Document:

Escrow Agreement, dated September 10, 2007

 Exhibit 10.7 
 EXECUTION COPY 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Agreement”) is made on September 10, 2007, by and among 7 Days Group Holdings Limited (the
“Company”), DB Trustees (Hong Kong) Limited, as the trustee and collateral agent (in such capacity, the “Trustee”) for the holders of the Notes (as defined below), and DB Trustees (Hong Kong) Limited, as the escrow
agent (in such capacity, the “Escrow Agent”). 
 WHEREAS 
  

	(A)	The Company proposes to issue US$80,000,000 in aggregate principal amount of Guaranteed Senior Floating Rate Notes due 2010 (the “Notes”) to certain purchasers
pursuant to those certain Securities Purchase Agreements, dated as of September 4, 2007, by and among the Company, the Purchasers and the other parties thereto (the “Purchase Agreements”) and that certain Indenture, dated as of
September 10, 2007, by and among the Company, the Trustee and the other parties thereto (the “Indenture”). 

  

	(B)	Pursuant to the Purchase Agreements and the Indenture, the Escrow Agent shall maintain the Escrow Account in the name of the Company. 

 NOW IT IS WITNESSED as follows: 
 Definitions 
  

	1.	In this Agreement each expression defined below shall have the following meanings (unless the context otherwise requires) respectively: 

 “Authorised Signatories” means those persons listed in Schedule 1 together with their signatures; and 
 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in Hong Kong, Beijing and New York for the purposes
of settling payments. 
 “Escrow Account” means a United States Dollar-denominated account, opened by DB Trustees (Hong Kong) Limited as
the Escrow Agent for the benefit of the Company, to be operated by the Escrow Agent as authorised signatory thereof in accordance with the provisions of this Agreement, with Deutsche Bank AG, Hong Kong Branch, 55th Floor Cheung Kong Center, 2
Queen’s Road Central, Hong Kong, the details of which are contained in Schedule 2-A; 
 “Escrow Moneys” means the sum of
US$45,700,000, deposited in the Escrow Account, together with any accrued interest; 
 “Operating Account” means (i) a United States
Dollar-denominated account, opened by 7 Days Inn (Shenzhen) Co., Ltd., a wholly foreign-owned subsidiary of the Company organized and existing under the laws of the PRC (the “WFOE”), with Shenzhen Branch of China Minsheng Banking
Corporation, the details of which are contained in Schedule 2-B or (ii) a bank account of the Company outside the PRC designated by the Company to the Escrow Agent in writing. 

 “PRC” means the People’s Republic of China, exclusive of Taiwan, Macau and Hong Kong.

 Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings given them in the Indenture. 
 Clause headings are for reference purposes only and shall not affect the construction or effect of any provision hereof. 
 In this Agreement unless the context otherwise requires: 
  

	(a)	words importing the singular number alone shall include the plural number and vice versa; and 

  

	(b)	person shall include any firm or body of persons whether corporate or incorporate. 

 Deposit of Escrow Amounts 
  

	2.	On September 10, 2007, the Company shall deposit or procure the deposit of the Escrow Moneys with the Escrow Agent who shall stand possessed of the Escrow Moneys upon the
terms set out in this Agreement. 

 Treatment During Escrow Period 
  

	3.1	The Escrow Agent shall hold the Escrow Moneys paid to it by the Company as agent of the Company to the order of the Company. The Escrow Moneys shall be held by the Escrow Agent
in the Escrow Account until such time as the Note Obligations are repaid in full. 

  

	3.2	Save as provided in Clause 7 below, the Escrow Agent shall not make any deductions from the Escrow Account by virtue of any right of set-off or claim which it may have against
the Company. The Escrow Agent shall not release any of the Escrow Moneys, except as provided in this Agreement. 

  

	3.3	Any interest earned or profit generated from the Escrow Account (subject to any deduction of tax at source and any bank or other charges (including without limitation any
deductions made pursuant to clauses hereof and properly charged to the Escrow Account in accordance with this Agreement) shall be for the Escrow Account. 

  

	3.4	The Escrow Agent shall not be under any obligation to diversify the investment of the Escrow Moneys and shall have express power to retain the Escrow Moneys in their existing
condition for as long as the Escrow Agent in its absolute discretion shall think fit. 

 Receipt of Escrow Monies 
  

	4.	The Company shall inform the Escrow Agent and the Trustee in writing of any deposit of monies into the Escrow Account in the form contained in Schedule 3 at least one Business
Day prior to the intended Business Day of deposit and the Escrow Agent shall confirm in writing to the Company and the Trustee one Business Day following receipt of the amount so deposited. 

  

 2 

 Payment of Escrow Amounts 
  

	5.1	Prior to the repayment of the Note Obligations in full, the Escrow Agent shall hold the Escrow Moneys to the order of the Company and shall apply such moneys as it may from time
to time be jointly directed in writing by the Company and Trustee as provided in Clause 5. 

  

	5.2	Any payment from the Escrow Account made by the Escrow Agent in accordance with the joint written directions of the Company and the Trustee shall be a full and sufficient
discharge to the Escrow Agent in respect of its obligation to the Company and the Trustee. 

  

	5.3	The Company and the Trustee agree that, upon the satisfaction of the conditions set forth in Clause 5.5 below and subject expressly to the restrictions and limitations described
therein, one of the Authorised Signatories of the Company set out in Schedule 1 and one of the Authorised Signatories of the Trustee set out in Schedule 1 shall execute and deliver to the Escrow Agent a written payment instruction in
the form contained in Schedule 4 (the “Instructions”) which Instructions shall direct the Escrow Agent to release the amounts specified in the Instructions from the Escrow Account to the applicable Operating Account. In
furtherance of the foregoing, and subject to the terms and conditions set forth in Clause 5.5 below, the Trustee shall cause one of the Authorized Signatories of the Trustee to execute the Instructions on the second Business Day following the day of
receipt of a completed Disbursement request and deliver the signed Instructions to the Escrow Agent, provided such receipt shall take place before 11.00am Hong Kong time on a Business Day. If a Disbursement Request is received after 11.00am Hong
Kong time, then it shall be deemed to have been received on the next following Business Day. If a Disbursement Request is received on a day which is not a Business Day it shall be deemed to have been received on the next following Business Day.

  

	5.4	Until such time as the Trustee has notified the Escrow Agent in writing that an Event of Default has occurred and/or is continuing, upon the receipt of the Instructions by the
Escrow Agent, the amount set forth in the Instructions shall promptly be transferred from the Escrow Account to the applicable Operating Account. 

  

	5.5	The obligation of the Trustee to execute any Instruction is expressly subject to the satisfaction of, and compliance with, the following terms and conditions:

 (i) the Trustee’s receipt of a written certification by an Authorized Signatory of the Company that, as of the date
of such certificate, (A) no Event of Default has occurred and/or is continuing, (B) all amounts previously withdrawn from any applicable Operating Account have been used in accordance with Section 4.22 of the Indenture, and
(C) the Operating Account set forth in Schedule 2-B has an available cash balance of less than US$5,000,000; and

  

 3 

 (ii) the Trustee’s receipt of a written disbursement request from an Authorized Signatory of the
Company (a “Disbursement Request”), which Disbursement Request shall (A) specify (i) the exact amount which the Company seeks to withdraw from the Escrow Account (the “Requested Funds”) and (ii) the
account to which the Requested Funds is intended to be disbursed by the Company, (B) certify that (1) one of the conditions set forth in Exhibit A (each, a “Condition”) is satisfied (and setting forth which
Condition is being relied upon for such proposed withdrawal), and (2) the intended use of the Requested Funds set forth in the Disbursement Request are in compliance with Section 4.22 of the Indenture, (C) to the extent
applicable, include as an attachment thereto, a copy or copies of executed lease agreements or other material agreements (or other material supporting material) relating to the intended use of the Requested Funds (as more specifically set forth in
the applicable Condition), and (D) include any other information as specifically required by the applicable Condition. 
  

	5.6	Notwithstanding any provision herein or in the Indenture, the Trustee is under no duty to determine the conformity to requirements of any document, other than the Disbursement
Request, delivered to it under this Section 5. Notwithstanding any provision herein, the Escrow Agent shall be entitled to act and conclusively rely on any Instructions and is under no duty or obligation to determine whether or not any of the
disbursement conditions have been met or that any of the required documents are in order. The Escrow Agent need only act upon the Instructions given to it in accordance with this Agreement. 

  

	5.7	The Escrow Agent shall pay monies out of the Escrow Account on the second Business Day following the day of receipt of an Instruction provided such receipt shall take place
before 11.00am Hong Kong time on a Business Day. If an Instruction is received after 11.00am Hong Kong time, then it shall be deemed to have been received on the next following Business Day. If an Instruction is received on a day which is not a
Business Day it shall be deemed to have been received on the next following Business Day. 

 Liability of the Escrow Agent

  

	6.1	The duties of the Escrow Agent are of a mechanical and administrative nature only and the Escrow Agent shall not be liable and shall bear no obligation or responsibility to any
person in respect of the operation of the Escrow Account or its application of the Escrow Moneys unless such liability arises as a result of gross negligence or willful default on the part of the Escrow Agent. In particular, but without limiting the
generality of the foregoing, the Escrow Agent shall not be liable to the Company or the Trustee for any failure to maximise the amount of interest or other amounts earned on all or part of the Escrow Moneys. Under no circumstances shall the Escrow
Agent be liable for any consequential or special loss, however caused or arising. 

