered public offering
under the Securities Act or analogous statute of another jurisdiction, or sold pursuant to Rule 144 promulgated under the Securities Act or analogous rule of another jurisdiction. 

  

	 	(c)	 Registrable Securities Then Outstanding. The number of shares of “Registrable Securities then outstanding” shall mean the
number of Ordinary Shares of the Company that are Registrable Securities and are then issued

  

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and outstanding, issuable upon conversion of Preferred Shares then issued and outstanding, or issuable upon conversion or exercise of any Holder’s warrant, right or other security then
outstanding. 

  

	 	(d)	Holder or Holders. For purposes of this Section 2 only, the term “Holder” or “Holders” means any person or persons owning
Registrable Securities (provided that in respect of any Registrable Securities held by Founders, means any Founder or Founders owning, individually or in aggregate, at least ten percent (10%) of the Registrable Securities then
outstanding) or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have been duly assigned in accordance with this Agreement. 

  

	 	(e)	Shareholder or Shareholders. For purposes of this Agreement, the term “Shareholder” or “Shareholders” shall mean any person or
persons owning any Ordinary Shares or Preferred Shares. 

  

	 	(f)	Form F-3. The term “Form F-3” means such respective form under the Securities Act or any successor registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  

	 	(g)	Initiating Holders. The term “Initiating Holders” means Holder or Holders of (i) at least fifty percent (50%) of the Registrable
Securities then outstanding held by Founders; (ii) at least fifty percent (50%) of Ordinary Shares issued or issuable upon conversion of Series A Preferred Shares and those issued as a dividend or other distribution with respect to, or in
exchange for or in replacement of, Series A Preferred Shares; or (iii) at least fifty percent (50%) of Ordinary Shares issued or issuable upon conversion of Series C Preferred Shares and those issued as a dividend or other distribution
with respect to, or in exchange for or in replacement of, Series C Preferred Shares. 

  

	 	(h)	SEC. The term “SEC” or “Commission” means the United States Securities and Exchange Commission. 

  

	 	(i)	Registration Expenses. The term “Registration Expenses” shall mean all expenses incurred by the Company in complying with Sections 2.3, 2.4 and
2.5 hereof, including, without limitation, all registration and filing fees, printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of counsel for the Holders, “blue sky” fees and expenses
and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

  

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	 	(j)	Selling Expenses. The term “Selling Expenses” shall mean all underwriting discounts, selling commissions and share transfer taxes applicable to
the sale of Registrable Securities pursuant to Sections 2.3, 2.4 or 2.5 hereof. 

  

	 	(k)	Exchange Act. The term “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and any successor statute.

  

	 	(l)	Securities Act. The term “Securities Act” means the United States Securities Act of 1933, as amended, and any successor statute.

  

	 	(m)	ERRA. The term “ERRA” means that certain Equity Registration Right Agreement, dated September 7, 2007, by and among the Company and certain
other parties thereto, as such agreement is amended from time to time. 

  

	 	(n)	Warrantholders. The term “Warrantholders” means the “Holders” as defined in the ERRA, as such term is amended from time to time.

  

	 	(o)	Warrantholder Securities. The term “Warrantholder Securities” means the “Registrable Securities” as defined in the ERRA, as such term
is amended from time to time. 

  

	 	2.3	Demand Registration. 

  

	 	(a)	 Request by Holders. If the Company shall, at any time after six (6) months following the closing of the Company’s first public
offering of its securities, receive a written request from the Initiating Holders that the Company file a registration statement under the Securities Act to register Registrable Securities pursuant to this Section 2.3, then the Company shall,
within ten (10) days of the receipt of such written request, give written notice of such request (the “Request Notice”) to all Holders, and use its reasonable best efforts to effect, as soon as practicable, the registration
under the Securities Act of all Registrable Securities that the Holders request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) days after receipt of the Request
Notice, subject only to the limitations of this Section 2.3; provided that the Company shall not be obligated to effect any such registration if the Company has already once, within the six (6) month period preceding the date of
such request, effected registrations under the Securities Act pursuant to this Section 2.3 or Section 2.5 or in which the Holders had an opportunity to participate pursuant to the provisions of Section 2.4, other than a registration
from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 2.3(b) or
Section 2.4(b). For purposes of this Agreement, reference to registration of securities under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction in which the Company has already
effected a

  

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registration of such securities, it being understood and agreed that in each such case all references in this Agreement to the Securities Act, the Exchange Act and rules, forms of registration
statements and registration of securities thereunder, United States law and the SEC, shall be deemed to refer, to the equivalent statutes, rules, forms of registration statements, registration of securities and laws of and equivalent government
authority in the applicable non-United States jurisdiction. 

  

	 	(b)	 Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting,
then they shall so advise the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the Request Notice. In such event, the right of any Holder to include its Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in
interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.3,
if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten, then the Company shall so advise all Holders and, if any Warrantholders exercised their right to
include their Warrantholder Securities in the registration pursuant to Section 2.2 of the ERRA, all such Warrantholders (the “Piggybacking Warrantholders”), and the number of Registrable Securities and Warrantholder Securities
that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders and the Piggybacking Warrantholders on a pro rata basis according to the number of Registrable Securities or Warrantholder
Securities then outstanding held by each Holder requesting registration (including the Initiating Holders requesting such registration) and each Piggybacking Warrantholder; provided, however, that the number of shares of Registrable
Securities held by the Holders and Warrantholder Securities held by the Piggybacking Warrantholders to be included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the
underwriting and registration including, without limitation, all other shares that are not Registrable Securities or Warrantholder Securities and are held by any other person, including, without limitation, any person who is an employee, consultant,
officer or director of any of the Group Companies. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10)
Business Days prior to the effective date of the registration

  

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statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

  

	 	(c)	Maximum Number of Demand Registrations. The Company shall not be obligated to effect more than (i) two (2) such demand registrations initiated by the
Series C Shareholders, (ii) two (2) such demand registrations initiated by the Series A Shareholders and (iii) two (2) such demand registrations initiated by the Founders, each as pursuant to this Section 2.3.

  

	 	(d)	Deferral. Notwithstanding the foregoing, if the Company shall furnish to Holders requesting registration pursuant to this Section 2.3, a certificate signed
by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its shareholders for such registration statement to be filed at such time, then
the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than twice in any
twelve (12) month period; provided, further, that the Company shall not register any other of its shares during such twelve (12) month period. A demand right shall not be deemed to have been exercised until such deferred
registration shall have been effected. 

  

	 	(e)	Registration. The Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.3 in any particular
jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

  

	 	2.4	Piggyback Registrations. 

  

	 	(a)	The Company shall notify all Holders in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of
effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any registration under
Section 2.3 or Section 2.5 of this Agreement or to any employee benefit plan, corporate reorganization, exchange offer or offering of securities solely to the Company’s existing shareholders), and shall afford each such Holder an
opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder on a pro rata basis. Each Holder desiring to include in any such registration statement all or any part of the Registrable
Securities held by it shall within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities such Holder
wishes to include in such registration statement. 

  

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 If a Holder decides not to include all of its Registrable Securities in any registration
statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed pursuant to Sections 2.3,
2.4, or 2.5 by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
  

	 	(b)	Underwriting. If a registration statement under which the Company gives notice under this Section 2.4 is for an underwritten offering, then the Company
shall so advise the Holders. In such event, the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 2.4 shall be conditioned upon such Holder’s participation in such underwriting
and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the managing underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Agreement but subject to Section 2.12, (i) if the registration is for the account of the Company
and if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and
the shares included in such registration and underwriting shall be allocated only in the following priority, (1) first, to the Company for its own account, (2) second, to the holders of Registrable Securities and to the Warrantholders on a
pro rata basis according to the number of Registrable Securities or Warrantholder Securities then outstanding held by each requesting registration, provided that, in any registration other than an registration for an initial public offering of the
Company’s Ordinary Shares, the number of Registrable Securities and Warrantholder Securities included in the registration shall not be reduced below thirty (30) percent (30%) of the total number of securities included in such
registration, and (3) third, to the other holders of securities of the Company with registration rights (“Other Holders”) or (ii) if the registration is for the account of the Warrantholders and if the managing
underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares from the registration and the underwriting, and the shares included
in such registration and underwriting shall be allocated only in the following priority, (1) first, to the Warrantholders, (2) second, to the Holders of Registrable Securities on a pro rata basis according to the number of Registrable
Securities then outstanding held by each requesting registration, and (3) third, to the Other Holders. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company
and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the
registration. 

  

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	 	(c)	Not Demand Registration. Registration pursuant to this Section 2.4 shall not be deemed to be a registration as described in either Section 2.3 or
Section 2.5. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.4. 

  

	 	2.5	Form F-3 Registration. In case that the Company shall receive from the Initiating Holders a written request or requests that the Company effect a registration on
Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities held by such Holder or Holders, then the Company will: 

  

	 	(a)	Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor, and any related qualification or
compliance, to all other Holders; and 

  

	 	(b)	Registration. As soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or
Holders joining in such request as are specified in a written request given within twenty (20) days after the Company provides the notice contemplated by Section 2.5(a); provided, however, that the Company shall not be
obligated to effect any such registration, qualification or compliance pursuant to this Section 2.5: 

  

	 	(i)	if Form F-3 is not available for such offering by the Holders; 

  

	 	(ii)	if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and
such other securities (if any) at an aggregate price to the public of less than US$1,000,000 (or an equivalent amount in another currency); 

  

	 	(iii)	if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of
the Board, it would be materially detrimental to the Company and its shareholders for such Form F-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement
no more than twice during any twelve (12) month period for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 2.5; provided that the Company shall not register any of its
other shares during such 120 day period; 

  

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	 	(iv)	if the Company has already, within the six (6) month period preceding the date of such request, effected registrations under the Securities Act other than a
registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.3(b)
and 2.4(b); or 

  

	 	(v)	in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such
registration, qualification or compliance. 

 Subject to the foregoing, the Company shall file a Form F-3
registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. 
  

	 	(c)	Not Demand Registration. Form F-3 registrations shall not be deemed to be demand registrations as described in Section 2.3 above. Except as otherwise
provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 2.5. 

  

	 	2.6	Expenses. All Registration Expenses incurred in connection with any registration pursuant to Sections 2.3, 2.4 or 2.5 (but excluding Selling Expenses) shall be
borne by the Company. Each Holder participating in a registration pursuant to Sections 2.3, 2.4 or 2.5 shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the
Company) of all Selling Expenses or other amounts payable to underwriter(s) or brokers, in connection with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 2.3 if the registration request is subsequently withdrawn at the request of the Initiating Holders requesting such registration unless one of the groups of Holders specified in Section 2.3(c) agree that
such registration constitutes the use by such Holders of one (1) of their remaining demand registrations specified in Section 2.3(c) (in which case such registration shall also constitute the use by such Holders of one (1) such demand
registration); provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of their
request for such registration and have withdrawn their request for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such registration shall
not constitute the use of a demand registration pursuant to Section 2.3. 

  

 12 

	 	2.7	Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement the Company shall, as expeditiously
as reasonably possible: 

  

	 	(a)	Registration Statement. Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to
cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to ninety (90) days;
provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in such registration at the request of the
underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3 which are intended to be offered on a continuous or delayed basis, such ninety (90) day period shall be extended, if necessary, to keep the
registration statement effective until all such Registrable Securities are sold. 

  

	 	(b)	Amendments and Supplements. Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

  

	 	(c)	Prospectuses. Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities held by them that are included in such registration. 

  

	 	(d)	Blue Sky. Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or “blue
sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

  

	 	(e)	Underwriting. In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement in usual and customary
form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

  

	 	(f)	 Notification. Notify each Holder covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus included in such registration statement,
as then in effect, includes an untrue statement of a material fact or omits

  

 13 

	 	 
to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

  

	 	(g)	Opinion and Comfort Letter. Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities
are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes
effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably
satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) letters dated as of (A) the effective date
of the registration statement covering such Registrable Securities and (B) the closing date of the offering, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities. 

  

	 	2.8	Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.3, 2.4 or 2.5 that the selling
Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable
Securities. 

  

	 	2.9	Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.3, 2.4 or 2.5: 

  

	 	(a)	By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its partners, officers, directors, legal counsel, any
underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any actions, losses, claims, damages, or
liabilities (joint or several) (the “Damages”) to which they may become subject under the Securities Act, the Exchange Act, or other applicable law, insofar as such Damages (or actions in respect thereof) arise out of or are based
upon any of the following statements, omissions or violations (collectively a “Violation”): 

  

	 	(i)	any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto; 

  

 14 

	 	(ii)	the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or

  

	 	(iii)	any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any applicable securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any applicable securities law in connection with the offering covered by such registration statement; 

 and the Company will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter or controlling person for any legal or other expenses reasonably incurred by them, as such
expenses are incurred, in connection with investigating or defending any such Damages; provided, however, that the indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such
Damages if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such Damages to the extent (and only to the extent) that it arises
out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, legal counsel, underwriter or
controlling person of such Holder. 
  

	 	(b)	 By Selling Holders. To the extent permitted by law, each selling Holder will, if Registrable Securities held by such Holder are included in the
securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, its legal counsel, each person,
if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors, officers, legal counsel, or
any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any Damages to which the Company or any such director, officer, legal counsel, controlling person, underwriter or other such Holder, partner,
director, officer, legal counsel or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States federal or state law, insofar as such Damages (or actions in respect thereto) arise out
of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such
registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, legal counsel, controlling person,

  

 15 

	 	 
underwriter or other Holder, partner, officer, director, legal counsel or controlling person of such other Holder in connection with investigating or defending any such Damages; provided,
however, that the indemnity agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such Damages if such settlement is effected without the consent of such Holder, which consent shall not be
unreasonably withheld; provided, further, that in no event shall any indemnity under this Section 2.9(b) exceed the net proceeds received by such Holder in the registered offering out of which the applicable Violation arises.

  

	 	(c)	Notice. Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including any governmental
action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent the indemnifying party is prejudiced as a result thereof, but
the omission to so deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.9. 

  

	 	(d)	 Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either
(i) any indemnified party makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal
or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 2.9; then, and in each such case, the indemnified party and the indemnifying party will contribute to the aggregate
Damages to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its related persons) is responsible for the portion represented by the percentage that the public offering price of its
Registrable

  

 16 

	 	 
Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and sold under such registration statement, and the Company and
other selling Holders are responsible for the remaining portion. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, however, that in any such case: (A) no Holder will be required to contribute any amount in excess of the net proceeds to such Holder from the sale of all such
Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

  

	 	(e)	Survival; Consents to Judgments and Settlements. The obligations of the Company and Holders under this Section 2.9 shall survive the completion of any
offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. No indemnifying party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. 

  

	 	2.10	Termination of the Company’s Obligations. The Company shall have no obligations pursuant to Sections 2.3, 2.4 and 2.5 with respect to any Registrable
Securities proposed to be sold by a Holder in a registration pursuant to Section 2.3, 2.4 or 2.5 if, in the reasonable opinion of counsel to the Company, all Registrable Securities may then be sold without registration pursuant to Rule 144
promulgated under the Securities Act and the Company has taken all actions to enable each Holder to sell its Registrable Securities as provided in Section 2.15. In any event, the rights under Sections 2.3, 2.4 and 2.5 shall terminate five
(5) years after a Qualified Public Offering. 

  

	 	2.11	No Registration Rights to Third Parties. Without the prior written consent of the holders of a majority of the Registrable Securities held by the Investors, the
Company shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any kind (whether similar to the demand, “piggyback” or Form F-3 registration rights described in this
Section 2, or otherwise) relating to any securities of the Company. 

  

	 	2.12	 Lockup. Except with respect to Registrable Securities permitted to be registered in the Qualified Public Offering, each Holder agrees that, upon
request by the underwriters managing the Qualified Public Offering of the Company’s

  

 17 

	 	 
securities, each Holder will enter into a customary lockup agreement with the underwriters under which such Holder (individually the “Lockup Shareholder”, and collectively, the
“Lockup Shareholders”) shall agree, without the prior written consent of such underwriters, not to sell or otherwise transfer or dispose of any Ordinary Shares, Preferred Shares or Conversion Shares (other than those permitted to be
included in the registration and other transfers to Affiliates permitted by law) for a period of time specified by such underwriters no greater than 180 days from the effective date of the registration statement covering such Qualified Public
Offering or the pricing date of such offering as may be requested by the underwriters (whichever is later), provided that each of the other Shareholders holding at least one percent (1%) of the outstanding share capital of the Company
signs a substantially identical lockup agreement and agrees to the same terms and conditions described in this Section 2.12. Notwithstanding the foregoing, (a) each Lockup Shareholder shall be released from the lockup to the extent that
any other Lockup Shareholders or any other Shareholders are released; and (b) each Lockup Shareholder may engage in private transfers of the securities to Affiliates, provided that such Affiliates enter into the same lockup agreement
with such underwriters or agree in writing to be bound by the lockup agreements signed between the Lockup Shareholders and the underwriters. The foregoing provision of this Section 2.12 shall not apply to the sale of any securities of the
Company to an underwriter pursuant to any underwriting agreement. The Company shall require all future acquirers of the Company’s securities to execute prior to a Qualified Public Offering a lockup agreement containing substantially similar
provisions as those contained in this Section 2.12. 

  

	 	2.13	Additional Lockup. Without prejudice to Section 2.12 above, Zheng Nanyan agrees that, so long as the Investors hold more than five percent (5%) of
voting securities of the Company in aggregate (on an as-converted basis) immediately after the closing of the Company’s initial public offering and so long as he has not been removed by the Board as the chief executive officer of the Company,
he will not directly or indirectly Transfer, or permit the Transfer of, more than (a) fifteen percent (15%) of securities of the Company directly or indirectly held or beneficially owned by him, his Immediate Family or their controlled
Affiliates (excluding the Group Companies) immediately after the closing of such initial public offering during the period commencing from the closing of such initial public offering and ending on the date which is one (1) year following the
end of lockup period promulgated under the applicable laws or rules of the relevant stock exchanges or inter-dealer quotation systems or required by the underwriters of the initial public offering; and (b) twenty percent (20%) of
securities of the Company directly or indirectly held or beneficially owned by him, his Immediate Family or their Affiliates immediately after the closing of such initial public offering during the period of one (1) year following the end of
lockup period specified in Section 2.13(a). 

  

	 	2.14	Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may at any time permit the sale
of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3, after such time as a public market exists for the Ordinary Shares, the Company agrees to: 

  

	 	(a)	Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the
first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

  

 18 

	 	(b)	File with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has
become subject to such reporting requirements); and 

  

	 	(c)	So long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance
with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements), or its qualification as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such
other reports and documents of the Company as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3.

  

	 	2.15	Re-sale Rights. The Company shall at its own cost use its commercially reasonable best efforts to assist each Holder in the sale or disposition of its
Registrable Securities, including without limitation (a) the prompt delivery of applicable instruction letters to the Company’s transfer agent to remove legends from the Holder’s share certificates, (b) causing the prompt
delivery of appropriate legal opinions from the Company’s counsels in forms reasonably satisfactory to the Holder’s counsel, (c) if the Company has depository receipts listed or traded on any exchange or inter-dealer quotation system,
(i) the prompt delivery of instruction letters to the Company’s share registrar and depository agent to convert the Holder’s securities into depository receipts or similar instruments to be deposited in the Holder’s brokerage
account(s), and (ii) the prompt payment of all costs and fees related to such depositary facility, including conversion fees and maintenance fees for Registrable Securities held by the Holders. The Company acknowledges that time is of the
essence with respect to its obligations under this Section 2.15, and that any delay will cause the Holders irreparable harm and constitutes a material breach of its obligations under this Agreement. 

  

	3.	PREEMPTIVE RIGHT TO NEW SHARES. 

  

	 	3.1	 Preemptive Right. Subject to the terms and conditions specified in this Agreement, the Company hereby grants to each Series A Shareholder and
Series C Shareholder a preemptive right with respect to future issues by the Company of any

  

 19 

	 	 
shares of, or securities convertible into or exchangeable or exercisable for any shares of, any class of the Company’s share capital (the “New Shares”), unless waived in
writing by the Major Series A Shareholder and the Major Series C Shareholder. If the Company proposes to offer any New Shares, it shall first offer such New Shares to each Series A Shareholder and Series C Shareholder in accordance with the
following provisions: 

  

	 	(a)	The Company shall deliver a notice to the Series A Shareholders and Series C Shareholders stating (i) its bona fide intention to offer New Shares, (ii) the
number of such New Shares to be offered, and (iii) the price and terms upon which it proposes to offer such New Shares. 

  

	 	(b)	Within twenty (20) Business Days after receipt of the Company’s notice, each Series A Shareholder and Series C Shareholder may by written notification to the
Company elect to subscribe for, at the price and on the terms specified in the Company’s notice, up to such portion of the New Shares that equals the proportion that (i) the number of Ordinary Shares (including Preferred Shares on an
as-converted basis) then held by such Series A Shareholder or Series C Shareholder, as applicable, bears to (ii) the total number of Ordinary Shares (including Preferred Shares on an as-converted basis) then held by all Series A Shareholders
and Series C Shareholders. 

  

	 	(c)	If any Series A Shareholder or Series C Shareholder fails to exercise its preemptive right to purchase its full portion of the New Shares pursuant to clause
(b) above (each, a “Non-Full Exercising Holder”), the Company shall, within five (5) Business Days after the expiration of the twenty (20) Business Day period described in clause (b) above, deliver written notice
specifying the aggregate number of unpurchased New Shares that were eligible for purchase by all Non-Full Exercising Holders (the “Remaining Shares”) to each Series A Shareholder and Series C Shareholder that exercised its right to
purchase its full portion of the New Shares pursuant to clause (b) above (each, a “Full Exercising Holder”). Each Full Exercising Holder shall have a right of overallotment, and may exercise an additional right to purchase some
or all of the Remaining Shares by notifying the Company in writing within five (5) Business Days after receipt of the notice by the Company pursuant to the prior sentence; provided, however, that if the Full Exercising Holders
desire to purchase in aggregate more than the number of the Remaining Shares, then the Remaining Shares will be allocated to the extent necessary among the Full Exercising Holders in accordance with their relative portion of the New Shares they may
elect to subscribe for pursuant to clause (b) above. 

  

	 	3.2	 Failure to Exercise. If all New Shares that the Series A Shareholders and Series C Shareholders are entitled to subscribe pursuant to
Section 3.1 are not elected to be subscribed for as provided in Section 3.1 hereof, the Company may, during the sixty (60) day period following the expiration of the period provided in Section 3.1 hereof, offer the remaining
unsubscribed New Shares to any person or persons at a price not less than and upon terms no more favorable to the offeree or offerees thereof than those specified in the notice given pursuant to Section 3.1. If the Company does not

  

 20 

	 	 
enter into an agreement for the subscription of the New Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided
hereunder shall be deemed to be revived and such New Shares shall not be offered unless first re-offered to the Series A Shareholders and Series C Shareholders in accordance herewith. 

  

	 	3.3	New Shares. For purposes of this Section 3, “New Shares” shall not include, and therefore the preemptive right shall not be applicable to
the issuance of, any of the following securities: 

  

	 	(a)	Conversion Shares and Ordinary Shares issued upon exercise of the Warrants; 

  

	 	(b)	not more than 6,497,727 Ordinary Shares (as adjusted for any share dividends, combinations, splits, recapitalization and including any such shares which are
repurchased) issuable or issued to Employees pursuant to options, warrants or other rights issued under the Share Option Plan; 

  

	 	(c)	shares issued as a dividend or distribution on the Preferred Shares, or in connection with any share split, share dividend, recapitalization or any event for which
adjustment is made pursuant to Articles 18(F) and 18(G) of the Memorandum and Articles; 

  

	 	(d)	Equity Securities issued to lenders, lessors, financial institutions or strategic partners in connection with debt financings, equipment leasing or real property
leasing transaction, strategic partnership or similar transactions approved by the Board and the Major Series A Shareholder and the Major Series C Shareholder; and 

  

	 	(e)	Ordinary Shares issued in a Qualified Public Offering. 

  

	 	3.4	Exemptions. Notwithstanding the foregoing, the Company shall not be required to offer or sell such New Shares to any offeree or purchaser pursuant to this
Section who would cause the Company or such transaction to be in violation of applicable securities laws by virtue of such offer or sale or who is not an “accredited investor” within the meaning of Commission Rule 501 of Regulation D, as
then in effect. 

  

	 	3.5	Termination. The preemptive right for each Series A Shareholder and Series C Shareholder under this Section 3.1 shall terminate upon a Qualified Public
Offering. 

  

	4.	TRANSFER RESTRICTIONS. 

  

	 	4.1	 Restrictions on Transfer by Certain Ordinary Shareholders. Subject to Section 4.12, within two (2) years after the Series C Original
Issue Date, unless an Ordinary Shareholder (other than the Series A Shareholders and Series C Shareholders) has obtained the prior written consent of the Major Series A Shareholder and the Major Series C Shareholder, such Ordinary Shareholder shall
not, directly or indirectly, sell, transfer, pledge, charge, mortgage or otherwise dispose of or

  

 21 

	 	 
permit the sale, transfer, pledge, charge, mortgage or other disposition of (each disposition referenced in this Section 4, whether voluntary or involuntary (including without limitation
pursuant to a divorce, legal separation, bankruptcy or insolvency) unless such disposition is ordered or compelled by a court or an administrative authority of competent jurisdiction, or required by applicable laws, a “Transfer”,
including transfer of economic interest by swap or similar transactions) any Equity Securities held by such Ordinary Shareholder. Any voluntary Transfer of Equity Securities by a Founder who is an individual holding any Ordinary Share to such
Founder’s Immediate Family (as defined below) or to a trust for the exclusive benefit of such Founder or such Founder’s Immediate Family (such a Transfer, a “Permitted Transfer”) shall be exempt from the provision of this
Section 4; provided, further, that each such transferee or other recipient executes a counterpart copy of this Agreement and becomes bound by the same restrictions as are applicable to such Founder with respect to such transferred
Ordinary Shares (to the extent not already so bound). As used herein, the term “Immediate Family” will mean Founder’s spouse, and the lineal descendant or antecedent, of such Founder or such Founder’s spouse. Each Ordinary
Shareholder (if applicable) shall also procure that restrictions set forth in this Section 4 shall not be avoided by the direct or indirect Transfer of any shares (or other interest) in such Ordinary Shareholder or of any other entity having
control over such Ordinary Shareholder. Notwithstanding the foregoing, (i) any Transfer of Equity Securities made pursuant to Section 4.3(c) or 4.5 shall not be subject to this Section 4.1 and (ii) any Transfer of Series B Shares
by Mr. He or Prototal shall be exempt from the provision of this Section 4.1 (but, for the avoidance of doubt, not the other provisions of this Section 4) after the first anniversary of the Series C Original Issue Date,
provided that the transferee shall execute a counterpart copy of this Agreement and becomes bound by the same restrictions as are applicable to the transferor. 

  

	 	4.2	Restrictions on Transfer by Series A Shareholders and Series C Shareholders. Subject to Section 4.12, within one (1) year after the Series C Original
Issue Date, without the prior written consent of Ordinary Shareholders holding at least a majority of the Ordinary Shares then in issue, no Series A Shareholder or Series C Shareholder shall Transfer any Equity Securities held by it, other than
pursuant to a Qualified Public Offering or a Qualified Sale. Any Transfer by such Series A Shareholder or Series C Shareholder of such Equity Securities to any of its Affiliates or to the investors and participants in a investment fund Affiliate at
the dissolution of such fund shall be exempt from the provision of this Section 4 so long as such transferee executes a counterpart copy of this Agreement and becomes bound by the same restrictions as are applicable to the transferor with
respect to such transferred Equity Securities (to the extent not already so bound). Each Series A Shareholder and Series C Shareholder shall also procure that restrictions set forth in this Section 4 shall not be avoided by the direct or
indirect Transfer of any shares (or other interest) in such Series A Shareholder or Series C Shareholder, as applicable, or of any other entity having control over such Series A Shareholder or Series C Shareholder, as applicable.

  

 22 

	 	4.3	Right of First Refusal and Right of Co-sale. 

  

	 	(a)	Transfer Notice. Subject to the limitations imposed on Ordinary Shareholders as provided in Section 4.1, if at any time (i) any Ordinary Shareholder (a
“Selling Shareholder”) proposes to Transfer such Ordinary Shareholder’s Equity Securities, in whole or in part, to one or more third parties (other than a Permitted Transfer) or (ii) any Equity Securities held by the
Selling Shareholder are Transferred involuntarily pursuant to divorce, legal separation, bankruptcy or other proceedings, death or any other involuntary Transfer, then such Selling Shareholder (or his or her executor or trustee) shall give each
other Shareholder a written notice of the intention to make such Transfer (the “Transfer Notice”). Such Transfer Notice shall include (A) a description of the Equity Securities to be Transferred (the “Offered
Shares”), (B) the identity of the prospective transferee(s), and (C) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall certify that such Selling
Shareholder has received a firm offer from the prospective transferee(s) respectively and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include
a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer. 

  

	 	(b)	Right of First Refusal. 

  

	 	(i)	Each Series A Shareholder and Series C Shareholder shall have the right of first refusal, exercisable upon giving written notice to the Selling Shareholder (the
“Purchase Notice”) within thirty (30) days after its receipt of the Transfer Notice, to purchase all or some of its pro rata share (as set forth in clause (ii) below) of the Offered Shares on the same terms and conditions
as set forth in the Transfer Notice, subject to Section 4.3(b)(ii). The Purchase Notice shall state whether the Series A Shareholder or Series C Shareholder, as applicable, desires to purchase some or all of its pro rata share of the Offered
Shares and the number of securities to be purchased. 

  

	 	(ii)	Each Series A Shareholder’s and Series C Shareholder’s pro rata share of the Offered Shares shall be equal to a fraction, the numerator of which is the number
of Ordinary Shares (including Preferred Shares on an as-converted basis) held by such Series A Shareholder or Series C Shareholder, as applicable, and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by all Series A Shareholders and Series C Shareholders calculated immediately prior to the time of the purchase hereunder from the Selling Shareholder. 

  

	 	(iii)	 If any Series A Shareholder or Series C Shareholder fails to exercise the right of first refusal to purchase its pro rata share of the Offered Shares
in full pursuant to clause (i) above (each, a “Non-Full Purchasing

  

 23 

	 	 
Holder”), the Selling Shareholder shall, within five (5) Business Days after the expiration of the thirty (30) day period described in clause (i) above, deliver written
notice specifying the aggregate number of unpurchased Offered Shares that were eligible for purchase by all Non-Full Purchasing Holders (the “Remaining Offered Shares”) to each Series A Shareholder and Series C Shareholder that
exercised the right to purchase its pro rata portion of the Offered Shares in full pursuant to clause (i) above (each, a “Full Purchasing Holder”). Each Full Purchasing Holder may exercise an additional right to purchase some
or all of the Remaining Offered Shares by notifying the Selling Shareholder in writing within five (5) Business Days after receipt of the notice from the Selling Shareholder pursuant to the prior sentence; provided, however, that
if the Full Purchasing Holders desire to purchase in aggregate more than the number of the Remaining Shares, then the Remaining Shares will be allocated to the extent necessary among the Full Purchasing Holders in accordance with their relative pro
rata portion of the Offered Shares they may elect to purchase as set forth in clause (ii) above. 

  

	 	(iv)	In the event that the Transfer in question is an involuntary Transfer (including a Transfer incident to divorce, legal separation or bankruptcy but excluding any
Transfer which is ordered or compelled by a court or an administrative authority of competent jurisdiction, or required by applicable laws), the price per share shall be the greater of (A) the original purchase price or conversion price paid by
the Selling Shareholder for such Offered Shares (appropriately adjusted for share splits, share dividends, combinations and the like) and (B) the fair market value of such Offered Shares, which shall be a price set by the Board, including the
Series A Director and Series C Director, if applicable, that will reflect the current value of the Offered Shares in terms of present earnings and future prospects of the Company, determined within thirty (30) days after receipt by Series A
Shareholders and Series C Shareholders of the Transfer Notice. In the event that the Selling Shareholder or his or her executor or trustee disagrees with such valuation as determined by the Board, including the Series A Director and Series C
Director, if applicable, the Selling Shareholder or his or her executor or trustee shall be entitled to have the valuation determined by an independent appraiser of recognized standing to be mutually agreed upon by the Purchasing Holders and the
Selling Shareholder or his or her executor, the fees of which appraiser shall be borne equally by the Purchasing Holders and the Selling Shareholder or his or her estate. 

  

 24 

	 	(v)	In the event the consideration for the Offered Shares specified in a Transfer Notice is payable in property other than cash and the Selling Shareholder and the Series A
Shareholders and Series C Shareholders who wish to purchase the Offered Shares (acting together) cannot agree on the cash value of such property within ten (10) days after such Series A Shareholders’ and Series C Shareholders’ receipt
of the Transfer Notice, the value of such property shall be determined by an appraiser of recognized standing selected jointly by the Selling Shareholder, on the one hand, and a majority-in-interest of such Series A Shareholders and Series C
Shareholders (voting together on an as-converted basis), on the other hand. If they cannot agree on an appraiser within twenty (20) days after receipt of the Transfer Notice by the Series A Shareholders and Series C Shareholders, within a
further five (5) day period, the Selling Shareholder, on the one hand, and a majority-in-interest of such Series A Shareholders and Series C Shareholders (voting together on an as-converted basis), on the other hand, shall each select an
appraiser of recognized standing and the two (2) appraisers shall designate a third appraiser of recognized standing to determine the value of such property. The value of such property shall be determined by the appraiser selected pursuant to
this Section 4.3(b)(v) within one (1) month from its appointment, and such determination shall be final and binding on the Selling Shareholder and such Series A Shareholders and Series C Shareholders. The cost of such appraisal shall be
shared equally by the Selling Shareholder, on the one hand, and such Series A Shareholders and Series C Shareholders, on the other hand (each Series A Shareholder and Series C Shareholder shall pay its pro rata portion of such costs based on the
number of Offered Shares acquired by such Series A Shareholder or Series C Shareholder, as applicable). If the thirty (30) day period as specified in Section 4.3(b)(i) has expired but for the determination of the value of the consideration
for the Offered Shares offered by the Selling Shareholder, then such thirty (30) day period shall be extended to the fifteenth (15) Business Day after such valuation shall have been determined to be final and binding pursuant to this
Section 4.3(b)(v). 

  

	 	(c)	Right of Co-Sale. 

  

	 	(i)	 Following the expiration of the right of first refusal and purchase rights described in Section 4.3(b), if the Series A Shareholders and the
Series C Shareholders do not exercise their right of first refusal to purchase in aggregate all, but not less than all, of the Offered Shares, the Selling Shareholder shall, within five (5) Business Days after the expiration of the five
(5) Business Day period described in the second sentence in Section 4.3(b)(iii), deliver a written notice to each other Shareholder. Each other Shareholder

  

 25 

	 	 
shall have the right to participate in the sale of any Offered Shares on the same terms and conditions as specified in the Transfer Notice, exercisable upon giving written notice to the Selling
Shareholder within five (5) Business Days after receipt of such written notice from the Selling Shareholder; provided, however, that no Shareholders shall be entitled under this Section 4.3(c) to participate in Transfers of
Equity Securities by a Selling Shareholder incident to divorce, legal separation, bankruptcy or other proceedings, or death or in any other involuntary Transfers of Equity Securities by a Selling Shareholder. A Shareholder exercising such right of
co-sale in accordance with this Section 4.3(c) is referred to herein as a “Co-Sale Participant”. 

  

	 	(ii)	Each Co-Sale Participant may sell all or any part of that number of Ordinary Shares or Preferred Shares that may convert into such number of Ordinary Shares equal to
the product obtained by multiplying (A) the number of the Offered Shares if the Offered Shares are Ordinary Shares or the number of Ordinary Shares issuable upon conversion of the Offered Shares if the Offered Shares are not Ordinary Shares, by
(B) a fraction, the numerator of which shall be the number of Ordinary Shares (including Preferred Shares on an as-converted basis) held by such Co-Sale Participant and the denominator of which shall be the number of Ordinary Shares (including
Preferred Shares on an as-converted basis) held by all Co-Sale Participants and the Selling Shareholder, calculated immediately prior to the time of the Transfer. To the extent one or more Co-Sale Participants participate in the sale of Offered
Shares, the number of Offered Shares that the Selling Shareholder may sell shall be correspondingly reduced. It is agreed and acknowledged that the Offered Shares to be sold by the Selling Shareholder and the Co-Sale Participants shall be
proportionately reduced to the extent that the Warrantholders exercise their tag-along right pursuant to the Warrant Agreement and the purchaser does not gross up the aggregate number of shares so as to separately purchase such additional shares
from the Warrantholders. 

  

	 	(d)	Transferred Shares. Each Co-Sale Participant shall effect its participation in the sale by promptly delivering to the Selling Shareholder for Transfer to the
prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 

  

	 	(i)	the number of Ordinary Shares which such Co-Sale Participant elects to sell; or 

  

	 	(ii)	 that number of Preferred Shares which such Co-Sale Participant elects to sell; provided, however, that if the prospective third-party
purchaser objects to the delivery of Preferred Shares in lieu of Ordinary

  

 26 

	 	 
Shares, such Co-Sale Participant intending to sell Preferred Shares shall first convert such Preferred Shares into Ordinary Shares and deliver Ordinary Shares as provided in this
Section 4.3(d). The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent upon such Transfer. 

  

	 	(e)	Payment. The share certificate or certificates that the Co-Sale Participant delivers to such Selling Shareholder pursuant to Section 4.3(d) shall be
transferred to the prospective purchaser in consummation of the sale of the Offered Shares to the terms and conditions specified in the Transfer Notice, and such Selling Shareholder shall concurrently therewith remit to such Co-Sale Participant that
portion of the sale proceeds to which such Co-Sale Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or
other securities from a Co-Sale Participant exercising its rights of co-sale hereunder, such Selling Shareholder shall not sell to such prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, such
Selling Shareholder shall purchase such shares or other securities from such Co-Sale Participant for the same consideration and on the same terms and conditions as the proposed Transfer described in the Transfer Notice. 

