Document:

Exhibit 4.52 

 

[Note: Translation from the original agreement
written in Chinese]

 Execution
Copy

 

Eighth Amended and Restated Loan Agreement

 

The Eighth Amended and Restated Loan Agreement is executed
on September 7, 2015 by the following parties:

 

eLong, Inc. (hereinafter “Party A”)

Legal Address: 4th Floor, Hutchence David Century Garden,
George Town, Grand

Cayman, Cayman Islands

 

Hao Jiang (hereinafter "Party B")

Residence: Room 601, Building No. 63, No. 316, Gumeixi
Road, Minhang District, Shanghai

ID No.:

 

Rong Zhou (hereinafter "Party C")

Residence: Room 101, Building No. 41, No. 300, Xiaxi
Road, Changning District, Shanghai

ID No.: 

 

eLongNet Information Technology (Beijing) Co., Ltd. (hereinafter
“Party D”)

Address: No. 10 Middle Jiuxianqiao Road, Chaoyang District,
Beijing

 

Each party hereto shall be called a “Party” and
together the “Parties”

 

Whereas: 

 

		1.	Party A is a company registered in the Cayman Islands; Party D is a wholly foreign owned enterprise registered and validly existing under the laws of PRC.

 

		2.	Party B and Party C are the citizens of the People’s
Republic of China and collectively hold 100% equity interest in Beijing eLong Information Technology Co., Ltd. (“Beijing
eLong”).

 

		3.	Party A, and Guangfu Cui and Haochuan Ding, the former individual shareholders who then collectively held 100% of Beijing eLong, previously entered into a Seventh Amended and Restated Loan Agreement on November 10, 2014, under which Party A provided Guangfu Cui and Haochuan Ding with loans totaling RMB16,000,000, of which 14,000,000 was to Guangfu Cui and RMB 2,000,000 was to Haochuan Ding.

 

		4.	Pursuant to the Equity Interest Transfer Agreement entered into by Party B, Party C, Guangfu Cui and Haochuan Ding on September 7, 2015; and pursuant to the Debt Transfer Agreement entered into by Party A, Party B, Party C, Party D, Guangfu Cui and Haochuan Ding on September 7, 2015, the 100% interest in Beijing eLong formerly and collectively held by Guangfu Cui and Haochuan Ding, and all rights and obligations pertaining thereto, have been transferred to Party B and Party C.

 

		5.	In order to reflect Party B and Party C’s succession to former loan agreement, Party A, Party B, Party C and Party D hereby decide to amend and restate the former loan agreement.

 

NOW THEREFORE, Party A, Party B, Party C and Party D
through friendly negotiations hereby agree to and abide by the agreement as set forth below:

 

		1.	Party A agrees to provide Party B and Party C with a loan totaling RMB16,000,000, of which RMB14,000,000 is to Party B and RMB 2,000,000 to Party C, in accordance with the terms and conditions under the Agreement; Party B and Party C agree to accept this loan. For the avoidance of doubt, the Parties confirm that Party A has already provided this loan to Party B and Party C.

 

		2	The parties agree and confirm that the considerations
paid by Party B and Party C to purchase the equity interests in Beijing eLong or the increased registered capital subscribed for
Beijing eLong in the future shall be borrowed by Party B and/or Party C from Party D. The parties agree to enter into a supplementary
agreement on such new loan according to this agreement. Party B and Party C cannot request any loan alone or from any third party
other than Party A or Party D in order to obtain and pay the above transfer considerations and/or increased registered capital,
unless agreed by Party A in writing.

 

     

     

    

 

		3	The parties confirm that as requested by Party A and
Party C and to the extent permitted by PRC laws, Party A may transfer its creditor’s rights in Party B and Party C to Party
D, or Party D grants a loan to Party B and Party C in order to repay the loan of Party B and Party C from Party A.

 

		4.	Party B and Party C agree that the loan shall be used only as the paid-in registered capital of Beijing eLong or to be invested in Beijing eLong in other forms. Party B and Party C shall not use the loan for any other purpose without the written consent of Party A.

 

		5.	In order to ensure that Beijing eLong’s cashflow meets the requirements of its daily operations and covers for any losses, to the extent permitted by PRC law, Party A and/or Party D shall provide financial support to Beijing eLong, whose shares are held by Party B and Party C. Party A’s financial support shall be in the form of loans, and the Parties shall enter into additional agreements with respect to such support. If Beijing eLong is incapable of repaying such loans, Party A and/or Party D agree to not require Beijing eLong to make such repayment.

 

		6.	The following are preconditions to the loan provided by Party A to Party B and Party C:

 

	 	(1)	Party B, Party C and Party D have formally executed an Equity Interest Pledge Agreement (“Equity Interest Pledge Agreement”), according to which Party B and Party C agree to pledge all their equity interests in Beijing eLong to Party D.

	 	(2)	Party B, Party C, Party A and Party D have formally executed an Exclusive Purchase Right Agreement as set forth in Section 7 below (“Exclusive Purchase Right Agreement”), according to which, to the extent permitted by PRC law, Party B and Party C grant Party A the right to purchase all or part of their equity interests in Beijing eLong.