  

	6.2	The Escrow Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement and shall have no implied duties, obligations or
responsibilities (whether by law or otherwise). The Escrow Agent shall not be bound by nor be imputed with notice of, the provisions of any agreement among the other parties hereto notwithstanding any references herein to such agreement or document,
except this Agreement. 

  

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	6.3	The Company shall indemnify and hold harmless the Escrow Agent and any of its directors, officers, agents or employees from and against any and all liabilities, obligations,
losses, damages, penalties, judgements, costs, expenses, actions or demands of any kind whatsoever (and any interest thereon) that may be imposed on or incurred by the Escrow Agent in connection with any action, claim or proceeding of any kind
brought or threatened to be brought against it as a result of its acting hereunder, PROVIDED THAT the Company shall not have any obligation to indemnify the Escrow Agent or any other person for any claims arising in consequence of the gross
negligence or willful default on the part of the Escrow Agent. 

  

	6.4	The Escrow Agent shall not be required to risk or expend its own funds or otherwise incur any financial liability in the performance of any of its duties and/or obligations
hereunder or if in the performance of duties and obligations hereunder it determines that there are grounds for believing that the repayment of such funds or an indemnity satisfactory to the Escrow Agent against any such risk or liability is not
assured to the Escrow Agent. The Escrow Agent shall not be obliged to take any action which may be illegal or contrary to applicable law. 

  

	6.5	The Escrow Agent shall not be liable for any loss or damage incurred in relation to the Escrow Moneys arising from any transaction made in good faith, or from any failure to
diversify investment, or arising by reason of any other matter or thing except gross negligence or willful default. 

  

	6.6	The Escrow Agent shall be entitled to rely on, and shall be protected in acting upon, and shall be entitled to treat as genuine and as the document it purports to be, any
Instruction, letter, paper or other document furnished to it by the Company and the Trustee and believed by the Escrow Agent, acting reasonably, to be genuine and to have been signed and presented by the proper person or persons. The Escrow Agent
shall not be concerned or required to verify the matters referred to in or the validity of any written notice or instruction given by the parties hereto or any of them hereunder (including for the avoidance of doubt, the fulfillment of any
conditions precedent governing the issuance of any notices or instructions pursuant to this Agreement). 

  

	6.7	For the avoidance of doubt 

  

	 	(i)	the Escrow Monies are held to the order of the Company, 

  

	 	(ii)	the Escrow Agent shall act on the joint written Instruction of the Company and the Trustee, and 

  

	 	(iii)	the Escrow Agent shall not act on the instructions of any other person in relation to the Escrow Account or the application of any moneys standing to the credit thereto.

  

	6.8	 The Escrow Agent may seek legal advice at the cost of the Company and shall be entitled to rely on and shall be protected in acting upon, any written advice
received from legal and or other professional advisers notwithstanding

  

 5 

	 	 
any exclusions or limitations of liability in relation to the provision thereof. Notwithstanding any further provisions of this Agreement, the Escrow Agent may refrain from taking any action in
any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon written advice of counsel in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, of Hong Kong.
Furthermore, the Escrow Agent may also refrain from taking such action if the taking of such action would otherwise render it liable to any person in that jurisdiction or in Hong Kong or if, in its opinion based upon such written advice of counsel,
it would not have the power to do the relevant thing in that jurisdiction or in Hong Kong by virtue of any applicable law in that jurisdiction or in Hong Kong or if it is determined by any court or other competent authority in that jurisdiction or
in Hong Kong that it does not have such power. 

 Fees and Expenses of the Escrow Agent 
  

	7.1	The Escrow Agent shall be entitled to receive from the Company, on written request, all charges, costs and expenses which it may properly incur in relation to the negotiation,
preparation and execution of this Agreement and the performance of its obligations hereunder. 

  

	7.2	The Company shall pay to the Escrow Agent remuneration for its services as Escrow Agent pursuant to this Agreement on the basis set out in separate written agreement.

  

	7.3	If any amount payable to the Escrow Agent is not paid when due, the Escrow Agent shall be entitled to debit the Escrow Account to recover the amount which should have been paid
to it, PROVIDED THAT any subsequent recovery of any such amount shall be credited to the Escrow Account concerned. 

  

	7.4	All payments made by the Company pursuant to this Agreement shall be made free and clear of, and without withholding or deduction for any taxes, duties, assessments or
governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the relevant taxing authorities or any political sub-division or any authority thereof or therein having power to tax, unless such withholding or deduction
is required by law. In that event, the Company shall pay such additional amounts as will result in the receipt by the Escrow Agent of such amounts as would have been received by the Escrow Agent if no such withholding or deduction had been required.

 Variation 
  

	8	No variation of this Agreement (or any document entered into pursuant to this Agreement) shall be valid unless it is in writing and signed by or on behalf of each of the parties
hereto. 

 Notices / Statements 
  

	9.1	Any notice under this Agreement shall be in writing and signed by or on behalf of the party giving it and may be served by leaving it or sending it by facsimile, prepaid recorded
delivery or registered post to the address and for the attention of the relevant party set out in clause 9.2 (or as otherwise notified form time to time hereunder). Any notice to be served by, facsimile or post shall be deemed to have been received:

  

	 	(a)	in the case of facsimile, on confirmation of transmission being received by the sending machine, provided that any notice or communication received after normal banking hours or
on a day which is not a Business Day in the place of receipt shall take effect on the Business Day immediately following the date of receipt; and 

  

 6 

	 	(b)	in the case of recorded delivery or registered post, forty-eight (48) hours from the date of posting. 

  

	9.2	The addresses of the parties for the purpose of clause 9.1 are as follows: 

  

			
	Escrow Agent	  	
		
	Address:	  	DB Trustees (Hong Kong) Limited
		  	55th Floor Cheung
Kong Center
		  	2 Queen’s Road Central
		  	Hong Kong
		
	For the attention of:	  	The Managing Director
		
	Facsimile:	  	+852 2203 7320
		
	Trustee	  	
		
	Address:	  	DB Trustees (Hong Kong) Limited
		  	55th Floor Cheung
Kong Center
		  	2 Queen’s Road Central
		  	Hong Kong
		
	For the attention of:	  	The Managing Director
		
	Facsimile:	  	+852 2203 7320
		
	The Company	  	
		
	For the attention of:	  	Mr. Zheng Nanyan
		
	Address:	  	7 Days Group Holdings Limited
		  	10/F, 705 Guangzhou Da Dao Nan Road,
		  	Guangzhou 510290
		  	P.R. China
		
	Facsimile:	  	+86 20 8922 5507

  

 7 

			
	Escrow Account Bank:	  	
		
	Address:	  	Deutsche Bank AG, Hong Kong Branch
		  	55th Floor Cheung
Kong Center
		  	2 Queen’s Road Central
		  	Hong Kong
		
	For the attention of:	  	Trust and Securities Services
		
	Facsimile:	  	+852 2203 7320

  

	9.2	Prior to the repayment of the Notes, the Company shall provide the Trustee with a monthly report that details (i) the total monthly expenditures for each hotel operated by
the Company or any of its Subsidiaries for the immediately preceding month, (ii) each individual cash expenditure by the Company or any of its Subsidiaries in excess of US$500,000 during the immediately preceding month, and (iii) the
opening and closing balances for the prior month for each of the Escrow Account and any applicable Operating Account (including a reconciliation of such opening and closing balances). Such monthly report shall be provided to the Trustee no later
than 15 days following the end of each month. A sample form of monthly report (based upon information from July 2007) is attached as Exhibit B. 

 Termination 
  

	10.	This Agreement shall terminate upon the repayment in full of the Note Obligations, and any Escrow Monies remaining in the Escrow Account at that time shall be returned to the
Company (subject to any costs, fees, charges, expenses or indemnity amounts owed to the Escrow Agent); provided that the indemnity provided in Section 6 shall be a continuing obligation of the Company notwithstanding the termination of this
Agreement and/or the resignation or removal of the Escrow Agent. 

 Resignation 
  

	11.	The Company and the Trustee agree that the Escrow Agent shall have the right to resign its appointment hereunder upon 30 days notice delivered to each of the parties. The
Company, in consultation with the Trustee, shall appoint a substitute escrow agent within such 30 day period and such substitute escrow agent and the parties hereto (other than the resigning Escrow Agent) shall enter into an agreement substantially
identical to this Agreement. If the Company fails to appoint a substitute escrow agent as required above, the Escrow Agent shall deliver all Escrow Monies and other assets held in the Escrow Account to a substitute escrow agent of either its
choosing or as appointed by a court upon application therefor. 

 Counterparts 
  

	12.	This Agreement may be entered into in any number of counterparts and by the parties to it on separate counterparts, each of which, when executed and delivered, shall be an
original, but all the counterparts shall together constitute one and the same instrument. 

  

 8 

 Governing Law and Jurisdiction 
  

	13.	This Agreement is governed by, and shall be construed in accordance with, the laws of the Hong Kong Special Administrative Region of the People’s Republic of China.

  

	14.	The parties hereby irrevocably submit for the benefit of the exclusive jurisdiction of the courts of Hong Kong and waive any objection to any proceedings in relation to this
Agreement (“Proceedings”) in such courts, whether on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is for the benefit of the Escrow Agent and shall not limit its right
to take Proceedings in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not). 

 

	15.	The Company hereby appoints [Law Debenture Corporation (H.K.) Limited, Suite 3105 31/F Alexandra House, 18 Chater Road, Central, Hong Kong] as its authorized agent to receive
service of process in Hong Kong on its behalf. 

