Document:

Insurance and Reimbursement Agreement

 Exhibit 10.3 
  
 INSURANCE AND REIMBURSEMENT AGREEMENT 
  
 THIS INSURANCE AND REIMBURSEMENT AGREEMENT (the “Insurance Agreement”) is made as of February 23,
2005 among MBIA Insurance Corporation, a New York stock insurance company (“MBIA”), Onyx Acceptance Financial Corporation (the “Seller”), Onyx Acceptance Corporation, in its individual capacity
(“Onyx”), and as servicer (in such capacity, together with its successors and assigns, including without limitation any successor servicer appointed pursuant to the Sale and Servicing Agreement (as defined below), the
“Servicer”), and, with respect to Section 4.03 hereof, JPMorgan Chase Bank, N.A. (the “Indenture Trustee”) 
  
 PRELIMINARY STATEMENTS 
  
 The Seller will sell to the Onyx Acceptance Owner Trust 2005-A (the “Trust”) certain assets (the “Assets”) consisting of
a pool of motor vehicle installment sales contracts and installment loan agreements and certain other assets and rights pursuant to and described in the Sale and Servicing Agreement dated as of February 23, 2005 (the “Sale and Servicing
Agreement”), among the Seller, the Servicer, the Trust and the Indenture Trustee, as trust agent and indenture trustee. 
  
 The Trust will (i) grant a security interest in certain of the Assets to the Indenture Trustee under an Indenture dated as of February 23, 2005 between
the Trust and the Indenture Trustee (the “Indenture”) and (ii) issue the Notes (as defined in the Trust Agreement) under the Indenture. 
  
 MBIA is authorized to transact a financial guaranty insurance business in the State of New York and has agreed to issue to the Indenture Trustee for the
benefit of the holders of the Notes a financial guarantee insurance policy substantially in the form of Exhibit A hereto (the “Policy”). 
  

The parties hereto, among other things, desire to specify the conditions precedent to the issuance by MBIA of the Policy, the payment of the premium
and other amounts in respect thereof, the obligations of the parties to MBIA thereunder, and to provide for certain other matters related thereto. 
  
 NOW, THEREFORE, in consideration of the premises and of the agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE 
  
 DEFINITIONS 
  
 Section 1.01 General Definitions. The terms defined in this Article I shall have the meanings provided herein for all purposes of this Insurance
Agreement, unless the context clearly requires otherwise, in both singular and plural form, as appropriate. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Sale and Servicing Agreement.

  

					
	 	  	 	  	Insurance Agreement

 “Base Rate” means the fluctuating rate of interest as published from time to time in the
New York, New York edition of The Wall Street Journal, under the caption “Money Rates” as the “prime rate”, the Base Rate to change when and as such published prime rate changes. 
  
 “Closing Date” means February 23, 2005. 
  
 “Cumulative Net Charge-Off Ratio” means, as of any Servicer
Report Date, the ratio of (a) the aggregate Principal Balance of Contracts that became Defaulted Contracts plus all the Cram Down Losses which occurred during the period from the Initial Cut-Off Date through the end of the related Collection Period
reduced by the amount of Liquidation Proceeds with respect to Defaulted Contracts received during such period which are applied to principal of the Defaulted Contracts to (b) the sum of (i) the initial aggregate Principal Balance of the Initial
Contracts as of the Initial Cut-Off Date, plus (ii) the initial aggregate principal balance of the Subsequent Contracts as of the Subsequent Cut-Off Date plus (iii) the initial aggregate Principal Balance of the Prefunded Contracts as of their
respective Prefunding Cut-Off Dates. 
  
 “Delinquency
Ratio” means, as of any Servicer Report Date, the ratio of (a) the aggregate Principal Balance of Contracts that were Delinquent Contracts at the end of the related Collection Period to (b) the aggregate Principal Balance of all Contracts
as of the first day of such Collection Period. 
  
 “Delinquent Contract” means any Contract (other than a Defaulted Contract) as to which any portion of a scheduled payment remains unpaid for more than 30 days from the date on which it is due and payable. 
  
 “Fiscal Agent” means the Fiscal Agent, if any, designated
pursuant to the terms of the Policy. 
  
 “GAAP”
means Generally Accepted Accounting Principles in effect from time to time in the United States of America. 
  
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Indemnification Agreement” means the Indemnification Agreement, dated as of February 23, 2005 among MBIA, Onyx, the Seller and the
Underwriters (as defined therein). 
  
 “Initial Cash
Deposit” means 1.25% of the Original Pool Balance plus the Negative Carry Amount. 
  
 “Insurer Information” means the information relating to MBIA in the Prospectus Supplement as of the date thereof under the heading “The Policy and the Insurer” and the financial statements
of MBIA incorporated by reference into the Prospectus Supplement. 
  

					
	 	  	2	  	Insurance Agreement

 “Negative Carry Amount” means $0. 
  
 “Notes Balance” means the aggregate principal balance of
the Notes then outstanding. 
  
 “Premium” has
the meaning given to such term in Section 2.03 hereof. 
  
 “Premium Side Letter Agreement” means the letter dated the Closing Date from MBIA to the Seller and Onyx setting forth the payment arrangement for the premium on the Policy and certain fees and expenses related to payment
arrangements. 
  
 “Prospectus” means,
collectively, (a) the Preliminary Prospectus Supplement dated February 14, 2005 to the Prospectus dated February 14, 2005 and (b) the Final Prospectus Supplement dated February 15, 2005 to the Prospectus dated February 14, 2005, each relating to the
sale of the Notes on the Closing Date. 
  
 “Registration
Statement” means the Registration Statement on Form S-3 of the Seller (Registration No. 333-113136 as amended), relating to the Notes, at the time it becomes effective. 
  
 “Repayment Amount” has the meaning given to such term in Section 2.04(a) hereof. 
  
 “Spread Account Increase Condition” means as of the Servicer
Report Date in any month prior to and including the applicable month set forth in the table below, the Delinquency Ratio exceeds the level specified for such month in such table: 
  

			
	 Collection Period

	  	Delinquency Ratio

	 February 2005 – May 2005
	  	3.00%
	 June 2005-October 2005
	  	3.25%
	 November 2005 – April 2006
	  	4.00%
	 May 2006 – October 2006
	  	4.75%
	 November 2006 – May 2007
	  	5.25%
	 June 2007 – October 2007
	  	6.50%
	 November 2007 – May 2008
	  	7.00%
	 June 2008 and thereafter
	  	7.50%

  
 “Spread
Account Maximum” means, on any day, an amount equal to the sum of (a) during the Funding Period, the Negative Carry Amount and (b) 1.25% of the Notes Balance as of the Closing Date; provided, however, that if a Spread Account
Increase Condition has occurred and is continuing, the Spread Account Maximum shall equal the greater of (x) 12.0% of the current Notes Balance with respect to such Distribution Date and (y) 2.0% of the Notes Balance as of the Closing Date.

