Document:

English translation of Equity Pledge Agreement dated December 19, 2007

 Exhibit 4.12 
 EQUITY PLEDGE AGREEMENT 
 between 
 Xi’an Time Share Technology Information Co., Ltd. 
 (Pledgee)

 and 
 Sichuan
Time Share Advertising & Communication Co., Ltd. 
 (Pledgor) 
  

 TABLE OF CONTENTS 
  

					
	 Chapter I
	  	Definitions	  	1
	 Chapter II
	  	Pledge Rights and Pledge Period	  	2
	 Chapter III
	  	Representations and Warranties	  	3
	 Chapter IV
	  	Covenants	  	4
	 Chapter V
	  	Exercise of Pledge Rights	  	4
	 Chapter VI
	  	Events of Default	  	6
	 Chapter VII
	  	Assignment	  	6
	 Chapter VIII
	  	Enforcement and Termination	  	7
	 Chapter IX
	  	Costs and Expenses	  	7
	 Chapter X
	  	Force Majeure	  	7
	 Chapter XI
	  	Applicable Laws and Settlement of Disputes	  	7
	 Chapter XII
	  	Notice	  	8
	 Chapter XIII
	  	Miscellaneous	  	9

  

 EQUITY PLEDGE AGREEMENT 
 This Equity Pledge Agreement (hereinafter “Agreement”) is entered into on December 19, 2007 in Beijing, China, between the following parties: 
 The Pledgee: Xi’an Time Share Technology Information Co., Ltd. 
 Address:
Guixi Industrial Garden, High-Tech DC, Chengdu 
 Legal Representative: He Jilun 
 The Pledgor: Sichuan Time Share Advertising & Communication Co., Ltd. 
 Address: Guixi Industrial Garden, High-Tech
DC, Chengdu 
 Legal Representative: He Jilun 
 The Pledgee and
the Pledgor are hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”. 
 WHEREAS 

 

	1)	The Pledgee is a wholly foreign-owned company duly incorporated and existing under the laws of the People’s Republic of China; 

  

	2)	The Pledgor is a limited liability company duly incorporated and existing under the laws of the People’s Republic of China; 

  

	3)	The Pledgee has signed a Loan Agreement with He Jilun on December 19, 2007 (hereinafter “Loan Agreement”), pursuant to which the Pledgee shall provide He Jilun with a
loan in RMB of an amount equivalent to USD 20 million (the exchange rate between USD and RMB shall be the rate on the date of the actual transaction); 

  

	4)	To secure the Pledgee’s rights for repayment of the principal and interest (hereinafter collectively referred to as “Loan”) under the above Loan Agreement, the
Pledgor pledges the Collateral for which it possesses legitimate ownership of in the Target Companies, as guarantee for the repayment of the loans under the Loan Agreement. 

 THEREFORE, the Pledgee and the Pledgor hereby agree as follows: 
 Chapter I DEFINITIONS 
  

	1.1	Unless otherwise interpreted in the context, the following terms in the Agreement shall be interpreted as follows: 

 Collateral: This term shall mean all equity of the Target Companies (refer to the Appendix for details of pledged equity) that is legally possessed by the
Pledgor at the signing of the Agreement and shall be pledged to the Pledgee pursuant to provisions of the Agreement. 
 Target Company: This
term refers to any and all companies listed in the Appendix. 
  

 1 

 Pledge Period: This term refers to the time period stipulated in Article 2.3 of the Agreement.

 Events of Default: This term refers to any circumstances described in Article 6.1 of the Agreement. 
 Default Notice: This term shall mean the notices sent by the Pledgee pursuant to the Agreement declaring the Events of Default. 
 China: The term refers to the People’s Republic of China, and does not include Hong Kong, Macao and Taiwan, for the purpose of this Agreement.

 PRC Laws: The term refers to effective laws, administrative codes, regulations, regional rules, judicial interpretations and other
standards that are legally binding as of the signing date of this Agreement in China. 
  

	1.2	The citation of any PRC Law in the Agreement shall be deemed as (1) including the amendments, modifications, supplements, and reconstitutions of these PRC Laws, regardless of
whether the effective date of which is before or after the signing of this Agreement; and (2) including citation of other decisions, notices and regulations made according to or validated by such laws. 

 Chapter II PLEDGE RIGHTS AND PLEDGE PERIOD 
  

	2.1	Pledge Rights 

 To guarantee repayment of the loan under
the Loan Agreement, the Pledgor agrees to provide the Pledgee with the Collateral, which it legally possesses and has the right to assign, according to this Agreement, as the guarantee to the repayment of the loan under the Loan Agreement. If the
loan under the Loan Agreement is not repaid on time, the Pledgee has the right to dispose the interests generated by the liquidation of the Collateral according to laws. 
  

	2.2	Establishment of Pledge Rights 

 The Pledge Rights is
established once the pledged equity is registered at the industrial and commercial registrars of all Target Companies. 
  

	2.3	Pledge Period 

 The Pledge Period is from the date of
establishment of the Pledge Rights until the Loan under the Loan Agreement is repaid in full. 
  

 2 

 Chapter III REPRESENTATIONS AND WARRANTIES 
  

	3.1	The Pledgee and the Pledgor represent and warrant to the counterpart of this Agreement: 

  

	 	3.1.1	they are limited liability companies legally registered and effectively existing under the PRC Laws with independent corporate status; have complete, independent legal status and
capacity to sign, render and fulfill this Agreement; and is be able to serve independently as an entity in a lawsuit; 

  

	 	3.1.2	they have acquired corporate authorizations and the approvals needed for the signing and fulfillment of this Agreement; and their signing and fulfillment of the Agreement do not
violate any articles of association or internal policy rules as well as any PRC Laws, contracts or agreements that are binding, and do not need any authorizations or approvals from the government; 

  

	 	3.1.3	they are not involved in any lawsuits, arbitrations or other juridical or administrative proceedings that may affect the fulfillment of the Agreement to their knowledge; and

  

	 	3.1.4	they have disclosed to the other party all documentations issued by the government that may affect the fulfillment of the obligations under the terms of this Agreement.