	 	(3)	The above-mentioned Equity Interest Pledge Agreement and Exclusive Purchase Right Agreement are in full effect, and no party is in breach of the foresaid agreements. In addition, all relevant filing procedures, approvals, authorizations, registrations and governmental proceedings (if needed) have been obtained or completed.

	 	(4)	The representations and warranties of Party B and Party C under Section 12 are true, complete, correct and not-misleading.

	 	(5)	Party B and Party C have not breached any of their commitments under Section 13 and Section 14 of this Agreement. There is no existing or foreseeable event that may affect Party B and Party C’s performance of the obligations hereunder.

 

		7.	Party A, Party B and Party C hereby agree and confirm that, as permitted by and within the scope of PRC law, Party A has the right but not the obligation, at any time, to buy or designate other persons (legal person or natural person) to purchase all or a portion of the equity interests of Party B and Party C in Beijing eLong (the “Purchase Right”); provided that Party A shall notify Party B and Party C in writing of the purchase of equity interests. Once Party A has issued the written notice executing the purchase right, Party B and Party C shall immediately transfer their equity interests in Beijing eLong to Party A or any other person as designated by Party A at the original investment price or other price as agreed by Party A. Party A, Party B, and Party C agree to sign an exclusive purchase right agreement in respect of the aforesaid matters.

 

		8.	Party B and Party C agree that, once they transfer their equity interest in Beijing eLong to Party A or such person designated by Party A pursuant to the terms of the exclusive purchase right agreement, any proceeds raised from the transfer shall be paid promptly to Party A as repayment of the loan under this Agreement.

 

		9.	The Parties agree and confirm that, unless otherwise set forth in this Agreement, the loan under this Agreement shall be deemed an interest-free loan. However, in the event that an appraisal is required under applicable law at the time of the shareholding transfer stipulated in section 5, and the equity interest transfer price is higher than the principal of the loan, the amount greater than the principal shall be paid back to Party A as interest on the loan or cost of capital. If PRC law forbids such shareholding transfer, Party B and Party C shall pay the excess amount to Party A or entity or person designated by Party A in a manner in accordance with PRC law.

 

     

     

    

 

		10.	The term for the loan hereunder is twenty (20) years, beginning on the date of execution of this Agreement (the “Loan Term”). Upon expiry of the Loan Term, the Loan Term shall be automatically extended for additional 20 year terms, and such extensions may be without limit. The effectiveness of this agreement shall be the same as the loan. Party A may unilaterally terminate this agreement or the Loan Term at any time by notice to Party B and/or Party C.

 

		11	However, during the initial or any subsequent Loan Terms,
the following events shall be deemed to be Party A immediately accelerating the loan:

 

	 	(1)	Party B and/or Party C quits from, or is dismissed by, Party A or its affiliates;

	 	(2)	Party B and/or Party C becomes deceased or becomes a person without capacity or with limited capacity for civil acts;

	 	(3)	Party B and/or Party C commits, or is involved in, a crime;

	 	(4)	Any third party claims more than RMB100,000 against Party B or Party C; or

	 	(5)	PRC law permits Party A or other person designated by Party A to invest in the internet information service business and other businesses of Beijing eLong, and according to the Exclusive Purchase Right Agreement, Party A issues a written notification to Party B or Party C for the purchase of, and carries out the purchase, of their respective shareholding interest in Beijing eLong.

 

At loan maturity, the relevant borrower (or
its successor or transferee) shall promptly transfer its equity interest in Beijing eLong to the person designated by Party A (or
to Party A if permitted by PRC law). Any proceeds raised from the transfer shall be paid to Party A as the repayment of the loan
and the right and obligations under this Agreement of such borrower shall terminate simultaneously.

 

		12.	Party A represents and warrants to Party B and Party C that, on the execution date of this Agreement,

 

	 	(1)	Party A is a company registered in, and validly existing under laws of, the Cayman Islands. Party D is a wholly foreign owned enterprise registered and validly existing under the laws of PRC.

	 	(2)	Party A and Party C each has the right to enter into and perform this Agreement. Party A and Party D each has the right, under its business scope, articles of association and other organizational documents, and power and has obtained all necessary and appropriate approval and authorization to enter into and perform this Agreement;

	 	(3)	The execution and the performance of this Agreement does not contravene any laws, regulations, governmental approvals, authorizations, notifications, other government documents binding on Party A and Party D, and does not contravene any contracts Party A and Party D each has executed with, or commitments made to, any third party; and

	 	(4)	Upon execution, this agreement shall constitute a legal, valid and binding obligation of Party A and Party D, enforceable in accordance with its terms.

 

		13.	Party B and Party C each represents and warrants to Party A and Party D that, from the execution date to the termination date of this Agreement:

 

	 	(1)	Beijing eLong is a limited liability company registered and validly existing under the laws of PRC. Party B and Party C legally hold the shares of Beijing eLong;

	 	(2)	Party B and Party C each has the right to enter into and execute this Agreement. Party B and Party C each has the right, under its articles of association and other organizational documents, and has obtained all necessary and appropriate approval and authorization to enter into and perform this Agreement;

	 	(3)	The execution and the performance of this Agreement does not contravene any laws, regulations, governmental approvals, authorizations, notifications, other government documents binding on Party B or Party C, and does not contravene any contracts Party B or Party C has executed with, or commitments made to, any third party; and

	 	(4)	Upon execution, this agreement shall constitute a legal, valid and binding obligation of Party B and Party C, enforceable in accordance with its terms.