  

	 	4.4	Non-Exercise of Rights. Notwithstanding anything to the contrary in Section 4.3(b), if the Shareholders have not exercised their rights under
Section 4.3(b) to purchase all, but not less than all, of the Offered Shares, then such Shareholders shall be deemed to have forfeited any right to purchase the Offered Shares and the Selling Shareholder shall have a period of sixty
(60) days from the expiration of such rights in which to sell all of the Offered Shares, at the terms and conditions (including the purchase price) specified in the Transfer Notice, to the third-party transferee(s) identified in the Transfer
Notice. The third-party transferee(s) shall, as a condition to the effectiveness of Transfer of the Offered Shares, furnish the Company and the Selling Shareholder with a written agreement to be bound by and comply with this Agreement, including
without limitation all provisions of this Section 4, as if such transferee(s) were a Selling Shareholder hereunder, as well as the terms of the agreement pursuant to which such Offered Shares were issued. In the event a Selling Shareholder does
not consummate the sale or disposition of the Offered Shares within the sixty (60) day period from the expiration of these rights, each Shareholder’s rights under Section 4.3 shall continue to be applicable to any subsequent
disposition by any Selling Shareholder. Furthermore, the exercise or non-exercise by a Series A Shareholder or Series C Shareholder to purchase Offered Shares by such Selling Shareholder shall not adversely affect such Series A Shareholder’s or
Series C Shareholder’s right to make subsequent purchases from any Selling Shareholder. Any proposed Transfer on terms and conditions different than those described in the Transfer Notice, as well as any subsequent proposed Transfer of any of
the Offered Shares by a Selling Shareholder shall again be subject to the right of first refusal and co-sale right of the Shareholders and shall require compliance by the relevant Selling Shareholder with the procedures described in this
Section 4. 

  

 27 

	 	4.5	Right of Co-Sale of Other Shareholders. 

  

	 	(a)	Series A/C Transfer Notice. Subject to limitations imposed on Series A Shareholders and Series C Shareholders as provided in Section 4.2 and other than a
Transfer by a Series A Shareholder or Series C Shareholder pursuant to Section 4.3(c), if at any time any Series A Shareholder or Series C Shareholder (a “Series A/C Selling Shareholder”) proposes to Transfer its Equity
Securities, in whole or in part, to one or more third parties (other than its Affiliates), then such Series A/C Selling Shareholder shall give each other Shareholder a written notice of the intention to make such Transfer (the “Series A/C
Transfer Notice”). Such Series A/C Transfer Notice shall include (i) a description of the Equity Securities to be Transferred (the “Series A/C Offered Shares”), (ii) the identity of the prospective transferee(s),
and (iii) the consideration and the material terms and conditions upon which the proposed Transfer is to be made. The Series A/C Transfer Notice shall certify that such Series A/C Selling Shareholder has received a firm offer from the
prospective transferee(s) respectively and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Series A/C Transfer Notice. The Series A/C Transfer Notice shall also include a copy of any written
proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer. 

  

	 	(b)	Right of Co-Sale of Other Shareholders. 

  

	 	(i)	Each other Shareholder shall have the right of co-sale, exercisable upon giving written notice to the Series A/C Selling Shareholder (the “Series A/C Co-Sale
Notice”) within thirty (30) days after its receipt of the Series A/C Transfer Notice. The Series A/C Co-Sale Notice shall state whether the Shareholder wishes to sell a portion of the securities held by such Shareholder pursuant to
this Section 4.5(b) (such other Shareholder, a “Series A/C Co-Sale Participant”) and the number of securities to be sold (subject to Section 4.5(b)(iii)). 

  

	 	(ii)	Each Series A/C Co-Sale Participant shall have the right to participate in the sale of any Series A/C Offered Shares on the same terms and conditions as specified in
the Series A/C Transfer Notice; provided, however, that no such other Shareholders shall be entitled under this Section 4.5(b) to participate in Transfers of Equity Securities by a Series A/C Selling Shareholder incident to
divorce, legal separation, bankruptcy or other proceedings, or death or in any other involuntary Transfers of Equity Securities by a Series A/C Selling Shareholder. 

  

 28 

	 	(iii)	Each Series A/C Co-Sale Participant may sell all or any part of that number of Ordinary Shares or Preferred Shares that may convert into such number of Ordinary Shares
equal to the product obtained by multiplying (A) the number of Ordinary Shares issuable upon conversion of the Series A/C Offered Shares by (B) a fraction, the numerator of which shall be the number of Ordinary Shares (including Preferred
Shares on an as-converted basis) held by such Series A/C Co-Sale Participant and the denominator of which shall be the number of Ordinary Shares (including Preferred Shares on an as-converted basis) held by all Series A/C Co-Sale Participants and
the Series A/C Selling Shareholder, calculated immediately prior to the time of the Transfer. Notwithstanding the foregoing sentence, to the extent one or more Series A/C Co-Sale Participants participate in the sale of Series A/C Offered Shares, the
number of Series A/C Offered Shares that the Series A/C Selling Shareholder may sell shall be correspondingly reduced; provided that in any case the number of Series A/C Offered Shares that the Series A/C Selling Shareholder may sell shall
not be less than 50% of the number of Series A/C Offered Shares initially proposed to be Transferred by the Series A/C Selling Shareholder in the Series A/C Transfer Notice and the number of Ordinary Shares or Preferred Shares that may convert into
Ordinary Shares that may be sold by the Series A/C Co-Sale Participants shall be correspondingly reduced. It is agreed and acknowledged that the Series A/C Offered Shares to be sold by the Series A/C Selling Shareholder and the Series A/C Co-Sale
Participants shall be proportionately reduced to the extent that the Warrantholders exercise their tag-along right pursuant to Section 12 of the Warrant Agreement and the purchaser does not gross up the aggregate number of shares so as to
separately purchase such additional shares from the Warrantholders. 

  

	 	(c)	Transferred Shares. Each Series A/C Co-Sale Participant shall effect its participation in the sale by promptly delivering to the Series A/C Selling Shareholder
for Transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent the series and number of Ordinary Shares or Preferred Shares which such Series A/C Co-Sale Participant elects to sell.

  

	 	(d)	 Payment. The shares that the Series A/C Co-Sale Participant delivers to such Series A/C Selling Shareholder pursuant to Section 4.5(c)
shall be transferred to the prospective purchaser in consummation of the sale of the Series A/C Offered Shares to the terms and conditions specified in the Series A/C Transfer Notice, and such Series A/C Selling Shareholder shall concurrently
therewith remit to such Series A/C Co-Sale Participant that portion of the sale proceeds to which such Series A/C Co-Sale Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers
prohibits such assignment

  

 29 

	 	 
or otherwise refuses to purchase shares or other securities from a Series A/C Co-Sale Participant exercising its rights of co-sale hereunder, such Series A/C Selling Shareholder shall not sell to
such prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, such Series A/C Selling Shareholder shall purchase such shares or other securities from such Series A/C Co-Sale Participant for the same
consideration and on the same terms and conditions as the proposed Transfer described in the Series A/C Transfer Notice. 

  

	 	4.6	Limitations. 

 The
provisions of Sections 4.1, 4.2, 4.3, 4.5, 4.7 and 4.13 of this Agreement shall not apply to: 
  

	 	(a)	Any repurchase of Equity Securities by the Company pursuant to the terms of Options issued under the Share Option Plan; 

  

	 	(b)	Any Transfer or Transfers made pursuant to Section 4.8 or Section 4.9 hereof or Articles 12(H) and 12(I) of the Memorandum and Articles; and

  

	 	(c)	Any Transfer or Transfers made pursuant to the Security Documents (as defined in the Indenture). 

  

	 	4.7	Prohibited Transfers. 

  

	 	(a)	In the event a Selling Shareholder should sell any Offered Shares in contravention of the purchase or co-sale rights of a Series A Shareholder or Series C Shareholder
under Section 4.3 or a Series A/C Selling Shareholder should sell any Series A/C Offered Shares in contravention of the co-sale rights of other Shareholders under Section 4.5, as the case may be (each, a “Prohibited
Transfer”), (i) the Company agrees that it shall not update the Company’s register of members to reflect such Prohibited Transfer, (ii) the applicable Shareholders having the co-sale rights under Section 4.3 or
Section 4.5, as applicable, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below and the Selling Shareholder or Series A/C Selling Shareholder, as applicable, shall be
bound by the applicable provisions of such option. 

  

	 	(b)	In the event of a Prohibited Transfer, each applicable Shareholder shall have the right to sell to such Selling Shareholder or Series A/C Selling Shareholder, as
applicable, the type and number of Ordinary Shares or Preferred Shares equal to the number of shares such Selling Shareholder or Series A/C Selling Shareholder, as applicable, would have been entitled to Transfer to the third-party transferee(s)
under Section 4.3 or 4.5 hereof had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 

  

	 	(i)	The price per share at which the shares are to be sold to such Selling Shareholder or Series A/C Selling Shareholder, as applicable, shall be equal to the price per
share paid by the third-party transferee(s) to such Selling Shareholder or Series A/C Selling Shareholder, as applicable, in the Prohibited Transfer. The Selling Shareholder or Series A/C Selling Shareholder, as applicable, shall also reimburse each
applicable Shareholder for any and all fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of such Shareholder’s rights under this Section 4.

  

 30 

	 	(ii)	Within ninety (90) days after the later of the dates on which such Shareholder (A) received notice of the Prohibited Transfer, or (B) otherwise became
aware of the Prohibited Transfer, such Shareholder shall, if exercising the option created hereby, deliver to such Selling Shareholder or Series A/C Selling Shareholder, as applicable, the certificate or certificates representing shares to be sold,
each certificate to be properly endorsed for transfer. 

  

	 	(iii)	The Selling Shareholder or Series A/C Selling Shareholder, as applicable, shall, upon receipt of the certificate or certificates for the shares to be sold by such
Shareholder, pursuant to this Section 4.7, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in Section 4.7(b)(i), in cash or by other means acceptable to such Shareholder.

  

	 	(c)	Notwithstanding the foregoing, any attempt by a Selling Shareholder or Series A/C Selling Shareholder to Transfer Offered Shares or Series A/C Offered Shares in
violation of this Section 4 hereof shall be void and the Company agrees it will not effect such a Transfer nor will it treat any alleged transferee(s) as the holder of such shares without the written consent of Ordinary Shareholders holding a
majority of the Ordinary Shares then in issue, the Major Series A Shareholder and the Major Series C Shareholder. 

  

	 	4.8	Drag-Along Rights for Qualified Sale. 

  

	 	(a)	 If at any time (i) Series A Shareholders holding at least a majority of the then outstanding Series A Shares; (ii) Series C Shareholders
holding at least a majority of the then outstanding Series C Shares; or (iii) Founders holding more than twenty percent (20%) of voting securities of the Company (on a fully-diluted basis) (such holders in (i), (ii) or
(iii) above, the “Dragging Holders” for purpose of this Section 4.8) approve an offer to directly or indirectly purchase all of the equity interest in or all or substantially all of the assets of all of the Group
Companies, or the business conducted by them, from an unaffiliated third party for a consideration of at least the Threshold Valuation (as defined below) in effect from time to time (a “Qualified Sale”), then all other

  

 31 

	 	 
Shareholders (the “Dragged Holders” for purpose of this Section 4.8) will agree to, and will vote in favor of, such Qualified Sale and shall Transfer their shares or
ownership interest in the Group Company or Group Companies involved in such Qualified Sale as required to effect the Qualified Sale. The Dragged Holders shall also use reasonable efforts to procure all other shareholders of the relevant Group
Companies to vote in favor of such Qualified Sale and to Transfer their shares or ownership interest in the Group Company or Group Companies involved in such Qualified Sale as required to effect the Qualified Sale. Notwithstanding any provision to
the contrary, the share transfer restrictions as provided in Sections 4.1, 4.2, 4.3, 4.5, and 4.9 and 4.13 of this Agreement shall not apply to any Transfers made pursuant to this Section 4.8. For the purpose of this Agreement, the
“Threshold Valuation” means all of the then outstanding Equity Securities of the Company in the aggregate are valued at, on the date of completion of such sale of equity or assets, more than, (A) if such completion takes place
within the first two (2) years after the Series C Original Issue Date, US$530 million (or an equivalent amount in another currency), and (B) if such completion takes place after the second anniversary of the Series C Original Issue Date,
US$680 million (or an equivalent amount in another currency); provided that if after the Series C Original Issue Date, the Company shall allot and issue any Equity Securities, the Threshold Valuation shall be increased by the amount of
proceeds received or receivable by the Company from such allotment and issuance. In the event of two or more competing offers approved by different Dragging Holders that each constitutes a Qualified Sale, the offer with the highest value shall be
the Qualified Sale and those who first approved such offer shall be the Dragging Holders and the others Shareholders the Dragged Shareholders for purpose of this Section 4.8; provided that such offer contains substantially the same or
more favorable (to the Company and the Shareholders) non-pricing terms and conditions as compared to the other competing offers. 

  

	 	(b)	Any such sale or disposition by the Dragged Holders shall be on the same terms and conditions, including, without limitation, as to the form of consideration, as the
proposed Qualified Sale by the Dragging Holders. The Dragged Holders shall be required to make customary and usual representations and warranties in connection with the Qualified Sale, which shall be subject to customary time period and limited to a
portion of the proceeds received by each Dragged Holder in the Qualified Sale, indemnify and hold harmless the third party purchasers against all obligations, cost, damages, expenses, losses, judgments, assessments, or other liabilities including,
without limitation, any court costs, costs of preparation, reasonable attorney’s fees or expenses, or any accountant’s or expert witness’ fees arising out of, in connection with or related to any breach of any representation or
warranty made by, or agreements, understandings or covenants of the Dragged Holders as the case may be, under the terms of the agreements relating to such Qualified Sale. 

  

 32 

	 	(c)	Prior to making any Qualified Sale in which the Dragging Holders wish to exercise their rights under this Section 4.8, the Dragging Holders shall provide the
Company and the Dragged Holders with written notice (the “Qualified Sale Notice”) not less than thirty (30) Business Days prior to the proposed date of completion of the Qualified Sale (the “Qualified Sale
Date”). The Qualified Sale Notice shall set forth: (i) the name and address of the third party purchasers; (ii) the proposed amount and form of consideration to be paid, and the terms and conditions of payment offered by each of
the third party purchasers; (iii) the Qualified Sale Date; (iv) the number of shares held of record by the Dragging Holders on the date of the Qualified Sale Notice which form the subject to be Transferred, sold or otherwise disposed of by
the Dragging Holders; (v) the number of shares of the Dragged Holders to be included in the Qualified Sale; and (vi) a representation that all of the material agreements and arrangements (which shall include all written agreements) in
relation to the Qualified Sale and the relationship between any of the Dragging Holders and the proposed purchasers or their respective Affiliates or Immediate Family have been fully disclosed to the Company and the Dragged Holders and the Dragging
Holders and their Affiliates and Immediate Family do not have any other material interest in the Qualified Sale other than as disclosed to the Company and the Dragged Holders. 

  

	 	(d)	On the Qualified Sale Date, the Dragged Holders shall each deliver or cause to be delivered a certificate or certificates evidencing its shares to be included in the
Qualified Sale, duly endorsed for transfer with signatures guaranteed, to such third party purchasers in the manner and at the address indicated in the Qualified Sale Notice. 

  

	 	(e)	If the Dragged Holders receive the purchase price for their shares or such purchase price is made available to them as part of a Qualified Sale upon completion of the
closing of the Qualified Sale, they shall for all purposes be deemed no longer to be a shareholder of the relevant Group Company (with the record books of the Group Company including, as appropriate, its register of members updated to reflect such
status), shall have no voting rights, shall not be entitled to any dividends or other distributions with respect to any shares held by them, shall have no other rights or privileges as a shareholder of the Group Company and, in the event of
liquidation of the Group Company, their rights with respect to any consideration they would have received if they had complied with this Section 4.8, if any, shall be subordinate to the rights of any equity holder. In addition, upon demand by
the Dragging Holders and in addition to any other rights or remedies of the Dragging Holders granted herein or otherwise, the relevant Group Company shall stop any subsequent Transfer of any such shares held by the Dragged Holders.

  

	 	(f)	 The proceeds of a Qualified Sale, including those paid for the purchase of Equity Securities, shall be distributed among the Shareholders strictly
according to Article 127 of the Memorandum and Articles. The Company and

  

 33 

	 	 
each of the Shareholders shall require that the total proceeds from the Qualified Sale to the Shareholders be distributed in accordance therewith and shall take all other actions necessary to
effect such distribution. 

  

	 	4.9	Drag-Along Rights for Unqualified Sale. 

  

	 	(a)	Subject to the provisions of this Section 4.9, if a Qualified Public Offering has not been consummated prior to the fifth anniversary of the Series C Original
Issue Date, and if Series A Shareholders holding at least a majority of the then outstanding Series A Shares or Series C Shareholders holding at least a majority of the then outstanding Series C Shares (such Series A Shareholders or Series C
Shareholders, the “Dragging Holders” for purpose of this Section 4.9) approve an offer to directly or indirectly purchase all of the equity interest in or all or substantially all of the assets of all of the Group Companies, or
the business conducted by them, from an unaffiliated third party (such sale, an “Unqualified Sale”), then all other Shareholders (the “Dragged Holders” for purpose of this Section 4.9) will agree to, and will
vote in favor of, such Unqualified Sale and shall Transfer their shares or ownership interest in the Group Company or Group Companies involved in such Unqualified Sale as required to effect the Unqualified Sale. The Dragged Holders shall also use
reasonable efforts to procure all other shareholders of the relevant Group Companies to vote in favor of such Unqualified Sale and to Transfer their shares or ownership interest in the Group Company or Group Companies involved in such Unqualified
Sale as required to effect the Unqualified Sale. Notwithstanding any provision to the contrary, the share transfer restrictions as provided in Sections 4.1, 4.2, 4.3, 4.5, 4.8 and 4.13 of this Agreement shall not apply to any Transfers made pursuant
to this Section 4.9. In the event of two or more competing offers approved by different Dragging Holders that each constitutes an Unqualified Sale, the offer with the highest value shall be the Unqualified Sale and those who first approved such
offer shall be the Dragging Holders and the others Shareholders the Dragged Shareholders for purpose of this Section 4.9; provided that such offer contains substantially the same or more favorable (to the Company and the Shareholders)
non-pricing terms and conditions as compared to the other competing offers. 

  

	 	(b)	 Any such sale or disposition by the Dragged Holders shall be on the same terms and conditions, including, without limitation, as to the form of
consideration, as the proposed Unqualified Sale by the Dragging Holders. The Dragged Holders shall be required to make customary and usual representations and warranties in connection with the Unqualified Sale, which shall be subject to customary
time period and limited to a portion of the proceeds received by each Dragged Holder in the Unqualified Sale, indemnify and hold harmless the Dragging Holders and the third party purchasers against all obligations, cost, damages, expenses, losses,
judgments, assessments, or other liabilities, including, without limitation, any court costs, costs of preparation,

  

 34 

	 	 
reasonable attorney’s fees or expenses, or any accountant’s or expert witness’ fees arising out of, in connection with or related to any breach of any representation or warranty
made by, or agreements, understandings or covenants of the Dragged Holders as the case may be, under the terms of the agreements relating to such Unqualified Sale. 

  

	 	(c)	Prior to making any Unqualified Sale in which the Dragging Holders wish to exercise their rights under this Section 4.9, the Dragging Holders shall provide the
Company and the Dragged Holders with written notice (the “Unqualified Sale Notice”) not less than sixty (60) calendar days prior to the proposed date of completion of the Unqualified Sale (the “Unqualified Sale
Date”). The Unqualified Sale Notice shall set forth: (i) the name and address of the third party purchasers; (ii) the proposed amount and form of consideration to be paid, and the terms and conditions of payment offered by each of
the third party purchasers; (iii) the Unqualified Sale Date; (iv) the number of shares held of record by the Dragging Holders on the date of the Unqualified Sale Notice which form the subject to be Transferred, sold or otherwise disposed
of by the Dragging Holders (the “Unqualified Sale Dragging Holders Shares”); (v) the number of shares of the Dragged Holders to be included in the Unqualified Sale; and (vi) a representation that all of the material
agreements and arrangements (which shall include all written agreements) in relation to the Unqualified Sale and the relationship between any of the Dragging Holders and the proposed purchasers or their respective Affiliates or Immediate Family have
been fully disclosed to the Company and the Dragged Holders and the Dragging Holders and their Affiliates and Immediate Family do not have any other material interest in the Unqualified Sale other than as disclosed to the Company and the Dragged
Holders. 

  

	 	(d)	On the Unqualified Sale Date, the Dragged Holders shall each deliver or cause to be delivered a certificate or certificates evidencing its shares to be included in the
Unqualified Sale, duly endorsed for transfer with signatures guaranteed, to such third party purchasers in the manner and at the address indicated in the Unqualified Sale Notice. 

  

	 	(e)	 If the Dragged Holders receive the purchase price for their shares or such purchase price is made available to them as part of a Unqualified Sale upon
completion of the closing of the Unqualified Sale, they shall for all purposes be deemed no longer to be a shareholder of the relevant Group Company (with the record books of the Group Company including, as appropriate, its register of members
updated to reflect such status), shall have no voting rights, shall not be entitled to any dividends or other distributions with respect to any shares held by them, shall have no other rights or privileges as a shareholder of the Group Company and,
in the event of liquidation of the Group Company, their rights with respect to any consideration they would have received if

  

 35 

	 	 
they had complied with this Section 4.9, if any, shall be subordinate to the rights of any equity holder. In addition, upon demand by the Dragging Holders and in addition to any other rights
or remedies of the Dragging Holders granted herein or otherwise, the relevant Group Company shall stop any subsequent Transfer of any such shares held by the Dragged Holders. 

  

	 	(f)	The proceeds of an Unqualified Sale, including those paid for the purchase of Equity Securities, shall be distributed among the Shareholders strictly according to
Article 127 of the Memorandum and Articles. The Company and each of the Shareholders shall instruct the purchasers in the Unqualified Sale to pay and distribute the total proceeds from the Unqualified Sale to the Shareholders in accordance therewith
and shall take all other actions necessary to effect such distribution. 

  

	 	4.10	Right of First Refusal In Qualified Sale or Unqualified Sale. Notwithstanding any other provision herein to the contrary, in the event the applicable Dragging
Holders exercise the drag-along rights provided in Section 4.8 or 4.9, the applicable Dragged Holders, individually or collectively, shall have a right of first refusal to purchase all of the Equity Securities held by such Dragging Holders by
delivering written notice within thirty (30) Business Days following receipt of a Sale Notice or an Unqualified Sale Notice, as applicable, that they will purchase all, but not less than all, of the Equity Securities held by the Dragging
Holders, at the same price as each Dragging Holder would have received for the sale of its Equity Securities in the Qualified Sale or the Unqualified Sale, as applicable, and the Dragging Holders shall sell such Equity Securities to such Dragged
Holders, provided that the Dragging Holders in such sale will make no representations and warranties except those in relation to their ownership interests in their Equity Securities. Payment shall be made to each Dragging Holder via
cashier’s check or wire transfer within twenty-five (25) calendar days of the Dragged Holder’s notification to the Dragging Holders of their agreement to purchase all of their Equity Securities. In the event the Dragged Holders
delivers written notice to the Dragging Holders to purchase all of their Equity Securities, but fails to deliver the payment or complete the purchase within said twenty-five (25) calendar days, such Dragged Holders shall be liable to Dragging
Holders for all damages relating to or arising from such failure. 

  

	 	4.11	Legend. 

  

	 	(a)	Each certificate representing the Equity Securities shall be endorsed with the following legend: 

 “THE SALE, PLEDGE, CHARGE, MORTGAGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER SET FORTH IN A AGREEMENT, A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 
  

 36 

	 	(b)	Each party hereto agrees that the Company may instruct its transfer agent to impose transfer restrictions on the shares represented by certificates bearing the legend
referred to in Section 4.11(a) above to enforce the provisions of this Agreement. The legend shall be removed upon termination of the provisions of this Section 4. 

  

	 	4.12	Termination of Certain Provisions. Notwithstanding any other provision herein to the contrary, upon the earlier of (a) the date on which both a majority of
Series A Shares and a majority of Series C Shares that are outstanding as of the Series C Original Issue Date are converted into Ordinary Shares; (b) the closing of a Qualified Public Offering; and (c) the closing of a Qualified Sale,
Sections 4.1 and 4.2 shall cease to have any effect. Notwithstanding any other provision herein to the contrary, upon such time that the Collateral Agent (as defined in the Share Mortgages) shall enforce the Share Mortgages and transfer all of the
Charged Property (as defined in the Share Mortgages) to a third party, Sections 4.1, 4.2, 4.3(b), 4.8, 4.9, 4.13 and 8 shall cease to have any effect. 

  

	 	4.13	No Transfer to Competitors. At all times before the closing of a Qualified Public Offering, none of the Shareholders shall Transfer any Equity Securities held by
them to a bona fide third party that directly or indirectly controls, operates or owns an interest of more than 10% in a budget hotel chain of more than 50 budget hotels in the PRC competing with the hotel chain of the Group Companies in the PRC.
Notwithstanding the foregoing, (A) any Transfer or sale under Sections 4.8 or 4.9 shall not be subject to this Section 4.13 and (B) if a Shareholder proposes to Transfer any Equity Securities to a third party, such Transfer shall not
be subject to this Section 4.13 if this Agreement and the Memorandum and Articles are amended in connection with the Transfer so that the holder of such Equity Securities shall no longer to entitled to any rights under Sections 1 (other than
information rights under Sections 1.1(a)(i) and 1.1(a)(iii)), 4 (other than co-sale rights under Sections 4.3(c) and 4.5), 7, 8 and 10 hereunder and under Articles 12 (other than co-sale rights under Articles 12(C)(c) and 12(E)), 19, 46 and 71 of
the Memorandum and Articles. 

  

	 	4.14	Termination of Section 4. Notwithstanding any other provision herein to the contrary, upon the closing of a Qualified Public Offering, this Section 4
shall cease to have any effect. 

  

	5.	ASSIGNMENT AND AMENDMENT. 

  

	 	5.1	 Assignment. Notwithstanding anything herein to the contrary, the rights of each Shareholder hereunder may be assigned (but only with all related
obligations) to any transferee or assignee of such Shareholder only in connection with a Transfer of Equity Securities held by such Shareholder and only to the extent of such Transfer, provided, in each case, that: (a) the Company is,
within a reasonable time after such Transfer or assignment, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such rights are being assigned; (b) such transferee or
assignee agrees in writing to be bound by and subject to all the terms and conditions of this Agreement, and (c) such Transfer or assignment is permitted by and complies with the terms of this Agreement;

  

 37 

	 	 
provided further, that the rights of Actis under Section 10 may not be assigned or transferred to any other party (other than an Affiliate of Actis) without the prior written consent of the
Company in its sole discretion; provided further, that, the Collateral Agent (as defined in the Share Mortgages) and the transferees of Charged Property (as defined in the Share Mortgages) shall not be required to be bound by and
subject to the terms and conditions of this Agreement upon enforcement of the Share Mortgages. 

  

	 	5.2	Amendment of Rights. Any term of this Agreement may be amended only with the written consent of the Company and all Investors. Any amendment or waiver effected
in accordance with this Section 5.2 shall be binding upon the parties hereto and their respective assigns. 

  

	6.	CONFIDENTIALITY AND NON-DISCLOSURE. 

  

	 	6.1	Disclosure of Terms. The terms and conditions of this Agreement, the Series A Subscription Agreement, the Series B Subscription Agreement, the Series C
Subscription Agreement and all exhibits and schedules attached to such agreements (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any party
hereto to any third party except in accordance with the provisions set forth below; provided that such confidential information shall not include any information that is in the public domain other than caused by the breach of the
confidentiality obligations hereunder. 

  

	 	6.2	Press Releases, Etc. Any press release issued by the Group Companies shall not disclose any of the Financing Terms and the final form of such press release shall
be approved in advance in writing by all of the Investors. No other announcement regarding any of the Financing Terms in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or
otherwise to the general public may be made without the Investors’ prior written consent. 

  

	 	6.3	Permitted Disclosures. Notwithstanding the foregoing, any party may disclose any of the Financing Terms to its or its Affiliate’s current or bona fide
prospective investors, lenders, partners or transferees, directors, employees, investment bankers, advisors, accountants and attorneys on a need-to-know basis, in each case only where such persons or entities are under appropriate nondisclosure
obligations. Without limiting the generality of the foregoing, the Investors, the Series A Director and the Series C Director, if applicable, shall be entitled to disclose the Financing Terms and other information related to the Group Companies for
the purposes of fund reporting or inter-fund reporting or to their Affiliates, fund manager, other funds managed by their fund manager and their respective current or bona fide prospective investors, lenders, partners or transferees, advisors,
auditors, counsel, directors, officers, employees or shareholders, or as required by law, government authorities, exchanges and/or regulatory bodies, including the SEC (or the equivalent in other jurisdictions), or in connection with a legal
proceeding. 

  

	 	6.4	 Legally Compelled Disclosure. In the event that any party is requested or becomes legally compelled (including without limitation, pursuant to
securities laws and regulations) to disclose the existence of this Agreement, the Series A

  

 38 

	 	 
Subscription Agreement, the Series B Subscription Agreement, the Series C Subscription Agreement, any of the exhibits and schedules attached to such agreements, or any of the Financing Terms
hereof in contravention of the provisions of this Section 6, such party (the “Disclosing Party”) shall, where practicable, provide the other parties (the “Non-Disclosing Parties”) with prompt written notice of
that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy. In such event, the Disclosing Party shall furnish only that
portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party. 

  

	 	6.5	Other Information. The provisions of this Section 6 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure
agreement executed by any of the parties with respect to the transactions contemplated hereby. 

  

	 	6.6	Notices. All notices required under this Section 6 shall be made pursuant to Section 12.1 of this Agreement. 

  

	7.	PROTECTIVE PROVISIONS. 

  

	 	7.1	Acts of the Group Companies. In addition to such other limitations as may be provided in the Memorandum and Articles, before the closing of a Qualified Public
Offering, the following acts of the Group Companies shall require the affirmative votes of at least the majority of the Board and the written approval of the Major Series A Shareholder and the Major Series C Shareholder (as long as there is a Major
Series A Shareholder or a Major Series C Shareholder), provided that (A) if the approval by the majority of the Board includes the affirmative votes of the Series A Director (as long as there is a Series A Director on the Board) and
Series C Director (as long as there is a Series C Director on the Board), and (B) (i) neither the Series A Director nor the Series C Director requests the Board for a reporting period of up to three (3) Business Day after the approval
by the Board, or (ii) if the Series A Director or the Series C Director requests the Board for such a reporting period and the Major Series A Shareholder or the Major Series C Shareholder, as applicable, does not provide a written notice of
disapproval to the Company prior to the expiration of such reporting period, the Major Series A Shareholder and the Major Series C Shareholder shall be deemed to have given such required approval; provided further that if any of the
following act is required or appropriate for the consummation of a Qualified Public Offering, such act shall only require the affirmative votes of a majority of the Board, including the affirmative votes of the Series A Director (as long as there is
a Series A Director on the Board): 

  

	 	(a)	any variation or amendment of the Memorandum and Articles or other constitutional documents of any Group Company; 

  

 39 

	 	(b)	any increase or decrease in the authorized share capital of any Group Company; 

  

	 	(c)	any amendment or change of the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, the Preferred Shares;

  

	 	(d)	the liquidation, dissolution, winding up, recapitalization, reorganization, or putting into bankruptcy of any Group Company; 

  

	 	(e)	any new issuance of any equity or debt securities of any Group Company, excluding any issuance excluded from the definition of New Shares; 

  

	 	(f)	any action to authorize, create or issue shares of any class or series of any Group Company having preferences superior to or on a parity with the Preferred Shares;

  

	 	(g)	any action to reclassify any outstanding shares into shares having preferences or priority as to dividends or assets senior to or on a parity with the preference of the
Preferred Shares; 

  

	 	(h)	any repurchase or redemption of any Equity Securities of the Company other than pursuant to contractual rights to repurchase Ordinary Shares from the Employees upon
termination of their employment or services; 

  

	 	(i)	the declaration or payment of a dividend or other distribution on Ordinary Shares or Preferred Shares; 

  

	 	(j)	any acquisition, merger, consolidation, or joint venture or any other form of business combination with one or more other person, company or entity;

  

	 	(k)	any purchase of equity securities of, any securities convertible into equity securities of, or any debt securities of, any other person, company or entity;

  

	 	(l)	the extension or guarantee by any Group Company of any debt or financial obligation in excess of US$250,000 (or an equivalent amount in another currency) individually
or in the aggregate during any fiscal year; 

  

	 	(m)	the sale, lease, transfer or other disposition of any Group Company’s material assets the value of which are in excess of US$1,000,000 (or an equivalent amount in
another currency) individually or in the aggregate during any fiscal year unless such disposition is done pursuant to the then current Business Plan; 

  

	 	(n)	any formation of a subsidiary or an Affiliate of any Group Company; 

  

	 	(o)	any Group Company’s annual Business Plan or financial budget, or any material variance thereto; 

  

 40 

	 	(p)	any items of cash or capital expenditure in excess of US$1,000,000 (or an equivalent amount in another currency) individually or in the aggregate during any fiscal
year, unless such expenditure is incurred pursuant to the then current Business Plan or financial budget or unless approved by the Board, including the Series A Director, if applicable, and Series C Director, if applicable; 

 

	 	(q)	any incurrence of debt or financial obligation in excess of US$1,000,000 (or an equivalent amount in another currency) individually or in the aggregate during any
fiscal year, unless such is incurred pursuant to the then current Business Plan or financial budget or unless approved by the Board, including the Series A Director, if applicable, and Series C Director, if applicable; 

  

	 	(r)	any purchase or lease of any real estate properties if the value of such purchase or lease is in excess of US$1,000,000 (or an equivalent amount in another currency)
unless such purchase or lease is done pursuant to the then current Business Plan; 

  

	 	(s)	any material expansion of business of any Group Company unless such change is made pursuant to the then current Business Plan or financial budget;

  

	 	(t)	any transaction, involving any Group Company on one side and any of Group Company’s related or affiliated parties or Employees or shareholders or their Immediate
Family or Affiliates on the other side, other than: (i) any employment or employment-related agreements, or (ii) any agreements between the Company and any of its subsidiaries so long as financials of such subsidiaries shall be
consolidated into those of the Company, or (iii) other agreements entered into in the ordinary course of business and with arm-length terms under which it is likely to result in consideration to any Group Company, or imposing liability or
contingent liability on any Group Company, in excess of US$50,000 (or an equivalent amount in another currency); 

  

	 	(u)	any change in the principal business activities of any Group Company; 

  

	 	(v)	the appointment and removal or change of material terms of employment (including the increase of fifteen percent (15%) or more in the total compensation in any
12-month period) of the five (5) most highly compensated Employees of any Group Company, including Chief Executive Officer, Chief Operating Officer and Chief Financial Officer or legal representative or any persons acting in the foregoing
capacities and the Key Employees listed in the Series C Preferred Share Subscription Agreement; 

  

	 	(w)	change of auditors or any material change in the accounting methods or financial policies; 

  

	 	(x)	any change in the number of directors of the Company; any appointment and removal of any independent director of the Company; 

  

 41 

	 	(y)	the adoption or material amendment of the Share Option Plan or other similar scheme and the grant of awards thereunder; and 

  

	 	(z)	any other action or transaction which is out of ordinary course of business and is not contemplated in any Group Company’s Business Plan. 

 

	 	7.2	No Impairment. The Shareholders of the Company will not, by the amendment of the Memorandum and Articles or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under the Memorandum and Articles but will at all
times in good faith assist in the carrying out of all the provisions of the Memorandum and Articles and in the taking of all such action as may be necessary or appropriate in order to protect the conversion and other rights of the Preferred
Shareholders against impairment. 

  

	8.	BOARD OF DIRECTORS. 

  

	 	8.1	Number of Directors. The Company’s Memorandum and Articles shall provide that the Board shall consist of up to eleven (11) members, which number shall
not be changed except pursuant to an amendment to the Memorandum and Articles. Except as set forth in this Section 8.1, the Company shall not grant any additional Board seats or Board observer rights without the prior written consent of each
Major Shareholder. 

  

	 	8.2	Election of Directors. The Company shall take all action necessary to elect the following candidates as directors and the shareholders shall vote their shares in
support of such election: 

  

	 	(a)	For as long as the Series A Shares are outstanding, the Major Series A Shareholder shall be entitled to designate one (1) member of the Board (the “Series
A Director”) and remove such Series A Director, who shall initially be Chi, Miao, and shall be entitled to designate an additional non-voting observer to the Board. 

  

	 	(b)	For as long as the Series C Shares are outstanding, the Major Series C Shareholder shall be entitled to designate one (1) member of the Board (the “Series
C Director”) and remove such Series C Director, who shall initially be John Liu, and shall be entitled to designate an additional non-voting observer to the Board. 

  

	 	(c)	The holders of a majority of the Ordinary Shares (voting as a single, separate class and not on an as-converted basis) shall be entitled to designate four
(4) members of the Board (the “Ordinary Share Directors”) and remove such Ordinary Share Directors, who shall initially be He, Boquan, Zheng, Nanyan, Li, Baoming and Shi, Minjian. 

  

 42 

	 	(d)	Any member of the Board not elected in the manner provided in clauses (a) to (c) above shall be designated and removed by the mutual consent of: (i) for
as long as the Series A Shares are outstanding, the Major Series A Shareholder, (ii) for as long as the Series C Shares are outstanding, the Major Series C Shareholder and (iii) the holders of a majority of the Ordinary Shares (voting as a
single, separate class and not on an as-converted basis). 

  

	 	8.3	Alternate Director. Each of the Series A Director and the Series C Director, if applicable, shall be entitled to appoint alternates to serve at any meeting of
the Board or of any committee thereto; provided that prior to such appointment, the Series A Director or the Series C Director, as applicable, shall consult with Mr. He so long as he is a member of the Board (but such appointment shall
not be subject to Mr. He’s consent), and such alternates shall be permitted to attend all meetings of the Board or of any committee and vote on the director’s behalf. 

  

	 	8.4	Board Committees. Each committee of the Board (including but not limited to Auditing Committee and Compensation Committee) and the quorum for such committee
shall consist of at least the Series A Director and Series C Director, if applicable, provided that the provisions set forth in Sections 8.5(b) and 8.5(c) shall be applicable to a meeting of any committee of the Board mutatis mutandis.