  

	3.2	The Pledgor represents and warrants to the Pledgee: 

  

	 	3.2.1	all Target Companies are limited liability companies legally registered and effectively existing under the PRC Laws with independent corporate status; 

  

	 	3.2.2	all Target Companies have paid the registered capital in full, and at the signing of this Agreement, the Pledgor is the sole legitimate owner of the Collateral and does not have any
existing disputes over the ownership of the Collateral. The Pledgor has the right to liquidate the whole or any part of the Collateral; 

  

	 	3.2.3	the Target Companies have respectively carried resolutions at their shareholder meetings with respect to the equity pledge stated in the Agreement; 

  

	 	3.2.4	except for the guarantee rights construed for the Collateral under the Agreement, there shall not be any other guarantee rights or third party benefits upon the Collateral;

  

	 	3.2.5	the Collateral can be legally pledged or assigned, and the Pledgor has adequate rights to pledge the Collateral to the Pledgee according to this Agreement; 

 

	 	3.2.6	any third party agreement, approval, waiver, authorization or any other governmental verification, approval, and remission, if necessary, required for the signing and fulfillment of
the Agreement and the equity pledge under the Agreement have been acquired, and will be fully effective during the validity of the Agreement; 

  

	 	3.2.7	the Pledgor’s signing and fulfillment of the Agreement do not violate or conflict with any applicable laws, any agreement for or binding upon it or its assets as if it was a
party to it, any court decisions, any arbitration awards by arbitration authorities, and any decisions made by administrations; 

  

	 	3.2.8	there are no pending or threatening lawsuits, legal proceedings or claims against the Pledgor or the Collateral at any court or arbitrator; and there are no pending or threatening
lawsuits, legal proceedings or claims against the Pledgor or the Collateral at any governmental authorities or administrations, that will have serious or negative effects on the Pledgor’s financial condition or its capability to fulfill its
obligations under the Agreement; 

  

 3 

	 	3.2.9	all reports, documents and information regarding the Pledgor and all issues required by the Agreement that are provided by the Pledgor to the Pledgee prior to the effective date of
the Agreement are true, accurate and effective in virtually all aspects at the time of providing such documents; and 

  

	 	3.2.10	all reports, documents and information regarding the Pledgor and all issues required by the Agreement that shall be provided by the Pledgor to the Pledgee after the effective date
of the Agreement are true, accurate and effective in virtually all aspects at the time of providing such documents. 

 Chapter IV COVENANTS

  

	4.1	The Pledgor hereby covenants to the Pledgee as follows: 

  

	 	4.1.1	without prior written notice from the Pledgee, the Pledgor shall not assign the equity, establish or allow existence of any burden of pledge or rights that may affect the
Pledgee’s rights and benefits; 

  

	 	4.1.2	the Pledgor shall record the arrangement of the equity pledge (hereinafter referred to as “Equity Pledge”) under the Agreement on the shareholder registers of all Target
Companies at the date of the signing of the Agreement; shall provide the industrial and commercial registrars of all Target Companies with relevant documents for the registration of the Equity Pledge within two (2) days after the Agreement is
signed; and shall do its best efforts to complete the registration in as short a time as possible; 

  

	 	4.1.3	in the event of any lawsuit, arbitration or other claim that may have negative effects on the Pledgee’s benefits or the Collateral under the Agreement, the Pledgor guarantees
to notify the Pledgee in writing as soon as possible and in a timely manner, and take all measures necessary to ensure the Pledgee’s benefits upon the Collateral, according to the reasonable requests of the Pledgee; 

  

	 	4.1.4	the Pledgor guarantees to take all measures and sign all documents (including but not limited to the supplement of the Agreement) necessary to ensure the Pledgee’s benefits
upon the Collateral and the exercise and realization of such benefits according to the reasonable requests of the Pledgee; 

  

	 	4.1.5	the Pledgor shall not perform or permit actions or behaviors that may harm the Pledgee’s benefits or the Collateral under the Agreement; and 

  

	 	4.1.6	in the event of any assignment of the Collateral caused by the exercise of the Pledge Right under the Agreement, the Pledgor shall ensure to take all measures to realize such
assignment. 

 Chapter V EXERCISE of PLEDGE RIGHT 
  

	5.1	 In the event of the possibility that the Collateral may decrease in value, to the detriment of the rights of the Pledgee, the 

  

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Pledgee may request the Pledgor to provide relevant guarantees. In the event that the Pledgor fails to provide such guarantees, the Pledgee may auction or
sell the Collateral at any time, and reach an agreement with the Pledgor that the proceeds earned from the auction or sale be used to repay the pledged debt, or draw from the notary bodies in residence of the Pledgor (any costs incurred from which
shall be borne by the Pledgor). 

  

	5.2	In the event of any breach of the Agreement, the Pledgee has the right, upon written notice to the Pledgor, to exercise all breach remedy rights in accordance with PRC Laws and the
terms of this Agreement, including but not limited to the auction or sale of all or part of the Collateral. The Pledgee shall not bear any obligations for any losses caused by its reasonable exercises of such rights. 

  

	5.3	The Pledgee has the right to designate in writing any solicitor or other agents to exercise any and all of the forgoing rights. The Pledgor shall not file any objection.

  

	5.4	Reasonable costs incurred from the Pledgee’s exercise of any or all of the above rights shall be borne by the Pledgor, and the Pledgee has the right to deduct such costs from
the proceeds of the exercise of the rights according to its actual costs. 

  

	5.5	The proceeds from the Pledgee’s exercise of its rights shall be disposed in the following order of precedence: 

 First, payment to all the expenses arising out of the liquidation of the Collateral and the Pledgee’s exercise of its rights (including premiums for
the lawyers and agents); 
 Second, payment from due taxes for the liquidation of the Collateral; and 
 Third, repayment of the pledged debt to the Pledgee. In the event of a surplus after deducting all the above expenses, the Pledgee shall return the
surplus to the Pledgor or others who have benefits upon such sum, pursuant to applicable laws and regulations or draw at the notary authorities in the area where the Pledgee is located (any costs incurred of which shall be borne by the Pledgor).