  
 “Trigger Event” shall have the meaning set
forth in Section 6.01(a) hereof. 
  
 “Underwriter
Information” means the information furnished by the Underwriters in writing expressly for use in the Prospectus and included in the second paragraph (regarding concessions and discounts) under the caption “Underwriting” in the
Prospectus Supplement. 
  

					
	 	  	3	  	Insurance Agreement

 “Underwriting Agreement” means the Underwriting Agreement, dated February 15, 2005
between the Seller and the Underwriters (as defined therein). 
  
 Section 1.02 Generic Terms. All words used herein shall be construed to be of such gender or number as the circumstances require. The words “herein,” “hereby,” “hereof,” “hereto,”
“hereinbefore” and “hereinafter,” and words of similar import, refer to this Insurance Agreement in its entirety and not to any particular paragraph, clause or other subdivision, unless otherwise specified. 
  
 ARTICLE II 
  
 THE POLICY AND REIMBURSEMENT 
  
 Section 2.01 Policy. MBIA agrees, subject to the conditions
hereinafter set forth, on the Closing Date to issue the Policy. 
  
 Section 2.02 Conditions Precedent to Obligations of the Parties. The obligation of MBIA to issue the Policy under this Insurance Agreement is subject to the satisfaction of the following conditions on the Closing Date: 
  
 (a) The following documents shall have been duly authorized, executed and
delivered by each of the parties thereto (other than MBIA) and shall be in full force and effect and in form and substance satisfactory to MBIA and an executed counterpart of each thereof shall have been delivered to MBIA: 
  

	 	(i)	 	this Insurance Agreement; 

  

	 	(ii)	 	the Sale and Servicing Agreement; 

  

	 	(iii)	 	the Trust Agreement; 

  

	 	(iv)	 	the Indenture; 

  

	 	(v)	 	the Underwriting Agreement; 

  

	 	(vi)	 	the Indemnification Agreement; and 

  

	 	(vii)	 	the Premium Side Letter Agreement. 

  
 (items (i) through (vii) collectively, the “Basic Documents”). 
  

	 	(b)	 	MBIA shall have received: 

  
 (i) copies certified by the Secretary or an Assistant Secretary of each of the Seller and Servicer, dated the Closing Date, of its charter and by-laws and
the resolutions of its Board of Directors or a duly authorized committee thereof authorizing its execution and 
  

					
	 	  	4	  	Insurance Agreement

 delivery of the Basic Documents and of all documents evidencing other corporate action and governmental approvals, if
any, that are necessary for the consummation of the transactions contemplated in such documents; 
  
 (ii) a certificate, dated the Closing Date, of the Secretary or an Assistant Secretary of each of the Seller and Servicer certifying the names and true
signatures of its officers authorized to sign such Basic Documents; 
  
 (iii) a certificate, dated the Closing Date, of the Chief Financial Officer, an Assistant Treasurer or Senior Vice President of the Seller certifying that representations and warranties set forth in or incorporated by reference in Section
3.01hereof are true and correct as of the date made; 
  
 (iv) a
favorable opinion or opinions, dated the Closing Date, satisfactory in form and substance to MBIA, from counsel to each of the Seller and Onyx, acceptable to MBIA, to the effect that (A) each of the Basic Documents has been duly executed and
delivered by such entity and each constitutes the legal, valid and binding agreement of such entity, enforceable in accordance with their respective terms, subject to bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or other
laws of general applicability relating to or affecting creditors’ rights generally from time to time in effect and general principles of equity, and (B) no registration with or consent or approval of any Governmental Authority having
jurisdiction over such entity is required in connection with the execution, delivery or performance by such entity of any Basic Document which has not been obtained, and with respect to such other matters, including, without limitation, true sale,
nonconsolidation, perfection and tax issues as MBIA may reasonably require; 
  
 (v) evidence that a UCC financing statement or statements covering the ownership interest of the Trust in the Trust Property (as defined in the Sale and Servicing Agreement) conveyed by the Seller to the Trust
pursuant to the Sale and Servicing Agreement, has been prepared and/or executed by the Seller in favor of the Trust and has been (or within 10 days after the Closing Date will be) duly filed in such place or places which, in the opinion of counsel
for the Seller and MBIA, are necessary or desirable to protect said interests; 
  
 (vi) evidence that a UCC financing statement or statements covering the security interest of the Indenture Trustee, for the benefit of the Noteholders and MBIA, created by or pursuant to the Indenture, in the
Collateral (as defined in the Indenture) which the Indenture Trustee is granted pursuant to the Indenture, has been prepared and/or executed by the Trust in favor of the Indenture Trustee for the benefit of the Noteholders and MBIA, and has been (or
within 10 days after the Closing Date will be) duly filed in such place or places which, in the opinion of counsel for the Seller and MBIA, are necessary or desirable to protect said interests; 
 (vii) copies of the notice delivered to Schick Data Bank with respect to the custody of the Contract Files; and 
  

					
	 	  	5	  	Insurance Agreement

 (viii) such other documents, certificates, instruments, approvals (and, if requested by MBIA, certified
duplicates or executed copies thereof) or opinions as MBIA may reasonably request. 
  
 (c) No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any government or governmental or administrative agency or court, which would make the transactions contemplated by
the Basic Documents illegal or otherwise prevent the consummation thereof. 
  
 (d) MBIA shall have received specimens of the Notes and the Residual Interest Instrument (as defined in the Trust Agreement). 
  
 (e) MBIA shall have received an executed copy of all legal opinions, certificates, accountant’s reports and other documents required to be furnished
by Onyx, the Seller and the Servicer pursuant to the Basic Documents or pursuant to the requirements of Standard & Poor’s, Moody’s, Fitch or any other rating agency rating the Notes. Such documents shall be in form and substance
satisfactory to MBIA and each such legal opinion or certificate (other than any accountant’s report) shall be addressed to MBIA or accompanied by appropriate reliance letters to MBIA. 
  
 (f) Simultaneously with the issuance of the Policy, the Notes shall have been
duly executed and authenticated and delivered to the purchaser(s) thereof pursuant to the Underwriting Agreement. 
  
