Document:

EX-4.71

 Exhibit 4.71 
  

	
	FACILITY AGREEMENT
	  
 dated
24th July 2013
  

in respect of
  

US$150,000,000 Unsecured Term Loan Facility
  

FOR BAIDU, INC.
  

as Company
  

and
  

	SUMITOMO MITSUI BANKING CORPORATION
	  
 as Lender

	

 CONTENTS 
  

							
	 Clause
	 	Page	  
		 		  			
	 1.
	 	Interpretation	  	 	1	  
	 2.
	 	Facility	  	 	8	  
	 3.
	 	Purpose	  	 	8	  
	 4.
	 	Conditions precedent	  	 	8	  
	 5.
	 	Utilisation – Loan	  	 	9	  
	 6.
	 	Repayment	  	 	9	  
	 7.
	 	Prepayment and cancellation	  	 	10	  
	 8.
	 	Interest	  	 	12	  
	 9.
	 	Terms	  	 	13	  
	 10.
	 	Market disruption	  	 	13	  
	 11.
	 	Taxes	  	 	14	  
	 12.
	 	Increased Costs	  	 	16	  
	 13.
	 	Mitigation	  	 	17	  
	 14.
	 	Payments	  	 	18	  
	 15.
	 	Representations and warranties	  	 	18	  
	 16.
	 	Information covenants	  	 	21	  
	 17.
	 	Financial covenants	  	 	23	  
	 18.
	 	General covenants	  	 	26	  
	 19.
	 	Default	  	 	30	  
	 20.
	 	Evidence and calculations	  	 	33	  
	 21.
	 	Fee	  	 	33	  
	 22.
	 	Indemnities and Break Costs	  	 	33	  
	 23.
	 	Expenses	  	 	35	  
	 24.
	 	Amendments and waivers	  	 	35	  
	 25.
	 	Changes to the Parties	  	 	36	  
	 26.
	 	Disclosure of information	  	 	39	  
	 27.
	 	Set-off	  	 	39	  
	 28.
	 	Severability	  	 	40	  
	 29.
	 	Counterparts	  	 	40	  
	 30.
	 	Notices	  	 	40	  
	 31.
	 	Language	  	 	41	  
	 32.
	 	Governing law	  	 	41	  
	 33.
	 	Enforcement	  	 	41	  

 Schedules 
  

							
	 1.
	 	Conditions precedent documents	  	 	43	  
	 2.
	 	Form of Request	  	 	46	  
	 3.
	 	Form of Transfer Certificate	  	 	48	  
	 4.
	 	Form of Compliance Certificate	  	 	51	  
		 		  			
		 		  			
	 Signatories
	  	 	52	  

  
 i 

 THIS AGREEMENT is dated 24th July 2013 and is
made BETWEEN: 
  

	(1)	BAIDU, INC., a limited liability company incorporated under the laws of the Cayman Islands with registered number 96019 as borrower (the Company); 

 

	(2)	SUMITOMO MITSUI BANKING CORPORATION as lender (the Lender); and  

 IT IS AGREED as
follows: 
  

	1.	INTERPRETATION 

  

	 	1.1	Definitions 

 In this Agreement: 

APLMA means the Asia Pacific Loan Market Association. 

Availability Period means the period from and including the date of this Agreement to and including the date falling one month after the
date of this Agreement. 
 Beijing Baidu Netcom means Beijing Baidu Netcom Science Technology Co., Ltd., a limited liability company
established under the laws of the PRC. 
 Break Costs means the amount (if any) which the Lender is entitled to receive under Clause
22.3 (Break Costs). 
 Business Day means a day (other than a Saturday or a Sunday) on which banks are open for general business in
Hong Kong and the PRC and, in relation to any day for the payment of US Dollars, New York City. 
 Commitment means US$150,000,000, to
the extent not cancelled, transferred or reduced under this Agreement. 
 Compliance Certificate means a certificate substantially in
the form of Schedule 5 (Form of Compliance Certificate) setting out, among other things, calculations of the financial covenants. 

Confidentiality Undertaking means a confidentiality undertaking substantially in a recommended form of the APLMA or in any other form
agreed between the Company and the Lender. 
 Consolidated Assets means, at any time, the total assets of the Group as shown on the
latest consolidated financial statements of the Company delivered to the Lender pursuant to the provisions of this Agreement. 
 Default
means: 
  

	 	(a)	an Event of Default; or 

  

	 	(b)	an event or circumstance specified in Clause 19 (Default) which would be (with the expiry of a grace period, the giving of notice or the making of any determination under the Finance Documents or any combination of
them) an Event of Default. 

 Disposal Threshold means, at any time, an amount equal to 30% of the Consolidated Assets.

  
 1 

 Disruption Event means: 

 

	 	(a)	a material disruption to the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other transactions to be carried out) in connection with the
transactions contemplated by the Finance Documents, which is not caused by, and is beyond the control of, any of the Parties; or 

  

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing it, or any other Party from: 

 

	 	(i)	performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	communicating with other Parties under the Finance Documents, 

 and which is not
caused by, and is beyond the control of, the Party whose operations are disrupted. 
 Dollar, US$ or US Dollar means the
lawful currency for the time being of the United States of America. 
 Event of Default means an event or circumstance specified
as such in Clause 19 (Default). 
 Existing Facility means the term loan facility borrowed by the Company pursuant to a credit
agreement dated 14 July 2011 (as amended by an amendment request dated 5 November 2012, and as further amended, restated and/or supplemented from time to time) between the Company, Goldman Sachs (Asia) L.L.C. as arranger, Goldman Sachs
Lending Partners LLC as original lender and The Bank of New York Mellon, Hong Kong Branch as facility agent. 
 Facility means the
credit facility made available under this Agreement. 
 Facility Office means the office notified by the Lender to the Company through
which the Lender will perform its obligations under this Agreement. 
 Final Maturity Date means the date falling on the second
anniversary of the date of this Agreement. 
 Finance Document means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	a Transfer Certificate; or 

  

	 	(c)	any other document designated as such by the Lender and the Company. 

 Financial
Indebtedness means any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any acceptance credit (including any dematerialised equivalent); 

  

	 	(c)	any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(d)	any redeemable preference share; 

  
 2 

	 	(e)	any agreement treated as a finance or capital lease in accordance with GAAP; 

  

	 	(f)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	the acquisition cost of any asset or service to the extent payable before or after its acquisition or possession by the party liable where the advance or deferred payment: 

 

	 	(i)	is arranged primarily as a method of raising finance or of financing the acquisition of that asset or service or the construction of that asset or service; or 

 

	 	(ii)	involves a period of more than six months before or after the date of acquisition or supply; 

  

	 	(h)	any derivative transaction protecting against or benefiting from fluctuations in any rate or price (and, except for non-payment of an amount, the then mark-to-market value of the derivative transaction will be used to calculate its amount); 

 

	 	(i)	any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing; 

  

	 	(j)	any counter-indemnity obligation in respect of any guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; or 

 

	 	(k)	any guarantee, indemnity or similar assurance against financial loss of any person in respect of any item referred to in the above paragraphs, 

in each case, for the avoidance of doubt, excluding any indebtedness arising in the ordinary course of trading. 

GAAP means generally accepted accounting principles in the United States of America. 

Group means the Company and its Subsidiaries. 

HKD mean the lawful currency of Hong Kong. 

Holding Company of any other person, means a person in respect of which that other person is a Subsidiary. 

Increased Cost means: 
  

	 	(a)	an additional or increased cost; 

  

	 	(b)	a reduction in the rate of return from a Facility or on the Lender’s (or its Affiliate’s) overall capital; or 

  

	 	(c)	a reduction of an amount due and payable under any Finance Document, 

 which is incurred or
suffered by the Lender or any of its Affiliates but only to the extent attributable to the Lender having entered into any Finance Document or funding or performing its obligations under any Finance Document. 

 

  
 3 

 LIBOR means for a Term of the Loan or overdue amount: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	if no Screen Rate is available for the relevant currency or Term of the Loan or overdue amount, the rate quoted by the Lender to leading banks in the London interbank market, 

as at 11.00 a.m. (London time) on the Rate Fixing Day for the offering of deposits in the currency of the Loan or overdue amount for a
period comparable to that Term. 
 Loan means, unless otherwise stated in this Agreement, the principal amount of the borrowing under
this Agreement or the principal amount outstanding of that borrowing. 
 London Business Day means a day (other than a Saturday or a
Sunday) on which banks are open for general business in London. 
 Mandatory Prepayment Request has the meaning given to it in
Clause 7.2(a) (Mandatory prepayment – disposals). 
 Margin means 0.65 per cent. per annum. 

Material Adverse Effect means a material adverse effect on: 
  

	 	(a)	the business or financial condition of the Group as a whole; 

  

	 	(b)	the ability of the Company to perform its payment obligation or any other material obligation under any Finance Document (which, for the avoidance of doubt, includes but is not limited to its obligation under
Clause 17 (Financial covenants) below); or 

  

	 	(c)	the validity or enforceability of any Finance Document. 

 NASDAQ means the NASDAQ Stock
Market in the United States. 
 Original Financial Statements means the audited consolidated financial statements of the Company for
the year ended 31 December 2012. 
 PRC means the People’s Republic of China, but excluding the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan. 
 Party means a party to this Agreement. 

Permitted Transaction means: 
  

	 	(a)	an intra-Group re-organisation on a solvent basis and (if the Company is involved in such re-organisation) where the Company remains a
surviving entity; or 

  

	 	(b)	any other transactions agreed by the Lender. 

 Quasi-Security Interest has the meaning
given to it in Clause 18.5(a) (Negative pledge). 
 Rate Fixing Day means the second London Business Day before the first day of
a Term or such other day as the Lender determines is generally treated as the rate fixing day by market practice in the relevant interbank market. 

Repeating Representations means the representations and warranties set out in Clauses 15.2 (Status) to 15.11 (OFAC) (inclusive).

  

  
 4 

 Request means a request for the Loan, substantially in the form of Schedule 2 (Form
of Request). 
 Restricted Group means the Company and its Restricted Subsidiaries. 

Restricted Subsidiary means, at any time, a Subsidiary of the Company if the gross Tangible Assets or turnover of that Subsidiary then
equal to or exceed 10 per cent. of the gross Tangible Assets or turnover of the Group provided that in no circumstances shall Beijing Baidu Netcom be or become a Restricted Subsidiary. 

For this purpose : 
  

	 	(a)	subject to paragraph (b) below: 

  

	 	(i)	the contribution of a Subsidiary of the Company will be determined from its financial statements which were consolidated into the latest audited consolidated financial statements of the Company; and 

 

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company; 

  

	 	(b)	if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited consolidated financial statements of the Company were prepared: 

 

	 	(i)	the contribution of the Subsidiary will be determined from its latest financial statements; and 

  

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Company but adjusted to take into account any subsequent acquisition or disposal of a business or
a company (including that Subsidiary); 

  

	 	(c)	the contribution of a Subsidiary will, if it has Subsidiaries, be determined from its consolidated financial statements; 

  

	 	(d)	if a Restricted Subsidiary disposes of all or substantially all of its assets to another member of the Group, it will immediately cease to be a Restricted Subsidiary and the other member of the Group (if it is not the
Company or already a Restricted Subsidiary) will immediately become a Restricted Subsidiary; 

  

	 	(e)	a Subsidiary of the Company (if it is not already a Restricted Subsidiary) will become a Restricted Subsidiary on completion of any other intra-Group transfer or reorganisation if
it would have been a Restricted Subsidiary had the intra-Group transfer or reorganisation occurred on the date of the latest audited consolidated financial statements of the Company; and 

 

	 	(f)	except as specifically mentioned in paragraph (d) above, a member of the Group will remain a Restricted Subsidiary until the next audited consolidated financial statements of the Company show otherwise under
paragraph (a) above. 

 If there is a dispute as to whether or not a member of the Group is a Restricted Subsidiary, a
certificate of the auditors of the Company will be, in the absence of manifest error, conclusive. 
  

  
 5 

 RMB means the lawful currency for the timing being of the PRC. 

Screen Rate means the British Bankers Association Interest Settlement Rate for the relevant currency and Term, displayed on the
appropriate page of the Reuters screen selected by the Lender. If the relevant page is replaced or the service ceases to be available, the Lender (after consultation with the Company) may specify another page or service displaying the appropriate
rate. 
 Security Interest means any mortgage, pledge, lien, charge or other security interest securing any obligation of any person
or any other agreement or arrangement having a similar effect. 
 Subsidiary means an entity of which a person has direct or indirect
control or owns directly or indirectly more than 50 per cent. of the voting capital or similar right of ownership and control for this purpose means the power to direct the management and the policies of the entity whether through the
ownership of voting capital, by contract or otherwise. 
 Tangible Assets of a person means its total assets, less: 

 

	 	(a)	its net intangible assets; and 

  

	 	(b)	goodwill. 

 Tax means any tax, levy, impost, duty or other charge or withholding of a
similar nature (including any related penalty or interest). 
 Tax Deduction means a deduction or withholding for or on account of Tax
from a payment under a Finance Document. 
 Tax Payment means a payment made by the Company to the Lender in any way relating to a Tax
Deduction or under any indemnity given by the Company in respect of Tax under any Finance Document. 
 Term means each period
determined under this Agreement by reference to which interest on the Loan or an overdue amount is calculated. 
 Transaction Costs
means, in respect of a disposal, all Taxes and reasonable costs and expenses incurred by any member of the Group in connection with such disposal. 

Transfer Certificate means a certificate, substantially in the form of Schedule 3 (Form of Transfer Certificate), with such
amendments as the Lender may approve or reasonably require or any other form agreed between the Lender and the Company. 
 Utilisation
Date means the date on which the Facility is utilised. 

  
 6 

	 	1.2	Construction 

  

	 	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement, re-enactment or replacement (however fundamental and whether or not more
onerous) and amended will be construed accordingly; 

  

	 	(ii)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	an authorisation includes an authorisation, consent, approval, resolution, permit, licence, exemption, filing, registration or notarisation; 

 

	 	(iv)	disposal means a sale, transfer, assignment, grant, lease, licence, declaration of trust or other disposal, whether voluntary or involuntary, and dispose will be construed accordingly (for the avoidance of doubt, the
meaning of disposal does not include issue of new shares by a member of the Group); 

  

	 	(v)	indebtedness includes any obligation (whether incurred as principal or as surety and whether present or future, actual or contingent) for the payment or repayment of money; 

 

	 	(vi)	customer due diligence requirements are to the identification checks that the Lender requests in order to meet its obligations under any applicable law or regulation to identify a person who is (or is to become) its
customer; 

  

	 	(vii)	a person includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, fund, joint venture or consortium), government, state, agency, organisation or other entity
whether or not having separate legal personality; 

  

	 	(viii)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies
is accustomed to comply) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(ix)	a currency is a reference to the lawful currency for the time being of the relevant country; 

  

	 	(x)	a Default or an Event of Default being outstanding means that it has not been remedied or waived; 

  

	 	(xi)	a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; 

 

	 	(xii)	a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; 

  

	 	(xiii)	a Party or any other person includes its successors in title, permitted assigns and permitted transferees; 

  

	 	(xiv)	a Finance Document or other document or security includes (without prejudice to any prohibition on amendments) any amendment to that Finance Document or other document or security, including any change in the purpose
of, any extension for or any increase in the amount of a facility or any additional facility; and 

  

	 	(xv)	a time of day is a reference to Hong Kong time. 

  

  
 7 

	 	(b)	Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month or the calendar month in which it is to end, except that: 

  

	 	(i)	if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is not); 

 

	 	(ii)	if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and 

  

	 	(iii)	notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate.

  

	 	(c)	Unless the contrary intention appears: 

  

	 	(i)	a reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 

  

	 	(ii)	a word or expression used in any other Finance Document or in any notice given in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement; and 

 

	 	(iii)	any obligation of the Company under the Finance Documents which is not a payment obligation remains in force for so long as any payment obligation of the Company is, may be or is capable of becoming outstanding under
the Finance Documents. 

  

	 	(d)	The headings in this Agreement do not affect its interpretation. 

  

	2.	FACILITY 

  

	 	2.1	Amount 

 Subject to the terms of this Agreement, the Lender makes available to the
Company a US$ term loan facility in an amount equal to the Commitment in one lump sum. 
  

	3.	PURPOSE 

  

	 	3.1	Loan 

 The Loan may only be used for: 

 

	 	(a)	refinancing the Existing Facility; and 

  

	 	(b)	general working capital requirements of the Group. 

  

	 	3.2	No obligation to monitor 

 The Lender is not bound to monitor or verify the utilisation
of the Facility. 
  

	4.	CONDITIONS PRECEDENT 

  

	 	4.1	Conditions precedent documents 

  

	 	(a)	A Request may not be given until the Lender has notified the Company that it has received (or waived receipt of) all of the documents and evidence set out in Part 1 (Conditions precedent) of Schedule 1 (Conditions
precedent documents) in form and substance satisfactory to the Lender. 

  

	 	(b)	The Lender shall give this confirmation to the Company promptly upon being so satisfied. 

  

  
 8 

	 	4.2	Further conditions precedent 

 The obligations of the Lender to participate in the Loan
are subject to the further conditions precedent that on both the date of the Request and the Utilisation Date for the Loan: 
  

	 	(a)	the Repeating Representations are correct in all material respects; and 

  

	 	(b)	no Default is outstanding or would result from the Loan. 

  

	5.	UTILISATION – LOAN 

  

	 	5.1	Giving of Requests 

  

	 	(a)	The Company may borrow the Loan by giving to the Lender a duly completed Request. 

  

	 	(b)	Unless the Lender otherwise agrees, the latest time for receipt by the Lender of a duly completed Request is 11.00 a.m. one (1) Business Day before the Rate Fixing Date for the proposed borrowing. 

  

	 	(c)	Only one Request may be given under this Agreement. Only one Loan may be requested in the Request. The Request, once given, is irrevocable. 

 

	 	5.2	Completion of Requests 

 A Request for the Loan will not be regarded as having been duly
completed unless: 
  

	 	(a)	the Utilisation Date is a Business Day falling within the Availability Period; 

  

	 	(b)	the amount of the Loan requested is: 

  

	 	(i)	the amount of the Commitment; or 

  

	 	(ii)	such other amount as the Lender may agree; 

  

	 	(c)	the proposed Term complies with this Agreement; and 

  

	 	(d)	the currency specified in the Request is US Dollars. 

  

	 	5.3	Availability of Loan 

 If the conditions set out in Clause 4 (Conditions Precedent),
Clause 5.1 (Giving of Requests) and Clause 5.2 (Completion of Requests) have been met, the Lender shall make the Loan available to the Company directly from the Lender’s Facility Office on the Utilisation Date. 

 

	6.	REPAYMENT 

 The Company must repay the Loan in full on the Final Maturity Date. 

 

  
 9 

	7.	PREPAYMENT AND CANCELLATION 

  

	 	7.1	Mandatory prepayment – illegality 

  

	 	(a)	The Lender must notify the Company promptly if it becomes aware that it is unlawful in any applicable jurisdiction for the Lender to perform any of its obligations under a Finance Document. 

 

	 	(b)	After notification under paragraph (a) above the Lender must notify the Company promptly that: 

  

	 	(i)	the Company must repay or prepay the Loan on the date specified in paragraph (c) below; and 

  

	 	(ii)	the Commitment of the Lender will be immediately cancelled. 

  

	 	(c)	The date for repayment or prepayment of the Loan will be: 

  

	 	(i)	the last day of the current Term of the Loan; or 

  

	 	(ii)	if earlier, the date specified by the Lender in the notification under paragraph (a) above and which must not be earlier than the last day of any applicable grace period allowed by law. 

 

	 	7.2	Mandatory prepayment – disposals 

  

	 	(a)	If a member of the Group (other than Beijing Baidu Netcom): 

  

	 	(i)	in a single transaction or a series of transactions (whether related or not) sells, leases, transfers or otherwise disposes of any asset by means of any sale, lease, transfer or other disposal save for the ones allowed
under sub-paragraphs (b)(ii) to (vi) (inclusive) of Clause 18.6 (Disposals); and 

  

	 	(ii)	the consideration receivable for that disposal (when aggregated with the consideration receivable for any other sale, lease, transfer or other disposal by a member of the Group excluding those allowed under
sub-paragraphs (b)(ii) to (vi) (inclusive) of Clause 18.6 (Disposals) exceeds the Disposal Threshold (such excess amount being the Excess Amount), 

then the Company must (x) promptly notify the Lender of such a disposal and (y) if within 21 days of such notification, the Lender
delivers a written request to the Company (a Mandatory Prepayment Request) procure that: 
  

	 	(A)	an amount equal to the Excess Amount less the Transaction Costs for that disposal is applied towards prepaying the Loan; and 

  

	 	(B)	an amount equal to the net proceeds of any subsequent sale, lease, transfer or other disposal (other than any allowed under sub-paragraphs (b)(ii) to (vi) (inclusive) of Clause 18.6 (Disposals)) (a Subsequent
Disposal) is applied towards prepaying the Loan. 