  

	5.6	The Pledgee has the right to simultaneously or successively execute the Pledge Rights it holds over any Target Company or possess any other breach remedy at his sole discretion. The
Pledgee does not necessarily need to execute other breach remedies before it exercises the rights for the auction or sale of the Collateral under the Agreement. The Pledgor does not have the right to present objections against whether the Pledgee
can execute any of the Pledge Rights or in what order the Pledgee can execute its Pledge Rights. 

  

	5.7	The Pledgor shall not impose impediment for the Pledgee’s disposal of the Pledge Rights according to the Agreement, and shall provide all necessary support to realize its
Pledge Right. 

  

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 Chapter VI EVENTS OF DEFAULT 
  

	6.1	All the events below are deemed as breach events: 

  

	 	6.1.1	Any representations or warranties made by the Pledgor in Chapter III of the Agreement contains substantial mistakes or errors and/or any Pledgor’s breach of the warranties as
stipulated in Chapter III of the Agreement; 

  

	 	6.1.2	The Pledgor breaches the covenants made in Chapter IV of the Agreement; 

  

	 	6.1.3	The Pledgor breaches any term of the Agreement; 

  

	 	6.1.4	Any events of default which are defined under the Loan Agreement; 

  

	 	6.1.5	Any loan, guarantee, indemnity, warranty, or other obligation to a third party by the Pledgor itself which (1) is required to be repaid or fulfilled due to the breach of the
Agreement; or (2) has become due but cannot be repaid or fulfilled, makes the Pledgee believe that the Pledgor’s capability to fulfill its obligations under the Agreement at the Pledgee’s discretion has been affected;

  

	 	6.1.6	All government agreement, approval, certification or authorization needed for execution, legitimization or enforcement of Agreement is revoked, suspended, invalidated, or changed
substantially; 

  

	 	6.1.7	Adverse changes to the assets owned by the Pledgor make the Pledgee believe that Pledgor’s capability to fulfill its obligations under the Agreement has been affected;

  

	 	6.1.8	The breach of the Agreement caused by any action or non-action that breaches other terms of the Agreement. 

  

	6.2	In the event of the acknowledgement or realization of any Events of Default as stated in Article 6.1 or any causes that may lead to the above events, the Pledgor shall immediately
notify the Pledgee in writing. 

  

	6.3	Unless the Events of Default listed in Article 6.1 of the Agreement have been completely resolved, the Pledgee may issue written notices to the Pledgor and liquidate the Collateral
according to the provisions in Chapter V of the Agreement at any time of the occurrence and after the Events of Default by the Pledgor. 

 Chapter VII ASSIGNMENT 
  

	7.1	Unless the Pledgee consents in writing, the Pledgor shall not have the right to grant, assign or dispose its rights and obligations under the Agreement by any other means; however
it can assign its rights and obligations under the Agreement after the Pledgee issues a written notice. 

  

	7.2	The Agreement is binding upon the Pledgor, the Pledgee, and their successors or assignees. 

  

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 Chapter VIII ENFORCEMENT AND TERMINATION 
  

	8.1	Enforcement 

  

	 	8.1.1	The Agreement becomes effective when all the following requirements are met: 

  

	 	(1)	the Agreement has been appropriately signed by the Pledgee and the Pledgor; 

  

	 	(2)	the Pledge Right under the Agreement has been legally recorded in the shareholders registers of the Target Companies. 

  

	 	8.1.2	The Pledgor shall provide the Pledgee the capital certificates and shareholder registers of all Target Companies after completing the registration of equity pledge at the industrial
and commercial registrars of the Target Companies. 

  

	8.2	Termination 

  

	 	8.2.1	The Agreement shall be automatically terminated at the date on which the Loan under the Loan Agreement is repaid in full; 

  

	 	8.2.2	Within the validity period of the Agreement, the Pledgor shall not terminate the Agreement, but the Pledgee has the right to terminate the Agreement at any time by issuing a written
notice to the Pledgor thirty (30) days in advance. 

 Chapter IX COSTS and EXPENSES 
  

	9.1	All actual expenses incurred by the establishment of the equity pledge under the Agreement, including but not limited to the stamp tax, and any other taxes and expenses, shall be
mutually borne by the Pledgor and the Pledgee on a pro rata basis. 

 Chapter X FORCE MAJEURE 
  

	10.1	Force Majeure shall mean the events that can not be reasonably foreseen by the Pledgor and by the Pledgee at the signing of the Agreement, as the case may be, and the occurrence of
which is unavoidable and unconquerable, and shall include, without limitation, action and non-action of the government and military, natural disasters, earthquake, fire, flood, riot or war. 

  

	10.2	If the Pledgor or the Pledgee is incapable of performing any or all of its obligations under the Agreement by an event of Force Majeure, then neither party shall bear any liability
for breach of the Agreement. If either party is prevented from performing any of its obligations under the Agreement by an event of Force Majeure, then it shall nevertheless notify the other in writing of the occurrence of such event and the
circumstances thereof within five (5) days after the occurrence of such event. 

 Chapter XI APPLICABLE LAWS AND SETTLEMENT OF DISPUTES

  

	11.1	The Agreement shall be construed, enforced, fulfilled, modified and interpreted by PRC Laws. 

  

	11.2	 Any controversy between the Pledgor and the Pledgee relating to the interpretation and fulfillment of this Agreement shall be 

  

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settled through friendly negotiations of both parties. Any party may settle the dispute by binding arbitration by China International Economic and Trade
Arbitration Commission pursuant to its existent arbitration rules. Arbitration procedures shall be conducted in Beijing by using the Chinese language. The arbitration award shall be final and binding upon both the Pledgee and the Pledgor.