 (g) All amounts payable pursuant to the Premium Side Letter Agreement on or prior to the Closing Date shall have been paid. 
  
 (h) The Seller shall have deposited into the Spread Account an amount equal
to the Initial Cash Deposit from the proceeds of the sale of the Notes. 
  
 Section 2.03 Premium. MBIA shall be entitled to receive a premium (the “Premium”) for the Policy on each Distribution Date in accordance with the terms and conditions of the Premium Side Letter Agreement. 

 
 Section 2.04 Reimbursement Obligations. 
  
 (a) MBIA shall be entitled to reimbursement for any payment made under the
Policy, which reimbursement shall be paid to MBIA on the date that any amount is to be paid pursuant to a Notice for Payment (as defined in the Policy). Such reimbursement shall be made in an amount (the “Repayment Amount”) equal to
the sum of the amount to be paid under the Policy and all amounts previously paid that remain unpaid, together with interest on any and all amounts remaining unpaid (to the extent permitted by law, if in respect of any unpaid amounts representing
interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Base Rate from time to time in effect plus 1%. The Repayment Amount shall be payable to MBIA pursuant to
Section 4.03(a) of the Sale and Servicing Agreement and the provisions of this Insurance Agreement. 
  

					
	 	  	6	  	Insurance Agreement

 (b) Anything in Section 2.04(a) to the contrary notwithstanding, MBIA shall be entitled to reimbursement
from the Servicer (i) for payments made under the Policy arising as a result of the Servicer’s failure to repurchase any Contract required to be repurchased pursuant to Section 2.03 of the Sale and Servicing Agreement, together with interest on
any and all such amounts remaining unpaid (to the extent permitted by law, if in respect of any unpaid amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest
equal to the Base Rate from time to time in effect plus 1%, and (ii) for payments made under the Policy, arising as a result of (A) the Servicer’s failure to deposit into the Collection Account any amount required to be so deposited pursuant to
the Sale and Servicing Agreement or (B) the Servicer’s failure to purchase any Contract required to be purchased under Section 3.06 of the Sale and Servicing Agreement, together with interest on any and all such amounts remaining unpaid (to the
extent permitted by law, if in respect of any unpaid amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Base Rate from time to time in effect
plus 1%. 
  
 (c) MBIA shall be entitled to reimbursement for
amounts expended by MBIA pursuant to Section 4.03 hereof, which amounts shall be payable to MBIA pursuant to Section 4.03(a) of the Sale and Servicing Agreement and the provisions of this Insurance Agreement. 
  
 (d) Interest payable to MBIA under this Insurance Agreement shall be
calculated on the basis of a 360-day year for the actual number of days elapsed and shall be payable on demand. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 3.01
Representations and Warranties of the Seller. The Seller represents and warrants to MBIA, as of the Closing Date that: 
  
 (a) Each of the representations and warranties made by the Seller in the Trust Agreement and the Sale and Servicing Agreement are true and correct in all
material respects as of the date made. 
  
 (b) The initial offer
and sale of the Notes comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Prospectus does not contain any untrue statement of a
material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading; provided, however, that no representation is made with respect to the
Insurer Information or the Underwriter Information. Neither the offer nor the sale of the Notes has been or will be in violation of the Securities Act or any other federal or state securities laws. 
  
 Section 3.02 Representations and Warranties of Onyx, individually and as
Servicer. Onyx, individually and in its capacity as Servicer, represents and warrants to MBIA, as of the Closing Date that: 
  

					
	 	  	7	  	Insurance Agreement

 Each of the representations and warranties made by it in the Sale and Servicing Agreement are true and
correct in all material respects as of the date made. 
  
 ARTICLE IV 
  
 COVENANTS 
  
 Section 4.01 Affirmative Covenants of the Servicer. The Servicer
hereby covenants and agrees that during the term of this Insurance Agreement: 
  
 (a) It shall, for the benefit of MBIA, perform each of its agreements, warranties and indemnities contained in the Basic Documents, which are hereby incorporated by reference into this Insurance Agreement as if set
forth herein in full. 
  
 (b) Except in accordance with any
provision of the Basic Documents that expressly states that the consent of MBIA is not required, it shall not terminate (except in accordance with the terms thereof), amend, waive or otherwise modify the Basic Documents or any term or provision
thereof, or the performance of any of the terms of any of the foregoing, unless such amendment, waiver or modification is approved in writing by MBIA. 
  
 (c) It shall furnish to MBIA, promptly after the occurrence of any Servicer Default under the Sale and Servicing Agreement, any Event of Default under the
Indenture or of a Trigger Event under this Insurance Agreement, a certificate of an appropriate officer of the Servicer setting forth the circumstances of such Servicer Default, Event of Default or Trigger Event, and any action taken or proposed to
be taken by the Servicer with respect thereto and furnish to MBIA such other information with respect to any such Servicer Default, Event of Default or Trigger Event as MBIA may reasonably request. 
  
 (d) It shall deliver to MBIA the annual statement of compliance described in
Section 3.09 of the Sale and Servicing Agreement by the date specified in Section 3.09 of the Sale and Servicing Agreement. 
  
 (e) It will furnish to MBIA a copy of each material certificate, report, statement, notice or other written communication furnished by or on behalf of it,
to Noteholders or to the Indenture Trustee concurrently therewith and furnish to MBIA promptly after receipt thereof, a copy of each notice, demand or other communication received by it from the Indenture Trustee, Owner Trustee, Holder or Holders of
10% or more of the Notes or Standard & Poor’s, Moody’s or any other rating agency rating the Notes, in each case with respect to any of the Notes or the Basic Documents. 
  
 (f) It will, on each Servicer Report Date, furnish to MBIA a copy of the Distribution Date Statement with respect to the
Collection Period relating to such Servicer Report Date and if not contained therein, such information regarding the Spread Account and the Policy, in such form and substance as MBIA may reasonably require. 
  
 (g) It will, at all times during the term hereof, upon the reasonable request
of MBIA and upon reasonable notice and at MBIA’s cost and expense, permit MBIA or its authorized agent, at reasonable times, at no charge, to inspect and audit the Contract Files, including those 
  

					
	 	  	8	  	Insurance Agreement

 held by any subservicer or custodian and any other documents and records relating to the servicing of the Contracts,
including computer records relating to the Contracts and will cause its personnel to assist in any examination of such records. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably interfere
with the business of the Servicer, any such custodian, its normal operations or its employee or customer relations. Any information obtained by MBIA pursuant to the activities contemplated in this Section 4.01(f) shall be held in confidence by MBIA
unless (i) such information has become available to the public other than as a result of a disclosure by or through MBIA or (ii) such information was available to MBIA on a nonconfidential basis prior to its disclosure to MBIA hereunder, or (iii)
MBIA should be required in connection with any legal or regulatory proceeding to disclose such information. The Contract Files and records relating thereto will be maintained at the addresses and locations as the Servicer shall have notified MBIA in
writing prior to the Closing Date and as the Servicer shall otherwise advise MBIA in writing. 
  