	 	(5)	Party B and Party C have fully paid the registered capital contributions for their equity in Beijing eLong in accordance with applicable laws and regulations and have obtained capital contribution verification report issued by a qualified accounting firm;

 

     

     

    

 

	 	(6)	Other than pursuant to the terms of the Equity Pledge Agreement, Party B and Party C have not created a pledge, mortgage or any other security, nor made a third party any offer to transfer their shareholding in Beijing eLong, nor have they accepted an offer of any third party to purchase their equity, nor executed any agreement with a third party to transfer the shareholding of Party B or Party C;
	 	(7)	There is no dispute, lawsuit, arbitration, administrative or other proceeding related to the shareholding of Beijing eLong held by Party B and Party C, or any threatened dispute, lawsuit, arbitration, administrative or other proceeding involving Party B and Party C and/or the shareholding held by Party B and Party C; and

	 	(8)	Beijing eLong has completed all governmental approvals, authorizations, licenses, registrations, and filings to possess its assets and to carry out the business within the scope of its business license.

 

		14.	Party B and Party C covenant that, during the term of this Agreement, they shall:

 

	 	(1)	Unless specifically permitted by this Agreement, not sell, transfer, mortgage, dispose of in any other way, or create other security interest on, any of its shareholding in Beijing eLong without Party A’s prior written consent;

	 	(2)	Use the proceeds of the loan under this Agreement, only for equity investment in Beijing eLong. Without the prior consent of Party A, Party B and Party C shall not transfer the shareholding to any third party or create, derive any benefit or set any mortgage thereon.

	 	(3)	Unless requested by Party A, not, through any means, make early repayment of the loan.

	 	(4)	Without Party A’s prior written consent, not to consent, support or execute any resolution in the shareholders’ meeting of Beijing eLong for the sale, transfer, mortgage, any other disposal of Beijing eLong’s shareholding or equity interest or to create any other security interest of Beijing eLong’s legal right of equity or equity interest, unless the counterparty is Party A or person designated by Party A;

	 	(5)	Without Party A’s prior written consent, not consent, support or execute any resolution in the shareholders’ meeting of Beijing eLong for the merger or combination with, acquisition or investment in, any person;

	 	(6)	Promptly inform Party A of the pending or threatened suit, arbitration or regulatory procedure concerning the shares of Beijing eLong;

	 	(7)	Execute all necessary or appropriate documents, take all necessary or appropriate action and bring all necessary or appropriate lawsuit or make all necessary and appropriate defense against all claims, in order to maintain the shareholding interest in Beijing eLong;

	 	(8)	Take no action or inaction that may materially affect the assets, business and liabilities of Beijing eLong without Party A’s prior written consent;

	 	(9)	Upon Party A’s request, appoint any person to be the director of Beijing eLong;

	 	(10)	Transfer promptly and unconditionally at once all of the shareholding of Beijing eLong to Party A or designee of Party A, and cause the other shareholders of Beijing eLong to waive their right of first purchase to such equity, as requested by Party A, provided that such transfer is permitted under the PRC laws;

	 	(11)	Not request Beijing eLong to issue dividends or allocate its allocable profits to Party B and Party C;

	 	(12)	Cause the other shareholder of Beijing eLong to transfer promptly and unconditionally at once all of its shareholding of Beijing eLong to Party A or designee of Party A, and cause the other shareholders of Beijing eLong to waive their right of first purchase to such equity, as requested by Party A, provided that such transfer is permitted under the PRC laws;

	 	(13)	Promptly pay Party A any proceeds raised from the transfer of the shareholding of Party B or Party C to Party A or person designated by Party A;

	 	(14)	Comply strictly with the terms of this Agreement and the Exclusive Purchase Right Agreement, fully perform all obligations under such contracts and do nothing affecting the validity and enforceability of such contracts;

	 	(15)	If the dissolution or liquidation of Beijing eLong is required under PRC law, Party B and Party C shall cause Beijing eLong, to the extent permitted by applicable law, to sell the assets of Beijing eLong at the lowest possible price, and use any proceeds to repay the loan to Party A; and

	 	(16)	In the event of mandatory dissolution or liquidation discussed above, Party B and Party C shall pay Party A any additional benefit derived from nonreciprocal transfer. If PRC law bars such transfer, Party B and Party C shall make such payment to Party A or its designee in a manner in accord with applicable law.