  

	16.	Any provision of this Agreement that may be determined by a court of competent jurisdiction to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 

  

	17.	Except as otherwise provided in this Agreement, no failure or delay on the part of either party in exercising any power or right under this Agreement operates as a waiver, nor
does any single or partial exercise of any power of right preclude any other or further exercise thereof, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or waiver of any breach or default, is
effective unless in writing and signed by the party against whom the waiver is enforced. 

  

	18.	Unless expressly provided herein, a person who is not a party to this Agreement has no right to enforce or enjoy the benefit of any term of this Agreement.

  

	19.	Each of the parties hereto hereby represents and warrants with respect to itself (a) that this Agreement has been duly authorized, executed and delivered on its behalf and
constitutes its legal, valid and binding obligation and (b) that the execution, delivery and performance of this Agreement by it does not and will not violate any applicable law or regulation. 

  

	20.	For the avoidance of doubt, the Trustee shall be entitled to the benefit of all of the provisions of the Indenture in favor of the Trustee (including without limitation the
immunities, privileges, benefits, protections and indemnities provided for therein) as if set out herein mutatis mutandis. The Company acknowledges that the rights and responsibilities of the Trustee under this Agreement with respect to any
action taken by the Trustee or the exercise or non-exercise of any option, right, request, judgment or other right or remedy provided for therein or resulting or arising out of this Agreement shall, as between the Trustee and the holders of the
Notes, be governed by the Indenture and such other agreements with respect thereto as may exist from time to time among them. 

  

 9 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed the day and year first
before written. 
  

					
	The Company:	 		  	
			
	Executed and Delivered as an Agreement	 	)	  	
	By 7 Days Group Holdings Limited	 	)	  	
		 	)	  	
	Acting under the authority of that	 	)	  	/s/    Zheng Nanyan
	company in the presence of:	 	)	  	Director
			
	 Witness?signature: /s/    Shi Minjian
  
 Witness?name: Shi Minjian
	 		  	Director/Secretary
	 		  	
			
	Escrow Agent:	 		  	
			
	Executed and Delivered as an Agreement	 	)	  	
	by DB Trustees (Hong Kong) Limited	 	)	  	
	In the presence of	 	)	  	
		 	)	  	
	Authorised Signatory	 	)	  	
		 	)	  	
	Authorised Signatory	 	)	  	
			
	Trustee:	 		  	
	Executed and Delivered as an Agreement	 	)	  	
	by DB Trustees (Hong Kong) Limited	 	)	  	
	In the presence of	 	)	  	
		 	)	  	
	Authorised Signatory	 	)	  	
		 	)	  	
	Authorised Signatory	 	)	  	

 [SIGNATURE PAGE TO ESCROW AGREEMENT (OFFSHORE)] 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed the day and year first
before written. 
  

							
	The Company:	 		  		  	
				
	Executed and Delivered as an Agreement	 	)	  		  	
	By 7 Days Group Holdings Limited	 	)	  		  	
		 	)	  		  	
	Acting under the authority of that	 	)	  		  	
	company in the presence of:	 	)	  	Director	  	
				
	Witness’ signature:	 		  	Director/Secretary	  	
				
	Witness’ name:	 		  		  	
				
	Escrow Agent:	 		  		  	
				
	Executed and Delivered as an Agreement	 	)	  		  	
	by DB Trustees (Hong Kong) Limited	 	)	  	 /s/ Aric Kay-Russell
	  	
	In the presence of	 	)	  	Aric Kay-Russell	  	
		 	)	  	Director	  	
	Authorised Signatory	 	)	  		  	
		 	)	  	 /s/ Chiu Kin Wing Edward
	  	
	Authorised Signatory	 	)	  	Chiu Kin Wing Edward	  	
		 		  	Authorised Signatory	  	
				
	Trustee:	 		  		  	
	Executed and Delivered as an Agreement	 	)	  		  	
	by DB Trustees (Hong Kong) Limited	 	)	  	 /s/ Aric Kay-Russell
	  	
	In the presence of	 	)	  	Aric Kay-Russell	  	
		 	)	  	Director	  	
	Authorised Signatory	 	)	  		  	
		 	)	  	 /s/ Chiu Kin Wing Edward
	  	
	Authorised Signatory	 	)	  	Chiu Kin Wing Edward	  	
		 		  	Authorised Signatory	  	

 [SIGNATURE PAGE TO ESCROW AGREEMENT] 

 SCHEDULE 1 
 AUTHORISED SIGNATORIES OF THE COMPANY 
  

							
		 	 Name: He Boquan
  
	 	 Signature: /s/ He Boquan
  
	 	
		 	 Name: Zheng Nanyan
  
	 	 Signature: /s/ Zheng Nanyan
  
	 	
		 	 Name: Shi Minjian
  
	 	 Signature: /s/ Shi Minjian
  
	 	
		 	 Name:
  
	 	 Signature:
  
	 	
		 	 Name:
  
	 	 Signature:
  
	 	
				
		 	Date:	 		 	

 AUTHORISED SIGNATORIES OF THE TRUSTEE 
  

							
		 	 Name: 
  
	 	 Signature: 
  
	 	
		 	 Name: 
  
	 	 Signature: 
  
	 	
		 	 Name: 
  
	 	 Signature: 
  
	 	
		 	 Name:
  
	 	 Signature:
  
	 	
		 	 Name:
  
	 	 Signature:
  
	 	
				
		 	Date:	 		 	

 [SIGNATURE PAGE TO ESCROW AGREEMENT (OFFSHORE)] 

 DB TRUSTEES (HONG KONG) LIMITED 
 Company No.: 129786 
 DB TRUSTEES (HONG KONG) LIMITED 
 (the “Company”) 
     CERTIFIED TRUE EXTRACT OF BOARD OF DIRECTORS MINUTES DATED 8TH AUGUST 2007     
  

	2.	AUTHORIZED SIGNATORIES 

 IT WAS RESOLVED THAT the following
persons be authorised signatories of the Company. 
  

			
	Group A1*	  	Group A2*
	BALL, John Keith	  	FUNG Yee-mei Ivy
	CHOI Siu Ling	  	ROFFEY, Paul Craig
	FONG Mei Kwan	  	
	KAY-RUSSELL, Aric David	  	
	HAMBLIN, Kate Louise	  	
	LAM Kin Ming	  	
	LUI Kwok Ming	  	
	NG Yue Min	  	
	TUCK, Matthew John	  	
	* Group A1 and Group A2 will be referred to collectively as Group A.
		
	Group B1#	  	Group_B2#
	CHAN Kin Sing	  	HWA Kin Pong
	CHOW Lai Chong Melissa	  	
	LO Tak Ming	  	
	NIP Siu May Christina	  	
	# Group B1 and Group B2 will be referred to collectively as Group B.

 IT WAS FURTHER RESOLVED THAT the previous resolution adopted on 16th July 2007 be hereby rescinded with immediate effect and that the specimen
signatures of the authorised signatories attached to this board resolution as “Annexure A” be hereby approved. 
  

	3.	AUTHORISATION TO SIGN AGREEMENTS 

 IT WAS RESOLVED THAT:

 EITHER any TWO of Group “A” signing jointly;

 OR any ONE of Group “A” signing jointly with any
ONE of Group “B” 
 of the Company’s authorised signatories be authorised to act the
following matters on behalf of the Company: 
  

	•	 	 To institute, enter into and conduct any negotiations in respect of the Company’s capacity, performance, function or duty as an agent or trustee of any
issuer for the performance of certain acts, deeds or functions in relation to any issue of debt or equity in any form in any capital market. 

  

	•	 	 To conclude any such negotiations and agree any agreements, deeds or other documents which they may, in their absolute discretion, think fit, including without
prejudice to the generality of the foregoing, the settlement of fees, commissions or other remuneration. 

  

	•	 	 Generally to execute any deeds or sign any agreements or documents which may be required and to do any other acts, matter of things which they will consider
necessary or suitable for the carrying out of any of the purposes or acts hereby authorized. 

  

	•	 	 To approve any amendments to any agreements and documents as they think fit and the authorised signatures on such documents shall be conclusive evidence that
they have approved it in that form. 

  

 1 

 DB TRUSTEES (HONG KONG) LIMITED 
 Company No.: 129786 
  

  

	4.	AUTHORISATION TO SIGN CORRESPONDENCE 

 IT WAS RESOLVED THAT
the authorised signatories of the Company be authorised to sign any or all correspondence for and on behalf of the Company and THAT the signing arrangement be operated as follows: 
 EITHER any TWO of Group “A” signing jointly; 
 OR any ONE of Group “A” signing jointly with any ONE
of Group “B” 
  

	5.	AUTHORISATION TO OPERATE BANK ACCOUNTS 

 IT WAS RESOLVED THAT
the authorised signatories of the Company be authorised to operate the Company’s client accounts that the Company has been authorised to operate, and THAT the signing arrangement be operated as follows: 
 EITHER any TWO of Group “A1” signing jointly; 
 OR any ONE of Group “A1” signing jointly with any ONE
of Group “B1” 
 IT WAS FURTHER RESOLVED THAT any one of Group A or any one of Group B may sign singly in relation to
confirmation sought by banks/institutions in respect of the transactions already undertaken by the instruction from the required authorised signatories. 
  

	6.	AUTHORISATION TO CERTIFY ON COPIES OF DOCUMENTS 

 IT WAS
RESOLVED THAT any one of Group A may sign singly on copies of documents of the Company to certify that they are true copies of the originals on behalf of the Company. 
  

