Document:

f8k06290710vii_speedhaul.htm

    Exhibit
      10.7

    

    AMENDED
      AND RESTATED OPERATING AGREEMENT

    by
      and among

    SPEEDHAUL
      HOLDINGS, INC.

    GOLD
      HORSE INTERNATIONAL, INC.

    GLOBAL
      RISE INTERNATIONAL LIMITED

    INNER
      MONGOLIA JIN MA HOTEL COMPANY LIMITED (“IMJM HOTEL”)

    and

    SHAREHOLDERS
      OF IMJM HOTEL

    (English
      Translation)

     

    This
      Amended and Restated Operating Agreement (this “Agreement”) is dated June
      29, 2007, and is entered into in Hohhot, China by and among Speedhaul Holdings,
      Inc. (OTCBB: SPEH) (“Speedhaul”), Gold Horse International, Inc, a
      company incorporated under the laws of the State of Nevada, the United
      States,  (“Gold Horse”), Global Rise International Limited, a
      limited liability company organized under the laws of the Cayman Islands and
      wholly-owned subsidiary of Gold Horse (“Global Rise”) and Inner Mongolia
      Jin Ma Hotel Company Limited, a limited liability company organized under the
      laws of the PRC (“IMJM Hotel”), and shareholders holding 100% outstanding
      shares of IMJM Hotel (the “Shareholders of IMJM Hotel”). The parties to
      this Agreement are referred to collectively herein as the
“Parties.”

    

    RECITALS

     

    A.           Speedhaul
      is a public reporting corporation incorporated under the laws of the State
      of
      New Jersey, the United States.

    B.           Gold
      Horse is a Nevada corporation and wholly-owned subsidiary of Speedhaul, pursuant
      to a share exchange agreement under which the shareholders of Gold Horse and
      their assignees acquired 97% of the issued and outstanding shares of Speedhaul
      (the “Transaction”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    C.           Global
      Rise is a wholly owned subsidiary of Gold Horse.

    D.           IMJM
      Hotel is a company incorporated in Inner Mongolia, China, and is engaged in
      hotel operation and management business (the “Business”);

    E.           The
      undersigned Shareholders of IMJM Hotel collectively own over 100% of the equity
      interests of IMJM Hotel.

    F.           Gold
      Horse and IMJM Hotel were previously parties to an Operating Agreement dated
      August 31, 2006.

    G.           In
      connection with the Transaction, the parties wish to amend and restate the
      August 31, 2006 operating agreement, which shall be amended and restated in
      its
      entirety in the form of this Agreement.

    H.           The
      Parties are entering into this Amended and Restated Operating Agreement to
      define and set forth the business relationship among Speedhaul, Gold Horse,
      Global Rise, and IMJM Hotel, relating to IMJM Hotel’s operations.

    NOW
      THEREFORE, all parties of this Agreement hereby mutually agree as
      follows:

     

    
      	
              1.

            	
              Global
                Rise agrees, subject to the satisfaction of the relevant provisions
                by
                IMJM Hotel herein, as the guarantor for IMJM Hotel in the contracts,
                agreements or transactions in connection with IMJM Hotel’s operation
                between IMJM Hotel and any other third party, to provide full guarantee
                for the performance of such contracts, agreements or transactions
                by IMJM
                Hotel.  IMJM Hotel agrees, as a counter-guarantee, to pledge all
                of its assets, including accounts receivable, to Global
                Rise.  According to the aforesaid guarantee, Global Rise wishes
                to enter into written guarantee agreements with IMJM Hotel’s counter
                parties thereof to assume liability as the guarantor when and if
                needed;
                therefore, IMJM Hotel and Shareholders of IMJM Hotel shall take all
                necessary actions (including but not limited to executing and delivering
                relevant documents and filing of relevant registrations) to carry
                out the
                arrangement of counter-guarantee to Global
                Rise.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              In
                consideration of the requirement of Article 1 herein and assuring
                the
                performance of the Services Agreement between Global Rise and IMJM
                Hotel
                and the payment of the payables accounts by IMJM Hotel to Global
                Rise,
                IMJM Hotel together with the Shareholders of IMJM Hotel hereby jointly
                and
                severally agree that IMJM Hotel shall not conduct any transaction
                which
                may materially affects the assets, obligations, rights or the operations
                of IMJM Hotel (excluding the business contracts, agreements, sell
                or
                purchase assets during IMJM Hotel’s regular operation and the lien
                obtained by relevant counter parties due to such agreements) without
                prior
                written consent of Global Rise, including but not limited to the
                following:

            

    

     

    
      	
               

            	
              2.1

            	
              To
                borrow money from any third party or assume any
                debt;

            

    

     

    
      	
               

            	
              2.2

            	
              To
                sell, license, transfer, or acquire from or to any third party any
                asset
                or right, including but not limited to any plant, equipment, real
                property
                or personal property, or any intellectual property
                right;

            

    

     

    
      	
               

            	
              2.3

            	
              To
                provide any guarantees to any third parties using its assets or
                intellectual property rights or to provide any guaranty for any third
                party obligations;

            

    

     

    
      	
               

            	
              2.4

            	
              To
                assign to any third party any agreements related to the
                Business.