 

     

     

    

  

		15.	Party B and Party C, as major shareholders of Beijing eLong, agree that they shall cause Beijing eLong, to perform the following obligations during the term of this Agreement,

 

	 	(1)	Not to supply, amend or modify its articles of constitution, to increase or decrease its registered capital, or to change its capital structure in any way without Party A’s prior written consent;
	 	(2)	Subject to good financial and business rules and practices, to maintain and operate its business and handle matters prudently and effectively;

	 	(3)	Not to sell, transfer, mortgage, dispose of in any other way, or to create other security interest on, any of its assets, business or legal right to collect interests without Party A’s prior written consent;

	 	(4)	Without Party A’s prior written consent, not to create, succeed to, guarantee or permit any debt, except (i) debt arising in the course of the ordinary or daily business operation, but not arising from the loan, and (ii) debt which was previously reported to Party A or approved in writing by Party A;

	 	(5)	To operate the business of Beijing eLong in the ordinary course in order to maintain the value of its assets;

	 	(6)	Without Party A’s prior written consent, not to execute any material contracts (for this clause, a contract will be deemed material if the value of it exceeds RMB100,000) except those executed during the ordinary course of business;

	 	(7)	To provide all operational and financial information to Party A, if requested by Party A;

	 	(8)	Not to merge or combine with, buy or invest in, any other person without Party A’s prior written consent;

	 	(9)	Without Party A’s prior written consent, not to issue dividends to each shareholder in any form, however, Beijing eLong shall promptly allocate all its allocable profits to each of its shareholders upon Party A’s request;

	 	(10)	To promptly inform Party A of any pending or threatened suit, arbitration or regulatory notice concerning the assets, business or income of Beijing eLong;

	 	(11)	To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring all necessary or appropriate lawsuits or to make all necessary and appropriate defenses against all claims, in order to maintain the ownership by Beijing eLong of its assets;

	 	(12)	To comply strictly with the terms under the technical service contract and other contracts, fully perform all obligations under such contracts and do nothing affecting the validity and enforceability of such contracts.

 

		16.	Party B and Party C further agree that, they shall pledge their complete shareholding in Beijing eLong to Party D as a guarantee of the payment obligation of Beijing eLong under the technical service contract. Party B and Party C shall promptly handle procedures for the registrations of the pledge at the company registration authority after execution of this Agreement.

 

		17.	The Agreement shall be binding on the Parties and their assigned and permitted transferees, and executed only for their interest. Without the prior written consent of the other Party, no party shall transfer, pledge or transfer in any other way the rights, interest or obligations under this Agreement.

 

		18.	The execution, validity, interpretation, performance, modification, termination and settlement of disputes of this Agreement shall be governed by PRC law.

 

		19.	Arbitration

 

	 	(1)	Any dispute, controversy or claim arising from the agreement or relating with the agreement (including any issue relating with the existence, validity or termination of the agreement) should be submitted to China International Economic and Trade Arbitration Commission (the “Arbitration Commission”). The Arbitration Commission shall conduct arbitration in accordance with the rules of Arbitration in effect on the date of application. The arbitration award shall be final and binding upon both parties.

	 	(2)	The arbitration site shall be in Beijing.

	 	(3)	The arbitral language shall be Chinese.

 

     

     

    

 

	 	(4)	The arbitral panel shall be composed of three arbitrators. Each party should respectively appoint an arbitrator, the chairman of the arbitral panel shall be appointed by both parties through consultation. In case both parties do not agree on the person selected for the chief arbitrator within twenty days from the date of their respective arbitral appointments, the director of the Arbitration Commission shall have the right to appoint the chief arbitrator. The chief arbitrator shall not be a Chinese citizen or United States citizen.

	 	(5)	Both parties agree that the court of arbitration established according to the regulation shall have the right to provide specific performance in accordance with PRC law (including but not being limited to Law of Contract of the People’s Republic of China). For the avoidance of doubt, both parties confirm that any court having jurisdiction (including PRC courts) may carry out specific performance of the arbitral award.

	 	(6)	Both parties agree to conduct arbitration in accordance with this Section, and irrevocably waive the right to appeal, reexamine or prosecute to national court or other judicial body in any form, subject to the effectiveness of this waiver. However the waiver of both parties does not include any post-arbitration injunction, post-arbitration distress warrant or other command issued by any court having jurisdiction (including PRC Court) for terminating the arbitration procedure or carrying out any arbitral award.

 

		20.	This Agreement shall be effective as of the date first set forth above and shall remain in force until all obligations of the Parties are been fully performed.

 

		21.	In no circumstances do Party B and Party C have a right of early termination of this Agreement.

 

		22.	The Parties may enter into agreements to amend or supplement this Agreement; Party A has the right to amend or supplement this Agreement, and Party B and Party C shall cooperate and unconditionally sign any additional documents. Any outstanding issues of this agreement, if any, shall be supplemented by parties hereto through signing a written agreement. Any amendment, change and supplement executed by all the parties and any appendix of this Agreement shall be the indispensable part of this Agreement.

 

		23.	This Agreement contains the full text of the agreement between the Parties, and replaces all prior oral negotiations or written opinions regarding the matters contained herein.

 

		24.	This Agreement is severable; any invalid or unenforceable clause of this Agreement will not affect the effectiveness and enforceability of other clause of this Agreement.

 

		25.	All the parties shall strictly protect and maintain the confidentiality of all business, operations and financial data acquired from the other Parties under this Agreement.