  

	 	(b)	The Company must promptly notify the Lender of any Subsequent Disposal. 

  

	 	(c)	Any prepayment under this Clause 7.2 must be made within 45 days of the date of the relevant Mandatory Prepayment Request. 

  

  
 10 

	 	7.3	Voluntary prepayment 

  

	 	(a)	The Company may, by giving not less than three Business Days’ prior notice to the Lender prepay the Loan in whole or in part on or at any time after (i) the first anniversary of the Utilisation Date; or
(ii) the date on which a Market Disruption Event occurs. 

  

	 	(b)	A prepayment of part of the Loan must be in a minimum amount of US$50,000,000 and an integral multiple of US$10,000,000. 

  

	 	7.4	Automatic cancellation 

 Any part of the Commitment of the Lender which, at that time, is
unutilised will be automatically cancelled at the close of business on the last day of the Availability Period and shall not be available for utilisation thereafter. 
  

	 	7.5	Right of repayment and cancellation of a single Lender 

  

	 	(a)	If the Company is, or will be, required to pay to the Lender: 

  

	 	(i)	a Tax Payment; or 

  

	 	(ii)	an Increased Cost, 

 the Company may, while the requirement continues, give notice to the Lender
requesting prepayment and cancellation in respect of the Lender. 
  

	 	(b)	After notification under paragraph (a) above: 

  

	 	(i)	the Company must repay or prepay the Loan on the date specified in paragraph (c) below; and 

  

	 	(ii)	the Commitment of the Lender will be immediately cancelled. 

  

	 	(c)	The date for repayment or prepayment of the Loan will be: 

  

	 	(i)	the last day of the current Term for the Loan ; or 

  

	 	(ii)	if earlier, the date specified by the Company in its notification. 

  

	 	7.6	Partial prepayment of the Loan 

 No amount of the Loan prepaid under this Agreement may
subsequently be re-borrowed. 

  
 11 

	 	7.7	Miscellaneous provisions 

  

	 	(a)	Any notice of prepayment and/or cancellation under this Agreement is irrevocable and must specify the date or dates upon which the relevant prepayment is to be made and the amount of that prepayment. 

 

	 	(b)	All prepayments under this Agreement must be made with accrued interest on the amount prepaid. No premium or penalty is payable in respect of any prepayment except for Break Costs. 

 

	 	(c)	The Lender may agree a shorter notice period for a voluntary prepayment. 

  

	 	(d)	No prepayment or cancellation is allowed except in accordance with the express terms of this Agreement. 

  

	 	(e)	No amount of the Commitment cancelled under this Agreement may subsequently be reinstated. 

  

	8.	INTEREST 

  

	 	8.1	Calculation of interest 

 The rate of interest on the Loan for each Term is the
percentage rate per annum equal to the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

  

	 	8.2	Payment of interest 

 Except where it is provided to the contrary in this Agreement, the
Company must pay accrued interest on the Loan made to it on the last day of each Term and also, if the Term is longer than three months, on the dates falling at three-monthly intervals after the first day of that Term. 

 

	 	8.3	Interest on overdue amounts 

  

	 	(a)	If the Company fails to pay any amount payable by it under the Finance Documents, it must immediately on demand by the Lender pay interest on the overdue amount from its due date up to the date of actual payment, both
before, on and after judgment. 

  

	 	(b)	Interest on an overdue amount is payable at a rate determined by the Lender to be one per cent. per annum above the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted the Loan in the currency of the overdue amount. For this purpose, the Lender may: 

  

	 	(i)	select successive Terms of any duration of up to three months; and 

  

	 	(ii)	determine the appropriate Rate Fixing Day for that Term. 

  

  
 12 

	 	(c)	Notwithstanding paragraph (b) above, if the overdue amount is a principal amount of the Loan and becomes due and payable before the last day of its current Term, then: 

 

	 	(i)	the first Term for that overdue amount will be the unexpired portion of that Term; and 

  

	 	(ii)	the rate of interest on the overdue amount for that first Term will be one per cent. per annum above the rate then payable on the Loan. 

After the expiry of the first Term for that overdue amount, the rate on the overdue amount will be calculated in accordance with paragraph
(b) above. 
  

	 	(d)	Interest (if unpaid) on an overdue amount will be compounded with that overdue amount at the end of each of its Terms but will remain immediately due and payable. 

 

	8.4	Notification of rates of interest 

 The Lender must promptly notify the Company of the
determination of a rate of interest under this Agreement. 
  

	9.	TERMS 

  

	 	9.1	Selection 

  

	 	(a)	The Loan has successive Terms. Each Term for the Loan will start on the Utilisation Date or on the expiry of its preceding Term. 

  

	 	(b)	Subject to the provisions of this Clause 9, each Term for the Loan shall be three months or any other period agreed by the Company and the Lender. If the length of a Term is not determined in accordance with this Clause
9, the Company shall be deemed to have selected a duration of three months for such Term. 

  

	 	9.2	No overrunning the Final Maturity Date 

 If a Term would otherwise overrun the Final
Maturity Date, it will be shortened so that it ends on the Final Maturity Date. 
  

	 	9.3	Other adjustments 

 The Lender and the Company may enter into such other arrangements as
they may agree for the adjustment of Terms and the consolidation and/or splitting of the Loan, but no Term in excess of six months may be agreed by the Lender. 
  

	 	9.4	Notification 

 The Lender must notify the Company of the duration of each Term promptly
after ascertaining its duration. 
  

	10.	MARKET DISRUPTION 

  

	 	10.1	Market disruption 

  

	 	(a)	In this Clause, each of the following events is a market disruption event: 

  

	 	(i)	at or about 12:00 noon (London time) on the Rate Fixing Day for the relevant Term, the Screen Rate is not available or the Screen Rate is zero or negative and the Lender is unable to obtain a quotation to determine
LIBOR for the relevant Term; or 

  

	 	(ii)	by close of business on the Rate Fixing Day, the Company receives a notification from the Lender that the cost to it of funding the Loan from whatever source it may reasonably select would be in excess of LIBOR for the
relevant Term. 

  
 13 

	 	(b)	The Lender must promptly notify the Company of a market disruption event. 

  

	 	(c)	Subject to any alternative basis agreed and consented to by the Company and the Lender as contemplated by Clause 10.2 (Alternative basis of interest or funding), after notification under paragraph (b) above, the
rate of interest on the Loan for the relevant Term will be the aggregate of the applicable: 

  

	 	(i)	Margin; and 

  

	 	(ii)	the rate which expresses as a percentage rate per annum the cost to the Lender from whatever source it may reasonably select. 

  

	 	10.2	Alternative basis of interest or funding 

 If a market disruption event occurs and the
Lender or the Company so requires, the Company and the Lender must enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding for the affected Loan.

  

	11.	TAXES 

  

	 	11.1	General 

 In this Clause 11: 

Tax Credit means a credit against any Tax or any relief or remission for Tax (or its repayment). 

VAT means consumption tax, sales tax, value added tax or any other Tax of a similar nature which is imposed in any jurisdiction from
time to time. 
  

	 	11.2	Tax gross-up 

  

	 	(a)	The Company must make all payments to be made by it under the Finance Documents without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	 	(b)	If the Company is aware that the Company must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), it must promptly notify the Lender. 

 

	 	(c)	If a Tax Deduction is required by law to be made by the Company or the Lender, the amount of the payment due from the Company will be increased to an amount which (after making the Tax Deduction) leaves an amount equal
to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	If the Company is required to make a Tax Deduction, it must make the minimum Tax Deduction allowed by law and must make any payment required in connection with that Tax Deduction within the time allowed by law.

  

	 	(e)	Within 30 days of making either a Tax Deduction or a payment required in connection with a Tax Deduction, the Company must deliver to the Lender evidence satisfactory to the Lender (acting reasonably) that the Tax
Deduction has been made or (as applicable) the appropriate payment has been paid to the relevant taxing authority. 

  

  
 14 

	 	11.3	Tax indemnity 

  

	 	(a)	Except as provided below, the Company must indemnify the Lender against any loss or liability or cost which the Lender determines will be or has been suffered (directly or indirectly) by the Lender for or on account of
Tax in relation to a payment received or receivable (or any payment deemed to be received or receivable) under a Finance Document. 

  

	 	(b)	Paragraph (a) above does not apply with respect to any Tax assessed on the Lender under the laws of the jurisdiction in which: 

  

	 	(i)	the Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Lender is treated as resident for tax purposes; or 

 

	 	(ii)	the Lender’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable by the Lender. However, any payment deemed to be
received or receivable, including any amount treated as income but not actually received by the Lender, such as a Tax Deduction, will not be treated as net income received or receivable for this purpose. 

 

	 	(c)	Paragraph (a) above does not apply to the extent a loss, liability or cost: 

  

	 	(i)	is compensated for by an increased payment under Clause 11.2 (Tax gross-up); or 

  

	 	(ii)	would have been compensated for by an increased payment under Clause 11.2 (Tax gross-up) but was not compensated solely because one of the exclusions in that Clause applied. 

 

	 	(d)	If the Lender makes or intends to make a claim under paragraph (a) above it must promptly notify the Company of the event which will give, or has given, rise to the claim. 

 

	 	11.4	Tax Credit 

 If the Company makes a Tax Payment and the Lender determines that: 

 

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	 	(b)	it has obtained, used and retained that Tax Credit, 

 the Lender must pay an amount to the
Company which the Lender determines will leave it (after that payment) in the same after-Tax position as it would have been if the Tax Payment had not been required to be made by the Company. 

 

	 	11.5	Stamp taxes 

 The Company must pay and indemnify the Lender against any cost, loss or
liability the Lender incurs in relation to all stamp duty, stamp duty land tax, registration or other similar Tax payable in connection with the entry into, performance or enforcement of the Lender, except for any such Tax payable in connection with
the entry into of a Transfer Certificate. 
  

  
 15 

	 	11.6	Value added taxes 

  

	 	(a)	All amounts set out, or expressed to be payable under a Finance Document by the Lender which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which
is or becomes chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is chargeable on any supply made by the Lender to the Company under a Finance Document and the Lender is required to account for the VAT, the
Company must pay to the Lender (in addition to and at the same time as paying the consideration for such supply) an amount equal to the amount of the VAT and the Lender shall promptly provide an appropriate VAT invoice to the Company.

  

	 	(b)	Where a Finance Document requires any Party to reimburse or indemnify the Lender for any costs or expenses, that Party must also at the same time reimburse and indemnify (as the case may be) the Lender against all VAT
incurred by the Lender in respect of those costs or expenses but only to the extent that the Lender (acting reasonably) determines that it is not entitled to credit or repayment from the relevant tax authority in respect of the VAT.

  

	 	(c)	If VAT is chargeable on any supply made by the Lender to any Party under a Finance Document and if reasonably requested by the Lender, that Party must promptly give the Lender details of its VAT registration number (if
applicable) and any other information as is reasonably requested in connection with the Lender’s reporting requirements for the supply. 

  

	12.	INCREASED COSTS 

  

	 	12.1	Increased Costs 

 Except as provided below in this Clause 12, the Company must pay to the
Lender the amount of any Increased Cost incurred by the Lender or any of its Affiliates as a result of: 
  

	 	(a)	the introduction of, or any change in, or any change in the interpretation, administration or application of, any law or regulation; or 

 

	 	(b)	compliance with any law or regulation made after the date of this Agreement. 

  

	 	12.2	Exceptions 

 The Company need not make any payment for an Increased Cost to the extent
that the Increased Cost is: 
  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; 

  

	 	(b)	attributable to the implementation of, or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 (Basel II) or any similar or related law or regulation which implements Basel II; or 

  

	 	(c)	attributable to the Lender or any Affiliate of the Lender wilfully failing to comply with any law or regulation. 

  
 16 

	 	12.3	Claims 

  

	 	(a)	If the Lender intends to make a claim for an Increased Cost it must notify the Company of the circumstances giving rise to and the amount of the claim. 

 

	 	(b)	The Lender must, as soon as practicable after making a demand, provide a certificate confirming the amount of its Increased Cost. 

  

	13.	MITIGATION 

  

	 	13.1	Mitigation 

  

	 	(a)	The Lender must, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which result or would result in: 

 

	 	(i)	any Tax Payment or Increased Cost being payable to the Lender; 

  

	 	(ii)	the Lender being able to exercise any right of prepayment and/or cancellation under this Agreement by reason of any illegality; or 

  

	 	(iii)	the Lender incurring any cost of complying with the minimum reserve requirements of the European Central Bank, 

including transferring its rights and obligations under the Finance Documents to an Affiliate or changing its Facility Office. 

 

	 	(b)	Paragraph (a) above does not in any way limit the obligations of the Company under the Finance Documents. 

  

	 	(c)	The Company must indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of any step taken by it under this Subclause. 

 

	 	(d)	The Lender is not obliged to take any step under this Subclause if, in the opinion of the Lender (acting reasonably), to do so might be prejudicial to it. 

 

	 	13.2	Conduct of business by the Lender 

 No term of any Finance Document will: 

 

	 	(a)	interfere with the right of the Lender to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige the Lender to investigate or claim any credit, relief, remission or repayment available to it in respect of Tax or the extent, order and manner of any claim; or 

 

	 	(c)	oblige the Lender to disclose any information relating to its affairs (Tax or otherwise) or any computation in respect of Tax. 

  
 17 

	14.	PAYMENTS 

  

	 	14.1	Currency 

  

	 	(a)	Unless a Finance Document specifies that payments under it are to be made in a different manner, the currency of each amount payable under the Finance Documents is determined under this Subclause. 

 

	 	(b)	Amounts payable in respect of Taxes, fees, costs and expenses are payable in the currency in which they are incurred. 

  

	 	(c)	Each other amount payable under the Finance Documents is payable in US Dollars. 

  

	 	14.2	No set-off or counterclaim 

 All payments made by the Company under the Finance Documents
must be calculated and made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	 	14.3	Business Days 

  

	 	(a)	If a payment under the Finance Documents is due on a day which is not a Business Day, the due date for that payment will instead be the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not) or whatever day the Lender determines (acting reasonably) is market practice. 

  

	 	(b)	During any extension of the due date for payment of any principal under this Agreement interest is payable on that principal at the rate payable on the original due date. 

 

	 	14.4	Disruption to payment systems 

 If the Company receives a notification from the Lender
that a Disruption Event has occurred or the Company notifies the Lender that a Disruption Event has occurred, the Lender may, and must if requested by the Company, enter into discussions with the Company for a period of not more than five days with
a view to agreeing any changes to the operation or administration of the Facility as the Parties may decide are necessary, provided that the Lender is not obliged to agree to any changes if, in its reasonable opinion, it is not practicable to do so.

  

	15.	REPRESENTATIONS AND WARRANTIES 

  

	 	15.1	Representations and warranties 

 The representations and warranties set out in this
Clause 15 are made by the Company to the Lender. 
  

	 	15.2	Status 

  

	(a)	It is a limited liability company, duly incorporated and validly existing under the laws of the Cayman Islands. 

  

	(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	(c)	It is acting as principal on its account and not as agent or trustee in any capacity on behalf of any party in relation to this Agreement. 

 

	 	15.3	Powers and authority 

 It has the power to enter into and perform, and has taken all
necessary action to authorise the entry into and performance of, the Finance Documents to which it is or will be a party and the transactions contemplated by those Finance Documents. 

  
 18 

	 	15.4	Legal validity 

  

	 	(a)	Subject to any general principles of law limiting its obligations and referred to in any legal opinion required under this Agreement, each Finance Document to which it is a party is its legally binding, valid and
enforceable obligation. 

  

	 	(b)	Each Finance Document to which it is a party is in the proper form for its enforcement in the jurisdiction of its incorporation. 

  

	 	15.5	Non-conflict 

 The entry into and performance by it of, and the transactions contemplated
by, the Finance Documents do not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its or any of its Subsidiaries’ constitutional documents; 

  

	 	(c)	any document which is binding upon it or any of its Subsidiaries or any of its or its Subsidiaries’ assets. 

  

	 	15.6	No default 

  

	 	(a)	No Event of Default is outstanding or will result from the entry into of, or the performance of any transaction contemplated by, any Finance Document; and 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any document which is binding on it or any of its Subsidiaries or any of its or its Subsidiaries’ assets to an extent or in a manner
which has or is reasonably likely to have a Material Adverse Effect. 

  

	 	15.7	Authorisations 

 All authorisations required to enable it to enter into and perform its
obligations under, and for the validity and enforceability of, and the transactions contemplated by, the Finance Documents have been, or will, by the time required, have been obtained or effected (as appropriate) and are, or will, by the time
required be, in full force and effect. 
  

	 	15.8	Financial statements 

 Its audited consolidated financial statements most recently
delivered to the Lender (which, at the date of this Agreement, are the Original Financial Statements): 
  

	 	(a)	have been prepared in accordance with GAAP, consistently applied; and 

  

	 	(b)	give a true and fair view of its consolidated financial condition as at the date to which they were drawn up, 

except, in each case, as disclosed to the contrary in those financial statements. 

 

	 	15.9	Litigation 

 No litigation, arbitration or administrative proceedings against any member
of the Group has been started or, to its knowledge, threatened, which have or, if adversely determined, are reasonably likely to have a Material Adverse Effect. 

  
 19 

	 	15.10	Issued share capital 

 It has a paid up share capital of not less than HKD1,000,000 or an
equivalent amount in any other approved currency. 
 For the purpose of this Subclause, approved currency means a currency which is
freely convertible into Hong Kong dollars or a currency approved in writing by the Registrar of Money Lenders appointed under section 4 of the Money Lenders Ordinance (Cap. 163, Laws of Hong Kong) (the MLO) for the purpose
of paragraph 12 of Part 2 of Schedule 1 to the MLO. 
  

	 	15.11	OFAC 

 No member of the Group will: 

 

	 	(a)	use (or otherwise make available) the proceeds of the Loan for the purpose of financing directly or indirectly the activities of any person or entity which is currently listed on the Specially Designated Nationals (the
SDN) List or in a country which is subject to U.S. economic sanctions administered by the U.S. Treasury Department Office of Foreign Assets Control (the OFAC Sanctions) to the extent such financing would be prohibited by the
OFAC Sanctions if conducted by a person in the United States of America; or 

  

	 	(b)	contribute or otherwise make available the proceeds of the Loan to any person or entity if the relevant member of the Group has actual knowledge that such party intends to use such proceeds for the purpose of financing
the activities of any person or entity which is on the SDN List or in a country which is subject to the OFAC Sanctions, to the extent such financing would be prohibited by the OFAC Sanctions if conducted by a person in the United States of
America. 

  

	 	15.12	No material adverse change 

 There has been no material adverse change in its
consolidated financial condition since the date to which the Original Financial Statements were drawn up. 
  

	 	15.13	Information 

 All written, factual information supplied by the Company or on its behalf
to the Lender in connection with the Finance Documents (including any information supplied prior to the date of this Agreement) is true and accurate in all material respects as at its date or (if appropriate) as at the date (if any) at which it is
stated to be given and the Company has not omitted to supply any information which, if disclosed, might make the information supplied untrue or misleading in any material respect. 

 

	 	15.14	Restricted Group 

 The following is a complete list of all the members of the Restricted
Group as of the date of this Agreement: 
  

	 	(a)	Baidu.com Times Technology (Beijing) Co., Ltd; 

  

	 	(b)	Baidu Online Network Technology (Beijing) Co., Ltd; and 

  

	 	(c)	Baidu (China) Co., Ltd. 

  
 20 

	 	15.15	Stamp duties 

 Except for any registration fees, stamp duty or other similar Tax or
charge referred to in any legal opinion required under this Agreement (which will be paid within any applicable time limit), as at the date of this Agreement, no stamp or registration duty or similar Tax or charge is payable in its jurisdiction of
incorporation in respect of any Finance Document. 
  

	 	15.16	Security Interest 

 As at the date of this Agreement, no Security Interest or Quasi-Security Interest exists over the assets of any member of the Restricted Group. 
  

	 	15.17	Times for making representations and warranties 

  

	 	(a)	The representations and warranties set out in this Clause are made by the Company on the date of this Agreement. 

  

	 	(b)	Each Repeating Representation is deemed to be repeated by the Company on the date of the Request and the first day of each Term. 

 

	 	(c)	When a representation and warranty is repeated, it is applied to the circumstances existing at the time of repetition. 

  

	16.	INFORMATION COVENANTS 

  

	 	16.1	Financial statements 

  

	 	(a)	The Company must supply to the Lender: 

  

	 	(i)	its audited consolidated financial statements for each of its financial years; and 

  

	 	(ii)	its interim financial statements for the first half-year of each of its financial years. 