            

    

     

    
      	
               

            	
              2.5

            	
              To
                engage in any other business consulting agreements with any third
                party or
                to engage in any other business activities other than the
                Business.

            

    

    

    
      	
              3.

            	
              In
                order to ensure the performance of the Services Agreement between
                Global
                Rise and IMJM Hotel and the payment of the various payables by IMJM
                Hotel
                to Global Rise, IMJM Hotel together with the Shareholders of IMJM
                Hotel
                hereby jointly and severally agree to accept, from time to time,
                operation
                guidance set by Global Rise on, including but not limited to, business
                and
                marketing strategies, business planning, business operation guidance,
                the
                appointment and dismissal of its directors and officers, the hiring
                and
                firing employees, its daily operation of the Business, and its financial
                and budgeting system.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              IMJM
                Hotel together with the Shareholders of IMJM Hotel hereby jointly
                and
                severally agree that and the Shareholders of IMJM Hotel shall appoint
                the
                person recommended by Global Rise as the directors of IMJM Hotel,
                and IMJM
                Hotel shall appoint Global Rise’s senior managers as IMJM Hotel’s General
                Manager, Chief Financial Officer, and other senior officers. If any
                of the
                above senior officers resigns or is dismissed by Global Rise, he
                or she
                shall no longer be qualified to take any position as an officer or
                director of IMJM Hotel and IMJM Hotel shall appoint other senior
                officers
                of Global Rise recommended by Global Rise to take such position.
                The
                person recommended by Global Rise in accordance with this Article
                herein
                should comply with the stipulation on the qualifications of directors,
                General Manager, Chief Financial Officer, and other senior officers
                pursuant to applicable law.

            

    

     

    
      	
              5.

            	
              IMJM
                Hotel together with the Shareholders of IMJM Hotel, hereby jointly
                and
                severally agree and confirm that IMJM Hotel shall seek a guarantee
                from
                Global Rise prior to any attempt to obtain such guarantee from another
                party, if IMJM Hotel needs any guarantee for the performance of any
                contract, loan or financing transaction. In such case, Global Rise
                shall
                have the right but not the obligation to provide the appropriate
                guarantee
                to IMJM Hotel at its own discretion. If Global Rise decides not to
                provide
                such guarantee, Global Rise shall issue a written notice to IMJM
                Hotel as
                soon as practicable and IMJM Hotel may seek a guarantee from other
                third
                party.

            

    

     

    
      	
              6.

            	
              In
                the event that any of the agreements between Global Rise and IMJM
                Hotel
                terminate or expire, Global Rise shall have the right but not the
                obligation to terminate all agreements between Global Rise and IMJM
                Hotel
                including but not limited to the Services
                Agreement.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              Any
                amendment and supplement of this Agreement shall be made in writing
                signed
                by all parties and shall be subject to the prior unanimous consent of the
                members of the board of directors of Speedhaul. The amendment and
                supplement duly executed by all parties shall be deemed as a part
                of this
                Agreement and shall have the same legal effect as this
                Agreement.

            

    

     

    
      	
              8.

            	
              If
                any clause hereof is judged as invalid or non-enforceable according
                to
                applicable laws, such clause shall be deemed invalid only with respect
                to
                the affected clauses, and without affecting other clauses hereof
                in any
                way.

            

    

     

    
      	
              9.

            	
              IMJM
                Hotel shall not assign its rights and obligations under this Agreement
                to
                any third party without the prior written consent of Global Rise.
                IMJM
                Hotel hereby agrees that Global Rise may assign its rights and obligations
                under this Agreement at its discretion and such transfer shall only
                be
                subject to (a) unanimous consent of the Board of Directors of Speedhaul,
                and (b) a written notice sent to IMJM Hotel by Global Rise, and no
                any
                further consent from IMJM Hotel will be
                required.   Notwithstanding the foregoing, Global Rise may
                assign its rights and obligations under this Agreement to a wholly-owned
                foreign entity (“WOFE”) in the PRC that is a wholly-owned subsidiary of
                Global Rise, provided that such WOFE becomes a party to this
                Agreement.

            

    

     

    
      	
              10.