 Chapter XII NOTICE 
  

	12.1	Unless other address has been provided by the other party in advance, all notices given pursuant to this Agreement shall be sent by courier, express mail, electronic mail, facsimile
transmission, or registered mail to the address of the party concerned as given below: 

 The Pledgee: Xi’an 
 Time Share Technology Information Co., Ltd. 
 Address: Building 6, Huaxing Plaza, Technology 3rd Road, High-Tech DC, Xi’ an 
 Postal Code: 710075 
 Telephone: 029-68681588 
 Facsimile:
029-68681589 
 Contact: Wang Yunshi 
 Email: wangyunshi@dytsm.com 
 The Pledgor: Sichuan 
 Time Share Advertising & Communication Col, Ltd. 
 Address: Dayu Building, No.312 Long zhaoshu,
Xiaohongmen, China Sichuan Provincial People’s Government Office, Chaoyang District, Beijing 
 Postal Code: 100078 
 Telephone: 010-87695559 
 Facsimile:
010-87697911 
 Contact: He Jilun 
 Email: hejilun@dytsm.com 
  

	12.2	Any notice and correspondence shall be deemed to have been served as follows: 

  

	 	12.2.1	in the case of facsimile transmission, the appearing transmittal time or the consecutive business day if time of transmission was after 5 o’clock PM on the day at the place of
receipt; 

  

	 	12.2.2	in the case of courier (including express mail), at the date on which the recipient signs and accepts the notice; 

  

	 	12.2.3	in the case of registered mail, five (5) days after the postal office issues receipt; and 

  

	 	12.2.4	in the case of electronic mail, the time when the sender prints the records containing the completion of transmission of such notice. 

  

 8 

 Chapter XIII MISCELLANEOUS 
  

	13.1	Any amendment, supplement or modification to the Agreement shall be in writing, and become effective after being signed by the Pledgee and the Pledgor. 

  

	13.2	The Agreement is made in the Chinese language with two (2) originals, with the Pledgee and two Pledgors holding one (1) original each. 

  

	13.3	Any rights or remedies of both parties endowed by any terms of the Agreement shall not exclude any other rights or remedies as stipulated by laws or other terms of the Agreement,
and each party’s exercise of its rights and remedies shall not exclude other rights and remedies that it has. 

  

	13.4	If either party does not execute or delays in executing any rights and remedies it has according to the Agreement or laws (hereinafter referred to as the “Party’s
Rights”), it will not constitutes the waiver of such rights; and the waiver of any individual or part of the Party’s Rights shall not exclude the party’s exercise of such rights by other means and other Party’s Rights.

  

	13.5	The headings of the articles of this Agreement are provided only for index, and in no circumstances, such headings shall affect the interpretation of the terms of the Agreement.

  

	13.6	In the event of any invalidity, noncompliance or unenforceability of any terms of the Agreement at any time, the validity, compliance or enforceability of other terms of the
Agreement shall not be affected thereby. 

  

 9 

 [Execution page, no text] 
 The Pledgee: Xi’an Time Share Technology Information Co., Ltd. (seal) 
 Legal Representative (signature):
                                        

  
 The Pledgor: Sichuan Time Share Advertising & Communication Co., Ltd. (seal)

 Legal Representative (signature):
                                        

  

 10 

 Appendix: 
 Profile of the Target Companies owned by the Pledgor 
  

									
	 Company
	  	 Registered Address
	  	 Registered
 Capital (RMB)
	  	 Legal
 Representative
	  	 Shareholding
 of the Pledgor

	Hubei Time Share Advertising & Communication Co., Ltd.	  	Rm.1, 24th floor, Building B, Zhonghuan Mansion, Yunlin Street 31, JiangAn DC,
Wuhan	  	14 million	  	Zhu Xianzhou	  	98%
					
	Chengdu Dayu Weiye Advertising Co., Ltd.	  	#50 Longmenxiang, Shuangnan, Wuhou DC, Chengdu	  	3 million	  	Zhu Xianzhou	  	100%
					
	Beijing Time Share Advertising & Communication Co., Ltd.	  	1st floor of Longzhuashu Hotel, Longzhuashu 312, Xiaohongmen, Chaoyang DC,
Beijing	  	1 million	  	He Jilun	  	98%
					
	Xi’an Time Share Advertising & Communication Co., Ltd.	  	Rm 102, unit 4, Bld. 11, Technology Garden, Gaoxin DC, Xi’an	  	10 million	  	Huang Yunwei	  	98%

  

 11Xi'an Loan Agreement dated December 19, 2007

 Exhibit 4.13 
 EXECUTION VERSION 
 19 DECEMBER 2007 
 XI’AN TIME SHARE TECHNOLOGY & INFORMATION CO., LTD. 
 as Lender

 and 
 HE JI LUN

 as Borrower 
  
  
 XI’AN LOAN AGREEMENT

  
  
  

 CONTENTS 
  

					
	CLAUSE	  	PAGE
			
	1.	 	Definitions	  	1
			
	2.	 	Purpose	  	4
			
	3.	 	Loan	  	4
			
	4.	 	Interest	  	5
			
	5.	 	Repayment	  	5
			
	6.	 	Prepayment	  	6
			
	7.	 	Taxes	  	6
			
	8.	 	Default Interest and Indemnity	  	6
			
	9.	 	Representations	  	6
			
	10.	 	Covenants	  	9
			
	11.	 	Events of Default	  	10
			
	12.	 	Payments	  	11
			
	13.	 	Accounts and Evidence of Debt	  	11
			
	14.	 	Assignment	  	11
			
	15.	 	Law and Jurisdiction	  	12
			
	16.	 	Miscellaneous	  	13
		
	Schedule 1 Drawdown Notice	  	14

 THIS LOAN AGREEMENT (the “Agreement”) is made on 19 December 2007:  
 BETWEEN: 
  

	(1)	XI’AN TIME SHARE TECHNOLOGY & INFORMATION CO., LTD., a company organised under the laws of the People’s Republic of China (the “Lender”);
and 

  

	(2)	HE JI LUN, 

 (ID No. 510 132 1972 0220 0077), a national of the People’s Republic of China (the “Borrower”). 

 WHEREAS: 
  

	(A)	The Lender is a wholly-owned subsidiary of China Time Share Media Co. Ltd. (the “Issuer”). 

  

	(B)	Pursuant to a subscription agreement (the “Subscription Agreement”) dated 18 December 2007 between the Issuer, the Borrower and the Subscribers named therein,
the Issuer has agreed to issue on or about 19 December 2007 US$20,000,000 in aggregate principal amount of 5.00 per cent. secured convertible notes due 2010 (the “Notes”) convertible into ordinary shares (the
“Shares”), US$0.0001 par value each for the time being, in the share capital of the Issuer with warrants exercisable to subscribe for US$8,000,000 in Shares (the “Warrants”). 

