Document:

EX-4.50

 Exhibit 4.50 

 
  
 Exclusive Technology Consulting and 
 Service Agreement 

 
  
 between 
 Guangzhou You Che You Jia Advertising Co., Ltd. 

and 

Beijing Cheerbright Technologies Co., Ltd. 

 TABLE OF CONTENTS 

 

							
	 ARTICLE
	  	PAGE	 
	1.	  	APPOINTMENT AND PROVISION OF SERVICES	  	 	3	  
	2.	  	INTELLECTUAL PROPERTY RIGHTS	  	 	4	  
	3.	  	SERVICE FEE AND PAYMENT	  	 	4	  
	4.	  	REPRESENTATIONS AND WARRANTIES	  	 	4	  
	5.	  	CONFIDENTIALITY	  	 	5	  
	6.	  	BREACH	  	 	5	  
	7.	  	FORCE MAJEURE	  	 	6	  
	8.	  	EFFECTIVE DATE AND TERM	  	 	6	  
	9.	  	TERMINATION	  	 	7	  
	10.	  	MISCELLANEOUS	  	 	7	  
	EXHIBIT:	  			
	I.	  	SCOPE OF SERVICES	  			
	II.	  	CALCULATION AND PAYMENT OF THE SERVICE FEE	  			

  

			
	 Exclusive Technology Consulting and Service Agreement
	  	- 2 -

 THIS EXCLUSIVE TECHNOLOGY CONSLUTING AND SERVICE AGREEMENT (Agreement) is entered into on
May 8th, 2012 (Execution Date) in Beijing, the People’s Republic of China (PRC). 
 between 

 

	(1)	Guangzhou You Che You Jia Advertising Co., Ltd. (

), a company duly organized and existing under the PRC laws with its legal address at Room 2409, No.8, Shipaixilu, Tainhe District, Guangzhou, China (Party A); 

and 
  

	(2)	Beijing Cheerbright Technologies Co., Ltd. (

), with its registered address at 1102, Tower B, No. 3, Danling Street, Haidian District, Beijing 100080, China (Party B). 

 Recitals 
  

	A.	Party A is a domestic company duly incorporated and validly existing under the laws of the PRC, which engages in the business of advertising agency. Party A wishes to
develop its technology, improve its management and increase and enhance its market position. 

  

	B.	Party B is a wholly foreign owned enterprise duly incorporated and validly existing under the laws of the PRC, which holds the resources and qualifications for
technical and consulting services. Party B is engaged in research and development relating to networks and has expertise in providing technical training and consulting services. 

 NOW, THEREFORE, the parties agree as follows: 
  

	1.	APPOINTMENT AND PROVISION OF SERVICES 

  

	 	1.1	Scope of Services. Party A hereby appoints Party B to provide Party A with the Services detailed in the Exhibit I (Services). 

 

	 	1.2	Provision of Services. The Parties agree that Party B shall provide the Services to Party A on an exclusive basis, for the duration of the term of this Agreement
and at standards commonly accepted in the market. 

  

			
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	  	- 3 -

	 	1.3	Financial Support. To ensure that the cash flow requirements of Party A’s ordinary operations are met and/or to set off any loss accrued during such
operations, Party B is obligated, only to the extent permissible under PRC law, to provide financing support for Party A, whether or not Party A actually incurs any such operational loss. Party B’s financing support for Party A may take the
form of bank entrusted loans or borrowings. Contracts for any such entrusted loans or borrowings shall be executed separately. Party B will not request repayment if Party A is unable to do so. 

 

	2.	INTELLECTUAL PROPERTY RIGHTS 

 The Parties agree that the intellectual property rights created by Party B in the course of performing this Agreement (including without limitation any copyrights, trademarks or logos registered or not,
patents and proprietary technology), shall belong to Party B. 
  

	3.	SERVICE FEE AND PAYMENT 

  

	 	3.1	Service Fee. The Parties agree that the Service Fee under this Agreement shall be determined according to the Exhibit II. 

 

	 	3.2	Payment Method. Party B shall, within the first 5 days of each month, provide Party A with written statement of the service fee spent providing the Services
during the previous month. Party A shall confirm to Party B in writing within 3 business days of receipt that the service see is correct. If Party A fails to provide such confirmation on time, Party A shall be deemed to have confirmed Party B’s
statement. Party A shall pay the service fee to Party B’s designated account within 10 days after confirming the service fee provided in Party B’s statement. 

 

	4.	REPRESENTATIONS AND WARRANTIES 

 Each party represents and warrants to the other that, as of the date of signing hereof: 
  

	 	4.1	it has full power and authority as an independent legal person to execute and deliver this Agreement and to carry out its responsibilities and obligations hereunder;

  

	 	4.2	its execution and performance of this Agreement will not result in a breach of any law, regulation, authorization or agreement to which it is subject.