  

	 	8.5	Quorum and Board Action. 

  

	 	(a)	Subject to other provisions of this Section 8.5, a quorum of the Board shall consist of a majority of all directors then appointed on the Board, including the
Series A Director (if applicable) and the Series C Director (if applicable). 

  

	 	(b)	If within half an hour from the time appointed for the meeting a quorum is not present solely due to the absence of the Series A Director and/or Series C Director, the
meeting shall stand adjourned. Notices shall be re-issued pursuant to Section 8.6 to advise the day, time and place of the adjourned Board meeting. 

  

	 	(c)	If at the adjourned Board meeting a quorum is not present within half an hour from the time appointed for such meeting solely due to the absence of such director(s),
such meeting shall stand adjourned again and the procedures specified in Section 8.5(b) shall be followed, at which second adjourned meeting a quorum shall not require the presence in person or by proxy of such directors.

  

	 	(d)	Unless otherwise provided in Section 7, any action, approval or exercise of discretion of the Board (including acts and approvals contemplated under this
Agreement) shall require the simple majority votes of the directors present who form the requisite quorum, for the same to constitute a valid corporate act. 

  

 43 

	 	(e)	Any action that may be taken by the directors at a Board meeting may be taken by a written resolutions signed by all of the directors. 

  

	 	8.6	Board Meetings. The Board shall meet at least once every six (6) months, unless otherwise agreed by the vote of a majority of the Board, including the
affirmative vote of the Series A Director and Series C Director, if applicable. The Board shall also convene a meeting to discuss business operations and results at least once every three (3) months. Subject to the foregoing, a director or
alternate director or the company secretary on the requisition of a director or alternate director shall at any time summon a meeting of the Board by at least ten (10) days’ prior notice in writing to every director and alternate director
which notice shall set forth the date, time and place of the meeting of the Board and a director or alternate director or the company secretary on the requisition of a Director or alternate Director shall deliver at least five (5) days’
prior notice in writing to every director and alternate director which notice shall set forth the general nature of the business to be considered unless such notice is waived by all the directors (or their alternates) either at, before or after the
meeting is held. Directors may participate in Board meetings by telephone, and such participation shall constitute presence for purposes of the quorum provisions of Section 8.5. 

  

	 	8.7	Board Representation of Subsidiaries. Unless already appointed, at the request of the Major Series A Shareholder and the Major Series C Shareholder, the Group
Companies and the Founders shall cause such individuals designated by them to be elected to the boards of directors of the PRC Subsidiary and any other direct or indirect subsidiary of the Group Companies so that nominees of the Major Series A
Shareholder and the Major Series C Shareholder are proportionately represented on such boards of directors as on the Board. 

  

	 	8.8	Governance of Group Companies. All directors of the PRC Subsidiary and any direct or indirect subsidiary of the Company shall be appointed and removed only by
the Company pursuant to action of the Board. Each of the Group Companies, the Founders and the Ordinary Shareholders shall procure that all corporate actions of the PRC Subsidiary and any direct or indirect subsidiary of the Company shall be
pursuant to action by the Board. 

  

	 	8.9	Termination of Section 8. Notwithstanding any other provision herein to the contrary, upon the closing of a Qualified Public Offering, this Section 8
shall cease to have any effect. 

  

	9.	EMPLOYEE SHARE OPTION PLAN; NON-COMPETITION BY SENIOR MANAGEMENT. 

  

	 	9.1	Grant of Share Options. The parties hereto acknowledge and agree that, as of the date hereof, the Company has adopted a 2007 Employee Share Incentive Plan (the
“Share Option Plan”), pursuant to which the Company may grant options, warrants or other rights to the employees, officers, directors, advisors or consultants of the Group Companies (collectively, “Employees” and
individually, an “Employee”) to subscribe for up to an aggregate 6,497,727 Ordinary Shares (including, for the avoidance of doubt, any Options previously reserved, authorized or issued to the Employees). 

  

 44 

	 	9.2	Share Option Vesting. Except as expressly approved by the Board by unanimous votes, Options granted to the Employees after the Closing pursuant to the Share
Option Plan shall vest over a four-year period, with twenty-five percent (25%) of the Options vested on the first anniversary of the date of grant and the balance vested in equal six-month-period installments over the next three (3) years
after the first anniversary until fully vested. 

  

	 	9.3	Repurchase Option. To the extent permissible under applicable laws and except as otherwise approved by a majority of the Board, including the Series A Director
and Series C Director, if applicable, Ordinary Shares acquired by any Employees by exercising the Options granted under the Share Option Plan shall be subject to a repurchase option exercisable by the Company or its assignee if employment or
engagement of such Employee with the Company is terminated with or without cause. 

  

	 	9.4	Non-competition by Senior Management. The Company shall use its commercially reasonable efforts to procure that each of its chief executive officer, chief
financial officer, chief information officer (if applicable) and all executive vice presidents shall not, conduct or own more than 10% equity interest in any other business that competes with the Principal Business of the Group Companies, unless
such conduct or ownership shall have been previously disclosed to the Company and the Preferred Shareholders, and the Company, the Major Series A Shareholder and the Major Series C Shareholder shall have approved such conduct or ownership in
writing. For purpose of this Section 9.4, “Principal Business” shall mean the development, lease, operation, franchise and management of non-luxury hotels in the PRC and any supporting and ancillary services related thereto.

  

	10.	ESG UNDERTAKINGS. 

  

	 	10.1	Subject to applicable laws, the Company and the PRC Subsidiary hereby undertake to Actis to use commercially reasonable efforts to adopt and implement the following
corporate policies for the Group Companies: 

  

	 	(a)	provide safe and healthy working conditions for its employees and contractors; 

  

	 	(b)	encourage the efficient use of natural resources and promote the protection of the environment; 

  

	 	(c)	treat all employees fairly in terms of recruitment, progression, remuneration and conditions of work, irrespective of gender, race, color, language, disability,
political opinion, age, religion or national/social origin; 

  

	 	(d)	allow consultative work-place structures and associations which provide employees with an opportunity to present their views to management; 

  

	 	(e)	take account of the impact of its operations on the local community and seek to ensure that potentially harmful occupational health and safety, environmental and social
effects are properly assessed, addressed and monitored; 

  

 45 

	 	(f)	uphold high standards of business integrity and honesty, complies with local laws and international good practice and do not directly or indirectly offer, pay, solicit
or accept bribes in any form; and 

  

	 	(g)	implement a social and environmental management system which enables effective identification, management and monitoring of any risks and provides a framework for
action. 

  

	 	10.2	The Company shall use its commercially reasonable efforts to procure that within 90 days of the end of each financial year of the Company an ESG Principles Compliance
Report, substantially in the form attached hereto as Exhibit B, is made for such financial year in respect of the Company and each other relevant Group Company. The ESG Principles Compliance Report shall be provided to the Board, and Actis
shall be provided with a copy of the ESG Principles Compliance Report and the Board’s response thereto, if any. 

  

	 	10.3	The parties hereby agree and acknowledge that, to the extent there is any ambiguity or difficulty in the interpretation or implementation of the corporate policies to
be adopted by the Company pursuant to Section 10.1, the Company shall be entitled to interpret and implement such policies in good faith using its commercially reasonable efforts based on the customary industry practices as practiced by other
comparable budget hotel chains in the PRC that are listed outside the PRC; provided that the Company shall consult with Actis during such process. 

  

	11.	USE OF SERIES C PROCEEDS. 

  

	 	11.1	Establishment of Onshore Reserve Account. The parties hereto shall procure that (A) each of a representative of the Major Series A Shareholder, the Major
Series C Shareholder and the Founder holding the most Shares among all Founders (the “Major Founder”) will be named as a signatory (each, a “Onshore Account Designee”) under a bank account of a Group Company in the
PRC (which account shall be reasonably agreed to by the Major Series A Shareholder, the Major Series C Shareholder and the Major Founder (the “Onshore Reserve Account”) and (B) any withdrawal, disbursement or payment from the
Onshore Reserve Account will require the signatures of at least two (2) of the three (3) Onshore Account Designees. 

  

	 	11.2	Conversion into RMB. The parties hereto shall (A) use their respective commercially reasonable efforts to procure that the proceeds deposited in the
Offshore Reserve Account pursuant to the Series C Subscription Agreement will be converted into RMB as soon as practicable after the date hereof, (B) cause the equivalent of US$15 million of such proceeds to be deposited into a bank account of
a Group Company selected by the Company (the “Operating Account”) and (C) cause the remaining of such proceeds to be deposited into the Onshore Reserve Account. 

  

 46 

	 	11.3	Withdrawals from the Onshore Reserve Account. 

  

	 	(a)	The Company shall have the right, each time (i) when the available balance in the Operating Account becomes less than US$7.5 million or (ii) with the prior
written approval of any two of the Major Series A Shareholder, the Major Series C Shareholder and the Major Founder, to request in writing (a “Funding Notice”) to the Major Series A Shareholder, the Major Series C Shareholder and
the Major Founder to transfer an amount equal to the less of (i) the equivalent of US$10 million and (ii) the then available balance in the Onshore Reserve Account from the Onshore Reserve Account to the Operating Account. The Funding
Notice shall contain an itemized description as to how the Group Companies propose to use such transferred funds. 

  

	 	(b)	Any of the Major Series A Shareholder, the Major Series C Shareholder and the Major Founder may require the Company to provide further details as to the proposed use of
the transferred funds and, upon the written request of any of them, the Board shall review and determine whether such proposed use should be approved. 

  

	 	(c)	If any two of the Major Series A Shareholder, the Major Series C Shareholder and the Major Founder consent in writing to the proposed transfer, the Major Series A
Shareholder, the Major Series C Shareholder and the Major Founder shall cause their respective Onshore Account Designees to approve and execute such transfer as soon as practicable thereafter; provided that if the proposed use of the
transferred funds as described in the Funding Notice has been previously approved by the Board (whether or not pursuant to clause (b) above), the Major Series A Shareholder, the Major Series C Shareholder and the Major Founder shall cause their
respective Onshore Account Designees to approve and execute such transfer as soon as practicable thereafter. 

  

	12.	GENERAL PROVISIONS. 

  

	 	12.1	Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing
and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery; (b) when sent by facsimile at the number set forth in Exhibit A hereto, upon receipt of confirmation of error-free
transmission; (c) five (5) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set forth in Exhibit A; or (d) three (3) Business
Days after deposit with an international overnight delivery service, postage prepaid, addressed to the parties as set forth in Exhibit A with next Business Day delivery guaranteed, provided that the sending party receives a
confirmation of delivery from the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication made by it by
facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this
Section 12.1 by giving the other party written notice of the new address in the manner set forth above. 

  

 47 

	 	12.2	Entire Agreement; Waiver. This Agreement and the other Transaction Agreements, together with all the exhibits hereto and thereto, constitute and contain the
entire agreement and understanding of the parties with respect to the subject matter hereof and supersede any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject
matter hereof, including, without limitation, the Original Agreement, the Amended Agreement, and a Shareholders Agreement dated October 13, 2005 entered into among Zheng Nanyan, Mr. He, Smartech Resources Limited and Lee Chien. Each
Shareholder hereby, effective immediately prior to the Closing (as defined in the Series C Preferred Share Subscription Agreement), consents to the issuance of Series C Preferred Shares under the Series C Preferred Share Subscription Agreement and
waives any preemptive right it may have under such prior agreements or the memorandum and articles of association of the Company. 

  

	 	12.3	Governing Law. Except with respect to the references in this Agreement to the Exchange Act and the Securities Act, this Agreement shall be governed by and
construed exclusively in accordance with the laws of Hong Kong. 

  

	 	12.4	Severability. If any provision of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as
to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be
severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use best efforts to negotiate, in
good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement. 

  

	 	12.5	Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their permitted successors
and assigns any rights or remedies under or by reason of this Agreement. Notwithstanding the foregoing, any rights of WP under this Agreement may, without prejudice to the rights of WP to exercise any such rights, be exercised by Warburg Pincus Asia
LLC (“WP Asia”) or any other fund manager of WP or their nominees (“WP Manager”), unless WP has (a) given notice to the other parties that any such rights cannot be exercised by WP Asia or a WP Manager; and
(b) not given notice to the other parties that such notice which is given under this Section 12.5 has been revoked. 

  

	 	12.6	 WP VCOC Rights. The parties to this Agreement acknowledge that if WP is directly or indirectly wholly-owned by Warburg Pincus Real Estate I,
L.P. (the “Fund”), the Fund shall be acting on behalf of WP for all purposes under this Agreement, including, without limitation, the right to directly exercise all of the rights held by WP hereunder. Without limiting the generality
of the foregoing, the parties acknowledge that so long as WP satisfies the criteria for the Major

  

 48 

	 	 
Series A Shareholder set forth herein, the Fund acting on behalf of WP shall be deemed the Major Series A Shareholder and shall have the Information Rights, Inspection Rights and Audit
Rights set forth herein and the Fund shall have the rights set forth in Section 8 to nominate (and remove) the Series A Director, if applicable. In addition, the parties acknowledge that the Fund is an entity that is intended to qualify as a
“venture capital operating company” within the meaning of the U.S. Department of Labor Regulation Section 2510.3-101 (the “Plan Asset Regulation”). As long as WP is directly or indirectly wholly-owned by the Fund, to
the extent (i) permitted by applicable laws and (ii) without impairing the rights of other Shareholders and (iii) without imposing any undue burden on the business and operations of the Company, at such time as requested by the Fund,
the Company shall sign such contract as may be presented by the Fund and agreed by the Company (which agreement shall not be unreasonably withheld) to grant the Fund such rights as may be necessary to qualify the Fund’s investment in the
Company as a venture capital investment for purposes of the Plan Asset Regulation. 

  

	 	12.7	Successors and Assigns. Subject to the provisions of Section 5.1, the provisions of this Agreement shall inure to the benefit of, and shall be binding upon,
the successors and permitted assigns of the parties hereto. 

  

	 	12.8	Interpretation; Captions. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be employed in interpreting this Agreement. The captions to sections of this Agreement have been inserted for identification and reference purposes only and shall not be used to construe or interpret
this Agreement. Unless otherwise expressly provided herein, all references to Sections and Exhibits herein are to Sections and Exhibits of this Agreement. 

  

	 	12.9	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. 

  

	 	12.10	Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of Preferred Shares or Ordinary Shares of the Company,
then, upon the occurrence of any subdivision, combination or share dividend of the Preferred Shares or Ordinary Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the
effect on the outstanding shares of such class or series of shares by such subdivision, combination or share dividend. 

  

	 	12.11	Aggregation of Shares. All Preferred Shares or Ordinary Shares held or acquired by more than one Affiliate shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. 

  

	 	12.12	Shareholders Agreement to Control. If and to the extent that there are inconsistencies between the provisions of this Agreement and those of the Memorandum and
Articles, the terms of this Agreement shall control as between the Shareholders only, who hereby undertake and agree to take all actions necessary or advisable, as promptly as practicable after the discovery of such inconsistency, to amend the
Memorandum and Articles so as to eliminate such inconsistency to the fullest extent permissible by law. 

  

 49 

	 	12.13	Further Assurances. Each Shareholder shall take such actions, give such written further assurances, execute such documents and perform such further acts, as may
be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 

  

	 	12.14	Dispute Resolution. 

  

	 	(a)	Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination or
validity hereof, shall be resolved at the first instance through consultation between the parties to such Dispute. Such consultation shall begin immediately after any party has delivered written notice to any other party to the Dispute requesting
such consultation. 

  

	 	(b)	If the Dispute is not resolved within thirty (30) days following the date on which such notice is given, the Dispute shall be submitted to arbitration upon the
request of any party to the Dispute with notice to each other party to the Dispute (the “Arbitration Notice”). 

  

	 	(c)	The arbitration shall be conducted in Hong Kong. There shall be three (3) arbitrators as appointed in accordance with the arbitration rules described below. The
Secretary General of the Centre shall select the arbitrators, who shall be qualified to practice law in Hong Kong. 

  

	 	(d)	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International
Trade Law, as in effect at the time of the commencement of the arbitration. 

  

	 	(e)	Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and
documents requested by such other party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 

  

	 	(f)	The arbitrators shall decide any dispute submitted by the parties to the arbitration tribunal strictly in accordance with the substantive laws of Hong Kong and shall
not apply any other substantive law. 

  

	 	(g)	Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the
arbitral tribunal. 

  

	 	(h)	The parties to this Agreement agree to the consolidation of arbitrations under this Agreement, the Series A Subscription Agreement, the Series B Subscription Agreement
and the Series C Subscription Agreement (the “Transaction Agreements”) in accordance with the provisions of this Section 12.14. 

  

 50 

	 	(i)	In the event of two or more arbitrations having been commenced under any of the Transaction Agreements, the tribunal in the arbitration first filed (the
“Principal Tribunal”) may in its sole discretion, upon the application of any party to the arbitrations, order that the proceedings be consolidated before the Principal Tribunal if (1) there are issues of fact and/or law common
to the arbitrations, (2) the interests of justice and efficiency would be served by such a consolidation, and (3) no prejudice would be caused to any party in any material respect as a result of such consolidation, whether through undue
delay or otherwise. Such application shall be made as soon as practicable and the party making such application shall give notice to the other parties to the arbitrations. 

  

	 	(ii)	The Principal Tribunal shall be empowered to (but shall not be obliged to) order at its discretion, after inviting written (and where desired oral) representations from
the parties that all or any of such arbitrations shall be consolidated or heard together and/or that the arbitrations be heard immediately after another and shall establish a procedure accordingly. All parties shall take such steps as are necessary
to give effect and force to any orders of the Principal Tribunal. 

  

	 	(iii)	If the Principal Tribunal makes an order for consolidation, it: (1) shall thereafter, to the exclusion of other arbitral tribunals, have jurisdiction to resolve
all disputes forming part of the consolidation order; (2) shall order that notice of the consolidation order and its effect be given immediately to any arbitrators already appointed in relation to the disputes that were consolidated under the
consolidation order; and (3) may also give such directions as it considers appropriate (i) to give effect to the consolidation and make provision for any costs which may result from it (including costs in any arbitration rendered functus
officio under Section 12.14); and (ii) to ensure the proper organization of the arbitration proceedings and that all the issues between the parties are properly formulated and resolved. 

  

	 	(iv)	Upon the making of the consolidation order, any appointment of arbitrators relating to arbitrations that have been consolidated by the Principal Tribunal (except for
the appointment of the arbitrator of the Principal Tribunal itself) shall for all purposes cease to have effect and such arbitrators are deemed to be functus officio, on and from the date of the consolidation order. Such cessation is without
prejudice to (1) the validity of any acts done or orders made by such arbitrators before termination, (2) such arbitrators’ entitlement to be paid their proper fees and disbursements and (3) the date when any claim or defense was
raised for the purpose of applying any limitation period or any like rule or provision. 

  

 51 

	 	(v)	The Parties hereby waive any objections they may have as to the validity and/or enforcement of any arbitral awards made by the Principal Tribunal following the
consolidation of disputes or arbitral proceedings in accordance with this Section 12.14 where such objections are based solely on the fact that consolidation of the same has occurred. 

  

	 	(i)	During the course of the arbitration tribunal’s adjudication of the dispute, this Agreement shall continue to be performed except with respect to the part in
dispute and under adjudication. 

  

	 	(j)	The award of the arbitration tribunal shall be final and binding upon the parties, and the prevailing party may apply to a court of competent jurisdiction for
enforcement of such award. 

  

	 	12.15	Certain Definitions. As used in this Agreement, the following terms have the meanings ascribed to them below unless otherwise specified where they are used.

  

	 	(a)	“Actis” has the meaning as defined in Preamble. 

  

	 	(b)	“Affiliates” has the meaning as defined in the Memorandum and Articles. 

  

	 	(c)	“Agreement” has the meaning as defined in Preamble. 

  

	 	(d)	“Amended Agreement” has the meaning as defined in Recital (D). 

  

	 	(e)	“Arbitration Notice” has the meaning as defined in Section 12.14(c). 

  

	 	(f)	“as converted” means a calculation of share number should be made assuming that Preferred Shares (but not outstanding options, warrants and other
Equity Securities convertible into or exercisable or exchangeable for Ordinary Shares) have been converted into Ordinary Shares. 

  

	 	(g)	“Audit Rights” has the meaning as defined in Section 1.1(d). 

  

	 	(h)	“Board” has the meaning as defined in Section 1.1(a)(iv). 

  

	 	(i)	“Business Day” means any day (excluding Saturdays, Sundays and public holidays in Hong Kong, the PRC, London and the Cayman Islands) on which banks
generally are open for business in Hong Kong, the PRC, London and the Cayman Islands. 

  

	 	(j)	“Business Plan” has the meaning as defined in Section 1.1(a)(iv). 

  

	 	(k)	“Company” has the meaning as defined in Preamble. 

  

 52 

	 	(l)	“Co-Sale Participant” has the meaning as defined in Section 4.3(c)(i). 

  

	 	(m)	“Damages” has the meaning as defined in Section 2.9(a). 

  

	 	(n)	“Disclosing Party” has the meaning as defined in Section 6.4. 

  

	 	(o)	“Dispute” has the meaning as defined in Section 12.14(b). 

  

	 	(p)	“Dragged Holders” has the meaning as defined in Section 4.8(a). 

  

	 	(q)	“Dragged Holders” has the meaning as defined in Section 4.9(a). 

  

	 	(r)	“Dragging Holders” has the meaning as defined in Section 4.8(a). 

  

	 	(s)	“Dragging Holders” has the meaning as defined in Section 4.9(a). 

  

	 	(t)	“Employee” or “Employees” has the meaning as defined in Section 9.1. 

  

	 	(u)	“Equity Securities” means Ordinary Shares, Preferred Shares, any warrant, option, right, or any security that is issued as a dividend or other
distribution with respect to, or in exchange for, or in replacement of such Ordinary Shares or Preferred Shares, or securities convertible into or exercisable for Ordinary Shares or Preferred Shares, and a reference to a number of Equity Securities
at a given time shall be a reference to (i) the number of Ordinary Shares comprised in such Equity Securities at that time, and (ii) the number of Ordinary Shares into which Preferred Shares, warrants, options, rights, or securities
convertible into or exercisable for Ordinary Shares comprised in such Equity Securities are convertible into or exercisable for at that time. 

  

	 	(v)	“ESG Principles Compliance Report” means a report, substantially in the form attached hereto as Exhibit B, to be provided by the Company
pursuant to Section 10.2. 

  

	 	(w)	“Financing Terms” has the meaning as defined in Section 6.1. 

  

	 	(x)	“Founder” or “Founders” has the meaning as defined in Preamble. 

  

	 	(y)	“Full Exercising Holder” has the meaning as defined in Section 3.1. 

  

	 	(z)	“Full Purchasing Holder” has the meaning as defined in Section 4.3(b)(iii). 

  

	 	(aa)	“Fund” has the meaning as defined in Section 12.6. 

  

	 	(bb)	“GAAP” has the meaning as defined in Section 1.1(a)(i). 

  

	 	(cc)	“Group Company” or “Group Companies” has the meaning as defined in Preamble. 

  

 53 

	 	(dd)	“Unqualified Sale Notice” has the meaning as defined in Section 4.9(c). 

  

	 	(ee)	“Immediate Family” has the meaning as defined in Section 4.1. 

  

	 	(ff)	“Indenture” means the Indenture dated as of September 10, 2007 evidencing certain Guaranteed Senior Floating Rate Notes Due 2010, among the
Company, the Guarantors (as defined thereunder) and DB Trustees (Hong Kong) Limited as trustee and collateral agent. 

  

	 	(gg)	“Information Right” has the meaning as defined in Section 1.1(a)(x). 

  

	 	(hh)	“Inspection Rights” has the meaning as defined in Section 1.1(b). 

  

	 	(ii)	“Investor” or “Investors” has the meaning as defined in Preamble. 

  

	 	(jj)	“Lockup Shareholder” or “Lockup Shareholders” has the meaning as defined in Section 2.12. 

  

	 	(kk)	“Major Series A Shareholder” has the meaning as defined in Section 1.1(a). 

  

	 	(ll)	“Major Series C Shareholder” has the meaning as defined in Section 1.1(a). 

  

	 	(mm)	“Major Shareholder Auditor Records” has the meaning as defined in Section 1.1(d). 

  

	 	(nn)	“Major Shareholders” has the meaning as defined in Section 1.1(a). 

  

	 	(oo)	“Memorandum and Articles” means the Fourth Amended and Restated Memorandum and Articles of Association of the Company, as may be amended or restated
from time to time. 

  

	 	(pp)	“Mr. He” has the meaning as defined in Preamble. 

  

	 	(qq)	“New Shares” has the meaning as defined in Sections 3.1 and 3.3. 

  

	 	(rr)	“Non-Full Exercising Holder” has the meaning as defined in Section 3.1. 

  

	 	(ss)	“Offered Shares” has the meaning as defined in Section 4.3(a). 

  

	 	(tt)	“Offshore Reserve Account” has the meaning as defined in the Series C Subscription Agreement. 

  

	 	(uu)	“Original Agreement” has the meaning as defined in Recital (B). 

  

	 	(vv)	“Ordinary Share Directors” has the meaning as defined in Section 8.2(c). 

  

	 	(ww)	“Ordinary Shares” means the ordinary shares, par value US$0.125 per share, of the Company. 

  

 54 

	 	(xx)	“Ordinary Shareholders” means holders of Ordinary Shares. 

  

	 	(yy)	“Other Holders” has the meaning as defined in Section 2.4(b). 

  

	 	(zz)	“Permitted Transfer” has the meaning as defined in Section 4.1. 

  

	 	(aaa)	“Piggybacking Warrantholders” has the meaning as defined in Section 2.3(b). 

  

	 	(bbb)	“Plan Asset Regulation” has the meaning as defined in Section 12.14(a). 

  

	 	(ccc)	“PRC Subsidiary” has the meaning as defined in Preamble. 

  

	 	(ddd)	“PRC” has the meaning as defined in Preamble. 

  

	 	(eee)	“Preferred Shareholders” has the meaning as defined in Recital (E). 

  

	 	(fff)	“Preferred Shares” has the meaning as defined in Recital (E). 

  

	 	(ggg)	“Principal Business” has the meaning as defined in Section 9.4. 

  

	 	(hhh)	“Principal Tribunal” has the meaning as defined in Section 12.14(h)(i). 

  

	 	(iii)	“Prohibited Transfer” has the meaning as defined in Section 4.7(a). 

  

	 	(jjj)	“Prototal” has the meaning as defined in Preamble. 

  

	 	(kkk)	“Purchase Notice” has the meaning as defined in Section 4.3(b)(i). 

  

	 	(lll)	“Qualified Public Offering” has the meaning as defined in the Memorandum and Articles. 

  

	 	(mmm)	“Qualified Sale” has the meaning as defined in Section 4.8(a). 

  

	 	(nnn)	“Qualified Sale Date” has the meaning as defined in Section 4.8(c). 

  

	 	(ooo)	“Qualified Sale Notice” has the meaning as defined in Section 4.8(c). 

  

	 	(ppp)	“Remaining Shares” has the meaning as defined in Section 3.1. 

  

	 	(qqq)	“Request Notice” has the meaning as defined in Section 2.3(a). 

  

	 	(rrr)	“RMB” means Renminbi, the legal currency of the PRC. 

  

	 	(sss)	“Selling Shareholder” has the meaning as defined in Section 4.3(a). 

  

	 	(ttt)	“Series A Director” has the meaning as defined in Section 8.2(a). 

  

	 	(uuu)	“Series A Shareholders” has the meaning as defined in Recital (A). 

  

	 	(vvv)	“Series A Shares” has the meaning as defined in Recital (A). 

  

 55 

	 	(www)	“Series A Subscription Agreement” has the meaning as defined in Recital (A). 

  

	 	(xxx)	“Series A/C Co-Sale Notice” has the meaning as defined in Section 4.5(b)(i). 

  

	 	(yyy)	“Series A/C Co-Sale Participant” has the meaning as defined in Section 4.5(b)(i). 

  

	 	(zzz)	“Series A/C Offered Shares” has the meaning as defined in Section 4.5(a). 

  

	 	(aaaa)	“Series A/C Selling Shareholder” has the meaning as defined in Section 4.5(a). 

  

	 	(bbbb)	“Series A/C Transfer Notice” has the meaning as defined in Section 4.5(a). 

  

	 	(cccc)	“Series B Shares” has the meaning as defined in Recital (C). 

  

	 	(dddd)	“Series B Subscription Agreement” has the meaning as defined in Recital (C). 

  

	 	(eeee)	“Series C Director” has the meaning as defined in Section 8.2(b). 

  

	 	(ffff)	“Series C Original Issue Date” means the date on which the first Series C Share is issued. 

  

	 	(gggg)	“Series C Shareholders” has the meaning as defined in Recital (E). 

  

	 	(hhhh)	“Series C Shares” has the meaning as defined in Recital (E). 

  

	 	(iiii)	“Series C Subscription Agreement” has the meaning as defined in Recital (E). 

  

	 	(jjjj)	“Share Mortgages” has the meaning as defined in the Memorandum and Articles. 

  

	 	(kkkk)	“Share Option Plan” has the meaning as defined in Section 9.1. 

  

	 	(llll)	“Shares” means the Ordinary Shares and Preferred Shares. 

  

	 	(mmmm)	“Threshold Valuation” has the meaning as defined in Section 4.8(a). 

  

	 	(nnnn)	“Transaction Agreements” has the meaning as defined in Section 12.14(h). 

  

	 	(oooo)	“Transfer Notice” has the meaning as defined in Section 4.3(a). 

  

	 	(pppp)	“Transfer” has the meaning as defined in Section 4.1. 

  

	 	(qqqq)	“Unqualified Sale Date” has the meaning as defined in Section 4.9(c). 

  

 56 

	 	(rrrr)	“Unqualified Sale Dragging Holders Shares” has the meaning as defined in Section 4.9(c). 

  

	 	(ssss)	“Unqualified Sale” has the meaning as defined in Section 4.9(a). 

  

	 	(tttt)	“Violation” has the meaning as defined in Section 2.9(a). 

  

	 	(uuuu)	“Warrant Agreement” means the Warrant Agreement, dated as of September 10, 2007, by and between the Company and DB Trustees (Hong Kong) Limited.

  

	 	(vvvv)	“Warrants” has the meaning set forth in the Warrant Agreement. 

  

	 	(wwww)	“WP Asia” has the meaning as defined in Section 12.5. 

  

	 	(xxxx)	“WP Manager” has the meaning as defined in Section 12.5. 

  

	 	(yyyy)	“WP” has the meaning as defined in Preamble. 

  

	 	(zzzz)	“WP” has the meaning as defined in Preamble. 

  

	 	12.16	Effectiveness. This Agreement shall take effect and become a binding agreement among the parties hereto upon the Closing as defined in the Series C Subscription
Agreement. 

 — REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK — 
  

 57 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	COMPANY:
	
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ Zheng Nanyan

	Name:	 	Zheng Nanyan
	Title:	 	Chief Executive Officer

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	PRC SUBSIDIARY:
	
	7 Days Inn (Shenzhen) Co., Ltd.
		
	By:	 	 /s/ Zheng Nanyan

	Name:	 	Zheng Nanyan
	Title:	 	Legal Representative

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

	
	FOUNDERS:
	
	 /s/ HE BOQUAN

	HE BOQUAN
	
	 /s/ ZHENG NANYAN

	ZHENG NANYAN
	
	  

	ZHANG QIONG
	
	  

	LEE CHIEN

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

	
	FOUNDERS:
	
	  

	HE BOQUAN
	
	  

	ZHENG NANYAN
	
	 /s/ ZHANG QIONG

	ZHANG QIONG
	
	  

	LEE CHIEN

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

	
	FOUNDERS:
	
	  

	HE BOQUAN
	
	  

	ZHENG NANYAN
	
	  

	ZHANG QIONG
	
	 /s/ LEE CHIEN

	LEE CHIEN

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	FOUNDERS:
	
	FORTUNE NEWS INTERNATIONAL LIMITED
		
	By:	 	 /s/ Zheng Nanyan

	Name:	 	Zheng Nanyan
	Title:	 	Director
	
	SMARTECH RESOURCES LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	FOUNDERS:
	
	FORTUNE NEWS INTERNATIONAL LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SMARTECH RESOURCES LIMITED
	
	
		
	By:	 	 /s/ Zhang Qiong

	Name:	 	
	Title:	 	Authorized Signature(s)

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

			
	FOUNDER:
	
	PROTOTAL ENTERPRISES LIMITED
		
	By:	 	 /s/ He Boquan

	Name:	 	He Boquan
	Title:	 	Director

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives
to execute this Agreement as of the date and year first above written. 
  

	
	ORDINARY SHAREHOLDER:
	
	 /s/ SHI MINJIAN

	SHI MINJIAN

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this
Agreement as of the date and year first above written. 
  

			
	INVESTOR:
	
	WP RE (CAYMAN) INTERNATIONAL LTD.
		
	By:	 	 /s/ TARA E. O’NEILL

	Name:	 	TARA E. O’NEILL
	Title:	 	DIRECTOR

 [SIGNATURE PAGE TO SHAREHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this
Agreement as of the date and year first above written. 
  

			
	INVESTOR:
	
	HAPPY TRAVEL LIMITED
		
	By:	 	 /s/ Yannick Roussety

	Name:	 	Yannick Roussety
	Title:	 	Director

 EXHIBIT A 
 Notices 
 For the purpose of the notice provisions contained in the
Transaction Agreements, the following are the initial addresses of each party thereto: 
  

			
	7 DAYS GROUP HOLDINGS LIMITED
	
	 10F, Guitian Building,
 705 Guangzhou Da Dao Nan Road,
 Guangzhou

		
	Post Code:	  	510290
	Fax Number:	  	(8620) 8922-5507
	Attention:	  	Zheng Nanyan
	  
 Also with a copy to:
  
 Jun He Law Offices
 Suite 20-C, Shenzhen Development Bank Tower
 5047 Shennan Road Central, Shenzhen, PRC
518001

	Fax Number:	  	(86755) 2587-0780
	Attention:	  	Kirk Tong
	
	7 Days Inn (Shenzhen) Co., Ltd.
	
	 10F, Guitian Building,
 705 Guangzhou Da Dao Nan Road,
 Guangzhou

		
	Post Code:	  	510290
	Fax Number:	  	(8620) 8922-5507
	Attention:	  	Zheng Nanyan
	
	HE BOQUAN
	
	 Guangdong Jinri Investment Co., Ltd.
 32F, Metro Plaza, No. 183-187 North Tianhe Road,
 Guangzhou

		
	Post Code:	  	510000
	Fax Number:	  	(8620) 8755-5221
	Attention:	  	He Boquan

  

 65 

			
	ZHENG NANYAN
	
	 10F, Guitian Building,
 705 Guangzhou Da Dao Nan Road,
 Guangzhou

		
	Post Code:	  	510290
	Fax Number:	  	(8620) 8922-5507
	Attention:	  	 Zheng Nanyan

	
	ZHANG QIONG
	
	 Building 8,
 2558
West Yan An Road,
 Shanghai

		
	Post Code:	  	201103
	Fax Number:	  	(8621) 6295-1669
	Attention:	  	Zhang Qiong
	
	LEE CHIEN
		
	Address:	  	4400 Sabal Palm Road, Miami, Fl 33137 USA
	Fax Number:	  	(01305) 576-5536
	Attention:	  	Lee Chien
	
	FORTUNE NEWS INTERNATIONAL LIMITED
	
	 10F, Guitian Building,
 705 Guangzhou Da Dao Nan Road,
 Guangzhou

		
	Post Code:	  	510290
	Fax Number:	  	(8620) 8922-5507
	Attention:	  	Zheng Nanyan
	
	SMARTECH RESOURCES LIMITED
	
	 Building 8,
 2558
West Yan An Road,
 Shanghai

		
	Post Code:	  	201103
	Fax Number:	  	(8621) 6295-1669
	Attention:	  	Zhang Qiong
	
	SHI MINJIAN
	
	 Room 3213, Metro Plaza
 183 Tian He North Road
 Guangzhou, China
 Fax Number: 86-21-8755 5221

  

 66 

 WP RE (CAYMAN INTERNATIONAL LTD.) 
 Suite 6703 Two International Finance Centre 
 8 Finance Street 
 Hong Kong 
  

			
	Fax Number:	  	(852) 2521-3869
	Attention:	  	Joseph Gagnon

 ACTIS 
 Happy Travel Limited 
 Les Cascades, Edith Cavell Street, Port Louis, Republic of Mauritius

 c/o Mr. John Liu 
 Actis China
Limited 
 Room 712, China World Tower 2 
 No. 1 Jianguomenwai Dajie, 
 Chaoyang District, Beijing 100004 
 China 
 Fax: +86 (10) 65095 8111 
 copy to: Actis General Counsel 
 c/o: Actis LLP

 2 More London Riverside 
 London, SE1
2JT 
 England 
 Facsimile: +44 207 234
5304 
  

 67 

 EXHIBIT B 
 Form of ESG Principles Compliance Report 
  

 68 

 ANNEX 1 
 Environmental, Social and Governance Compliance Report 
 Date: 
 Company: 
  

			
	ESG Area	  	 Description of Significant ESG Issue(s)
 (Please include a commentary in each box. If there are no concerns in a particular area, write “None”. Apart from outlining the issue, please include brief comment on actions taken to
mitigate this issue and/or reduce the possibility of recurrence)

		
	Health and Safety1	  	 Lost-time accidents (LTA) month / YTD
 Fatalities month / YTD
 Commentary

		
	Environment2	  	
		
	Social3	  	
		
	Business Integrity4	  	
		
	Other comments (eg major accident but no fatalities)5	  	

 Completed
by                    (typically by a manager of HR/legal) 
 Examples (not exhaustive) of significant issue(s) of concern 
 1 – Alongside the stats,
provide brief commentary on reasons for any LTAs or fatalities (from an accident or occupational illness) 
 2 – Severe environmental
damage (eg The company is required to take extensive measures to restore the contaminated environment to its original state, extended exceedance of statutory or prescribed limits, persistent severe environmental damage or severe nuisance extending
over a large area) 
 3 – Significant social issue (eg Significant worker(s) rights abuse, significant failure in social commitments made
in an EIA, SIA or other legally binding document, labour unrest, community concerns) 
 4 – Significant business integrity issue (evidence
of bribery, money laundering, breach of code of conduct, extensive adverse attention in national/international media) 
 5 – This might
also include anything HSES related that is expected to result in $50,000 + cost to the companyIndenture, dated September 10, 2007

 Exhibit 10.2 
 EXECUTION COPY 
  
  
 7 DAYS GROUP HOLDINGS LIMITED

 GUARANTEED SENIOR 
 FLOATING RATE NOTES DUE 2010 
  
  
 INDENTURE

 Dated as of September 10, 2007 
  

 
 DB TRUSTEES
(HONG KONG) LIMITED 
 as Trustee 
  
  

 This INDENTURE dated as of September 10, 2007 is by and among 7 Days Group Holdings
Limited, a company incorporated with limited liability in the Cayman Islands (the “Company”), each Guarantor (as defined below), and DB Trustees (Hong Kong) Limited as trustee (the “Trustee”) and the
Collateral Agent (the “Collateral Agent”). 
 The Company has duly authorized the creation and issue of
Guaranteed Senior Floating Rate Notes due 2010 (the “Notes”) of the amount and substantially the tenor hereinafter set forth and, to provide therefor, the Company has duly authorized the execution and delivery of this
Indenture. All things necessary to make the Notes, when duly issued and executed by the Company, and authenticated and delivered hereunder, the valid obligations of the Company, and to make this Indenture a valid and binding agreement of the
Company, have been done. The Company, the Guarantor, the Trustee and the Collateral Agent agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes issued under this Indenture: 
 ARTICLE 1. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 “Account Agreement” means the account management agreement, dated September 10, 2007 among the Company, the
Collateral Agent and DB Trustees (Hong Kong) Limited, as Account Manager for the creation and maintenance of the Debt Service Reserve Account. 
 “Account Charge” means the Charge Over Debt Service Account, dated September 10, 2007 between the Company and the Collateral Agent to create a charge over the Debt Service
Reserve Account. 
 “Additional Amounts” means such additional amounts as required to be paid by the
Company in accordance with Section 4.30. 
 “Additional Assets” means: 
 (a) any Property (other than cash, Cash Equivalents and securities) to be owned by the Company or any of its Subsidiaries and
used in a Related Business; or 
 (b) Capital Stock of a Person that becomes a Subsidiary of the Company as a
result of the acquisition of such Capital Stock by the Company or another Subsidiary of the Company from any Person other than the Company or an Affiliate of the Company; provided, however, that, in the case of clause (b), such Subsidiary is
primarily engaged in a Related Business. 