 

		26.	This Agreement is in triplicate and each Party holds one copy. Each original has the same legal effect.

 

[No text hereunder]

 

 [signature page
of Amended and Restated Loan Agreement]

 

Party A: eLong, Inc.

	Authorized Representative (Signature):	/s/ Hao Jiang	 

 

Party B: Hao Jiang

	Signature:	/s/ Hao Jiang	 

 

Party C: Rong Zhou

	Signature:	/s/ Rong Zhou	 

 

Party D: eLongNet Information Technology (Beijing) Co.,
Ltd.

	Authorized Representative (Signature):	 /s/Guangfu CuiExhibit 4.53 

 

[Note: Translation from the original agreement
written in Chinese]

 

Execution Copy

 

Equity Interests Pledge Agreement 

 

This Equity Interests Pledge Agreement (the “Agreement”)
is entered into on the day of    September 7, 2015 by and between the following parties:

 

Pledgee: eLongNet Information Technology (Beijing)
Co., Ltd.

Address: 10 Jiuxianqiao Road, Chaoyang District, Beijing

Legal Representative: Guangfu Cui

 

Pledgor: Hao Jiang

Address: Room 601, Building No. 63, No.
316, Gumeixi Road, Minhang District, Shanghai

ID No.:

 

Rong Zhou

Address: Room 101, Building No. 41, No. 300, Xiaxi Road, Changning
District, Shanghai

ID No.:

 

Each party hereto shall be referred to as a “Party”
and together the “Parties”.

 

WHEREAS,

 

		(1)	Beijing eLong Information Technology Co., Ltd. (“Beijing eLong”) is a limited liability company registered under
the laws of the People’s Republic of China (“China”). Beijing eLong is qualified to engage in Internet information
service, and operates the website www.elong.com ( “eLong.com”);

 

		(2)	The Pledgor has agreed that Pledgee is the exclusive technical services supplier to Beijing eLong, providing operations and
technical service to eLong.com, and licensing certain trademark and domain names to Beijing eLong;

 

		(3)	Beijing eLong has agreed to cooperative with Pledgee to engage in the online hotel booking business and other businesses via
elong.com;

 

		(4)	Pledgee has provided Pledgor Hao Jiang and Rong Zhou a total of RMB16 million in loans; including RMB14 million to Hao Jiang
and RMB2 million to Rong Zhou; Beijing eLong and the shareholders of Beijing eLong have agreed that, without the prior written
consent of the Pledgee, Beijing eLong will not conduct any business activities that may have a material adverse effect on its capital,
debt or rights;

 

		(5)	In order to ensure (i) the repayment of loans by Pledgor; (ii) that Beijing eLong performs its payment obligations for the
technical services provided and software license provided to eLong.com by Pledgee; (iii) that Beijing eLong performs its obligations
and accepts responsibilities to Pledgee under the relevant agreements (including but not limited to obligations of Beijing eLong
or Pledgor to make all payments (including legal fees) and payment for any losses, interest, breach, expenses for realization of
creditor’s rights) as stated herein Pledgor is willing to pledge all of its equity interests in Beijing eLong (as defined
below) to Pledgee as pledge security.

 

     

     

    

 

NOW THEREFORE, the Pledgee and the Pledgor through mutual
negotiations hereby enter into this Agreement with the following terms:

 

1. Definitions 

Unless otherwise provided in this Agreement, the following terms
shall have the following meanings:

 

		1.1	Pledge: means the full contents of Section 2 of this Agreement.

 

		1.2	Equity Interest: means all equity interests in Beijing eLong legally held by Pledgor.

 

		1.3	Pledge Term: means the period provided for under Section 3.2 of this Agreement.

 

		1.4	Event of Default: means any event in accordance with Section 7.1 of this Agreement.

 

		1.5	Notice of Default means the notice of default issued by Pledgee in accordance with this Agreement.

 

		2.	Pledge

		2.1	The Pledgor agrees to pledge all its equity interests in Beijing eLong (Hao Jiang holds 87.5% shareholding of Beijing eLong
for paid-in capital of RMB14 million; Rong Zhou holds 12.5% of Beijing eLong for paid-in capital of RMB2 million), including all
rights, ownership and benefits to the Pledgee, and shall, as requested, transfer or assign these rights, ownership and benefits
as security, such that the Pledgee has priority secured interest with respect to: all current or future rights, ownership, earnings,
dividends and all other benefit, and all return of capital, all voting power associated with the shareholding, and all notices
or other matters relating to the shareholding (“Pledged Equity Interest”).

 

		2.2	During the Pledge Term, the Pledgee has the right to receive all dividends and other distributed profits relating to the equity
interest. During the Pledge Term, the Pledgor shall instruct the company not to distribute any dividends, profits or other distribution
plan; if Pledgor receives any dividends, profit distribution or other economic benefits from the equity interest, Pledgor shall,
in accordance with Pledgee’s instructions, transfer such proceeds to a designated account of Pledgee, and shall not move
such proceeds without the prior written consent of Pledgee. During the Pledge Term, if the Pledgor buys any newly issued capital
of the company (“New Equity”), the New Equity shall automatically become part of the Pledge under the terms of this
agreement.