  

			
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	5.	CONFIDENTIALITY 

  

	 	5.1	Confidentiality Obligations. The parties shall protect and maintain the confidentiality of all information relating to or arisen from this Agreement, or made
available under this Agreement to a party or any associate thereof (Confidential Information). Without the prior written consent of the other party, no party shall disclose any Confidential Information to any third party unless the disclosure
is required by law or by enforceable orders of the court or related government departments. Under such circumstances, the party required to disclose the Confidential Information shall notify the other party immediately, take all possible measures to
minimize the disclosure, and notify the persons to whom information is being disclosed of the confidentiality obligation. Notwithstanding anything to the contrary above, Party A shall have the full right to disclose any Confidential Information to
its shareholders, affiliates or professional advisors. 

  

	 	5.2	Obligations upon Termination. Upon termination of this Agreement, either party shall, at the request of the other party, return any document, material, database,
equipment, or software containing the Confidential Information to the other party. If, for any reason, such document, material, database, equipment, or software cannot be returned, either party shall destroy all the Confidential Information
belonging to the other party and delete such Confidential Information from any memory devices. No party shall be permitted to continue using the Confidential Information in any way after the termination of this Agreement. 

 

	 	5.3	No Time Limit. There is no time limit to the confidentiality obligations stipulated in this Article, which obligations will survive the termination of this
Agreement unless the Confidential Information is disclosed to the public for reasons not due to the breach of this Agreement by any party. 

  

	6.	BREACH 

  

	 	6.1	Written Notice. If a party breaches any of its respective representations, warranties or obligations under this Agreement, the non-breaching party may send a
written notice to the breaching party demanding rectification within 10 days. 

  

	 	6.2	Compensation. The breaching party shall be liable to compensate the non-breaching party for any losses it has sustained as a result of the breach, including loss
of profits. 

  

			
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	7.	FORCE MAJEURE 

  

	 	7.1	Definition. The term Force Majeure refers to any unforeseeable (or if foreseeable, reasonably unavoidable), event beyond the reasonable control of any party
which prevents the performance of this Agreement, including without limitation acts of government, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning and war, but excluding any shortage of credit. 

 

	 	7.2	Exemption. Where either party fails to perform this Agreement in full or in part due to Force Majeure, such party shall be exempted from its responsibilities
hereunder, to the extent of the Force Majeure in question and except where PRC law provides otherwise. For the avoidance of doubt, a party shall not be excused from performing its obligations hereunder where Force Majeure occurs following the delay
by that party to perform this Agreement. 

  

	 	7.3	Notice. Should either party be unable to perform this Agreement as a result of Force Majeure, it shall inform the other party, as soon as possible following the
occurrence of such Force Majeure, of the situation and the reason(s) for non-performance, so as to minimize any losses incurred by the other party as a consequence thereof. Furthermore, within a reasonable time after notice of Force Majeure has been
given, the party encountering Force Majeure shall provide to the other party a legal certificate issued by a public notary (or other appropriate organization) of the place wherein the Force Majeure occurred, in witness of the same.

  

	 	7.4	Mitigation. The party affected by Force Majeure may suspend the performance of its obligations under this Agreement until any disruption resulting from the Force
Majeure has been resolved. However, such party shall make every effort to eliminate any obstacles resulting from the Force Majeure, thereby minimizing to the greatest extent possible the adverse effects of such, as well as any resulting losses.

  

	8.	EFFECTIVE DATE AND TERM 

  

	 	8.1	Term. This Agreement shall enter into effect as of the date first indicated above and shall continue for a period of 30 years unless it is extended according to
Article 8.2 or terminated early according to Article 9. 

  

	 	8.2	Extension. This Agreement shall be automatically extended for another ten (10) years except Party B gives its written notice terminating this Agreement
three (3) months before the expiration of this Agreement. 

  

			
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	9.	TERMINATION 

  

	 	9.1	Early Termination. This Agreement may be terminated early in the following situations: 

 

	 	9.1.1	with the mutual written consent of the parties following consultation; 

  

	 	9.1.2	in case of a Force Majeure event prevailing for 30 days or longer, the Parties shall discuss whether performance under this Agreement shall be partially exempted or
postponed according to the degree by which such performance is affected by the Force Majeure event; or 

  

	 	9.1.3	by Party B, with 30 days’ prior written notice to Party A at any time. 

 

	 	9.2	Survival of Obligations. The expiry or early termination of this Agreement for any reason whatsoever shall not affect the payment obligations of the parties
hereunder, the respective liability of the parties for damages or the confidentiality obligations of the parties. 