 “Adjusted Treasury Rate” means, as of any redemption date, the yield
to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent U.S. Federal Reserve Statistical Release H.I5 (519) that has become publicly available at least
two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to March 10, 2009;
provided, however, that if the period from the redemption date to March 10, 2009 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be
used. 
 “Affiliate” of any specified Person means: 
 (a) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person, or 
 (b) any other Person who is a director or officer, or immediate family relative of such
officer or director, of: 
 (1) such specified Person, 
 (2) any Subsidiary of such specified Person, or 
 (3) any Person described in clause (a) above. 
 For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Section 4.14 and the definition of
“Additional Assets” only, “Affiliate” shall also mean any Beneficial Owner of shares representing 5% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of rights or warrants to
purchase such Voting Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such Beneficial Owner pursuant to the first sentence hereof. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent, Calculation Agent, Custodian or
the Collateral Agent, and collectively they are referred to herein as “Agents”. 
 “Annualized EBITDAR to
Interest and Lease Payment Ratio” means, as of any date of determination, the ratio of: 
 (a) the
sum of: 
 (i) aggregate amount of Annualized Pro Forma EBITDA, and 
 (ii) Consolidated Rent Expense that was paid in cash during the Company’s most recently completed Fiscal Quarter
multiplied by four, to 
  

 2 

 (b) Interest and Lease Payments of the Fiscal Quarter in which such
determination date occurs multiplied by four. 
 In addition, if since the beginning of the fourth full fiscal quarter so preceding such
determination date, the Company or any of its Subsidiaries shall have made any Asset Sale or acquired any material assets or entered into or terminated any lease classified as an operating lease in the consolidated financial statements of the
Company and its Subsidiaries, or if the transaction giving rise to the need to calculate the EBITDAR to Interest and Lease Payment Ratio is an Asset Sale or an acquisition of material assets, EBITDAR for such period shall be calculated on a pro
forma basis as if such Asset Sale, acquisition or lease commencement or termination occurred on the first day of such period. 
 “Annualized Leverage Ratio” means, as of any date of determination, the ratio of: 
 (a) the outstanding Debt of the Company and its Subsidiaries on such date on a consolidated basis, to 
 (b) the Annualized Pro Forma EBITDA with respect to such date. 
 “Annualized Pro Forma EBITDA”
means, as of any date of determination, the product of Pro Forma EBITDA for the Company’s most recently completed fiscal quarter for which financial statements are available prior to such determination date multiplied by four. 
 “Applicable Procedures” means, with respect to any transfer, redemption or exchange of or for beneficial interests
in any Global Note, the rules and procedures of Euroclear and Clearstream that apply to such transfer, redemption or exchange. 
 “Asset Sale” means any sale, lease, transfer, issuance or other disposition (or series of related sales, leases, transfers, issuances or dispositions) by the Company or any of its Subsidiaries, including any
disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a “disposition”), of 
 (a) any shares of Capital Stock of a Subsidiary of the Company (other than directors’ qualifying shares), or 

(b) any other Property of the Company or any of its Subsidiaries outside of the ordinary course of business of the Company
or such Subsidiary, 
 other than, in the case of clause (a) or (b) above, 
 (1) any disposition by a Subsidiary of the Company to the Company or by the Company or one of its Subsidiaries to a Wholly
Owned Subsidiary, 
 (2) any disposition that constitutes a Permitted Investment; or 
  

 3 

 (3) any disposition effected in compliance with the first paragraph of
Section 5.01 including, without limitation, any such disposition that is a Block Trade. 
 “Attributable
Debt” in respect of a Sale and Leaseback Transaction means, at any date of determination, 
 (a) if
such Sale and Leaseback Transaction is a Capital Lease Obligation, the amount of Debt represented thereby according to the definition of “Capital Lease Obligations,” and 
 (b) in all other instances, the present value (discounted at the weighted average interest rate implicit in the Sale and
Leaseback Transaction, compounded annually in the most recently completed twelve months) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any
period for which such lease has been extended). 
 “Average Life” means, as of any date of
determination, with respect to any Debt or Preferred Stock, the quotient obtained by dividing: 
 (a) the sum of
the products of (x) the numbers of years (rounded to the nearest one-twelfth of one year) from the date of determination to the dates of each successive scheduled principal payment of such Debt or redemption or similar payment with respect to
such Preferred Stock multiplied by (y) the amount of such payment by 
 (b) the sum of all such payments.

 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of
debtors, or the law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as such term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion
or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition or passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning. 
 “Block Trade” means either (i) the sale, transfer, assignment, conveyance
or other disposition, directly or indirectly, of all or substantially all of the assets of the Company, or (ii) any transaction or series of related transactions by any Sponsor or its Affiliates pursuant to which 25% or more of the Ordinary
Share Equivalents then held by such Sponsor and its Affiliates is sold or transferred to any Person that is not an Affiliate of the Company or any Sponsor. 
  

 4 

 “Board of Directors” means (1) except as set out in clause (3),
in respect of a corporation, the board of directors of the corporation, or (except if used in the definition of “Change of Control”) any duly authorized committee thereof; (2) except as set out in clause (3), in respect of any other
Person, the board or committee of that Person serving an equivalent function; and (3) in the case of each PRC Subsidiary other than the WFOE, one executive director. 
 “Board Resolution” of a Person means a copy of a resolution certified by the secretary or an assistant secretary (or individual performing comparable duties) of the applicable
Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 
 “Calculation Agent” means initially DB Trustees (Hong Kong) Limited, until a successor replaces DB Trustees (Hong
Kong) Limited in accordance with Section 2.03 hereof and thereafter means the successor serving hereunder. 
 “Capital Expenditures” means, for any period, expenditures by the Company or any of its Subsidiaries for the acquisition or leasing (pursuant to Capital Lease Obligations) of fixed or capital assets or additions to
equipment (including replacements, capitalized repairs and improvements during such period) that should be capitalized under IFRS on a consolidated balance sheet of the Company and its Subsidiaries. 
 “Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial
reporting purposes in accordance with IFRS, provided however that for purposes of this Indenture, all leases in respect of hotels shall be treated as an Operating Lease and not a Capital Lease Obligation; and the amount of Debt represented by
such obligation shall be the capitalized amount of such obligations determined in accordance with IFRS; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.11 a Capital Lease Obligation shall be deemed secured by a Lien on the Property being leased. 
 “Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class
of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including Preferred Stock, but excluding any debt security convertible or
exchangeable into such equity interest. 
 “Capital Stock Sale Proceeds” means the aggregate cash
proceeds received by the Company from the issuance or sale (other than to a Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any such Subsidiary for the benefit of their employees) by the Company
of its Capital Stock (other than Disqualified Stock) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees
actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
  

 5 

 “Cash Equivalents” means any of the following: 
 (a) Investments in U.S. Government Securities maturing within 365 days of the date of acquisition thereof; 
 (b) Investments in time deposit accounts, certificates of deposit and money market deposits maturing within 90 days of the
date of acquisition thereof issued by a bank or trust company organized under the laws of the United States of America or any state thereof having capital, surplus and undivided profits aggregating in excess of $500 million and whose long-term debt
is rated “A-3” or “A-” or higher according to Moody’s or S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the
Securities Act)); 
 (c) repurchase obligations with a term of not more than 30 days for underlying securities of
the types described in clause (a) entered into with: 
 (1) a bank meeting the qualifications described in
clause (b) above, or 
 (2) any primary government securities dealer reporting to the Market Reports
Division of the Federal Reserve Bank of New York; 
 (d) Investments in commercial paper, maturing not more than
90 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America with a rating at the time as of which any Investment therein is made of
“P-l” (or higher) according to Moody’s or “A-l” (or higher) according to S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436
under the Securities Act)); 
 (e) direct obligations (or certificates representing an ownership interest in such
obligations) of any state of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of such state are pledged and which are not callable or redeemable at the issuer’s
option, provided that: 
 (1) the long-term debt of such state is rated “A-3” or “A-”
or higher according to Moody’s or S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)), and 
 (2) such obligations mature within 180 days of the date of acquisition thereof; and 
 (f) time deposit accounts, certificates of deposit and money market deposits with (i) Bank of China, Industrial and
Commercial Bank of China, China Construction Bank and China Merchants Bank or (ii) any other bank or trust company organized under the laws of the PRC whose long-term debt is rated as high or higher than any of those banks. 
  

 6 

 “Change of Control” means the occurrence of any of the following
events: 
 (a) the Permitted Holders cease to be the “beneficial owners” (as defined in Rule 13d-3
under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of a majority of the total voting power of the Voting Stock of the Company, whether as a result of the issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company, any direct or
indirect transfer of securities by the Permitted Holders or otherwise (for purposes of this clause (a), the Permitted Holders will be deemed to beneficially own any Voting Stock of a specified corporation held by a parent corporation so long as the
Permitted Holders beneficially own, directly or indirectly, in the aggregate a majority of the total voting power of the Voting Stock of such parent corporation); or 
 (b) the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of all or substantially
all of the Property of the Company and its Subsidiaries, considered as a whole (other than a disposition of such Property as an entirety or virtually as an entirety to a Wholly Owned Subsidiary or one or more Permitted Holders), shall have occurred,
or the Company merges, consolidates or amalgamates with or into any other Person (other than one or more Permitted Holders) or any other Person (other than one or more Permitted Holders) merges, consolidates or amalgamates with or into the Company,
in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other Property, other than any such transaction where: 
 (1) the outstanding Voting Stock of the Company is reclassified into or exchanged for other Voting Stock of the Company or
for Voting Stock of the Surviving Person, and 
 (2) the holders of the Voting Stock of the Company immediately
prior to such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the Company or the Surviving Person immediately after such transaction and in substantially the same proportion as before the transaction; or

 (c) the first day on which a majority of the members of the Board of Directors are not Continuing Directors;
or 
 (d) the shareholders of the Company shall have approved any plan of liquidation or dissolution of the
Company. 
 “Clearstream” means Clearstream Banking S.A., Luxembourg, and any successor thereto.

  

 7 

 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

 “Collateral” means all the collateral described in the Security Documents. 
 “Collateral Agent” means DB Trustees (Hong Kong) Limited and any successor collateral agent appointed pursuant to
the terms of this Indenture. 
 “Commission” means the U.S. Securities and Exchange Commission.

 “Common Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03(b) hereof as the Common Depositary to Euroclear and Clearstream with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to
the applicable provisions of this Indenture. 
 “Company” is defined in the preamble. 
 “Consolidated Current Liabilities” means, as of any date of determination, the aggregate amount of liabilities of
the Company and its consolidated Subsidiaries which may properly be classified as current liabilities (including taxes accrued as estimated), after eliminating: 
 (a) all intercompany items between the Company and any of its Subsidiaries or between Subsidiaries of the Company, and

 (b) all current maturities of long-term Debt. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its
consolidated Subsidiaries, plus, to the extent not included in such total interest expense, and to the extent Incurred by the Company or its Subsidiaries, without duplication, 
 (a) interest expense attributable to leases constituting part of a Sale and Leaseback Transaction and to Capital Lease
Obligations, 
 (b) amortization of debt discount and debt issuance cost, including commitment fees, 

(c) capitalized interest, 
 (d) non-cash interest expense, 
 (e) commissions, discounts and
other fees and charges owed with respect to letters of credit and banker’s acceptance financing, 
 (f) net
costs associated with Hedging Obligations (including amortization of fees), 
  

 8 

 (g) Disqualified Stock Dividends (other than dividends payable in Capital
Stock other than Disqualified Stock), 
 (h) Preferred Stock Dividends (other than dividends payable in Capital
Stock other than Disqualified Stock), 
 (i) interest Incurred in connection with Investments in discontinued
operations, 
 (j) interest accruing on any Debt of any other Person to the extent such Debt is Guaranteed by the
Company or any of its Subsidiaries, and 
 (k) the cash contributions to any employee stock ownership plan or
similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with Debt Incurred by such plan or trust. 
 “Consolidated Net Income” means, for any period, the net income (loss) of the Company and its consolidated
Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 
 (a)
any net income (loss) of any Person (other than the Company) if such Person is not a Subsidiary of the Company, except that: 
 (1) subject to the exclusion contained in clause (c) below, equity of the Company and its consolidated Subsidiaries in the net income of any such Person for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash distributed by such Person during such period to the Company or any of its Subsidiaries as a dividend or other distribution (subject, in the case of a dividend or other distribution to such
Subsidiary, to the limitations contained in clause (b) below), and 
 (2) the equity of the Company and its
consolidated Subsidiaries in a net loss of any such Person for such period shall be included in determining such Consolidated Net Income, 
 (b) any net income (loss) of any Subsidiary of the Company if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions, directly or
indirectly, to the Company, except that: 
 (1) subject to the exclusion contained in clause (c) below, the
equity of the Company and its consolidated Subsidiaries in the net income of any such Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Subsidiary during such period
to the Company or another of its Subsidiaries as a dividend or other distribution (subject, in the case of a dividend or other distribution to another Subsidiary of the Company, to the limitation contained in this clause), and 
  

 9 

 (2) the equity of the Company and its consolidated Subsidiaries in a net
loss of any such Subsidiary for such period shall be included in determining such Consolidated Net Income, 
 (c)
any gain (but not loss) realized upon the sale or other disposition of any Property of the Company or any of its consolidated Subsidiaries (including pursuant to any Sale and Leaseback Transaction) that is not sold or otherwise disposed of in the
ordinary course of business, 
 (d) any extraordinary gain or loss, 
 (e) the cumulative effect of a change in accounting principles, 
 (f) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers,
directors and employees of the Company or any of its Subsidiaries, provided that such shares, options or other rights can be redeemed at the option of the holder only for Capital Stock of the Company (other than Disqualified Stock), and

 (g) the effect of any non-cash gain (or loss) as a result of the impairment of goodwill or assets (and related
tax effects) as required by IFRS. 
 “Consolidated Net Tangible Assets” means, as of any date of
determination, the sum of the amounts that would appear on a consolidated balance sheet of the Company and its consolidated Subsidiaries as the total assets (less accumulated depreciation and amortization, allowances for doubtful receivables, other
applicable reserves and other properly deductible items) of the Company and its Subsidiaries, after giving effect to purchase accounting and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the
amounts of (without duplication): 
 (a) the excess of cost over fair market value of assets or businesses
acquired; 
 (b) any revaluation or other write-up in book value of assets subsequent to the last day of the
fiscal quarter of the Company immediately preceding the Issue Date as a result of a change in the method of valuation in accordance with IFRS; 
 (c) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or developmental expenses
and other intangible items; 
 (d) minority interests in consolidated Subsidiaries held by Persons other than the
Company or any of its Subsidiaries; 
 (e) treasury stock; and 
  

 10 

 (f) cash or securities set aside and held in a sinking or other analogous
fund established for the purpose of redemption or other retirement of Capital Stock to the extent such obligation is not reflected in Consolidated Current Liabilities. 
 “Consolidated Net Worth” means the total of the amounts shown on the consolidated balance sheet of the Company and its Subsidiaries as of the end of the most recent Fiscal Quarter
of the Company ending at least 45 days prior to the taking of any action for the purpose of which the determination is being made, as: 
 (a) the par or stated value of all outstanding Capital Stock of the Company, plus 
 (b) paid-in capital or capital surplus relating to such Capital Stock, plus 
 (c) any retained earnings or earned surplus, less: 
 (1) any
accumulated deficit, and 
 (2) any amounts attributable to Disqualified Stock or any equity security convertible
into or exchangeable for Debt, the cost of treasury stock and the principal amount of any promissory notes receivable from the sale of Capital Stock of the Company or any of its Subsidiaries, each item to be determined in conformity with IFRS.

 “Consolidated Rent Expense” shall mean, for any fiscal period of the Company, total rental expenses
paid in cash and which are attributable to Operating Leases of the Company and its Subsidiaries on a consolidated basis. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (a) was a member of the Board of Directors on the date of this Indenture or (b) was nominated for
election to the Board of Directors by, or whose election was ratified with the approval of, a majority of the Continuing Directors who were members of the Board of Directors at the time of such nomination or election. 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 12.01 hereof, or such other address as to which the Trustee may give notice to the Company. 
 “Currency Exchange Protection Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect such
Person against fluctuations in currency exchange rates. 
 “Custodian” means, with respect to the Notes
issuable or issued in whole or in part in global form, the Person specified in Section 2.03(c’) as Custodian with respect to the Notes, and any and all successors thereto appointed as custodian hereunder and having become such
pursuant to the applicable provisions of this Indenture. 
  

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 “Debt” means, with respect to any Person on any date of
determination (without duplication): 
 (a) the principal of and premium (if any) in respect of: 
 (1) debt of such Person for money borrowed, and 
 (2) debt evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is
responsible or liable; 
 (b) all Capital Lease Obligations of such Person and all Attributable Debt in respect
of Sale and Leaseback Transactions entered into by such Person; 
 (c) all obligations of such Person
representing the deferred purchase price of Property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of
business); 
 (d) all obligations of such Person for the reimbursement of any obligor on any letter of credit,
banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in (a) through (c) above) entered into in the ordinary course of
business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement
following payment on the letter of credit); 
 (e) the amount of all obligations of such Person with respect to
the Repayment of any Disqualified Stock or, with respect to any Subsidiary of such Person, any Preferred Stock (but excluding, in each case, any accrued dividends); 
 (f) all obligations of the type referred to in clauses (a) through (e) above of other Persons and all dividends of
other Persons for the payment of which, in either case, such Person is contractually responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee; 
 (g) all obligations of the type referred to in clauses (a) through (f) above of other Persons secured by any Lien
on any Property of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such Property and the amount of the obligation so secured; and

 (h) to the extent not otherwise included in this definition, Hedging Obligations of such Person. 

The amount of Debt of any Person at any date shall be the outstanding balance, or the accreted value of such Debt in the case of Debt issued with
original issue discount, at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 
  

 12 

 The amount of Debt represented by a Hedging Obligation shall be equal to: 
 (1) zero if such Hedging Obligation has been Incurred pursuant to clause (g) or (h) of the second paragraph of
Section 4.09 or 
 (2) the notional amount of such Hedging Obligation if not Incurred pursuant to
such clauses. 
 “Debt Service Reserve Account” means the account of the Company funded from the Issue
Date and maintained until payment in full of the Notes to reserve sufficient cash equal to (i) prior to payment of interest in respect of the first Interest Payment Date, an amount equal to the immediately following two scheduled payments of
Interest, which shall be deposited by the Company on the Issue Date from the net proceeds from the sale of the Notes and (ii) thereafter an amount equal to the immediately following scheduled payment of Interest, which shall be deposited by the
Company not less than 180 days prior to such scheduled payment, which sum shall be used to pay the Interest falling due on the next Interest Payment Date. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance
with Section 2.06 or 2.10 hereof, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Determination Date” means, with respect to any Interest Period, the
second London Banking Day preceding the first day of the Interest Period. 
 “Disqualified Stock” means
any Capital Stock of the Company or any of its Subsidiaries that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, in either case at the option of the holder thereof) or otherwise:

 (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, 
 (b) is or may become redeemable or repurchaseable at the option of the holder thereof, in whole or in part, or 
 (c) is convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock, 
 on or prior to, in the case of clause (a), (b) or (c), the first anniversary of the Stated Maturity of the Notes. 
  

 13 

 “Disqualified Stock Dividends” means all dividends with respect to
Disqualified Stock of the Company held by Persons other than a Wholly Owned Subsidiary. 
 “Distribution Compliance
Expiration Date” means the 41st day after the after the later of (i) the day on which the Notes were first offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (ii) the Issue
Date. 
 “EBITDA” means, for any period, an amount equal to, for the Company and its consolidated
Subsidiaries: 
 (a) the sum of Consolidated Net Income for such period, plus the following to the extent
reducing Consolidated Net Income for such period: 
 (1) the provision for taxes based on income or profits or
utilized in computing net loss, 
 (2) Consolidated Interest Expense, 
 (3) depreciation, 
 (4) amortization of intangibles and, without duplication, amortization of capitalized debt issuance costs for such period, and 
 (5) any other non-cash items (other than any such non-cash item to the extent that it represents an accrual of, or reserve
for, cash expenditures in any future period), minus 
 (b) all non-cash items increasing Consolidated Net Income
for such period, 
 provided that (i) if any Subsidiary is not a Wholly Owned Subsidiary, EBITDA shall be
reduced (to the extent not otherwise reduced in accordance with IFRS) by an amount equal to (A) the amount of the Consolidated Net Income attributable to such Subsidiary multiplied by (B) the percentage ownership interest in the income of
such Subsidiary not owned on the last day of such period by the Company or any of its Subsidiaries and (ii) in the case of any PRC CJV, Consolidated EBITDA shall be reduced (to the extent not already reduced in accordance with IFRS) by any
payments, distributions or amounts (including the Fair Market Value of any non-cash payments, distributions or amounts) required to be made or paid by such PRC CJV to the PRC CJV Partner, or to which the PRC CJV Partner otherwise has a right or is
entitled pursuant to the joint venture agreement governing such PRC CJV. 
 “Entrusted Loan” means an
RMB denominated loan extended by a bank in the PRC to any Subsidiary of the Company in the PRC which is secured by cash or cash Equivalents in foreign currencies equivalent to the RMB denominated loan amount provided by the Company to an offshore
branch or entity of such PRC bank. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the
Euroclear system, and any successor thereto. 
  

 14 

 “Event of Default” has the meaning set forth under Section
6.01. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, with respect to any Property at the time of determination, the price that could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined, except as
otherwise provided, 
 (a) if such Property has a Fair Market Value equal to or less than $1 million, by any
Officer of the Company, or 
 (b) if such Property has a Fair Market Value in excess of $1 million, by a majority
of the Board of Directors and evidenced by a Board Resolution or an Independent Financial Advisor and evidenced by a written opinion from such Independent Financial Advisor if such Property has a Fair Market Value in excess of $10 million, dated
within 30 days of the relevant transaction, delivered to the Trustee. 
 “Fiscal Quarter” means each of
the three month periods ending on March 31, June 30, September 30 and December 31. 
 “Global Note Legend” means the legend set forth on all Global Notes issued under this Indenture. 
 “Global Notes” means the global Notes in the form of Exhibit A hereto issued in accordance with Article 2 hereof. 
 “Governmental Approval” means any authorization of or by, consent of, approval of, license from, ruling of, permit from, tariff by, rate of, certification by, exemption from,
filing with (except any filing relating to the perfection of security interests), variance from, claim of, order from, judgment from, decree of, publication to or by, notice to, declaration of or with or registration by or with any Governmental
Authority, whether tacit or express. 
 “Governmental Authority” means any federal, state, national,
provincial, municipal, local, territorial or other government department, ministry (including local counterparts thereof), commission, board, agency, regulatory authority, instrumentality, judicial or administrative body, domestic or foreign.

 “guarantee” means any contractual obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to
purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise), or 
  

 15 

 (b) entered into for the purpose of assuring in any other manner the obligee
against loss in respect thereof (in whole or in part); 
 provided, however, that the term “guarantee” shall not include:

 (1) endorsements for collection or deposit in the ordinary course of business, or 
 (2) a contractual commitment by one Person to invest in another Person for so long as such Investment is reasonably expected
to constitute a Permitted Investment under clause (a), (b) or (c) of the definition of “Permitted Investment.” 
 The term “guarantee” used as a verb has a corresponding meaning. The term “guarantor” shall mean any Person guaranteeing any obligation. 
 “Guarantee” means a Guarantee of the Notes. 
 “Guarantor” means: (1) each of the Company’s Subsidiaries (other than PRC Subsidiaries) existing as of the date of this Indenture; and (2) each of the Company’s Subsidiaries that in the future
executes a supplemental indenture in which such Subsidiary agrees to be bound by the terms of this Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its
respective Guarantee is released in accordance with the terms of this Indenture. 
 “Hedging Obligation”
of any Person means any obligation of such Person pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement or any other similar agreement or arrangement. 
 “Holder” or “holder” means a Person in whose name a Note is registered in the Security
Register. 
 “ICBC Loan” means indebtedness incurred pursuant to that certain agreement dated as of
July 27, 2007 for an aggregate principal amount not exceeding RMB30 million. 
 “IFRS” means
International Financial Reporting Standards as in effect on the date hereof. All ratios and computations based on IFRS contained in this Indenture will be computed in conformity with IFRS. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by merger,
conversion, exchange or otherwise), extend, assume, guarantee or become liable in respect of such Debt or other obligation or the recording, as required pursuant to IFRS or otherwise, of any such Debt or obligation on the balance sheet of such
Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided, however, that a change in IFRS that results in an obligation of such Person that exists at such time, and is not
theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of

  

 16 

 
such Debt; provided further, however, that any Debt or other obligations of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or
otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; and provided further, however, that solely for purposes of determining compliance with Section 4.09, amortization of debt discount
shall not be deemed to be the Incurrence of Debt, provided that in the case of Debt sold at a discount, the amount of such Debt Incurred shall at all times be the aggregate principal amount at Stated Maturity. 
 “Indenture” means this instrument, as originally executed or as it may from time to time be supplemented or amended
in accordance with Article 8 hereof. 
 “Independent Financial Advisor” means an investment
banking firm of national standing in the United States, or subject to the consent of the holders of a majority in principal amount of Notes then outstanding, in the PRC, or any third party appraiser of national standing in the United States, or
subject to the consent of the holders of a majority in principal amount of Notes then outstanding, in the PRC, provided that such firm or appraiser is not an Affiliate of the Company. 
 “Interest”, when used with reference to the Notes, means any interest payable under the terms of the Notes,
including initially a rate of interest equal to LIBOR (as determined by the Calculation Agent from the Issue Date) plus 5.5%, payable semi-annually in arrears. 
 “Interest and Lease Payments” means, for any period, the sum of (i) Consolidated Interest Expense for such period, and (ii) Consolidated Rent Expense for such period.

 “Interest Payment Dates” shall have the meaning set forth in paragraph 1 of each Note. 
 “Interest Period” means the period commencing on and including an interest payment date and ending on and including
the day immediately preceding the next succeeding interest payment date, with the exception that the first Interest Period shall commence on and include the Issue Date and end on and include March 10, 2008. 
 “Interest Rate Agreement” means, for any Person, any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement or other similar agreement designed to protect against fluctuations in interest rates. 
 “Investment” by any Person means any direct or indirect loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of such Person), advance
or other extension of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services for the account or use of others, or otherwise) to, or Incurrence of a guarantee of any obligation
of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. 
  

 17 

 In determining the amount of any Investment made by transfer of any Property other than
cash, such Property shall be valued at its Fair Market Value at the time of such Investment. 
 “IPO”
means the consummation of the first underwritten public offering of Ordinary Shares of the Company (whether as a primary issuance by the Company or a secondary sale by the shareholders of the Company) that results in a listing of the Ordinary Shares
on a stock exchange in Hong Kong, Singapore, the U.S. or any other internationally recognized stock exchange or board located outside of the PRC. 
 “Issue Date” means September 10, 2007 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York of the United States of America, Hong Kong, the People’s Republic of China, the city in which the
Corporate Trust Office of the Trustee is located or any other place of payment on the Notes are authorized by law, regulation or executive order to remain closed. 
 “LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum) for deposits in United States dollars for a six-month period beginning on the
second London Banking Day after the Determination Date that is the average of the rates that appear on display page designated as page “LIBOR01” on the Reuter Monitor Money Rates Service and Bloomberg page BBAM 1 as of 11:00 a.m., London
time, on the Determination Date, or if only one such rate is available, such rate. If display page designated as page “LIBOR01” on the Reuter Monitor Money Rates Service and Bloomberg page BBAM 1 do not include such a rate or are
unavailable on a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent (after consultation with the Company), to provide
such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits in a Representative Amount in United States
dollars for a six-month period beginning on the second London Banking Day after the Determination Date. If at least two such offered quotations are so provided, LIBOR for the Interest Period will be the arithmetic mean of such quotations. If fewer
than two such quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent (after consultation with the Company), to provide such bank’s rate (expressed as a
percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in United States dollars to leading European banks for a six-month period beginning on the second London
Banking Day after the Determination Date. If at least two such rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then LIBOR for the Interest Period will be
LIBOR in effect with respect to the immediately preceding Interest Period. 
 “Lien” means, with respect
to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement (other than any easement not materially impairing usefulness or marketability),
encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such Property (including any Capital Lease Obligation, conditional sale or other title retention
agreement having substantially the same economic effect as any of the foregoing or any Sale and Leaseback Transaction). 
  

 18 

 “London Banking Day” means any day in which dealings in United
States dollars are transacted or, with respect to any future date, are expected to be transacted in the London interbank market. 
 “LTM EBITDAR to Interest and Lease Payment Ratio” means, as of any date of determination, the ratio of: 
 (a) the sum of (i) aggregate amount of EBITDA for the most recent four consecutive Fiscal Quarters immediately prior to such determination date and (ii) Consolidated Rent Expense for the most
recent four consecutive Fiscal Quarters immediately prior to such determination date, to 
 (b) Interest and
Lease Payments for the most recent four consecutive Fiscal Quarters immediately prior to such determination date. 
 In addition, if since the
beginning of the fourth full fiscal quarter so preceding such determination date, the Company or any of its Subsidiaries shall have made any Asset Sale or acquired any material assets or entered into or terminated any lease classified as an
operating lease in the consolidated financial statements of the Company and its Subsidiaries, or if the transaction giving rise to the need to calculate the EBITDAR to Interest and Lease Payment Ratio is an Asset Sale or an acquisition of material
assets, EBITDAR for such period shall be calculated on a pro forma basis as if such Asset Sale, acquisition or lease commencement or termination occurred on the first day of such period. 
 “LTM Leverage Ratio” means the ratio of: 
 (a) the outstanding Debt of the Company and its Subsidiaries on a consolidated basis, to 
 (b) the LTM Pro Forma EBITDA. 
 “LTM Pro Forma EBITDA” means Pro Forma EBITDA for the four most recent consecutive fiscal quarters ending at least 45 days prior to the date of determination for which financial
statements are available. 
 “Make-Whole Amount” in respect of any Note, means all required payments of
Interest scheduled to accrue on the Note from the redemption date to March 10, 2009. 
 “Material Adverse
Effect” means a material adverse effect on (a) the property, business, operations, financial condition, liabilities or capitalization of the Company and its Subsidiaries taken as a whole, (b) the ability of any Person to
perform its payment obligations or any of its material obligations under any of the Security Documents to which such Person is a party, (c) the validity or enforceability of any of the Security Documents, (d) the material rights and
remedies of the Trustee or the Collateral Agent under any of the Security Documents or (e) the timely payment of any principal or premium of, or interest on, or performance or compliance with any of the obligations under, any of the Notes or
this Indenture. 
  

 19 

 “Maximum Leverage Ratio” means the LTM Leverage Ratio or the
Annualized Leverage Ratio, whichever as at the date of determination has the higher computation of EBITDA. 
 “Minimum EBITDAR to Interest and Lease Payment Ratio” means the LTM EBITDAR to Interest and Lease Payment Ratio or the Annualized EBITDAR to Interest and Lease Payment Ratio, whichever as at the date of determination
has the higher computation of EBITDA. 
 “Moody’s” means Moody’s Investors Service, Inc. or
any successor to the rating agency business thereof. 
 “Non-Recourse Debt” means Debt or that portion
of Debt (1) issued to a Person other than the Company or its Subsidiaries and (2) no default with respect to which (including any rights which the holders thereof may have to take enforcement action against a Non-Recourse Investee) would
permit (upon notice, lapse of time or both) any holder of any other Debt of the Company and its Subsidiaries to declare a default on such other Debt or cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 

“Non-Recourse Investee” means any Person that is not a Subsidiary of the Company and in which the Company or any
of its Subsidiaries has made a Permitted Investment pursuant to clause (d) of the definition of Permitted Investment. 
 “Note Obligations” means the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the Notes, the Guarantees and the Security Documents. 
 “Note Pledge Agreement” means certain Pledge and Security Agreement to be dated as of the Closing Date between the
Collateral Agent and the Company to pledge the Company’s interest in the WFOE Shareholders Loan. 
 “Notes” is defined in the preamble. 
 “Obligations” means all
obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Debt. 
 “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer or any Executive Vice
President of the Company. 
 “Officers’ Certificate” means a certificate, in form and substance
reasonably satisfactory to the Trustee, signed by two Officers of the Company, at least one of whom shall be the principal executive officer or principal financial officer of the Company, and delivered to the Trustee. 
  