	
	CERTIFIED TRUE EXTRACT
	
	 /s/ LEUNG Sau Yee Angela

	LEUNG Sau Yee Angela
	Company Secretary
	Date: 8th August
2007

  

 2 

 Deutsche Bank    

             
 Group    

            
 DB TRUSTEES (HONG KONG)
LIMITED 
 “Annexure A” 

									
	 GROUP A1*
	  		  		  		  	
	Name	  	Specimen Signature	  		  	Name	  	Specimen Signature
	 	 		 	 
	 BALL, John
Keith
  
	  	/s/ BALL, John Keith	  		  	 LAM Kin Ming
	  	/s/ LAM Kin Ming
	 	 		 	 
	 CHOI Siu Ling

 
	  	/s/ CHOI Siu Ling	  		  	 LUI Kwok Ming
	  	/s/ LUI Kwok Ming
	 	 		 	 
	 FONG Mei Kwan

 
	  	/s/ FONG Mei Kwan	  		  	 NG Yue Min
	  	/s/ NG Yue Min
	 	 		 	 
	 HAMBLIN, Kate
Louise
  
	  	/s/ HAMBLIN, Kate Louise	  		  	Matthew John TUCK	  	/s/ Matthew John TUCK
	 	 			
	 KAY-RUSSELL, Aric David

  
	  	/s/ KAY-RUSSELL, Aric David	  		  		  	

  

									
	 GROUP A2*
	  		  		  	 I hereby certify that this page a true and complete
copy of the corresponding page of the original (or a properly certified copy of original)
  
 Dated 9 Aug 2007
  
 /s/
Leung Sau Yee Angela                        
 Leung Sau Yee Angela
 Company Secretary

	Name	  	Specimen Signature	  		  
	  
 FUNG Yee-mei Ivy
  
	  	  
 /s/
FUNG Yee-mei Ivy
	  		  
	  
 ROFFEY, Paul Craig
  
	  	  
 /s/
ROFFEY, Paul Craig
	  		  

 * Group A1 and Group A2 will be referred to collectively as Group A. 
  

									
	 GROUP B1#
	  		  		  		  	
	Name	  	Specimen Signature	  		  	Name	  	Specimen Signature
	 	 		 	 
	 CHAN Kin Sing

 
	  	/s/ CHAN Kin Sing	  		  	 LO Tak Ming
	  	/s/ LO Tak Ming
	 	 		 	 
	 CHOW Lai Chong

Melissa
  
	  	 /s/ CHOW Lai Chong
 Melissa
	  		  	 NIP Siu May Christina
	  	/s/ NIP Siu May Christina

  

									
	 GROUP B1#
	  		  		  		  	
	Name	  	Specimen Signature	  		  		  	
	 	 			
	 HWA Kin Pong

 
  
	  	/s/ HWA Kin Pong	  		  		  	

 # Group B1 and Group B2 will be referred to collectively as Group B. 
  

 3 

 SCHEDULE 2-A 
 ESCROW ACCOUNT DETAILS 
 Bank: Deutsche Bank AG, Hong Kong Branch (SWIFT:
[            ]) 
 Account Name: 7 DAYS GROUP HOLDINGS LIMITED 
 Account No.: 
 Reference: Escrow Amount 
 SCHEDULE 2-B 
 OPERATING ACCOUNT DETAILS

 Intermediary Bank: CHINA MINSHENG BANKING CORP. LTD., H. O. BEIJING (Swift Code:
[            ]) 
 Beneficiary Bank: CHINA MINSHENG BANKING CORP. LTD., Shenzhen Branch (Swift
Code: [            ]) 
 Name of Beneficiary : 7 Days Inn (Shenzhen) Co., Ltd. 
 Account no: 
  

 13 

 SCHEDULE 3 
 DEPOSIT INSTRUCTIONS 
 [date] 
 To: 
 The Managing Director 
 DB Trustees (Hong Kong) Limited 
 55th Floor Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Fax: +852 2203 7320 
 DB TRUSTEES (HONG KONG) LIMITED ESCROW ACCOUNT
FOR THE BENEFIT OF 7 DAYS GROUP HOLDING LIMITED (the “Escrow Account”) 
 Please be aware that the following monies shall be deposited in
the Escrow Account pursuant to that certain Escrow Agreement, dated September 10, 2007, between 7 Days Group Holdings Limited, DB Trustees (Hong Kong) Limited, as the Trustee, and DB Trustees (Hong Kong) Limited, as the Escrow Agent (the
“Escrow Agreement”). 
 Capitalised terms not defined herein shall have the meanings ascribed to them in the Escrow Agreement.

  

	
	Amount of Deposit:
	
	Yours faithfully,
	
	The Company
	
	  

	Authorised signatory
	
	  

	Authorised signatory

  

 14 

 SCHEDULE 4 
 PAYMENT INSTRUCTIONS 
 [date] 
 To: 
 The Managing Director 
 DB Trustees (Hong Kong) Limited 
 55th Floor Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Fax: +852 2203 7320 
 DB TRUSTEES (HONG KONG) LIMITED ESCROW ACCOUNT
FOR THE BENEFIT OF 7 DAYS GROUP HOLDING LIMITED (the “Escrow Account”) 
 Please pay the following amount from the Escrow Account specified
above and pursuant to Clause 5 of the Escrow Agreement, dated September 10, 2007, between 7 Days Group Holdings Limited, DB Trustees (Hong Kong) Limited, as the Trustee, and DB Trustees (Hong Kong) Limited, as the Escrow Agent (the
“Escrow Agreement”) to the account specified below on [date]: 
 Amount: [    ] 
 Payment to: [Correspondent Bank Name and Swift Code] 
 For the Account
of: [Beneficiary Bank Name, Swift Code and A/C No.] 
 For further credit to: [Recipient Name, A/C No. with Beneficiary Bank] 
 Reference and Contact Details: [    ] 
 Capitalised
terms not defined herein shall have the meanings ascribed to them in the Escrow Agreement. 
 Yours faithfully, 
  

					
	The Company	 		 	The Trustee
			
	  
	 		 	  

	Authorised signatory	 		 	Authorised signatory

  

 15 

 Exhibit A 
 Specific Operating Conditions relating to the Disbursement Request 
 In addition to the other required items
specified in Clause 5.5, the obligation of the Trustee to execute any Instruction shall be subject, in all cases, to the satisfaction of one of the Conditions described below (as certified in writing by an Authorized Signatory of the Company
in the Disbursement Request): 
  

	1.	If the Company intends to pay specific costs and expenses related to the proposed renovation of one or more new hotel(s), the Company shall, subject to the delivery of the
necessary information below, be entitled to request up to such amount (which amount shall, in any event, not exceed US$10,000,000) from the Escrow Account equal to the product of (a) estimated average per room cost of renovation (as described
below), multiplied by (b) the proposed number of hotel rooms to be renovated (as set forth in the Disbursement Request). In connection with any such payment request, the applicable Disbursement Request shall include: 

 

	 	a.	a written report stating: 

  

	 	i.	the proposed location of such new hotel(s) to be opened and renovated, 

  

	 	ii.	the total number of rooms planned to be renovated for each new hotel, 

  

	 	iii.	the bona fide good-faith estimate of the average per room cost of renovation (which estimated amount shall, in any event, not exceed RMB 60,000 per room (or US Dollar
equivalent), and 

  

	 	iv.	the total required amount of funding for the proposed renovation of such hotel rooms. 

  

	 	b.	copy(ies) of any duly executed lease agreement for the real property underlying the hotel(s) to be renovated, and 

  

	 	c.	to the extent applicable, copy(ies) of any agreements with payments obligations by the Company or its subsidiaries in excess of US$500,000 that relate to the proposed renovation
of the hotel rooms. 

  

	2.	If the Company intends (i) to make a “Permitted Investment” (as such term is defined in the Indenture, but excluding any “Permitted Investment” set forth
in clauses (a), (e), (h) and (i) thereof) or (ii) to repay such “Permitted Debt” (as such term is defined in the Indenture) as expressly permitted pursuant to Section 4.22 (Use of
Proceeds) of the Indenture, the Company shall be entitled to request such amount from the Escrow Amount equal to such proposed “Permitted Investment” or amount of repayment of “Permitted Debt”, as the case may be. In connection
with any such payment request, the applicable Disbursement Request shall include: 

  

	 	a.	a written report stating: 

  

	 	i.	the specific clause of the “Permitted Investments” definition in the Indenture for which the requested funds are intended to be used (or in the case of repayment of
“Permitted Debt”, reference to clause (d) thereof), 

  

 16 

	 	ii.	a brief description of the purpose for the proposed “Permitted Investment” or the proposed repayment of “Permitted Debt”, and 

  

	 	iii.	the total required amount of funding for such proposed “Permitted Investment” or proposed repayment of “Permitted Debt”. 

  

	 	b.	an opinion from counsel to the Company stating that the amount proposed to be used for such “Permitted Investment” or repayment of “Permitted Debt” does not
violate, breach or otherwise conflict with the terms and conditions of the Indenture. 

  

	 	c.	to the extent such amount is intended to be used to repay “Permitted Debt” incurred pursuant to clause (d) thereof, a brief description of underlying use of the
proceeds from the “Permitted Debt”, 

  

	 	d.	a certification confirming that such of original use of proceeds from such “Permitted Debt” constituted a “Permitted Investment.” 

  

	3.	In addition to any funding request(s) made pursuant Conditions 1-2 above, the Company shall be entitled to request up to an aggregate of US$3,000,000 per calendar quarter (e.g.,
Jan 1 to March 31, April 1 to June 30, July 1 to Sep 30 and Oct 1 to Dec 31) from the Escrow Amount for general corporate purposes. In connection with any such payment request, the applicable Disbursement Request
shall include a written report stating: 

  

	 	i.	the amount required to be funded pursuant to this Condition 3, 

  

	 	ii.	the amount (if any) previously requested to be funded pursuant to this Condition 3 for such calendar quarter, and 

  

	 	iii.	the available balance permitted to be requested for the remainder of such calendar quarter. 