  

	10.	MISCELLANEOUS 

  

	 	10.1	Notices and Delivery. All notices and communications between the parties shall be written in English and delivered in person (including courier service), by
facsimile transmission or by registered mail to the appropriate addresses set forth below: 

  

					
	Party A	  		  	
			
	Address	  	:	  	Room 2409, No.8, Shipaixilu, Tainhe District, Guangzhou, China,
	Tel	  	:	  	86-
	Fax	  	:	  	86-
	Attn	  	:	  	Han Song
			
	Party B	  		  	
			
	Address	  	:	  	1102, Tower B, No. 3, Danling Street, Haidian District, Beijing 100080, China
	Tel	  	:	  	86-10-59857001
	Fax	  	:	  	86-10-59857387
	Attn	  	:	  	Li Xiang

  

			
	 Exclusive Technology Consulting and Service Agreement
	  	- 7 -

	 	10.2	Timing. The time of receipt of the notice or communication shall be deemed to be: 

 

	 	10.2.1	if in person (including courier), at the time of signing of a receipt by the receiving party or a duly authorized person at the receiving party’s address;

  

	 	10.2.2	if by facsimile transmission, at the time displayed in the corresponding transmission record, unless such facsimile is sent after 5:00 p.m. or on a non-business day in
the place of receipt, in which case the date of receipt shall be deemed to be the following business day; or 

  

	 	10.2.3	 if by registered mail, on the 10th day after the date of the receipt of the registered mail. 

 

	 	10.3	No Waiver. Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of either party to exercise any right, authority or privilege
under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

  

	 	10.4	Severability. The provisions of this Agreement are severable from each other. The invalidity of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 

  

	 	10.5	Successors. This Agreement shall be valid and binding upon the parties and upon their respective successors and assigns (if any). 

 

	 	10.6	Assignment. Party A shall not assign its rights or obligations under this Agreement to any third party without the prior written consent of Party B. Party B may
transfer its rights or obligations under this Agreement to any third party without the consent of Party A, but shall inform Party A of the above assignment. 

 

	 	10.7	Governing Law. The execution, validity, interpretation and implementation of this Agreement and the settlement of disputes hereunder shall be governed by PRC
law. 

  

	 	10.8	Arbitration. 

  

	 	10.8.1	If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute through friendly consultation or
mediation. 

  

			
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	 	10.8.2	If the dispute cannot be resolved in the above manner within 30 days after the commencement of the consultation or mediation, either party may submit the dispute to
arbitration as follows: 

  

	 	10.8.2.1	all disputes arising out of or in connection with this Agreement shall be submitted to the China International Economic and Trade Arbitration Commission for arbitration
in accordance with the Commission’s then-current rules; and 

  

	 	10.8.2.2	the arbitration shall be held in Beijing and conducted in the English language, with the arbitral award being final and binding upon the parties.

  

	 	10.8.3	When any dispute is submitted to arbitration, the parties shall continue to perform their obligations under this Agreement. 

 

	 	10.9	Entire Agreement. This Agreement and its Exhibits shall constitute the entire agreement between the parties in respect of the subject matter hereof and shall
supersede any previous discussions, negotiations and agreements, including without limitation, the Original Agreement. 

  

	 	10.10	Amendments. Without the prior written consent of Party B, Party A shall not amend this Agreement. If required by law, the parties shall obtain all requisite
approvals from the relevant authorities to give effect to the amendment. 

  

	 	10.11	Language and Copies. 

This Agreement is prepared in both English and Chinese, and both language versions have the same legal effect. This Agreement shall be
executed in 2 originals, with 1 original copy for each party. 
 [The space below is intentionally left blank.] 

  

			
	 Exclusive Technology Consulting and Service Agreement
	  	- 9 -

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their duly
authorized representatives on the date first indicated above. 
 Party A: Guangzhou You Che You Jia Advertising Co., Ltd. 

(

) 
  

	
	  

	 Name: /s/ Han Song

	Title: Legal Representative
	Company Seal:

 Party B: Beijing Cheerbright Technologies Co., Ltd. 
 (

) 
  

	
	  

	 Name: /s/ Li Xiang

	Title: Legal Representative
	Company seal:

  

			
	 Exclusive Technology Consulting and Service Agreement
	  	- 10 -

 Exhibit I 
 Scope of Services 
  

	1.	Technical Services. Party B will provide technical services and training to Party A, taking advantage of Party B’s advanced network, website and multimedia
technologies to improve Party A’s system integration. Such technical services shall include: 

  

	 	(a)	administering, managing and maintaining Party A’s information application system and website system infrastructure; 

 

	 	(b)	providing system optimization plans and implementing optimization features; 

 

	 	(c)	assuring the security and reliability of the website application systems; 

  

	 	(d)	procuring, installing and supporting the relevant products produced by Party B, and providing training in the use of those products; 

 

	 	(e)	managing and maintaining all network and providing technologies to assure the reliability and efficiency thereof; 

 

	 	(f)	providing information technology services and assuring the reliable operation of the information infrastructure. 

 

	2.	Marketing and Management Consulting. For the purposes of expanding Party A’s market share, popularizing its products and creating an efficient internal
operations, Party B will provide consulting services regarding marketing and management, which shall include: 

  

	 	(a)	providing strategic co-operation proposals and recommending relevant partners to Party A, and assisting Party A to establish and develop cooperative relationships with
such partners with respect to advertising; 

  

	 	(b)	providing Party A with market development strategies, including but not limited to the design and improvement of Party A’s products, services and business model as
well as strategic on its market position and brand-building; and 

  

	 	(c)	training management personnel and providing management consultation services, including but not limited to regular business training for Party A’s management
personnel and formulating realistic and effective solutions to existing problems in Party A’s business operations. 