  

	 	(b)	All financial statements must be supplied as soon as they are available and: 

  

	 	(i)	in the case of the Company’s audited consolidated financial statements, within 180 days; and 

  

	 	(ii)	in the case of the Company’s interim financial statements, within 120 days, 

of the end of the relevant financial period. 
  

	 	16.2	Form of financial statements 

  

	 	(a)	The Company must ensure that each set of financial statements supplied under this Agreement gives (if audited) a true and fair view of, or (if unaudited) fairly represents, its financial condition (consolidated or
otherwise) as at the date to which those financial statements were drawn up. 

  

	 	(b)	The Company must notify the Lender of any change to the manner in which its audited consolidated financial statements are prepared. 

  

	 	(c)	If requested by the Lender, the Company must supply to the Lender: 

  

	 	(i)	a full description of any change notified under paragraph (b) above; and 

  

	 	(ii)	sufficient information to enable the Lender to make a proper comparison between the financial position shown by the set of financial statements prepared on the changed basis and its most recent audited consolidated
financial statements delivered to the Lender under this Agreement. 

  
 21 

	 	16.3	Compliance Certificate 

  

	 	(a)	The Company must supply to the Lender a Compliance Certificate with each set of its financial statements sent to the Lender under this Agreement. 

 

	 	(b)	A Compliance Certificate must be signed by two authorised signatories of the Company. 

  

	 	16.4	Information – miscellaneous 

  

	 	(a)	The Company must, subject to paragraph (b) below, supply to the Lender if the Lender so requests: 

  

	 	(i)	copies of all documents despatched by the Company to its shareholders (or any class of them) or to its creditors generally at the same time as they are despatched; 

 

	 	(ii)	promptly upon becoming aware of them, details of any litigation, arbitration or administrative proceedings against any member of the Group which are current, threatened or pending and which, if adversely determined,
could reasonably be expected to have a Material Adverse Effect; 

  

	 	(iii)	promptly on request, a list of the then current Restricted Subsidiaries; and 

  

	 	(iv)	promptly on request, such further information regarding the financial condition, business and operations of any member of the Group as the Lender may reasonably request. 

 

	 	(b)	Nothing in paragraph (a) above shall require the Company to supply any document or information to the Lender if and for so long such disclosure will cause the Company to be in breach of the relevant listing rules
of NASDAQ or any mandatory provisions of applicable laws or any confidentiality agreements or undertakings. 

  

	 	16.5	Notification of Default 

  

	 	(a)	The Company must notify the Lender of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	 	(b)	Promptly on request by the Lender, the Company must supply to the Lender a certificate, signed by two of its authorised signatories on its behalf, certifying that no Default is outstanding or, if a Default is
outstanding, specifying the Default and the steps, if any, being taken to remedy it. 

  

	 	16.6	Year end 

 The Company must not change its financial year end except with the prior
written consent of the Lender (which consent shall not be unreasonably withheld or delayed). 

  
 22 

	17.	FINANCIAL COVENANTS 

  

	 	17.1	Definitions 

 In this Clause 17: 

Adjusted Consolidated EBITDA means, in relation to a Measurement Period, Consolidated EBITDA for the period adjusted by: 

 

	 	(a)	including the operating profit before interest, tax, depreciation, amortisation and impairment charges (EBITDA) of a member of the Group or attributable to a business or assets acquired during the Measurement Period for
that part of the Measurement Period when it was not a member of the Group and/or the business or assets were not owned by a member of the Group; and 

  

	 	(b)	excluding the EBITDA attributable to any member of the Group or to any business or assets sold during that Measurement Period. 

Consolidated EBIT means, in relation to a Measurement Period, the aggregate of: 

 

	 	(a)	the consolidated operating profits of the Group (including the results from discontinued operations) before finance costs and tax for that Measurement Period; 

 

	 	(b)	plus or minus the Group’s share of the profits or losses of associates for that period (after finance costs and tax) and the Group’s share of the profits or losses of any joint ventures; 

adjusted by: 
  

	 	(i)	taking no account of any Exceptional Item; 

  

	 	(ii)	taking no account of any unrealised gains or losses on any derivative instrument or other financial instrument (other than any derivative instrument which is accounted for on a hedge accounting basis) which is reported
through the income statement; 

  

	 	(iii)	taking no account of any income or charge attributable to a post-employment benefit scheme other than the current service costs and any past service costs and curtailments and
settlements attributable to the scheme; 

  

	 	(iv)	taking no account of any expense referable to equity-settled share-based compensation of employees. 

Consolidated EBITDA means, in relation to a Measurement Period, Consolidated EBIT for that Measurement Period after adding back any
depreciation and amortisation and taking no account of any charge for impairment or any reversal of any previous impairment charge made in the period. 

Consolidated Tangible Net Worth means at any time the aggregate of: 

 

	 	(a)	the amount paid up or credited as paid up on the issued share capital of the Company; and 

  

	 	(b)	the net amount standing to the credit (or debit) of the consolidated reserves of the Company, 

based on the latest published audited or unaudited consolidated balance sheet of the Company (the latest balance sheet) (and in each
case, the balance sheet of the Company to be provided by the Company as at 31 December of each year shall always be audited) but adjusted by: 
  

	 	(i)	deducting any dividend or other distribution proposed, declared or made by the Company (except to the extent it has been taken into account in the latest balance sheet); 

 

	 	(ii)	deducting any amount attributable to goodwill or any other intangible asset; 

  

	 	(iii)	deducting any amount attributable to an upward revaluation of assets (other than financial instruments) after 31 December 2012 or, in the case of assets of a company which becomes a member of the Group after that
date, the date on which that company becomes a member of the Group; 

  

  
 23 

	 	(iv)	reflecting any variation in the amount of the issued share capital of the Company after the date of the latest balance sheet (and any change in the consolidated reserves of the Group resulting from that variation);

  

	 	(v)	reflecting any variation in the interest of the Company in any other member of the Group since the date of the latest balance sheet (to be calculated on the assumption that the variation had occurred immediately before
the latest balance sheet date); and 

  

	 	(vi)	excluding any amounts debited or credited to deferred tax which relates to the revaluation of any item which is excluded from the calculation. 

Consolidated Total Borrowings means, in respect of the Group, at any time, the aggregate of the following liabilities calculated at the
nominal, principal or other amount at which the liabilities would be carried in a consolidated balance sheet of the Company drawn up at that time (or in the case of any guarantee, indemnity or similar assurance referred to in paragraph
(i) below, the maximum liability under the relevant instrument): 
  

	 	(a)	any moneys borrowed; 

  

	 	(b)	any redeemable preference shares; 

  

	 	(c)	any acceptance under any acceptance credit (including any dematerialised equivalent); 

  

	 	(d)	any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(e)	any indebtedness under a finance or capital lease in accordance with the GAAP; 

  

	 	(f)	any moneys owing in connection with the sale or discounting of receivables (except to the extent that there is no recourse); 

  

	 	(g)	any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset; 

 

	 	(h)	any indebtedness arising in connection with any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing; and 

 

	 	(i)	any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a guarantee, indemnity or similar assurance against financial loss given by a member of the Group, 

in each case, for the avoidance of doubt, excluding any indebtedness arising (a) in the ordinary course of trading and (b) between
members of the Group. 
 Exceptional Item means any material item of income or expense that represents: 

 

	 	(a)	any gain or loss arising from: 

  

	 	(i)	write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, and reversals of such
write-downs; 

  

	 	(ii)	restructuring the activities of the Group or any member of the Group and any reversals of any provision for the costs of restructuring; 

 

	 	(iii)	disposals of items of property, plant or equipment; 

  

	 	(iv)	disposals of investments; or 

  

	 	(v)	disposals or settlements of liabilities of any member of the Group that fall within the definition of Consolidated Total Borrowings; or 

 

	 	(b)	any gain of a highly unusual or non-recurring nature; or 

  

	 	(c)	any gain or loss arising from a transaction entered into otherwise than in the carrying on of the normal core business operations of the Group. 

 

  
 24 

 Measurement Period means the last four full financial quarters of the Company ending on
the date of the latest balance sheet (as defined in Consolidated Tangible Net Worth above). 
  

	 	17.2	Interpretation 

  

	 	(a)	Except as provided to the contrary in this Agreement, an accounting term used in this Clause is to be construed in accordance with the principles applied in connection with the Original Financial Statements.

  

	 	(b)	Any amount in a currency other than US Dollars is to be taken into account at its US Dollar equivalent calculated on the basis of: 

 

	 	(i)	the Lender’s spot rate of exchange for the purchase of the relevant currency in the London foreign exchange market with US Dollars at or about 11.00 a.m. on the day the relevant amount falls to be calculated;
or 

  

	 	(ii)	if the amount is to be calculated on the last day of a financial period of the Company, the relevant rates of exchange used by the Company in, or in connection with, its financial statements for that period.

  

	 	(c)	No item must be credited or deducted more than once in any calculation under this Clause 17. 

  

	 	17.3	Consolidated Tangible Net Worth 

 The Company must ensure that Consolidated Tangible Net
Worth is not at any time less than RMB 8 billion. 
  

	 	17.4	Gearing 

 The Company must ensure that Consolidated Total Borrowings do not at any time
exceed 100 per cent. of Consolidated Tangible Net Worth at that time. 
  

	 	17.5	Leverage 

 The Company must ensure that Consolidated Total Borrowings do not, at the end
of each Measurement Period, exceed two times of the Adjusted Consolidated EBITDA for that Measurement Period. 
  

  
 25 

	18.	GENERAL COVENANTS 

  

	 	18.1	General 

 The Company agrees to be bound by the covenants set out in this Clause 18
relating to it and, where the covenant is expressed to apply to any other member of the Group, the Company must ensure that its relevant Subsidiaries perform that covenant. 
  

	 	18.2	Authorisations 

 The Company must promptly: 

 

	 	(a)	obtain, maintain and comply with the terms; and 

  

	 	(b)	if requested by the Lender, supply certified copies to the Lender, 

 of any authorisation
required under any law or regulation to enable it to perform its obligations under, or for the validity or enforceability of, any Finance Document. 
  

	 	18.3	Compliance with laws 

 Each member of the Group must comply in all respects with all laws
to which it is subject where failure to do so would have a Material Adverse Effect. 
  

	 	18.4	Pari passu ranking 

 The Company must ensure that its payment obligations under the
Finance Documents at all times rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally. 

 

	 	18.5	Negative pledge 

  

	 	(a)	For the purpose of this Subclause, Quasi-Security Interest means an arrangement or transaction described in paragraph (c) below. 

 

	 	(b)	Except as provided below, no member of the Restricted Group may create or allow to exist any Security Interest on any of its assets. 

 

	 	(c)	No member of the Restricted Group may: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms where it is or may be leased to or re-acquired or acquired by a member of the Restricted Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 
  

  
 26 

	 	(d)	Paragraphs (b) and (c) do not apply to: 

  

	 	(i)	any Security Interest or Quasi-Security Interest comprising a netting, set-off or cash-pooling arrangement entered into by a member of the
Restricted Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

  

	 	(ii)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Restricted Group but excluding any Security Interest or
Quasi-Security Interest under a credit support arrangement; 

  

	 	(iii)	any lien arising by operation of law and in the ordinary course of business; 

  

	 	(iv)	any Security Interest or Quasi-Security Interest on an asset, or an asset of any person, acquired by a member of the Restricted Group after the date of this Agreement but only for
the period of 6 months from the date of acquisition and to the extent that the principal amount secured by that Security Interest has not been incurred or increased in contemplation of, or since, the acquisition; 

 

	 	(v)	any Security Interest or Quasi-Security Interest arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in
respect of goods supplied to a member of the Restricted Group in the ordinary course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any member of the Restricted Group;

  

	 	(vi)	any Security Interest or Quasi-Security Interest over goods or documents of title arising in the ordinary course of letter of credit transactions entered into in the ordinary
course of trade; 

  

	 	(vii)	any Security Interest or Quasi-Security Interest provided with the prior consent of the Lender; and 

 

	 	(viii)	any Security Interest or Quasi-Security Interest securing indebtedness the amount of which (when aggregated with the amount of any other indebtedness which has the benefit of a
Security Interest not allowed under the preceding sub-paragraphs) does not exceed RMB500,000,000 or its equivalent at any time; 

 

	 	18.6	Disposals 

  

	 	(a)	Except as provided below, no member of the Group (other than Beijing Baidu Netcom) may, either in a single transaction or in a series of transactions and whether related or not, dispose of all or any part of its assets
without the prior written consent of the Lender. 

  

	 	(b)	Paragraph (a) above does not apply to any disposal: 

  

	 	(i)	where the consideration receivable of that disposal (when aggregated with the consideration for any other disposal of assets by any member of the Group not allowed under
sub-paragraphs (ii) to (vi) below) (A) does not exceed the Disposal Threshold or (B) exceeds the Disposal Threshold but no Mandatory Prepayment Request has been delivered by the Lender to
the Company within the applicable time period specified in Clause 7.2(a) (Mandatory prepayment – disposals); or (C) exceeds the Disposal Threshold where the net proceeds of that disposal are applied towards mandatory prepayment of the
Loan in accordance with Clause 7.2(a) (Mandatory prepayment – disposals); 

  

	 	(ii)	made to another member of the Group (other than Beijing Baidu Netcom); 

  

	 	(iii)	made in the ordinary course of trading of the disposing entity; 

  

	 	(iv)	of assets in exchange for other assets comparable or superior as to type, value and quality; 

  

	 	(v)	of obsolete or redundant vehicles, plant or equipment for cash; or 

  

	 	(vi)	arising as result of a Permitted Transaction. 

  

	 	(c)	Each disposal shall only be permitted under this Subclause if it is made (i) on arm’s length commercial terms or (ii) (other than in respect of any disposal permitted under paragraph (b)(ii) above)
on more favourable terms to the disposing entity than arms’ length commercial terms and at least for fair market value. 

  

	 	18.7	Change of business 

 The Company must ensure that no substantial change is made to the
general nature of the business of the Restricted Group from that carried on at the date of this Agreement. 
  

	 	18.8	Merger 

 The Company may not enter into any amalgamation, demerger, merger or
reconstruction other than a Permitted Transaction. 
  

  
 27 

	 	18.9	Insurance 

 Each member of the Restricted Group must insure its business and assets with
insurance companies to such an extent and against such risks as companies engaged in a similar business normally insure. 
  

	 	18.10	“Know Your Customer” Checks 

 The Company shall promptly upon the request of
the Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender (for itself or on behalf of any prospective assignee or transferee) in order for the Lender or any prospective assignee or
transferee to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations. 
  

	 	18.11	Anti-Money Laundering and Counter-Terrorist Financing 

The Company shall comply in all respects with all anti-money laundering and counter-terrorist financing laws and regulations (“AML/CTF Laws”) to which it may be subject. The Company shall promptly provide all information to the Lender which the Lender may require in order to
manage its money-laundering and terrorist-financing risks or to comply with AML/CTF Laws. 

 

  
 28 

	 	18.12	Anti-Corruption 

 None of the Company and its directors, and officers, and (to the best
of its knowledge) agents, employees and any other persons acting for it or on its behalf (each a “Relevant Person”) have: 
  

	 	(a)	violated (and will violate) any applicable anti-bribery or anti-corruption laws; 

  

	 	(b)	offered, paid, promised to pay or authorized the payment of (and will offer, pay, promise to pay or authorize the payment of) any money; or 

 

	 	(c)	offered, given, promised to give or authorized the giving of (and will offer, give, promise to give or authorize the giving of) anything of value to any Government Official (“Government Official” means any
officer, employee or any other person acting in an official capacity for any government authority or any political party or any candidate for political office (both individually and collectively)) or to any person, 

under circumstances where the Company or the Relevant Person knew or was aware of a high probability that all or a portion of such money or
thing of value would be offered, given or promised, directly or indirectly, to any Government Official, in each case for the purpose of: 
  

	 	a.	any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; 

  

	 	b.	influencing any act or decision of such Government Official in his official capacity (including a decision to fail to perform his official function); 

 

	 	c.	inducing such Government Official to do any act in relation to his lawful duty; 

  

	 	d.	securing any improper advantage; 

  

	 	e.	inducing such Government Official to influence or affect any act or decision of any Government Entity (“Government Entity” means government or any department, agency or instrumentality thereof, including any
entity or enterprise owned or controlled by a government, or a public international organisation); or 

  

	 	f.	assisting the Company or the Relevant Person in obtaining or retaining business for or with a Government Entity, or directing business to the Company or the Relevant Person (any such conduct a “Corrupt
Activity”), 

 provided that the Company shall not be in breach of the representation in this Clause 18.12 if, within
thirty (30) days of becoming aware of any Corrupt Activity, the Company takes appropriate action to remedy such Corrupt Activity. 
  

	 	18.13	Restrictions on Transactions 

 The Company agrees that the Lender may delay, block or
refuse to process any transaction required by or in connection with this Agreement (“Transaction”) without incurring any liability if the Lender has fair reason to suspect that: 

 

	 	(a)	the Transaction may breach any applicable laws or regulations; 

  

	 	(b)	the Transaction involves any person (natural, corporate or governmental) that is itself subject to any applicable sanction imposed by the United Nations or any relevant country or is connected, directly or indirectly,
to any person that is subject to such sanction; or 

  

	 	(c)	the Transaction may directly or indirectly involve the proceeds of, or be applied for the purposes of, any unlawful conduct. 

  

	 	18.14	No Immunity 

 The Company agrees that in any legal action or proceedings against it or
its assets in connection with this facility letter, no immunity from such legal action or proceedings shall be claimed by or on behalf of the Company or with respect to its assets, and the Company irrevocably waives any such right of immunity which
it or its assets now has/have or may hereafter acquire or which may be attributed to it or its assets and consents generally in respect of any such legal action or proceedings to the giving of any relief or the issue of any process in connection
with such action or proceedings including, without limitation, the making, enforcement or execution against any property whatsoever, of any order or judgment which may be made or given in such action or proceedings. 

 

  
 29 

	19.	DEFAULT 

  

	 	19.1	Events of Default 

 Each of the events or circumstances set out in this Clause 19 (other
than Clause 19.13 (Acceleration)) is an Event of Default. 
  

	 	19.2	Non-payment 

 The Company does not pay on the due date any amount payable by it under the
Finance Documents in the manner required under the Finance Documents, unless the non-payment: 
  

	 	(a)	is caused by technical or administrative error and is remedied within five Business Days of the due date; or 

  

	 	(b)	is caused by a Disruption Event and is remedied within five Business Days of the due date. 

  

	 	19.3	Breach of other obligations 

  

	 	(a)	The Company does not comply with any term of Clause 17 (Financial covenants); or 

  

	 	(b)	the Company does not comply with any term of the Finance Documents (other than any term referred to in Clause 19.2 (Non-payment) or in paragraph (a) above), unless the non-compliance: 

 

	 	(i)	is capable of remedy; and 

  

	 	(ii)	is remedied within 20 Business Days of the earlier of the Lender giving notice of the failure to comply to the Company and the Company becoming aware of the non-compliance. 

 

	 	19.4	Misrepresentation 

 A representation or warranty made or deemed to be repeated by the
Company in any Finance Document or in any document delivered by or on behalf of the Company under any Finance Document is incorrect or misleading in any material respect when made or deemed to be repeated, unless the circumstances giving rise to the
misrepresentation or breach of warranty: 
  

	 	(a)	are capable of remedy; and 

  

	 	(b)	are remedied within 20 Business Days of the earlier of the Lender giving notice of the misrepresentation or breach of warranty to the Company and the Company becoming aware of the misrepresentation or breach of
warranty. 

  

  
 30 

	 	19.5	Cross-default 

 Any of the following occurs in respect of a member of the Restricted
Group: 
  

	 	(a)	any of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable grace period); 

  

	 	(b)	any of its Financial Indebtedness: 

  

	 	(i)	becomes prematurely due and payable; 

  

	 	(ii)	is placed on demand; or 

  

	 	(iii)	is capable of being declared by or on behalf of a creditor to be prematurely due and payable or of being placed on demand, 

in each case, as a result of an event of default or any provision having a similar effect (howsoever described); or 

 

	 	(c)	any commitment for its Financial Indebtedness is cancelled or suspended as a result of an event of default or any provision having a similar effect (howsoever described), 

unless the aggregate amount of Financial Indebtedness falling within all or any of paragraphs (a) to (c) above is less than
US$50,000,000 or its equivalent. 
  