            	
              All
                parties acknowledge and confirm that any oral or written materials
                communicated pursuant to this Agreement are confidential documents.
                All
                parties shall keep secret of all such documents and not disclose
                any such
                documents to any third party without prior written consent (except
                the
                written consent of the Shareholders of IMJM Hotel shall not be required)
                from other parties except under the following conditions: (a) such
                documents are known or shall be known by the public (excluding the
                receiving party discloses such documents to the public without
                authorization); (b) any documents disclosed in accordance with applicable
                laws or rules or regulations of stock exchange; (c) any documents
                required
                to be disclosed by any party to its legal counsel or financial consultant
                for the purpose of the transaction of this Agreement by any party,
                and
                such legal counsel or financial consultant shall also comply with
                the
                confidentiality as stated hereof. Any disclosure by employees or
                agencies
                employed by any party shall be deemed the disclosure of such party
                and
                such party shall assume the liabilities for its breach of contract
                pursuant to this Agreement. This Article shall survive termination
                of this
                Agreement.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              11.

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

            

    

     

    
      	
              12.

            	
              The
                parties shall strive to settle any dispute arising from the interpretation
                or performance of this Agreement through friendly
                consultation.  In case no settlement can be reached through
                consultation, each party can submit such matter to China International
                Economic and Trade Arbitration Commission (“CIETAC”) for
                arbitration in accordance with its rules of CIETAC.  The
                arbitration proceedings shall take place in Beijing and shall be
                conducted
                in Chinese.  Any resulting arbitration award shall be final and
                conclusive and binding upon all the
                parties.

            

    

     

    
      	
              13.

            	
              This
                Agreement shall be executed by a duly authorized representative of
                each
                party as of the date first written above and become effective
                simultaneously.

            

    

     

    
      	
              14.

            	
              Notwithstanding
                Article 13 hereof, the parties confirm that this Agreement shall
                constitute the entire agreement of the Parties with respect to the
                subject
                matters therein and supersedes and replaces all prior or contemporaneous
                verbal and written agreements and
                understandings.

            

    

     

    
      	
              15.

            	
              The
                term of this agreement is ten (10) years unless early termination
                occurs
                in accordance with relevant provisions herein or in any other relevant
                agreements reached by all parties.  This Agreement may be
                extended only upon Global Rise’s written confirmation prior to the
                expiration of this Agreement and the extended term shall be determined
                by
                the Parties hereto through mutual consultation.  During the
                aforesaid term, if Global Rise or IMJM Hotel is terminated at expiration
                of the operation term (including any extension of such term) or by
                any
                other reason, this Agreement shall be terminated upon such termination
                of
                such party, unless such party has already assigned its rights and
                obligations in accordance with Article 9
                hereof.

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              16.

            	
              This
                Agreement shall be terminated on the expiration date unless it is
                renewed
                in accordance with the relevant provision herein.  During the
                valid term of this Agreement, this Agreement may not be terminated
                by IMJM
                Hotel.  Notwithstanding the above stipulation, and upon
                unanimous consent of the Board of Directors of Speedhaul, Global
                Rise
                shall have the right to terminate this Agreement at any time by issuing
                a
                thirty (30) days prior written notice to IMJM
                Hotel.

            

    

     

    
      	
              17.

            	
              This
                Agreement has been executed in duplicate originals, each Party has
                received one (1) duplicate original, and all originals shall be equally
                valid. This Agreement has both an English version and a Chinese version.
                Both versions are equally authentic. Where a comparison of the authentic
                texts of both versions of this Agreement renders a difference in
                meaning,
                the meaning which best reconciles the texts, having regard to the
                object
                and purpose of this Agreement shall be
                adopted.

            

    

     

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
      PAGE

    

    IN
      WITNESS WHEREOF each party hereto has caused this Agreement duly
      executed by itself or a duly authorized representative on its behalf as of
      the
      date first written above.

    

    

    SPEEDHAUL:                                           Speedhaul
      Holdings, Inc.

              By:
/s/
      Andrew
      Norins____________________

            Andrew
      Norins, Chief
      Executive Officer

    

    GOLD
      HORSE:                                       Gold
      Horse International, Inc.