 (h) So long as no Insurer Default has occurred and is continuing, the Servicer shall not change its Customary Servicing Practices without the consent of MBIA if the Servicer determines that such a change would have a
material adverse effect on the interests of MBIA or the Noteholders. 
  
 Section 4.02 Affirmative Covenants of the Seller. The Seller hereby covenants and agrees that during the term of this Insurance Agreement: 
  
 (a) It shall, for the benefit of MBIA, perform each of its agreements, warranties and indemnities contained in the Sale and Servicing Agreement, which are
hereby incorporated by reference into this Insurance Agreement, as if set forth herein in full. 
  
 (b) It shall comply in all material respects with all applicable laws, rules, regulations and orders with respect to it, its business and properties
(except to the extent contested in good faith if properly reserved in accordance with generally accepted accounting principles or regulatory accounting principles, as the case may be, consistently applied), if the effect of noncompliance thereof
would have a material adverse effect on its performance of its obligations under the Basic Documents. 
  
 (c) It shall include in any offering document for the Notes only information concerning MBIA that is supplied or consented to in writing by MBIA expressly
for inclusion therein. 
  
 (d) Except in accordance with any
provision of the Basic Documents that expressly states that the consent of MBIA is not required, it shall not terminate (except in accordance with the terms and conditions thereof), amend, waive or otherwise modify any Basic Document or any term or
provision thereof, or the performance of any of the terms of any of the foregoing, unless such amendment, waiver or modification is approved in writing by MBIA. 
  

(e) It shall maintain its corporate or other existence and shall at all times continue to be duly organized under the laws of its respective
jurisdiction of incorporation or formation and duly qualified and duly authorized and shall conduct its business in accordance with the terms of its certificate of incorporation and bylaws or other formation documents in all circumstances

  

					
	 	  	9	  	Insurance Agreement

 where failure could reasonably result in a material adverse change in (a) its business, financial condition or results of
operations or (b) its ability to perform its obligations under any Basic Document. 
  
 (f) It shall provide to MBIA such other information as MBIA may reasonably require. 
  
 Section 4.03 Parties To Join in Enforcement Action 
  
 (a) To the extent necessary to enforce any right of MBIA in or remedy of MBIA under any Contract or related asset, the Indenture Trustee, the Issuer and
Onyx agree to join in any action initiated by MBIA for the protection of such right or exercise of such remedy. 
  
 (b) In the event of any court proceeding (x) with respect to which Onyx or the Seller is a party (including, without limitation, an insolvency or
bankruptcy proceeding in respect of Onyx or the Seller) which affects the Trust Estate, the Policies or the obligations of MBIA under the Basic Documents, and (y) with respect to which Onyx or the Seller fails to defend or answer, MBIA shall have
the right to direct, assume or otherwise participate in the defense thereof. In such event, MBIA shall, following written notice to the Indenture Trustee, have the exclusive right to determine, in its sole discretion, the actions necessary to
preserve and protect the Trust Estate. All costs and expenses of MBIA in connection with such action, proceeding or investigation, (including, without limitation, any judgment or settlement entered into or paid by MBIA), shall be included in the
Reimbursement Obligations. 
  
 (c) The Indenture Trustee shall
cooperate with, and take such action as directed by MBIA, including (without limitation) entering into such agreements and settlements as MBIA in its sole discretion shall direct with respect to such court proceeding. The Indenture Trustee shall not
be liable to MBIA for any such action that conforms to the direction of MBIA. The Indenture Trustee’s reasonable out-of-pocket costs and expenses (including attorneys’ fees and expenses) with respect to any such action shall be reimbursed
by MBIA. 
  
 (d) The Indenture Trustee hereby agrees to provide to
MBIA prompt written notice of any action, proceeding or investigation of which any Responsible Officer of the Indenture Trustee has actual knowledge that names the Owner Trustee or the Issuer as a party or that could adversely affect the Trust
Estate or the rights or obligations of MBIA hereunder or under the Policies or the other Basic Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of Onyx, the Seller or any affiliate thereof. 
  
 (e) Notwithstanding anything contained herein or in any of the other Basic
Documents to the contrary, the Indenture Trustee shall not, without MBIA’s prior written consent or unless directed by MBIA, undertake or join any litigation or agree to any settlement of any action, proceeding or investigation affecting the
Owner Trustee, the Issuer or the Trust Estate or the rights or obligations of MBIA hereunder or under the Policies or the other Basic Documents. 
  

					
	 	  	10	  	Insurance Agreement

 ARTICLE V 
  

FURTHER AGREEMENTS 
  
 Section 5.01 Obligations Absolute. The obligations of Onyx, the Seller and the Servicer pursuant to this Insurance Agreement are absolute and
unconditional and will be paid or performed strictly in accordance with the respective terms hereof, irrespective of: 
  
 (a) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver with respect to, the Basic Documents; 
  
 (b) any amendment or waiver of, or consent to departure from the Basic
Documents; 
  
 (c) the existence of any claim, set off, defense or
other rights it may have at any time against the Indenture Trustee, any beneficiary or any transferee of the Policy (or any persons or entities for whom the Indenture Trustee, any such beneficiary or any such transferee may be acting), MBIA or any
other person or entity whether in connection with the Policy, the Basic Documents or any unrelated transactions; 
  
 (d) any statement or any other document presented under the Policy (including any Notice for Payment) proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 
  
 (e) the inaccuracy or alleged inaccuracy of any Distribution Date Statement or Notice for Payment upon which any drawing under the Policy is based;

  
 (f) payment by MBIA under the Policy against presentation of a
draft or certificate which does not comply with the terms of the relevant Policy, provided that such payment shall not have constituted gross negligence or willful misconduct of MBIA; 
  
 (g) the bankruptcy or insolvency of MBIA, the Trust or any other party;

  
 (h) any default or alleged default of MBIA under the Policy;

  
 (i) any defense based upon the failure of the Trust to receive
all or part of the proceeds of the sale of the Notes or of the Servicer to receive any or all of the Servicing Fee or other compensation required under the Sale and Servicing Agreement or otherwise, or any nonapplication or misapplication of the
proceeds of any drawing upon the Policy; and 
  
 (j) any other
circumstance or happening whatsoever, provided that the same shall not have constituted gross negligence or willful misconduct of MBIA. 
  