  

	(C)	The Issuer has agreed with the Subscribers that the proceeds from such issue (being US$20,000,000, the “Issue Proceeds”) will be paid to the Lender as registered
capital. 

  

	(D)	The Lender has agreed to make a loan in RMB to the Borrower in accordance with the terms of this Agreement. 

 NOW IT IS HEREBY AGREED: 
  

	1.	DEFINITIONS 

  

	1.1	In this Agreement: 

 “Acceleration Premium”
means an amount of premium, rounded (if necessary) to two decimal places with 0.005 being rounded upwards, calculated by the Lender in accordance with the following formula: 
 Acceleration Premium = (0.15 x n x Loan) 
 Where: 
 “Days Outstanding” means the numbers of days from, and including, the date of this
Agreement to, but excluding, the date of payment of the Loan and Acceleration Premium, calculated on the basis of a year of 365 days. 
  

 -1- 

 n = (Days Outstanding/365). 
 “Advance” means an advance made, or to be made, by the Lender to the Borrower; 
 “Assignment of Rights” means the assignment of rights agreement dated 19 December 2007 between the Borrower as assignor and the
Lender as assignee for the assignment of the Borrower’s rights to receive principal and any other amounts receivable under the Sichuan Shareholder Loan Agreement; 
 “Authorisation” means: 
  

	 	(a)	an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or registration; or 

  

	 	(b)	in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental Agency intervenes or acts in any way within a specified period after
lodgement, filing, registration or notification, the expiry of that period without intervention or action; 

 “Business
Day” means a day (other than a Saturday or Sunday) on which banks are open for foreign exchange business in the PRC; 
 “Date
of Determination” means the date when the Issue Proceeds are converted into RMB for the purpose of making the Advance under the terms of this Agreement; 
 “Drawdown Notice” means a notice in the form set out in Schedule 1 hereof; 
 “Encumbrance” means a mortgage, pledge, option, right of first refusal or security or claim of any other nature used to secure any person’s obligation or any preferential arrangement having similar effect; 

“Event of Default” means any of those events specified in Clause 11; 
 “Facility” means the loan facility made available under this Agreement as described in Clause 3.1; 
 “Governmental Agency” means any government or any governmental agency, semi-governmental or judicial entity or authority (including,
without limitation, any stock exchange or any self-regulatory organisation established under statute); 
 “HK Dollar” means
the lawful currency of Hong Kong SAR; 
 “Loan” means a loan made or to be made under the Facility or the principal amount
outstanding for the time being of that loan; 
  

 - 2 - 

 “Material Adverse Effect” means a material adverse effect on (a) the ability of the
Borrower to perform his obligations under this Agreement or (b) the validity or enforceability of this Agreement or the rights or remedies of the Lender under this Agreement; 
 “Maturity Date” means date of maturity of Notes; 
 “Person” means any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated organization, authority or any other entity whether acting in an
individual, fiduciary or other capacity; 
 “PRC” or “China” means the People’s Republic of China
excluding, for the sole purposes of this Agreement, Hong Kong, Macau and Taiwan; 
 “Representation” means each
representation made by the Borrower in Clause 9 and “Representations” means all those representations; 
 “RMB”
means the lawful currency of the PRC; 
 “RMB Equivalent” means, with respect to any monetary amount in a currency other
than RMB, at any time for the determination thereof, the amount of RMB obtained by converting such foreign currency involved in such computation into RMB at the base rate for the purchase of RMB with the applicable foreign currency as quoted by The
People’s Bank of China on the Date of Determination; 
 “Second Priority Equity Pledge” means the second priority equity
pledge agreement dated 19 December 2007 and entered into between the shareholders of Sichuan Opco (being the Borrower and Mr He Da En) as pledgors and the Lender as pledgee in relation to the shares of Sichuan Opco; 
 “Security Documents” means the Assignment of Rights, the Second Priority Equity Pledge and the Subsidiaries Equity Pledge; 
 “Sichuan Opco” means Sichuan Time Share Advertising & Communication Co., Ltd., a company organised under the laws of the PRC;

 “Sichuan Shareholder Loan Agreement” means the loan agreement dated 19 December 2007 between the Borrower as lender
and Sichuan Opco as borrower; 
 “Subsidiaries Equity Pledge” means the equity pledge dated 19 December 2007 and entered
into between Sichuan Opco as pledgor and the Lender as pledgee in relation to Sichuan Opco’s shares in: 
  

	 	(a)	Xi’an Time Share Advertising & Communication Co., Ltd. 

; 

  

 - 3 - 

	 	(b)	Beijing Time Share Advertising & Communication Co., Ltd. 

; 

  

	 	(c)	Chengdu Dayu Weiye Advertising Co., Ltd. 

; and 

  

	 	(d)	Hubei Time Share Advertising & Communication Co., Ltd. 

; 

 “Tax” means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same); and 
 “US$” or “US Dollar” means the lawful currency of the United States of America. 
  

	2.	PURPOSE 

 The purpose of the Loan is to allow the
Borrower to lend the full amount drawn under the Facility to Sichuan Opco pursuant to the Sichuan Shareholder Loan Agreement. The Borrower undertakes to apply all amounts it draws down under the Facility in or towards the satisfaction of such
purpose. 
  

	3.	LOAN 

  

	3.1	The Lender shall grant to the Borrower, upon the terms and subject to the conditions herein, a RMB loan facility in an amount of RMB Equivalent of the Issue Proceeds on the Date of
Determination. 

  

	3.2	Except as otherwise agreed by the Lender, the Borrower shall not deliver the Drawdown Notice hereunder unless each of the following conditions has been satisfied by the Borrower or
waived by the Lender: 

  

	 	3.2.1	the Lender has received evidence that all necessary registrations and other formalities have been completed in order to ensure that this Agreement is valid and enforceable;

  

	 	3.2.2	the Sichuan Shareholder Loan Agreement and each Security Document have been duly executed by the parties thereto; and 

  

	 	3.2.3	all documents and evidence required, pursuant to the terms of any of the documents referred to in Clause 3.2.2 above, has been delivered to the Subscribers upon execution of such
document. 