 20 

 “Offshore Escrow Agreement” means certain escrow agreement dated the
date hereof by and among the Company, the Trustee and DB Trustees (Hong Kong) Limited in its capacity as the escrow agent. 
 “Operating Lease” shall mean a lease under which the aggregate rental payments due during the initial term of the lease are less than the purchase price of the Property leased. 
 “Opinion of Counsel” means a written opinion, in form and substance reasonably satisfactory to the Trustee, from
legal counsel who is acceptable to the Trustee and which meets the requirements of Section 12.04 hereof. The counsel may be an employee of or counsel to the Company. 
 “Ordinary Share Equivalents” means Ordinary Shares and all Ordinary Shares issuable upon conversion, exercise or
exchange of all options, warrants or other securities convertible into or exercisable or exchangeable for (i) Ordinary Shares or (ii) other securities of the Company that are convertible into or exercisable or exchangeable for Ordinary
Shares. 
 “Ordinary Shares” means any stock of any class of the Company which has no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. 
 “Participant” means, with respect to Euroclear or Clearstream, a Person who has an account with Euroclear or
Clearstream, respectively. 
 “Permitted Holders” means Mr. He Boquan and Mr. Zheng Nanyan and
their respective estate, spouse, ancestors and lineal descendants, the legal representatives of any of the foregoing and the trustees of any bona fide trusts of which the foregoing are the sole beneficiaries or the grantors, or any Person of which
the foregoing “beneficially owns” (as defined in Rule 13d-3 under the Exchange Act), individually or collectively with any of the foregoing, at least 80% of the total voting power of the Voting Stock of such Person. 
 “Permitted Investment” means any Investment by the Company or any of its Subsidiaries in: 
 (a) the Company or any of its Subsidiaries engaged in a Related Business, 
 (b) any Person that will, upon the making of such Investment, become a Subsidiary of the Company, provided that the
primary business of such Subsidiary is a Related Business; 
 (c) any Person if as a result of such Investment
such Person is merged or consolidated with or into, or transfers or conveys all or substantially all its Property to, the Company or a Subsidiary of the Company, provided that such Person’s primary business is a Related Business;

  

 21 

 (d) any Investment in a Non-Recourse Investee engaged in a Related Business,
provided that all such investments in the aggregate shall not exceed $10 million at any time; 
 (e) Cash
Equivalents; 
 (f) receivables owing to the Company or any of its Subsidiaries, if created or acquired in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or such Subsidiary deems reasonable under
the circumstances; 
 (g) payroll, travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses under IFRS and that are made in the ordinary course of business; 
 (h) stock, obligations or other securities received in settlement of debts created in the ordinary course of business and owing to the Company or one of its Subsidiaries or in satisfaction of judgments; 
 (i) any Person to the extent such Investment represents the non-cash portion of the consideration received in connection with
any disposition of Property not constituting an Asset Sale; and 
 (j) Hedging Obligations by the Company or any
Guarantor that are otherwise permitted to be incurred under this Indenture, and which were entered into for financial management of interest rates or foreign currency exchange rates and are directly related to transactions entered into by such
Person in the ordinary course of its business, and not for speculative purposes. 
 “Permitted Liens”
means: 
 (a) Liens in favor of the Company or the Guarantors; 
 (b) Liens securing, or created for the benefit of securing, the Notes and the Guarantees; 
 (c) Liens to secure Debt permitted to be Incurred under clause (b) or (c) of the second paragraph of
Section 4.09; 
 (d) Liens for taxes, assessments or governmental charges or levies on the Property
of the Company or any of its Subsidiaries if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings promptly instituted and diligently concluded,
provided that any reserve or other appropriate provision that shall be required in conformity with IFRS shall have been made therefor; 
  

 22 

 (e) Liens imposed by law, such as carriers’, warehousemen’s and
mechanics’ Liens and other similar Liens, on the Property of the Company or any of its Subsidiaries arising in the ordinary course of business and securing payment of obligations that are not more than 60 days past due or are being contested in
good faith and by appropriate proceedings; 
 (f) Liens on the Property of the Company or any of its Subsidiaries
Incurred in the ordinary course of business to secure performance of obligations with respect to any hotel construction or renovation contract to which the Company or any of its Subsidiaries is a party; 
 (g) Liens on Property at the time the Company or any of its Subsidiaries acquired such Property, including any acquisition by
means of a merger or consolidation with or into the Company or any of its Subsidiaries; provided, however, that any such Lien may not extend to any other Property of the Company or any of its Subsidiaries; provided further, however,
that such Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which such Property was acquired by the Company or any of its Subsidiaries; 
 (h) Liens on the Property of a Person at the time such Person becomes a Subsidiary of the Company; provided, however,
that any such Lien may not extend to any other Property of the Company or any other Subsidiary of the Company that is not a direct Subsidiary of such Person; provided further, that any such Lien was not Incurred in anticipation of or in
connection with the transaction or series of transactions pursuant to which such Person became a Subsidiary of the Company; 
 (i) pledges or deposits by the Company or any of its Subsidiaries under workers’ compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Debt) or leases to which the Company or any of its Subsidiaries is party, or deposits to secure public or statutory obligations of the Company, or deposits for the payment of rent, in each case
Incurred in the ordinary course of business; 
 (j) utility easements, building restrictions and such other
encumbrances or charges against real Property as are of a nature generally existing with respect to properties of a similar character; 
 (k) Liens existing on the Issue Date not otherwise described in clauses (a) through (j) above; 
 (1) Liens to secure cash collateral in respect of Hedging Obligations in the ordinary course of business and permitted pursuant to Section 4.09; and 
  

 23 

 (m) Liens not otherwise permitted by clauses (a) through (1) above
encumbering Property having an aggregate Fair Market Value at any one time not in excess of $350,000. 
 “Permitted
Refinancing Debt” means any Debt that Refinances any other Debt, including any successive Refinancings, so long as: 
 (a) such Debt is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) not in excess of the sum of: 
 (1) the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then
outstanding of the Debt being Refinanced, and 
 (2) an amount necessary to pay any fees and expenses, including
premiums and defeasance costs, related to such Refinancing, 
 (b) the Average Life of such Debt is equal to or
greater than the Average Life of the Debt being Refinanced, 
 (c) the Stated Maturity of such Debt is no earlier
than the Stated Maturity of the Debt being Refinanced, 
 (d) the new Debt shall not be senior in right of
payment to the Debt that is being Refinanced, and 
 (e) the new Debt, the proceeds of which are used to
Refinance the Notes or any Debt that is pari passu with or subordinate to the Notes or a Guarantee, shall only be permitted if (A) in case the Notes are refinanced in part or the Debt to be Refinanced is pari passu with the Notes
or a Guarantee, such new Debt, by its terms or by terms of any agreement or instrument pursuant to which such new Debt is outstanding, is expressly made pari passu with, or subordinate in right of payment to, the remaining Notes or such
Guarantee, or (B) in case the Debt to be Refinanced is subordinated in right of payment to the Notes or a Guarantee, such new Debt, by its terms or by the terms of any agreement or instrument to which such new Debt is issued or remains
outstanding, is expressly made subordinate in right of payment to the Notes or such Guarantee at least to the extent that the Debt to be Refinanced is subordinated to the Notes or the Guarantee; 
 provided, however, that Permitted Refinancing Debt shall not include the Debt of any Subsidiary that is not a Guarantor, if such Debt is used to
Refinance Debt of the Company or a Subsidiary. 
 “Person” means any individual, corporation, company
(including any limited liability company), association, partnership, joint venture, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “PRC” means the People’s Republic of China, exclusive of Taiwan, Macau and Hong Kong. 
  

 24 

 “PRC CJV” means any future Subsidiary of the Company that is a
Sino-foreign cooperative joint venture enterprise with limited liability established in the PRC pursuant to the Law of the People’s Republic of China on Sino-foreign Cooperative Joint Ventures adopted on April 13, 1988 (as most recently
amended on October 13,2000) and the Detailed Rules for the Implementation of the Law of the People’s Republic of China on Sino-foreign Cooperative Joint Ventures promulgated on September 4, 1995, as such laws may be amended.

 “PRC CJV Partner” means with respect to a PRC CJV, the other party to the joint venture agreement
relating to such PRC CJV with the Company or any Subsidiary. 
 “PRC Subsidiary” means 7 Days Inn
(Shenzhen) Co., Ltd., a limited liability company incorporated under the laws of the PRC. 
 “Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same Debt as that evidenced by such particular Note; and any Note authenticated and delivered under Section 2.07 in lieu of a lost,
destroyed or stolen Note shall be deemed to evidence the same Debt as the lost, destroyed or stolen Note. 
 “Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a preference with respect to the payment of dividends, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person, over shares of any other class of Capital Stock issued by such Person. 
 “Preferred Stock Dividends” means all dividends with respect to Preferred Stock of the Company’s Subsidiaries held by Persons other than the Company or any of its Wholly Owned
Subsidiaries. 
 “pro forma” means, with respect to any calculation made or required to be made pursuant
to the terms hereof, a calculation performed in accordance with Article 11 of Regulation S-X promulgated under the Securities Act, as interpreted in good faith by the Board of Directors after consultation with the independent certified public
accountants of the Company, or otherwise a calculation made in good faith by the Board of Directors after consultation with the independent certified public accountants of the Company, as the case may be. 
 “Pro Forma EBITDA” means, for any period, the EBITDA of the Company and its consolidated Subsidiaries, after giving
effect to the following: 
 if: 
 (a) since the beginning of such period, the Company or any of its Subsidiaries shall have made any Asset Sale or an Investment (by merger or otherwise) in any Subsidiary of the Company (or any Person that
becomes a Subsidiary of the Company) or an acquisition of Property, 
 (b) the transaction giving rise to the
need to calculate Pro Forma EBITDA is such an Asset Sale, Investment or acquisition, or 
  

 25 

 (c) since the beginning of such period any Person (that subsequently became
a Subsidiary of the Company or was merged with or into the Company or any of its Subsidiaries since the beginning of such period) shall have made such an Asset Sale, Investment or acquisition, 
 EBITDA for such period shall be calculated after giving pro forma effect to such Asset Sale, Investment or acquisition as if such
Asset Sale, Investment or acquisition occurred on the actual date of such transaction during such period. 
 “Property” means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including intellectual property rights and
Capital Stock in, and other securities of, any other Person. For purposes of any calculation required pursuant to this Indenture, the value of any Property shall be its Fair Market Value. 
 “Purchase Money Debt” means Debt: 
 (a) consisting of the deferred purchase price of Property, conditional sale obligations, obligations under any title
retention agreement, other purchase money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of such Debt does not exceed the anticipated useful life of the Property being financed, and 
 (b) Incurred to finance the acquisition, construction or lease by the Company or any of its Subsidiaries of such Property,
including additions and improvements thereto; 
 provided, however, that such Debt is Incurred within 180 days after the acquisition,
construction or lease of such Property by the Company or such Subsidiary. 
 “Qualifying IPO” means the
consummation of the first underwritten public offering of Ordinary Shares of the Company (whether as a primary issuance by the Company or a secondary sale by the shareholders of the Company) that results in: 
  

	 	(i)	at least 20% of the Company’s issued and outstanding share capital being publicly held by Persons other than any Affiliate of the Company or other Persons who,
prior to the date of such public offering, held Ordinary Shares of the Company, 

  

	 	(ii)	the gross proceeds (before deducting underwriting commissions and expenses) of which are not less than $80.0 million, and 

  

	 	(iii)	a listing of the Ordinary Shares on a stock exchange in Hong Kong, Singapore, U.S. or any other internationally recognized stock exchange or board located outside of
the PRC. 

  

 26 

 “Refinance” means, in respect of any Debt, to refinance, extend,
renew, refund or Repay (in whole or in part), or to issue other Debt, in exchange or replacement for (in whole or in part), such Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means the applicable date specified as a
“Record Date” on the face of the Note. 
 “Related Business” means the development, lease,
operation, franchise and management of non-luxury hotels in the PRC and any supporting and ancillary services directly related thereto. 
 “Repay” means, in respect of any Debt, to repay, prepay, repurchase, redeem, legally defease or otherwise retire such Debt. “Repayment” and “Repaid” shall have
correlative meanings. For purposes of the definitions of “Annualized EBITDAR to Interest and Lease Payment Ratio” and “LTM EBITDAR to Interest and Lease Payment Ratio,” Debt shall be considered to have been Repaid only to the
extent the related loan commitment, if any, shall have been permanently reduced in connection therewith. 
 “Representative Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust
Department of the Trustee (or any successor group of the Trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his or her knowledge of and familiarity with the particular subject. 
 “Restricted
Payment” means: 
 (a) any dividend or distribution (whether made in cash, securities or other
Property) declared or paid on or with respect to any shares of Capital Stock of the Company or any of its Subsidiaries (including any payment in connection with any merger or consolidation with or into the Company or any of its Subsidiaries), except
for any dividend or distribution that is made solely to the Company or any of its Subsidiaries (and, if such Subsidiary is not a Wholly Owned Subsidiary, to the other shareholders of such Subsidiary on a pro rata basis or on a basis
that results in the receipt by the Company or any of its Subsidiaries of dividends or distributions of greater value than it would receive on a pro rata basis) or any dividend or distribution payable solely in shares of Capital Stock
(other than Disqualified Stock) of the Company; 
 (b) the purchase, repurchase, redemption, acquisition or
retirement for value of any Capital Stock of the Company or any of its Subsidiaries (other than from the Company or any of its Subsidiaries) or any securities exchangeable for or convertible into any such Capital Stock, including the exercise of any
option to exchange any Capital Stock (other than for or into Capital Stock of the Company that is not Disqualified Stock); 
  

 27 

 (c) the purchase, repurchase, redemption, acquisition or retirement for
value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than the purchase, repurchase or other acquisition of any Subordinated Obligation purchased in
anticipation of satisfying a scheduled maturity, sinking fund or amortization or other installment obligation, in each case due within one year of the date of acquisition); or 
 (d) any Investment (other than Permitted Investments) in any Person.  
 “RMB” means the lawful currency of the PRC. 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc., or any successor
to the rating agency business thereof. 
 “Sale and Leaseback Transaction” means any direct or indirect
arrangement relating to Property now owned or hereafter acquired whereby the Company or any of its Subsidiaries transfers such Property to another Person and the Company or any of its Subsidiaries leases it from such Person. 
 “Secured Party” is defined in Section 10.01. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, as amended, and the rules and regulations
promulgated thereunder, as in effect from time to time. 
 “Security Documents” means each of the
following instruments and documents in favor of the Collateral Agent for the benefit of the holders of the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the Notes, the Guarantees and the Security Documents,
whenever incurred, and also for the benefit of the present and future holders of all other Note Obligations and any document perfecting such security interests pursuant to the terms of Article 10 hereof: (i) a first equitable mortgage in
respect of shares in the Company, (ii) the WFOE Share Pledge, (iii) WFOE Shareholder Loan Agreement and the Note Pledge Agreement, (iv) the Account Charge and (v) any one or more security agreements, pledge agreements, collateral
assignments, mortgages, deeds of trust or other grants or transfers for security executed and delivered by the Company, any Person beneficially owning Capital Stock issued by the Company, or any other obligor creating a Lien upon Capital Stock
issued by the Company or upon property owned or to be acquired by the Company or such other obligor. 
 “Senior
Debt” of the Company means: 
 (a) all obligations consisting of the principal, premium, if any, and
accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not such post-filing interest is allowed in such proceeding) in respect of:

 (1) Debt of the Company for borrowed money, and 
  

 28 

 (2) Debt of the Company evidenced by notes, debentures, bonds or other
similar instruments permitted under this Indenture for the payment of which the Company is responsible or liable; 
 (b) all Capital Lease Obligations of the Company and all Attributable Debt in respect of Sale and Leaseback Transactions entered into by the Company; 
 (c) all obligations of the Company 
 (1) for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction,

 (2) under Hedging Obligations, or 
 (3) issued or assumed as the deferred purchase price of Property and all conditional sale obligations of the Company and all
obligations under any title retention agreement permitted under this Indenture; and 
 (d) all obligations of
other Persons of the type referred to in clauses (a), (b) and (c) for the payment of which the Company is responsible or liable as Guarantor; 
 provided, however, that Senior Debt shall not include: 
 (A)
Debt of the Company that is by its terms subordinate in right of payment to the Notes, including any Subordinated Obligations; 
 (B) any Debt Incurred in violation of the provisions of this Indenture; 
 (C) accounts payable or any other obligations of the Company to trade creditors created or assumed by the Company in the ordinary course of business in connection with the obtaining of materials or services (including Guarantees thereof or
instruments evidencing such liabilities); 
 (D) any liability for any national, provincial, local or other taxes
owed or owing by the Company; 
 (E) any obligation of the Company to any of its Subsidiaries; or 
 (F) any obligations with respect to any Capital Stock of the Company. 
 To the extent that any payment of Senior Debt (whether by or on behalf of the Company as proceeds of security or enforcement or any right of
setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to a trustee, receiver or other similar party under any bankruptcy, insolvency, receivership or similar law, then if such payment is recovered by, or
paid over to, such trustee, receiver or other similar party, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. 
  

 29 

 “Senior Debt” of any Guarantor has a correlative meaning. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” of the Company
within the meaning of Rule 1-02 under Regulation S-X promulgated by the Commission. 
 “Sponsor Cure
Period” means 15 days starting from (and including) the next day of the end of the cure period stated in Section 6.01. 
 “Sponsors” shall mean any of (i) Mr. HE Boquan, (ii) Mr. ZHENG Nanyan and (iii) WP RE (Cayman) International Ltd. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Debt (including,
without limitation, a scheduled repayment or a scheduled sinking fund payment), the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Debt, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment hereof. 
 “Subordinated Obligation” means any Debt of the Company or any Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is subordinate or junior in right of
payment to the Notes or the applicable Subsidiary Guarantee pursuant to a written agreement to that effect. 
 “Subsidiary,” with respect to any Person, means (i) any corporation of which the outstanding Capital Stock having a majority of the votes entitled to be cast in the election of directors under ordinary
circumstances shall at the time be owned, directly or indirectly, through one or more intermediaries, by such Person or (ii) any other Person of which a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, through one or more intermediaries, owned by such Person. 
 “Surviving Person” means the
surviving Person formed by a merger, consolidation or amalgamation and, for purposes of Section 5.01, a Person to whom all or substantially all of the Property of the Company or a Guarantor is sold, transferred, assigned, leased,
conveyed or otherwise disposed. 
 “Tax Original Issue Discount” means the amount of ordinary interest
income on a Note that must be accrued as original issue discount for United States federal income tax purposes. 
 “Taxes” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Governmental Authorities. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
  

 30 

 “U.S. Government Securities” means direct obligations (or
certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America are pledged and
which are not callable or redeemable at the issuer’s option. 
 “Voting Stock” of any Person means
all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof. 
 “Warrant” means the Company’s warrants to purchase Ordinary Shares pursuant to that
certain Warrant Agreement dated the date hereof between the Company and DB Trustees (Hong Kong) Limited as warrant agent. 
 “WFOE” means 7 Days Inn (Shenzhen) Co., Ltd., a wholly foreign-owned limited liability company organized and existing under the laws of the PRC. 
 “WFOE Share Pledge” means that certain Share Pledge to be entered into by the Guarantor relating to the equity
interests owned by the Guarantor in the WFOE. 
 “WFOE Shareholder Loan Agreement” means certain
shareholder loan agreement between the Company and the WFOE substantially the form attached to the Securities Purchase Agreement as Exhibit C-5. 
 “Wholly Owned Subsidiary” means, at any time, a Subsidiary all the Voting Stock of which (except directors’ qualifying shares) is at such time owned, directly or indirectly,
by the Company and its other Wholly Owned Subsidiaries, provided that Subsidiaries that are PRC CJVs shall not be considered Wholly Owned Subsidiaries. 
 Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Acceleration Notice”
	  	6.02
	 “Affiliate Transaction”
	  	4.14
	 “Authentication Order”
	  	2.02
	 “Benefited Party”
	  	9.01
	 “Change of Control Offer”
	  	4.16
	 “Event of Default”
	  	6.01
	 “Future Guarantor”
	  	9.03
	 “Future Guarantor Pledgor”
	  	10.02
	 “Guarantor Pledgor”
	  	10.02
	 “losses”
	  	7.07
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Offer to Purchase”
	  	3.09
	 “Paving Agent”
	  	2.03
	 “Purchase Date”
	  	3.09
	 “Purchase Price”
	  	3.09
	 “Registrar”
	  	2.03
	 “Repurchase Date”
	  	3.10
	 “Repurchase Notice”
	  	3 10
	 “Security Register”
	  	2.03
	 “Secured Party”
	  	10.01

  

 31 

 Section 1.03. Rules of Construction. 
 (a) Unless the context otherwise requires: 
  

	 	(i)	a term has the meaning assigned to it; 

  

	 	(ii)	an accounting term not otherwise defined herein has the meaning assigned to it in accordance with IFRS; 

  

	 	(iii)	“or” is not exclusive; 

  

	 	(iv)	words in the singular include the plural, and in the plural include the singular; 

  

	 	(v)	all references in this instrument to “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and subdivisions of this
instrument as originally executed; 

  

	 	(vi)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. 

  

	 	(vii)	“including” means “including without limitation;” 

  

	 	(viii)	provisions apply to successive events and transactions; and 

  

	 	(ix)	“$” means the lawful currency of the United States of America 

  

	 	(x)	references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules
adopted by the Commission from time to time thereunder. 

 ARTICLE 2. 
 THE NOTES 
 Section 2.01. Form and Denomination. 
 (a) General. The Notes
and the Trustee’s certificate of authentication shall be substantially in the form included in Exhibit A hereto, which is hereby incorporated in and expressly made part of this Indenture. The Notes may have

  

 32 

 
notations, legends or endorsements required by law, exchange rule or usage in addition to those set forth on Exhibit A. Each Note shall be dated the date of its authentication. The Notes
shall be in denominations of $100,000 and integral multiples thereof. The terms and provisions contained in the Notes shall constitute a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. To the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 (b) Form of Notes. Notes shall be issued initially in
global form and shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Definitive Notes shall be
substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such
aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions and transfers of interests therein. Any endorsement of a Global Note to reflect the amount of any
increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Registrar, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required
by Section 2.06 hereof. 
 (c) Book-Entry Provisions. This Section 2.0 l(c)
shall apply only to Global Notes deposited with the Common Depositary. Participants shall have no rights under this Indenture or any Global Note with respect to any Global Note held on their behalf by the Common Depositary, and the Common Depositary
shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or
any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Common Depositary or impair, as between the Common Depositary and its Participants, the Applicable Procedures or
the operation of customary practices of the Common Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of
Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in Global Notes that are held by Participants through Euroclear
or Clearstream. 
  

 33 

 (e) Definitive Notes. The Company
shall exchange Global Notes for Definitive Notes if: (1) at any time either Euroclear or Clearstream or any alternative clearing system on behalf of which the Notes evidenced by the Global Note may cease to operate as a clearing system for a
continuous period of 14 days (other than reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so, and, in either case, the Company shall not have appointed a successor Common
Depositary within 90 days after the Company receives such notice or becomes aware of such ineligibility, or (2) upon written request of a Holder or the Trustee if a Default or Event of Default shall have occurred and be continuing. 

Upon the occurrence of any of the events set forth in clauses (1) or (2) above, the Company shall execute, and, upon receipt of
an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver, Definitive Notes, in authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Notes
in exchange for such Global Notes. 
 Upon the exchange of a Global Note for Definitive Notes, such Global Note shall be
canceled by the Trustee or an agent of the Company or the Trustee. Definitive Notes issued in exchange for a Global Note pursuant to this Section 2.01 shall be registered in such names and in such authorized denominations as the Common
Depositary, pursuant to instructions from its Participants or its Applicable Procedures, shall instruct the Trustee or an agent of the Trustee in writing. The Trustee or such agent shall deliver such Definitive Notes to or as directed by the Persons
in whose names such Definitive Notes are so registered or to the Common Depositary. 
 Section 2.02. Execution and
Authentication. 
 (a) One Officer shall execute the Notes on behalf of the Company by manual or
facsimile signature. 
 (b) If an Officer whose signature is on a Note no longer holds that office at the time a
Note is authenticated by the Trustee, the Note shall nevertheless be valid. 
 (c) A Note shall not be valid
until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee shall, upon receipt of a written order of the Company signed by an Officer (an “Authentication
Order”), authenticate (i) one Global Note evidencing Notes for issuance on the Issue Date in the aggregate principal amount not to exceed $80,000,000 and (ii) any other Notes that have been executed by the Company in order to
effect any registration of transfer or exchange in accordance with the provisions of Section 2.01 or Section 2.06. 
 (e) The Trustee and the Registrar shall each have the right to decline to authenticate and deliver any Notes under this Indenture (a) unless and until it receives an Authentication Order from the
Company; (b) if the Trustee or Registrar reasonably determines that such action may not lawfully be taken or (c) if the Trustee or Registrar determines that such

  

 34 

 
action would expose to Trustee or Registrar to personal liability, unless indemnity and/or security satisfactory to such Person against such liability is provided to it. 
 (f) The Trustee may appoint an authenticating agent (the “Authenticating
Agent”) acceptable to the Company to authenticate Notes. Unless otherwise provided in such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture
to authentication by the Trustee includes authentication by such agent and any such agent shall have the benefit of all rights and indemnities available to the Trustee in respect of the authentication of Notes hereunder. An authenticating agent
shall have the same rights as the Trustee to deal with Holders, the Company or an Affiliate of the Company. The initial Authenticating Agent shall be Deutsche Bank AG, Hong Kong Branch. 
 Section 2.03. Registrar and Paying Agent and Calculation Agent. 
 (a) The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency
where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register (the “Security Register”) of the Notes and of their transfer and exchange. The
Company will appoint a Calculation Agent for the purpose of calculating the rate of interest from time to time applicable to the Notes. The Calculation Agent shall in this regard perform the duties expressed to be performed by it in paragraph
(1) of the Notes. The Company may appoint one or more co-registrars, one or more additional paying agents and one or more calculation agents. The term “Registrar” includes any co-registrar, the term
“Paying Agent” includes any additional paying agent and the term “Calculation Agent” includes any additional calculation agent. The Company may change any Paying Agent, Registrar or Calculation Agent without notice to any Holder.
The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar, Paying Agent or Calculation Agent, the Trustee shall act as
such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 (b) The Company initially
appoints Deutsche Bank AG, London Branch to act as Common Depositary with respect to the Global Notes. 
 (c) The
Company initially appoints the Trustee to act as Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and the Trustee hereby agrees so to initially act. 
 Section 2.04. Paying Agent to Hold Money in Trust. 
 The
Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any,
or interest on the Notes, and shall promptly notify the Trustee in writing of any default by the Company in making any such payment.

  

 35 

 
While any such default continues, the Trustee may require a Paying Agent to pay all funds held by it relating to the Notes to the Trustee. The Company at any time may require a Paying Agent to
pay all funds held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for such funds. If the Company or a Subsidiary acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of the Holders all funds held by it as Paying Agent. Upon any Event of Default under Sections 6.01(h) and (i) hereof relating to the Company, the Trustee shall serve as Paying
Agent for the Notes. 
 Section 2.05. Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of all Holders. If the Trustee is not the Registrar, the Company shall furnish or cause to be furnished to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a
list in such form and as of such date or such shorter time as the Trustee may allow, as the Trustee may reasonably require of the names and addresses of the Holders. 
 Section 2.06. Transfer and Exchange. 
 (a) As provided herein, interests in a Global Note will be exchanged, upon 45 days’ notice by a holder of an interest in such Global Note for Definitive Notes. Each Global Note shall be deposited with the Common Depositary, which shall
hold such Global Note in safe custody for the account of Euroclear and/or Clearstream and instruct Euroclear or Clearstream or both of them, as the case may be, to credit the principal amounts of the Notes represented by such Global Note to the
holder’s distribution account with Euroclear or Clearstream. Each relevant Global Note shall be exchangeable in whole or from time to time in part for an interest, equal to the principal amount of the part of such Global Note being exchanged,
for Definitive Notes in the same principal amount, upon request of Euroclear or Clearstream to the Registrar, but only upon delivery by Euroclear or Clearstream, acting on behalf of the beneficial owners of such interests, to the Registrar at its
principal office in Hong Kong, of certificates substantially in the form of Exhibit C hereto. The delivery to the Registrar of any certificate in the form referred to above may be relied upon by the Company, the Trustee and the Registrar as
conclusive evidence that related certificates have been delivered to Euroclear or Clearstream as contemplated by the terms of this Section 2.06. 
 (b) In accordance with the terms of a Global Note and this Indenture, the Registrar shall deliver at the cost of the Company, upon not less than 45 days’ notice to the Registrar by Euroclear or
Clearstream, the relevant Definitive Notes in exchange for interests in such Global Note. For this purpose, the Registrar is authorized and it shall, upon receipt of an Authentication Order, (A) authenticate each such Definitive Note and
(B) deliver each such Definitive Note to or to the order of Euroclear or Clearstream, in exchange for interests in such Global Note. The Registrar shall promptly notify the Company upon receipt of a request for issue of Definitive Notes the
aggregate principal amount of the relevant Global Note to be exchanged in connection therewith. The Company undertakes to deliver to, or to the order of, the Registrar

  

 36 

 
sufficient numbers of duly executed Definitive Notes to enable the Registrar to comply with its obligations under this Section 2.06(b). Such exchange shall be made free of charge to
the holder and the beneficial owners of the relevant Global Note and to the holders of the Definitive Notes issued in exchange as provided above, except that (i) the Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith and (ii) a Person receiving Definitive Notes must bear the cost of insurance, postage, transportation and the like in the event that such Person does not receive such Definitive Notes in
person at the offices of a Registrar. Notwithstanding the above, interests in a Global Note shall be exchangeable in whole (but not in part) at the cost of the Company for Definitive Notes under the conditions described in
Section 2.01(e). 
 (c) Upon any exchange of an interest in a Global Note for Definitive Notes, the
relevant Global Note shall be endorsed by the Trustee or the Registrar to reflect the reduction of its principal amount by the aggregate principal amount so exchanged. Until exchanged in full, the holder of any interest in any Global Note shall in
all respects be entitled to the same benefits under this Indenture as Definitive Notes authenticated and delivered hereunder. Once exchanged in full, a Global Note shall be canceled and disposed of by the Trustee in accordance with its customary
procedures and a certificate of disposition will be sent to the Company upon the Company’s written request. 
 (d) The Trustee or the Registrar shall cause all Global Notes and Definitive Notes delivered to it and held by it hereunder to be maintained in safe custody in accordance with this Section 2.06. 
 (e) The Security Register shall be in written form in the English language and shall include a record of the certificate
number of each Note of a particular maturity that has been issued, and shall show the amount of such Notes, the date of issue, all subsequent transfers and changes in ownership in respect thereof and the names, tax identifying numbers (if relevant
to a specific holder), addresses of the holders of the Notes and any payment instructions with respect thereto (if different from a holder’s registered address). 
 (f) The Registrar shall at all reasonable times during office hours make the Securities Register with respect to Notes of a
particular maturity available to the Trustee, any Agent, the Company and the holders of such Notes or any person authorized by the Company in writing for inspection and for taking of copies thereof or extracts therefrom, and at the expense of the
Company, the Registrar shall deliver to such persons all lists of holders of such Notes, their addresses, amounts of such holdings and other details as they may request. 
 (g) the Registrar shall handle all requests for the registration of transfer of Notes and receive certificates for the Notes
deposited with the Agent for transfer or exchange, and in doing so, shall ensure that every Note presented or surrendered for registration of transfer or exchange (if so required by the Company, the Trustee, the Paying Agent or the Registrar) be

  

 37 

 
duly endorsed by, or be accompanied by a written instrument of transfer (in form satisfactory to the Company and the Registrar) duly executed by the holder thereof or by such holder’s
attorney duly authorized in writing. 
 (h) Prior to the Distribution Compliance Expiration Date, no beneficial
interest in a Global Note may be transferred to any U.S. person (as defined in Regulation S under the Securities Act) or to any Person inside the United States as evidenced by a certification in the form of Exhibit C hereto received by the
Registrar. Unless determined otherwise by the Company in accordance with applicable law, in the event prior to the Distribution Compliance Expiration Date a Definitive Note is issued in exchange for a beneficial interest in a Global Note, such
Definitive Note shall bear the Regulation S Legend shown on the form of Note attached hereto as Exhibit A. On and after the Distribution Compliance Expiration Date, no such certification shall be required with respect to such transfers and
the Trustee is hereby authorized to remove such Regulation S Legend from the applicable Notes. 
 (i) The Trustee
and the Registrar shall be entitled to treat a facsimile communication from a person purporting to be (and who the Trustee or the Registrar believes in good faith to be) the authorized representative of the Company, named in a list furnished to the
Trustee and the Registrar from time to time, as sufficient instructions and authority of the Company for the Trustee and the Registrar to act in accordance with this Section 2.06. 
 (j) Title to the Definitive Notes shall pass by delivery, but only upon recordation of the transferee’s ownership in the
Security Register. However, title to Notes issued in the form of Global Notes held through Euroclear and Clearstream shall be transferable only in accordance with the rules and procedures of Euroclear and Clearstream, as appropriate. 
 (k) Notwithstanding anything herein to the contrary, as to any certificates and/or certifications delivered to the Trustee or
Registrar pursuant to this Section 2.06, the Trustee and Registrar’s duties shall be limited to confirming that any such certifications and certificates are in the form of Exhibit C attached hereto. Neither the Trustee nor
the Registrar shall be responsible for confirming the truth or accuracy of the representations made in any such certifications or certificates. 
 Section 2.07. Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the
Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall
authenticate a replacement Note. If required by the Trustee or the Company, the Holder of such Note shall provide indemnity that is sufficient, in the judgment of the Trustee or the Company, as applicable, to protect the Company, the Trustee, any
Agent and any authenticating agent from any loss that any of them may suffer in connection with such replacement. If required by the Company, such Holder shall reimburse the Company for its reasonable expenses in connection with such replacement.

  

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 Every replacement Note issued in accordance with this Section shall be the valid obligation
of the Company, evidencing the same debt as the mutilated, destroyed, lost or stolen Note, and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding Notes. 
 (a) The Notes outstanding at any time shall be the entire principal amount of Notes represented by all of the Global Notes and Definitive Notes authenticated by the Trustee or the Registrar, as the case
may be, except for those canceled by it, those delivered to it for cancellation, those subject to reductions in beneficial interests effected by the Trustee in accordance with Section 2.06 hereof, and those described in this Section as
not outstanding. Except as set forth in Section 2.09 hereof, a Note shall not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 (b) If a Note is replaced pursuant to Section 2.07 hereof, it shall cease to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced note is held by a protected purchaser (as defined in the New York Uniform Commercial Code). 
 (c) If the principal amount of any Note is considered paid under Section 4.01 hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
 (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date, a
Purchase Date or a maturity date, funds sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
 Section 2.09. Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Affiliate of the Company, shall be
considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes for which the Trustee has received an Officers’ Certificate
from the Company or an Affiliate of the Company evidencing such ownership shall be so disregarded. 
 Section 2.10. Temporary
Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate temporary Notes. Such temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers
appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall, upon receipt of an Authentication Order, authenticate Global Notes or Definitive Notes
in exchange for temporary Notes, as applicable. 
  

 39 

 After preparation of Definitive Notes, the temporary Note will be exchangeable for Definitive Notes upon
surrender of the temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.11. Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. Upon sole direction of the Company, the Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall dispose of canceled Notes in accordance with its customary procedures (subject to the record retention requirements of the Exchange Act or other applicable laws) unless by written order, signed by an Officer of the Company,
the Company directs them to be returned to it. Certification of the destruction of all canceled Notes shall be delivered to the Company from time to time upon the Company’s written request. The Company may not issue new Notes to replace Notes
that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12. Payment of Interest; Defaulted
Interest. 
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The
Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date;
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. Within 15 days from the related Interest Payment Date, the Company (or, upon the written request of the
Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related Interest Payment Date and the amount of such interest to be paid. 

Section 2.13. ISIN Number and Common Code. 
 The Company in issuing the Notes may use “ISIN” number or “Common Code” (if then generally in use), and, if so, the Trustee shall use “ISIN” number or “Common Code”
in notices of redemption or Offers to Purchase as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such number or code either as printed on the Notes or as
contained in any notice of a redemption or notice of an Offer to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or Offer to Purchase shall not be affected by any defect
in or omission of such number or code. The Company shall promptly notify the Trustee of any change in the “ISIN” number or “Common Code”. 
  

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 Section 2.14. Record Date. 
 The record date for purposes of determining the identity of Holders of Notes entitled to vote or consent to any action by vote or consent or
permitted under this Indenture shall be 15 days prior to the date of such vote, consent or action. 
 ARTICLE 3.

 REDEMPTION AND PREPAYMENT 
 Section 3.01. Notices to Trustee. 
 If the Company elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least 45 days but not more than 60 days before a redemption date (or such shorter period as allowed by the
Trustee), an Officers’ Certificate setting forth (a) the applicable Section of this Indenture pursuant to which the redemption shall occur, (b) the redemption date, (c) the principal amount of Notes to be redeemed and
(d) the redemption price. 
 Section 3.02. Selection of Notes to Be Redeemed. 
 If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders of the
Notes in compliance with the requirements of the principal securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee
deems fair and appropriate. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from
the outstanding Notes not previously called for redemption. 
 The Trustee shall promptly notify the Company in writing of the
Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $100,000 or integral multiples thereof; except that
if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not an integral multiple of $100,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
 Section 3.03.
Notice of Redemption. 
 At least 20 days but not more than 60 days prior to a redemption date, the Company
shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at such Holder’s registered address appearing in the Security Register, except that redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in connection with a satisfaction and discharge pursuant to Article 11 hereof. 
  

 41 

 The notice shall identify the Notes to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is being redeemed in
part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, if applicable, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the applicable Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness
of the ISIN number, if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 35 days (or such shorter period allowed by the Trustee), prior to the redemption
date, an Officers’ Certificate requesting that the Trustee give such notice (in the name and at the expense of the Company) and setting forth the information to be stated in such notice as provided in this Section 3.03. 
 Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption shall become irrevocably due and payable on the redemption date at the redemption price.
A notice of redemption may not be conditional. 
 Section 3.05. Deposit of Redemption Price. 
 On or prior to 11:00 a.m. Hong Kong time on the Business Day prior to any redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and, if applicable, accrued and unpaid interest on all Notes to be redeemed on that date. The Paying Agent shall promptly, and in any event within two (2) Business Days after the redemption date,
return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest, if any, on, all Notes to be redeemed. 
  

 42 

 If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for purchase or redemption in accordance with Section 2.08(d) hereof, whether or not such Notes are presented for payment. If a Note is redeemed
on or after a Regular Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record
Date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06. Notes Redeemed in Part. 
 Upon surrender of
a Note that is redeemed in part, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in
principal amount to the unredeemed portion of the Note surrendered. 
 Section 3.07. Optional Redemption at the Option of the
Company. 
 (a) At any time before the occurrence of an IPO, the Company may redeem all or any part of
the Notes, at any time and from time to time after giving the notice required pursuant to Section 3.03 hereof, at the redemption price of 109% (expressed as a percentage of principal amount), plus (i) if redeemed by the Company on
or before March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date), plus the Make-Whole Amount, or (ii) if redeemed by the Company after March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 Unless
the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (b) Except as provided in this Section 3.07, the Notes shall not be redeemable at the option of the Company.

 (c) Any prepayment pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. 
 Section 3.08. Mandatory Redemption. 
 The Company agrees that on or before the expiration of 60 days after the completion of a an IPO, the Company will prepay and there shall
become due and payable the entire principal amount (or such lesser principal amount as shall then be outstanding) in respect of the aggregate principal Debt evidenced by the Notes at a purchase price in cash equal to 100% of the principal amount of
Notes then outstanding plus accrued and unpaid interest to but excluding the date of redemption. 
  

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 In the case of prepayment of Notes pursuant to this Section, the principal amount of each
Note shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date. From and after such date, unless the Company shall fail to pay such principal amount when so
due and payable, together with the interest as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and canceled and shall not be reissued, and no Note shall be
issued in lieu of any prepaid principal amount of any Note. 
 Any prepayment pursuant to this Section 3.08 shall be
made pursuant to the provisions of Sections 3.03 through 3.05 hereof. 
 Section 3.09. Offer To
Purchase. 
 (a) In the event that, pursuant to Section 4.16 hereof, the Company shall be
required to commence a Change of Control Offer (each, an “Offer to Purchase”), it shall follow the procedures specified below. 
 (b) The Company shall commence the Offer to Purchase by sending, by first-class mail, with a copy to the Trustee, to each Holder at such Holder’s address appearing in the Security Register, a notice
the terms of which shall govern the Offer to Purchase stating: 
  

	 	(i)	that the Offer to Purchase is being made pursuant to this Section 3.09 and Section 4.16, and that a Change of Control has occurred, the circumstances
and relevant facts regarding the Change of Control and that a Change of Control Offer is being made pursuant to Section 4.16; 

  

	 	(ii)	the principal amount of Notes required to be purchased pursuant to Section 4.16, as the case may be (the “Offer Amount”), the
purchase price set forth in Section 4.16 (the “Purchase Price”), the Offer Period and the Purchase Date (each as defined below); 

  

	 	(iii)	except as provided in clause (ix), that all Notes timely tendered and not withdrawn shall be accepted for payment; 

  

	 	(iv)	that any Note not tendered or accepted for payment shall continue to accrue interest; 

  

	 	(v)	that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest after the
Purchase Date; 

  

 44 

	 	(vi)	that Holders electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in integral multiples of $100,000 only;

  

	 	(vii)	that Holders electing to have a Note purchased pursuant to any Offer to Purchase shall be required to surrender the Note, with the form entitled “Option of Holder
to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, the Common Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice before the close of
business on the third Business Day before the Purchase Date; 

  

	 	(viii)	that Holders shall be entitled to withdraw their election if the Company, the Common Depositary or the Paying Agent, as the case may be, receives, not later than the
close of business on the third Business Day before the expiration of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note (or portions thereof) the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

  

	 	(ix)	that Holders whose Notes were purchased in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred
by book-entry transfer); and 

  

	 	(x)	any other procedures the Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to
withdraw an election to tender Notes (or portions thereof) for payment. 