  

			
	 Exclusive Technology Consulting and Service Agreement
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 Exhibit II 
 Calculation and Payment of the Service Fee 
 DURING
THE TERM OF THIS AGREEMENT, THE SERVICE FEE PAYABLE BY PARTY A TO
PARTY B FOR SERVICES RENDERED ACCORDING TO EXHIBIT I SHALL BE A FEE
IN RMB DETERMINED BY THE FOLLOWING FORMULA: 

SERVICE FEE PAYABLE = PARTY A’S REVENUE –
TURNOVER TAXES – PARTY A’S TOTAL COSTS – PROFIT TO BE RETAINED BY
PARTY A; 
 Where: 
  

	 	•	 	 Party A’s Revenue is revenue received by Party A from third parties in the course of its ordinary business; 

 

	 	•	 	 Turnover Taxes include, but are not limited to, business tax (if applicable), value-added tax, urban maintenance and construction tax and education
surcharges; 

  

	 	•	 	 Party A’s Total Costs include all costs and expenses, such as costs of goods sold and operating costs incurred by Party A for carrying out the
business; and 

  

	 	•	 	 Profit to be retained by Party A shall be determined by a reputable certified public accountant designated by Party B. 

During the term of this Agreement, Party B shall have the right to adjust the above Fees at its sole discretion without the consent of Party A.

  

			
	 Exclusive Technology Consulting and Service Agreement
	  	- 12 -Ex-4.51

 Exhibit 4.51 

 
  
 Loan Agreement 
  

 
 Between 

Beijing Cheerbright Technologies Co., Ltd. 
 and 
 Qin Zhi 

 TABLE OF CONTENTS 

 

							
	 Articles
	 	Pages	 
	1.	  	DEFINITIONS AND INTERPRETATIONS	 	 	3	  
	2.	  	LOAN	 	 	4	  
	3.	  	CONDITIONS PRECEDENT	 	 	6	  
	4.	  	REPRESENTATIONS AND WARRANTIES	 	 	6	  
	5.	  	UNDERTAKINGS	 	 	7	  
	6.	  	DEFAULT	 	 	10	  
	7.	  	CONFIDENTIALITY	 	 	11	  
	8.	  	DISPUTE RESOLUTION	 	 	11	  
	9.	  	INDEMNITY	 	 	12	  
	10.	  	MISCELLANEOUS	 	 	12	  

  

					
	 Loan Agreement
	  	- 2 -	  	 

 THIS LOAN AGREEMENT (Agreement) is entered into on May 8th, 2012 in Beijing,
People’s Republic of China (PRC) 
 by and between 

 

	(1)	Beijing Cheerbright Technologies Co., Ltd. (

), a wholly foreign owned enterprise duly incorporated and validly existing under the law of the PRC, with its registered address at 1102, Tower B, No. 3, Danling Street, Haidian District, Beijing 100080,
China (Party A); 

 and 
  

	(2)	Qin Zhi, a PRC citizen, holder of identification card number ***, whose residential address is at Room 452, Unit 4, Building 31, Yuetan South Street, Xicheng
District, Beijing, China (Party B). 

 Recitals 

 

	A.	Party B established PRC domestically funded limited company named Guangzhou You Che You Jia Advertising Co., Ltd. 

	 	(

, Company) in Shanghai, PRC, jointly with certain other shareholders (i.e. Li Xiang and Fan Zheng), and holds 8% of the equity interest of the Company (Equity Interests); 

 

	B.	Party A has intended to provide Party B with a loan to be used for the purposes of establishing the Company in accordance with this Agreement. In accordance with the
terms and conditions of this Agreement, Party A agrees to provide an interest-free loan in the amount of RMB80,000 (Loan). 

NOW, THEREFORE, the parties agree as follows: 
 1. DEFINITIONS AND INTERPRETATIONS 
  

	1.1	Definitions. Unless otherwise provided in this Agreement, the following terms shall have the meanings set forth below: 

 

			
	Designated Party	    	means a third party as designated by Party A;
		
	Event of Default	    	means an event as described in Article 2.3;
		
	Equity Option Agreement	    	means the Equity Option Agreement to be entered into by and among Party A, Party B and the Company dated on May 8th,
2012;

  

					
	 Loan Agreement
	  	- 3 -	  	 

			
		
	Equity Pledge Agreement	    	means the Equity Interest Pledge Agreement to be entered into by and between Party A, Party B dated on May 8th, 2012;
		
	Power of Attorney	    	 means an irrevocable Power of Attorney issued by Party B conferring all his rights as a shareholder of the Company to Party A or the
Designated Party dated on May 8th, 2012;
  
 and

		
	Repayment Notice	    	means a written notice from Party A to Party B for purposes of the repayment of the Loan.