              
By:
      /s/ Liankuan Yang____________________

            Liankuan
      Yang, Chief
      Executive Officer

    

    GLOBAL
      RISE:                                       Global
      Rise International Limited

              
By:
      /s/ Liankuan Yang____________________

            Liankuan
      Yang, Chief
      Executive Officer

    

    IMJM
      HOTEL:                                         
Inner Mongolia Jin Ma Hotel Company Limited

             
By:
/s/
      Liankuan
      Yang_____________________

            Liankuan
      Yang, Chief
      Executive Officer

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    

    SIGNATURE
      PAGE FOR SHAREHOLDERS OF IMJM HOTEL

    

    

    SHAREHOLDERS
      OF IMJM HOTEL:

    /s/
      Yang Liankuan__________________

    By:
      Yang
      Liankuan

    (PRC
      ID
      Card No.: 150103570713017)

    Shares
      of
      IMJM Hotel owned by Yang Liankuan:
      70%

     

    /s/
      Ma
      Runlan______________________

    By:
      Ma
      Runlan

    (PRC
      ID
      Card No.: 150103600421102)

    Shares
      of
      IMJM Hotel owned by Ma Runlan: 15%.

     

    /s/
      Yang Yang______________________

    By:
      Yang
      Yang

    (PRC
      ID
      Card No.: 150103820724052)

    Shares
      of
      IMJM Hotel owned by Yang Yang: 15%

     

    9f8k06290710viii_speedhaul.htm

    Exhibit
      10.8

    AMENDED
      AND RESTATED EQUITY PLEDGE AGREEMENT

    by
      and among

    SPEEDHAUL
      HOLDINGS, INC.

    GOLD
      HORSE INTERNATIONAL, INC.

    GLOBAL
      RISE INTERNATIONAL LIMITED

    INNER
      MONGOLIA JIN MA HOTEL COMPANY LIMITED ("IMJM HOTEL")

    and

    SHAREHOLDERS
      OF IMJM HOTEL

    (English
      Translation)

     

    This
      Amended and Restated Equity Pledge Agreement (hereinafter this
“Agreement”) is dated June 29, 2007,  and is entered into in
      Hohhot, China by and among Speedhaul Holdings, Inc. (OTCBB: SPEH)
      (“Speedhaul”), Gold Horse International, Inc. a company incorporated
      under the laws of the State of Nevada, the United States, (“Gold
      Horse”), Global Rise International Limited, a limited liability company
      organized under the laws of the Cayman Islands and wholly-owned subsidiary
      of
      Gold Horse (“Global Rise” or “Pledgee”), Inner Mongolia Jin Ma
      Hotel Company Limited, a limited liability company organized under the laws
      of
      the PRC (“IMJM Hotel”), and the shareholders of IMJM Hotels
      (“Pledgors”). The parties to this Agreement are referred to collectively
      in this Agreement as the “Parties”.

    RECITALS

    A.           Speedhaul
      is a public reporting corporation incorporated under the laws of the State
      of
      New Jersey, the United States.

    B.           Gold
      Horse is a Nevada corporation and wholly-owned subsidiary of Speedhaul, pursuant
      to a share exchange agreement under which the shareholders of Gold Horse and
      their assignees acquired 97% of the issued and outstanding shares of Speedhaul
      (the “Transaction”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    C.           Global
      Rise is a wholly owned subsidiary of Gold Horse.

    D.           IMJM
      Hotel is a company incorporated in Inner Mongolia, China, and is engaged in
      hotel operation and management business (the “Business”);

    E.           The
      Pledgors collectively own over 100% of the equity interests of IMJM
      Hotel.

    F.           Gold
      Horse and IMJM Hotel had previously executed a Consulting Services Agreement
      dated August 31, 2006 (hereinafter “Consulting Services Agreement” or
“Services Agreement”), based on which IMJM Hotel shall pay consulting and
      service fees (hereinafter the “Consulting Services Fees” or “Services
      Fees”) to Global Rise for offering consulting and related
      services.

    G.           In
      order to ensure that IMJM Hotel would perform its obligations under the
      Consulting Services Agreement, and in order to provide an additional mechanism
      for Gold Horse to enforce its rights to collect the Consulting Services Fees
      from IMJM Hotel, the Pledgors had executed a Pledge Agreement, dated August
      31,
      2006, under which the Pledgors had agreed to pledge all their equity interest
      in
      IMJM Hotel as security for the performance of the obligations of IMJM Hotel
      under the Consulting Services Agreement and the payment of Consulting Services
      Fees under such agreement.

    H.           In
      connection with the Transaction, the parties wish to amend and restate the
      August 31, 2006 Pledge Agreement, which shall be amended and restated in its
      entirety in the form of this Agreement.

    

    NOW
      THEREFORE, Speedhaul, Pledgee, IMJM Hotel and the Pledgors through
      mutual negotiations hereby enter into this Agreement based upon the following
      terms:

     

    1.           Definitions
      and Interpretation.  Unless otherwise provided in this Agreement,
      the following terms shall have the following meanings:

    1.1           “Pledge”
      refers to the full content of Section 2 hereunder.