  

	3.3	The Loan will be made available in full in one Advance. 

  

	3.4	Except as otherwise provided herein, the Advance shall only be made by the Lender to the Borrower if: 

  

	 	3.4.1	the Lender has confirmed to the Borrower that the Issue has paid the Issue Proceeds to the Lender as registered capital and has provided a copy of the conversion invoice dated the
Date of Determination stating the RMB Equivalent of the Issue Proceeds (being the amount available under the Facility); 

  

 - 4 - 

	 	3.4.2	no later than two Business Days (or such shorter period as the Lender may agree) prior to the proposed drawdown date of such Advance, the Lender has received from the Borrower a
duly completed Drawdown Notice in respect of such Advance; 

  

	 	3.4.3	a drawdown notice under the Sichuan Shareholder Loan Agreement duly executed and duly stamped by Sichuan Opco has been delivered to the Borrower (as a lender under the Sichuan
Shareholder Loan Agreement); 

  

	 	3.4.4	the Lender is satisfied that each of the conditions precedent under Clause 3 of the Sichuan Shareholder Loan Agreement has been satisfied by Sichuan Opco; and

  

	 	3.4.5	as at the proposed drawdown date of such Advance: 

  

	 	(a)	no Event of Default has occurred or is continuing; 

  

	 	(b)	the Borrower is not and has not been in breach of any of his obligations under this Agreement; 

  

	 	(c)	each Representation set out in Clause 9 is true, accurate and not misleading; 

  

	 	(d)	all acts, conditions and matters required to be done, fulfilled and performed in order (i) to enable it lawfully to enter into, exercise his rights under and perform and comply
with the obligations expressed to be assumed by it in this Agreement (ii) to ensure that the obligations expressed to be assumed by it in this Agreement are legal, valid and binding and (iii) to make this Agreement admissible in evidence
in the PRC, have been done, fulfilled and performed; and 

  

	 	(e)	the Security Documents have been entered into to secure all amounts owing by the Borrower to the Lender under this Agreement. 

  

	4.	INTEREST 

 There is no interest applicable to the
Loan. 
  

	5.	REPAYMENT 

 The Borrower shall repay the Loan in
full on the Maturity Date. 
  

 - 5 - 

	6.	PREPAYMENT 

 The Borrower may not prepay all or any
part of the Loan. 
  

	7.	TAXES 

  

	7.1	All payments to be made by the Borrower to the Lender hereunder shall be free and clear of and without deduction for or on account of Tax unless the Borrower is required to make
such a payment subject to the deduction of withholding tax, in which case the sum payable by the Borrower in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the
making of such deduction or withholding, the Lender will receive and retain (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or
withholding been made or required to be made. 

  

	7.2	If the Borrower makes any payment to the Lender hereunder in respect of which it is required to make any deduction or withholding, it shall pay the full amount required to be
deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to the Lender, within fourteen (14) days after it has made such payment to the applicable
authority, an original receipt (or a certified copy thereof) issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld in respect of such payment. 

  

	8.	DEFAULT INTEREST AND INDEMNITY 

  

	8.1	If any sum payable by the Borrower hereunder is not paid when due in accordance with this Agreement, the Borrower shall pay interest on such overdue amount (including overdue
default interest) from the date that the amount is overdue to the date of actual payment (both inclusive) at the rate of four (4) per cent per annum. 

  

	8.2	The Borrower shall indemnify the Lender against any actions, charges, claims, costs, damages, demands, expenses, fees, liabilities, losses and proceedings which the Lender may
sustain or incur as a consequence of any default by the Borrower in the performance of any of his obligations under this Agreement. 

  

	9.	REPRESENTATIONS 

 The Borrower makes the
representations and warranties set out in this Clause 9 to the Lender on the date of this Agreement. 
  

	9.1	Power and capacity 

 He has full power and legal
capacity to enter into, execute and deliver this Agreement and to undertake, perform, discharge, observe and comply with all his obligations and liabilities hereunder. 
  

 - 6 - 

	9.2	Legal proceedings 

 He has not taken any action nor
have any steps been taken or legal proceedings been started or (to the best of his knowledge and belief) threatened against him or for his bankruptcy (including, without limitation, by way of voluntary arrangement or scheme of arrangement) or for
the appointment of a guardian, trustee, nominee or similar officer of him or of an or all of his assets or revenues. 
  

	9.3	Binding obligations 

 The obligations expressed to
be assumed by him in this Agreement are legal, valid, binding and enforceable obligations. 
  

	9.4	No conflict 

 The entry into and performance by him
of, and the transactions contemplated by, this Agreement does not and will not conflict with any law or regulations applicable to him or any agreement or instrument binding upon him. 
  

	9.5	Power and authority 

 He has the power to enter
into, perform and deliver, and has taken all necessary action to enter into, perform and deliver, this Agreement and the transactions contemplated by this Agreement. 
  

	9.6	Validity and admissibility in evidence 

 All
Authorisations required or desirable: 
  

	 	(a)	to enable him lawfully to enter into, exercise his rights and comply with his obligations in this Agreement; and 

  

	 	(b)	to make this Agreement admissible in evidence in his domicile, 

 have been obtained or effected and are in full force and effect. 
  

	9.7	Private and commercial acts 

 His execution of this
Agreement constitutes, and his exercise of his rights and performance of his obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 
  

	9.8	No immunity 

 In any proceedings taken in his
domicile in relation to this Agreement, he will not be entitled to claim for himself or any of his assets immunity from suit, execution, attachment or other legal process. 
  

 - 7 - 

	9.9	Material Adverse Effect 

  

	 	(a)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on him or to which any of his assets are subject
which might have a Material Adverse Effect. 

  

	 	(b)	He is not in violation of or non-compliance with any applicable law or regulation which violation or non-compliance might have a Material Adverse Effect. 

 

	 	(c)	No investigation, litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected
to have a Material Adverse Effect have (to the best of his knowledge and belief) been started or threatened, or are pending, against him. 