 (c) The Offer to
Purchase shall remain open for a period of at least 30 days but no more than 60 days following its commencement, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five
(5) Business Days (and in any event no later than the 60th day following the date of the Change of Control) after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the Offer Amount or,
if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. The Company shall publicly announce the
results of the Offer to Purchase on the Purchase Date. 
 (d) On or prior to the Purchase Date, the Company
shall, to the extent lawful: 
  

	 	(i)	accept for payment from each tendering Holder, the Offer Amount of Notes or portions of Notes properly tendered and not withdrawn pursuant to the Offer to Purchase, or
if less than the Offer Amount has been tendered, all Notes tendered; 

  

 45 

	 	(ii)	deposit with the Paying Agent funds in an amount equal to the Purchase Price in respect of all Notes or portions of Notes properly tendered; and

  

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes
or portions of Notes being purchased by the Company and that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section. 

 (e) The Paying Agent (or the Company, if acting as the Paying Agent) shall promptly (but in the case of a Change of Control,
not later than 60 days from the date of the Change of Control) deliver to each tendering Holder the Purchase Price. In the event that any portion of the Notes surrendered is not purchased by the Company, the Company shall promptly execute and issue
a new Note in a principal amount equal to such unpurchased portion of the Note surrendered, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver (or cause to be
transferred by book-entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided, however, that each such new Note shall be in a principal amount of $100,000 or an integral
multiple thereof. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. 
 (f) If the Purchase Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on
such Regular Record Date, and no further interest shall be payable to Holders who tender Notes pursuant to the Offer to Purchase. 
 (g) Other than as specifically provided in this Section, any purchase pursuant to this Section shall be made in accordance with the provisions of Section 3.01 through 3.06 hereof.

 Section 3.10. Repurchase of Notes by the Company at the Option of the Holder. 
 If at any time prior to a Qualifying IPO there shall occur a Block Trade which does not constitute a Change of Control, then each Noteholder
shall have the right at such holder’s option but not the obligation to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of $100,000 principal amount, on the date (the
“Repurchase Date”) specified by the Company that is not less than twenty (20) Business Days and not more than thirty-five (35) Business Days after the date of the Repurchase Notice (as defined below) at a cash
repurchase price equal to (x) 115% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased, to the Purchase Date for each Note that such holder also tenders with a number of Warrants
that is equal to the number of Warrants with such Note on the Issue Date or (y) otherwise at 109% of the then outstanding principal amount of the Notes, plus in each case (i) if redeemed by the Company on or

  

 46 

 
before March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular
Record Date to receive interest due on the relevant Interest Payment Date), plus the Make-Whole Amount, or (ii) if redeemed by the Company after March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the
applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); and provided further that no Notes may be repurchased by the Company
pursuant to this Section if the principal amount of any Notes has been accelerated and such acceleration has not been rescinded on or prior to the Repurchase Date. Repurchases of Notes under this Section shall be made, at the option of the holder
thereof, upon: 
 (a) delivery to the Trustee (or other paying agent appointed by the Company) by a holder of a
duly completed notice (the “Repurchase Notice”) in the form set forth on the reverse of the Note during the period beginning at any time from the opening of business on the date that is 10 Business Days after
completion of the Block Trade until the close of business on the date that is 20 Business Days after completion of the Block Trade; and 
 (b) delivery or book entry transfer of such Notes to the Trustee (or other paying agent appointed by the Company) at any time after delivery of the Repurchase Notice (together with all necessary
endorsements) at the Corporate Trust Office of the Trustee or any other office of the Trustee (or other paying agent appointed by the Company) in Hong Kong as provided in Section 4.02, such delivery being a condition to receipt by the
holder of the repurchase price therefor; provided that such repurchase price shall be so paid pursuant to this Section only if the Note so delivered to the Trustee (or other paying agent appointed by the Company) shall conform in all respects
to the description thereof in the related Repurchase Notice. 
 The Company shall purchase from the holder thereof, pursuant to
this Section, a portion of a Note, only if the principal amount of such portion is $100,000 or a whole multiple of $100,000. Provisions of this Indenture that apply to the purchase of all of a Note also apply to the purchase of such portion of such
Note. 
 Any purchase by the Company contemplated pursuant to the provisions of this Section shall be consummated by the
delivery of the consideration to be received by the holder promptly following the later of the Repurchase Date and the time of the book entry transfer or delivery of the Note. 
 Notwithstanding anything herein to the contrary, any holder delivering to the Trustee (or other paying agent appointed by the Company) a
Repurchase Notice contemplated by this Section shall have the right to withdraw such Repurchase Notice at any time prior to the close of business on the third Business Day immediately preceding the Repurchase Date by delivery of a written notice of
withdrawal to the Trustee (or other paying agent appointed by the Company) in accordance with Section 3.12. The Company is not obligated under this Section to repurchase Notes listed in such written notice of withdrawal. 
  

 47 

 The Trustee (or other paying agent appointed by the Company) shall promptly notify the
Company of the receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
 Section 3.11. Tax
Redemption. 
 (a) The Notes may be redeemed, at the option of the Company or a Surviving Person with
respect to the Company, as a whole but not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders and upon reasonable written notice in advance of such notice to Holders to the Trustee (which notice shall
be irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the Company or the Surviving Person, as the case may be,
for redemption (the “Tax Redemption Date”) if, as a result of: 
  

	 	(i)	any change in, or amendment to, laws (or any regulations or rulings promulgated thereunder) of the Cayman Islands, the PRC or such other jurisdiction in which the
Company or the Guarantor is then organized, as the case may be, affecting taxation; or 

  

	 	(ii)	any change in the existing official position or the stating of an official position regarding the application or interpretation of such laws, regulations or rulings
(including a holding, judgment or order by a court of competent jurisdiction), 

 which change or amendment becomes effective on
or after (i) with respect to the Company or any Guarantor, the Issue Date, or (ii) with respect to any Future Guarantor or Surviving Person, the date such Future Guarantor or Surviving Person becomes a Future Guarantor or Surviving Person,
with respect to any payment due or to become due under the Notes, any Guarantee, or this Indenture, the Company, a Surviving Person or a Guarantor, as the case may be, is, or on the next Interest Payment Date would be, required to pay Additional
Amounts, and such requirement cannot be avoided by the taking of reasonable measures by the Company, a Surviving Person or a Guarantor, as the case may be; provided that no such notice of redemption shall be given earlier than 90 days prior
to the earliest date on which the Company, a Surviving Person or a Guarantor, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of the Notes were then due. 
 (b) Prior to the mailing of any notice of redemption for Notes pursuant to the foregoing, the Company, a Surviving Person or
a Guarantor, as the case may be, will deliver to the Trustee: 
  

	 	(i)	an Officers’ Certificate stating that such change or amendment referred to in the prior paragraph has occurred, describing the facts related thereto and stating
that such requirement cannot be avoided by the Company, a Surviving Person or a Guarantor, as the case may be, taking reasonable measures available to it; and 

  

 48 

	 	(ii)	an Opinion of Counsel or a written opinion of a tax consultant who is acceptable to the Trustee, either of recognized standing, in form and substance satisfactory to
the Trustee, stating that the requirement to pay such Additional Amounts results from such change or amendment referred to in the prior paragraph. 

 The Trustee shall accept and be permitted to rely on such certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 (c) Any Notes that are redeemed will be canceled.  

Section 3.12. Effect of Repurchase Notice. 
 Upon receipt by the Paying Agent of the Repurchase Notice specified in Section 3.10, the holder of the Note in respect of which such Repurchase Notice was given shall (unless such Repurchase
Notice is validly withdrawn) thereafter be entitled to receive solely the repurchase price with respect to such Note. Such repurchase price shall be paid to such holder, subject to receipt of funds or Notes by the Paying Agent, promptly following
the later of (x) the Repurchase Date with respect to such Note (provided the holder has satisfied the conditions in Section 3.10) and (y) the time of delivery of such Note to the Paying Agent by the holder thereof in the
manner required by Section 3.10. 
 A Repurchase Notice may be withdrawn by means of a written notice of withdrawal
delivered to the Corporate Trust Office of the Paying Agent in accordance with the Repurchase Notice at any time prior to the close of business on the Business Day immediately preceding the Repurchase Date, specifying: 
 (a) the certificate number, if any, of the Note in respect of which such notice of withdrawal is being submitted, or the
appropriate Common Depositary information if the Note in respect of which such notice of withdrawal is being submitted is represented by a Global Note, 
 (b) the principal amount of the Note with respect to which such notice of withdrawal is being submitted, and 
 (c) the principal amount, if any, of such Note which remains subject to the original Repurchase Notice and which has been or will be delivered for repurchase by the Company. 
 Section 3.13. Deposit of Repurchase Price. 
 (a) Prior to 11:00 a.m. (Hong Kong Time) on the Business Day prior to the Repurchase Date, the Company shall deposit with the
Paying Agent or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the paying agent, shall segregate and hold in trust as provided in Section 4.01, an amount of cash (in immediately available funds if
deposited on such Business Day), sufficient to pay the aggregate repurchase price of all the Notes or portions thereof that are to be purchased as of the Repurchase Date. 
  

 49 

 (b) If the Paying Agent, or the Company or a Subsidiary or Affiliate of
either of them, if such entity is acting as the paying agent, holds cash sufficient to pay the aggregate repurchase price of all such Notes, or portions thereof that are to be repurchased as of the Repurchase Date, on or after the Repurchase Date
(i) such Notes will cease to be outstanding, (ii) interest on such Notes will cease to accrue, and (iii) all other rights of the holders of such Notes will terminate, whether or not book entry transfer of such Notes has been made or
such Notes have been delivered to the Trustee or paying agent, other than the right to receive the repurchase price upon delivery of such Notes. 
 Section 3.14. Notes Repurchased in Part. 
 Upon presentation of any Note repurchased pursuant
to Section 3.10 only in part, the Company shall execute and the Trustee upon receipt of an Authentication Order shall authenticate and make available for delivery to the holder thereof, at the expense of the Company, a new Note or Notes,
of any authorized denomination, in aggregate principal amount equal to the unrepurchased portion of the Notes presented. 
 Section 3.15. Repayment to the Company. 
 The Paying Agent shall return to the Company any
cash or money that remains unclaimed as provided in Section 11.03, together with interest, if any, thereon, held by them for the payment of the repurchase price pursuant to Section 3.10: provided that to the extent
that the aggregate amount of cash or money deposited by the Company pursuant to Section 3.12 exceeds the aggregate repurchase price of the Notes or portions thereof which the Company is obligated to purchase as of the Repurchase Date,
then, unless otherwise agreed in writing with the Company, promptly after the Business Day following the Repurchase Date, the Paying Agent shall return any such excess to the Company together with interest, if any, thereon. 
 ARTICLE 4. 
 COVENANTS 
 Section 4.01. Payment of Notes. 
 The Company shall pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the due dates and in the manner
provided in this Indenture and the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Hong Kong Time on the Business
Day prior to the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. Such Paying Agent shall return to the Company promptly, and in
any event, no later than five (5) Business Days following the date of payment, any money (including accrued interest) that exceeds such amount of principal, premium, if any, and interest paid on the Notes. If a payment date is a Legal Holiday
at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
  

 50 

 The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 5% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. 
 Interest shall be computed on the basis of a 360-day year of twelve 30-day months for the actual number of days elapsed. 
 Section 4.02. Maintenance of Office or Agency. 
 (a) The Company shall maintain in Hong Kong, an office or agency (which may be an office or drop facility of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be
presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 (c) The Company hereby designates the Corporate Trust Office of the Trustee, as one such
office, drop facility or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03.
Reports. 
 (a) So long as any of the Notes remain outstanding and prior to a Qualifying IPO,
the Company shall use its commercially reasonable efforts to furnish to the Trustee for further delivery to the Holders all of the following: 
  

	 	(i)	as soon as they are available but in any event within 90 calendar days after the end of the fiscal year of the Company, copies of its financial statements (on a
consolidated basis) in respect of such fiscal year (including a statement of income, balance sheet and cash flow statement) audited by a member firm of an internationally-recognized firm of independent accountants in accordance with IFRS, together
with an unqualified audit report in respect thereof; 

  

 51 

	 	(ii)	As soon as they are available, but in any event within 45 calendar days after the end of each of the first, second and third Fiscal Quarters of the Company, copies of
its unaudited financial statements (on a consolidated basis) in respect of the respective period (including a statement of income, balance sheet and cash flow statement) prepared on a basis consistent with the audited financial statements of the
Company; provided that the financial statements delivered after the end of the second Fiscal Quarter shall cover the six-month period then ended; and 

  

	 	(iii)	Subject to any securities laws and regulations and rules of stock exchanges, all public filings with the relevant trading market and regulatory authorities in
connection with the Qualifying IPO and thereafter. 

 (b) So long as any of the Notes remains
outstanding, the Company will provide to the Trustee (i) within 45 calendar days after the end of each of the first, second and third Fiscal Quarter of the Company, and within 90 calendar days after the close of the Company’s fiscal year
(which is ended December 31), an Officers’ Certificate stating the Annualized Leverage Ratio, the LTM Leverage Ratio, the Annualized EBITDAR to Interest and Lease Payment Ratio, the LTM EBITDAR to Interest and Lease Payment Ratio, the
number of hotels in operation, the Consolidated Net Worth and other operational or financial ratios or amounts as required under this Indenture, each as of the end of the fiscal quarter or year, as the case may be, and showing in reasonable detail
the calculation of such ratios and amounts, including the arithmetic computations of each component of such ratios and amounts; provided that such ratios shall be calculated and reported only from the calculation of the fiscal year ending
December 31, 2008; (ii) as soon as possible and in any event within 14 days after the Company becomes aware of the occurrence of a Default, an Officers’ Certificate setting forth the details of the Default, and the action that the
Company proposes to take with respect thereto, with a copy to the Sponsors; and (iii) no later than 15 days following the end of each month, a monthly report in the form set forth in Exhibit B to the Offshore Escrow Agreement. 
 After a Qualifying IPO, the Company shall use its commercially reasonable efforts to furnish to the Trustee for and on behalf of the Holders
of the Notes all financial statements provided to shareholders as and when they are provided and all public filings with the relevant trading market and regulatory authorities. 
 (c) For as long as any Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, during any period in which the Company is neither subject to Section 13 or 15(d) of the Exchange Act, nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder, the Company shall supply (i) to any Holder or
Beneficial Owner of a Note or (ii) upon their request to a prospective purchaser of a Note or beneficial interest therein designated by such holder or owner, the information specified in, and meeting the requirements of Rule 144A(d)(4) under
the Securities Act. 
  

 52 

 The Company shall notify the Trustee in writing within five (5) Business Days prior to
filing a registration statement or other filing with any stock exchange for a Qualifying IPO, and shall notify the Trustee of the consummation of the Qualifying IPO on the date that of consummation thereof. 
 Delivery of any such information to the Trustee is for informational purposes only and the Trustee’s receipt of them will not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company or any Guarantor’s compliance with any of its or their covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04. Compliance Certificate. 
 The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, or thereafter within 20 days after the request
therefor from the Trustee, an Officers’ Certificate stating that a review of the activities of the Company, the Guarantors and their respective Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Company, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, premium, if any, or
interest on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.05. Taxes. 
 The Company shall pay, and shall
cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies, except such as are being contested in good faith and by appropriate proceedings, and for which appropriate reserves have been
provided in accordance with IFRS, or where the failure to effect such payment is not adverse in any material respect to the Holders. 
 Section 4.06. Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture; and the Company (to the extent that it may

  

 53 

 
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee or any Agent, but shall suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07. Corporate Existence. 
 Subject to Section 5.01 hereof, the Company
shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine in good faith that the preservation
thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes, or that such preservation is not
necessary in connection with any transaction not prohibited by this Indenture. 
 Section 4.08. Hedging. 

The Company shall, as soon as reasonably practicable (but in any event within 5 days after the Issue Date), purchase and shall thereafter
maintain throughout the term of the Notes an interest rate cap agreement with respect to the Notes with Deutsche Bank AG, Hong Kong Branch, in a notional amount not less than the outstanding principal balance of the Notes, capping the LIBOR at 50
bps in excess of LIBOR on the Issue Date. 
 If no Qualifying IPO has occurred prior to December 31, 2008, then on or
before January 12, 2009, the Company shall enter into, and maintain throughout the remaining term of the Notes, a currency hedging transaction on the terms acceptable to Holders holding no less than 66.7% of the aggregate principal amount of
the Notes then outstanding to hedge the currency exchange risk from the depreciation of RMB in a notional amount not less than the then outstanding principal balance of the Notes. 
 Section 4.09. Incurrence of Additional Debt. 
 The
Company shall not, and shall not permit any of its Subsidiaries to, Incur, directly or indirectly, any Debt unless, after giving effect to the application of the proceeds thereof, no Default or Event of Default would occur as a consequence of such
Incurrence or be continuing following such Incurrence and such Debt is Permitted Debt provided, however, that on or after January 1, 2009 the Company and its Subsidiaries may Incur Debt if, after giving effect to the incurrence of such
Debt, (x) the Maximum Leverage Ratio for which financial statements are available immediately preceding the date on which such Debt is Incurred would have not been greater than 3.0 to 1.0 and (y) if the Minimum EBITDAR to Interest and
Lease Payment Ratio for which financial statements are available immediately preceding the date on which such Debt is Incurred would have been at least 1.5 to 1.0, in each case determined on a pro forma basis (including a pro forma application of
the net proceeds therefrom), as if such Debt had been Incurred at the beginning of such four quarter. 
  

 54 

 The term “Permitted Debt” is defined to include the
following: 
 (a) (i) Debt of the Company evidenced by the Notes and (ii) Debt of the Guarantors evidenced
by Guarantees relating to the Notes; 
 (b) Debt of the Company’s Subsidiaries in the PRC with respect to an
Entrusted Loan; 
 (c) Debt in an aggregate principal amount at any one time, together with the ICBC Loan, not
exceeding $25.0 million; 
 (d) Debt of the Company owing to and held by any Wholly Owned Subsidiary and Debt of
any Subsidiary of the Company owing to and held by the Company or any Wholly Owned Subsidiary; provided, however, that any subsequent issue or transfer of Capital Stock or other event that results in any such Wholly Owned Subsidiary ceasing
to be a Wholly Owned Subsidiary or any subsequent transfer of any such Debt (except to the Company or a Wholly Owned Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Debt by the issuer thereof; 
 (e) Debt of any Subsidiary of the Company outstanding on the date on which such Subsidiary is acquired by the Company or
otherwise becomes a Subsidiary of the Company (other than Debt Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such
Subsidiary became a Subsidiary of the Company or was otherwise acquired by the Company), (or at any time prior to March 9, 2009, Debt of any other Person that the Company merge, consolidate or amalgamate with or into), provided that at
the time such Subsidiary is acquired by the Company (or otherwise becomes a Subsidiary of the Company or such other Person is merged, consolidated or amalgamated with or into the Company, as the case may be), and after giving effect to the
Incurrence of such Debt, the Company would have been in compliance with the Maximum Leverage Ratio and the Minimum EBITDAR to Interest and Lease Payment Ratio if such transaction occurs prior to March 9, 2009, or at any time after March 9,
2009, the Company would have been able to Incur $1.00 of additional Debt pursuant to the ratio tests in the first paragraph of this Section 4.09; 
 (f) Debt under Interest Rate Agreements entered into by the Company or a Guarantor for the purpose of limiting interest rate risk in the ordinary course of the financial management of the Company or such
Guarantor and not for speculative purposes, provided that the obligations under such agreements are directly related to payment obligations on Debt otherwise permitted by the terms of this Section; 
 (g) Debt under Currency Exchange Protection Agreements entered into by the Company or any of its Subsidiaries for the purpose
of limiting currency exchange rate risks directly related to transactions entered into by the Company or such Subsidiary in the ordinary course of business and not for speculative purposes; 
  

 55 

 (h) Debt in connection with one or more standby letters of credit or
performance bonds issued by the Company or a Guarantor in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit; 
 (i) Debt of the Company or any of its Subsidiaries outstanding on the Issue Date not otherwise described in clauses
(a) through (h) above; 
 (j) Permitted Refinancing Debt Incurred in respect of Debt Incurred pursuant
to clauses (a), (c), (e) or (i) above (other than in the case of (j), the ICBC Loan); and 
 (k) Debt
owed to any of the Sponsors that is expressly subordinated in right and priority of payment to the prior payment in full in cash of the Notes and has a Stated Maturity falling after the first anniversary of payment in full in cash of the Notes.

 Notwithstanding anything to the contrary contained in this Section, 
 (a) the Company shall not, and shall not permit any Guarantor to, Incur any Debt pursuant to this covenant if the proceeds
thereof are used, directly or indirectly, to Refinance any Subordinated Obligations unless such Debt shall be subordinated to the Notes or the applicable Subsidiary Guarantee, as the case may be, to at least the same extent as such Subordinated
Debt; 
 (b) the Company shall not permit any of its Subsidiaries that is not a Guarantor to Incur any Debt
pursuant to this covenant if the proceeds thereof are used, directly or indirectly, to Refinance any Debt of the Company or any Guarantor; and 
 (c) accrual of interest, accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Debt, will be deemed not to be an Incurrence of Debt for
purposes of this Section. 
 For purposes of determining compliance with this Section, in the event that an item of Debt meets the criteria of
more than one of the categories of Permitted Debt described in clauses (a) through (i) above or is entitled to be incurred pursuant to the ratio tests in the proviso in the first paragraph of this Section 4.09, the Company
shall, in its sole discretion, classify (or later reclassify in whole or in part, in its sole discretion) such item of Debt in any manner that complies with this Section. 
 Section 4.10. Restricted Payments. 
 The Company
shall not make, and shall not permit any of its Subsidiaries to make, directly or indirectly, any Restricted Payment. 
  

 56 

 Section 4.11. Limitation on Liens. 
 The Company shall not, and shall not permit any Subsidiary to, directly or indirectly, Incur, assume or permit to exist any Lien on the
Collateral (other than Liens incurred pursuant to or permitted by the Security Documents). 
 The Company shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, Incur or suffer to exist, any Lien (other than Permitted Liens) upon any of its Property (including Capital Stock of any of its Subsidiaries), whether owned at the Issue Date or
thereafter acquired, or any interest therein or any income or profits therefrom. 
 Section 4.12. Asset Sales.

 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, consummate any Asset Sale,
provided that the Company or any of its Subsidiaries may consummate Asset Sales to dispose of equity interests in the Company’s Subsidiaries if 
 (a) the Company or such Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the Property subject to such Asset Sale, 
 (b) at least 75% of the consideration paid to the Company or such Subsidiary in connection with such Asset Sale is in the
form of cash or Cash Equivalents or the assumption by the purchaser of liabilities of the Company or any Subsidiary (other than contingent liabilities or liabilities that are by their terms subordinated to the Notes or the applicable Guarantee) as a
result of which the Company and the Subsidiaries are no longer obligated with respect to such liabilities, 
 (c)
the aggregate number of hotels disposed of in respect of such Asset Sales since the Issue Date shall not in the aggregate exceed 10 hotels at the date of such Asset Sale, and 
 (d) the Company delivers an Officers’ Certificate to the Trustee certifying that such Asset Sales complies with the
foregoing clauses (a), (b) and (c). 
 Section 4.13. Restrictions on Distributions from Subsidiaries. 

The Company shall not and shall not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to
exist any consensual restriction on the right of any of its Subsidiaries to: 
  

	 	(a)	pay dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock owned by, or pay any Debt or other obligation owed, to, the
Company or any other Subsidiary of the Company, 

  

	 	(b)	make any loans or advances to the Company or any other Subsidiary of the Company, or 

  

	 	(c)	transfer any of its Property to the Company or any other Subsidiary of the Company. 

  

 57 

 The foregoing limitations will not apply: 
  

	 	(1)	with respect to clauses (a), (b) and (c), to restrictions: 

  

	 	(A)	in effect on the Issue Date (including, without limitation, restrictions pursuant to the Notes and this Indenture and the Security Documents), 

 

	 	(B)	relating to Debt of any Subsidiary of the Company and existing at the time it became a Subsidiary of the Company if such restriction was not created in connection with
or in anticipation of the transaction or series of transactions pursuant to which such Subsidiary became a Subsidiary of the Company or was acquired by the Company, 

  

	 	(C)	that result from the Refinancing of Debt Incurred pursuant to an agreement referred to in clause (1)(A) or (B) above or in clause (2)(A) or
(B) below, provided such restrictions are not less favorable to the holders of Notes than those under the agreement evidencing the Debt so Refinanced, or 

  

	 	(D)	existing under or by reason of applicable law, rule, regulation or order, and 

  

	 	(2)	with respect to clause (c) only, to restrictions: 

  

	 	(A)	relating to Debt that is permitted to be Incurred and secured without also securing the Notes or the applicable Subsidiary Guarantee pursuant to
Section 4.09 and Section 4.11 that limit the right of the debtor to dispose of the Property securing such Debt, 

  

	 	(B)	encumbering Property at the time such Property was acquired by the Company or any of its Subsidiaries, so long as such restrictions relate solely to the Property so
acquired and were not created in connection with or in anticipation of such acquisition, 

  

	 	(C)	resulting from customary provisions restricting subletting or assignment of leases or customary provisions in other agreements that restrict assignment of such
agreements or rights thereunder, 

  

	 	(D)	customary restrictions contained in asset sale agreements limiting the transfer of such Property pending the closing of such sale, 

  

 58 

	 	(E)	contained in any stockholders, joint venture or similar agreement, so long as such encumbrance or restriction is not materially more disadvantageous to the Holders than
the encumbrances and restrictions contained in comparable agreements entered into by the Company or any of its Subsidiaries, or 

  

	 	(F)	restrictions on cash or other deposits imposed by the lessors under the lease contracts for the Company or its Subsidiaries’ hotel operations.

 Section 4.14. Affiliate Transactions. 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, conduct any business or enter into or suffer
to exist any transaction or series of transactions (including the purchase, sale, transfer, assignment, lease, conveyance or exchange of any Property or the rendering of any service) with, or for the benefit of, any Affiliate of the Company (an
“Affiliate Transaction”), unless: 
 (a) the terms of such Affiliate Transaction are:

  

	 	(1)	set forth in writing, 

  

	 	(2)	in the best interest of the Company or such Subsidiary, as the case may be as determined by the majority of the disinterested directors of the board of directors of
such entity, and 

  

	 	(3)	no less favorable to the Company or such Subsidiary as determined by the majority of the disinterested directors of the board of directors of such entity, as the case
may be, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company, 

 (b) if such Affiliate Transaction involves aggregate payments or value in excess of $500,000, the Board of Directors
(including a majority of the disinterested members of the Board of Directors) approves such Affiliate Transaction and, in its good faith judgment, believes that such Affiliate Transaction complies with clauses (a)(2) and (3) of this paragraph
as evidenced by a Board Resolution promptly delivered to the Trustee, and 
 (c) if such Affiliate Transaction
involves aggregate payments or value in excess of $10 million, the Company obtains a written opinion from an Independent Financial Advisor to the effect that the consideration to be paid or received in connection with such Affiliate Transaction is
fair, from a financial point of view, to the Company and its Subsidiaries. 
  

 59 

 Notwithstanding the foregoing limitation, the Company or any of its Subsidiaries may enter
into or suffer to exist the following: 
 (a) any transaction or series of transactions between the Company and
one or more of its Subsidiaries or between two or more of its Subsidiaries in the ordinary course of business, provided that no more than 5% of the total voting power of the Voting Stock (on a fully diluted basis) of any such Subsidiary is
owned by an Affiliate of the Company (other than any Subsidiary of the Company); 
 (b) the payment of
compensation (including amounts paid pursuant to employee benefit plans) for the personal services of officers, directors and employees of the Company or any of its Subsidiaries and the payment of customary indemnification, so long as the Board of
Directors in good faith shall have approved the terms thereof and deemed the services theretofore or thereafter to be performed for such compensation to be fair consideration therefor; 
 (c) any issuance of Ordinary Share Equivalents (other than Disqualified Stock) of the Company to Affiliates of the Company if
otherwise permitted by this Indenture, and 
 (d) that certain loan agreement between the Company and WP RE
(Cayman) International Ltd. dated July 19, 2007 in the amount of $10 million, and any modifications (except for an increase in principal amount thereunder), extensions or renewals thereto that are no less favorable to the Company or any of its
Subsidiaries than such agreement as in effect on the Issue Date. 
 Section 4.15. Issuance or Sale of Capital Stock of
Subsidiaries. 
 The Company shall not: 
 (a) sell, pledge, hypothecate or otherwise dispose of any shares of Capital Stock of any of its Subsidiaries, or 

(b) permit any Subsidiary of the Company to, directly or indirectly, issue or sell or otherwise dispose of any shares of
its Capital Stock, 
 other than, in the case of either (a) or (b): 
  

	 	(1)	directors’ qualifying shares, or 

  

	 	(2)	to the Company or a Wholly Owned Subsidiary. 

 Section 4.16. Repurchase at the Option of Holders Following a Change of Control. 
 (a) Upon the occurrence of a Change of Control prior to a Qualifying IPO, the Company shall, within 7 days thereafter notify the Trustee and the Holders of such Change of Control, and within 30 days of a Change of Control, make an offer
(the “Change of Control Offer”) pursuant to the procedures set forth in Section 3.09. Each Holder shall have the right but not the obligation to accept such offer and require the Company to
repurchase all or any portion (equal to $100,000 or an integral multiple of $100,000) of such Holder’s Notes pursuant to the Change of Control Offer at a

  

 60 

 
purchase price, in cash (the “Change of Control Amount”), equal to (x) 115% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest
on the Notes repurchased, to the Purchase Date for each Note that such holder also tenders with a number of Warrants that is equal to the number of Warrants with such Note on the Issue Date or (y) otherwise at 109% of the then outstanding
principal amount of the Notes, plus (i) if redeemed by the Company on or before March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record
on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), plus the Make-Whole Amount, or (ii) if redeemed by the Company after March 10, 2009, accrued and unpaid interest on the Notes redeemed, to
but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
 (b) The Company shall not be required to make a Change of Control Offer following a Change of Control if a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not
withdrawn under such Change of Control Offer. 
 Section 4.17. Future Guarantors. 
 The Company shall cause each Person that becomes a Subsidiary of the Company following the Issue Date to execute and deliver to the Trustee a
Subsidiary Guarantee at the time such Person becomes a Subsidiary of the Company, provided that any such Subsidiary that is domiciled in the PRC shall not be required to execute a Subsidiary Guarantee unless after the Issue Date a change in
law or interpretation of law in the PRC allows a company domiciled in the PRC to provide a guarantee of Debt without approval by any governmental body in the PRC. 
 Section 4.18. Business Activities. 
 The Company shall
not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly, engage in any business other than a Related Business. 
 Section 4.19. Sale and Leaseback Transactions. 
 The Company shall not, and shall not permit
any of its Subsidiaries to, enter into any Sale and Leaseback Transaction with respect to any Property. 
 Section 4.20.
Impairment of Security Interest. 
 Except for Liens arising by operation of law as permitted under the
relevant Security Documents, the Company shall not, and shall not permit any of its Subsidiaries to, take or omit to take any action that might or would have the result of materially impairing the security interest with respect to the Collateral for
the benefit of the Trustee and the holders of the Notes, and the Company shall not, and shall not permit any of its Subsidiaries to, grant to any Person other than the Collateral Agent, for the benefit of the Trustee and the holders of the Notes and
the other beneficiaries described in the Security Documents, any interest whatsoever in any of the Collateral. 
  

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 Section 4.21. Amendments to Security Documents. 
 The Company shall not, and shall not permit any of its Subsidiaries to, amend, waive or otherwise modify, or permit or consent to any
amendment, waiver or other modification, the Security Documents in any way that would be adverse to the holders of the Notes. 
 Section 4.22. Use of Proceeds. 
 The Company will not use the net proceeds from the sale of
the Notes, in any amount, for any purpose other than for (i) Capital Expenditures and related transaction cost and expenses, (ii) payment of interest payable under the Notes according to the Account Management Agreement and fees payable
with respect to the issuance of the Notes, (iii) repayment of short term loan extended to the Company by WP RE (Cayman) International Ltd. dated July 19, 2007 in the amount of US$10 million and the interest thereunder, (iv) any fees
and expenses payable in connection with the issuance of the Notes, and (v) general working capital, and pending the application of all of such net proceeds in such manner, to invest the portion of such net proceeds not yet so applied in Cash
Equivalents. Following the application of net proceeds in such manner, any remaining net proceeds may be applied for general corporate purposes not otherwise prohibited by the terms of this Indenture, including without limitation the repayment of
the Permitted Debt provided in Section 4.09(b) and the interest thereunder. 
 Section 4.23. Maintenance of
Insurance. 
 The Company shall, and shall cause its Subsidiaries to, maintain insurance policies covering such risks, in
such amounts and with such terms as are normally carried by similar companies engaged in a similar business to the Related Business in the PRC. 
 Section 4.24. Government Approvals and Licenses; Compliance with Law. 
 The Company shall,
and shall cause its Subsidiaries to, (a) obtain and maintain in full force and effect all governmental approvals, authorizations, consents, permits, concessions and licenses as are necessary to engage in a Related Business, (b) preserve
and maintain good and valid title to its properties and assets (including land-use rights) free and clear of any Liens other than Permitted Liens and (c) comply with all laws, regulations, orders, judgments and decrees of any governmental body,
except to the extent that failure so to obtain, maintain, preserve and comply would reasonably be expected to have a Material Adverse Effect. 
 Section 4.25. Operational Covenants. 
 As of December 31 of each year indicated in the
table below, the Company shall have in operation and under its management additional number of hotels corresponding to such year in the following table, as compared to the number of hotels in operation in the prior year: 
  

									
	  	  	2007	  	2008	  	2009	  	2010
	 Minimum Number of Hotels to Start
	  	55	  	65	  	70	  	70

  

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 Section 4.26. Financial Covenants. 
 The Company shall maintain the following financial covenants as of the last day of each Fiscal Quarter at the ratio set forth below:

 (a) Maximum Leverage Ratio of not greater than 3.5 on the last day of the fourth Fiscal Quarter of 2008 and
thereafter, provided however that if the Company Incurs Debt after January 1, 2009 by meeting the financial ratios set forth in the first paragraph of Section 4.09, the Maximum Leverage Ratio shall be reduced to 3.0 until
such Debt has been repaid in full, and 
 (b) Minimum EBITDAR to Interest and Lease Payment Ratio of not less
than 1.20 from the last day of the fourth Fiscal Quarter of 2008 to the last day of the third Fiscal Quarter of 2009, and not less than 1.35 on the last day of the fourth Fiscal Quarter of 2009 and thereafter, provided however that if the
Company incurs Debt after January 1, 2009 by meeting the financial ratios set forth in the first paragraph of Section 4.09, the Minimum EBITDAR to Interest and Lease Payment Ratio shall be increased to 1.5 until such Debt has been
repaid in full. 
 Section 4.27. Capital Expenditures. 
 The Company shall not make or Incur, or permit to be made or incurred, any Capital Expenditure other than in accordance with the quarterly
budget which the Company shall file with the Trustee not later than 30 calendar days preceding the start of each fiscal quarter. 
 Section 4.28. Notes to Rank Senior. 
 The Notes and all other obligations of the Company and
the Guarantors under this Indenture are and at all times shall remain direct and first-priority secured obligations of the Company and each Guarantor ranking pari passu as against the assets of the Company and each Guarantor with all other
Notes from time to time issued and outstanding hereunder without any preference among themselves and senior in right and priority of payment to all other present and future unsecured unsubordinated Indebtedness (actual or contingent) of the Company
and each Guarantor (except as otherwise required by law). 
 Section 4.29. Additional Amounts. 
 All payments of principal of, and premium (if any) and interest on the Notes or under the Guarantees will be made without withholding or
deduction for, or on account of, any present or future Taxes, unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so
required, the Company or the applicable Guarantor, as the case may be, will pay such withholding or deduction which is required by law or by regulation or governmental policy having the force of law, and will pay additional amounts
(“Additional Amounts”) as will result

  

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in receipt by the holder of each Note or the Guarantees, as the case may be, of such amounts as would have been received by such holder had no such withholding or deduction been required, except
that no Additional Amounts shall be payable: 
 (a) for or on account of: 
  

	 	(i)	any Tax that would not have been imposed but for: 

  

	 	(ii)	the existence of any present or former connection between the holder or beneficial owner of such Note or Guarantee, as the case may be, and the Governmental Authority
imposing the Tax other than merely holding such Note or the receipt of payments thereunder or under a Guarantee, including, without limitation, such holder or beneficial owner being or having been a national, domiciliary or resident of the
jurisdiction of such Governmental Authority or treated as a resident thereof or being or having been physically present or engaged in a business therein or having or having had a permanent establishment therein; 

  

	 	(iii)	the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of,
premium, if any, and interest on, such Note became due and payable pursuant to the terms thereof or was made or duly provided for, except to the extent that the holder thereof would have been entitled to such Additional Amounts if it had presented
such Note for payment on any date within such 30-day period; 

  

	 	(iv)	the failure of the holder or beneficial owner to comply with a timely request of the Company or any Guarantor addressed to the holder or beneficial owner, as the case
may be, to provide information concerning such holder’s or beneficial owner’s nationality, residence, identity or connection with any Governmental Authority, if and to the extent that due and timely compliance with such request would have
reduced or eliminated any withholding or deduction as to which Additional Amounts would have otherwise been payable to such holder; 

  

	 	(v)	the presentation of such Note (in cases in which presentation is required) for payment in a jurisdiction in which the Company, a Surviving Person, or a Guarantor is
resident for tax purposes, unless such Note could not have been presented for payment elsewhere; 

  

	 	(vi)	any estate, inheritance, gift, sale, transfer, personal property or similar Tax; 

  

	 	(vii)	any withholding or deduction that is imposed or levied on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the
taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

  

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	 	(viii)	any combination of Taxes referred to in the preceding clauses (i) and (ii); or 

 (b) with respect to any payment of the principal of, or premium, if any, or interest on, such Note or any payment under any
Guarantee to a holder, if the holder is a fiduciary, partnership or person other than the sole beneficial owner of any payment to the extent that the beneficiary or settlor with respect to the fiduciary, or a member of the partnership, or the
beneficial owner would not have been entitled to such Additional Amounts had that beneficiary, settler, partner or beneficial owner been the holder thereof. 
 Whenever there is mentioned in any context the payment of principal of, and any premium or interest on, any Note or under any Guarantee, such mention shall be deemed to include payment of Additional
Amounts provided for in this Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 Section 4.30. Contingent Debt Tax Treatment 
 The Company agrees, and by acceptance of a
beneficial interest in a Note each Holder and any beneficial owner shall be deemed to have agreed, to treat the Note as indebtedness of the Company for United States federal income tax purposes that is subject to Treasury Regulation section 1.1275-4
or any successor provision (the “contingent payment regulations”) and to be bound (in the absence of an administrative determination or judicial ruling to the contrary) by the Company’s determination of the comparable yield and the
projected payment schedule within the meaning of the contingent payment regulations. A holder of Notes may obtain the issue price, amount of Tax Original Issue Discount, issue date, yield to maturity, comparable yield and projected payment schedule
for the Notes, determined by the Company pursuant to the contingent payment regulations, by submitting a written request for this information to the Company at the address set forth in Section 12.01. 
 Section 4.31. Calculation of Original Issue Discount 
 The Company shall file with the Trustee, solely for purposes of making such information available to the Holders upon request, promptly at the end of each calendar year (i) a written notice
specifying the amount of Tax Original Issue Discount (including daily rates and accrual periods) accrued on outstanding Notes as of the end of such year and (ii) such other specific information relating to such Tax Original Issue Discount as
may then be required under the Code, or the Treasury regulations promulgated thereunder. 
  