    1.2           “Equity
      Interest” refers to all the equity interest in Jin Ma Hotel legally held by
      the Pledgors.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.3           “Term
      of Pledge” refers to the period provided for under Section 3.2
      hereunder.

    1.4           “Event
      of Default” refers to any event in accordance with Section 7.1
      hereunder.

    1.5           “Notice
      of Default” refers to the notice of default issued by Pledgee in accordance
      with this Agreement.

    2.           Pledge.  The
      Pledgors agree to pledge their equity interests in IMJM Hotel to Pledgee
      (“Pledged Collateral”) as a security for the obligations of IMJM Hotel
      under the Consulting Services Agreement.  Pledge under this Agreement
      refers to the rights owned by Pledgee, who shall be entitled to a priority
      in
      receiving payment by the evaluation or proceeds from the auction or sale of
      the
      equity interest pledged by the Pledgors to Pledgee.

    3.           Term
      of Pledge.

    3.1           The
      Pledge shall take effect as of the date when the Pledge of the equity interest
      under this Agreement is recorded in the Register of Shareholder of IMJM Hotel
      .  The term of the Pledge shall last until two (2) years after the
      obligations under the Consulting Services Agreement are fulfilled.

    3.2           During
      the term of the Pledge, Pledgee shall be entitled to vote, control, sell, or
      dispose of the pledged assets in accordance with this Agreement in the event
      that Pledgors do not perform their obligation under the Consulting Services
      Agreement and IMJM Hotel fails to pay the Consulting Service Fees in accordance
      with the Consulting Services Agreement.

    3.3           During
      the term of the Pledge, Pledgee shall be entitled to collect any and all
      dividends declared or paid in connection with the equity interest.

            4.     Pledge
      Procedure and Registration

    4.1           The
      Pledge under this Agreement shall be recorded in the Register of Shareholders
      of
      IMJM Hotel . The Pledgors shall, within 10 days after the date of this
      Agreement, initiate the registration procedures with Beijing Administration
      for
      Industry and Commerce concerning the Pledge.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.           Representation
      and Warranties of Pledgors.

    5.1           The
      Pledgors are the legal owners of the equity interest pledged.

    5.2           The
      Pledgors have not pledged the equity interest to any other party, and or the
      equity interest is not encumbered to any other person except for
      Pledgee.

    6.           Covenants
      of Pledgors.

    6.1           During
      the effective term of this Agreement, the Pledgors promise to Pledgee for its
      benefit that the Pledgors shall:

    6.1.1  Not
      transfer or assign the equity interest, create or permit to create any pledges
      which may have an adverse effect on the rights or benefits of Pledgee without
      prior written consent from Pledgee.

    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 (5) 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
      Pledgee or with consent from Pledgee.

    6.1.3  Timely
      notify Pledgee of any events or any received notices which may affect the
      Pledgor’s equity interest or any part of its right, and any events or any
      received notices which may change the Pledgor’s any warranty and obligation
      under this Agreement or affect the Pledgor’s performance of its obligations
      under this Agreement.

    6.2  The
      Pledgors agree that Pledgee’s right to the Pledge obtained from this Agreement
      shall not be suspended or inhibited by any legal procedure launched by the
      Pledgors or any successors of the Pledgors or any person authorized by the
      Pledgors or any such other person.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    6.3  The
      Pledgors promise to Pledgee that in order to protect or perfect the security
      for
      the payment of the Services Fees, the Pledgors shall execute in good faith
      and
      cause other parties who have interests in the Pledge to execute all the title
      certificates, contracts, and perform actions and cause other parties who have
      interests to take action, as required by Pledgee; and make access to exercise
      the rights and authorization vested in Pledgee under this
      Agreement.

    6.4  The
      Pledgors promise to Pledgee that they will execute all amendment documents
      (if
      applicable and necessary) in connection with any registration of the Pledge
      with
      Pledgee or its designated person (natural person or a legal entity), and provide
      the notice, order and decision to Pledgee as necessary, within a reasonable
      amount of time upon request.

    6.5  The
      Pledgors promise to Pledgee that they will comply with and perform all the
      guarantees, covenants, warranties, representations and conditions for the
      benefits of Pledgee. The Pledgors shall compensate all the losses suffered
      by
      Pledgee as a result of the Pledgors failing perform or fully perform their
      guarantees, covenants, warranties, representations and conditions.