 

		3.	Secured Obligation and Pledge Term

		3.1	Secured Obligation

 

3.1.1 The Parties understand and confirm that the value of the
secured obligation will fluctuate up to the settlement date. Accordingly, based on the reasonable appraisal of the Pledgor and
Pledgee, both Pledgor and Pledgee confirm and agree, that prior to the settlement date, the maximum value of the secured obligation
shall be RMB4 billion (“Maximum Value”), of which Hao Jiang’s shareholding has a secured obligation of RMB3.5
billion and Rong Zhou’s shareholding has a secured obligation of RMB500 million. Based on fluctuation in value, Pledgor and
Pledgee can adjust the Maximum Value prior to the settlement date by entry, from time to time, into contract amendments.

 

3.1.2 If any of the following events occur (“Settlement
Cause”), the value of the secured obligation shall be determined as of the most recent prior date or the date of the occurrence.

 

(a)   The termination or
expiration of all or any other relevant agreements;

 

(b)   Occurrence of, and
failure to cure, an event of default under Section 7 of this Agreement, causing Pledgee to issue a notice of default under Section
7.3 to the relevant Pledgor;

 

(c)   Pledgee, based on appropriate
inquiry, reasonably believes that Pledgor and/or Beijing eLong have lost the ability to make repayment, or may be unable to repay;
and

 

(d)   Other circumstances
requiring determination of the value of the secured obligation under PRC law.

 

3.1.3.         For
the avoidance of doubt, the date of occurrence of the Settlement Cause shall be the settlement date (the “Settlement Date”).
Pledgor has the right, in accordance with Section 8, to exercise the Pledge on the Settlement Date or thereafter.

 

     

     

    

 

		3.2	Pledge Term

 

3.2.1 After entry into this
Agreement, the Parties shall register the Pledge with the SAIC of the site of incorporation of Beijing eLong, and Pledgor shall
provide a copy of the pledge registration and application with the SAIC to Pledgee within 7 days.

 

3.2.2 The Pledge shall take effect as of the date when
the equity interests under this Agreement are recorded with the SAIC, and shall terminate on the occurrence of either of the following
two events: (i) the secured obligation has been fully repaid or settled through other means, or (ii) Pledgee achieves complete
control over the secured obligation and exercises that control under the terms of this Agreement.

 

		4.	Physical Possession of Documents

		4.1	During the Pledge Term of this Agreement, the Pledgor shall deliver possession of the Certificate of Funding and the Shareholder
Register of Beijing eLong to the Pledgee within one week from the date of entry into this Agreement.

 

		4.2	The Pledgee shall be entitled to receive all dividends from the equity interests.

 

		4.3	The pledge in this Agreement shall be record in the Shareholders’ Register of Beijing eLong.

 

5. Declarations of Pledgor

		5.1	Pledgor is the legal owner of the equity interests, and
has the right to use the equity interests as a security for Pledgee.

 

		5.2	Pledgor has not pledged or encumbered the equity interests to any person other than Pledgee.

 

		5.3	During the Pledge Term, once Pledgee exercises the Pledge
in accordance with this Agreement, there shall be no legal objection or obstacle from any other party.

 

		5.4	Pledgee has the right, under applicable law and this Agreement, to exercise the Pledge.

 

		5.5	Pledgor has obtained all necessary consents and is fully
authorized to enter into and perform the obligations of this Agreement; entry into this Agreement does violate any law or contravene
other contracts or agreements.

 

		5.6	There is no pending civil, administrative or criminal litigation,
administrative penalty or arbitration relating to the equity interests, and no such civil, administrative or criminal litigation,
administrative penalty or arbitration will occur.

 

		5.7	There are no unpaid taxes, fees or unresolved legal procedures,
processes, etc. relating to the equity interests.

 

		5.8.	This Agreement contains the authentic expression of the
intent of the Parties, and is binding and enforceable.

 

		6.	Representations and Warranties of Pledgor

		6.1	During the effective term of this Agreement, in the interests of Pledgee, Pledgor covenants to Pledgee that Pledgor shall:

 

		6.1.1	Not transfer or assign the equity interests, create or permit to create any pledges, which may have an adverse effect on the
rights or benefits of the Pledgee; unless the Parties have agreed otherwise.

 

		6.1.2	Comply with and implement laws and regulations with respect to the pledge of rights, present to Pledgee the notices, orders
or suggestions with respect to the Pledge issued or made by the competent authority within five days upon receiving such notices,
orders or suggestions and comply with such notices, orders or suggestions, or object to the foregoing matters at the reasonable
request of the Pledgee or with consent from the Pledgee.

 

     

     

    

 

		6.1.3	Promptly notify Pledgee of any events or any received notices which may affect or adversely influence the Pledgor’s equity
interest or any part of its right, and any events or any notices which may change any of Pledgor’s covenants and obligations
under this Agreement.

 

		6.2	Pledgor agrees that the Pledgee’s right of exercising the Pledge obtained from this Agreement shall not be suspended
or hampered through legal procedure by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or
any other person.