	 	19.6	Insolvency 

 Any of the following occurs in respect of a member of the Restricted Group:

  

	 	(a)	it is, or is deemed for the purposes of any applicable law to be, unable to pay its debts as they fall due or insolvent; 

  

	 	(b)	it admits its inability to pay its debts as they fall due; 

  

	 	(c)	it suspends making payments on its debts generally or announces an intention to do so; 

  

	 	(d)	by reason of actual or anticipated financial difficulties, it begins negotiations with any creditor for the rescheduling or restructuring of any of its indebtedness; 

 

	 	(e)	the value of its assets is less than its liabilities (taking into account contingent and prospective liabilities); or 

  

	 	(f)	any of its indebtedness is subject to a moratorium. 

  
  

  
 31 

	 	19.7	Insolvency proceedings 

  

	 	(a)	Except as provided below, any of the following occurs in respect of a member of the Restricted Group: 

  

	 	(i)	any corporate action or legal proceedings is taken with a view to the suspension of payments, a moratorium or a composition, assignment or similar arrangement with any of its creditors; 

 

	 	(ii)	a meeting of its shareholders, directors or other officers resolves to petition for or to file documents with a court or any registrar for, its winding-up, administration or dissolution or any such resolution is passed;

  

	 	(iii)	any person presents a petition, or files documents with a court or any registrar, for its winding-up, administration, dissolution or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise);

  

	 	(iv)	any Security Interest is enforced over any of its assets having an aggregate value of at least US$50,000,000; 

  

	 	(v)	an order for its winding-up, administration or dissolution is made; 

  

	 	(vi)	any liquidator, trustee in bankruptcy, judicial custodian, compulsory manager, receiver, administrative receiver, administrator or similar officer is appointed in respect of it or any of its assets; or

  

	 	(vii)	any analogous step or procedure is taken in any jurisdiction. 

  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any step or procedure which is part of a Permitted Transaction; or 

  

	 	(ii)	a petition for winding-up, administration or dissolution which is being contested in good faith and with due diligence and is discharged or struck out within 30 days. 

 

	 	19.8	Creditors’ process 

 Any attachment, sequestration, distress, execution or analogous
event affects any asset(s) of a member of the Restricted Group, having an aggregate value of at least US$50,000,000 which is not discharged within 30 days. 
  

	 	19.9	Cessation of business 

 A member of the Restricted Group ceases, or threatens to cease,
to carry on business except: 
  

	 	(a)	as part of a Permitted Transaction; or 

  

	 	(b)	as a result of any disposal allowed under this Agreement. 

  

	 	19.10	De-listing or suspension of shares trading 

 The shares in the Company cease to be listed
on NASDAQ or trading of the shares in the Company has been suspended for more than five (5) consecutive Business Days on which NASDAQ is generally open for trading and such delisting or suspension has a Material Adverse Effect. 

 

	 	19.11	Effectiveness of Finance Documents 

  

	 	(a)	It is or becomes unlawful for the Company to perform any of its obligations under the Finance Documents. 

  

	 	(b)	The Company repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

  

  
 32 

	 	19.12	Material adverse change 

 Any event or series of events occurs which, in the opinion of
the Lender (acting reasonably), would have a Material Adverse Effect. 
  

	 	19.13	Acceleration 

 If an Event of Default is outstanding, the Lender may by notice to the
Company: 
  

	 	(a)	cancel all or any part of the Commitments; and/or 

  

	 	(b)	declare that all or part of any amounts outstanding under the Finance Documents are: 

  

	 	(i)	immediately due and payable; and/or 

  

	 	(ii)	payable on demand by the Lender. 

 Any notice given under this Subclause will take effect in
accordance with its terms. 
  

	20.	EVIDENCE AND CALCULATIONS 

  

	 	20.1	Accounts 

 Accounts maintained by the Lender in connection with this Agreement are prima
facie evidence of the matters to which they relate for the purpose of any litigation or arbitration proceedings. 
  

	 	20.2	Certificates and determinations 

 Any certification or determination by the Lender of a
rate or amount under the Finance Documents will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	 	20.3	Calculations 

 Any interest or fee accruing under this Agreement accrues from day to day
and is calculated on the basis of the actual number of days elapsed and a year of 360 days or in any case where the London interbank market differs, in accordance with that market practice. 

 

	21.	FEE 

 The Company shall pay to the Lender a front-end fee in an amount equal to USD
1,350,000.00 (or 0.9 per cent. of USD150,000,000) within fifteen (15) days of the Utilisation Date. The front-end fee shall be non-refundable whether or not any amount is drawn hereunder. 

 

	22.	INDEMNITIES AND BREAK COSTS 

  

	 	22.1	Currency indemnity 

  

	 	(a)	The Company must, as an independent obligation, indemnify the Lender against any loss or liability which the Lender incurs as a consequence of: 

 

	 	(i)	the Lender receiving an amount in respect of the Company’s liability under the Finance Documents; or 

  

	 	(ii)	that liability being converted into a claim, proof, judgment or order, 

 in a currency other
than the currency in which the amount is expressed to be payable under the relevant Finance Document. 
  

	 	(b)	Unless otherwise required by law, the Company waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which it is expressed to be payable.

  

  
 33 

	 	22.2	Other indemnities 

  

	 	(a)	The Company must indemnify the Lender (and its officers, employees, agents, delegates and nominees) against any fees, expenses (including those of legal counsel), loss or liability which the Lender incurs as a
consequence of: 

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	written information produced or approved by the Company being or being alleged to be misleading or deceptive in any respect; 

  

	 	(iii)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to the Company or with respect to the transactions contemplated or financed under the Finance Documents; 

 

	 	(iv)	any failure by the Company to pay any amount due under a Finance Document on its due date; 

  

	 	(v)	(other than by reason of gross negligence or wilful misconduct by the Lender) the Loan not being made after the Request has been delivered for the Loan; or 

 

	 	(vi)	the Loan (or part of the Loan ) not being prepaid in accordance with this Agreement. 

 The
Company’s liability in each case includes any loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable under any Finance Document or the Loan. 

 

	 	(b)	The Company must indemnify the Lender against any loss or liability incurred by the Lender as a result of: 

  

	 	(i)	investigating any event which the Lender believes to be a Default; or 

  

	 	(ii)	acting or relying on any notice, request or instruction which the Lender believes to be genuine, correct and appropriately authorised. 

 

	 	(c)	The provisions of this Clause 22.2 shall survive the termination of the Finance Documents or the Lender ceasing to be a Party under the Finance Documents. 

 

	 	22.3	Break Costs 

  

	 	(a)	The Company must pay to the Lender its Break Costs if the Loan (or any part of it) or an overdue amount is repaid or prepaid otherwise than on the last day of any Term applicable to it. 

 

	 	(b)	Break Costs are the amount (if any) determined by the Lender by which: 

  

	 	(i)	the interest (excluding the Margin) which the Lender would have received for the period from the date of receipt of any part of its share in the Loan or an overdue amount to the last day of the applicable Term for the
Loan or overdue amount if the principal or overdue amount received had been paid on the last day of that Term; 

exceeds 
  

	 	(ii)	the amount which the Lender would be able to obtain by placing an amount equal to the amount received by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day
following receipt and ending on the last day of the applicable Term. 

  

	 	(c)	The Lender must supply to the Company details of the amount of any Break Costs claimed by it under this Subclause. 

  
 34 

	23.	EXPENSES 

  

	 	23.1	Initial costs 

 The Company must pay the Lender the amount of all out-of-pocket costs and
expenses reasonably incurred by it up to an agreed level in connection with the negotiation, preparation, or printing the Finance Documents. 
  

	 	23.2	Subsequent costs 

 The Company must pay to the Lender the amount of all costs and
expenses (including reasonable legal fees) reasonably incurred by it in connection with: 
  

	 	(a)	the negotiation, preparation, printing and entry into of any Finance Document (other than a Transfer Certificate) entered into after the date of this Agreement; and 

 

	 	(b)	any amendment, waiver or consent requested by or on behalf of the Company or specifically allowed by a Finance Document. 

  

	 	23.3	Enforcement costs 

 The Company must pay to the Lender the amount of all costs and
expenses (including legal fees) incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 
  

	24.	AMENDMENTS AND WAIVERS 

  

	 	24.1	Procedure 

  

	 	(a)	Unless otherwise specified in the Finance Documents, any term of the Finance Documents may be amended or waived only with the consent of the Company and the Lender and any such amendment or waiver will be binding on all
the Parties. 

  

	 	24.2	Change of currency 

 If a change in any currency of a country occurs (including where
there is more than one currency or currency unit recognised at the same time as the lawful currency of a country), the Finance Documents will be amended to the extent the Lender reasonably determines after consultation with the Company is necessary
to reflect the change. 
  

  
 35 

	 	24.3	Waivers and remedies cumulative 

 The rights of the Lender under the Finance Documents:

  

	 	(a)	may be exercised as often as necessary; 

  

	 	(b)	are cumulative and not exclusive of its rights under the general law; and 

  

	 	(c)	may be waived only in writing and specifically. 

 Delay in exercising or non-exercise of any
right is not a waiver of that right. 
  

	25.	CHANGES TO THE PARTIES 

  

	 	25.1	Assignments and transfers by the Company 

 The Company may not assign or transfer any of
its rights and obligations under the Finance Documents without the prior consent of the Lender. 
  

	 	25.2	Assignments and transfers by Lender 

 Subject to the following provisions of this Clause
25, the Lender (the Existing Lender) may at any time: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by way of novation any of its rights or obligations under this Agreement, 

 to another
bank or financial institution (the New Lender) without the consent of the Company provided that the Existing Lender has given the Company no less than 15 days prior written notice of such assignment or transfer. 

 

	 	25.3	Other conditions to assignment or transfer 

  

	 	(a)	The Lender is not obliged to enter into a Transfer Certificate or otherwise give effect to an assignment or transfer until it has completed all customer due diligence or any “know your customer” or other
checks in relation to any relevant person or other legal requirements to its satisfaction. 

  

	 	(b)	any reference in this Agreement to the Lender includes a New Lender but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

 

	 	25.4	Procedure for transfer using a Transfer Certificate 

  

	 	(a)	In this Subclause: 

 Transfer Date means, in relation to a transfer, the later of: 

 

	 	(i)	the proposed Transfer Date specified in that Transfer Certificate; and 

  

	 	(ii)	the date on which the Existing Lender enters into that Transfer Certificate. 

  
 36 

	 	(b)	A transfer of rights or obligations using a Transfer Certificate will be effective if: 

  

	 	(i)	the New Lender delivers to the Existing Lender a duly completed Transfer Certificate; and 

  

	 	(ii)	the Existing Lender enters into it. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	the New Lender will assume the rights and obligations of the Existing Lender expressed to be the subject of the novation in the Transfer Certificate in substitution for the Existing Lender; 

 

	 	(ii)	the Existing Lender will be released from those obligations and cease to have those rights; and 

  

	 	(iii)	the New Lender will become the Lender under this Agreement and be bound by the terms of this Agreement as Lender. 

  

	 	(d)	The Existing Lender shall, subject to subclause 25.4, enter into a Transfer Certificate delivered to it and which appears on its face to be in order as soon as reasonably practicable and, as soon as reasonably
practicable after it has entered into a Transfer Certificate, send a copy of that Transfer Certificate to the Company. 

  

	 	25.5	Original consents and waivers 

 The New Lender shall be bound by any consent, waiver,
election or decision given or made by the Existing Lender under or pursuant to any Finance Document prior to the coming into effect of the relevant assignment or transfer to that New Lender. 

 

	 	25.6	Limitation of responsibility of Existing Lender 

  

	 	(a)	Unless expressly agreed to the contrary, the Existing Lender makes no representation or warranty and assumes no responsibility to the New Lender for: 

 

	 	(i)	the financial condition of the Company; or 

  

	 	(ii)	the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of: 

  

	 	(A)	any Finance Document or any other document; 

  

	 	(B)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, or 

  

	 	(C)	any observance by the Company of its obligations under any Finance Document or other document, and any representations or warranties implied by law are excluded. 

 

  
 37 

	 	(b)	The New Lender confirms to the Existing Lender that it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and affairs of the Company and its related
entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in this Agreement; 

  

	 	(ii)	has not relied on any information supplied to it by the Existing Lender in connection with any Finance Document; 

  

	 	(iii)	has conducted its own investigation in connection with the Finance Documents and has not relied upon the Existing Lender to conduct any due diligence investigation on its behalf; 

 

	 	(iv)	has access to all information that it believes is necessary or appropriate in connection with its participation of this Agreement and it is able to obtain or access business and financial information without undue
difficulty; 

  

	 	(v)	has consulted its own independent advisors or otherwise has satisfied itself concerning, without limitation, the tax, legal, currency and other economic considerations related to its participation in this Agreement, and
has only relied on the advice of, or has only consulted with, such independent advisers; 

  

	 	(vi)	has not relied and will not rely on any investigation or due diligence that the Existing Lender or any of its affiliates or employees or any person acting on behalf of the Existing Lender may have conducted in
connection with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature and extent of any recourse against any Party or its assets), and none of such persons has made any
representation, warranty or recommendation to that New Lender, express or implied, in connection with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature and extent of any
recourse against any Party or its assets) or the accuracy, completeness or adequacy of any information that New Lender obtain from public sources or from the Company in any form (including, without limitation, oral statements, written materials and
electronic communications and data of any kind); and 

  

	 	(vii)	will not hold the Existing Lender, its affiliates or the officers, directors or employees responsible for any misstatements in or omissions from information it obtains from public sources or from the Company in any form
(including, without limitation, oral statements, written materials and electronic communications and data of any kind). 

  

	 	(c)	Nothing in any Finance Document requires the Existing Lender to: 

  

	 	(i)	accept a re-transfer from the New Lender of any of the rights and obligations assigned or transferred under this Clause; or 

  

	 	(ii)	support any losses incurred by the New Lender by reason of the non-performance by the Company of its obligations under any Finance Document or otherwise. 

 

  
 38 

	 	25.7	Costs resulting from change of Lender or Facility Office 

 If: 

 

	 	(a)	the Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Company would be obliged to pay a Tax Payment or an Increased Cost, 

then the Company needs only pay that Tax Payment or Increased Cost to the same extent that it would have been obliged to if no assignment,
transfer or change had occurred. 
  

	26.	DISCLOSURE OF INFORMATION 

  

	 	(a)	The Lender must keep confidential any information supplied to it by or on behalf of the Company in connection with the Finance Documents. However, the Lender is entitled to disclose information: 

 

	 	(i)	which is publicly available, other than as a result of a breach by the Lender of this Clause; 

  

	 	(ii)	to the extent required for the purpose of any legal or arbitration proceedings; 

  

	 	(iii)	to the extent required to be disclosed under any law or regulation; 

  

	 	(iv)	to a governmental, banking, taxation or other regulatory authority; 

  

	 	(v)	to its professional advisers or any rating agency (provided that such person is under a duty of confidentiality to the Lender); 

  

	 	(vi)	to the extent allowed under paragraph (b) below; or 

  

	 	(vii)	with the agreement of the Company. 

  

	 	(b)	The Lender may disclose to an Affiliate, its head office and any representative or other branches or any person (a third party) with (or through) whom the Lender enters into (or may enter into) any kind of transfer,
participation or hedge agreement in relation to this Agreement or any other transaction under which payments are to be made by reference to this Agreement or the Company: 

 

	 	(i)	a copy of any Finance Document; and 

  

	 	(ii)	any information which the Lender has acquired under or in connection with any Finance Document. 

However, before a third party may receive any confidential information, it must have entered into a Confidentiality Undertaking. 

 

	 	(c)	This Clause 26 supersedes any previous confidentiality undertaking given by the Lender in connection with this Agreement prior to it becoming a Party. 

 

	27.	SET-OFF 

 The Lender may, for so long as an Event of Default is outstanding, set off any
matured obligation owed to it by the Company under the Finance Documents (to the extent beneficially owned by the Lender) against any obligation (whether or not matured) owed by the Lender to the Company, regardless of the place of payment, booking
branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

  
 39 

	28.	SEVERABILITY 

 If a term of a Finance Document is or becomes illegal, invalid or
unenforceable in any respect under any jurisdiction, that will not affect: 
  

	 	(a)	the legality, validity or enforceability in that jurisdiction of any other term of the Finance Documents; or 

  

	 	(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of the Finance Documents. 

  

	29.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts. This
has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	30.	NOTICES 

  

	 	30.1	In writing 

  

	 	(a)	Any communication in connection with a Finance Document must be in writing and, unless otherwise stated, may be given: 

  

	 	(i)	in person, by post or fax; or 

  

	 	(ii)	to the extent agreed by the Parties making and receiving communication, by e-mail or other electronic communication. 

  

	 	(b)	For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

  

	 	(c)	Unless it is agreed to the contrary, any consent or agreement required under a Finance Document must be given in writing. 

  

	 	30.2	Contact details 

  

	 	(a)	Except as provided below, the contact details of each Party for all communications in connection with the Finance Documents are those notified by that Party for this purpose to the any Party under this Agreement on or
before the date it becomes a Party. 

  

	 	(b)	The contact details of the Company for this purpose are: 

 Address: Baidu Campus
No. 10 Shangdi 10th Street, Haidian District, Beijing 100085, PRC 

Fax number: +86 10 5992 0051 

E-mail: zengying@baidu.com 

Attention: Zeng Ying 
  

	 	(c)	The contact details of the Lender for this purpose are: 

 Address: 8/F., One
International Finance Centre 
 1 Harbour View Street Hong Kong 

Fax number: +852 2206 2968 

E-mail: charing.chung@smbc.com.hk 

Attention: Ms. Charing Chung 

  
 40 

 Any Party may change its contact details by giving five Business Days’ notice to the other
Party. 
  

	 	(d)	Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer. 

 

	 	30.3	Effectiveness 

  

	 	(a)	Except as provided below, any communication in connection with a Finance Document will be deemed to be given as follows: 

  

	 	(i)	if delivered in person, at the time of delivery; 

  

	 	(ii)	if posted, five Business Days after being deposited in the post, postage prepaid, in a correctly addressed envelope; 

  

	 	(iii)	if by fax, when received in legible form; and 

  

	 	(iv)	if by e-mail or any other electronic communication, when received in legible form. 

  

	 	(b)	A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place.

  

	 	(c)	A communication to the Lender will only be effective on actual receipt by it. 

  

	31.	LANGUAGE 

  

	 	(a)	Any notice given in connection with a Finance Document must be in English. 

  

	 	(b)	Any other document provided in connection with a Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	(unless the Lender otherwise agrees) accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or other official document. 

 

	32.	GOVERNING LAW 

 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by Hong Kong law. 
  

	33.	ENFORCEMENT 

  

	 	33.1	Jurisdiction 

  

	 	(a)	The Hong Kong courts have non-exclusive jurisdiction to settle any dispute including a dispute relating to any non-contractual obligation arising out of or in connection with any Finance Document. 

 

	 	(b)	The Hong Kong courts are the most appropriate and convenient courts to settle any such dispute in connection with any Finance Document. The Company agrees not to argue to the contrary and waives objection to those
courts on the grounds of inconvenient forum or otherwise in relation to proceedings in connection with any Finance Document. 

  
 41 

	 	(c)	This Clause is for the benefit of the Lender only. To the extent allowed by law, the Lender may take: 

  

	 	(i)	proceedings in any other court; and 

  

	 	(ii)	concurrent proceedings in any number of jurisdictions. 

  

	 	(d)	References in this Clause 33 to a dispute in connection with a Finance Document include any dispute as to the existence, validity or termination of that Finance Document. 

 

	 	33.2	Service of process 

  

	 	(a)	The Company irrevocably appoints Messrs. Li & Partners of 22nd Floor, World-Wide House, 19, Des Voeux Road, Central, Hong Kong as its agent under the Finance Documents for service of process in any proceedings
before the Hong Kong courts in connection with any Finance Document. 

  

	 	(b)	If any person appointed as process agent under this Clause is unable for any reason to so act, the Company must immediately (in any event within 14 days of the event taking place) appoint another agent on terms
acceptable to the Lender. Failing this, the Lender may appoint another process agent for this purpose. 

  

	 	(c)	The Company agrees that failure by a process agent to notify it of any process will not invalidate the relevant proceedings. 

  

	 	(d)	This Clause does not affect any other method of service allowed by law. 

  

	 	33.3	Waiver of immunity 

 The Company irrevocably and unconditionally: 

 

	 	(a)	agrees not to claim any immunity from proceedings brought by the Lender against the Company in relation to a Finance Document and to ensure that no such claim is made on its behalf; 

 

	 	(b)	consents generally to the giving of any relief or the issue of any process in connection with those proceedings; and 

  

	 	(c)	waives all rights of immunity in respect of it or its assets. 

 This Agreement has been entered
into on the date stated at the beginning of this Agreement. 

