Document:

EX-4.20

 Exhibit 4.20 

 
  

Exclusive Technical Consulting and 

Services Agreement 
  

 
 between

 Beijing Autohome Used Car Brokerage Co., Ltd 

and 
 Beijing Chezhiying
Technologies Co., Ltd. 
 September 30, 2016 

 TABLE OF CONTENTS 

 

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

  

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 2 -	 

 THIS EXCLUSIVE TECHNICAL CONSLUTING AND SERVICES AGREEMENT (Agreement) is entered into on
September 30, 2016 (Execution Date) in Beijing, the People’s Republic of China (PRC). 
 between 

 

	(1)	Beijing Autohome Used Car Brokerage Co., Ltd, a company duly organized and existing under the PRC laws with its legal address at No.101 Oudebao Vehicles Trading Market, Huilongguan, Changping District, Beijing,
China (Party A); 

 and 
  

	(2)	Beijing Chezhiying Technologies Co., Ltd., a company duly organized and existing under the PRC laws with its legal address at Room 1117, F/11, 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 used vehicles brokerages. Party A wishes to develop its technology, to 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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 3 -	 

 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.

  

	 	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 4 -	 

	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 fee 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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 5 -	 

	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 6 -	 

	 	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. 

  

	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 7 -	 

	 	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 8 -	 

	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. 

  

	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 9 -	 

	 	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:	  	No.101 Oudebao Vehicles Trading Market, Huilongguan, Changping District, Beijing, China
		 	Tel:	  	86-10-59857002
		 	Fax:	  	86-10-59857400
		 	Attn:	  	Lu Min
			
		 	Party B	  	
			
		 	Address:	  	Room1005, Tower B, No. 3, Danling Street, Haidian District, Beijing 100080, China
		 	Tel:	  	86-10-59857001
		 	Fax:	  	86-10- 59857387
		 	Attn:	  	Lu Min

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 10 -	 

	 	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. 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 11 -	 

	 	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. 

 

	 	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 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 12 -	 

	 	10.8.2.2	the arbitration shall be held in Beijing and conducted in Chinese, 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. This
Agreement shall be executed in 2 originals, with 1 original copy for each party. Chinese articles shall prevail over English articles in case of any inconsistency. 

[The space below is intentionally left blank.] 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  	 	- 13 -	 

 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: Beijing Autohome Used Car Brokerage Co., Ltd 

Company Seal: (seal) 
 Party B: Beijing Chezhiying
Technologies Co., Ltd. 
 Company seal: (seal) 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  			

 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; 

  
  

					
	Exclusive Technical Consulting and Services Agreement	  			

	 	(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 Technical Consulting and Services Agreement	  			

 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 Technical Consulting and Services AgreementEX-4.21

 Exhibit 4.21 

 
  

Loan Agreement 
  

 
 Between

 Beijing Cheerbright Technologies Co., Ltd. 

and 
 Lu Min 

MARCH 25, 2017 

 TABLE OF CONTENTS 

 

							
	 ARTICLE
	  	PAGE	 
			
	1.	 	 DEFINITIONS AND INTERPRETATIONS
	  	 	4	 
			
	2.	 	 LOAN
	  	 	5	 
			
	3	 	 CONDITIONS PRECEDENT
	  	 	8	 
			
	4.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	9	 
			
	5.	 	 UNDERTAKINGS
	  	 	11	 
			
	6	 	 ENFORCEMENT
	  	 	16	 
			
	7	 	 CONFIDENTIALITY
	  	 	17	 
			
	8	 	 DISPUTE RESOLUTION
	  	 	18	 
			
	9	 	 Indemnity
	  	 	19	 
			
	10	 	 MISCELLANEOUS
	  	 	19	 

  
  

					
	Loan Agreement	  	- 2 -	  	

 THIS LOAN AGREEMENT (Agreement) is entered into on March 25, 2017 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 1010, Tower B,
No. 3, Danling Street, Haidian District, Beijing 100080, China (Party A); 

 and 

 

	(2)	Lu Min, a PRC citizen, holder of identification card number ******************, whose residential address is at Room 901, No. 6, Dehua Street, Xingang West Road, Haizhu District, Guangzhou.;

 Recitals 
  

	A.	Party B acquired the equity interest of a PRC domestically funded limited company named Shanghai You Che You Jia Advertising Co., Ltd. (Company) in Shanghai, PRC, jointly with certain the other shareholder
(i.e. Lei Haiyun), and holds 50% of the equity interest of the Company (Equity Interests); 

  
  

					
	Loan Agreement	  	- 3 -	  	

	B.	Now, Party A has provided Party B with a loan to be used for the purposes of acquiring the equity interest of 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 RMB5,000,000 (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 March 25, 2017;
		
	Equity Pledge Agreement	  	means the Equity Interest Pledge Agreement to be entered into by and between Party A, Party B dated on March 25, 2017;
		
	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 March 25,
2017;

  
  

					
	Loan Agreement	  	- 4 -	  	

			
		
	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; 

  
  

					
	Loan Agreement	  	- 5 -	  	

	 	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; 

  

	 	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; 

  
  

					
	Loan Agreement	  	- 6 -	  	

	 	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	  	- 7 -	  	

	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 acquire the equity interest 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. 

  
  

					
	Loan Agreement	  	- 8 -	  	

 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. 

  

	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; 

  
  

					
	Loan Agreement	  	- 9 -	  	

	 	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 

  
  

					
	Loan Agreement	  	- 10 -	  	

	 	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; 

  

	 	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; 

  
  

					
	Loan Agreement	  	- 11 -	  	

	 	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; 

  
  

					
	Loan Agreement	  	- 12 -	  	

	 	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. 

 

	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; 

  
  

					
	Loan Agreement	  	- 13 -	  	

	 	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; 

  
  

					
	Loan Agreement	  	- 14 -	  	

	 	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; 

  

	 	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. 

  
  

					
	Loan Agreement	  	- 15 -	  	

 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. 

  

	 	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. 

  
  

					
	Loan Agreement	  	- 16 -	  	

	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. 

  
  

					
	Loan Agreement	  	- 17 -	  	

	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	  	- 18 -	  	

	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 Chinese. 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. 

  
  

					
	Loan Agreement	  	- 19 -	  	

					
	Party A	  	:	  	Beijing Cheerbright Technologies Co., Ltd.
	Address	  	:	  	1010, Tower B, No. 3, Danling Street, Haidian District, Beijing 100080, China
	Tel	  	:	  	86-10-59857001
	Attn	  	:	  	Lu Min
			
	Party B	  		  	Lu Min
	Address	  	:	  	Room 901, No. 6, Dehua Street, Xingang West Road, Haizhu District, Guangzhou
	Tel	  	:	  	+*************
	Attn	  	:	  	Lu Min

  

	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. 

  
  

					
	Loan Agreement	  	- 20 -	  	

	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.

  
  

					
	Loan Agreement	  	- 21 -	  	

	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 both in English and Chinese. Each party shall hold 1 set. Chinese articles shall prevail over English articles in case of any
inconsistency. 

 [The space below has been intentionally left blank.] 

  
  

					
	Loan Agreement	  	- 22 -	  	

 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.

			
	
	 /s/ Lu Min

	Name:	 	/Lu Min/
	Title:	 	Legal Representative
	
	Party B: Lu Min
	
	 /s/ Lu Min

  
  

					
	Loan Agreement

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