  

	1.2	Interpretations. All headings used are for reference purposes only and do not affect the meaning or interpretation of any provision. Any reference to an Article
is to an article of this Agreement. The use of the plural shall include the use of the singular, and vice versa. Unless otherwise indicated, a reference to a day, month or year is to a calendar day, month or year. The use of the masculine shall
include the use of the feminine, and vice versa. 

 2. LOAN 

 

	2.1	Amount. Party A has provided to Party B, and Party B has received from Party A, the Loan. The Loan shall be interest free. 

 

	2.2	Term. The term of the Loan shall continue indefinitely until such time as Party B receives a Repayment Notice and fully repays the Loan, or an Event of Default
occurs unless Party A has sent a notice indicating otherwise within 15 calendar days after it is aware of such event. 

  

	2.3	Event of Default. For purposes of this Agreement, an Event of Default is deemed to have occurred if any of the following were to apply to Party B:

  

	 	2.3.1	a proceeding is commenced against him under any applicable bankruptcy, insolvency, reorganization, court mediation, or other similar law; 

 

	 	2.3.2	he makes or attempts to make any fraudulent use or any unauthorized transfer of the Loan or the Equity Interests; 

 

	 	2.3.3	he dies or his capacity to perform civil acts is lost or limited; 

  

	 	2.3.4	he is charged with a criminal offense; 

  

	 	2.3.5	any third party institutes a court action against him claiming over RMB 50,000; 

  

					
	 Loan Agreement
	  	- 4 -	  	 

	 	2.3.6	Party B breaches any of its covenants or other obligations under this Agreement, and such breach has not been remedied within 15 calendar days after receiving Party
A’s written notice requiring remedy; 

  

	 	2.3.7	the representations and warranties made by Party B prove to be false or misleading in any material respect; 

 

	 	2.3.8	any indebtedness, guarantee or other obligation of Party B, whether pursuant to a contract or otherwise, (i) is accelerated as a result of a default thereunder and
is required to be repaid or performed prior to the scheduled date; or (ii) has become due and is not repaid or performed as scheduled and thereby causes Party A to regard Party B’s capacity to perform the obligations specified herein as
having been adversely affected; 

  

	 	2.3.9	Party B is incapable of repaying his debts as they become due; 

  

	 	2.3.10	the Agreement is illegal as a result of any applicable laws or Party B is restricted from continuing to perform its obligations as specified herein;

  

	 	2.3.11	any approval, permits, licenses or authorization from any applicable governmental entity (and registration or filing procedure) required for the Company to provide
value added telecommunications services in respect of its information services business via the Internet in the PRC are withdrawn, suspended, invalidated or materially amended; 

 

	 	2.3.12	any approval, permits, licenses or authorization from any applicable government authority required to perform this Agreement or make this Agreement enforceable, legal
and valid are withdrawn, suspended, invalidated or materially amended; 

  

	 	2.3.13	any property owned by Party B is altered or damaged and thereby causes Party A to deem that the capability of Party B to perform the obligations stated herein have been
adversely affected; or 

  

	 	2.3.14	Party B defaults under either of the Equity Pledge Agreement or the Equity Option Agreement. 

 

	2.4	Repayment Date. Unless otherwise agreed by Party A in writing, the Loan borrowed by Party B, any portion of the Loan and any other payment in arrears, if
applicable, under this Agreement shall become due and payable five Business Days after Party A gives written notice to Party B demanding repayment in accordance with Article 6.1 (Repayment Date) 

Without Party A’s express prior written consent, the Loan shall not be repaid and shall continue indefinitely until the Repayment
Date. 

  

					
	 Loan Agreement
	  	- 5 -	  	 

	2.5	Form of Repayment. Unless agreed by the parties in writing, the Loan may only be repaid in the form specified in Article 6. 

 

	2.6	Purpose of Loan. Party B has accepted the Loan provided by Party A and hereby agrees and covenants that the Loan shall be used only to contribute to the
registered capital of the Company. Without Party A’s prior written consent, Party B shall not use the Loan for any other purpose, or sell, assign, transfer, pledge or otherwise dispose of any legal rights or benefits in connection with, or
create any security interest over, the Equity Interest to any third party. 

 3. CONDITIONS PRECEDENT

 Drawdown of the Loan by Party B shall, unless specifically waived by Party A in writing, be conditional upon the fulfillment of all of
the following conditions precedent: 
  

	3.1	Representations and Warranties. All the representations and warranties provided by Party B in Article 4.2 are true, complete and correct, and shall remain true,
complete and correct on the date of such drawdown, as if they are provided on such date. 

  

	3.2	No Breach. Party B shall not have breached any of his undertakings provided in Article 5, and no event which may affect the performance of Party B’s
obligations hereunder shall have occurred or be likely to occur. 

 4. REPRESENTATIONS AND WARRANTIES

  

	4.1	Party A’s Representations and Warranties. Party A represents and warrants as follows: 

 

	 	4.1.1	it is a company incorporated and validly existing under the laws of PRC; 

  

	 	4.1.2	it has the power to enter into and perform this Agreement, and its execution and performance of this Agreement is in compliance with the business scope of Party A and
the provisions of its articles of association or other constituent documents; 

  

	 	4.1.3	the execution and performance of this Agreement by it will not result in a breach of any laws, regulations, authorizations, or agreement to which it is subject; and

  

	 	4.1.4	this Agreement shall constitute its legal, valid, and binding obligations, and is to be enforceable against it. 