  
 42 

 SCHEDULE 1 

CONDITIONS PRECEDENT DOCUMENTS 

PART 1 (CONDITIONS PRECEDENT) 

Corporate documentation 
  

	1.	A copy of the constitutional documents of the Company. 

  

	2.	A copy of a resolution of the board of directors of the Company approving the terms of, and the transactions contemplated by, each Finance Document to which it is a party. 

 

	3.	A copy of the certificate of good standing of the Company issued by the Registrar of Companies of the Cayman Islands within one month of the date of this Agreement. 

 

	4.	A copy of the certificate of incumbency of the Company issued by its Cayman Islands registered office provider within one month of the date of this Agreement. 

 

	5.	A copy of the Original Financial Statements. 

  

	6.	A Director’s Certificate for the Company substantially in the form of Part 2 of this Schedule. 

  

	7.	Evidence that the agent of the Company under the Finance Documents for service of process in Hong Kong has accepted its appointment. 

Legal opinions 
  

	8.	A legal opinion of Maples and Calder, legal advisers in the Cayman Islands to the Company, substantially in the form distributed to the Lender prior to the signing of this Agreement. 

Other documents and evidence 
  

	9.	A copy of any other authorisation or other document, opinion or assurance which the Lender has notified the Company in writing prior to the date of this Agreement, is necessary in connection with the entry into and
performance of, and the transactions contemplated by, any Finance Document or for the validity and enforceability of any Finance Document. 

  
 43 

 PART 2 

FORM OF DIRECTOR’S CERTIFICATE 
  

	To:	Sumitomo Mitsui Banking Corporation 

 BAIDU, INC. – US$150,000,000 Facility Agreement
dated 24th July, 2013 (the Agreement) 
 I refer to the Agreement. Terms defined in the
Agreement have, unless defined in this certificate, the same meaning when used in this certificate. 
 I am a director of Baidu, Inc. (the Company),
a company incorporated in the Cayman Islands with registered office at [—]. I am authorised to give this certificate and certify as follows: 

 

	1.	Each [original] and copy document delivered by the Company to the Lender under Part 1 of Schedule 1 (Conditions precedent documents) to the Agreement (including the documents listed below and attached to this
certificate) is true, complete and in full force and effect on the date of this certificate: 

  

	 	(a)	the Amended and Restated Memorandum and Articles of Association of the Company; 

  

	 	(b)	the Certificate of Incorporation of the Company; 

  

	 	(c)	the Certificate of Incorporation on Change of Name of Company; 

  

	 	(d)	the Certificate of Good Standing of the Company; 

  

	 	(e)	the Certificate of Incumbency of the Company; and 

  

	 	(f)	the minutes of a meeting of the Board of Directors of the Company held on [            ]. 

 

	2.	Borrowing the Commitments will not cause any borrowing or similar limit binding on the Company under its memorandum or articles of association or other constitutional documents or any law applicable to it to be
exceeded. 

  

	3.	Each resolution adopted at the meeting referred to in 1(f) above is in full force and effect without modification. 

  

	4.	The resolutions adopted at the meeting referred to in 1(f) above constitute all corporate action necessary on the part of the Company to: 

 

	 	(a)	approve the terms of and transactions contemplated by the Finance Documents; and 

  

	 	(b)	authorise the signing of, any communications and/or other action under or in connection with, the Finance Documents. 

  

	5.	The following is a complete list of all persons who are directors and Company Secretary of the Company as at the date of this Certificate and who were Directors and Company Secretary on the date of the meeting referred
to above. 

 [            ] 

 

  
 44 

	6.	Each person listed below: 

  

	 	(a)	occupies the position stated against his name (and occupied that position on the date each Finance Document was signed by him); 

  

	 	(b)	is the person duly authorised in the resolutions adopted at the meeting referred to in 1(f) above to sign the Finance Documents (and any other document in connection with the Finance Documents) on behalf of the Company;
and 

  

	 	(c)	has his true signature appearing opposite his name. 

  

	 	Name                                 
                           Position             
                                         
      Specimen Signature	

  

	7.	Unless we notify you to the contrary in writing, you may assume that this Certificate remains true and correct up until the date of the first Utilisation by the Company under the Agreement. 

For 
  

	
	BAIDU, INC.
	
	   

	  
 Director

  

  
 45 

 FORM OF REQUEST 
  

	To:	Sumitomo Mitsui Bank Corporation 

 8/F., One International Finance Centre 

1 Harbour View Street 
 Hong Kong

  

	Attention:	Head of Loan Operations Department 

  

	From:	BAIDU, INC. 

  

	Date:	24th July 2013

 BAIDU, INC. –
US$150,000,000 Facility Agreement 
 dated 24th July, 2013 (the
Agreement) 
  

	1.	We refer to the Agreement. This is a Request. Terms defined in the Agreement have the same meaning in this Request. 

  

	2.	We wish to borrow the Loan on the following terms: 

  

	 	(a)	Utilisation Date: 29th July, 2013; 

  

	 	(b)	Amount: US$150,000,000; 

  

	 	(c)	Term: Three months. 

  

	3.	The proceeds of the Loan should be credited to: 

 Account Name: Baidu, Inc. 

Bank Name: Citibank (China) Co., Ltd. Beijing Branch 

Account Number: 1733228918 
 Swift
code: CITICNSXBJG 
  

	4.	We confirm that each condition precedent specified in Clause 4.2 (Further conditions precedent) under the Agreement which must be satisfied on the date of this Request is so satisfied. 

 

	5.	This Request is irrevocable. 

  
 46 

			
	By:
	
	BAIDU, INC.
	
	/S/    LI XIN ZHE        
	Name:	 	
	Chief Financial Officer

  
 47 

 SCHEDULE 2 

FORM OF TRANSFER CERTIFICATE 
  

	To:	Sumitomo Mitsui Banking Corporation (the Existing Lender) 

 8/F., One International
Finance Centre 
 1 Harbour View Street 

Hong Kong 
 Attention: [    
] 
 From: [NEW LENDER] (the New Lender) 
 Date:
[            ] 
 BAIDU, INC. – US$150,000,000 Facility Agreement

 dated 24th July, 2013 (the Agreement) 

We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have, unless defined in this certificate, the same meaning when used
in this Transfer Certificate 
  

	1.	The Existing Lender transfers by novation to the New Lender the Existing Lender’s rights and obligations referred to in the Schedule below in accordance with the terms of the Agreement. 

 

	2.	The proposed Transfer Date is [            ]. 

  

	3.	The administrative details of the New Lender for the purposes of the Agreement are set out in the Schedule. 

  

	4.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations in respect of this Transfer Certificate contained in the Agreement. 

In particular, the New Lender expressly acknowledges and confirms that: 

 

	 	(a)	the Existing Lender makes no representation or warranty and assumes no responsibility to the New Lender for: 

  

	 	(i)	the financial condition of the Company; or 

  

	 	(ii)	the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness or performance of: 

  

	 	(A)	any Finance Document or any other document; 

  

	 	(B)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document, or 

  

	 	(C)	any observance by the Company of its obligations under any Finance Document or other document, and any representations or warranties implied by law are excluded; and 

 

  
 48 

	 	(b)	it: 

  

	 	(i)	has made, and will continue to make, its own independent appraisal of all risks arising under or in connection with the Finance Documents (including the financial condition and affairs of the Company and its related
entities and the nature and extent of any recourse against any Party or its assets) in connection with its participation in the Agreement; 

  

	 	(ii)	has not relied on any information supplied to it by the Existing Lender in connection with any Finance Document; 

  

	 	(iii)	has conducted its own investigation in connection with the Finance Documents and has not relied upon the Existing Lender to conduct any due diligence investigation on its behalf; 

 

	 	(iv)	has access to all information that it believes is necessary or appropriate in connection with its participation of the Agreement and it is able to obtain or access business and financial information without undue
difficulty; 

  

	 	(v)	has consulted its own independent advisors or otherwise has satisfied itself concerning, without limitation, the tax, legal, currency and other economic considerations related to its participation in the Agreement, and
has only relied on the advice of, or has only consulted with, such independent advisers; 

  

	 	(vi)	has not relied and will not rely on any investigation or due diligence that the Existing Lender or any of its affiliates or employees or any person acting on behalf of the Existing Lender may have conducted in
connection with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature and extent of any recourse against any Party or its assets), and none of such persons has made any
representation, warranty or recommendation to the New Lender, express or implied, in connection with the Finance Documents (including the financial condition and affairs of the Company and its related entities and the nature and extent of any
recourse against any Party or its assets) or the accuracy, completeness or adequacy of any information the New Lender obtain from public sources or from the Company in any form (including, without limitation, oral statements, written materials and
electronic communications and data of any kind); and 

  

	 	(vii)	will not hold the Existing Lender, its affiliates or the officers, directors or employees responsible for any misstatements in or omissions from information it obtains from public sources or from the Company in any form
(including, without limitation, oral statements, written materials and electronic communications and data of any kind). 

  

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of the Transfer Certificate. 

 

	6.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by Hong Kong law. 

  
 49 

 THE SCHEDULE 

Rights and obligations to be transferred by novation 

[insert relevant details, including applicable Commitment (or part)] 

Administrative details of the New Lender  

[insert details of Facility Office, address for notices, fax number and attention details and account details for payment etc.] 

 

									
	[EXISTING LENDER]	 		 	[NEW LENDER]
					
	By:	 	 	 		 	By:	 	 

 The Transfer Date is confirmed by the Lender as [            ].

 [—] 
 By:

 Note: The New Lender is alone responsible for checking whether any further formalities should be complied with. An assignment may give rise to a stamp
duty or transfer tax issues. 

  
 50 

 SCHEDULE 3 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	Sumitomo Mitsui Banking Corporation as Lender 

  

	From:	BAIDU, INC. 

  

	Date:	[            ] 

 BAIDU, INC.
– US$150,000,000 Facility Agreement 
 dated 24th July, 2013 (the
Agreement) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meanings in this Compliance Certificate. 

 

	2.	We confirm that as at [relevant testing date]: 

  

	 	(a)	Consolidated Tangible Net Worth is [            ]; and 

  

	 	(b)	Consolidated Total Borrowings are [            ] and therefore, Consolidated Total Borrowings are
[            ] per cent. ([            ]%) of Consolidated Tangible Net Worth. 

 

	 	(c)	Adjusted Consolidated EBITDA is [            ] and therefore, Consolidated Total Borrowings are
[            ] per cent. ([            ]%) of Consolidated EBITDA. 

 

	3.	We set out below calculations establishing the figures in paragraph 2 above: 

[            ]. 

 

	4.	We confirm that as at [relevant testing date] [no Default is outstanding]/[the following Default[s] [is/are] outstanding and the following steps are being taken to remedy [it/them]: 

[            ]]. 

BAIDU, INC. 
 By: 

  
 51 

 SIGNATORIES 
  

			
	 Company
  

BAIDU, INC.

		
	By:	 	/S/    LI XIN ZHE        

  

			
	 Lender
  

SUMITOMO MITSUI BANKING CORPORATION

		
	By:	 	/S/    SHIGERU YUNO         

  
 52EX-4.72

 Exhibit 4.72 

AU$235,000,000 TERM LOAN FACILITY AGREEMENT 

BAIDU, INC. 
 (as
Borrower) 
 and 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 

HONG KONG BRANCH 
 (as
Lender) 
 Dated 13 August 2013 
  

 
  

 CONTENTS 
  

			
	 CLAUSE
	 	PAGE

 SECTION 1 

INTERPRETATION 
  

					
	 1.
	 	Definitions and Interpretation	  	1

 SECTION 2 

THE FACILITY 
  

					
	 2.
	 	The Facility	  	12
	 3.
	 	Purpose	  	12
	 4.
	 	Conditions of Utilisation	  	12

 SECTION 3 

UTILISATION 
  

							
	 5.
	 	Utilisation	  	 	13	  

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

							
	 6.
	 	Repayment	  	 	14	  
	 7.
	 	Prepayment and Cancellation	  	 	14	  

 SECTION 5 

COSTS OF UTILISATION 
  

							
	 8.
	 	Interest	  	 	16	  
	 9.
	 	Interest Periods	  	 	17	  
	 10.
	 	Changes to the Calculation of Interest	  	 	17	  

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

							
	 11.
	 	Payments	  	 	19	  
	 12.
	 	Increased Costs	  	 	19	  
	 13.
	 	Other Indemnities	  	 	20	  
	 14.
	 	Mitigation	  	 	21	  
	 15.
	 	Costs and Expenses	  	 	21	  

  
 i 

 SECTION 7 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

							
	 16.
	 	Representations	  	 	22	  
	 17.
	 	Repetition and acknowledgement of reliance	  	 	24	  
	 18.
	 	Information Undertakings	  	 	24	  
	 19.
	 	Financial Covenants	  	 	25	  
	 20.
	 	General Undertakings	  	 	30	  
	 21.
	 	Events of Default	  	 	33	  

 SECTION 8 

CHANGES TO PARTIES 
  

							
	 22.
	 	Changes to the Parties	  	 	37	  
	 23.
	 	Disclosure of Information	  	 	38	  

 SECTION 9 

ADMINISTRATION 
  

							
	 24.
	 	Payment Mechanics	  	 	39	  
	 25.
	 	Set-off	  	 	41	  
	 26.
	 	Notices	  	 	41	  
	 27.
	 	Calculations and Certificates	  	 	41	  
	 28.
	 	Partial Invalidity	  	 	41	  
	 29.
	 	Remedies and Waivers	  	 	42	  
	 30.
	 	Amendments and Waivers	  	 	42	  
	 31.
	 	Counterparts	  	 	42	  
	 32.
	 	Entire Agreement	  	 	42	  
	 33.
	 	Third Party and Market Failure	  	 	42	  
	 34.
	 	Anti-Money Laundering and other Laws	  	 	42	  

 SECTION 10 

GOVERNING LAW AND ENFORCEMENT 
  

							
	 35.
	 	Governing law	  	 	44	  
	 36.
	 	Enforcement	  	 	44	  

  

							
	 SCHEDULE 1
	 	CONDITIONS PRECEDENT	  	 	45	  
	 SCHEDULE 2
	 	REQUESTS	  	 	46	  

  
 ii 

 THIS AGREEMENT is dated 13 August 2013 and made between: 

 

	(1)	Baidu, Inc., a company incorporated under the laws of the Cayman Islands with registration number 96019, as borrower (the “Borrower”); and 

 

	(2)	Australia and New Zealand Banking Group Limited, a company incorporated in Australia (Australian business number 11 005 357 522), whose registered office is at ANZ Centre Melbourne, Level 9, 833 Collins Street,
Docklands, Victoria 3008, acting through its Hong Kong branch at 22/Floor, Three Exchange Square, 8 Connaught Place, Central, Hong Kong, as lender (the “Lender”). 

IT IS AGREED as follows: 
 SECTION 1

 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	 	1.1	Definitions 

 In this Agreement: 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company. 
 “AU dollars” and “AU$” mean the lawful currency of Australia. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or
registration; 
 “Availability Period” means the period from and including the date of this Agreement to and including the
earlier of: 
  

	 	(a)	the date falling three (3) Months from the date of this Agreement; and 

  

	 	(b)	the date on which the Facility is fully utilised, cancelled or terminated under the provisions of this Agreement. 

  
 1 

 “Available Commitment” means at any time the Lender’s Commitment minus:

  

	 	(a)	the aggregate amount of any outstanding Loans under the Facility; and 

  

	 	(b)	in relation to any proposed Utilisation, any Loans that are due to be made under the Facility on or before the proposed Utilisation Date. 

“BBSW” means, in relation to the Loan: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for AU dollars for the relevant Interest Period of that Loan) the rate as quoted by the Lender to lending banks in Australia interbank market at or about 10:10 a.m. (Sydney Time) on the
Quotation Day for which an interest rate is to be determined for the offering of deposits in AU dollars and for a period comparable to the relevant Interest Period for that Loan. 

“Beijing Baidu Netcom” means Beijing Baidu Netcom Science Technology Co., Ltd., a limited liability company established under
the laws of the PRC. 
  

	 	“Break	Costs” means the amount (if any) by which: 

  

	 	(a)	the interest (excluding the Margin) which the Lender should have received pursuant to the terms of this Agreement for the period from the date of receipt of all or any part of the principal amount of a Loan or Unpaid
Sum to the last day of the applicable Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	 	(b)	the amount of interest which the Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the relevant interbank market for a
period starting on the Business Day following receipt or recovery and ending on the last day of the applicable Interest Period. 

  
 2 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are
open for general business in Hong Kong, London, New York and Sydney (Australia). 
 “China” means the People’s Republic
of China. 
 “Commitment” means the amount of the Lender’s commitment for this Facility, being AU$235,000,000 (Two
Hundred and Thirty-Five Million AU dollars), to the extent not cancelled, reduced or transferred by the Lender. 
 “Confidentiality
Undertaking” means a confidentiality undertaking substantially in a recommended form of the APLMA or in any other form agreed between the Borrower and the Lender. 

“Consolidated Assets” means, at any time, the total assets of the Group as shown on the latest consolidated financial
statements of the Borrower delivered to the Lender pursuant to the provisions of this Agreement. 
 “Default” means an Event
of Default or any event or circumstance specified in Clause 21 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of
the foregoing) be an Event of Default. 
 “Disruption Event” means: 

 

	 	(a)	a material disruption to the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other transactions to be carried out) in connection with the
transactions contemplated by the Finance Documents, which is not caused by, and is beyond the control of, any of the Parties; or 

  

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing it, or any other Party from: 

 

	 	(i)	performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	communicating with other Parties under the Finance Documents, 

 and which is not
caused by, and is beyond the control of, the Party whose operations are disrupted. 
 “Environmental Claim” means any claim,
proceeding or investigation by any person in respect of any Environmental Law. 

  
 3 

 “Environmental Law” means any applicable law, regulation or practice in any
jurisdiction in which any member of the Group conducts business which relates to: 
  

	 	(a)	the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants; or 

  

	 	(b)	the creation, storage, handling and disposal of industrial waste and hazardous substances. 

“Environmental Permit” means any Authorisation and the filing of any notification, report or assessment required at any time
under any Environmental Law for the operation of the business of any member of the Group. 
 “Event of Default” means any
event or circumstance specified as such in Clause 21 (Events of Default). 
 “Existing Facility” means the term loan
facility borrowed by the Borrower pursuant to a credit agreement dated 14 July 2011 (as amended by an amendment request dated 5 November 2012, and as further amended, restated and/or supplemented from time to time) between the Borrower,
Goldman Sachs (Asia) L.L.C. as arranger, Goldman Sachs Lending Partners LLC as original lender and The Bank of New York Mellon, Hong Kong Branch as facility agent. 

“Facility” means the term loan facility made available under this Agreement as described in Clause 2 (Facility). 

“Facility Office” means the Hong Kong office of the Lender or such other office or offices notified by the Lender to the
Borrower from time to time by not less than five (5) Business Days’ written notice as the office or offices through which it will perform its obligations under this Agreement. 

“Finance Document” means this Agreement, any Utilisation Request and any other document designated as such by the Lender and
the Borrower. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  
 4 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

	 	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and 

 

	 	(i)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above, 

in each case, for the avoidance of doubt, excluding any indebtedness arising in the ordinary course of trading. 

“GAAP” means generally accepted accounting principles, standards and practices in the United States of America. 

“Governmental Agency” means any government or any governmental agency, semi-governmental or judicial entity or authority
(including any stock exchange or any self-regulatory organisation established under statute). 
 “Group” means the Borrower
and its Subsidiaries from time to time. 
 “Holding Company” means, in relation to a company or corporation, any other
company or corporation in respect of which it is a Subsidiary. 
 “Hong Kong” means the Hong Kong Special Administrative
Region of the People’s Republic of China. 
 “Interest Period” means, in relation to a Loan, each period determined in
accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). 

  
 5 

 “Laws” means any law including any statute, regulation or subordinate
legislation or other document enforceable under any statute, regulation or subordinate legislation. 
 “Legal Reservations”
means: 
  

	 	1.	the principle that equitable remedies may be granted or refused at the discretion of a court; 

  

	 	2.	the limitation of enforcement by laws relating to insolvency, liquidation, reorganisation, penalties and other laws generally affecting the rights of creditors; 

 

	 	3.	the time barring of claims under the statutes of limitation; 

  

	 	4.	the possibility that an undertaking to assume liability for or indemnify a person against non-payment of stamp duty may be void; 

  

	 	5.	defences of set-off or counterclaim; and 

  

	 	6.	any principles which are set out in the qualifications as to matters of law in any legal opinions which would be delivered by appropriately qualified law firms in relation to any of the Finance Documents.

 “Lender” means: 
  

	 	(a)	the Lender; and 

  

	 	(b)	any person who becomes a Party as a New Lender in accordance with Clause 22.4 (Assignments and transfers by the Lender), 

which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 

“Liabilities” means all present and future moneys, debts and liabilities due, owing or incurred by the Borrower to the Lender
under or in connection with any Finance Document (in each case, whether alone or jointly, or jointly or severally, with any other person, whether actually or contingently and whether as principal, surety or otherwise). 