  

	9.10	Information 

 All information supplied by or on
behalf of him is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect, and does not omit to state any material fact that is necessary to make the statements contained in such
information not misleading in the light of the circumstances under which the statements contained in such information were made. 
  

	9.11	Bankruptcy 

  

	 	(a)	He is able to meet his obligations and pay his debts as they fall due, he does not admit and has not admitted any inability to pay his debts as they fall due and he has not
suspended making payments on any of his debts. 

  

	 	(b)	He has not by reason of actual or anticipated financial difficulties commenced, and does not intend to commence, negotiations with one or more of his creditors with a view to
rescheduling any of his indebtedness. 

  

	 	(c)	He has not been and is not adjudged to be bankrupt by any court in any jurisdiction. 

  

	9.12	Taxes 

  

	 	(a)	He has duly and punctually paid and discharged: 

  

	 	(i)	all Taxes imposed upon him or his assets within the time period allowed without incurring penalties; and 

  

	 	(ii)	all other liabilities from time to time when they fall due and within any applicable grace period (save in each case to the extent that (i) payment is being contested in good
faith; (ii) he has maintained adequate reserves for those Taxes or liabilities; and (iii) payment can be lawfully withheld). 

  

 - 8 - 

	 	(b)	He is not overdue in the riling of any Tax returns. 

  

	 	(c)	No claims are being or are reasonably likely to be asserted against him with respect to Taxes. 

  

	9.13	Pari Passu 

 Under the laws of the PRC in force at
the date hereof, the claims of the Lender against the Borrower under this Agreement will rank at least pari passu with the claims of all his other unsecured creditors save those whose claims are preferred solely by any bankruptcy, insolvency,
liquidation or other similar laws of general application. 
  

	9.14	Encumbrance 

 There is no Encumbrance over all or
any of his present or future revenues or assets, other than any Encumbrance created pursuant to the Security Documents. 
  

	9.15	Fulfilment of Obligations 

 All acts, conditions and
matters required to be done, fulfilled and performed in order (i) to enable him lawfully to enter into, exercise his rights under and perform and comply with the obligations expressed to be assumed by him in this Agreement (ii) to ensure
that the obligations expressed to be assumed by him in this Agreement are legal, valid and binding and (iii) to make this Agreement admissible in evidence in the PRC, have been done, fulfilled and performed as at the date of this Agreement,
save for the payment of stamp duty on this Agreement (if any) by or on behalf of each party hereto. 
  

	9.16	No default 

 No Event of Default is continuing or
might reasonably be expected to result from the making of the Advance. 
  

	10.	COVENANTS 

 The Borrower shall: 
  

	10.1	obtain, comply with the terms of, and do all that is necessary (including the registration, filing, stamping and reporting of this Agreement with or to all relevant Governmental
Agency) to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of the PRC to enable him to lawfully enter into and perform his obligations under this Agreement or to
ensure the legality, validity, enforceability or admissibility in evidence in the PRC of this Agreement; 

  

 - 9 - 

	10.2	after the delivery of a duly completed Drawdown Notice and before the proposed making of the Advance requested therein, notify the Lender of the occurrence of any event which
results in or may reasonably be expected to result in any Representation being untrue, inaccurate or misleading at or before the time of the proposed making of the Advance; 

  

	10.3	promptly inform the Lender of the occurrence of any Event of Default and, upon receipt of a written request to that effect from the Lender, confirm to the Lender that, save as
previously notified to the Lender or as notified in such confirmation, no Event of Default has occurred; 

  

	10.4	ensure that at all times the claims of the Lender against him under this Agreement rank at least pari passu with the claims of all his other unsecured creditors save those
whose claims are preferred by any bankruptcy, insolvency, liquidation or other similar laws of general application; 

  

	10.5	not, without the prior written consent of the Lender, create or permit to subsist any Encumbrance over all or any of his present or future revenues or assets unless such subsequent
Encumbrance is created expressly by its terms to be subject and subordinate to the indebtedness hereunder; and 

  

	10.6	renew and maintain in force, and comply with the terms of, the Security Documents. 

  

	11.	EVENTS OF DEFAULT 

 If: 
  

	11.1	the Borrower fails to pay any sum due from the Borrower hereunder on the date, in the currency and in the manner specified herein; 

  

	11.2	the Borrower fails to comply with any provision of this Agreement or the Security Documents (to which he is a party) (other than those referred to in Clause 11.1 above);

  

	11.3	any Representation or any representation and warranty made by the Borrower in any notice, document, certificate or statement delivered by it pursuant hereto or in connection
herewith was or proves to have been untrue, inaccurate or misleading when made; 

  

	11.4	the Borrower is unable to pay his debts as they fall due, or has taken any action or have any steps been taken or legal proceedings been started against him or for his bankruptcy
(including, without limitation, by way of voluntary arrangement or scheme of arrangement) or for the appointment of a guardian, trustee, nominee or similar officer of him or of an or all of his assets or revenues; 

  

	11.5	there is an occurrence of an event of default under the Sichuan Shareholder Loan Agreement; 

  

	11.6	there is an occurrence of an event of default under the Notes or the Warrants; 

  

 - 10 - 

	11.7	at any time it becomes unlawful for the Borrower to perform any of his obligations hereunder, or any of the obligations of the Borrower hereunder are not legal, valid and binding;
or 

  

	11.8	any Security Document or any of its provisions: 

  

	 	(a)	is revoked, terminated or ceases to be in full force and effect or ceases to provide the security intended, without, in each case, the prior consent of the Lender;

  

	 	(b)	becomes unlawful or is declared void; or 

  

	 	(c)	is repudiated or its validity or enforceability is challenged by any Person and any such repudiation or challenge continues for a period of thirty (30) days and during which
period such repudiation or challenge has no effect; 

 then, and in any such case and at any time thereafter, the Lender may, by
written notice to the Borrower, declare the Loan to be immediately due and payable (whereupon the same shall become so payable together with the Acceleration Premium, accrued default interest thereon and any other sums then owed by the Borrower
hereunder). 
  

	12.	PAYMENTS 

  

	12.1	On each date on which this Agreement requires an amount to be paid by one party to another party hereunder, such party shall make the same available to the other party by payment in
RMB and in immediately available, freely transferable and cleared funds to such account of the other party as such other party shall from time to time have specified in writing for this purpose. 