 Section 5.02 Reinsurance. MBIA shall have the right to give participations in its rights under this Insurance Agreement and to enter into contracts
of reinsurance with respect to the Policy, provided that MBIA agrees that any such disposition will not alter or affect in any way whatsoever MBIA’s direct obligations hereunder and under the Policy and provided
further that any reinsurer or participant will not have any rights against the Trust, the Seller, the Servicer, Onyx, any Noteholders or the Indenture Trustee and that the Trust, the Seller, the Servicer, 
  

					
	 	  	11	  	Insurance Agreement

 Onyx, the Noteholders or the Indenture Trustee shall have no obligation to have any communication or relationship
whatsoever with any reinsurer or participant in order to enforce the obligations of MBIA hereunder and under the Policy. None of Onyx, the Seller or the Servicer may assign its obligations under this Insurance Agreement without the prior written
consent of MBIA, such consent not to be unreasonably withheld. 
  
 Section 5.03 Liability of MBIA. The Seller and the Servicer agree that neither MBIA nor any of its officers, directors or employees shall be liable or responsible for (except to the extent of its own gross negligence, willful
misconduct or bad faith): (a) the use which may be made of the Policy by or for any acts or omissions of another Person in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of any documents delivered to MBIA (or its
Fiscal Agent) or of any endorsement(s) thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged. In furtherance and not in limitation of the foregoing, MBIA (or its Fiscal Agent)
may accept documents that appear on their face to be in order, without responsibility for further investigation. 
  
 Section 5.04 Successor Servicer. 
  
 (a) Any successor Servicer, by accepting its appointment pursuant to the Sale and Servicing Agreement, (i) shall agree to be bound by the terms, covenants
and conditions contained herein applicable to the Servicer and subject to the duties and obligations of the Servicer hereunder, (ii) as of the date of its acceptance, shall be deemed to have made with respect to itself the representations and
warranties made by the Servicer in this Insurance Agreement to the extent applicable, and (iii) shall agree to indemnify and hold harmless MBIA from and against any and all claims, damages, losses, liabilities, costs or expenses whatsoever which
MBIA may incur (or which may be claimed against MBIA) by reason of the negligence or willful misconduct of the successor Servicer in exercising its powers and carrying out its obligations as Servicer under the Sale and Servicing Agreement. No such
appointment shall make the successor Servicer responsible with respect to any liabilities of the outgoing Servicer incurred prior to such appointment or for any acts, omissions or misrepresentations of such outgoing Servicer. 
  
 (b) All costs and expenses incurred by MBIA in connection with the
replacement of the Servicer pursuant to Section 7.02 of the Sale and Servicing Agreement shall be paid by Onyx. 
  
 Section 5.05 Fees and Expenses. 
  
 (a) On the Closing Date, the Seller agrees to pay, in accordance with the Premium Side Letter Agreement, MBIA’s attorneys’ fees and all other
reasonable costs and expenses (including without limitation accountants’ fees) incurred by MBIA in connection with the negotiation, preparation, execution and delivery of the Registration Statement, including the core prospectus and any
supplement thereto, the Basic Documents, and all other documents delivered with respect thereto, and all rating agency fees incurred by MBIA in connection with this Insurance Agreement and the transactions described in the Basic Documents. Such
attorney’s fees and expenses shall be payable on the Closing Date upon the presentation of an invoice for any such fees, costs and expenses. All other costs and expenses payable hereunder, including 
  

					
	 	  	12	  	Insurance Agreement

 without limitation, all rating agency fees incurred at any time by MBIA in connection with this Insurance Agreement and
the transactions described in the Basic Documents shall be payable by Onyx within 30 days from the delivery of an invoice therefor by MBIA to Onyx. 
  
 (b) Onyx, the Seller and the Servicer each agree to pay, in accordance with the Premium Side Letter Agreement, all costs and expenses (including
reasonable fees and expenses of legal counsel) incurred by MBIA in connection with the amendment, modification, waiver or similar action and/or the enforcement against Onyx, the Seller or the Servicer, as the case may be, of MBIA’s rights under
the Basic Documents; provided, however, that MBIA will not have recourse against assets of the Seller which secure any obligation rated by the Rating Agencies and MBIA will not have any claim against such assets until all such
obligations have been paid in full. 
  
 (c) Onyx agrees to pay any
and all charges, fees, costs and expenses that MBIA may reasonably pay or incur, including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) the enforcement, defense or preservation of any rights in
respect of any of the Basic Documents, including, without limitation, instituting, defending, monitoring or participating in any litigation or proceeding (including, without limitation, under Section 4.03(c) hereof and any insolvency or bankruptcy
proceeding in respect of Onyx, Onyx Acceptance Financial Corporation, the Seller, the Servicer (so long as Onyx is the Servicer) or any Affiliate thereof) relating to any of the Basic Documents, any party to any of the Basic Documents, in its
capacity as such a party, or the transactions contemplated thereby and (ii) any consent, amendment, waiver or other action with respect to, or related to, any Basic Document, whether or not executed or completed (items (i) and (ii) collectively
referred to as “Reimbursable Amounts”). Reimbursable Amounts due to MBIA shall bear interest at a rate equal 1% if not paid within 30 days. In the event that Onyx fails to pay to MBIA any Reimbursable Amounts, MBIA shall be entitled to
reimbursement of such amount together with interest thereon from the Trust pursuant to Section 4.03 of the Sale and Servicing Agreement or from the Spread Account pursuant to Section 4.04 of the Sale and Servicing Agreement, as applicable. In
addition, MBIA reserves the right to charge a reasonable fee as a condition to executing any waiver, consent or amendment proposed in respect of any of the Basic Documents. 
  
 ARTICLE VI 
  
 TRIGGER EVENTS; REMEDIES 
  
 Section 6.01 Trigger Events. 
  