“Loan” means, as the context requires, a loan made or to be made under the Facility or the principal amount outstanding at any
time of the loan, and “Loans” shall be construed accordingly. 
 “Margin” means one cent. (1.0%) per
annum. 

  
 6 

 “Material Adverse Effect” means, a material adverse effect on: 

 

	 	(a)	the business or financial condition of the Group taken as a whole; 

  

	 	(b)	the ability of the Borrower to perform its payment obligations or any other material obligation under the Finance Documents; or 

  

	 	(c)	the validity or enforceability of any Finance Documents. 

 “Month” means a
period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day; and 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

The above rules will only apply to the last Month of any period. 

“NASDAQ” means the NASDAQ Stock Market in the United States. 

“New Lender” has the meaning given to such term in Clause 22.1 (Assignments and transfers by the Lender). 

“Original Financial Statements” means the audited consolidated financial statements of the Borrower for its financial year
ended 31 December 2012. 
 “Party” means a party to this Agreement. 

 

  
 7 

 “Permitted Transaction” means: 

 

	 	(a)	an intra-Group re-organisation on a solvent basis and (if the Borrower is involved in such re-organisation) where the Borrower remains a surviving entity; or 

 

	 	(b)	any other transaction agreed by the Lender. 

 “Quotation Day” means: 

 

	 	(a)	in relation to any period for which an interest rate is to be determined, the first day of that period unless market practice differs in the relevant interbank market in which case the Quotation Day will be determined
by the Lender in accordance with market practice in the relevant interbank market (and if quotations would normally be given by leading banks in the relevant interbank market on more than one day, the Quotation Day will be the last of those days);
and 

  

	 	(b)	in relation to any Interest Period the duration of which is selected by the Lender pursuant to Clause 8.3 (Default interest), such date as may be determined by the Lender (acting reasonably). 

“Repayment Date” means, for each Loan made under the Facility, the date falling 24 months after the Utilisation Date of the
first Loan to be advanced under this Agreement. 
 “Repeating Representations” means each of the representations set out in
Clauses 16.1 (Status), 16.2 (Binding obligations), 16.3 (Non-conflict with other obligations), 16.4 (Power and authority), 16.5 (Validity and admissibility in evidence), 16.8 (No Default) and 16.10 (Financial statements). 

“Restricted Group” means the Borrower and its Restricted Subsidiaries. 

“Restricted Subsidiary” means, at any time, a Subsidiary of the Borrower if the gross Tangible Assets or turnover of that
Subsidiary then equal to or exceed 10 per cent. of the gross Tangible Assets or turnover of the Group provided that in no circumstances shall Beijing Baidu Netcom be or become a Restricted Subsidiary. 

For this purpose: 
  

	 	(a)	subject to paragraph (b) below: 

  

	 	(i)	the contribution of a Subsidiary of the Borrower will be determined from its financial statements which were consolidated into the latest audited consolidated financial statements of the Borrower; and 

 

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Borrower; 

  

	 	(b)	if a Subsidiary of the Borrower becomes a member of the Group after the date on which the latest audited consolidated financial statements of the Borrower were prepared: 

 

	 	(i)	the contribution of the Subsidiary will be determined from its latest financial statements; and 

  

	 	(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial statements of the Borrower but adjusted to take into account any subsequent acquisition or disposal of a business or
a company (including that Subsidiary); 

  

	 	(c)	the contribution of a Subsidiary will, if it has Subsidiaries, be determined from its consolidated financial statements; 

  

	 	(d)	if a Restricted Subsidiary disposes of all or substantially all of its assets to another member of the Group, it will immediately cease to be a Restricted Subsidiary and the other member of the Group (if it is not the
Borrower or already a Restricted Subsidiary) will immediately become a Restricted Subsidiary; 

  

	 	(e)	a Subsidiary of the Borrower (if it is not already a Restricted Subsidiary) will become a Restricted Subsidiary on completion of any other intra-Group transfer or reorganisation if it would have been a Restricted
Subsidiary had the intra-Group transfer or reorganisation occurred on the date of the latest audited consolidated financial statements of the Borrower; and 

  

	 	(f)	except as specifically mentioned in paragraph (d) above, a member of the Group will remain a Restricted Subsidiary until the next audited consolidated financial statements of the Borrower show otherwise under
paragraph (a) above. 

 If there is a dispute as to whether or not a member of the Group is a Restricted Subsidiary, a
certificate of the auditors of the Borrower will be, in the absence of manifest error, conclusive. 
  

  
 8 

 As at the date of this Agreement, the only Restricted Subsidiaries are Baidu.com Times Technology
(Beijing) Co. Ltd., Baidu Online Network Technology (Beijing) Co. Ltd. and Baidu (China) Co., Ltd. 
 “RMB” means the lawful
currency for the time being of China. 
 “Screen Rate” means the “AVG” rate for the relevant period displayed, as
of 11:00 a.m. Sydney time on the relevant Quotation Day, on Thomson Reuters page “BBSW”. If the agreed page or service is replaced or ceases to be available, the Lender may, after consultation with the Borrower, specify another page
or service displaying the appropriate rate. 
 “Security” means a mortgage, charge, pledge, lien or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Subsidiary” means
in relation to any company or corporation, a company or corporation: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

 

	 	“Tangible	Assets” of a person means its total assets, less 

  

	 	(a)	its net intangible assets; and 

  

	 	(b)	goodwill. 

 “Tax” means any tax, levy, impost, duty or other charge or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) and “Taxation” shall be construed accordingly. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document. 

“Tax Payment” means a payment made by the Borrower to the Lender in any way relating to a Tax Deduction or under any indemnity
given by the Borrower in respect of Tax under any Finance Document. 

  
 9 

 “Unpaid Sum” means any sum due and payable but unpaid by the Borrower under the
Finance Documents. 
 “Utilisation” means a utilisation of the Facility. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

“Utilisation Request” means a notice substantially in the form set out in Part I of Schedule 2(Requests). 

 

	 	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the “Lender”, the “Borrower” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

  

	 	(iv)	“including” shall be construed as “including without limitation” (and cognate expressions shall be construed similarly); 

 

	 	(v)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(vi)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(vii)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person
to which it applies is accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(viii)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(ix)	a time of day is a reference to Hong Kong time. 

  

	 	(b)	Unless a contrary indication appears, references to Clauses and Schedules are to be construed as references to clauses of, and schedules to, this Agreement. Section, Clause and Schedule headings are for ease of
reference only. 

  
 10 

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice or certificate given under or in connection with any Finance Document has the same meaning in that Finance Document,
notice or certificate as in this Agreement. 

  

	 	(d)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived.

  

	 	(e)	Where this Agreement specifies an amount in a given currency (the “specified currency”) “or its equivalent”, the “equivalent” is a reference to the amount of any other
currency which, when converted into the specified currency utilising the Lender’s spot rate of exchange for the purchase of the specified currency with that other currency at or about 11 a.m. on the relevant date, is equal to the relevant
amount in the specified currency. 

  

	 	(f)	In this Agreement, unless a contrary indication appears, words importing the plural include the singular and vice versa, and words importing a gender include every gender. 

  
 11 

 SECTION 2 

THE FACILITY 
  

	2.	THE FACILITY 

 Subject to the terms of this Agreement, the Lender makes available to the
Borrower an AU dollar term loan facility in an aggregate amount equal to the Commitment. 
  

	3.	PURPOSE 

  

	 	3.1	Purpose 

 The Borrower shall apply all amounts borrowed by it under the Facility to
refinance the Existing Facility and for the general working capital requirements of the Group. 
  

	 	3.2	No investigation 

 The Lender is not obliged to monitor or verify the application of any
amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	 	4.1	Initial conditions precedent 

 Unless otherwise agreed by the Lender, the Borrower may
not deliver a Utilisation Request unless the Lender has received all of the documents and other evidence listed in Schedule 1 (Conditions Precedent), in form and substance satisfactory to the Lender (acting reasonably). The Lender shall
notify the Borrower promptly upon receiving such documents and other evidence. 
  

	 	4.2	Further conditions precedent 

 In addition to the requirements of Clause 4.1 (Initial
conditions precedent), the Lender will only be obliged to comply with Clause 5.4 (Availability of Loans) if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	the Repeating Representations to be made by the Borrower are true in all material respects. 

  

	 	4.3	Maximum number of Loans 

 The Borrower may not deliver a Utilisation Request if as a
result of the proposed Utilisation five (5) or more Loans would be outstanding. 

  
 12 

 SECTION 3 

UTILISATION 
  

	5.	UTILISATION 

  

	 	5.1	Delivery of Utilisation Request 

 The Borrower may utilise the Facility by delivery to
the Lender of a duly completed Utilisation Request not later than 11:00 a.m. (Hong Kong time) on the 2nd Business Day before the proposed Utilisation Date. 

 

	 	5.2	Completion of Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

	 	(iii)	the Utilisation Request specifies the account and bank (which must be in Hong Kong) to which the proceeds of the Utilisation are to be credited or the party to whom the proceeds of the Utilisation are to be paid.

  

	 	(b)	Only one Loan may be requested in each Utilisation Request. 

  

	 	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be AU dollars. 

  

	 	(b)	The amount of a proposed Loan must be an amount which is not more than the Available Commitment and which is a minimum of AU$10,000,000 (Ten Million AU dollars) or, if less, the amount of the Available Commitment.

  

	 	5.4	Availability of Loans 

 If the conditions set out in Clauses 4 (Conditions of
Utilisation) and 5.1 (Delivery of Utilisation Request) to 5.3 (Currency and amount) above have been met, the Lender shall make each Loan available by the Utilisation Date through its Facility Office. 

 

	 	5.5	Automatic Cancellation of Available Commitment 

 The Available Commitment shall be
immediately cancelled at the end of the Availability Period. 

  
 13 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT 

  

	 	6.1	Repayment of Loans 

 Subject to the other provisions of this Agreement, the Borrower
shall repay all Loans on the Repayment Date. 
  

	7.	PREPAYMENT AND CANCELLATION 

  

	 	7.1	Mandatory prepayment – Illegality 

 If, at any time, it is unlawful in any
applicable jurisdiction for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain any Loan: 
  

	 	(a)	the Lender shall promptly notify the Borrower upon becoming aware of that event; 

  

	 	(b)	upon the Lender notifying the Borrower, the Commitment will be immediately cancelled; and 

  

	 	(c)	the Borrower shall repay each Loan on the last day of the Interest Period for each Loan occurring after the Lender has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to
the Borrower (being no earlier than the last day of any applicable grace period permitted by law). 

  

	 	7.2	Mandatory prepayment – disposals 

 If a member of the Group (other than Beijing
Baidu Netcom): 
  

	 	(a)	in a single transaction or a series of transactions (whether related or not) sells, leases, transfers or otherwise disposes of any asset by means of any sale, lease, transfer or other disposal save for the ones allowed
under Clause 20.5 (Disposals); and 

  

	 	(b)	the consideration receivable for that disposal (when aggregated with the consideration receivable for any other sale, lease, transfer or other disposal by a member of the Group excluding those allowed under
sub-paragraphs (b)( iii) to (vii) (inclusive) of Clause 20.5 (Disposals)) exceeds thirty per cent. (30%) of Consolidated Assets; and 

  

	 	(c)	the Borrower has not obtained the consent of the Lender prior to such sale, lease, transfer or other disposal pursuant to Clause 20.5(b)(ii), 

then the Borrower shall prepay all outstanding Loans no later than 60 (sixty) calendar days after the date of such sale, lease, transfer or
other disposal. 
  

  
 14 

	 	7.3	Voluntary cancellation 

 The Borrower may, if it gives the Lender not less than five
(5) Business Days’ (or such shorter period as the Lender may agree) prior notice, reduce the Available Commitment to zero or by such amount (being a minimum amount of AU$10,000,000 (Ten Million AU dollars) and an integral multiple of
AU$5,000,000 (Five Million AU dollars)) as the Borrower may specify in such notice. 
  

	 	7.4	Voluntary prepayment of Loans 

  

	 	(a)	The Borrower may, if it gives the Lender not less than Five (5) Business Days’ (or such shorter period as the Lender may agree) prior notice, prepay the whole or any part of any Loan (but, if in part, being an
amount that reduces the amount of the Loan by a minimum amount of AU$10,000,000 (Ten Million AU dollars) and an integral multiple of AU$10,000,000 (Ten Million AU dollars). 

 

	 	(b)	A Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the Available Commitment is zero). 

 

	 	7.5	Right of prepayment and cancellation 

  

	 	(a)	If any sum payable to the Lender by the Borrower is required to be increased under Clause 11 (Payments) or Clause 12 (Increased Costs), the Borrower may, whilst the circumstance giving rise to the
requirement for that increase continues, give the Lender notice of cancellation of the Commitment and its intention to prepay a Loan. 

  

	 	(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of the Lender shall immediately be reduced to zero. 

 

	 	(c)	The Borrower shall prepay a Loan on the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Borrower
in that notice). 

  

	 	7.6	Restrictions 

  

	 	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

 

	 	(c)	The Borrower may not reborrow any part of the Facility which is prepaid under this Agreement. 

  

	 	(d)	The Borrower shall not repay or prepay all or any part of any Loan or reduce any part of the Commitment except at the times and in the manner expressly provided for in this Agreement. 

 

	 	(e)	If any part of the Commitment is reduced in accordance with this Agreement, the amount of such reduction may not be subsequently reinstated. 

  
 15 

 SECTION 5 

COSTS OF UTILISATION 
  

	8.	INTEREST 

  

	 	8.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period is
the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	BBSW. 

  

	 	8.2	Payment of interest 

 The Borrower shall pay accrued interest on each Loan on the last
day of each Interest Period relating to that Loan. 
  

	 	8.3	Default interest 

  

	 	(a)	If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which, subject to paragraph (b) below, is one per cent. (1.0%) higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the Unpaid Sum for
successive Interest Periods, each of a duration up to three (3) months selected by the Lender (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower on demand by the Lender.

  

	 	(b)	If any Unpaid Sum consists of principal of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the Unpaid Sum during that first Interest Period shall be one per cent. (1.0%) higher than the rate which would have applied if the Unpaid Sum had not become due. 

 

	 	(c)	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

  

	 	8.4	Notification of rates of interest 

 The Lender shall promptly notify the Borrower of the
determination of a rate of interest under this Agreement. 
  

  
 16 

	9.	INTEREST PERIODS 

  

	 	9.1	Interest Periods 

  

	 	(a)	Subject to the provisions of this Clause 9, each Interest Period for a Loan shall be three (3) Months or any other period agreed by the Borrower and the Lender. 

 

	 	(b)	An Interest Period for a Loan shall not extend beyond the Repayment Date of that Loan. 

  

	 	(c)	Each Interest Period for a Loan shall start on the Utilisation Date of such Loan or (if such Loan has already been made) on the last day of the preceding Interest Period of such Loan. 

 

	 	9.2	Non-Business Days 

 If an Interest Period would otherwise end on a day which is not a
Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.	CHANGES TO THE CALCULATION OF INTEREST 

  

	 	10.1	Market disruption 

  

	 	(a)	Subject to any alternative basis agreed and consented to as contemplated by paragraphs (a) and (b) of Clause 10.2 (Alternative basis of interest or funding), if a Market Disruption Event occurs in
relation to a Loan for any Interest Period, then the rate of interest on that Loan for the Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Borrower by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the
cost to the Lender of funding that Loan from whatever source it may reasonably select. 

  

	 	(b)	In this Agreement: 

 “Market Disruption Event” means: 

 

	 	(i)	at or about noon (Hong Kong time) on the Quotation Day for the relevant Interest Period the Screen Rate is not available or the Screen Rate is zero or negative and the Lender is unable to obtain a quotation to determine
BBSW for the relevant Interest Period; or 

  

	 	(ii)	before noon in Hong Kong on the Business Day immediately following the Quotation Day for the relevant Interest Period, the Borrower receives a notification from the Lender that the cost to it of funding that Loan from
whatever source it may reasonably select would be in excess of BBSW. 

  

  
 17 

	 	10.2	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Lender or the Borrower so requires, the Lender and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of the Lender and the Borrower, be binding on all Parties. 

 

	 	(c)	For the avoidance of doubt, in the event that no substitute basis is agreed at the end of the thirty (30) day period, the rate of interest shall continue to be determined in accordance with the terms of this
Agreement. 

  

	 	10.3	Break Costs 

  

	 	(a)	The Borrower shall, promptly on demand by the Lender, pay to the Lender its Break Costs attributable to all or any part of a Loan or an Unpaid Sum being paid by the Borrower on a day other than the last day of an
Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	The Lender shall, promptly on demand by the Borrower, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 

  
 18 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	11.	PAYMENTS 

  

	 	11.1	All amounts set out or expressed in a Finance Document to be payable by the Borrower to the Lender shall be paid (i) in immediately available, freely transferable funds to such account(s) with such bank(s) as the
Lender may notify the Borrower; (ii) exclusive of any Tax; (iii) without any set-off or counter-claim and free and clear of any Tax Deduction except as required by law. If any Tax Deduction is made, the amount of payment due shall be
increased to an amount which, after making such Tax Deduction, leaves an amount equal to the payment which would have been due if no deduction had been required. The Borrower shall provide the Lender with evidence (including certified copies of all
relevant receipts) that such deduction or payment has been made to the relevant authority. 

  

	 	11.2	Unless otherwise agreed between the Borrower and the Lender, all fees payable are non-refundable and exclusive of any Tax. 

  

	12.	INCREASED COSTS 

  

	 	12.1	The Borrower shall promptly on demand pay to the Lender the amount of any Increased Costs incurred by the Lender or any of its Affiliates which is attributable to the Commitment or the Lender’s funding or
performance of its obligations under the Finance Documents as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or (ii) compliance with any law or
regulation made after the date of this Agreement. For the purposes of this Agreement, “Increased Costs” means (i) a reduction in the rate of return from the Facility on the Lender’s (or its Affiliate’s) overall
capital, (ii) an additional or increased cost or (iii) a reduction of any amount due and payable under any Finance Document, and a “law” and “regulation” shall include, without limitation, any law or
regulation concerning taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits, special deposits or prudential limits. 

  

	 	12.2	The Borrower need not make any payment for Increased Costs to the extent that the Increased Costs are: 

  

	 	(a)	compensated for under another Clause or would have been but for an exception to that Clause; 

  

	 	(b)	attributable to the implementation of, or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 (Basel II) or any similar or related law or regulation which implements Basel II; or 

  

	 	(c)	attributable to the Lender or its Affiliate wilfully failing to comply with any law or regulation. 

  

	 	12.3	The Lender must, as soon as practicable after a demand by the Borrower, provide a certificate confirming the amount of its Increased Costs. 

 

  
 19 

	13.	OTHER INDEMNITIES 

  

	 	13.1	Currency indemnity 

  

	 	(a)	If any sum due from the Borrower under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against the Borrower; or 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

the Borrower shall as an independent obligation, promptly on demand by the Lender, indemnify the Lender against any cost, loss or liability
arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to the
Lender at the time of its receipt of that Sum. 
  

	 	(b)	The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	 	13.2	Other indemnities 

 The Borrower shall, promptly on demand by the Lender, indemnify the
Lender and its agents, employees, officers and servants against any cost, loss or liability incurred by the Lender as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	any written information produced or approved by the Borrower in relation to the Facility being or being alleged to be misleading or deceptive in any material respect; 

 

	 	(c)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to the Borrower or with respect to the transactions contemplated or financed under the Finance Documents; 

 

	 	(d)	a failure by the Borrower to pay any amount due under a Finance Document on its due date or in the relevant currency; 

  

	 	(e)	funding, or making arrangements to fund, a Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of
default or negligence by the Lender alone); 

  

	 	(f)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower; 

  

	 	(g)	investigating any event which it reasonably believes is a Default; 

  

	 	(h)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 

  
 20 

	14.	MITIGATION 

  

	 	14.1	Mitigation 

  

	 	(a)	The Lender must, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which result or would result in any Tax Payment or Increased Cost being payable to the Lender
or the Lender being able to require the Borrower to repay the Loan under this Agreement by reason of any illegality, including (but not limited to) transferring its rights and obligations under the Finance Documents to an Affiliate or changing its
Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents. 

  

	 	(c)	The Borrower must indemnify the Lender for all costs and expenses reasonably incurred by the Lender as a result of any step taken by it under this Clause 14.1. 

 

	 	(d)	The Lender is not obliged to take any step under this Clause 14.1 if, in the opinion of the Lender (acting reasonably), to do so might be prejudicial to it. 