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 ARTICLE 5. 
 SUCCESSORS 
 Section 5.01. Merger,
Consolidation and Sale of Assets. 
 (a) The Company shall not merge, consolidate or amalgamate
with or into any other Person (other than a merger of a Wholly Owned Subsidiary into the Company) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its Property in any one transaction or series of
transactions unless: 
  

	 	(i)	the Company shall be the Surviving Person in such merger, consolidation or amalgamation, or the Surviving Person (if other than the Company) formed by such merger,
consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, company (including limited liability company) or partnership organized and existing under the laws of the
Cayman Islands, the United States of America, any State thereof or the District of Columbia; 

  

	 	(ii)	the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee
by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of
this Indenture to be performed by the Company; 

  

	 	(iii)	in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of the Company, such Property shall have
been transferred as an entirety or virtually as an entirety to one Person; 

  

	 	(iv)	immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for purposes of this clause (iv) and
clauses (v) and (vi) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person or any Subsidiary of the Company as a result of such transaction or series of transactions as having been Incurred by the
Surviving Person or such Subsidiary at the time of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing; 

  

	 	(v)	immediately after giving effect to such transaction or series of transactions on a pro forma basis, 

  

	 	(1)	the Company or the Surviving Person, as the case may be, would be in compliance with the Maximum Leverage Ratio and the Minimum EBITDAR to Interest and Lease Payment
Ratio, and 

  

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	 	(2)	the Company or the Surviving Person, as the case may be, would have a Maximum Leverage Ratio that is not greater than the Maximum Leverage Ratio immediately prior to
such transaction or a Minimum EBITDAR to Interest and Lease Payment Ratio that is not lower than the Minimum EBITDAR to Interest and Lease Payment Ratio of the Company immediately prior to such transaction; 

  

	 	(vi)	immediately after giving effect to such transaction or series of transactions on a pro forma basis, the Surviving Person shall have a Consolidated Net Worth in an
amount which is not less than the Consolidated Net Worth of the Company immediately prior to such transaction or series of transactions; and 

  

	 	(vii)	the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance satisfactory to the Trustee, an Officers’ Certificate and an Opinion of
Counsel, each stating that such transaction or series of transactions and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction or series
of transactions have been satisfied. 

 (b) The Company shall not permit any Guarantor to merge,
consolidate or amalgamate with or into any other Person (other than a merger of a Wholly Owned Subsidiary into the Company or such Guarantor) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in
any one transaction or series of transactions unless: 
  

	 	(i)	the Surviving Person (if not such Guarantor) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or
disposition is made shall be a corporation, company (including a limited liability company) or partnership organized and existing under the laws of the Cayman Islands, the United States of America, any State thereof or the District of Columbia;

  

	 	(ii)	the Surviving Person (if other than such Guarantor) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the
Trustee by such Surviving Person, the due and punctual performance and observance of all the obligations of such Guarantor under its Subsidiary Guarantee; 

  

	 	(iii)	in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of such Guarantor, such Property shall have
been transferred as an entirety or virtually as an entirety to one Person; 

  

 67 

	 	(iv)	immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for purposes of this clause (iv) and
clauses (v) and (vi) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person, the Company or any of its Subsidiaries as a result of such transaction or series of transactions as having been Incurred
by the Surviving Person, the Company or such Subsidiary at the time of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing; 

  

	 	(v)	immediately after giving effect to such transaction or series of transactions on a pro forma basis 

  

	 	(1)	the Company would be in compliance with the Maximum Leverage Ratio and the Minimum EBITDAR to Interest and Lease Payment Ratio, and 

  

	 	(2)	the Company would have a Maximum Leverage Ratio that is not greater than the Maximum Leverage Ratio immediately prior to such transaction or a Minimum EBITDAR to
Interest and Lease Payment Ratio that is not lower than the Minimum EBITDAR to Interest and Lease Payment Ratio of the Company immediately prior to such transaction; and 

  

	 	(vi)	immediately after giving effect to such transaction or series of transactions on a pro forma basis, the Company shall have a Consolidated Net Worth in an amount which
is not less than the Consolidated Net Worth of the Company immediately prior to such transaction or series of transactions; and 

  

	 	(vii)	the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an
Opinion of Counsel, each stating that such transaction or series of transactions and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction
or series of transactions have been satisfied. 

 Section 5.02. Successor Corporation Substituted.

 The Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the Company or a
Guarantor, as applicable, under this Indenture; provided, however, that the predecessor entity shall not be released from any of the obligations or covenants under this Indenture, including with respect to the payment of the Notes and
obligations under the Subsidiary Guarantee, as the case may be, in the case of: 
 (a) a sale, transfer,
assignment, conveyance or other disposition (unless such sale, transfer, assignment, conveyance or other disposition is of all or substantially all of the assets of the Company, taken as a whole or, in the case of a Guarantor,

  

 68 

 
such sale, transfer, assignment, conveyance or other disposition is of all or substantially all of the assets of such Guarantor to a Person that is not (either before or after giving effect to
such transaction) a Subsidiary of the Company, or such portion of the Capital Stock of such Guarantor ceases to be a Subsidiary of the Company), or 
 (b) a lease. 
 ARTICLE 6. 
 DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. 
 Each of the following constitutes an “Event of
Default” with respect to the Notes if any such Default has not been cured or waived within the period of time stated below, if any, and remains uncured or unwaived for a further period corresponding to the Sponsors’ Cure Period:

 (a) failure to make the payment of any interest on the Notes when the same becomes due and payable, and such
failure continues for a period of 5 days; 
 (b) failure to make the payment of any principal of, or premium, if
any, on, any of the Notes when the same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 
 (c) failure to comply with Section 5.01 and such failure continues for a period of 15 days; 
 (d) failure to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is
the subject of the foregoing clause (a), (b) or (c)), and such failure continues for 15 days (or 180 days in case of failure to comply with any operational covenants in Section 4.26) after written notice is given to the Company by
the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding specifying the default, demanding that it be remedied and stating that such notice is a “Notice of Default;” 
 (e) a default under any Debt by the Company or any of its Subsidiaries (other than Debt owed to the Company by any of its
Subsidiaries) that results in acceleration of the maturity of such Debt, or failure to pay any such Debt for 15 days after payment of such Debt has become due, in an aggregate amount greater than $1.0 million or its foreign currency equivalent at
the time; 
 (f) any final unappealable judgment or judgments for the payment of money in an aggregate amount in
excess of $1.0 million (or its foreign currency equivalent at the time) that shall be rendered against the Company or any of its Subsidiaries and that shall not be waived, satisfied or discharged for any period of 30 consecutive days during which a
stay of enforcement shall not be in effect; 
  

 69 

 (g) the Notes or any Guarantee provided by any Guarantor other than a PRC
Subsidiary is or becomes illegal pursuant to applicable law, or and Subsidiary Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Guarantor or a group of Guarantors that,
taken as a whole, would constitute a Significant Subsidiary denies or disaffirms its obligations under its Subsidiary Guarantee; 
 (h) the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy
Law: 
  

	 	(i)	commences a voluntary case or gives notice of intention to make a proposal under any Bankruptcy Law; 

  

	 	(ii)	consents to the entry of an order for relief against it in an involuntary case or consents to its dissolution or winding up; 

  

	 	(iii)	consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of it or for all or substantially all of its
property; 

  

	 	(iv)	makes a general assignment for the benefit of its creditors; or 

  

	 	(v)	admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency; and 

 (i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  

	 	(i)	is for relief against the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant
Subsidiary in an involuntary case; or 

  

	 	(ii)	appoints a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of the Company or any of its Significant Subsidiaries or any group of
Subsidiaries that, when taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would
constitute a Significant Subsidiary; or 

  

	 	(iii)	orders the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant
Subsidiary; 

 and such order or decree remains unstayed and in effect for 30 consecutive days. 
  

 70 

 (j) (i) any default by the Company or Future Guarantor Pledgor in any
of its obligations under the Security Documents, which adversely affects the enforceability, validity, perfection or priority of the applicable Lien on the Collateral or which adversely affects the condition or value of the Collateral, taken as a
whole, in any material respect, (ii) the security interest under the Security Documents shall, at any time, cease to be in full force and effect for any reason other than the satisfaction in full of all Note Obligations and discharge of the
Indenture or (iii) any security interest created thereunder shall be declared invalid or unenforceable or the Company or any Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is
invalid or unenforceable. 
 (k) the Company or any Future Guarantor Pledgor denies or disaffirms its obligations
under any Security Document or, other than in accordance with this Indenture and the Security Documents, any Security Document ceases to be or is not in full force and effect or the Collateral Agent ceases to have a first priority interest in the
Collateral. 
 (l) (i) the confiscation, expropriation or nationalization by any Governmental Authority of
any Property of the Company or any of its Subsidiaries; or (ii) the revocation or repudiation by any Governmental Authority of any previously granted Governmental Approval to any PRC Subsidiary; or (iii) the imposition or introduction of
material and discriminatory taxes, tariffs, royalties, customs or excise duties imposed on any PRC Subsidiary, or the material and discriminatory withdrawal or suspension of privileges or specifically granted rights of a fiscal nature, or
(iv) the Company or any of its Subsidiary is prevented from exercising normal control over all or any material part of its property, assets or revenues, in each such case, that would have a Material Adverse Effect. 
 Section 6.02. Acceleration. 
 If any Event of Default (other than those of the type described in Section 6.01(h) or (i)) occurs and is continuing, the Trustee may, and the Trustee upon the written request of Holders
of 25% in principal amount of the outstanding Notes shall, or the Holders of at least 25% in principal amount of outstanding Notes may, declare the principal of all the Notes, together with all accrued and unpaid interest, premium, if any, to be due
and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that such notice is a notice of acceleration (the “Acceleration Notice”), and the same shall become immediately
due and payable. 
 In the case of an Event of Default specified in Section 6.01 (h) or (i) hereof, all
outstanding Notes shall become due and payable immediately without any further declaration or other act on the part of the Trustee or the Holders. Holders may not enforce this Indenture or the Notes except as provided in this Indenture. 

In the case of an Event of Default with respect to the Notes occurring by reason of action taken by the Company with the effect of
avoiding payment of the premium that the Company would have been required to pay if the Company had then elected to redeem the Notes pursuant to Section 3.07 hereof, an equivalent premium shall also become and be immediately due and
payable to the extent permitted by law upon the acceleration of the Notes. 
  

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 Section 6.03. Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. In addition, if an Event of Default occurs and is continuing, the Trustee may, and shall upon request of Holders of at least 25% of the
aggregate principal amount of the Notes then outstanding, instruct the Collateral Agent to foreclose on the Collateral in accordance with the terms of the Security Documents and take such further action on behalf of the Holders of the Notes with
respect to the Collateral as the Trustee deems appropriate. 
 The Trustee may maintain a proceeding even if it does not possess
any of the Notes or does not produce any of them in the proceeding. 
 Section 6.04. Waiver of Defaults.

 The Holders holding no less than 75% of the aggregate principal amount of the Notes then outstanding by written notice to the
Trustee may on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default, and its consequences, except (x) in the event of a continuing Default or event of Default specified in Section 6.01(d), the
Holders holding no less than 66.7% of the aggregate principal amount of the Notes then outstanding may waive such Default or Event of default, and (y) a continuing Default or Event of Default (i) in the payment of the principal of,
premium, if any, or interest, on the Notes and (ii) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment. In the
event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences of that Event of Default, including without limitation any acceleration or resulting payment default, shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if within 30 days after the Event of Default arose: 
  

	 	(i)	the Debt that is the basis for the Event of Default has been discharged; 

  

	 	(ii)	the holders of such Debt have rescinded or waived the acceleration, notice or action, as the case may be, giving rise to the Event of Default; or

  

	 	(iii)	if the default that is the basis for such Event of Default has been cured. 

 The Company shall deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver and attaching copies of such consents. In case of any
such waiver, the Company, the Trustee and the Holders shall be restored to their former positions and rights hereunder and under the Notes, respectively. Upon any waiver of a Default or Event of Default, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed cured for every purpose of this Indenture but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
  

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 Section 6.05. Control by Supermajority. 
 Subject to Section 7.01, Section 7.01(e) (including the Trustee’s receipt of the security or indemnification
described therein) and Section 7.07 hereof, in case an Event of Default shall occur and be continuing, the Holders of at least 75% in aggregate principal amount of the Notes then outstanding shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with
law, this Indenture, or the Security Documents or that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction and may
take any other action it deems proper that is not inconsistent with any such direction received from Holders. 
 Section 6.06.
Limitation on Suits. 
 No Holder shall have any right to institute any proceeding with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any remedy thereunder, unless: 
 (a) such Holder has
previously given to the Trustee written notice of a continuing Event of Default or the Trustee receives the notice from the Company, 
 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding have made written request and offered indemnity or security satisfactory to the Trustee to institute such proceeding
as trustee, and 
 (c) the Trustee shall not have received from the Holders of at least 75% in aggregate
principal amount of the Notes then outstanding a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days. 
 The preceding limitations shall not apply to a suit instituted by a Holder for enforcement of payment of principal of, and premium, if any, or interest on, a Note on or after the respective due dates for
such payments set forth in such Note. 
 A Holder may not use this Indenture to affect, disturb or prejudice the rights of
another Holder or to obtain a preference or priority over another Holder. 
 Section 6.07. Rights of Holders to Receive
Payment. 
 Notwithstanding any other provision of this Indenture (including Section 6.06), the right of any
Holder to receive payment of principal, premium, if any, and interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes (including in connection with an offer to purchase), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  

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 Section 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01 (h) or (i) occurs and is continuing, the Trustee is authorized
to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest then due and owing (together with interest on overdue principal and, to the extent lawful,
interest) and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09. Trustee May File Proofs of Claim. 
 The Trustee shall be authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due to the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, and any other amounts
due to the Trustee or any Agent under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
moneys, securities and any other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of
the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, the Agents and their respective agents and attorneys for amounts due under Section 7.07 hereof,
including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection or distribution of amounts held, realized or incurred in enforcing the remedies available under
this Indenture, the Notes and the Security Documents and preserving the Collateral and all amounts for which the Trustee and the Agents are entitled to indemnification under this Indenture, the Notes and the Security Documents; 
  

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 Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if
any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. 
 Section 6.11. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by the party litigant. This Section shall not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by
Holders of more than 10% in principal amount of the then outstanding Notes. 
 Section 6.12. Restoration of Rights and
Remedies. 
 If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under this Indenture
and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, the Trustee and the Holders will be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, the Trustee and the Holders will continue as though no such proceeding had been instituted. 
 Section 6.13. Rights and Remedies Cumulative. 
 No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent
permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the
concurrent assertion or exercise of any other right or remedy. 
 Section 6.14. Delay or Omission Not Waiver.

 No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default will
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

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 ARTICLE 7. 
 TRUSTEE 
 Section 7.01. Duties of
Trustee. 
 (a) The duties and responsibilities of the Trustee are as set forth herein. Whether or not
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. The rights and protections provided to the Trustee in this Article
shall apply to the Agents mutatis mutandis. 
 (b) If an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs. 
 (c) Except during the continuance of an Event of Default: 
  

	 	(1)	the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically
set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  

	 	(2)	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but need not verify, confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

 (d) The Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
  

	 	(1)	this paragraph does not limit the effect of paragraph (c) of this Section; 

  

	 	(2)	the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was grossly negligent in
ascertaining the pertinent facts; and 

  

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	 	(3)	the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections
6.04 and 6.05 hereof. 

 (e) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), (c) and (d) of this Section. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under
this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (g) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and need not be invested except as agreed by the Trustee. 
 (h) Notwithstanding anything herein to the contrary, the Trustee shall not be responsible for recitals, statements,
warranties or representations of any party contained in this Indenture or any other agreement or other document, entered into in connection herewith or therewith and shall assume the accuracy and correctness thereof and shall not be responsible for
the execution, legality, effectiveness, adequacy, genuineness, validity or enforceability or admissibility in evidence of any such agreement or other document or any trust or security thereby constituted or evidenced. Notwithstanding the generality
of the foregoing, each Holder shall be solely responsible for making its own independent appraisal of and investigation into the financial condition, creditworthiness, condition, affairs, status and nature of the Company and any Subsidiary, and the
Trustee shall not at any time have any responsibility for the same and each Holder shall not rely on the Trustee in respect thereof. 
 Section 7.02. Rights of Trustee. 
 Subject to Section 7.01: 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in any such document. The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel reasonably acceptable to the Trustee, which may
be counsel to the Company, and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and

  

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protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance in accordance with the advice or opinion of such counsel, and the
Company shall reimburse the Trustee for any expenses, including attorneys fees, incurred in connection with the actions contemplated by this Section 7.02(b). 
 (c) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture. 
 (d) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (e) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Company or the Holders of 25% in aggregate principal amount of the outstanding Notes, and such
notice references the specific Default or Event of Default, the Notes and this Indenture. 
 (f) The Trustee
shall not be required to give any bond or surety in respect of the performance of its power and duties hereunder. 
 (g) The Trustee shall have no duty to inquire as to the performance of the Company’s covenants or observance of any covenants, conditions or agreements on the part of the Company under this Indenture; but the Trustee may require of the
Company full information and advice as to the performance of the covenants, conditions and agreements aforesaid. 
 (h) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of
any agent or attorney appointed with due care by it hereunder. 
 (i) The permissive rights of the Trustee
enumerated herein shall not be construed as duties. 
 (j) The Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity or enforceability of any security interest or Collateral or any arrangement or agreement between Company and any Person with respect thereto, or the perfection or priority of any security
interest or Collateral created in any of the Security Documents or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of any security interest or Collateral following an Event of Default. 
  

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 (k) The Trustee shall not be responsible or liable for special, indirect,
punitive, or consequential damages or loss of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 (l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances;
sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services including, without limitation, any provision or any present or future law or regulation or any act of
governmental authority; accidents; labor disputes; acts of civil or military authority and governmental action. 
 Section 7.03.
Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee and nothing herein shall obligate the Trustee to account for any profits earned from any business or
transactional relationship with the Company or any Affiliate thereof. Any Agent may do the same with like rights and duties. The Trustee shall also be subject to Section 7.09 hereof. 
 Section 7.04. Trustee’s Disclaimer. 
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Guarantee of any Guarantor, it shall not be accountable for the
Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate
of authentication, and shall not have any responsibility for the Company’s or any Holder’s compliance with any state or U.S. federal securities laws in connection with the Notes. 
 Section 7.05. Notice of Defaults. 
 Subject to Section 7.02(e), if a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders a notice of the Default or Event of
Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of the Holders. 
  

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 Section 7.06. Compensation and Indemnity. 
 The Company shall, and all Guarantors, jointly and severally agree to, pay to the Trustee compensation as agreed in writing for its
acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the compensation, disbursements and expenses of the Trustee’s agents and counsel. All rights, protections
and benefits of the Trustee shall be extended to the Trustee acting as an Agent with respect thereto. 
 The Company shall
indemnify the Trustee (in its capacity as Trustee) or any predecessor Trustee (in its capacity as Trustee) against any and all losses, claims, damages, penalties, fines, liabilities or expenses, including incidental and out-of-pocket expenses and
attorneys fees (for purposes of this Article, “losses”) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, the Notes and Security Documents, including the
costs and expenses of enforcing this Indenture, the Notes and Security Documents against the Company (including this Section) and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder, except to the extent such losses may be attributable to its gross negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations under this Section, to the extent the Company has been prejudiced thereby. The Company shall defend the claim, and the
Trustee shall cooperate in the defense. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The Company need not reimburse any expense or indemnify against any loss incurred by the
Trustee through the Trustee’s own willful misconduct or gross negligence. 
 The obligations of the Company (or any other
obligor) under this Section shall survive the satisfaction and discharge of this Indenture, the resignation or removal of the Trustee and payment in full of the Notes through the expiration of the applicable statute of limitations. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Notes. Notwithstanding any provision hereof to the contrary, the Trustee’s Lien shall not be subordinated to that of
Senior Debt. Such Lien shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(h) or (i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of
its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  

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 Section 7.07. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign in writing and be discharged from the trust
hereby created at any time upon 30 days’ prior notice to the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The
Company may remove the Trustee if: 
 (a) the Trustee is adjudged bankrupt or insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law; 
 (b) a custodian or public officer takes charge
of the Trustee or its property; or 
 (c) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company. 
 If a successor Trustee does not take office
within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may, at the expense of the Company, petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. Subject to the Lien provided for in Section 7.06 hereof, the retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
Trustee; provided, however, that all sums owing to the Trustee hereunder shall have been paid. Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.06 hereof shall
continue for the benefit of the retiring Trustee. 
 In the case of an appointment hereunder of a separate or successor Trustee
with respect to the Notes, the Company, the Guarantors, any retiring Trustee and each successor or separate Trustee with respect to the Notes shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Notes as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring
Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being

  

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understood that nothing herein or in such supplemental indenture shall constitute such Trustee co-trustees of the same trust and that each such separate, retiring or successor Trustee shall be
Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any such other Trustee. 
 Section 7.08. Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or
converts into, or transfers all or substantially all of its corporate trust business to, another corporation or banking association, the successor corporation or banking association without any further act shall, if such successor corporation or
banking association is otherwise eligible hereunder, be the successor Trustee. 
 Section 7.09. Eligibility;
Disqualification 
 There shall at all times be a Trustee hereunder that is authorized under the laws of its jurisdiction
of incorporation to exercise corporate trustee power, that is subject to supervision or examination by Governmental Authorities of its jurisdiction of incorporation and, in the case of any successor trustee, that has a combined capital and surplus
of at least $50.0 million (or is a wholly-owned subsidiary of a bank or trust company, or of a bank holding company, the principal subsidiary of which is a bank or trust company having a combined capital and surplus of at least $50.0 million) as set
forth in its most recent published annual report of condition. 
 Section 7.10. Trustee’s Notice to Holders

 Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as
Notes remain outstanding, the Trustee shall mail to the Holders a brief notice dated as of such reporting date with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred such
date, no notice need be transmitted): 
 (a) the character and amount of any disbursements made by it, as the
Trustee under this Indenture, which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of Notes, on property or funds held or collected by it as the Trustee under this
Indenture, if such disbursements so remaining unpaid aggregate more than one-half of 1 per centum of the principal amount of the Notes outstanding on such date; and 
 (b) any release, or release and substitution, of property subject to the Lien under the Security Documents (and the
consideration therefor, if any) which it has not previously reported. 
 A copy of each notice at the time of its mailing to the
Holders shall be mailed to the Company. The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange and any delisting thereof. 
  

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 ARTICLE 8. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 8.01.
Without Consent of Holders of Notes. 
 Notwithstanding Section 8.02 of this Indenture, the Company and
the Trustee may amend or supplement this Indenture, the Security Documents or the Notes without consent of any Holder to: 
 (a) cure any ambiguity, omission, defect or inconsistency; 
 (b)
provide for the assumption by a Surviving Person of the obligations of the Company under this Indenture; 
 (c)
provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (d) add additional
Guarantees or additional obligors with respect to the Notes or release Guarantors from guarantees as permitted by the terms of this Indenture; 
 (e) further secure the Notes, or release all or any portion of the Collateral pursuant to the terms of the Security Documents; 
 (f) add to the covenants of the Company for the benefit of the Holders or to surrender any right or power conferred upon the
Company; or 
 (g) make any other change that does not adversely affect the legal rights hereunder of any such
Holder. 
 The Trustee shall service a notice to the Holder pursuant to Section 12.01 with respect to any of the
above amendment to this Indenture. 
 Section 8.02. With Consent of Holders of Notes. 
 Except as provided below in this Section, the Company and the Trustee may amend or supplement this Indenture, the Security Documents and the
Notes with the consent of the Holders of at least 66.7% in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the
Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (except a continuing Default or Event of Default in (i) the payment of principal, premium, if any, or interest on the Notes and (ii) in
respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision of this Indenture or the Notes
may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the
Notes). 
  

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 Without the consent of each Holder, an amendment or waiver under this Section may not (with
respect to any Notes held by a non-consenting Holder): 
 (a) reduce the amount of Notes whose Holders must
consent to an amendment or waiver; 
 (b) reduce the rate of, or extend the time for payment of, interest, if
any, on, 
 any Note; 
 (c) reduce the principal of, or extend the Stated Maturity of, any Note; 
 (d) make any Note payable in money other than that stated in the Note; 
 (e) impair the right of any Holder to receive payment of principal of, premium, if any, and interest, if any, on, such
Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or any Guarantee; 
 (f) subordinate the Notes or any Guarantee to any other obligation of the Company or the applicable Guarantor; 
 (g) (A) release the security interest granted in favor of the holders of the Notes in the Collateral other than pursuant
to the terms of the Security Documents, or 
 (B) release any other security interest that may have been granted
in favor of the holders of the Notes other than pursuant to the terms of such security interest; 
 (h) reduce
the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed, as described under Section 3.07, Section 3.08, Section 3.09 or 3.10; 
 (i) reduce the premium payable upon a Change of Control or, at any time after a Change of Control has occurred, change the
time at which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased pursuant to such Change of Control Offer; or 
 (j) make any change in any Guarantee that would adversely affect the Holders. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any
supplemental indenture. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders
after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 120 days after such record date, any such consent previously given
shall automatically and without further action by any Holder be canceled and of no further effect. 
  

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 It shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holder of each Note affected thereby to such Holder’s address appearing in the Security Register a notice briefly describing
the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 
 Section 8.03. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion thereof that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note or portion thereof if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in accordance with its terms and thereafter shall bind every Holder. 
 Section 8.04. Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
 Section 8.05. Trustee to Sign Amendments, etc. 
 None of the Company nor any Guarantor may sign an amendment or supplemental indenture until its board of directors (or committee serving a similar function) approves it. In executing any amended or
supplemental indenture or any amendment or supplement to the Security Documents or Notes, the Trustee shall be entitled to receive in addition to the documents required by Section 12.03, and (subject to Section 7.01 hereof)
shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amended or supplemental
indenture is the legal, valid and binding obligations of the Company enforceable against it in accordance with its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the provisions hereof. If the
Trustee has received such an Officers’ Certificate and Opinion of Counsel, it shall sign the amendment,

  

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supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects
the Trustee’s own rights, duties or immunities under this Indenture, the Notes or the Security Documents. 
 ARTICLE 9.

 GUARANTEES 
 Section 9.01. Guarantee. 
 Subject to this Article
9, each Guarantor hereby unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns: (a) the due and punctual payment of the principal of, premium, if
any, and interest on the Notes, subject to any applicable grace period, whether at Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and premium, if any, and, to the
extent permitted by law, interest, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee under this Indenture or any other agreement with or for the benefit of the Holders or the Trustee, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at Stated Maturity, by acceleration pursuant to Section 6.02, redemption or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason,
the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 Each Guarantor hereby agrees that its obligations with regard to its Guarantee shall be joint and several, unconditional, irrespective of
the validity or enforceability of the Notes or the obligations of the Company under this Indenture, the absence of any action to enforce the same, the recovery of any judgment against the Company or any other obligor with respect to this Indenture,
the Notes or the Note Obligations of the Company, any action to enforce the same or any other circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor
further, to the extent permitted by law, waives and relinquishes all claims, rights and remedies accorded by applicable law to guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited
to: (a) any right to require any of the Trustee, the Holders or the Company (each a “Benefited Party”), as a condition of payment or performance by such Guarantor, to (1) proceed against the Company, any other
guarantor (including any other Guarantor) of the Obligations under the Guarantees or any other Person, (2) proceed against or exhaust any security held from the Company, any such other guarantor or any other Person, (3) proceed against or
have resort to any balance of any deposit account or credit on the books of any Benefited Party in favor of the Company or any other Person, or (4) pursue any other remedy in the power of any Benefited Party whatsoever; (b) any defense
arising by reason of the incapacity, lack of authority or any disability or other defense of the Company including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations under the Guarantees or any
agreement or

  

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instrument relating thereto or by reason of the cessation of the liability of the Company from any cause other than payment in full of the Obligations under the Guarantees; (c) any defense
based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any defense based upon any Benefited Party’s errors
or omissions in the administration of the Obligations under the Guarantees, except behavior which amounts to bad faith; (e)(1) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the
Guarantees and any legal or equitable discharge of such Guarantor’s obligations hereunder, (2) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement hereof, (3) any rights to
set-offs, recoupments and counterclaims and (4) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Guarantees, notices of Default under the Notes or any agreement or instrument related thereto, notices of any
renewal, extension or modification of the Obligations under the Guarantees or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; (g) to the extent permitted under
applicable law, the benefits of any “One Action” rule and (h) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms
of the Guarantees. Except to the extent expressly provided herein, each Guarantor hereby covenants that its Guarantee shall not be discharged except by complete performance of the obligations contained in its Guarantee and this Indenture.

 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders
in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.02 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Section 6.02 hereof, such obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee. 
  

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 Section 9.02. Limitation on Guarantor Liability. 
 (a) Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties
that the guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law in any
jurisdiction to the extent applicable to any guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that each Guarantor’s liability shall be that amount from time to time equal to
the aggregate liability of such Guarantor under the guarantee, but shall be limited to the lesser of (a) the aggregate amount of the Company’s obligations under the Notes and this Indenture or (b) the amount, if any, which would not
have (1) rendered the Guarantor “insolvent” (as such term is defined in Bankruptcy Law and in the Debtor and Creditor Law of the State of New York) or (2) left it with unreasonably small capital at the time its guarantee with respect
to the Notes was entered into, after giving effect to the incurrence of existing Debt immediately before such time; provided, however, it shall be a presumption in any lawsuit or proceeding in which a Guarantor is a party that the
amount guaranteed pursuant to the guarantee with respect to the Notes is the amount described in clause (a) above unless any creditor, or representative of creditors of the Guarantor, or debtor in possession or trustee in bankruptcy of the
Guarantor, otherwise proves in a lawsuit that the aggregate liability of the Guarantor is limited to the amount described in clause (b). 
 (b) In making any determination as to the solvency or sufficiency of capital of a Guarantor in accordance with the proviso of Section 9.02(a), the right of each Guarantor to contribution from
other Guarantors and any other rights such Guarantor may have, contractual or otherwise, shall be taken into account. 
 Section 9.03. Execution and Delivery of Guarantee. 
 To evidence its Guarantee set forth in
Section 9.01, each Guarantor hereby agrees that a notation of such Guarantee in substantially the form included in Exhibit B attached hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and
delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its President or one of its Vice Presidents. 
 Each Guarantor hereby agrees that its Guarantee set forth in Section 9.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such
Guarantee. 
 If an Officer whose signature is on this Indenture or on the Guarantee no longer holds that office at the time the
Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. 
 The delivery of
any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The Company hereby agrees that it shall cause each Person that becomes obligated to provide a Guarantee pursuant to Section 4.17
(each, a “Future Guarantor”) to execute a supplemental indenture in form and substance satisfactory to the Trustee, pursuant to which such Person provides the guarantee set forth in this Article 9 and
otherwise assumes the obligations and accepts

  

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the rights of a Guarantor under this Indenture, in each case with the same effect and to the same extent as if such Person had been named herein as a Guarantor. The Company also hereby agrees to
cause each such new Guarantor to evidence its guarantee by endorsing a notation of such guarantee on each Note as provided in this Section. 
 Section 9.04. Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise
provided in Section 9.05, no Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the Surviving Person) another Person whether or not affiliated with such Guarantor unless: 
 (a) subject to Section 9.05, the Person formed by or surviving any such consolidation or merger (if other than a
Guarantor or the Company) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under this Indenture, the Guarantee on the terms set forth
herein or therein; and 
 (b) the Guarantor complies with the requirements of Article 5 hereof.

 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the
Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5, and notwithstanding clauses (a) and (b) above, nothing contained in this
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor. 
 Section 9.05. Releases Following Merger, Consolidation or Sale of Assets,
Etc. 
 In the event of a sale or other disposition of all or substantially all of the assets of any Guarantor, by way of
merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) a Subsidiary of the Company, then such
Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Guarantor) shall be released and relieved of any obligations under its Guarantee; provided that the net proceeds of such sale or other disposition shall be

  

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applied in accordance with the applicable provisions of this Indenture. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that
such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its
Guarantee. 
 Any Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of
principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 9. 
 ARTICLE 10. 
 COLLATERAL AND SECURITY 
 Section 10.01. Security Documents. 
 On the date of this Indenture, the Company shall fund a Debt Service Reserve Account with cash and Time Deposits (as defined in the Account Management Agreement) purchased with the net proceeds from the
sale of the Notes in an aggregate amount that, when such Cash Equivalents mature, would provide sufficient monies to pay interest due in respect of the Notes (i) for the first two Interest Payment Dates at any time until payment of interest in
respect of the first Interest Payment Date has been made and (ii) at all times thereafter, for the next following Interest Payment Date. Amounts on deposit in the Debt Service Reserve Account will be available to the Company in the event that
the Company lacks sufficient funds on an Interest Payment Date or the maturity date to make payments of principal, interest and Additional Amounts, if any, on the Notes. 
 Pursuant to an account management agreement (the “Account Management Agreement”), an account manager (the “Account Manager”) will act as agent for the
Trustee, on behalf of the Holders of Notes with respect to the amounts deposited in the Debt Service Reserve Account. 
 The due
and punctual payment of the principal of and interest on the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue
principal of and interest on the Notes, performance of all other Note Obligations of the obligors, together with Hedging Obligations of the Company, according to the terms hereunder or thereunder, are secured on a pari passu basis among the
Secured Parties, as provided in the Security Documents which the Company has entered into simultaneously with the execution of this Indenture. Each Holder, by its acceptance of the Notes, consents and agrees to the terms of the Security Documents
(including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with its terms and authorizes and directs the Trustee to enter into
the Security Documents and to perform its obligations and exercise its rights thereunder as Secured Parties in accordance therewith. The Company will do or cause to be done all such acts and things as may be required by applicable law or may be
necessary or proper, or as may be required by the provisions of the

  

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Security Documents, to assure and confirm to the Trustee the security interest in the Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time
constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Company will take, and will cause its Subsidiaries to take any
and all actions reasonably required to cause the Security Documents to create and maintain, as security for the Note Obligations, a valid and enforceable perfected first priority Lien in and on all the Collateral, in favor of the Collateral Agent,
the Trustee for the benefit of the Holders and the counterparty under the Hedging Obligations of the Company, as Secured Parties (the “Secured Parties”), superior to and prior to the rights of all third Persons
and subject to no other Liens than Permitted Liens. 
 If at any time after the Issue Date there is a change in PRC law or
interpretation in PRC law under which the encumbrance of the PRC Subsidiary’s assets or Property by a Lien is permissible and reasonably practicable, then the Company shall cause the PRC Subsidiary to, concurrently: 
  

	 	(i)	execute and deliver to the Trustee a Security Document upon substantially the same terms of the existing Security Documents granting a Lien upon such assets or Property
to the Trustee for the benefit of the holders of Notes, which Lien shall be first priority if such assets or Property is not then encumbered by any other Lien (other than Liens required by law) or a second priority Lien if such assets or Property is
at that time so encumbered; 

  

	 	(ii)	cause the Lien to be granted in such Security Document to be duly perfected in any manner permitted by law; and 

  

	 	(iii)	deliver to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee confirming as to such Security Document the matters set forth as to the Security
Documents and Liens thereunder in the Opinions of Counsel delivered to holders on the Issue Date and, if the property subject to such Security Document is an interest in real estate, such local counsel opinions, insurance policies, surveys and other
supporting documents as the Trustee may reasonably request. 