    
              7.           Events
        Of Default.

    

                    7.1  The
      following events shall be regarded as the events of default:

    7.1.1  This
      Agreement is deemed illegal by a governing authority in the PRC, or the Pledgors
      are not capable of continuing to perform the obligations herein due to any
      reason except force majeure;

    7.1.2  IMJM
      Hotel fails to make full payment of the Services Fees as scheduled under the
      Service Agreement;

    7.1.3  A
      Pledgor
      makes any materially false or misleading representations or warranties under
      Section 5 herein, and/or the Pledgor breaches any warranties under Section
      5
      herein;

    7.1.4  A
      Pledgor
      breaches the covenants under Section 6 herein;

    7.1.5  A
      Pledgor
      breaches the term or condition herein;

    7.1.6  A
      Pledgor
      waives the pledged equity interest or transfers or assigns the pledged equity
      interest without prior written consent of Pledgee;

    7.1.7  IMJM
      Hotel is incapable of repaying its general debt or other debt;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7.1.8  The
      property of a Pledgor is adversely affected causing Pledgee to believe that
      the
      capability of the Pledgor to perform the obligations herein is adversely
      affected;

    7.1.9  The
      successors or agents of the IMJM Hotel are only able to perform a portion of
      or
      refuse to perform the payment obligations under the Service
      Agreement;

    7.1.10  The
      breach of the other terms by action or inaction under this agreement by a
      Pledgor.

    7.2  The
      Pledgor shall immediately give a written notice to Pledgee if the Pledgor is
      aware of or discovers that any event under Section 7.1 herein or any event
      that
      may result in the foregoing events has occurred or is likely to
      occur.

    7.3  Unless
      the event of default under Section 7.1 herein has been solved to Pledgee’s
      satisfaction, Pledgee, at any time when the event of default occurs or
      thereafter, may give a written notice of default to the Pledgor and require
      the
      Pledgor to immediately make full payment of the outstanding Service Fees under
      the Service Agreement and other payables or exercise other rights in accordance
      with Section 8 herein.

    
              8.           Exercise
        of Remedies.

    

    8.1           Authorized
      Action by Secured Party. The Pledgors hereby irrevocably
      appoint Pledgee the attorney-in-fact of the Pledgors for the purpose of carrying
      out the security provisions of this Agreement and taking any action and
      executing any instrument that Pledgee may deem necessary or advisable to
      accomplish the purposes of this Agreement.  If an event of default
      occurs, or is continuing, Pledgee shall have the right to exercise the following
      rights and powers:

    (a)           Collect
      by legal proceedings or otherwise and endorse and/or receive all payments,
      proceeds and other sums and property now or hereafter payable on or on account
      of the Pledged Collateral;

    (b)           Enter
      into any extension, reorganization, deposit, merger, consolidation or other
      agreement pertaining to, or deposit, surrender, accept, hold or apply other
      property in exchange for the Pledged Collateral;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (c)           Transfer
      the Pledged Collateral to its own or its nominee’s name;

    (d)           Make
      any compromise or settlement, and take any action it deems advisable, with
      respect to the Pledged Collateral;

    (e)           Notify
      any obligor with respect to any Pledged Collateral to make payment directly
      to
      Pledgee;

    (f)           All
      rights of the Pledgors to exercise the voting and other consensual rights it
      would otherwise be entitled to exercise without any action or the giving of
      any
      notice shall cease, and all such rights shall thereupon become vested in
      Pledgee;

    (g)           All
      rights of the Pledgors to receive distributions with respect to the Pledged
      Collateral which it would otherwise be authorized to receive and retain shall
      cease and all such rights shall thereupon become vested in Pledgee;
      and

    (h)           The
      Pledgors shall execute and deliver to Pledgee appropriate instruments as Pledgee
      may request in order to permit Pledgee to exercise the voting and other rights
      which it may be entitled to exercise and to receive all distributions which
      it
      may be entitled to receive.

    The
      Pledgors hereby grant to Pledgee an exclusive, irrevocable power of attorney,
      with full power and authority in the place and stead of the Pledgors to take
      all
      such action permitted under this Section 8.1.  Such power of
      attorney shall be effective, automatically and without the necessity of any
      action (including any transfer of any Pledged Collateral) by any person, upon
      the occurrence and continuance of an event of default.  Pledgee shall
      not have any duty to exercise any such right or to preserve the same and shall
      not be liable for any failure to do so or for any delay in doing
      so.

    8.2           Event
      of defaults; Remedies.  Upon the occurrence of an event of
      default, Pledgee may, without notice to or demand on the Pledgors and in
      addition to all rights and remedies available to Pledgee, at law, in equity
      or
      otherwise, do any of the following:

    (a)           Require
      the Pledgors to immediately pay all outstanding unpaid amounts due under the
      Consulting Services Agreement;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (b)           Foreclose
      or otherwise enforce Pledgee’s security interest in any manner permitted by law
      or provided for in this Agreement;

     (c)           Terminate
      this Agreement pursuant to Section 11;

    (d)           Exercise
      any and all rights as beneficial and legal owner of the Pledged Collateral,
      including, without limitation, perfecting assignment of and exercising any
      and
      all voting, consensual and other rights and powers with respect to any Pledged
      Collateral; and

    (e)  Exercise
      any and all the rights and remedies of a secured party upon default under
      applicable law.