 

	 	14.2	Conduct of Business by the Lender 

 No provision in this Agreement will: 

 

	 	(a)	interfere with the right of the Lender to arrange its affairs (Tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige the Lender to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige the Lender to disclose any information relating to its affairs (Tax or otherwise) or any computations in respect of Tax. 

  

	15.	COSTS AND EXPENSES 

  

	 	15.1	Amendment costs 

 If the Borrower requests an amendment, waiver or consent under any
Finance Document, the Borrower shall, promptly on demand by the Lender, reimburse the Lender for the amount of all costs and expenses (including legal fees) reasonably incurred by it in responding to, evaluating, negotiating or complying with that
request or requirement. 
  

	 	15.2	Enforcement costs 

 The Borrower shall, promptly on demand by the Lender, pay to the
Lender the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement or preservation of any rights under any Finance Document. 

  
 21 

 SECTION 7 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	16.	REPRESENTATIONS 

 The Borrower makes the representations and warranties set out in this
Clause 16 to the Lender on the date of this Agreement. 
  

	 	16.1	Status 

  

	 	(a)	The Borrower is a company or, as the case may be, a corporation, duly incorporated and validly existing under the laws of its jurisdiction of incorporation. 

 

	 	(b)	It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  

	 	16.2	Binding obligations 

 Subject to the Legal Reservations, the obligations expressed to be
assumed by the Borrower in each Finance Document to which it is a party are legal, valid, binding and enforceable obligations. 
  

	 	16.3	Non-conflict with other obligations 

 The entry into and performance by the Borrower of,
and the transactions contemplated by, the Finance Documents do not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its and each of its Subsidiaries’ constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets. 

  

	 	16.4	Power and authority 

  

	 	(a)	The Borrower has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the
transactions contemplated by those Finance Documents. 

  

	 	(b)	No limit placed on the Borrower or the powers of the Borrower or its directors will be exceeded as a result of the borrowing or giving of indemnities contemplated by the Finance Documents to which it is a party.

  

	 	16.5	Validity and admissibility in evidence 

 All Authorisations required to enable the
Borrower lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party , and for the validity and enforceability of such Finance Documents, have been obtained or effected and are, or
will, by the time required be, in full force and effect. 
  

  
 22 

	 	16.6	Governing law and enforcement 

  

	 	(a)	The choice of Hong Kong law as the governing law of the Finance Documents will be recognised and enforced in the jurisdiction of incorporation of the Borrower. 

 

	 	(b)	Each Finance Document to which the Borrower is a party is in the proper form for its enforcement in the jurisdiction of its incorporation. 

 

	 	16.7	No filing or stamp taxes 

 As at the date of this Agreement, under the law of the
jurisdiction of incorporation of the Borrower no stamp, registration or similar Tax is payable on or in relation to the Finance Documents. 
  

	 	16.8	No Default 

  

	 	(a)	No Event of Default is continuing or will result from the entry into, the performance of, or any transaction contemplated by, any Finance Document. 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on the Borrower or any of its Subsidiaries or to which its (or any of its
Subsidiaries’) assets are subject and which has or is reasonably likely to have a Material Adverse Effect. 

  

	 	16.9	No misleading information 

  

	 	(a)	All written, factual information provided by or on behalf of the Borrower in relation to any Finance Document was true and accurate in all material respects as at the date it was provided or as at the date (if any) at
which it is stated to be given. 

  

	 	(b)	The Borrower has not omitted to supply any information which, if disclosed, might make the information supplied untrue or misleading in any material respect. 

 

	 	16.10	Financial statements 

  

	 	(a)	The Borrower’s audited consolidated financial statements most recently supplied to the Lender (which, at the date of this Agreement, are the Original Financial Statements) were prepared in accordance with GAAP
consistently applied save to the extent expressly disclosed in such financial statements. 

  

	 	(b)	The Borrower’s financial statements most recently supplied to the Lender (which, at the date of this Agreement, are the Original Financial Statements) give a true and fair view of its consolidated financial
condition as at the date to which they were drawn up save to the extent expressly disclosed in such financial statements. 

  

	 	(c)	There has been no material adverse change in the Borrower’s consolidated financial condition since the date to which its Original Financial Statements were drawn up. 

  
 23 

	 	16.11	Pari passu ranking 

 The payment obligations of the Borrower under the Finance Documents
rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	 	16.12	No proceedings spending or threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against the Borrower or any
member of the Group. 
  

	 	16.13	Authorised signatures 

 Any person specified as an authorised signatory of the Borrower
under Schedule 1 (Conditions Precedent) or in any other provision in this Agreement is authorised to sign Utilisation Requests and other notices on its behalf. 
  

	 	16.14	No immunity 

 Subject to the Legal Reservations, neither the Borrower nor any of its
assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (including suit, attachment prior to judgment, execution or other enforcement). 

 

	17.	REPETITION AND ACKNOWLEDGEMENT OF RELIANCE 

  

	 	(a)	The Repeating Representations are deemed to be made by the Borrower by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period for so long
as any Liability is outstanding or any Commitment is in force. 

  

	 	(b)	The Borrower acknowledges that the Lender has entered into this Agreement in full reliance upon the representations and warranties made or deemed to be made and repeated under this Clause 17. 

 

	18.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 18 remain in force from the
date of this Agreement for so long as any Liability is outstanding or any Commitment is in force. 
  

	 	18.1	Financial Statements 

 The Borrower shall provide to the Lender its audited consolidated
financial statements for each of its financial years within 180 days of the end of such financial year. 
  

	 	18.2	Other Information 

 The Borrower shall provide to the Lender all documents dispatched by
the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are despatched. 
  

  
 24 

	 	18.3	Information 

 The Borrower shall upon demand by the Lender supply to the Lender with such
information relating to its business, finances and operation from time to time in such form as the Lender may reasonably require. 
  

	 	18.4	Notification of Default 

  

	 	(a)	The Borrower shall notify the Lender in writing of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	 	(b)	Promptly upon a request by the Lender, the Borrower shall supply to the Lender a certificate signed by two of its authorised signatories on its behalf certifying that no Default is continuing (or if a Default is
continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	 	18.5	Notification of litigation 

 The Borrower shall promptly upon becoming aware of them
notify the Lender in writing of any material litigation, arbitration or administrative proceedings started or threatened against it which, if adversely determined, might reasonably be expected to have a Material Adverse Effect. 

 

	 	18.6	“Know your customer” checks 

 The Borrower shall promptly upon the request of
the Lender supply such documentation and other evidence as is reasonably requested by the Lender (for itself or on behalf of any prospective new Lender) in order for the Lender or any prospective new Lender to conduct any “know your
customer” or other similar procedures under applicable laws and regulations. 
  

	 	18.7	Limits on information undertakings 

 Nothing in this Clause 18 shall require the Borrower
to supply any document or information to the Lender if and for so long as such disclosure would cause the Borrower to be in breach of the relevant listing rules of NASDAQ or any mandatory provisions of applicable laws or any confidentiality
agreements or undertakings. 
  

	19.	FINANCIAL COVENANTS 

  

	 	19.1	Financial Condition 

 The Borrower shall ensure that the following financial conditions
are complied with for so long as any Liability is outstanding or any Commitment is in force and shall supply the Lender with such information as the Lender may reasonably require from time to time to verify compliance with such conditions: 

 

	 	(a)	Consolidated Tangible Net Worth shall not be less than RMB8,000,000,000; 

  

  
 25 

	 	(b)	Consolidated Total Borrowings shall not be more than one hundred per cent. (100%) of Consolidated Tangible Net Worth; 

  

	 	(c)	The ratio of Consolidated Total Borrowings to Adjusted Consolidated EBITDA shall not be more than 2:1; 

  

	 	(d)	The ratio of Consolidated Total Onshore Subsidiaries Borrowings to Adjusted Consolidated EBITDA shall not be more than 1:1. 

For the purpose of this Clause 19: 

“Adjusted Consolidated EBITDA” means, in relation to a Measurement Period, Consolidated EBITDA for the period
adjusted by: 
  

	 	(a)	including the operating profit before interest, tax, depreciation, amortisation and impairment charges (“EBITDA”) of a member of the Group or attributable to a business or assets acquired during the
Measurement Period for that part of the Measurement Period when it was not a member of the Group and/or the business or assets were not owned by a member of the Group; and 

 

	 	(b)	excluding the EBITDA attributable to any member of the Group or to any business or assets sold during that Measurement Period. 

“Consolidated EBIT” means, in relation to a Measurement Period, the aggregate of: 

 

	 	(a)	the consolidated operating profits of the Group (including the results from discontinued operations) before finance costs and tax for that Measurement Period; 

 

	 	(b)	plus or minus the Group’s share of the profits or losses of associates for that period (after finance costs and tax) and the Group’s share of the profits or losses of any joint ventures; 

adjusted by: 
  

	 	(i)	taking no account of any Exceptional Item; 

  

	 	(ii)	taking no account of any unrealised gains or losses on any derivative instrument or other financial instrument (other than any derivative instrument which is accounted for on a hedge accounting basis) which is reported
through the income statement; 

  

	 	(iii)	taking no account of any income or charge attributable to a post-employment benefit scheme other than the current service costs and any past service costs and curtailments and settlements attributable to the scheme;

  

	 	(iv)	taking no account of any expense referable to equity-settled share-based compensation of employees. 

  

  
 26 

 “Consolidated EBITDA” means, in relation to a Measurement Period, Consolidated
EBIT for that Measurement Period after adding back any depreciation and amortisation and taking no account of any charge for impairment or any reversal of any previous impairment charge made in the period. 

“Consolidated Tangible Net Worth” means at any time the aggregate of the amounts paid up or credited as paid up on the issued
share capital of the Borrower, and the net amount standing to the credit (or debit) of the consolidated reserves of the Borrower, based on the latest published audited or unaudited consolidated balance sheet of the Borrower (the “latest
balance sheet”) (and in each case, the balance sheet of the Borrower to be provided by the Borrower as at 31 December of each year shall always be audited) but adjusted by: 

 

	 	(i)	deducting any dividend or other distribution proposed, declared or made by the Borrower (except to the extent it has been taken into account in the latest balance sheet); 

 

	 	(ii)	deducting any amount attributable to goodwill or any other intangible asset; 

  

	 	(iii)	deducting any amount attributable to an upward revaluation of assets (other than financial instruments) after 31 December 2012 or, in the case of assets of a company which becomes a member of the Group after that
date, the date on which that company becomes a member of the Group; 

  

	 	(iv)	reflecting any variation in the amount of the issued share capital of the Borrower after the date of the latest balance sheet (and any change in the consolidated reserves of the Group resulting from that variation);

  

	 	(v)	reflecting any variation in the interest of the Borrower in any other member of the Group since the date of the latest balance sheet (to be calculated on the assumption that the variation had occurred immediately before
the latest balance sheet date); and 

  

	 	(vi)	excluding any amounts debited or credited to deferred tax which relates to the revaluation of any item which is excluded from the calculation. 

“Consolidated Total Borrowings” means, in respect of the Group, at any time, the aggregate of the following liabilities
calculated at the nominal, principal or other amount at which the liabilities would be carried in a consolidated balance sheet of the Borrower drawn up at that time (or in the case of any guarantee, indemnity or similar assurance referred to in
paragraph (i) below, the maximum liability under the relevant instrument): 
  

	 	(a)	any moneys borrowed; 

  

	 	(b)	any redeemable preference shares; 

  

	 	(c)	any acceptance under any acceptance credit (including any dematerialized equivalent); 

  

	 	(d)	any bond, note, debenture, loan stock or other similar instrument; 

  

  
 27 

	 	(e)	any indebtedness under a finance or capital lease in accordance with the GAAP; 

  

	 	(f)	any moneys owing in connection with the sale or discounting of receivables (except to the extent that there is no recourse); 

  

	 	(g)	any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset; 

 

	 	(h)	any indebtedness arising in connection with any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing; and 

 

	 	(i)	any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a guarantee, indemnity or similar assurance against financial loss given by a member of the Group, 

in each case, for the avoidance of doubt, excluding any indebtedness arising (a) in the ordinary course of trading and (b) between
members of the Group. 
 “Consolidated Total Onshore Subsidiaries Borrowings” means, in respect of the Onshore
Subsidiaries, at any time, the aggregate of the following liabilities of the Onshore Subsidiaries calculated at the nominal, principal or other amount at which the liabilities would be carried in a consolidated balance sheet of the
Borrower drawn up at that time (or in the case of any guarantee, indemnity or similar assurance referred to in paragraph (i) below, the maximum liability under the relevant instrument): 

 

	 	(a)	any moneys borrowed; 

  

	 	(b)	any redeemable preference shares; 

  

	 	(c)	any acceptance under any acceptance credit (including any dematerialized equivalent); 

  

	 	(d)	any bond, note, debenture, loan stock or other similar instrument; 

  

	 	(e)	any indebtedness under a finance or capital lease in accordance with the GAAP; 

  

	 	(f)	any moneys owing in connection with the sale or discounting of receivables (except to the extent that there is no recourse); 

  

	 	(g)	any indebtedness arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset; 

 

	 	(h)	any indebtedness arising in connection with any other transaction (including any forward sale or purchase agreement) which has the commercial effect of a borrowing; and 

 

	 	(i)	any indebtedness of any person of a type referred to in the above paragraphs which is the subject of a guarantee, indemnity or similar assurance against financial loss, in each case, for the avoidance of doubt,
excluding any indebtedness arising (a) in the ordinary course of trading and (b) between members of the Group. 

  
 28 

 “Exceptional Item” means any material item of income or expense that represents:

  

	 	(a)	any gain or loss arising from: 

  

	 	(i)	write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, and reversals of such write-downs; 

 

	 	(ii)	restructuring the activities of the Group or any member of the Group and any reversals of any provision for the costs of restructuring; 

 

	 	(iii)	disposals of items of property, plant or equipment; 

  

	 	(iv)	disposals of investments; or 

  

	 	(v)	disposals or settlements of liabilities of any member of the Group that fall within the definition of Consolidated Total Borrowings; or 

 

	 	(b)	any gain of a highly unusual or non-recurring nature; or 

  

	 	(c)	any gain or loss arising from a transaction entered into otherwise than in the carrying on of the normal core business operations of the Group. 

“Measurement Period” means the last four full financial quarters of the Borrower ending on the date of the latest balance
sheet (as defined in Consolidated Tangible Net Worth above. 
 “Onshore Subsidiaries” means each Subsidiary of the Borrower
if (i) it is incorporated in China; and (ii) its financial results are consolidated into the Borrower’s financial results in accordance with GAAP. 
  

	 	19.2	Financial Testing 

 The Financial covenants set out in Clause 19.1 (Financial
Condition) shall be tested by reference to the consolidated financial statements of the Borrower in respect of the relevant Measurement Period. No item must be credited or deducted more than once in any calculation under this Clause 19. 

 

	 	19.3	Interpretation 

 Except as provided to the contrary in this Agreement, an accounting term
used in this Clause 19 is to be construed in accordance with the principles applied in connection with the Original Financial Statements. 
  

  
 29 

	20.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 20 remain in force from the date
of this Agreement for so long as any Liability is outstanding or any Commitment is in force. 
  

	 	20.1	Authorisations 

 The Borrower shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	if requested by the Lender, supply certified copies to the Lender of, 

 any Authorisation
required under any law or regulation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document
to which it is subject. 
  

	 	20.2	Legal opinion 

 The Borrower shall, within 60 days from the date of acceptance of this
Agreement, provide a legal opinion from Maples and Calder to the Lender in respect of the laws of the Cayman Islands, substantially in the form agreed by the Lender prior to signing this Agreement. 

 

	 	20.3	Compliance with laws 

 The Borrower shall (and it shall ensure that each other Group
member will) comply in all respects with all laws to which it (or they) may be subject where failure to do so would have a Material Adverse Effect. 
  

	 	20.4	Negative pledge 

  

	 	(a)	The Borrower shall not, and the Borrower shall ensure that no other member of the Restricted Group will, create or permit to subsist any Security over any of its revenues, undertaking or assets. 

 

	 	(b)	The Borrower shall not, and the Borrower shall ensure that no other member of the Restricted Group will: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its revenues, undertaking or assets on terms whereby they are or may be leased to or re-acquired by a member of the Restricted Group; 

 

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into or permit to subsist any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into or permit to subsist any other preferential arrangement having a similar effect, 

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing
the acquisition of an asset. For the purposes of this Clause 20.4, “Quasi-Security Interest” means any arrangement or transaction described in this Clause 20.4(b). 

  
 30 

	 	(c)	Paragraphs (a) and (b) above do not apply to: 

  

	 	(i)	any Security or Quasi-Security Interest existing as of the date of this Agreement; 

  

	 	(ii)	any Security or Quasi-Security Interest created solely for the purpose of securing the refinancing of any indebtedness secured by any Security or Quasi-Security Interest existing as of the date of this Agreement where
the principal amount secured has not been increased above the amount of such indebtedness secured as of the date of this Agreement; 

  

	 	(iii)	any Security or Quasi-Security Interest comprising a netting, set-off or cash-pooling arrangement entered into by a member of the Restricted Group in the ordinary course of its banking arrangements for the purpose of
netting debit and credit balances; 

  

	 	(iv)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Restricted Group but excluding any Security or Quasi-Security Interest under a credit support
arrangement; 

  

	 	(v)	any lien arising by operation of law and in the ordinary course of business; 

  

	 	(vi)	any Security or Quasi-Security Interest on an asset, or an asset of any person, acquired by a member of the Restricted Group after the date of this Agreement but only for a period of six (6) Months from the date of
acquisition and to the extent that the principal amount secured by that Security or Quasi-Security Interest has not been incurred or increased in contemplation of, or since, the acquisition; 

 

	 	(vii)	any Security or Quasi-Security Interest arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the
Restricted Group in the ordinary course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by a member of the Restricted Group; 

 

	 	(viii)	any Security or Quasi-Security Interest over goods or documents of title arising in the ordinary course of letter of credit transactions entered into in the ordinary course of trade; 

 

	 	(ix)	any Security or Quasi-Security Interest provided with the prior consent of the Lender; and 

  

	 	(x)	any Security or Quasi-Security Interest securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of any Security given by any member
of the Restricted Group other than any Security permitted under the preceding sub-paragraphs) does not exceed RMB700,000,000 (or its equivalent in another currency or currencies). 

  
 31 

	 	20.5	Disposals 

  

	 	(a)	No member of the Group (other than Beijing Baidu Netcom) shall enter into a single transaction or a series of transactions (whether related or not) to sell, lease, transfer or otherwise dispose of any asset without the
prior written consent of the Lender. 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	where the consideration receivable for that disposal (when aggregated with the consideration receivable for any other sale, lease, transfer or other disposal by a member of the Group excluding those allowed under
sub-paragraphs (iii) to (vii) (inclusive) below) does not exceed thirty per cent. (30%) of Consolidated Assets; 

  

	 	(ii)	where the consideration receivable for that disposal (when aggregated with the consideration receivable for any other sale, lease, transfer or other disposal by a member of the Group excluding those allowed under
sub-paragraphs (iii) to (vii) (inclusive) of this Subclause) exceeds thirty per cent. (30%) of Consolidated Assets and the Borrower has obtained the consent of the Lender prior to such sale, lease, transfer or other disposal, provided
that, if the Lender does not give its consent, the Borrower shall be entitled to effect such disposal but the Borrower shall, following the sale, lease, transfer or other disposal, prepay the Loan in accordance with the provisions of Clause 7.2
(Mandatory prepayment – disposals); 

  

	 	(iii)	made to another member of the Group (other than Beijing Baidu Netcom); 

  

	 	(iv)	made in the ordinary course of trading of the disposing entity; 

  

	 	(v)	of assets in exchange for other assets comparable or superior as to type, value and quality; 

  

	 	(vi)	of obsolete or redundant vehicles, plant or equipment for cash; or 

  

	 	(vii)	arising as result of a Permitted Transaction. 

  

	 	(c)	Each disposal shall only be permitted under this Subclause if it is made (i) on arm’s length commercial terms or (ii) (other than in respect of any disposal permitted under paragraph (b)(iii) above) on
more favourable terms to the disposing entity than arms’ length commercial terms and at least for fair market value. 

  
 32 

	 	20.6	Merger 

 The Borrower shall not enter into any amalgamation, demerger, merger or
corporate reconstruction, other than a Permitted Transaction unless the Borrower prepays all of the Loans within ninety (90) days of such event. 
  

	 	20.7	Change of business 

 The Borrower shall procure that no substantial change is made to the
general nature of the business of the Restricted Group from that carried on at the date of this Agreement. 
  

	 	20.8	Insurance 

 The Borrower shall, and the Borrower shall ensure that each other member of
the Restricted Group will, maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks, and to the extent, usually insured against by prudent companies located in the same
or similar location and carrying on a similar business. 
  