 

		6.3	Pledgor warrants to the Pledgee that in order to protect or perfect the security over the payment of the fees and performance
of the obligations under the relevant agreements, the Pledgor shall execute in good faith and cause other parties who have interests
in the pledge to execute all the title certificates, agreements, and or perform and cause other parties who have interests to take
action as required by the Pledgee and assist the exercise of the rights and authorization vested in the Pledgee under this Agreement.

 

		6.4	Pledgor warrants to Pledgee that Pledgor shall execute all documents with respect to the changes of certificate of equity interests
with the Pledgee or the person (natural person/legal entity) designated by the Pledgee and, within a reasonable time, provide all
notices, orders and decisions regarded as necessary by the Pledgee.

 

		6.5	Pledgor warrants to the Pledgee that the Pledgor will comply with and perform all guarantees, covenants, agreements, representations
and conditions for the benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons
that the Pledgor does not perform or fully perform their guarantees, covenants, agreements, representations and conditions.

 

7. Events of Default

		7.1	The following events shall be deemed events of default:

 

		7.1.1	Beijing eLong fails to make full payment as required under the relevant terms and agreements, or fails to perform the other
obligations of the relevant agreements;

 

		7.1.2	The Pledgor makes any material misleading or fraudulent representations or warranties under Section 5 herein, and/or the Pledgor
is in violation of any warranties under Section 6 herein;

 

		7.1.3	The Pledgor violates any provisions of this Agreement;

 

		7.1.4	The Pledgor waives the pledged equity interests or transfers or assigns the pledged equity interests without prior written
consent from the Pledgee;

 

		7.1.5	The Pledgor is unable to repay any general debt or other debts. Any external loan, security, compensation, covenants or any
other compensation liabilities of the Pledgor is (1) required to be repaid or performed prior to the scheduled date; or is (2)
due but cannot be repaid or performed as scheduled, and thereby causes Pledgee to deem that the Pledgor’s capacity to perform
the obligations herein is affected;

 

		7.1.6	This Agreement is illegal due to the promulgation of the related laws which cause the Pledgor to be unable to continue to perform
the obligations herein;

 

		7.1.7	Any approval, permit, license or authorization from the competent authority of the government needed to perform this Agreement
or validate this Agreement is withdrawn, suspended, invalidated or materially amended;

 

		7.1.8	The property of the Pledgor is adversely changed and causes the Pledgee to deem that the capability of the Pledgor to perform
the obligations herein is adversely affected;

 

     

     

    

 

		7.1.9	The successors or assignees of Beijing eLong perform only a portion of, or refuse to perform the payment obligations under
the terms of the relevant service agreements;

 

		7.1.10	Default caused by the action or inaction of Pledgor breaching other Sections of this Agreement;

 

		7.1.11	In accordance with applicable law, other circumstances whereby the Pledgee is incapable of exercising the right to dispose
the Pledge in accordance with the related laws.

 

		7.2	Pledgor shall immediately give a written notice to Pledgee if Pledgor is aware of or finds that any event under Section 7.1
herein or any events that may result in the foregoing events have happened or may occur.

 

		7.3	Unless the event of default under Section 7.1 herein has been resolved to Pledgee’s satisfaction, the Pledgee, at any
time when the event of default happens or thereafter, may give a written notice of default to Pledgor and require Pledgor to immediately
make full payment of the overdue service and software license fees under the relevant agreements, enter into other agreement with
Beijing eLong, or dispose of the Pledge in accordance with Section 8 herein.

 

8. Exercise of the Pledge

		8.1	Until Beijing eLong has fully complied with the payment and other obligations under the relevant agreements, Pledgor shall
not transfer or assign the equity interests without prior written approval from Pledgee, unless the Parties have agreed otherwise.

 

		8.2	Subject to Section 7, the Pledgee may exercise the right to exercise the Pledge when the Pledgee gives a notice of default.

 

		8.3	The Pledgee is entitled to have priority in receiving payment from the auction or sale of whole or part of the equity interests
pledged herein in accordance with legal procedure until the outstanding consulting and service fees and all other payables under
the relevant agreements are repaid.

 

		8.4	The Pledgor shall not hinder the Pledgee from exercising the Pledge in accordance with this Agreement and shall give necessary
assistance so that the Pledgee could realize his Pledge.

 

9. Transfers

		9.1	The Pledgor shall not grant or transfer his rights and obligations herein without prior consent from the Pledgee.

 

		9.2	This Agreement shall be binding upon the Pledgor and his successors and be effective as to the Pledgee and each successor or
assignee.

 

		9.3	The Pledgee may transfer or assign his all or any rights and obligations under the relevant agreements to any individual (natural
person or legal entity) at any time. In this case, the assignee shall enjoy and undertake the same rights and obligations herein
of the Pledgee as if the assignee were a party hereto. When the Pledgee transfers or assigns the rights and obligations under the
Service Agreement, at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect
to such transfer or assignment.