  

 17 

 Exhibit B 
 Sample template of Monthly Report 
  

 18Account Management Agreement, dated September 10, 2007

 Exhibit 10.8 
 EXECUTION COPY 
 ACCOUNT MANAGEMENT AGREEMENT 

 This ACCOUNTANT MANAGEMENT AGREEMENT (this “Agreement”), dated as of September 10, 2007, is made
by and among 7 Days Group Holdings Limited (the “Company”), DB Trustees (Hong Kong) Limited, as collateral agent (in such capacity, the “Collateral Agent”) for the Holders of the Notes (as defined
below), and Deutsche Bank AG Hong Kong Branch, as the account manager (in such capacity, the “Account Manager”). 
 Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings given them in the Indenture. 
 WHEREAS, pursuant to that certain Indenture, dated as of September 10, 2007, by and among the Company, the Trustee and the other
parties thereto (the “Indenture”), the Company proposes to issue US$80,000,000 in aggregate principal amount of Guaranteed Senior Floating Rate Notes due 2010 (the “Notes”). 
 WHEREAS, the Company has opened an account with account number 0008458-05-0 named “7 Days Debt Service Reserve Account” (the
“Debt Service Reserve Account”) with Deutsche Bank AG, Hong Kong Branch (the “Account Bank”) in the name of the Company, and has delivered a letter of notice and instruction to the Account Bank
substantially in the form of Exhibit A hereto; 
 WHEREAS, pursuant to the Indenture, the Account Manager shall manage
and administer the Debt Service Reserve Account in the name of the Company on the terms and subject to the conditions of this Agreement. 
 WHEREAS, the Company has granted to the Collateral Agent, for the benefit of the Holders of the Notes, a security interest in the Debt Service Reserve Account pursuant to a Charge Over Debt Service
Reserve Account, dated as of September 10, 2007 (the “Account Charge”), between the Company and the Collateral Agent. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Notice of Security Interest. 
 (a) The Account. The Company, the Collateral Agent and the Account Manager are entering into this Agreement to perfect, and to confirm the priority of, the Collateral Agent’s security interest
in the Debt Service Reserve Account. The Account Manager acknowledges that this Agreement constitutes written notification to the Account Manager of the Collateral Agent’s security interest in the Debt Service Reserve Account. The Account
Manager agrees to promptly make all necessary entries or notations in its books and records to reflect the Collateral Agent’s security interest in the Debt Service Reserve Account. The Account Manager acknowledges that the Collateral Agent has
control over the Debt Service Reserve Account, all cash, instruments, and financial assets contained therein from time to time, and all security entitlements with respect thereto. The Collateral Agent hereby appoints the Account Manager as the
Collateral Agent’s agent and pledgee in possession for the Debt Service Reserve Account, and the Account Manager hereby accepts such appointment and agrees to be bound by the terms of this Agreement. 

 (b) Establishment of the Account. The Company hereby confirms that it has established
the Debt Service Reserve Account in the name of the Company. 
 (c) Operation of the Account. The Debt Service Reserve
Account shall be operated by the Account Manager (on behalf of the Company) in accordance with this Agreement. The Company undertakes to each of the Collateral Agent and the Account Manager that it (i) shall make payments into the Debt Service
Reserve Account in accordance with the terms of this Agreement and the Indenture and (ii) it shall not provide any instruction to the Account Manager or the Account Bank to make payments out of the Debt Service Reserve Account except in
accordance with this Agreement and the Indenture. Neither the Company nor the Account Manager shall change the name, account number or signing authority of the Debt Service Reserve Account, or the identity of the party in whose name such account is
held, without the prior written consent of the Collateral Agent. 
 (d) Appointment of the Account Manager. Subject to
the security interest in the Debt Service Reserve Account under the Account Charge, the Company hereby appoints the Account Manager as its agent in its name and on its behalf to manage and administer the Debt Service Reserve Account, upon the terms
and subject to the conditions contained in this Agreement. The Account Manager hereby accepts such appointment. 
 SECTION 2.
Debt Service Reserve Account. 
 (a) Deposit of Minimum Debt Service Funds. Concurrently with the execution and
delivery of this Agreement, the Company shall deliver to the Account Manager for deposit in the Debt Service Reserve Account the sum of US$[—] (as reduced from time to time in accordance with
Section 2(d)(ii) hereof and the following sentence, the “Minimum Debt Service Funds”). After payment of interest that is due and payable on the first Interest Payment Date, the amount of Minimum Debt Service Funds
shall be reduced to be equal to the amount of interest to become due and payable on the date of the next Scheduled Interest Payment (as defined below), and the Company shall ensure that the Minimum Debt Service Funds shall be delivered to the
Account Manager for deposit in the Debt Service Reserve Account at least 180 days prior to the date of the next Scheduled Interest Payment. Neither the Collateral Agent nor the Account Manager shall have any duty to solicit the delivery of any such
deposit of the Minimum Debt Service Funds. 
 (b) Deposits. 
 (i) Subject to Section 2(c), promptly following the deposit of any funds into the Debt Service Reserve Account, such funds
shall be deposited in cash or time deposits with a tenor of not longer than twelve (12) months (“Time Deposits”) and will be credited to the Debt Service Reserve Account as provided herein. The Company shall provide
written deposit instructions, signed by a duly authorized officer of the Company, to the Account Manager, with copies to the Collateral Agent, as to the specific Time Deposits in which funds are to be deposited. All such amounts shall remain so
deposited until the close of business on the day prior to

  

 2 

 
any withdrawal pursuant to Section 2(d) hereof. If the Account Manager does not receive any such written deposit instruction prior to 11.00 a.m., Hong Kong time on any Business Day,
it shall not be required to deposit or re deposit funds or liquidate deposits in the Debt Service Reserve Account as directed by such written deposit instruction until the next Business Day. After any funds are deposited in the Debt Service Reserve
Account, unless and until the Company provides written deposit instructions to the Account Manager, such funds will be held in the Debt Service Reserve Account in cash and no earnings or interest will accrue on such funds. All principal and interest
earned in Time Deposits shall be deposited into the Debt Service Reserve Account and redeposited pursuant to this Section or distributed in accordance with the terms of this Agreement. 
 (ii) The Account Manager shall liquidate Time Deposits to fund any disbursement or payment in accordance with this Agreement upon its
receipt (i) before a Notice of Sole Control has been given, of written instructions signed by a duly authorized officer of the Company specifying the particular investment to liquidate or (ii) after a Notice of Sole Control has been given,
of written instructions signed by a duly authorized officer of the Company, whereupon Time Deposits shall be liquidated in an amount sufficient to fund such disbursement or payment, in the order of those having the lowest interest rate per annum or
if none exists, those having the nearest maturity. 
 (iii) Neither the Account Manager nor the Collateral Agent shall have any
responsibility for any losses resulting from the deposit or redeposit of the funds or the liquidation of Time Deposits in the Debt Service Reserve Account, provided that the Account Manager has made such deposit or redeposit of the funds or
liquidation of the Time Deposits in the Debt Service Reserve Account in accordance with the terms, and subject to the conditions, of this Agreement. Any breakage costs incurred in connection with liquidating any Time Deposits before its maturity
shall be deducted directly from the principal and accrued interest of the relevant Time Deposits. Notwithstanding anything herein to the contrary, in no event shall the Collateral Agent have any responsibility for any losses resulting from the
deposit or redeposit of the funds or liquidation of the Time Deposits in the Debt Service Reserve Account. 
 (c) Event of
Default. 
 (i) For so long as an “Event of Default” as defined in the Account Charge has occurred and is
continuing, no amounts shall be disbursed from the Debt Service Reserve Account, except as provided in clause (c)(ii) below. 
 (ii) Upon the occurrence and during the continuance of such an Event of Default, the Collateral Agent shall have the right to give the Account Manager a written notice of sole control in substantially the form of Exhibit B hereto (a
“Notice of Sole Control”). Upon the delivery of a Notice of Sole Control, and until such Notice of Sole Control has been revoked in writing by an authorized officer of the Collateral Agent, the Collateral Agent shall have the
sole control over the Debt Service Reserve Account and all financial assets or funds credited thereto (the “Account Property”), including, without limitation, the right to cause the Account Property to be liquidated and
transferred to the Paying Agent to be applied in accordance with Section 6.10 of the Indenture, and the

  