	 	20.9	Listing 

 The Borrower shall ensure that it will at all times for so long as any
Liability is outstanding or any Commitment is in force remain listed on NASDAQ. 
  

	21.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in the following
sub-clauses of this Clause 21 (other than Clause 21.13 (Acceleration)) is an Event of Default. 
  

	 	21.1	Non-payment 

 The Borrower does not pay on the due date any amount payable pursuant to a
Finance Document at the place at and in the currency in which it is expressed to be payable, unless the non-payment: 
  

	 	(a)	is caused by technical or administrative error and is remedied within five (5) Business Days of the due date; or 

  

	 	(b)	is caused by a Disruption Event and is remedied within five (5) Business Days of the due date. 

  

	 	21.2	Financial covenants 

 Any requirement of Clause 19 (Financial covenants) is not
satisfied. 

  
 33 

	 	21.3	Other obligations 

  

	 	(a)	The Borrower does not comply with any provision of the Finance Documents (other than those referred to in Clause 21.1 (Non-payment) or Clause 19 (Financial covenants). 

 

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within twenty (20) Business Days of the earlier of (i) the Lender giving notice of
the failure to comply to the Borrower; or (ii) the Borrower becoming aware of the failure to comply. 

  

	 	21.4	Misrepresentation 

 Any representation or warranty made or deemed to be made by the
Borrower in the Finance Documents or any other document delivered by or on behalf of the Borrower under any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made, unless the
circumstances giving rise to the misrepresentation or breach of warranty: 
  

	 	(a)	are capable of remedy; and 

  

	 	(b)	are remedied within twenty (20) Business Days of the earlier of (i) the Lender giving notice of the misrepresentation or breach of warranty to the Borrower; or (ii) the Borrower becoming aware of the
misrepresentation or breach of warranty. 

  

	 	21.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of a member of the Restricted Group is not paid when due nor within any originally applicable grace period. 

 

	 	(b)	Any Financial Indebtedness of a member of the Restricted Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	 	(c)	Any commitment for any Financial Indebtedness of a member of the Restricted Group is cancelled or suspended by a creditor of such member of the Restricted Group as a result of an event of default (however described).

  

	 	(d)	Any creditor of a member of the Restricted Group becomes entitled to declare any Financial Indebtedness of such member of the Restricted Group due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(e)	No Event of Default under this Clause 21.5 will occur unless the aggregate amount of Financial Indebtedness falling within all or any of paragraphs (a) to (d) above exceeds US$50,000,000 or its equivalent.

  

  
 34 

	 	21.6	Insolvency 

  

	 	(a)	A member of the Restricted Group is or is presumed or deemed to be unable, or admits inability, to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated
financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	The value of the assets of a member of the Restricted Group is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	 	(c)	A moratorium is declared in respect of any indebtedness of a member of the Restricted Group. 

  

	 	21.7	Insolvency proceedings 

  

	 	(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of a
member of the Restricted Group; 

  

	 	(ii)	a composition, assignment or similar arrangement with any creditor of a member of the Restricted Group; 

  

	 	(iii)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, provisional supervisor or other similar officer in respect of a member of the Restricted Group or any of its assets;
or 

  

	 	(iv)	enforcement of any Security over any assets of a member of the Restricted Group having an aggregate value of at least US$50,000,000, or any analogous procedure or step is taken in any jurisdiction. 

 

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any step or procedure which is part of a Permitted Transaction; or 

  

	 	(ii)	a petition for winding-up, administration or dissolution which is being contested in good faith and with due diligence and is discharged or struck out within 30 days. 

  
 35 

	 	21.8	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of a member of the Restricted Group, having an aggregate value of at least US$50,000,000 and which is not discharged within 30 days. 
  

	 	21.9	Cessation of business 

 A member of the Restricted Group ceases, abandons or threatens to
cease or abandon to carry on business except: 
  

	 	(a)	as part of a Permitted Transaction; or 

  

	 	(b)	as a result of any disposal allowed under this Agreement. 

  

	 	21.10	Unlawfulness 

 It is or becomes unlawful for the Borrower to perform any of its
obligations under the Finance Documents. 
  

	 	21.11	Repudiation 

 The Borrower repudiates a Finance Document or evidences an intention to
repudiate a Finance Document. 
  

	 	21.12	Material adverse change 

 To the extent not covered by any other provision of this Clause
21, any material adverse change occurs in relation to the Borrower which has or, in the opinion of the Lender (acting reasonably), would have a Material Adverse Effect. 
  

	 	21.13	Acceleration 

 If an Event of Default has occurred and is continuing, the Lender may by
notice to the Borrower: 
  

	 	(a)	without prejudice to the funding by the Lender of any Loans then outstanding: 

  

	 	(i)	cancel the Commitments (and reduce them to zero), whereupon they shall immediately be cancelled (and reduced to zero); or 

  

	 	(ii)	cancel any part of any Commitment (and reduce such Commitment accordingly), whereupon the relevant part shall immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); and/or

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due
and payable; and/or 

  

	 	(c)	declare that all or part of the Loan be payable on demand, whereupon they shall immediately become payable on demand by the Lender. 

  
 36 

 SECTION 8 

CHANGES TO PARTIES 
  

	22.	CHANGES TO THE PARTIES 

  

	 	22.1	Assignments and transfers by the Lender 

 Subject to this Clause 22, the Lender and any
New Lender which has become a Lender pursuant to this Agreement (each an “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

  

	 	22.2	under the Finance Documents to another bank or financial institution (a “New Lender”). Conditions of assignment or transfer 

The consent of the Borrower is not required for an assignment or transfer by an Existing Lender, but an Existing Lender shall provide the
Borrower with prior written notice of any assignment or transfer by such Existing Lender. 
  

	 	22.3	Procedure for Transfer 

 Subject to Clause 22.2 (Conditions of assignment or
transfer), the procedure for any transfer or assignment of any rights and/or obligations of an Existing Lender under the Finance Documents to a New Lender pursuant to Clause 22.1 (Assignments and transfers by the Lender) shall be agreed
between the Existing Lender and the New Lender prior to such transfer or assignment taking into account prevailing market practice. A transfer or assignment under Clause 22.1 (Assignments and transfers by the Lender) will be effective only if
such procedure is complied with. The Borrower shall agree to make such amendments or to execute such new documents as the Existing Lender or the New Lender deems reasonably necessary to give effect to such transfer or assignment or create, perfect,
maintain or protect the interest of the Existing Lender or the New Lender under the Finance Document. All costs and expenses of any such amendments shall be borne by the New Lender. 

 

	 	22.4	Original consents and waivers 

 A New Lender shall be bound by any consent waiver,
election or decision given or made by an Existing Lender under or pursuant to any Finance Document prior to the coming into effect of the relevant assignment or transfer to that New Lender. 

 

	 	22.5	Costs resulting from change of Lender or Facility Office 

 If: 

 

	 	(a)	a Lender assigns or transfers any of its rights and obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to pay a Tax Payment or an Increased Cost, then the Borrower needs only pay that Tax Payment or
Increased Cost to the same extent that it would have been obliged to if no assignment, transfer or change had occurred. 

  
 37 

	 	22.6	Assignments and transfers by the Borrower 

 The Borrower may not assign or transfer any
of its rights or obligations under any Finance Document, except with the prior written consent of the Lender. 
  

	23.	DISCLOSURE OF INFORMATION 

  

	 	(a)	The Lender must keep confidential any information supplied to it by or on behalf of the Company in connection with the Finance Documents. However, the Lender is entitled to disclose information: 

 

	 	(i)	which is publicly available, other than as a result of a breach by the Lender of this Clause 23; 

  

	 	(ii)	to the extent required for the purpose of any legal or arbitration proceedings; 

  

	 	(iii)	to the extent required to be disclosed under any law or regulation; 

  

	 	(iv)	to a governmental, banking, taxation or other regulatory authority; 

  

	 	(v)	to its professional advisers or any rating agency (provided that such person is under a duty of confidentiality to the Lender); 

  

	 	(vi)	to the extent allowed under paragraph (b) below; or 

  

	 	(vii)	with the agreement of the Borrower. 

  

	 	(b)	Without detracting from the Lender’s rights of disclosure under any law, the Lender and its officers may disclose to any of its Affiliates, branches or associates or any person (a “third party”)
with (or through) whom the Lender enters into (or may enter into) any kind of transfer, participation or hedge agreement in relation to this Agreement or any other transaction under which payments are to be made by reference to this Agreement or the
Borrower: 

  

	 	(i)	a copy of any Finance Document; and 

  

	 	(ii)	any information which Lender has acquired under or in connection with any Finance Document. 

However, before a third party may receive any confidential information, it must have entered into a Confidentiality Undertaking. 

This Clause 23 supersedes any previous agreement relating to the confidentiality of such information. 

  
 38 

 SECTION 9 

ADMINISTRATION 
  

	24.	PAYMENT MECHANICS 

  

	 	24.1	Payments to the Lender 

  

	 	(a)	On each date on which the Borrower is required to make a payment under a Finance Document, the Borrower shall make the same available to the Lender (unless a contrary indication appears in a Finance Document) for value
on the due date at the time and in such funds specified by the Lender as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	(b)	Payment shall be made to such account in Hong Kong with such bank as the Lender specifies. 

  

	 	(c)	The Borrower may swap any amounts borrowed by it under the Facility into any other currency prior to applying it in accordance with Clause 3.1 (Purpose). 

 

	 	24.2	Partial payments 

  

	 	(a)	If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Lender shall apply that payment towards the obligations of the
Borrower under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Lender under the Finance Documents; 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee (other than as provided in (i) above) or commission due but unpaid under this Agreement; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Lender (acting reasonably) may at its discretion vary the order set out in paragraph (a) above. 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by the Borrower. 

  
 39 

	 	24.3	No set-off by Borrower 

 All payments to be made by the Borrower under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	 	24.4	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under paragraph (a) above, interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

  

	 	24.5	Currency of account 

  

	 	(a)	Subject to paragraphs (b) and (c) below, AU dollar is the currency of account and payment for any sum due from the Borrower under any Finance Document. 

 

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(c)	Any amount expressed to be payable in a currency other than AU dollar shall be paid in that other currency. 

  

	 	24.6	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Lender (after consultation with the Borrower); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Lender (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Lender (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the relevant interbank market and otherwise to reflect the change in currency. 

	 	

  
 40 

	25.	SET OFF 

 The Lender may, for so long as an Event of Default is continuing, set off any
matured obligation due from the Borrower under the Finance Documents (to the extent beneficially owned by the Lender) against any matured obligation owed by the Lender to the Borrower, regardless of the place of payment, booking branch or currency
of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	26.	NOTICES 

  

	 	26.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made in person, by fax, letter or, to the extent agreed by the Parties making and receiving communications, by email or other electronic communication, to the fax
number, name and address or email address (as applicable) set out in the signature block of each party to this Agreement. A party may notify the other of any change in such notice details with five (5) Business Days prior written notice. Any
communication or document made or delivered under or in connection with the Finance Documents will be effective (i) if by way of fax, only when received in legible form; (ii) if by way of letter, only when it has been left at the relevant
address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address.; or (iii) if by e-mail or other electronic communication, when received in legible form. 

For the purpose of the Finance Documents, an electronic communication will be treated as being in writing. 

Any notice given under or in connection with the Finance Documents must be in English or, if not in English, accompanied by a certified English
translation as any Party may request, in which case the English translation will prevail unless agreed otherwise by the Parties. 
  

	27.	CALCULATIONS AND CERTIFICATES 

  

	 	27.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by the Lender are prima facie evidence of the matters to which they relate. 
  

	 	27.2	Certificates and determinations 

 Any certification or determination by the Lender of a
rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	 	27.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 days. 
  

	28.	PARTIAL INVALIDITY 

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

  
 41 

	29.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of the Lender, any right or remedy under the Finance Documents, shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights
and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	30.	AMENDMENTS AND WAIVERS 

 Any term of a Finance Document may be amended or waived only
with the written consent of the parties to such document. 
  

	31.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	32.	ENTIRE AGREEMENT 

 This Agreement together with the Schedules set out the entire
agreement between the Parties and supersede any prior oral and/or written understandings or arrangements relating to the Facilities. 
  

	33.	THIRD PARTY AND MARKET FAILURE 

 The Lender shall not be responsible (unless due to the
Lender’s wilful misconduct or gross negligence) for any cost, loss or liability (including loss of profit) which the Borrower may incur in connection with the Facility as a result of: 

 

	 	(a)	any error, delay, breakdown or failure of any equipment, communication facilities, computer hardware or software or any other event or matter which is beyond the Lender’s reasonable control; or 

 

	 	(b)	any action, omission or other matter by or on account of any third party (including any Governmental Agency). 

  

	34.	ANTI-MONEY LAUNDERING AND OTHER LAWS 

  

	 	34.1	The Borrower agrees that the Lender may delay, block or refuse to process any transaction without incurring any liability if the Lender reasonably suspects or has reasonable grounds to suspect that: 

 

	 	(a)	the transaction may breach any laws or regulations in any country; 

  

	 	(b)	the transaction involves or may involve any person (natural, corporate, governmental, trust, partnership or any other person) that is itself sanctioned or is connected, directly or indirectly, to any person that is
sanctioned under economic and trade sanctions imposed by the United States, the United Nations, the European Union, supra-national organisation, official body or any country; or 

 

	 	(c)	the transaction may directly or indirectly involve the proceeds of, or be applied for the purposes of, conduct which is unlawful in any country. 

  
 42 

	 	34.2	The Borrower must provide all information to the Lender which the Lender reasonably requires in order to: 

  

	 	(a)	manage its money-laundering, terrorism-financing or economic and trade sanctions risk; 

  

	 	(b)	comply with any laws or regulations in any country; or 

  

	 	(c)	comply with any applicable direction, request or requirement (whether or not having the force of law) of any competent government or other authority. 

 

	 	34.3	The Borrower agrees that the Lender and any of the Lender’s Affiliates may, with prior notice to the Borrower, disclose any information concerning the Borrower: 

 

	 	(a)	to any law enforcement, regulatory agency or court where required by any such law or regulation in any country; 

  

	 	(b)	where the Lender or any of the Lender’s Affiliates is required to do so pursuant to any direction, request or requirement (whether or not having the force of Law) of any competent government or other authority in
any country; and 

  

	 	(c)	to any of the Lender’s Affiliates or service provider of the Lender to perform administrative and operational tasks (including risk management, debt recovery, exposure aggregation, data processing, systems
development and test, credit scoring, staff training and market or customer satisfaction research). 

  

	 	34.4	Unless the Borrower has disclosed that it is acting in a trustee capacity or on behalf of another party, the Borrower warrants that it is acting on its own behalf in entering into this Agreement. If the Borrower is
acting on behalf of another party (such as a trustee), the Borrower agrees to provide the details of the beneficial owner of the funds to the Lender, as may be required by the Lender from time to time. 

 

	 	34.5	The Borrower declares and undertakes to the Lender that the processing of any transaction by the Lender in accordance with the Borrower’s instructions will not breach any laws or regulations in any country.

	 	

  
 43 

 SECTION 10 

GOVERNING LAW AND ENFORCEMENT 
  

	35.	GOVERNING LAW 

 This Agreement and any non-contractual obligations arising out of or in
connection with it is governed by Hong Kong law. 
  

	36.	ENFORCEMENT 

  

	 	36.1	Jurisdiction of Hong Kong courts 

  

	 	(a)	The courts of Hong Kong shall have exclusive jurisdiction to settle disputes solely arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this
Agreement) or any non-contractual obligations arising out of or in connection with this Agreement (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of Hong Kong are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	36.2	Service of process 

 Without prejudice to any other mode of service
allowed under any relevant law, the Borrower: 
  

	 	(a)	irrevocably appoints Li & Partners at 22nd Floor, World-Wide House, 19 Des Voeux Road, Central, Hong Kong as its agent for service of process solely
in relation to a Dispute arising out of or in connection with this Agreement (the “Service Purpose”); 

  

	 	(b)	agrees that if any person appointed as process agent is unable to act as process agent for the Service Purpose, the Borrower must promptly appoint a new process agent and notify the Lender of its name and address; and

  

	 	(c)	save for an act of force majeure, agrees that failure by a process agent to notify the Borrower of the process will not invalidate the proceedings concerned. 

 

	 	36.3	Waiver of immunities 

 The Borrower irrevocably waives, to the extent permitted by
applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from: 

 

	 	(a)	suit; 

  

	 	(b)	jurisdiction of any court; 

  

	 	(c)	relief by way of injunction or order for specific performance or recovery of property; 

  

	 	(d)	attachment of its assets (whether before or after judgment); and 

  

	 	(e)	execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any immunity in any such proceedings). 

 This Agreement has been entered into on the date stated at
the beginning of this Agreement. 
  

  
 44 

 SCHEDULE 1 

Conditions Precedent 
  

	1.	BORROWER 

  

	 	(a)	This Agreement duly executed by the Borrower. 

  

	 	(b)	A certificate of a director of the Borrower: 

  

	 	(i)	confirming its current directors; 

  

	 	(ii)	certifying that the certificate of incorporation dated 18 January 2000, the certificate of incorporation on change of name dated 2 January 2009 and the third amended and restated memorandum and articles of
association of the Company as registered or adopted on 16 December 2008 of the Borrower provided to the Lender on 21 September 2012 are true, complete and up-to-date copies and are in full force and effect as at a date no earlier than the
date of this Agreement and there has been no change in the constitutional documents since they were last provided to the Lender; 

  

	 	(iii)	confirming that borrowing the Commitment would not cause any borrowing or similar limit binding on it to be exceeded; and 

  

	 	(iv)	certifying that each copy document relating to it specified in this Schedule 1 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

 

	 	(c)	A copy of a resolution of the board of directors of the Borrower: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Finance Documents to which it is a party. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  

	2.	OTHER DOCUMENTS AND EVIDENCE 

  

	 	(a)	A copy of any other Authorisation or other document, opinion or assurance which the Lender considers to be necessary (if it has notified the Borrower accordingly prior to the date of this Agreement) in connection with
the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

  

	 	(b)	The Original Financial Statements of the Borrower. 

  

	 	(c)	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 15 (Costs and expenses) have been paid or will be paid by the first Utilisation Date. 

 

	 	(d)	The completion by the Lender, the results of which are to the Lender’s satisfaction, of all necessary “know your customer” or other similar procedures under all applicable laws and regulations pursuant to
the transactions contemplated in the Finance Documents. 

  
  

  
 45 

 SCHEDULE 2 

Utilisation Request 
 From: Baidu, Inc. as
Borrower 
  

	To:	Australia and New Zealand Banking Group Limited 

 Hong Kong Branch, as Lender 

Dated: 
 Dear Sirs 

Baidu, Inc. — AU$235,000,000 Committed Term Loan Facility Agreement 

dated 13 August 2013 (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement shall have the same meaning in this Utilisation Request. 

 

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[            ] (or, if that is not a Business Day, the next Business Day)
		
	Amount:	  	[            ] or, if less, the Available Commitment
		
	Interest Period:	  	Three (3) Months

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request, and that there has been no change to our financial condition since the
date of our latest audited financial statements, which change, would [or might reasonably be expected to] have or constitute a Material Adverse Effect. 

  

	4.	We confirm that this Loan will be used for the purpose of refinancing the Existing Facility and for the general working capital requirements of the Group. 

 

	5.	The proceeds of this Loan should be credited to [specify account]. 

  

	6.	This Utilisation Request is irrevocable. 

  

					
		 	Yours faithfully	 	
			
		 	 /s/ Li Xin Zhe

 
	 	
			
		 	authorised signatory for	 	
			
		 	Baidu, Inc.	 	

  
 46 

 Executed by the parties 

The Borrower 
  

									
	For and on behalf of	  	)	  		  		  	
	BAIDU, INC.	  	)	  		  		  	
	by	  	)	  		  		  	
		  	)	  		  	/s/ Li Xin Zhe	  	

 Address: Baidu Campus, No. 10 Shangdi 10th Street Haidian District,
Beijing 100085, The People’s Republic of China 
 Attention: Zeng Ying 

Telephone: +86 10 59926613 
 E-mail: zengying@baidu.com 

 

									
	The Lender	  		  		  		  	
					
	For and on behalf of	  	)	  		  	/s/ Richard Yeung	  	
	AUSTRALIA AND NEW ZEALAND	  	)	  		  	Executive Director	  	
	BANKING GROUP LIMITED, 	  	)	  		  	Property Sector, NEA	  	
	HONG KONG BRANCH 	  	)	  		  	/s/ Amanda Liu	  	
		  	)	  		  	Head of Large Corporates	  	

 Attention: Tandy Chu 
 Address:
14/F Three Exchange Square, 8 Connaught Place, Central, Hong Kong 
 Tel: 852 3918 2182 

Fax: 852 3918 7143 

  
 47

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