  

					
	 Loan Agreement
	  	- 6 -	  	 

	4.2	Party B’s Representations and Warranties. Party B represents and warrants as follows: 

 

	 	4.2.1	he has and shall maintain the full power and authority to enter into this Agreement and to perform his obligations hereunder; 

 

	 	4.2.2	the execution and performance of this Agreement by himself will not result in a breach of any laws, regulations, authorizations, or agreement to which he is subject;

  

	 	4.2.3	this Agreement shall constitute his legal, valid, and binding obligations, and is to be enforceable against himself; 

 

	 	4.2.4	there are no civil, criminal or administrative, claims, actions, suits, investigations or proceedings pending or threatened against him which, based on his knowledge,
would materially and adversely affect this Agreement and the performance thereof; 

  

	 	4.2.5	there is no provision of any agreement, enforceable judgment or order of any court binding on him or affecting his property, which would in any way prevent or
materially adversely affect his execution or performance of this Agreement; 

  

	 	4.2.6	the execution and performance of this Agreement and the realization of Party A’s rights hereunder will not violate any mortgage right, contract, judgment, decree
or law that is binding upon him or his assets; 

  

	 	4.2.7	with the exception of the Equity Pledge Agreement, the Equity Option Agreement and the Power of Attorney, he has not: (a) created any pledge, charge or any other
security over any of the Equity Interests; (b) offered to transfer any of the Equity Interests to any third party; (c) issued an undertaking to any third party regarding any offer to purchase any of the Equity Interests; or
(d) entered into any agreement to transfer any of the Equity Interests to any third party; and 

  

	 	4.2.8	no dispute, action, arbitration, administrative procedure or other legal proceeding (potential or actual) regarding himself and/or any of the Equity Interests in
existence or pending. 

 5. UNDERTAKINGS 

 

	5.1	Party B’s Undertakings relating to the Company. Party B undertakes to vote his total interest in the Company and to take all other necessary actions to
ensure that the Company: 

  

	 	5.1.1	will obtain or complete all the necessary governmental approvals, authorizations, licenses, registrations and filing procedures to own its assets and to engage in the
businesses specified in the operational scope of its business license; 

  

					
	 Loan Agreement
	  	- 7 -	  	 

	 	5.1.2	will not supplement, change, or modify in any way its articles of association or other constituent documents, increase or reduce its registered capital, or alter its
shareholding structure without the prior written consent of Party A; 

  

	 	5.1.3	will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any asset, business or legal or beneficial interest, or permit the creation
of any other security interest over the same without the prior written consent of Party A; 

  

	 	5.1.4	will not incur, inherit, warrant or permit the existence of any Loan without the prior written consent of Party A; 

 

	 	5.1.5	will not enter into any contracts or extend any loan or credit to any party or provide any guarantee or assume any obligation of any party without the prior written
consent of Party A; 

  

	 	5.1.6	will provide all information relating to its operations and financial affairs to Party A upon the request of Party A; 

 

	 	5.1.7	will not merge, consolidate with any third party, or acquire or invest in any third party, without the prior written consent of Party A; 

 

	 	5.1.8	will notify Party A immediately should any legal action, arbitration or administrative procedure relating to its assets, operations or income arises or is likely to
arise; 

  

	 	5.1.9	will execute all necessary or appropriate agreements, take all necessary or appropriate actions and make all necessary or appropriate defenses for the purpose of
maintaining all rights and proprietary interests in respect of its assets; 

  

	 	5.1.10	will not pay dividends or distributions of any kind to its shareholders without the prior written consent of Party A; 

 

	 	5.1.11	will strictly observe all of the provisions under this Agreement, the Equity Pledge Agreement, the Equity Option Agreement and the Power of Attorney and shall not cause
any act or omission to take place which may impair the validity and enforceability of those documents; and 

  

	 	5.1.12	will promptly notify Party A in writing of the occurrence of any event which may materially affect its assets, obligations, rights or operations.

  

					
	 Loan Agreement
	  	- 8 -	  	 

	5.2	Undertakings of Party B. Party B further undertakes as follows: 

  

	 	5.2.1	he will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any of the Equity Interests, or permit the creation of any other security
interest in the Company without the prior written consent of Party A; 

  

	 	5.2.2	he will ensure that the shareholders’ meeting of the Company shall not approve any sale, transfer, pledge or other disposal of the Equity Interests, or permit the
creation of any other security interest over the same without the prior written consent of Party A; 

  

	 	5.2.3	he will ensure that the shareholders’ meeting of the Company shall decide on any matter only with the prior written instruction of Party A;

  

	 	5.2.4	he will notify Party A immediately if and when any legal action, arbitration, or administrative procedure relating to the Equity Interests arises or is likely to arise;