 3 

 
Account Manager (1) shall forthwith comply with such instructions originated by the Collateral Agent directing disposition of the Account Property without further consent by the Company, and
(2) shall not accept or comply with any direction, instructions or entitlement orders with respect to the Debt Service Reserve Account or the Account Property from any person other than the Collateral Agent, unless otherwise ordered by a court
of competent jurisdiction or otherwise directed by the Collateral Agent in writing. A copy of each Notice of Sole Control or written revocation thereof delivered by the Collateral Agent to the Account Manager hereunder shall be simultaneously
delivered to the Company and the Account Bank. 
 (iii) As to any matters provided for under this Agreement, the Account
Manager shall not be required to exercise any discretion or to take any action under this Agreement in respect of the Debt Service Reserve Account or the Account Property, but shall be required to act or refrain from acting (and shall be fully
protected in acting or refraining from acting) in accordance with the written instructions of a duly authorized officer of the Collateral Agent or the Company given in accordance with this Agreement. 
 (d) Scheduled Interest Payments. Pursuant to the Notes and Section 4.01 of the Indenture, the Company is obligated to make
payments of interest on the Notes on each of [—] and [—] through [—], 2010, with the first interest
payment due on [—], 2008 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Notes may be made (1) from amounts held in the Debt Service
Reserve Account in accordance with the procedures set forth in subsection (d)(i) below or (2) from other sources of funds available to the Company or from any combination of (1) and (2) above. 
 (i) Payment of Interest. If the Company does not otherwise have the funds necessary to make in full a Scheduled Interest Payment or
in order to make any payment of principal or interest at Stated Maturity, the Company shall make such payment from funds held in the Debt Service Reserve Account. Not later than five (5) Business Days prior to the date of the applicable
Scheduled Interest Payment or payment of principal and interest, if any, at Stated Maturity, the Company shall, by delivery of written instructions signed by a duly authorized officer of the Company, notify the Collateral Agent and direct the
Account Manager to transfer from the Debt Service Reserve Account to the Paying Agent funds necessary to provide for payment in full (or, if the Company intends to make a portion of such payment with funds in the Debt Service Reserve Account and the
remainder of such payment with funds other than those in the Debt Service Reserve Account, such portion) of the next such payment on the Notes. 
 (ii) Reduction of Minimum Debt Service Funds and Release of Funds to the Company Due to Reduction in Outstanding Principal Amount of the Notes. If the outstanding principal amount of the Notes is
reduced through (A) the redemption of Notes by the Company or (B) the repurchase of Notes by the Company or any of its affiliates, and in either case, if such Notes are subsequently released to the Trustee for cancellation (the
“Reduction Event”), the Trustee shall notify the Account Manager in writing of the Reduction Event (including the amounts of Notes redeemed or repurchased) and thereafter, the Minimum Debt Service Funds shall be reduced
immediately by an amount equal to the difference between (1) the aggregate amount of the next Scheduled Interest Payment had the Reduction Event not occurred and (2) after giving effect to the Reduction Event, the aggregate amount of the
next Scheduled Interest Payment. The Company may, after such reduction and upon at least five (5) Business Days prior notice to the

  

 4 

 
Trustee, the Collateral Agent and the Account Manager, direct the Account Manager, by delivery of written instructions signed by a duly authorized officer of the Company, so long as no Event of
Default has occurred and is continuing, to release to the Company or at the direction of the Company an amount of funds from the Debt Service Reserve Account less than or equal to the amount by which the amount on deposit in the Debt Service Reserve
Account exceeds the Minimum Debt Service Funds, as reduced hereunder. 
 (iii) Release of Funds to the Company of Accrued
Interest. If, as a result of the accrual of interest on amounts on deposit in the Debt Service Reserve Account, the amount on deposit in the Debt Service Reserve Account exceeds the Minimum Debt Service Funds, the Company may, upon at least five
(5) Business Days prior notice to the Trustee, the Collateral Agent and the Account Manager, direct the Account Manager, by delivery of written instructions signed by a duly authorized officer of the Company, so long as no Event of Default has
occurred and is continuing, to release to the Company an amount of funds from the Debt Service Reserve Account less than or equal to the amount by which the amount on deposit in the Debt Service Reserve Account (as increased by the accrued interest)
exceeds the Minimum Debt Service Funds. 
 (e) Satisfaction and Discharge. After all amounts due and payable on the Notes
and pursuant to the Indenture have been paid in full, the Account Manager shall, upon receipt of a notice in writing to such effect from the Trustee, withdraw and distribute as directed by the Company or to the order of the Company, any amounts
remaining in the Debt Service Reserve Account. 
 SECTION 3. Collateral Agent’s Control of the Debt Service Reserve
Account. If at any time the Account Manager shall receive from the Collateral Agent an entitlement order (i.e. an order directing transfer or redemption of any financial asset relating to the Debt Service Reserve Account) or any instruction
originated by the Collateral Agent (i.e., an instruction directing the disposition of funds in the Debt Service Reserve Account), the Account Manager shall comply with such entitlement order or instruction without further consent by the Company or
any other person. If the Company is otherwise entitled to give any instructions with respect to the Debt Service Reserve Account in accordance with Section 4 or Section 6 hereof and such instructions conflict with
instructions of the Collateral Agent, the Account Manager shall comply with the entitlement orders and instructions issued by the Collateral Agent. 
 SECTION 4. Company’s Access to the Debt Service Reserve Account. Until such time as the Collateral Agent delivers a Notice of Sole Control, the Account Manager shall comply with any directions
of the Company with respect to the placement of cash amounts on deposit in the Debt Service Reserve Account in Time Deposits and shall comply with instructions from the Company to the extent provided in Sections 2(b), 2(d) and
6 hereof. 
 SECTION 5. Payments to the Debt Service Reserve Account. All amounts to be deposited in the Debt
Service Reserve Account shall be transferred by wire transfer of immediately available funds to the following account: 
 Deutsche Bank AG, Hong Kong Branch 
 Swift Code:     BKTRUS33XXX 
 For further credit to: 
 Corresponding Bank: Deutsche Bank Trust Company Americas 
 Swift Code:     DEUTHKHH 
 Account No.:  0008458-05-0 
 Reference:      7Days 
  

 5 

 SECTION 6. Payments from the Debt Service Reserve Account. 
 (a) Subject to Section 2(c) and Section 4 hereof, the Account Manager hereby agrees that (i) following receipt
of notice from the Company in accordance with Section 2(d)(i) hereof that it intends to use funds on deposit in the Debt Service Reserve Account to make all or part of a Scheduled Interest Payment, the Account Manager shall at or prior
to 10:00 am, Hong Kong time, on the day that is no later than one Business Day prior to the date of the applicable Scheduled Interest Payment, transfer such funds to the Paying Agent as set forth in paragraph (b) hereof, and notify the Company
and the Collateral Agent that it has made such transfer to the Paying Agent; (ii) following receipt of notice from the Trustee in accordance with Section 2(d)(ii) that a Reduction Event has occurred, which shall set forth the basis
for the Reduction Event and the calculation of the amount to be released, the Account Manager shall pay over to the Company the amount in excess of the Minimum Debt Service Funds then on deposit in the Debt Service Reserve Account; and
(iii) following receipt of notice from the Company in accordance with Section 2(d)(iii) hereof regarding investment income earned on amounts on deposit in the Debt Service Reserve Account that exceed the Minimum Debt Service Funds,
the Account Manager shall pay over such funds to the Company. 
 (b) All funds distributed from the Debt Service Reserve Account
to the Paying Agent under this Agreement shall be transferred by wire transfer of immediately available funds to the Paying Agent. 
 (c) All funds distributed from the Debt Service Reserve Account to the Company pursuant to clauses (a)(ii) or (a)(iii) above shall be transferred by wire transfer of immediately available funds to the following account: 
 Swift Code: 
 Account No.: 
 Account Name: 
 Attention: 
 (d) In the event that the Account Manager receives instructions for
any payment from the Debt Service Reserve Account for which there are insufficient funds standing to the credit of the Debt Service Reserve Account, the Account Manager (i) shall promptly notify the Collateral Agent and the Company of such
shortfall and (ii) shall not proceed to remit such funds until it receives revised instructions in accordance with the terms of this Agreement. 
 SECTION 7. Statements and Other Information. The Company authorizes the Account Manager to request and receive all information relating to the Accounts from the Account Bank. The Account Manager
shall provide or procure that the Account Bank

  

 6 

 
provide to the Collateral Agent and the Company copies of all the regular monthly account statements provided to the Company and such other information relating to the Debt Service Reserve
Account as shall be reasonably requested by the Collateral Agent. The Account Manager shall also provide or procure that the Account Bank provide to the Collateral Agent a copy of all notices and statements required to be sent to the Company
pursuant to any agreement governing or related to the Debt Service Reserve Account to the Collateral Agent at such times as any such notice is sent to the Company. The Collateral Agent shall be entitled to rely upon such statements and notices
without review and conclusively assume, in the absence of actual knowledge of an error therein, the correctness thereof immediately upon its receipt by the Collateral Agent. 
 SECTION 8. Other Agreements; Termination; Successor Depositaries. The Account Manager shall notify promptly the Collateral Agent and
the Company if it receives written notice that any other person asserts any lien, encumbrance, claim (including any adverse claim) or security interest in or against the Account Property (other than any statutory or common law claim which the
Account Manager may have against the Account Property for unpaid fees and expenses). As long as the Account Charge remains in effect, neither the Company nor the Account Manager shall terminate the Debt Service Reserve Account. In the event of any
conflict between the provisions of this Agreement and any other agreement governing the Debt Service Reserve Account, the provisions of this Agreement shall control. In the event the Account Manager no longer serves as Account Manager for the
Account Property, the Account Property shall be transferred to a successor Account Manager or custodian reasonably satisfactory to the Collateral Agent, provided, that prior to such transfer, such successor Account Manager or custodian shall
execute an agreement that is substantially in the form of this Agreement or is otherwise in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 9. Account Manager’s Rights and Obligations. 
 (a) The Account
Manager’s sole duties and responsibilities with respect to the Debt Service Reserve Account are as set forth in this Agreement. The Account Manager shall act only upon receipt of the certificates, notices, instructions or other communications
as provided herein regarding releases of the Account Property. The Account Manager shall not be liable or responsible for anything done, or omitted to be done by it in the absence of gross negligence or willful misconduct and may rely and shall be
protected in acting upon any information, certificate, notice, instruction or other communication which it reasonably believes to be genuine and authorized. As among the Company, the Collateral Agent and the Account Manager, the terms of this
Agreement shall apply with respect to any losses or liabilities of such parties arising out of matters covered by this Agreement. As among the Company, the Collateral Agent and the Account Manager, and subject to this Section 9, the
Company shall indemnify and hold the Account Manager and the Collateral Agent, their successors and assigns and their respective agents, employees, directors and officers harmless with regard to any and all losses, claims, damages, penalties, fines,
liabilities or expenses, including incidental and out-of-pocket expenses and properly incurred attorneys fees incurred by it arising out of or in connection with any action or omission of the Account Manager in accordance with any certificate,
notice, instruction or other communication of the parties under this Agreement and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection

  

 7 

 
with the exercise or performance of any of its powers or duties hereunder. The Account Manager shall not be liable to any party for any acts or omissions of the other parties to this Agreement.
The Account Manager shall have no duty to require any cash to be delivered to it or to determine that the amount and form of funds deposited in the Debt Service Reserve Account comply with any applicable requirements. 
 (b) The Account Manager shall not be bound or obligated by any provision of any other agreement or instrument of which it is not a signatory
party, notwithstanding its knowledge of the provisions thereof or benefit in its favor created thereby. No implied covenants or obligations shall be read into this Agreement against the Account Manager. The Account Manager’s determination as to
whether an event or condition has occurred, or has been met or satisfied, or as to whether a provision of this Agreement has been complied with, or as to whether sufficient evidence of the event or condition or compliance with the provision has been
furnished to it, shall not subject the Account Manager to any claim, liability or obligation whatsoever, even if it shall be found that such determination was improper or incorrect, provided only, that the Account Manager and its officers,
directors, employees and agents shall not have been guilty of gross negligence or willful misconduct. 
 (c) The Company
covenants to defend and indemnify the Account Manager and the Collateral Agent, their successors and assigns and their respective agents, employees, directors and officers for actions taken in their respective capacity hereunder and to hold each
harmless against, any loss, liability or expense incurred by it in such capacity (except to the extent that such loss, liability or expense results from such Person’s gross negligence or willful misconduct) which arises out of or in connection
with this Agreement. 
 (d) In the event of any ambiguity or uncertainty hereunder or in any notice, instruction or other
communication received by Securities Intermediary hereunder, the Account Manager may, in its sole discretion, refrain from taking any action other than retaining possession of the amounts in the Debt Service Reserve Account, unless the Account
Manager receives written instructions, signed by the Collateral Agent and Company, which eliminates such ambiguity or uncertainty. In the event of any dispute between or conflicting claims by or among the Collateral Agent, the Trustee and the
Company and/or any other Person with respect to any amounts in the Debt Service Reserve Account, the Account Manager shall be entitled, in its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such
amounts so long as such dispute or conflict shall continue, and the Account Manager shall not be or become liable in any way to the Collateral Agent or the Company for failure or refusal to comply with such conflicting claims, demands or
instructions. The Account Manager shall be entitled to refuse to act until, in its sole discretion, either (i) such conflicting or adverse claims or demands shall have been determined by a final order, judgment or decree of a court of competent
jurisdiction, which order, judgment or decree is not subject to appeal, or settled by agreement between the conflicting parties as evidenced in a writing satisfactory to the Account Manager or (ii) the Account Manager shall have received
security or an indemnity satisfactory to it sufficient to hold it harmless from and against any and all losses which it may incur by reason of so acting or (iii) the Account Manager receives written notice, confirming that such dispute or
conflicting claims has or have been resolved. Any court order, judgment or decree shall be accompanied by a legal opinion by counsel for the presenting party, satisfactory to the Account Manager, to the effect that said order, judgment or decree
represents a final adjudication of the rights of

  

 8 

 
the parties by a court of competent jurisdiction, and that the time for appeal from such order, judgment or decree has expired without an appeal having been perfected. The Account Manager shall
act on such court order and legal opinions without further question. The Account Manager may, in addition, elect, in its sole discretion, to commence an interpleader action or seek other judicial relief or orders as it may deem, in its sole
discretion, necessary. The costs and expenses (including attorneys’ fees and expenses) properly incurred in connection with such proceeding shall be paid by the Company. 
 (e) The Account Manager may consult with, and obtain advice from, legal counsel in the event of any dispute or questions as to the
construction of any of the provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully indemnified by the Trustee and the Company in acting in good faith in accordance with the opinion and instructions of such
counsel. 
 (f) The indemnities provided in this section shall be continuing obligations of the Company, its successors and
assigns, notwithstanding the termination of this Agreement and/or the resignation or removal of the Account Manager or the Collateral Agent. 
 (g) If at any time the Account Manager is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects Account
Property (including, but not limited to, orders of attachment or garnishment or other forms of levies or injunctions or stays relating to the transfer of Account Property), the Account Manager is authorized to comply therewith in any manner as it or
its legal counsel of its own choosing deems appropriate. If the Account Manager complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, the Account Manager shall not be
liable to the Company even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect. 
 (h) The Account Manager shall not be liable (i) for any indirect, consequential, punitive or special damages, regardless of the form of
action and whether or not any such damages were foreseeable or contemplated, (ii) for the acts or omissions of its nominees, correspondents, designees, agents, subagents or subcustodians appointed with due care, (iii) for the deposit or
redeposit of any cash held by it hereunder, in each case in good faith, in accordance with the terms hereof, including without limitation any liability for any delays (not resulting from its gross negligence or willful misconduct) in the deposit or
redeposit of the Account Property, or any loss of interest incident to any such delays, or (iv) for an amount in excess of the value of the Account Property, valued as of the date of deposit, but only to the extent of direct money damages.

 (i) Neither the Collateral Agent nor the Account Manager shall incur any liability to the Company for not performing any act
or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Collateral Agent nor the Account Manager, as applicable (including, but not limited to, any act or provision or any present or
future law or regulation or governmental authority, any act of God, terrorism or war, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility) 
  

 9 

 (j) Neither the Collateral Agent nor the Account Manager shall be responsible in any respect
for the form, execution, validity, value or genuineness of documents, or for any description therein, or for the identity, authority or rights of Persons executing or delivering or purporting to execute or deliver any such document. 
 (k) Notwithstanding anything herein to the contrary, the Account Manager shall not be required to follow any instruction that would violate
any applicable law, decree, regulation or order of any government or governmental body (including any court or tribunal). 
 SECTION 10. Fees and Expenses of the Account Manager. 
 (a) The Company agrees to pay the Account Manager its
agreed-upon compensation for its services hereunder promptly upon request therefor, and to reimburse the Account Manager for all properly incurred expenses of or disbursements incurred by the Account Manager in connection with (1) the
performance of its duties and the exercise or enforcement of any of its rights or the rights of the Collateral Agent hereunder, including the reasonable fees, expenses and disbursements of counsel to the Account Manager, (2) the review,
negotiation and administration of this Agreement, or (3) the failure by the Company to perform or observe any of the provisions hereof. 
 (b) The Account Manager shall have a lien upon any accrued interest on deposit in the Debt Service Reserve Account solely for any costs, expenses and fees that may arise hereunder and, notwithstanding any
provision to the contrary in this Agreement, may retain that portion of the investment income in the Debt Service Reserve Account equal to such unpaid amounts that are due and payable by the Company, until all such costs, expenses and fees have been
paid. 
 SECTION 11. Termination. This Agreement shall terminate automatically upon receipt by the Account Manager of
written notice executed by the Collateral Agent that the security interest evidenced by the Account Charge in the Debt Service Reserve Account has terminated and the Account Manager shall thereafter be relieved of all duties and obligations
hereunder. 
 SECTION 12. Waiver; Priority of Trustee’s Interests. Other than with respect to its fees and customary
commissions with respect to the Debt Service Reserve Account, the Account Manager hereby waives its right to set off any obligations of the Company to the Account Manager against the Debt Service Reserve Account, and hereby agrees that any and all
liens, encumbrances, claims or security interests which the Account Manager may have against the Account Property, either now or in the future in connection with the Debt Service Reserve Account are and shall be subordinate and junior to the prior
payment in full in immediately available funds of all obligations of the Company now or hereafter existing under the Indenture, the Notes and the Account Charge, and all other documents related thereto, whether for principal, interest, Additional
Amounts, indemnities, fees, premiums, expenses or otherwise. Except for the foregoing and claims and interests of the Collateral Agent and the Company in the Account Property, the Account Manager does not know of any claim to or security interest or
other interest in the Account Property. 
  