 (a) The occurrence of any of the following events shall constitute a Trigger Event hereunder: 
  
 (i) the failure of any Person to deposit into the Collection Account or the
Spread Account all amounts required to be deposited therein by the required deposit date and such failure could reasonably have a material adverse effect on the interests of MBIA or the Noteholders (as determined in MBIA’s sole discretion) and
such failure has continued for a period of at least five (5) Business Days (A) after notice is received by such Person from the Indenture Trustee or MBIA or (B) after discovery of such failure by a responsible officer of such Person; 
  

					
	 	  	13	  	Insurance Agreement

 (ii) a Servicer Default occurs under the Sale and Servicing Agreement; 
  
 (iii) any failure to observe or perform any covenant or obligation of the
Owner Trustee, Onyx, the Seller, the Issuer or the Servicer set forth herein, or in the Indenture or the Sale and Servicing Agreement which has not been cured within sixty (60) days (or such longer period not in excess of ninety (90) as may be
reasonably necessary to remedy such failure; provided that (i) that failure is capable of remedy within ninety (90) days or less and (ii) MBIA consents in its sole discretion to that longer period) from the date of receipt by the Owner Trustee,
Onyx, the Seller, the Issuer or the Servicer, as the case may be, of written notice from the Indenture Trustee or MBIA of such breach or default and such breach or default could reasonably have a material adverse effect on the interests of MBIA or
the Noteholders (as determined in MBIA’s sole discretion); provided, however, that no Trigger Event will result from the breach by the Servicer of any covenant for which the repurchase of the affected Contracts is specified as the sole remedy
pursuant to Section 3.06 of the Sale and Servicing Agreement and such repurchase takes place within the time frame required by Section 3.06 of the Sale and Servicing Agreement; 
  
 (iv) the cessation of a valid perfected first priority security interest in the Contracts or the Trust Accounts in favor of
the Indenture Trustee which is not cured within seven (7) Business Days of receipt of notice thereof; 
  
 (v) a draw is made on the Policy; or 
  
 (vi) as of the Servicer Report Date in any month prior to and including the applicable month set forth in the table below, the Cumulative Net Charge-Off
Ratio exceeds the level specified for such month in such table: 
  

			
	 Collection Period

	  	Cumulative Net
Charge-Off Ratio

	 February 2005 – July 2005
	  	N/A
	 August 2005 – October 2005
	  	2.25%
	 November 2005 – January 2006
	  	2.75%
	 February 2006 – April 2006
	  	3.50%
	 May 2006 – July 2006
	  	4.25%
	 August 2006 – October 2006
	  	5.00%
	 November 2006 – January 2007
	  	6.00%
	 February 2007 – April 2007
	  	6.75%
	 May 2007 – July 2007
	  	7.25%
	 August 2007 – October 2007
	  	7.50%
	 November 2007 – January 2008
	  	7.75%
	 February 2008 and thereafter
	  	8.25%

  

					
	 	  	14	  	Insurance Agreement

 provided, however, that the occurrence of any of the foregoing events shall not form the basis of a Trigger Event unless
MBIA, upon written notice to each Rating Agency, has delivered to the Issuer and the Indenture Trustee written notice specifying that such event constitutes a Trigger Event. 
  
 (b) Upon the occurrence of any Trigger Event, MBIA may: 
  
 (i) inform the Indenture Trustee in writing or by facsimile transmission of the occurrence of any Trigger Event and inform
the Indenture Trustee in writing or by facsimile transmission of any other information MBIA may have with respect to the performance of the Servicer; 
  
 (ii) instruct the Indenture Trustee in writing or by facsimile transmission to deliver a notice of termination to the extent permitted in the Sale and
Servicing Agreement of all the rights and obligations of the Servicer. 
  
 (iii) declare all indebtedness of every type or description then owed by Onyx or the Seller to MBIA pursuant to the Basic Documents to be immediately due and payable, and the same shall thereupon be immediately due and payable; provided,
however, that any such payment by the Seller or the Issuer shall be paid in accordance with Section 4.03 of the Sale and Servicing Agreement; or 
  
 (iv) exercise any rights and remedies under the Basic Documents in accordance with the terms of the Basic Documents or direct the Indenture Trustee to
exercise such remedies in accordance with the terms of the Basic Documents; or 
  
 (v) take whatever action at law or in equity as may appear necessary or desirable in its judgment to collect the amounts then due to MBIA under this Insurance Agreement or the Basic Documents or to enforce performance
and observance of any obligation, agreement or covenant of Onyx or the Seller under this Insurance Agreement or the Basic Documents. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.01 Amendments, Etc. No amendment or waiver of any provision of this Insurance Agreement, nor consent to any departure therefrom, shall in any event be effective unless in writing and signed by all of
the parties hereto, with written notice thereof to Standard & Poor’s and Moody’s; provided that any waiver so granted shall extend only to the specific event or occurrence so waived and not to any other similar event or
occurrence which occurs subsequent to the date of such waiver. 
  
 Section 7.02 Notices. Except to the extent otherwise expressly provided herein, all notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (and if sent by mail, certified or
registered, return receipt requested) or facsimile transmission and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered by hand, or three (3) Business Days after being deposited in the

  

					
	 	  	15	  	Insurance Agreement

 mail, postage prepaid, or, in the case of facsimile transmission, when sent, addressed as follows or to such other
address or facsimile number as set forth in a written notice delivered by a party to each other party hereto: 
  
 If to Seller: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, VA 22102 
 Attention: Director of Securitization 
 Facsimile:             (703) 720-2121 
 Confirmation:      (703) 720-1000 
  
 With a copy to: 
  
 Onyx Acceptance Financial Corporation 
 27051 Towne Centre Drive, Suite 200 
 Foothill Ranch, California 92610 
 Attention:       Don P. Duffy 
                         CFO 
 Telephone:     (949) 465-3505 
 Facsimile: (949) 465-3530 
  
 If to the Servicer and Onyx: 
  
 Capital One Auto Finance, Inc. 
 1680 Capital One Drive 
 McLean, VA 22102 
 Attention: Director of Securitization 
 Facsimile: (703) 720-2121 
 Confirmation: (703) 720-1000 
  
 With a copy to: 
  
 Onyx Acceptance Corporation 
 27051 Towne Centre Drive, Suite 100 
 Foothill Ranch, California 92610 
 Attention: Don P. Duffy 
                     CFO 
 Telephone: (949) 465-3505 
 Facsimile: (949) 465-3992 
  

					
	 	  	16	  	Insurance Agreement

 If to MBIA: 
  
 MBIA Insurance Corporation 
 113 King Street 
 Armonk, New York 10504 
 Attention: Insured Portfolio Management, Structured Finance 
 Telephone: (914) 273-4545 
 Facsimile: (914) 765-3810 
  
 Section 7.03 No Waiver; Remedies and Severability. No failure on the part of MBIA to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such
right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. The parties further agree that the holding by any court of
competent jurisdiction that any remedy pursued by MBIA hereunder is unavailable or unenforceable shall not affect in any way the ability of MBIA to pursue any other remedy available to it. In the event any provision of this Insurance Agreement shall
be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. 
  