  

	 	5.2.5	he will enter into all necessary or appropriate agreements, take all necessary or appropriate actions, file all necessary or appropriate and make all necessary or
appropriate defenses for the purpose of maintaining ownership of the Equity Interests at the instruction of Party A; 

  

	 	5.2.6	he will not cause any actions and/or omissions which may materially and adversely affect the assets, operations or liability of the Company without the prior written
consent of Party A; 

  

	 	5.2.7	he will, upon the request of Party A, appoint any person nominated by Party A as a director of the Company; 

 

	 	5.2.8	in the event that the Party A or the Designated Party purchases the Equity Interests pursuant to the Equity Option Agreement, he shall apply the proceeds therefrom to
repay the Loan to Party A; 

  

	 	5.2.9	he will promptly notify Party A in writing of the occurrence of any event which may materially affect his assets, obligations, rights or operations;

  

	 	5.2.10	he shall issue the Power of Attorney simultaneously when entering into this Agreement; 

 

	 	5.2.11	the Equity Option Agreement shall be validly executed, pursuant to which Party B shall grant Party A or the Designated Party with an exclusive option to purchase the
Equity Interests, to the extent permitted under PRC law; 

  

					
	 Loan Agreement
	  	- 9 -	  	 

	 	5.2.12	the Equity Pledge Agreement, the Equity Option Agreement, and the Power of Attorney shall be in full effect and free of default, and all relevant filing or
registrations procedures, approvals, and governmental proceedings shall have been obtained or completed; 

  

	 	5.2.13	he will strictly observe all the provisions and perform all of his obligations under this Agreement, the Equity Pledge Agreement and the Equity Option Agreement,
causing no actions nor failing to take any actions that may impair the validity or enforceability of this Agreement, the Equity Pledge Agreement or the Equity Option Agreement; 

 

	 	5.2.14	he shall maintain as strictly confidential the existence and provisions of this Agreement, as well as any correspondence, resolutions, ancillary agreements and any
other documentation associated herewith; and 

  

	 	5.2.15	he will not be entitled to any dividend or profit distribution of the Company and will not request or receive any of the same without the prior written consent of Party
A. If such dividends or other distributions are distributed to him from the Company, he will immediately and unconditionally pay or transfer to Party A any such dividends or other distributions in whatsoever form obtained from the Company as a
shareholder of the Company at the time such payables arise, after having deducted and paid any and all relevant taxes and expenses applicable as a result of his receipt of such dividends or other distributions. 

6. ENFORCEMENT 
  

	6.1	Repayment of Loan. 

  

	 	6.1.1	Upon the occurrence of either an Event of Default or a decision by Party A, in its sole discretion, to demand repayment of the Loan or any portion of the Loan, Party A
may at its discretion issue a notice (Repayment Notice) to Party B requiring repayment of the Loan or any portion of the Loan and any other payment in arrears under this Agreement. 

 

	 	6.1.2	Party B shall repay the Loan by transferring the Equity Interest to Party A or the Designated Party, as directed by Party A, by signing and delivering an agreement for
the transfer of the Equity Interest satisfactory to the Party A from the form to the substance. 

  

					
	 Loan Agreement
	  	- 10 -	  	 

	 	6.1.3	If Party B fails to comply with its repayment obligations under this Agreement, late payment interest shall be assessed at the rate of 0.3% per day upon the
outstanding amount of the Loan and shall be payable from the Repayment Date until the date on which the total amount of the overdue loan, overdue interest and other monies payable to Party A are fully settled. 

 

	6.2	Notification. Party B shall immediately notify Party A in writing of the occurrence of any event set forth in Article 2.3 or any circumstance which may lead to
the occurrence of any such event as soon as Party B knows or is aware of such event or circumstance. 

 7.
CONFIDENTIALITY 
  

	7.1	Confidentiality Obligations. The parties shall protect and maintain the confidentiality of all information relating to or arisen from this Agreement, or made
available under this Agreement to a party or any associate thereof (Confidential Information). Without the prior written consent of the other party, no party shall disclose any Confidential Information to any third party unless the disclosure
is required by law or by enforceable orders of the court or related government departments. Under such circumstances, the party required to disclose the Confidential Information shall notify the other party immediately, take all possible measures to
minimize the disclosure, and notify the persons to whom information is being disclosed of the confidentiality obligation. Notwithstanding anything to the contrary above, Party A shall have the full right to disclose any Confidential Information to
its shareholders, affiliates or professional advisors. 

  

	7.2	Obligations upon Termination. Upon termination of this Agreement, either party shall, at the request of the other party, return any document, material, database,
equipment, or software containing the Confidential Information to the other party. If, for any reason, such document, material, database, equipment, or software cannot be returned, either party shall destroy all the Confidential Information
belonging to the other party and delete such Confidential Information from any memory devices. No party shall be permitted to continue using the Confidential Information in any way after the termination of this Agreement. 