 10 

 SECTION 13. Miscellaneous. 
 (a) Irrevocable Agreement. The Company acknowledges that the agreements made by it and the authorizations granted by it in
Sections 1, 2 and 3 hereof are irrevocable and that the authorizations granted in Sections 1, 2 and 3 hereof are powers coupled with an interest. 
 (b) Notices. All notices, requests, instructions, orders and other communications required or permitted to be given or made under
this Agreement to any party hereto shall be delivered in writing by hand delivery or overnight delivery, or shall be delivered by facsimile or telephonically with confirmation in writing not more than 24 hours following such facsimile or telephonic
notice. A notice given in accordance with the preceding sentence shall be deemed to have been duly given upon the sending thereof; provided that notices, requests, instructions, orders and other communications to the Account Manager and the
Collateral Agent shall not be deemed given until actual receipt thereof. Notices should be addressed as follows: 
 To the
Collateral Agent: 
 DB Trustees (Hong Kong) Limited 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Attention: Managing Director 
 Telephone: (+852) 2203 7320 
 Facsimile: (+852) 2203 7323 
 To the Account Bank: 
 Deutsche Bank AG, Hong Kong Branch 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Attention: Trust and Securities Services 
 Telephone: (+852) 2203 7320 
 Facsimile: (+852) 2203 7323 
 To the Account Manager: 
 Deutsche Bank AG, Hong Kong Branch 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Attention: Trust and Securities Services 
 Telephone: (+852) 2203 7320 
 Facsimile: (+852) 2203 7323 
  

 11 

 To the Company: 
 7 Days Group Holdings Limited 
 10/F, 705 Guangzhou Da Dao Nan Road 
 Guangzhou 510290 
 P.R. China 
 Attention: Mr. Zheng Nanyan 
 Telephone: (+86 20) 8922 6577 
 Facsimile: (+86 20) 8922 5507 
 (c) Amendments in Writing; Waivers: Consents. Any amendment or waiver of any provision of this Agreement and any consent to any departure by the Company from any provision of this Agreement shall
be effective only if made in writing and signed by the Account Manager and Collateral Agent and otherwise made or duly given in compliance with all of the terms and provisions of this Agreement, and then any such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. None of the Collateral Agent, the Trustee, the Account Manager or any holder of Notes shall be deemed, by any act, delay, indulgence, omission or otherwise, to have waived
any right or remedy hereunder or to have acquiesced in any default or Event of Default or in any breach of any of the terms and conditions hereof. Failure of the Account Manager or the Collateral Agent to exercise, or delay in exercising, any right,
power or privilege hereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Account Manager or the Collateral Agent of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy that the Account Manager or the Collateral Agent would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any rights or remedies provided by law. 
 (d) If the Collateral Agent or the Account
Manager consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Collateral Agent or the Account
Manager. 
 (e) Entire Agreement. This Agreement and the Indenture and Account Charge constitute the entire agreement and
supersede all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
 (f) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
 (g) Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that the Company may not assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Trustee. 
  

 12 

 (h) Choice of Law. The existence, validity, construction, operation and effect of any
and all terms and provisions of this Agreement shall be determined in accordance with and governed by the internal laws of the State of New York, without giving effect to the conflicts of law principles of such State. 
 (i) Jurisdiction. Each of the parties hereto agrees that any suit, action or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company hereby appoints Law Debenture Corporate Services Inc., 400 Madison Avenue, Suite 4D, New York, NY 10017, Facsimile No. +1
212 750 1361, as its authorized agent upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein. 
 (j) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  

 13 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ ZHENG, Nanyan

		 	Name: ZHENG, Nanyan
		 	Title: CEO

  

 [SIGNATURE PAGE TO ACCOUNT MANAGEMENT AGREEMENT] 

 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered as of the date first above written. 
  

													
		 		 	DB TRUSTEES (HONG KONG)
		 		 	LIMITED, as Collateral Agent
						
		 		 	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward

		 		 		 	Name:	 	Aric Kay-Russell	 		 	Chiu Kin Wing Edward
		 		 		 	Title:	 	Director	 		 	Authorised Signatory
			
		 		 	DEUTSCHE BANK AG, HONG KONG
		 		 	BRANCH, as Account Manager
						
		 		 	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward

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

  

 [SIGNATURE PAGE TO ACCOUNT MANAGEMENT AGREEMENT] 

 Exhibit A 
 LETTER OF NOTICE AND INSTRUCTION TO THE ACCOUNT BANK 
 To: Deutsche Bank AG, Hong Kong
Branch 
 Dated: September 10, 2007 
 Dear Sirs, 
 Instruction in relation to operation of the account held in the name of 7 Days
Group Holdings Limited (the “Company”) governed by the Account Management Agreement, dated as of September 10, 2007 (the “Account Management Agreement”) among the Company, DB Trustees (Hong Kong) Limited as collateral agent
(the “Collateral Agent”) and Deutsche Bank AG, Hong Kong Branch as account manager (the “Account Manager”). 
 As the
holder (the “Account Bank”) of the account set out in Annex 1 (Debt Service Reserve Account) to this Letter (the “Account”), we hereby instruct you that any instruction to you for transfer or withdrawal of any
amount from the Account (as listed in Annex 1 (Debt Service Reserve Account) to this Letter) must be signed by one of the Authorized Signatories of the Account Manager listed in Annex 2 (Authorized Signatories) to this Letter; 
 We further hereby irrevocably authorize and instruct you from time to time: 
  

	(a)	to disclose to the Account Manager and the Collateral Agent copies of all the regular monthly account statements provided to the Company and such other information
relating to the Account as shall be reasonably requested by the Collateral Agent; 

  

	(b)	to deliver to the Collateral Agent a copy of all notices and statements required to be sent to the Company pursuant to any agreement governing or related to the Debt
Service Reserve Account to the Collateral Agent at such times as any such notice is sent to the Company. 

  

	(c)	upon receipt of a Notice of Sole Control (as defined in the Account Management Agreement), and until such Notice of Sole Control has been revoked in writing by an
authorized officer of the Collateral Agent, 

  

	 	(i)	to hold all sums standing to the credit of the Account to the order of the Collateral Agent; and 

  

	 	(ii)	to pay all or any part of the monies standing to the credit of the Account to the Collateral Agent (or as it may direct through instructions to the Account Manager).

 You shall be entitled to rely on the information contained in Notice of Sole Control and shall not need to
make any further enquiries as to the accuracy of the information contained in such Notice of Sole Control. 
 The provisions of this Letter may
only be revoked or amended with the prior written consent of the Collateral Agent. 
 Please acknowledge the above by signing the enclosed copy
of this Letter and returning it to the Collateral Agent (with a copy to us). 
 This Letter (and any acknowledgement) shall be governed by and
construed in accordance with the laws of the Hong Kong Special Administrative Region of the People’s Republic of China. 
 Yours
faithfully, 
  

	
	
	  

	for and on behalf of
	7 Days Group Holdings Limited
	
	  

	for and on behalf of
	7 Days Group Holdings Limited

 [On Account Bank Letterhead] 
 ACKNOWLEDGEMENT OF RECEIPT 
 OF LETTER OF NOTICE AND
INSTRUCTION 
  

									
	To:	 		 	 DB TRUSTEES (HONG KONG) LIMITED

		 		 	 as Collateral Agent

		 		 	Address:	 		 	 DB Trustees (Hong Kong) Limited
 55th Floor, Cheung Kong Center
 2 Queen’s Road Central
 Hong Kong

		 		 		 		 	 Attention: Managing Director
 Telephone: (+852) 2203 7320
 Facsimile: (+852) 2203 7323

			
	Copy to:	 		 	7 Days Group Holdings Limited (the “Company”)
		 		 	Address:	 		 	 7 Days Group Holdings Limited
 10/F, 705 Guangzhou Da Dao Nan Road
 Guangzhou 510290
 P.R. China

		 		 		 		 	 Attention: Mr. Zheng Nanyan
 Telephone: (+86 20) 8922 6577
 Facsimile: (+86 20) 8922 5507

 We acknowledge receipt of the enclosed letter dated September 10, 2007 from the Company to our
Bank (the “Letter”). Terms used but not defined herein shall have the meanings given to them in the Letter. 
 As at the date
hereof, we confirm that we: 
  

	(a)	accept the instructions contained in the Letter and agree to comply with the Letter; 

  

	(b)	have not received notice of the interest of any third party (other than the Collateral Agent) in the Account; 

  

	(c)	have neither claimed nor exercised, nor will claim or exercise, any security interest, set-off, counter-claim or other right in respect of the Account; and

  

	(d)	will not permit any amount to be withdrawn from the Account other than in accordance with the Letter. 

  

	
	
	  

	for and on behalf of
	Deutsche Bank AG, Hong Kong Branch

 Dated: September 10, 2007 

 ANNEX 1 
 Debt Service Reserve Account 
  

								
	 Account
	  	Account
Number	  	Permitted
Currency	  	Account Bank
(Branch)
				
	 [Debt Service Reserve Account]
	  		  	US$	 	  	Deutsche Bank
AG, Hong Kong
Branch

 ANNEX 2 
 Authorized Signatories 
 Group A Authorized Signatories of the Account
Manager 
  

			
	Name	  	Specimen signature
	 Zhang Nanyan
	  	 /s/ Zhang Nanyan

	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 

 Authorized Signatories - Account Management Agreement 

 Exhibit B 
 [Letterhead of DB Trustees (Hong Kong) Limited] 
 [Date] 
 Deutsche Bank AG, Hong Kong Branch 
 55th Floor,
Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 
 Copy: 
 Deutsche Bank AG, Hong Kong Branch 
 55th Floor, Cheung Kong Center 
 2 Queen’s Road Central 
 Hong Kong 

Attention: Trust and Securities Services 
 Re: Notice of Sole Control 
 Ladies and Gentlemen: 
 As referenced in the Account Management Agreement, dated September 10, 2007, among 7 Days Group Holdings Limited, you and the
undersigned, we hereby give you notice of our sole control over each of the Debt Service Reserve Account and all financial assets or funds credited thereto. 
 You are hereby instructed not to accept or comply with any direction, instructions or entitlement orders with respect to the Debt Service Reserve Account or the financial assets or funds credited thereto
from any person other than the undersigned, unless otherwise ordered by a court of competent jurisdiction or otherwise directed by us in writing. 
 You are instructed to deliver a copy of this notice by facsimile transmission to 7 Days Group Holdings Limited. 
  

			
	Very truly yours,
	
	DB Trustees (Hong Kong) Limited
		
	By:	 	  

		 	Name:
		 	Title:

 cc: 7 Days Group Holdings Limited

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