 Section 7.04 Payments. 
  
 (a) All payments to MBIA hereunder (other than in respect of any structuring
fee pursuant to the Premium Side Letter Agreement) shall be made in lawful currency of the United States and in immediately available funds and shall be made prior to 2:00 p.m. (New York City time) on the date such payment is due by wire transfer to
JP Morgan Chase Bank, N.A., ABA #021000021 for credit to MBIA Insurance Corporation Premium Account, Account No. 910 2 721728 Re: Onyx OT 2005-A or to such other office or account as MBIA may direct. Payments received by MBIA after 2:00 p.m. (New
York City time) shall be deemed to have been received on the next succeeding Business Day, and such extension of time shall be included in computing interest, commissions or fees, if any, in connection with such payment. 
  
 (b) [Reserved]. 
  
 (c) Whenever any payment under this Insurance Agreement shall be stated to be due on a day which is not a Business Day, such
payment shall be made on the next succeeding Business Day, and such extension of time shall in such cases be included in computing interest, commissions or fees, if any, in connection with such payment. 
  
 (d) Unless otherwise specified herein, MBIA shall be entitled to interest on
all amounts owed to MBIA under this Insurance Agreement, from the date such amounts become due until paid in full, at a rate of interest equal to the Base Rate from time to time in effect plus 1%. 
  

					
	 	  	17	  	Insurance Agreement

 (e) Unless otherwise specified herein, interest payable to MBIA under this Insurance Agreement shall be
calculated on the basis of a 360 day year and the actual number of days elapsed and shall be payable on demand. 
  
 Section 7.05 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF
NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING TO THE MAXIMUM EXTENT PERMITTED BY LAW ALL OTHER RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 7.06 Counterparts. This Insurance Agreement may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same
instrument. 
  
 Section 7.07 Paragraph Headings, Etc. The
headings of paragraphs contained in this Insurance Agreement are provided for convenience only. They form no part of this Insurance Agreement and shall not affect its construction or interpretation. 
  
 Section 7.08 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. Each of the
parties hereto hereby irrevocably and unconditionally: 
  
 (a)
submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the
nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
  
 (b) consents that any such action or proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.04 of this Agreement; 
  
 (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER BASIC DOCUMENT, OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 
  

					
	 	  	18	  	Insurance Agreement

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

					
	 	  	19	  	Insurance Agreement

 Exhibit 10.3 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Insurance Agreement, all as of the day and year first above
mentioned. 
  

			
	MBIA INSURANCE CORPORATION
		
	By:	 	 /s/ Adam M. Carta

	Name:	 	Adam M. Carta
	Title:	 	Assistant Secretary
	
	 ONYX ACCEPTANCE FINANCIAL CORPORATION,
 as Seller

		
	By:	 	 /s/ Albert A. Ciafre

	Name:	 	Albert A. Ciafre
	Title:	 	Assistant Vice President
	
	ONYX ACCEPTANCE CORPORATION, individually and as Servicer
		
	By:	 	 /s/ Donald P. Duffy

	Name:	 	Donald P. Duffy
	Title:	 	CFO
	
	JPMORGAN CHASE BANK, N.A., not in its individual capacity but solely as as Indenture Trustee
		
	By:	 	 /s/ Aranka R. Paul

	Name:	 	Aranka R. Paul
	Title:	 	Assistant Vice President

  

					
	 	  	 	  	Insurance Agreement

 EXHIBIT A 
  

FORM OF FINANCIAL GUARANTEE INSURANCE POLICY 
  

					
	 	  	A-1Registration Rights Agreement

 Exhibit 4.4 
  
 Execution Version 
 REGISTRATION RIGHTS AGREEMENT 
  
 dated as of
                    , 2005 
  
 by and between 
  
 Watchdata Technologies Ltd. 
  
 and 
  
 The Investors Named
Herein 
  

 TABLE OF CONTENTS 
  

					
	 SECTION 1.
	  	 DEFINITIONS
	  	1
			
	               1.1.
	  	 Defined Terms
	  	1
			
	               1.2.
	  	 General Interpretive Principles
	  	5
			
	 SECTION 2.
	  	 REGISTRATION RIGHTS
	  	5
			
	               2.1.
	  	 Demand Registrations
	  	5
			
	               2.2.
	  	 Piggyback Registrations
	  	8
			
	               2.3.
	  	 Black-out Periods
	  	9
			
	               2.4.
	  	 Preparation and Filing
	  	10
			
	               2.5.
	  	 No Inconsistent Agreements; Additional Rights
	  	12
			
	               2.6.
	  	 Registration Expenses
	  	12
			
	               2.7.
	  	 Indemnification
	  	12
			
	               2.8.
	  	 Rules 144 and 144A; Regulation S
	  	15
			
	 SECTION 3.
	  	 MISCELLANEOUS
	  	15
			
	               3.1.
	  	 Term
	  	15
			
	               3.2.
	  	 Injunctive Relief
	  	15
			
	               3.3.
	  	 Attorneys’ Fees
	  	16
			
	               3.4.
	  	 Notices
	  	16
			
	               3.5.
	  	 Successors, Assigns and Transferees
	  	16
			
	               3.6.
	  	 Governing Law; Service of Process; Consent to Jurisdiction
	  	16
			
	               3.7.
	  	 Headings
	  	18
			
	               3.8.
	  	 Severability
	  	18
			
	               3.9.
	  	 Amendment; Waiver
	  	18
			
	               3.10.
	  	 Counterparts
	  	18
			
	               3.11.
	  	 Effectiveness
	  	18

  

 i 

 REGISTRATION RIGHTS AGREEMENT 
  
 REGISTRATION RIGHTS AGREEMENT dated as of
                    , 2005 (this “Agreement”) by and among Watchdata Technologies Ltd., a company created under the laws of
the Cayman Islands (the “Company”), Beaver Developments Limited, a company incorporated in the British Virgin Islands, Tong Ren Ltd., a company incorporated in the British Virgin Islands, Masterful Solutions Inc., a company
incorporated in the British Virgin Islands, Sesame Seed Group Limited, a company incorporated in the British Virgin Islands, and Standard International Holdings Ltd., a company incorporated in the British Virgin Islands, (each, individually, an
“Investor”, and together, the “Investors”). 
  
 Recitals 
  
 WHEREAS, the
Investors currently own all of the Registrable Securities as defined below; 
  
 WHEREAS, the Company is currently preparing an initial public offering and listing on NASDAQ of its ordinary shares (the “IPO”); and 
  
 WHEREAS, as an inducement to the Investors to make certain undertakings in connection with the IPO, the Company has agreed
to provide the registration rights set forth in this Agreement. 
  