 

	7.3	No Time Limit. There is no time limit to the confidentiality obligations stipulated in this Article, which obligations will survive the termination of this
Agreement unless the Confidential Information is disclosed to the public for reasons not due to the breach of this Agreement by any party. 

 8. DISPUTE RESOLUTION 
  

	8.1	Governing Law. This Agreement shall be governed by the laws of the PRC. 

 

	8.2	Consultation and Mediation. If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute
through friendly consultation or mediation. 

  

					
	 Loan Agreement
	  	- 11 -	  	 

	8.3	Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement shall be submitted to the China International Economic and
Trade Arbitration Commission (CIETAC) for arbitration, which shall be conducted in accordance with the CIETAC’s rules in effect at the time of applying for arbitration. The place of arbitration shall be Beijing. The language of
the arbitration shall be English. The tribunal shall consist of 3 arbitrators. The arbitral award is final and binding upon the parties. The cost of arbitration shall be allocated as determined by the arbitrators. 

9. INDEMNITY 

Party A agrees to indemnify and hold harmless Party B for any damages, fines or penalties solely incurred in his capacity as a shareholder or any other
positions (including, without limitation, those of legal representative and director) directly as a result of the establishment of the Company and the operation of the Company’s business in contravention of PRC law; provided, however, that in
no instance will Party A provide such indemnification if Party B has engaged in fraud or willful misconduct or has breached or is in breach of this Agreement. 
 10. MISCELLANEOUS 
  

	10.1	 Notices. All notices or other communications sent by either party shall be written in English or Chinese, and delivered in person, by mail or
telecopy, to the other party at the following addresses. The date at which the communication shall be deemed to be duly given or made shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as
having been duly given or made; (b) for notices delivered by mail, the 10th day of the delivery date of air certified mail with postage prepaid (as shown on stamp) or the 4th day of the delivery date to an internationally certified delivery institution shall be deemed as having been duly
given or made; and (c) for notices by telecopy, the receipt date showed on the delivery confirming paper of the relevant document shall be deemed as having been duly given or made. 

 

					
	Party A	  	:	  	Beijing Cheerbright Technologies Co., Ltd.
	Address	  	:	  	 1102, Tower B, No. 3, Danling Street,
 Haidian District, Beijing 100080, China

	Tel	  	:	  	***
	Attn	  	:	  	Li Xiang
			
	Party B	  		  	Qin Zhi
	Address	  	:	  	 Room 452, Unit 4, Building 31, Yuetan South Street,
 Xicheng District, Beijing, China

	Tel	  	:	  	***
	Attn	  	:	  	Qin Zhi

  

					
	 Loan Agreement
	  	- 12 -	  	 

	10.2	Entire Agreement. This Agreement, the Exclusive Technical Consulting and Services Agreement, the Equity Pledge Agreement, the Equity Option Agreement, and the
Power of Attorney from Party B to Party A in favor of Party A shall constitute the entire agreement among the parties in respect of the subject matter hereof and shall supersede any previous discussions, negotiations and agreements related thereto.

  

	10.3	Amendment. Without the prior written consent of Party A, Party B shall not amend this Agreement. If required by law, the parties shall obtain all requisite
approvals from the relevant authorities to give effect to the amendment. 

  

	10.4	No Waiver. Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of either party to exercise any right, authority or privilege
under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

  

	10.5	Severability. The provisions of this agreement are severable from each other. The invalidity of any provision of this agreement shall not affect the validity or
enforceability of any other provision of this agreement. 

  

	10.6	Successors. This Agreement shall be valid and binding on the parties, their successors and permitted assigns. 

 

	10.7	Assignment. Party A may transfer or assign any or all of its rights and obligations under this Agreement to any of its designated parties (natural person or
legal entity) at any time. In such circumstances, the transferee or assignee shall enjoy and undertake the same rights and obligations herein of Party A as if the transferee or assignee is Party A hereunder. When Party A transfers or assigns the
rights and obligations under this Agreement, at the request of Party A, Party B shall execute the relevant agreements and/or documents with respect to such transfer or assignment. Party B shall not assign any of its rights or obligations hereunder
without the prior written consent of the Party A. 

  

	10.8	Effectiveness: This Agreement shall be effective upon its signing by all the parties or their respective authorized representative and shall be deemed terminated
as of the date when the Loan has been repaid in full. 

  

	10.9	Language and Counterparts. This Agreement is prepared in 2 sets of originals in English. Each party shall hold 1 set. 

[The space below has been intentionally left blank.] 

  

					
	 Loan Agreement
	  	- 13 -	  	 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed or has caused this Agreement to be
duly executed in its name and on its behalf by the officer or representative duly authorized, on the day and year first above written. 

Party A: Beijing Cheerbright Technologies Co., Ltd. 
 (

) 
  

			
	By:	 	Li Xiang
	Name:	 	/s/ Li Xiang
	Title:	 	Legal Representative
	Company Seal:

  

			
	 Party B: Qin Zhi

 

	By:	 	Qin Zhi
	Name:	 	/s/ Qin Zhi

  

					
	 Loan Agreement

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