    8.3           Pledgee
      shall give a notice of default to the Pledgors when Pledgee exercises its
      remedies under this Agreement.

    8.4           Subject
      to Section 7.3, Pledgee may exercise its remedies under this Agreement at any
      time after Pledgee gives a notice of default in accordance with Section 7.3
      or
      thereafter.

    8.5           Pledgee
      is entitled to priority in receiving payment by the evaluation or proceeds
      from
      the auction or sale of whole or part of the equity interest pledged herein
      in
      accordance with legal procedure until the unpaid Services Fees under the
      Services Agreement are repaid.

    8.6           The
      Pledgor shall not hinder Pledgee from exercising its rights in accordance with
      this Agreement and shall give necessary assistance so that Pledgee may exercise
      its rights in full.

    

    9.           Assignment.

    9.1            The
      rights of the Pledgors shall not be transferrable.

    9.2           This
      Agreement shall be binding upon each of the Pledgors and his, her or its
      successors and be binding on Pledgee and his each successor and
      assignee.

    9.3           Pledgee
      may transfer or assign his all or any rights and obligations under this
      agreement to a wholly-owned foreign entity in the PRC, (WOFE) owned by the
      pledgee, provided that such WOFE shall become a party to this agreement. In
      this
      case, the assignee shall enjoy and undertake the same rights and obligations
      herein of Pledgee as if the assignee is a party hereto. When Pledgee transfers
      or assigns the rights and obligations under this Agreement, and such transfer
      shall only be subject to a written notice to Pledgors, and at the request of
      Pledgee, the Pledgors shall execute the relevant agreements and/or documents
      with respect to such transfer or assignment.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    9.4           In
      the event of a change in control of Pledgee’s resulting in the transfer or
      assignment of this agreement, the successor parties to the pledge shall execute
      a new pledge contract.

    
              10.           Formalities,
        Fees and Other Charges.

    

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

    10.2           The
      Pledgors 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 Pledgors for the reason that the Pledgors fail to pay any payable taxes,
      fees or charges for other reasons which cause Pledgee to recourse by any means
      or ways.

            11.    Force
      Majeure.

    11.1           “Force
      Majeure,” shall include but not be limited to acts of governments, acts of
      nature, fire, explosion, typhoon, flood, earthquake, tide, lightning, war,
      refers to any unforeseen events beyond the 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 affected party by Force Majeure shall notify the other
      party of such event resulting in exemption promptly.

    11.2           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 occurrence of an event of Force
      Majeure, when such event or condition ceases to exist, both parties agree to
      resume the performance of this Agreement with their best efforts.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    12.           Confidentiality.
      The parties of this agreement acknowledge and make sure that all the oral and
      written materials exchanged relating to this contract are confidential. All
      the
      parties have to keep them confidential and can not disclose them to any other
      third party without other parties’ prior written approval, unless: (a) the
      public know and will know the materials (not because of the disclosure by any
      contractual party); (b) the disclosed materials are required by laws or stock
      exchange rules; or (c) materials relating to this transaction are disclosed
      to
      parties’ legal consultants or financial advisors, however, who have to keep them
      confidential as well.  Disclosure of confidential information by
      Employees or hired institutions of the parties is deemed as the act by the
      parties, therefore, subjecting them to liability.

    13.           Dispute
      Resolution.

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

    13.2           The
      parties shall strive to settle any dispute arising from the interpretation
      or
      performance, or in connection with this Agreement through friendly
      consultation.  In case no settlement can be reached through
      consultation, each party can submit such matter to China International Economic
      and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration
      shall follow the current rules of CIETAC, and the arbitration proceedings shall
      be conducted in Chinese and shall take place in Beijing. Any resulting
      arbitration award shall be final and binding upon the parties.

    14.           Notices.  Any
      notice which is given by the parties hereto for the purpose of performing the
      rights and obligations hereunder shall be in writing. 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 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 via facsimile from time to time.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    15.  Entire
      Contract.  All Parties agree that this Agreement constitute the
      entire agreement of the Parties with respect to the subject matter therein
      upon
      its effectiveness and supersedes and replaces all prior oral and/or written
      agreements and understandings relating to this Agreement.