 Notwithstanding (i) anything to the contrary
contained in this Indenture, the Security Documents, the Notes or any other instrument governing, evidencing or relating to any Debt, (ii) the time, order or method of attachment of any Liens, (iii) the time or order of filing or recording
of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral, (iv) the time of taking possession or control over any Collateral or (v) the rules for determining priority under the law of any relevant
jurisdiction governing relative priorities of secured creditors: 
 (A) the Liens will rank at least equally and
ratably with all valid, enforceable and perfected Liens, whenever granted upon any present or future Collateral, but only to the extent such Liens are permitted under this Indenture to exist and to rank equally and ratably with the Notes and the
Subsidiary Guarantees; and 
  

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 (B) all proceeds of the Collateral applied under the Security Documents
shall be allocated and distributed as set forth in Section 6.10. 
 Section 10.02. Future Guarantor
Pledgors. 
 (a) The Company will use its reasonable best efforts promptly to obtain any necessary
consents and waivers and to take all other actions necessary to pledge and to cause each Future Guarantor to pledge the Capital Stock of any future Subsidiary (other than any Subsidiary organized under the laws of the PRC, unless at any time after
the Issue Date there is a change in PRC law or interpretation in PRC law under which the encumbrance of the PRC Subsidiary’s assets or Property by a Lien is permissible and reasonably practicable) in each case owned by the Company or such
Future Guarantor, on a first priority basis (subject to Liens arising by operation of law) in order to secure the obligations of the Company under the Notes and this Indenture and of such Future Guarantor under its Subsidiary Guarantee;
provided that in exercising such reasonable best efforts the Company shall not be required to take any action that is commercially unreasonable. 
 (b) The Company will, for the benefit of the Holders of the Notes, pledge, or cause each Guarantor to pledge, the Capital Stock owned by the Company or such Guarantor of any Person that becomes a
Subsidiary (other than any Subsidiary organized under the laws of the PRC, unless at any time after the Issue Date there is a change in PRC law or interpretation in PRC law under which the encumbrance of the PRC Subsidiary’s assets or Property
by a Lien is permissible and reasonably practicable) after the Issue Date, immediately upon such Person becoming a Subsidiary, to secure the obligations of the Company under the Notes and this Indenture, and of such Guarantor under its Subsidiary
Guarantee, in the manner described above. 
 (c) Each Guarantor that pledges Capital Stock of a Subsidiary after
the Issue Date is referred to as a “Future Guarantor Pledgor” and, upon giving such pledge, will be a “Guarantor Pledgor.” 
 (d) Upon each pledge by a Future Guarantor of the Capital Stock of any Other Non-Guarantor Subsidiary or any future
Subsidiary in accordance with Section 10.02(a) or Section 10.02(b), the Company will deliver to the Trustee an Officers’ Certificate stating that entry into the applicable pledge agreement has been duly and validly
authorized and an Opinion of Counsel to the effect that (i) in the opinion of such counsel, such action has been taken with respect to the recording, registering and filing of or with respect to this Indenture and the applicable pledge
agreement and all other instruments of further assurance as are necessary to make effective the first priority lien (subject to Liens arising by operation of law) created by such pledge agreement in the Capital Stock referenced in
Section 10.02(a) or Section 10.02(b), and referencing the details of such action; or

  

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(ii) in the opinion of such counsel, no such action is necessary to make such first priority lien (subject to Liens arising by operation of law) effective; provided that any such
Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 (e) All Opinions of Counsel delivered pursuant to Section 10.02(d) may contain assumptions, qualifications, exceptions and limitations as are appropriate and customary for similar opinions
relating to the nature of the Capital Stock pledged. 
 (f) Upon each pledge by any Future Guarantor of the
Capital Stock of any Other Non-Guarantor Subsidiary or any future Subsidiary in accordance with Section 10.02(a) or Section 10.02(b), the Company will give notice, file, register or record any supplemental indentures,
financing statements, continuation statements, pledge agreements or other instruments or cause each such Future Guarantor Pledgor to give notice, file, register or record any supplemental indentures, financing statements, continuation statements,
pledge agreements or other instruments and take any other actions necessary in order to perfect and protect the first priority lien (subject to Liens arising by operation of law) thereby created. 
 Section 10.03. Recording and Opinions. 
 (a) The Company will furnish to the Trustee within three months after each anniversary of the Issue Date, an Opinion of
Counsel, dated as of such date, stating either that (i) in the opinion of such counsel, action has been taken with respect to the recording, registering, filing, re-recording, re-registering and re-filing of all supplemental indentures,
financing statements, continuation statements or other instruments of further assurance as is necessary to maintain the Lien of the Security Documents and reciting with respect to the security interest in the Collateral the details of such action or
referring to prior Opinions of Counsel in which such details are given, and stating that, in the opinion of such counsel, based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and continuation
statements have been executed and filed that are necessary as of such date and during the succeeding 12 months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the rights of the Holders and the
Trustee hereunder and under the Security Documents with respect to the security interest in the Collateral; or (ii) in the opinion of such counsel, no such action is necessary to maintain such Lien and assignment. 
 (b) So long as no Default or Event of Default has occurred and is continuing, and subject to certain terms and conditions,
the Company and the Guarantors will be entitled to receive all cash dividends, interest and other payments made upon or with respect to the Collateral pledged by them. 
 (c) So long as there has occurred no Event of Default, then the Company and the Guarantors shall have the right to exercise
any voting and other consensual rights pertaining to the Collateral pledged by them. 
  

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 (d) Upon the occurrence and during the continuance of a Default or Event of
Default, all rights of the Company and the Guarantors to receive all cash dividends, interest and other payments made upon or with respect to the Collateral will cease and such cash dividends, interest and other payments will be paid to the
Collateral Agent; 
 (e) Upon the occurrence and during the continuance of an Event of Default: 
  

	 	(i)	all rights of the Company and the Guarantors to exercise such voting or other consensual rights will cease, and all such rights will become vested in the Collateral
Agent, which, to the extent permitted by law, will have the sole right to exercise such voting and other consensual rights; and 

  

	 	(ii)	the Collateral Agent, upon the instructions of the Trustee pursuant to this Indenture and Security Documents, may sell the Collateral or any part of the Collateral in
accordance with the terms of the Security Documents. The Collateral Agent, in accordance with the provisions of this Indenture, will distribute all funds distributed under the Security Documents and received by the Collateral Agent to the Trustee
for the benefit of the holders of the Notes. 

 Section 10.04. Release of Collateral. 

(a) Subject to subsections (b), (c) and (d) of this Section 10.04, Collateral may be released from
the Lien and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents or as provided hereby. In addition, upon the request of the Company pursuant to an
Officers’ Certificate certifying that all conditions precedent hereunder have been met and stating whether or not such release is in connection with an Asset Sale and (at the sole cost and expense of the Company) the Trustee will release
Collateral that is sold, conveyed or disposed of in compliance with the provisions of this Indenture. In addition, upon the request of the Company pursuant to an Officers’ Certificate certifying the consummation of any IPO and no Default or
Event of Default has occurred and is continuing, the Trustee will release the Collateral pursuant to Section 10.10 hereof. Upon receipt of such Officers’ Certificate the Trustee shall execute, deliver or acknowledge any necessary or
proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents. 
 (b) No Collateral may be released from the Lien and security interest created by the Security Documents pursuant to the
provisions of the Security Documents unless the certificate required by this Section 10.04 has been delivered to the Trustee. 
 (c) At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Notes has been accelerated (whether by declaration or otherwise), no release of Collateral
pursuant to the provisions of the Security Documents will be effective as against the Holders. 
  

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 (d) The release of any Collateral from the terms of this Indenture and the
Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Security Documents and hereof. 
 Section 10.05. Authorization of Actions to Be Taken by the Trustee Under the Security Documents. 
 Subject to the provisions of Sections 7.01 and 7.02 hereof, the Trustee may, in its sole discretion and without the consent of
the Holders, take, on behalf of the Holders, all actions it deems necessary or appropriate in order to: 
 (a)
enforce any of the terms of the Security Documents; and 
 (b) collect and receive any and all amounts payable in
respect of the Obligations of the Company hereunder. 
 The Trustee will have power to institute and maintain such suits and
proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to
preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the
Trustee). 
 The Trustee shall not be deemed to have knowledge of any acts that may be unlawful or in violation of the Security
Documents or this Indenture unless and until it obtains actual knowledge of such unlawful acts or violation through written notification describing the circumstances of such, and identifying the circumstances constituting such unlawful acts or
violation. 
 Neither the Trustee nor the Collateral Agent nor any of their officers, directors, employees, attorneys or agents
will be responsible or liable for the existence, genuineness, value or protection of any Collateral securing the Notes and the Guarantees, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation,
perfection, priority, sufficiency or protection of any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens on the Collateral or
Security Documents or any delay in doing so. 
 The Trustee and the Collateral Agent will be under no obligation to exercise any
rights or powers conferred under the Indenture or any of the Security Documents for the benefit of the Holders unless such Holders have offered to the Trustee and the Collateral Agent indemnity or security satisfactory to it against any loss,
liability or expense. In the exercise of its duties, neither the Trustee nor the Collateral Agent shall be responsible for the verification of the accuracy or completeness of any certification

  

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submitted to it by the Company or any Guarantor and each is entitled to rely exclusively on the certifications contained therein. Furthermore, each Holder, by accepting the Notes will agree, for
the benefit of the Trustee and the Collateral Agent, that it is solely responsible for its own independent appraisal of and investigation into all risks arising under or in connection with the Security Documents and has not relied on and will not at
any time rely on the Trustee or the Collateral Agent in respect of such risks. 
 Section 10.06. Appointment of
Collateral Agent. 
 The parties hereto acknowledge and agree, and each Holder by accepting a Note acknowledges and
agrees, that the Company and the Issuer hereby irrevocably appoint DB Trustees (Hong Kong) Limited as Collateral Agent hereunder. The Collateral Agent shall have such duties and responsibilities, with respect to the Holders of Notes, as are
explicitly set forth herein and in the Security Documents to which it is a party and no others; provided that the Collateral Agent shall only take action with respect to or under the Security Documents in accordance with the written instructions of
the Trustee acting on behalf of the Holders of the Notes, and shall apply any proceeds from the enforcement of any security, as set forth in this Indenture. The provisions of Article 7 hereof relating to the Trustee acting in such capacity shall
apply to the Collateral Agent to the extent applicable. In addition, the Company and the Guarantors hereby, jointly and severally, agree to indemnify the Collateral Agent on the same basis as their indemnity to the Trustee in Article 7 with respect
to actions taken or not taken by it in accordance with this Indenture and the Security Documents. 
 Section 10.07.
Authorization of Receipt of Funds by the Trustee Under the Security Documents. 
 The Trustee is authorized to
receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture. 
 Section 10.08. Withdrawal and Investment. 
 Neither the Company nor any of its Subsidiaries will have any right of withdrawal under the Debt Service Reserve Account except in certain limited circumstances set forth in the Account Charge and the
Account Management Agreement or as provided in this Indenture. 
 Section 10.09. Termination of Security Interest.

 Upon the payment in full of all Note Obligations of the Company under this Indenture and the Notes, the Trustee will, at
the request of the Company, promptly instruct the Collateral Agent to release the Liens pursuant to this Indenture and the Security Documents. 
 Section 10.10. Automatic Release of Security Interest. 
 Subject to the provisions of
Section 10.04, the Liens on the Company’s Ordinary Shares pursuant to Security Documents shall be automatically released and the Security Documents for creation of security interest in the Company’s Ordinary Shares shall be
terminated upon the consummation of any IPO. 
  

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 ARTICLE 11. 
 SATISFACTION AND DISCHARGE 
 Section 11.01.
Satisfaction and Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect,
except as to surviving rights of registration of transfer or exchange of the Notes, as to all Notes issued hereunder, when: 
  

	 	(a)	either: 

  

	 	(i)	all Notes that have been previously authenticated and delivered (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has previously been deposited in trust or segregated and held in trust by the Company and is thereafter repaid to the Company or discharged from the trust) have been delivered to the Trustee for cancellation; or 

  

	 	(ii)	(x) all Notes that have not been previously delivered to the Trustee for cancellation, have become due and payable by their terms or have been called for
redemption, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Securities, or a combination thereof,
in such amounts as shall be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes not previously delivered to the Trustee for cancellation or redemption for principal, premium, if any,
and interest on the Notes to the date of deposit, in the case of Notes that have become due and payable, or to the Stated Maturity or redemption date, as the case may be; (y) the Company has paid all other sums payable by the Company with
respect to the Notes under this Indenture; and (z) the Company has delivered irrevocable written instructions to the Trustee to apply the deposited money toward the payment of the Notes at Stated Maturity or on the redemption date, as the case
may be. 

 In the case of either clause (i) or (ii): 
  

	 	(x)	no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not
result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound; and 

  

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	 	(y)	the Company shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent relating to the satisfaction
and discharge of this Indenture have been satisfied. 

 Section 11.02. Deposited Cash and U.S. Government
Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 11.03,
all cash and non-callable U.S. Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest but such cash and securities need not be segregated from other funds except to the extent required by law. 
 Section 11.03. Repayment to Company. 
 Any cash or non-callable U.S. Government Securities deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if
then held by the Company) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash
and securities, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in Asian Wall Street Journal, notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication,
any unclaimed balance of such cash and securities then remaining shall be repaid to the Company. 
 ARTICLE 12.

 MISCELLANEOUS 
 Section 12.01. Notices. 
 Any notice or
communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier
guaranteeing next-day delivery, to the other’s address: 
 If to the Company: 
 7 Days Group Holdings Limited 
 10/F, 705 Guangzhou Da Dao Nan Road 
 Guangzhou 510290 
 P.R. China 
  

 98 

 Attention: Mr. Zheng Nanyan 
 Telecopier No.: (+86 20) 8922 5507 
 With a copy to: 
 If to the Sponsors: 
 if to Mr. HE Boquan: 
 c/o 7 Days Group Holdings Limited 
 10/F, 705 Guangzhou Da Dao Nan Road, 
 Guangzhou 510290 
 P.R. China 
 Telecopier No.: (+86 20) 8922 5507 
 if to Mr. ZHENG Nanyan: 
 c/o 7 Days Group Holdings Limited 
 10/F, 705 Guangzhou Da Dao Nan Road,

 Guangzhou 510290 
 P.R. China 
 Telecopier No.: (+86 20) 8922 5507 
 if to WP RE (Cayman) International Ltd. 
 c/o Warburg Pincus Asia LLC 
 Suite 6703 Two International Finance Centre

 8 Finance Street 
 Hong Kong 
 Telecopier No.: (+852) 2521 3869 
 Attention: Joseph Gagnon 
 If to the Trustee: 
 DB Trustees (Hong Kong) Limited 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Attention: The Managing Director 
  

 99 

 The Company or the Trustee, by notice to the other, may designate additional or different
addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to the Trustee or
Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile transmission;
and the second Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery. All notices and communications to the Trustee or Holders shall be deemed duly given and effective only upon receipt.

 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next-day delivery to its address shown on the Security Register. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. 
 So long as the Notes are represented by this Global Note and such Global Note is held on behalf of Euroclear or
Clearstream, any notice, demand or other communication to the Holders will be deemed to have been sufficiently given or served when delivered in accordance with the applicable rules and procedures of Euroclear or Clearstream, as the case may be. Any
such notice shall be deemed to have been delivered on the day such notice is delivered to Euroclear or Clearstream. 
 If a
notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 12.02. Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 
 Section 12.03. Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 
  

 100 

 Section 12.04. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 (a) a statement that the Person making such certificate or opinion has read such covenant or condition;

 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 With respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate, certificates of public officials or reports
or opinions of experts. 
 Section 12.05. Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 12.06. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the
Company or any Guarantor, as such, shall have any liability for any obligations of the Company or of the Guarantors under the Notes, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver and release may not be effective to waive or release liabilities
under the federal securities laws. 
 Section 12.07. Governing Law. 
 THIS INDENTURE, THE GUARANTEE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

  

 101 

 Section 12.08. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.09.
Successors. 
 All covenants and agreements of the Company in this Indenture and the Notes shall bind
its successors. All covenants and agreements of the Trustee in this Indenture shall bind its successors. 
 Section 12.10.
Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.11. Counterpart Originals. 
 The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 12.12.
Consent to Jurisdiction and Service of Process; Waiver of Immunities. 
 (a) The Company and
each Guarantor irrevocably consents to the jurisdiction of the courts of the State of New York and the courts of the United States of America located in the Borough of Manhattan, City and State of New York over any suit, action or proceeding with
respect to this Indenture or the transactions contemplated hereby. The Company and each Guarantor waives any objection that it may have to the venue of any suit, action or proceeding with respect to this Indenture or the transactions contemplated
hereby in the courts of the State of New York or the courts of the United States of America, in each case, located in the Borough of Manhattan, City and State of New York, or that such suit, action or proceeding brought in the courts of the State of
New York or the United States of America, in each case, located in the Borough of Manhattan, City and State of New York was brought in an inconvenient court and agrees not to plead or claim the same. 
 (b) The Company and each Guarantor irrevocably appoints Law Debenture Corporate Services, Inc., as its authorized agent in
the State of New York upon which process may be served in any such suit or proceedings, and agrees that service of process upon such agent, and written notice of said service to Law Debenture Corporate Services, Inc. at 400 Madison Avenue, Suite 4D,
New York, NY 10017, by the person serving the same to the address provided in Section 12.01, shall be deemed in every respect effective service of process upon the Company and each Guarantor in any such suit or proceeding. The Company
and each Guarantor further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of 3 years from the date of this Indenture. 
  

 102 

 (c) To the extent that the Company or any Guarantor has or hereafter may
acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, the Company and each
Guarantor hereby irrevocably waives such immunity in respect of its Obligations under this Indenture and the Notes, to the extent permitted by law. 
 Section 12.13. Table of Contents, Headings, etc. 
 The
Table of Contents and Headings in this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 103 

 SIGNATURES 
 Dated as of September 10, 2007 
  

			
	COMPANY:
	
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ Zheng, Nanyan

	Name:	 	Zheng, Nanyan
	Title:	 	CEO

 [SIGNATURE PAGE TO INDENTURE] 

							
	TRUSTEE:
	
	DB TRUSTEES (HONG KONG) LIMITED
				
	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward

	Name:	 	Aric Kay-Russell	 		 	Chiu Kin Wing Edward
	Title:	 	Director	 		 	Authorised Signatory

  

							
	COLLATERAL AGENT:
	
	DB TRUSTEES (HONG KONG) LIMITED
				
	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward

	Name:	 	Aric Kay-Russell	 		 	Chiu Kin Wing Edward
	Title:	 	Director	 		 	Authorised Signatory

 [SIGNATURE PAGE TO INDENTURE] 

 EXHIBIT A 
  
 (Face of Note) 
 GUARANTEED SENIOR FLOATING RATE NOTES DUE 2010 
 ISIN: XS0314366567 
 Common Code: 031436656 
  

			
	No. 1	  	$80,000,000.—

 7 DAYS GROUP HOLDINGS LIMITED 
 promises to pay to BT Globenet Nominees Limited or registered assigns, as nominee for Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme (“Clearstream”) and/or Euroclear Bank S.A./N.V. as operator of the Euroclear System (“Euroclear”), or registered assigns, the principal sum of EIGHTY MILLION
Dollars ($80,000,000) on September 10, 2010. 
 Interest Payment Dates: March 10 and September 10, commencing March 10,
2008. 
 Record Dates: February 23 and August 26 
 Dated: September 10, 2007. 
  

 A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
  

			
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 This is one of the Global
 Notes referred to in the
 within-mentioned Indenture:

	
	DEUTSCHE BANK AG, HONG KONG BRANCH,
	as Authenticating Agent
		
	By:	 	  

		 	Authorized Signatory
		
	By:	 	  

		 	Authorized Signatory

 Dated             ,
20     
  

 A-2 

 (Back of Note) 
 GUARANTEED SENIOR FLOATING RATE NOTES DUE 2010 
 [GLOBAL NOTE LEGEND]

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”), OR CLEARSTREAM BANKING, SOCIETE ANONYME (“CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF ITS AUTHORIZED NOMINEE
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY PAYMENT IS MADE TO ITS AUTHORIZED NOMINEE, OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, OR ITS AUTHORIZED NOMINEE, HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [REGULATION S LEGEND] 
 THIS
NOTE HAS NOT BEEN AND SHALL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘SECURITIES ACT”), AND PRIOR TO THE EXPIRATION OF 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF NOTES AND THE
LATEST CLOSING DATE (THE ‘DISTRIBUTION COMPLIANCE PERIOD”), THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO ANY U.S. PERSON OUTSIDE THE UNITED STATES OR ANY PERSON IN THE UNITED STATES. EACH HOLDER AND BENEFICIAL
OWNER, BY ITS ACCEPTANCE OF THE NOTES EVIDENCED HEREBY, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING AND FOLLOWING RESTRICTIONS. 
 THIS LEGEND SHALL BE REMOVED AFTER THE END OF DISTRIBUTION COMPLIANCE PERIOD, AFTER WHICH THE NOTES EVIDENCED HEREBY SHALL NO LONGER BE SUBJECT TO THE RESTRICTIONS PROVIDED IN THIS LEGEND, PROVIDED THAT AT SUCH TIME AND THEREAFTER THE OFFER
OR SALE OF THE NOTES EVIDENCED HEREBY WOULD NOT BE RESTRICTED UNDER ANY APPLICABLE SECURITIES LAWS OF THE UNITED STATES OR OF THE STATES OR TERRITORIES OF THE UNITED STATES. 
  

 A-3 

 [IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND AGENT
SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]1 
  
  

	1	 To be added to Definitive Notes only. 

 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. 7 Days Group Holdings Limited, a company incorporated with limited liability under the laws of the Cayman Islands
(the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum, reset semi-annually, equal to LIBOR plus 5.5% as determined by the Calculation Agent from the Issue Date until maturity.
The interest rate on the Notes is subject to increase pursuant to the provisions of the Indenture. The Company shall pay interest semi-annually on March 10 and September 10 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest shall accrue from the most recent date to which interest has been paid on the Notes (or one or more Predecessor Notes) or, if no interest has been paid,
from the Issue Date: provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be March 10, 2008. The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time at a rate that is 5% per annum in excess of the interest rate then in effect under the Indenture and this Note; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time at the same rate to the extent lawful. Interest shall be computed on the basis
of a 360-day year of twelve 30-day months for the actual number of days elapsed. The amount of interest for each day that the Notes are outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest
rate in effect for such day by 360 and multiplying the result by the principal amount of the Notes. The amount of interest to be paid on the Notes for each Interest Period will be calculated by adding the Daily Interest Amounts for each day in the
Interest Period. All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards and all
dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as
such rate may be modified by United States law of general application. 
  

 A-4 

 2. Method of Payment. The Company shall pay interest on the Notes (except
defaulted interest) to the Persons in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on February 23 and August 26 next preceding the Interest Payment Date, even if such Notes are canceled after
such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and interest at the office
or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Security Register; provided, however, that
payment by wire transfer of immediately available funds shall be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to
the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying Agent, Registrar and Calculation Agent. Initially, the Trustee under the Indenture shall act as Paying Agent,
Registrar and Calculation Agent. The Company may change any Paying Agent, Registrar or Calculation Agent without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 4. Indenture and Collateral Agreement. The Company issued the Notes under an Indenture dated as of September 10, 2007
(“Indenture”) among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are secured by the Collateral referred to in the Indenture. 
 5. Optional Redemption at the Option of the Company. At any time before the occurrence of an IPO, the Company may redeem all or any part of the Notes, at any time and from time to time after giving the notice required pursuant
to Section 3.03 of the Indenture, at the redemption price of 109% (expressed as a percentage of principal amount), plus (i) if redeemed by the Company on or before March 10, 2009, accrued and unpaid interest on the Notes
redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), plus the Make-Whole Amount, or (ii) if
redeemed by the Company after March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date). 
 Unless the Company defaults in the payment of the redemption price, interest will
cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 Except as provided
in this paragraph, the Notes shall not be redeemable at the option of the Company. 
 Any prepayment pursuant to this paragraph
shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
  

 A-5 

 6. Mandatory Redemption. The Company agrees that on or before the expiration
of 60 days after the completion of an IPO, the Company will prepay and there shall become due and payable the entire principal amount (or such lesser principal amount as shall then be outstanding) in respect of the aggregate principal Debt evidenced
by the Notes at a purchase price in cash equal to 100% of the principal amount of Notes then outstanding plus accrued and unpaid interest to but excluding the date of redemption. 
 In the case of prepayment of Notes pursuant to this paragraph, the principal amount of each Note shall mature and become due and payable on
the date fixed for such prepayment, together with interest on such principal amount accrued to such date. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest as
aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and canceled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of
any Note. 
 Any prepayment pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.03 through
3.05 of the Indenture. 
 7. Repurchase upon Change of Control. Upon the occurrence of a Change of Control
prior to a Qualifying IPO, the Company shall, within 7 days thereafter notify the Trustee and the Holders of such Change of Control, and within 30 days of a Change of Control, make an offer (the “Change of Control
Offer”) pursuant to the procedures set forth in Section 3.09. Each Holder shall have the right but not the obligation to accept such offer and require the Company to repurchase all or any portion (equal to $100,000 or
an integral multiple of $100,000) of such Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash (the “Change of Control Amount”), equal to (x) 115% of the aggregate
principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased, to the Purchase Date for each Note that such holder also tenders with a number of Warrants that is equal to the number of Warrants with such Note on
the Issue Date or (y) otherwise at 109% of the then outstanding principal amount of the Notes, plus (i) if redeemed by the Company on or before March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the
applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), plus the Make-Whole Amount, or (ii) if redeemed by the Company after
March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date). 
 8. Optional Redemption. If at any time prior to a Qualifying IPO there shall occur a Block Trade
which does not constitute a Change of Control, then each Noteholder shall have the right at such holder’s option but not the obligation to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an
integral multiple of $100,000 principal amount, on the date (the “Repurchase Date”) specified by the Company that is not less than twenty (20) Business Days and not more than thirty-five (35) Business Days after the
date of the Repurchase Notice (as defined below) at a cash repurchase price equal to (x) 115% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased, to the Purchase Date for

  

 A-6 

 
each Note that such holder also tenders with a number of Warrants that is equal to the number of Warrants with such Note on the Issue Date or (y) otherwise at 109% of the then outstanding
principal amount of the Notes, plus in each case (i) if redeemed by the Company on or before March 10, 2009, accrued and unpaid interest on the Notes redeemed, to but excluding the applicable redemption date (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), plus the Make-Whole Amount, or (ii) if redeemed by the Company after March 10, 2009, accrued and unpaid interest on the
Notes redeemed, to but excluding the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); and provided further that no Notes
may be repurchased by the Company pursuant to this Section if the principal amount of any Notes has been accelerated and such acceleration has not been rescinded on or prior to the Repurchase Date. 
 9. Tax Redemption. The Notes may be redeemed, at the option of the Company or a Surviving Person with respect to the Company,
as a whole but not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders and upon reasonable written notice in advance of such notice to Holders to the Trustee (which notice shall be irrevocable), at a
redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the Company or the Surviving Person, as the case may be, for redemption (the
“Tax Redemption Date”) if, as a result of: 
 (i) any change in, or amendment to, laws (or
any regulations or rulings promulgated thereunder) of the Cayman Islands, the PRC or such other jurisdiction in which the Company or the Guarantor is then organized, as the case may be, affecting taxation; or 
 (ii) any change in the existing official position or the stating of an official position regarding the application or interpretation of such
laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 
 which change or
amendment becomes effective on or after (i) with respect to the Company or any Guarantor, the Issue Date, or (ii) with respect to any Future Guarantor or Surviving Person, the date such Future Guarantor or Surviving Person becomes a Future
Guarantor or Surviving Person, with respect to any payment due or to become due under the Notes, any Guarantee, or the Indenture, the Company, a Surviving Person or a Guarantor, as the case may be, is, or on the next Interest Payment Date would be,
required to pay Additional Amounts, and such requirement cannot be avoided by the taking of reasonable measures by the Company, a Surviving Person or a Guarantor, as the case may be; provided that no such notice of redemption shall be given
earlier than 90 days prior to the earliest date on which the Company, a Surviving Person or a Guarantor, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of the Notes were then due. 
 10. Notice of Redemption. Notice of redemption shall be mailed at least 20 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $100,000 may be redeemed in part but only in whole multiples of $100,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  

 A-7 

 11. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $100,000 and integral multiples thereof. This Note shall represent the aggregate principal amount of outstanding Notes from time to time endorsed hereon and the aggregate principal amount of Notes represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 12.
Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 13.
Amendment, Supplement and Waiver. The Holders holding no less than 75% of the aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes, waive any
existing Default or Event of Default, and its consequences, except (x) in the event of a continuing Default or event of Default specified in Section 6.01(d) of the Indenture, the Holders holding no less than 66.7% of the aggregate
principal amount of the Notes then outstanding may waive such Default or Event of default, and (y) a continuing Default or Event of Default (i) in the payment of the principal of, premium, if any, or interest, on the Notes and (ii) in
respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment. 
 Subject to certain exceptions, the Company and the Trustee may amend or supplement the Indenture or the Notes with the consent of the
Holders of at least 66.7% in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and, subject to
Sections 6.04 and 6.07, any existing Default or Event of Default (except a continuing Default or Event of Default in (i) the payment of principal, premium, if any, or interest on the Notes and (ii) in respect of a covenant or
provision which under the Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes). Without the
consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, to provide for the assumption by a successor corporation, partnership or limited
liability company of the obligations of the Company under the Indenture, to provide for uncertificated Notes in addition to or in place of certificated Notes, to add additional Guarantees or additional obligors with respect to 
  

 A-8 

 
the Notes, to secure the Notes, to add to the covenants of the Company for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company, or to make any
change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder. 
 14. Defaults and Remedies. Each of the following constitutes an “Event of Default” with respect to the Notes if any
such Default has not been cured or waived within the period of time stated below, if any, and remains uncured or unwaived for a further period corresponding to the Sponsors’ Cure Period: (a) failure to make the payment of any interest on
the Notes when the same becomes due and payable, and such failure continues for a period of 5 days; (b) failure to make the payment of any principal of, or premium, if any, on, any of the Notes when the same becomes due and payable at its
Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; (c) failure to comply with Section 5.01 of the Indenture and such failure continues for a period of 15 days; (d) failure to
comply with any other covenant or agreement in the Notes or in the Indenture (other than a failure that is the subject of the foregoing clause (a), (b) or (c)), and such failure continues for 15 days (or 180 days in case of failure to comply
with any operational covenants in Section 4.26 of the Indenture) after written notice is given to the Company by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding specifying the
default, demanding that it be remedied and stating that such notice is a “Notice of Default;” (e) a default under any Debt by the Company or any of its Subsidiaries (other than Debt owed to the Company by any of its Subsidiaries) that
results in acceleration of the maturity of such Debt, or failure to pay any such Debt for 15 days after payment of such Debt has become due, in an aggregate amount greater than $1.0 million or its foreign currency equivalent at the time;
(f) any final unappealable judgment or judgments for the payment of money in an aggregate amount in excess of $1.0 million (or its foreign currency equivalent at the time) that shall be rendered against the Company or any of its Subsidiaries
and that shall not be waived, satisfied or discharged for any period of 30 consecutive days during which a stay of enforcement shall not be in effect; (g) the Notes or any Guarantee provided by any Guarantor other than a PRC Subsidiary is or
becomes illegal pursuant to applicable law, or and Subsidiary Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Guarantor or a group of Guarantors that, taken as a whole,
would constitute a Significant Subsidiary denies or disaffirms its obligations under its Subsidiary Guarantee; (h) the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a
Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (1) commences a voluntary case or gives notice of intention to make a proposal under any Bankruptcy Law; (2) consents to the entry of an order for relief
against it in an involuntary case or consents to its dissolution or winding up; (3) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of it or for all or substantially all of its
property; (4) makes a general assignment for the benefit of its creditors; or (5) admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency; and (i) a court of competent jurisdiction enters
an order or decree under any Bankruptcy Law that: (1) is for relief against the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary in an involuntary
case; or (2) appoints a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of the Company or any of its

  

 A-9 

 
Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of
its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary; or (3) orders the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries
that, when taken together, would constitute a Significant Subsidiary; and such order or decree remains unstayed and in effect for 30 consecutive days; (j) (1) any default by the Company or Future Guarantor Pledgor in any of its obligations
under the Security Documents, which adversely affects the enforceability, validity, perfection or priority of the applicable Lien on the Collateral or which adversely affects the condition or value of the Collateral, taken as a whole, in any
material respect, (2) the security interest under the Security Documents shall, at any time, cease to be in full force and effect for any reason other than the satisfaction in full of all Note Obligations and discharge of the Indenture or
(3) any security interest created thereunder shall be declared invalid or unenforceable or the Company or any Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or
unenforceable; (k) the Company or any Future Guarantor Pledgor denies or disaffirms its obligations under any Security Document or, other than in accordance with the Indenture and the Security Documents, any Security Document ceases to be or is
not in full force and effect or the Collateral Agent ceases to have a first priority interest in the Collateral; (l) (1) the confiscation, expropriation or nationalization by any Governmental Authority of any Property of the Company or any
of its Subsidiaries; or (2) the revocation or repudiation by any Governmental Authority of any previously granted Governmental Approval to any PRC Subsidiary; or (3) the imposition or introduction of material and discriminatory taxes,
tariffs, royalties, customs or excise duties imposed on any PRC Subsidiary, or the material and discriminatory withdrawal or suspension of privileges or specifically granted rights of a fiscal nature, or (4) the Company or any of its Subsidiary
is prevented from exercising normal control over all or any material part of its property, assets or revenues, in each such case, that would have a Material Adverse Effect. 
 If any Event of Default (other than those of the type described in (h) or (i) above) occurs and is continuing, the Trustee
may, and the Trustee upon the written request of Holders of 25% in principal amount of the outstanding Notes shall, or the Holders of at least 25% in principal amount of outstanding Notes may, declare the principal of all the Notes, together with
all accrued and unpaid interest, premium, if any, to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that such notice is a notice of acceleration (the
“Acceleration Notice”), and the same shall become immediately due and payable. 
 In the
case of an Event of Default specified in (h) or (i) above, all outstanding Notes shall become due and payable immediately without any further declaration or other act on the part of the Trustee or the Holders. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture. 
 In the case of an Event of Default with respect to
the Notes occurring by reason of action taken by the Company with the effect of avoiding payment of the premium that the Company would have been required to pay if the Company had then elected to redeem the Notes pursuant to Section 3.07
of the Indenture, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
  

 A-10 

 14. Trustee Dealings with Company. Subject to certain limitations, the Trustee
in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 
 15. No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder of the
Company or of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Indenture, the Notes, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. 
 16. Authentication. This Note
shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 
 17.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 18. Governing Law. The
internal law of the State of New York shall govern and be used to construe this Note without giving effect to applicable principals of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby.

  

 A-11 

 Option of Holder to Elect Repurchase 
 If you want to elect to have this Note repurchased by the Company pursuant to Section 3.10 or 4.16 of the Indenture, check the box below:

  

			
	  ̈        Section 3.10
	  	Repurchase Date:                     
		
	  ̈        Section 4.16
	  	

 If you want to elect to have only part of the Note repurchased by the Company pursuant to
Section 3.10 or Section 4.16 of the Indenture, state the amount you elect to have purchased: $             
  

					
	Date:                     	  	Your Signature:	  	  

		  	(Sign exactly as your name appears on the Note)
		
		  	Tax Identification No.:
		  	  

  

 A-12 

 Assignment Form 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to

  
  
 (Insert assignee’s social security or other tax I.D. no.) 
  
  
  
  
  
  
  
  
 (Print or type assignee’s name,
address and zip code) 
  

			
	and irrevocably appoint	  	  

 as agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him. 
  
  
  

					
	Date:                     	  	Your Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)

  

 A-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of
 Exchange
	  	Amount of
decrease in
Principal
Amount
of this Global
Note	  	Amount of
increase
in Principal
Amount
of this Global
Note	  	Principal
Amount
of this Global
Note
following such
decrease (or
increase)	  	Signature of
authorized
signatory
of Trustee or
Note Custodian

  
  

 A-14 

 EXHIBIT B 
 FORM OF NOTATION OF GUARANTEE 
 For value received,
each Guarantor (which term includes any successor Person under the Indenture), jointly and severally, unconditionally guarantees, to the extent set forth in the Indenture and subject to the provisions in the Indenture, dated as of September 10,
2007 (the “Indenture”), among 7 Days Group Holdings Limited, as issuer (the “Company”), the Guarantors listed on the signature pages thereto and DB Trustees (Hong Kong)
Limited, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual
payment of interest on overdue principal and premium, if any, and, to the extent permitted by law, interest and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms
of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 9 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee. This Guarantee is subject to release as and to the extent set forth in Section 9.05 of the Indenture. Each Holder of a Note, by accepting the same agrees
to and shall be bound by such provisions. Capitalized terms used herein and not defined are used herein as so defined in the Indenture. 
  

			
	[GUARANTOR NAME]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-1 

 EXHIBIT C 
 FORM OF CERTIFICATE OF TRANSFER 
 7 Days Group Holdings Limited

 10/F, 705 Guang Zhou Da Dao Nan Road 
 Guangzhou 510290 
 P.R. China 
 DB Trustees (Hong Kong) Limited 
 55th Floor 
 Cheung Kong Centre 
 2 Queen’s Road, Central 
 Hong Kong 
 Re: GUARANTEED SENIOR
FLOATING RATE NOTES DUE 2010 
 Reference is hereby made to the Indenture, dated as of September 10, 2007 (the
“Indenture”), among 7 Days Group Holdings Limited, as issuer (the “Company”), the Guarantors party thereto and DB Trustees (Hong Kong) Limited, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such
Note[s] in the principal amount of $             (the “Transfer”), to
                     (the “Transferee”). In connection with the Transfer, the Transferor hereby
certifies that: 
 [CHECK ALL THAT APPLY] 
  ̈ 1. Check if Transferee will take delivery of a beneficial interest in the Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the
time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was
executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Distribution Compliance Period (as defined in Regulation S under the Securities Act), the transfer is not being made to a U.S. Person or for the
account or benefit of a U.S. Person. Upon consummation of the Proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the
legend printed on the Global Note and/or the Definitive Note and in the Securities Act. 
  

 i 

  ̈ 2. Check if Transfer is Pursuant to
Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904 and in compliance with the transfer
provisions contained in the Indenture and any applicable blue sky securities laws of any State of the United States. 
 This
certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

 ii

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