  

	12.2	In the event any amount hereunder is required to be paid on a day other than a Business Day, such amount shall be payable on the next succeeding Business Day.

  

	12.3	All payments to be made by any party hereunder shall be calculated without reference to any set-off or counterclaim and shall be made free and clear of and without any deduction for
or on account of any set-off or counterclaim. 

  

	13.	ACCOUNTS AND EVIDENCE OF DEBT 

 The Lender shall
maintain accounts evidencing the amounts lent by it hereunder. In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in such accounts shall be conclusive evidence of the existence and amounts of
obligations of the Borrower. 
  

	14.	ASSIGNMENT 

  

	14.1	This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

  

 - 11 - 

	14.2	The Borrower shall not be entitled to assign or transfer all or any of his/its rights, benefits or obligations hereunder. 

  

	15.	LAW AND JURISDICTION 

  

	15.1	This Agreement shall be governed by and be construed in accordance with the PRC laws. 

  

	15.2	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration.

  

	15.3	The appointing authority shall be China International Economic and Trade Arbitration Commission (“CIETAC”) and the arbitration shall be conducted in accordance with
the CIETAC’s arbitration rules in effect at the time of arbitration and as may be amended by the rest of this Clause. The place of arbitration shall be in Beijing and the language of the arbitration shall be English. 

 

	15.4	The arbitral tribunal (the “Tribunal”) shall consist of three arbitrators: one to be appointed by the Lender, one to be appointed by the Borrower and the third to
be appointed by mutual agreement between the first two arbitrators already appointed or, failing agreement within 30 days, by the then Chairman of the CIETAC. It is hereby expressly agreed that if there is more than one claimant, party and/or more
than one respondent party, the claimant parties shall together nominate one arbitrator and the respondent parties shall together nominate one arbitrator. If the claimant or respondent parties fail to agree upon a nominee within 30 days of the first
written proposal by one of the claimant or respondent parties to the others, the CIETAC shall proceed to appoint an arbitrator on their behalf. 

  

	15.5	The award of the Tribunal shall be final and binding and shall be the exclusive remedy among the parties regarding any claims, counterclaims, issues, or accountings presented to the
Tribunal. To the fullest extent allowed by applicable laws, each party hereby waives any right to appeal such award. Judgment upon the award may be entered in any court having jurisdiction thereof. 

  

	15.6	By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of
arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies in aid of arbitration as may be available under the jurisdiction of a court, the Tribunal shall have full authority to request the court to
grant provisional remedies and to award damages for the failure of any person to respect the Tribunal’s orders to that effect. 

  

	15.7	 The costs of the arbitration shall be allocated between the relevant parties by the arbitrators and shall be set forth in the arbitral award in accordance with the
Rules. Any amounts subject to dispute that are ultimately awarded (a) in US dollars shall bear interest at the Federal Funds Rate in effect from time to time and published by the US Federal Reserve Board of Governors, and (b) in HK dollars
shall bear interest at the rate that is 1% above the best lending rate for HK dollars in effect from time to 

  

 - 12 - 

	 	 
time and quoted by The Hongkong and Shanghai Banking Corporation Limited, in each case, from the earlier of (i) the date of the request for arbitration,
and (ii) the date such amount would have become due and owing but for the dispute until the date the arbitral award is paid in full. 

  

	16.	MISCELLANEOUS 

  

	16.1	This Agreement is written and executed in English. 

  

	16.2	No failure by any party to exercise, nor any delay by any party in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

  

	16.3	If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

  

	16.4	Any notice, demand or other communication required to be given or made under this Agreement shall be in writing in the English language and shall be delivered personally, or sent by
post pre-paid (or air mail if overseas) or by fax, to each of the relevant parties at the address or fax number set out below: 

 HE JI LUN 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 

			
	For the attention of:	  	He Ji Lun
	Fax Number:	  	+ 86 10 8769 7911

 XI’AN TIME SHARE TECHNOLOGY & INFORMATION CO., LTD. 
 Dayu Building, Beijing Representative Office of Sichuan Provincial Government 
 No. 312 Long Zhao Shu, Xiao Hong Men Street 
 Chaoyang District, Beijing 100078 
 The People’s Republic of China 

			
	For the attention of:	  	The Board of Directors
	Fax Number:	  	+ 86 10 8769 7911

  

	16.5	This Agreement may be executed in any number of counterparts each of which shall constitute one and the same instrument. 

  

 - 13 - 

 SCHEDULE 1 
 DRAWDOWN NOTICE 
  

	From:	HE JI LUN, 

 

  

	To:	XI’AN TIME SHARE TECHNOLOGY & INFORMATION CO., LTD. 

 Dear Sirs, 
  

	1.	I refer to the loan agreement (the “Loan Agreement”) dated 19 December 2007 executed between you as the lender and I as the borrower. Terms defined in the Loan
Agreement shall have the same meanings when used in this notice. 

  

	2.	I hereby notify you that, pursuant to the Loan Agreement, I intend to borrow an Advance upon the terms and subject to the conditions contained in the Loan Agreement in an
amount of RMB Equivalent of the Issue Proceeds as of the Date of Determination. 

  

	3.	I hereby confirm that, as at the date hereof, each of the conditions set out in Clause 3.2 of the Loan Agreement remains satisfied. 

  

	 4.
	 The proceeds of the Advance shall be credited to [insert account details of Sichuan Opco]1 no later than [insert date].

 Yours faithfully 
  

	
	  

	HE JI LUN, 

	Date:

  
  
  
  
  
  

	1	Insert account details of Sichuan Opco. 

  

 - 14 - 

 IN WITNESS WHEREOF the duly authorised representatives of the parties hereto have caused this Agreement to be
executed on the day first mentioned. 
 Lender 
 XI’AN TIME SHARE TECHNOLOGY & INFORMATION CO., LTD. 
  

			
	 

 /s/ He Ji Lun

	Name:	 	He Ji Lun
	Title:	 	Chief Executive Officer

 Borrower 
  

	
	HE JI LUN 

	
	 /s/ He Ji Lun

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