    16.  Severability.  Any
      provision of this Agreement which is invalid or unenforceable because of
      inconsistent with the relevant laws shall, as to that jurisdiction, be
      ineffective to the extent of such invalidity or unenforceability, without
      affecting in any way the remaining provisions hereof.

    17.  Appendices.  The
      appendices to this Agreement are entire and integral part of this
      Agreement.

    18.  Amendment
      or Supplement.

    18.1           Any
      amendment and supplement of this Agreement shall be made in writing signed
      by
      all Parties, and shall be subject to the prior unanimous
      consent of the members of the board of directors of Speedhaul.  The
      Amendment and supplement duly executed by all parties shall be deemed as a
      part
      of this Agreement and shall have the same legal effect as this
      Agreement.

    18.2           This
      agreement and any amendments, modification, supplements, additions or changes
      hereto shall be in writing and come into effect upon being executed and sealed
      by the parties hereto.

    19.           Language
      and Copies of the Agreement.  This Agreement has both an English
      version and a Chinese version. Both versions are equally authentic. Where a
      comparison of the authentic texts of both versions of this Agreement discloses
      a
      difference in meaning, the meaning which best reconciles the texts, having
      regard to the object and purpose of this Agreement shall be adopted. This
      Agreement is executed by the Parties in counterparts, each Party holds one
      counterpart, and each original has the same legal effect.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
      PAGE

    IN
      WITNESS WHEREOF each party hereto has caused this Agreement duly
      executed by itself or a duly authorized representative on its behalf as of
      the
      date first written above.

    

    PLEDGEE:                                             Global
      Rise International Limited

    

            By:           /s/
      Liankuan Yang__________________

     
Liankuan
      Yang, Chief Executive
      Officer

     

    IMJM
      HOTEL:                           
Inner
      Mongolia
      Jin Ma Hotel Limited Company

    

            By:           /s/
      Liankuan Yang__________________

     
Liankuan
      Yang, Chief Executive
      Officer

     

    SPEEDHAUL:                                        Speedhaul
      Holdings, Inc.

    

            By:           /s/
      Andrew Norins__________________

     
Andrew
      Norins, Chief Executive
      Officer

     

    GOLD
      HORSE:                                      Gold
      Horse International, Inc.

    

            By:           /s/
      Liankuan Yang__________________

     
Liankuan
      Yang, Chief Executive
      Officer

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    PLEDGOR
      SIGNATURE PAGE

    

    PLEDGORS:

    

    SHAREHOLDERS
      OF JIN MA
      HOTEL:

     

    /s/
      Yang Liankuan__________________

    By:
      Yang
      Liankuan

    (PRC
      ID
      Card No.: 150103570713017)

    Shares
      of
      IMJM Hotel owned by Yang Liankuan: 70%

     

    /s/
      Ma
      Runlan______________________

    By:
      Ma
      Runlan

    (PRC
      ID
      Card No.: 150103600421102)

    Shares
      of
      IMJM Hotel owned by Ma Runlan: 15%.

    

    /s/
      Yang Yang______________________

    By:
      Yang
      Yang

    (PRC
      ID
      Card No.: 150103820724052)

    Shares
      of
      IMJM Hotel owned by Yang Yang: 15%

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    Appendix
      1

    RESOLUTIONS
      OF THE GENERAL SHAREHOLDERS’

    MEETING
      OF INNER MONGOLIA JIN MA HOTEL COMPANY LIMITED

    WHEREAS,
      that certain significant shareholders of Inner Mongolia Jin Ma Hotel Company
      Limited (“Company”) have agreed to pledge their shares of the Company under an
      Amended and Restated Equity Pledge Agreement dated June 29, 2007;
      and

     

    WHEREAS,
      it is in the best interest of the Company for the shareholders to enter into
      such Equity Pledge Agreement.

    

    RESOLVED,
      that the pledge of shares held by the shareholders of the Company under the
      Equity Pledge Agreement is hereby approved.

    

    This
      resolution was executed and submitted on June 29, 2007 by the undersigned
      shareholders:

     

    SHAREHOLDERS:

    

    /s/
      Yang Liankuan__________________

    By:
      Yang
      Liankuan

    (PRC
      ID
      Card No.: 150103570713017)

    Shares
      of
      IMJM Hotel owned by Yang Liankuan: 70%

    

    /s/
      Ma
      Runlan______________________

    By:
      Ma
      Runlan

    (PRC
      ID
      Card No.: 150103600421102)

    Shares
      of
      IMJM Hotel owned by Ma Runlan: 15%.

    

    /s/
      Yang Yang______________________

    By:
      Yang
      Yang

    (PRC
      ID
      Card No.: 150103820724052)

    Shares
      of
      IMJM Hotel owned by Yang Yang: 15%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]