 

		9.4	After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall enter into
a pledge agreement.

 

10. Termination

		10.1	Under the following circumstances, this Agreement terminates: satisfaction simultaneously of the following conditions (1) all
service fees from the relevant service agreements and software license fees are fully paid, (2) Pledgor has repaid all loans, (3)
Beijing eLong has fully performed all obligations under the relevant agreements or the relevant agreements have been terminated,
and (4) Beijing eLong does not have any obligations under the relevant agreements.

 

     

     

    

 

		10.2	Pledgee has the right of early termination of this agreement. Except as set forth in Section 10.1, Pledgor may not terminate
this agreement.

 

		11.	Fees and Other Charges

		11.1	The Pledgor shall be responsible for all the fees and actual expenditures in relation to this Agreement including but not limited
to legal fees, cost of production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance
with the laws, the Pledgor shall fully indemnify such taxes paid by the Pledgee.

 

		11.2	The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees,
litigation fees, attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the
Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges in accordance with this Agreement; or the
Pledgee has recourse to any foregoing taxes, charges or fees by any means for other reasons.

 

12. Force Majeure

		12.1	Force majeure, which includes acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide,
lightning, war, means any unforeseen events beyond the prevented party’s reasonable control and cannot be prevented with
reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable
control. The Pledge affected by force majeure shall notify the other party of exemption promptly;

 

		12.2	In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by force
majeure, only within the scope of such delay or prevention, the affected party will not be responsible for any damage by reason
of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the effects of
force majeure and attempt to resume performance of the obligations delayed or prevented by the event of force majeure.
After the event of force majeure is removed, both parties agree to resume the performance of this Agreement with their best
efforts.

 

13. Dispute Resolution

		13.1	This Agreement shall be governed by and construed in accordance with PRC law.

 

		13.2	Any dispute, controversy or claim arising from the agreement or relating to the agreement (including any issue relating with
the existence, validity or termination of the agreement) should be submitted to China International Economic and Trade Arbitration
Commission (the “Arbitration Commission”). Arbitration Commission shall conduct arbitration in accordance with the
effective rules of Arbitration on the date of application. The arbitration award shall be final and binding upon both parties.

 

		13.3	Arbitration place shall be in Beijing.

 

		13.4	Arbitration language shall be Chinese.

 

		13.5	The arbitral panel shall be composed of three arbitrators. Each party should respectively appoint an arbitrator, the chairman
of the arbitral panel shall be appointed by both parties through consultation. In case both parties do not agree on the person
selected for the chief arbitrator within twenty days from the date of their respective arbitral appointments, the director of the
Arbitration Commission shall have the right to appoint the chief arbitrator. The chief arbitrator shall not be a Chinese citizen
or United States citizen.

 

		13.6	Both parties agree that the court of arbitration established according to the regulation shall have the right to provide specific
performance in accordance with PRC law (including but not being limited to Law of Contract of the People’s Republic of China).
For the avoidance of doubt, both parties confirm that any court having jurisdiction (including PRC courts) may carry out specific
performance of the arbitral award.

 

		13.7	Both parties agree to conduct arbitration in accordance with this Section, and irrevocably waive the right to appeal, reexamine
or prosecute to national court or other judicial body in any form, subject to the effectiveness of this waiver. However the waiver
of both parties does not include any post-arbitration injunction, post-arbitration distress warrant or other command issued by
any court having jurisdiction (including PRC Court) for terminating the arbitration procedure or carrying out any arbitral award.

 

     

     

    

 

14. Notice

		14.1	Any notice, which is given by the parties hereto for the purpose of performing the rights, duties and obligations hereunder,
shall be in writing form (including fax and telex). Where such notice is delivered personally, the time of notice is the time when
such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time
when such notice is transmitted. If such notice does not reach the addressee on business date or reaches the addressee after the
business time, the next business day following such day is the date of notice. The delivery place is the address first written
above of the parties hereto or the address advised in writing including facsimile and telex from time to time.

 

15. Appendices

		15.1	The appendices to this Agreement constitute an integral
part of this Agreement.

 

16. Other

		16.1	This agreement, replaces all prior agreements with respect to the subject matter hereof.

 

		16.2	The Parties may enter into agreements to amend or supplement this Agreement; Pledgee has the right to unilaterally amend or
supplement this Agreement, and Pledgor shall cooperate and unconditionally sign any additional documents to reflect such amendment
or supplement.

 

		16.3	The term of this agreement is twenty (20) years, which shall be automatically extended for additional 20 year terms, and such
extensions may be without limit.

 

		16.4	This Agreement is executed in Chinese in four copies, and each Party holds one copy and one copy shall be used for registration
of the Pledge with the Administration of Industry and Commerce, all copies shall have the same legal effect.

 

[No text hereunder]

 

     

     

    

 

[Signature page of Equity Interests Pledge
Agreement]

 

Pledgee: eLongNet Information Technology (Beijing) Co., Ltd.

 

	Signature of Authorized Representative:	/s/ Guangfu Cui	 

 

	Official Seal:	/s/ [seal of eLongNet Information Technology (Beijing) Co., Ltd.]	 

 

Pledgor:       Hao Jiang

	Signature:	/s/  Hao Jiang	 

 

	 	Rong Zhou	 
	Signature:	/s/ Rong Zhou

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