 Agreement 
  
 NOW, THEREFORE, in consideration of
the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 SECTION 1. DEFINITIONS 
  
 1.1. Defined Terms. As used in this Agreement, the following terms
shall have the following meanings: 
  
 “Adverse
Disclosure” means public disclosure of material non-public information which, in the good faith judgment of the Board of Directors of the Company after consultation with independent outside counsel to the Company, (i) would be required to
be made in any Registration Statement filed by the Company so that such Registration Statement would not be false or misleading in any material respect, (ii) would not be required to be made at such time but for the filing of such Registration
Statement and (iii) would have a material adverse effect on the Company or its business or on the Company’s ability to effect a material acquisition, disposition or financing. 
  
 “Affiliate” means, with respect to any Entity, a Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 
  
 “Agreement” has the meaning set forth in the preamble. 
  
 “Brokers’ Sale” means the Disposition of any Company Securities in (i) any non-negotiated purchase or
sale carried out through the automated trading system of a stock exchange or similar system, in which at the time when the instruction to make such purchase or sale is given, the identity of the seller(s) or purchaser(s) of the shares, as the case
may be, is unknown to the purchasing or selling party or (ii) any other Disposition lawfully made to the general public. 
  

 1 

 “Business Day” means any day on which commercial banks are open for business except for
Saturday, Sunday and national or public holidays in New York, New York, Grand Cayman, Cayman Islands, or Beijing, People’s Republic of China. 
  
 “Charter Documents” means, with respect to any Entity, the memorandum and articles of association and other organizational documents of
such Entity. 
  
 “Claim” has the meaning set
forth in Section 2.7(c). 
  
 “Commission” means
the US Securities and Exchange Commission. 
  
 “Company” has the meaning set forth in the preamble and shall include the Company’s successors by merger, reorganization or otherwise. 
  
 “Company Securities” means the ordinary shares of the Company, excluding any ordinary shares acquired after
the date hereof. 
  
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person through the ownership of voting securities, by contract or otherwise, including, without limitation, having the power to elect
a majority of the board of directors or other governing body of such Person, and “Controlling” and “Controlled” have correlative meanings. 
  

“Demand Notice” has the meaning set forth in Section 2.1(d). 
  
 “Demand Period” has the meaning set forth in Section 2.1(b). 
  
 “Demand Registration” has the meaning set forth in Section
2.1(a). 
  
 “Demand Suspension” has the meaning
set forth in Section 2.1(h). 
  
 “Disposition”
(including, with correlative meanings, the terms “Dispose” and “Disposed”) means any transfer, sale, assignment, exchange, pledge, hypothecation, gift, issuance, distribution, foreclosure or other disposition of any
kind, voluntary or by operation of law or other involuntary means, directly or indirectly, for or without consideration. 
  
 “Entity” means a partnership, limited liability partnership, corporation, limited liability company, association, joint stock company,
trust, estate, joint venture, or unincorporated organization or other legal person established or existing pursuant to the Laws of any jurisdiction. 
  
 “Exchange Act” means the US Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
  
 “GAAP” means, unless otherwise expressly specified, generally accepted accounting principles in the United States of America, as in effect from time to time. 
  

 2 

 “Governmental Authority” means any nation or government, any state or other political
subdivision thereof, and any Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “ICC” has the meaning set forth in Section 3.6(b). 
  
 “Indebtedness” means, with respect to any Person, whether recourse is to all or a portion of the assets of
such Person, and whether contingent or fixed (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (c) any obligation, issued or assumed as the
deferred purchase price (whether created or arising under any conditional sale or other title retention agreement or otherwise), with respect to property, assets or services acquired by such Person (even though the rights and remedies of the sellers
or lenders under such agreement in the event of default are limited to repossession or sale of such property), (d) all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital
leases, (e) all obligations of such Person under or with respect to banker’s acceptances, letters of credit, “documents against acceptance” or similar facilities, (f) all obligations of such Person to purchase, redeem, retire, defease
or otherwise acquire for value any capital stock of such Person, valued, in the case of redeemable preferred stock, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (g) any interest rate or
currency swap or similar hedging agreement and (h) all Indebtedness of others referred to in clauses (a) through (g) above guaranteed directly or indirectly in any manner by such Person. 
  
 “Inspectors” has the meaning set forth in Section 2.4(a)(v). 
  
 “Investor” and “Investors” have the
meanings set forth in the preamble. 
  
 “IPO” has
the meaning set forth in the Recitals. 
  
 “Law”
means any law, treaty, statute, ordinance, code, rule, regulation, judgment, decree, order, writ, award, injunction or determination of any Governmental Authority. 
  
 “Liabilities” means all Indebtedness and other liabilities (whether known or unknown, whether asserted or
unasserted, whether absolute or contingent, whether accrued or unaccrued, whether fixed or unliquidated, and whether due or to become due), excluding any such liability for Taxes. 
  
 “Losses” means all losses, penalties, charges, claims, damages, dues, fines, interest, costs, diminution in
value, amounts paid in settlement, Liabilities, Taxes, expenses and fees (including court costs and attorneys’ fees and expenses) incurred by, imposed upon, or asserted against any Person. 
  
 “Managing Underwriter” has the meaning set forth in Section
2.1(e). 
  
 “NASD” means the National Association
of Securities Dealers, Inc. 
  
 “Person” means an
individual, Entity or Governmental Authority. 
  
 “Piggyback Registration” has the meaning set forth in Section 2.2(a). 
  
 “Preemption Notice” has the meaning set forth in Section 2.1(i). 
  
 “Registrable Securities” shall mean Company Securities owned by the Investors or their respective
Affiliates or their successors or permitted assigns, at any time and from time to time and any 

  

 3 

 
securities that may be issued or distributed or be issuable with respect to any such Company Securities by way of conversion, stock dividend, stock split or
other distribution or in connection with a combination of shares, recapitalization, merger, consolidation, reorganization, reclassification or otherwise; provided, however, that any Registrable Securities shall cease to be Registrable
Securities to the extent (a) a Registration Statement with respect to the sale of such Registrable Securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with the plan of
distribution set forth in such Registration Statement in accordance with applicable Laws, (b) such Registrable Securities shall have been distributed in accordance with Rule 144 of the Securities Act or (c) such Registrable Securities shall have
been otherwise transferred (except to the Investors, their Affiliates or their successors or permitted assigns). 
  
 “Registration” means a registration with the Commission of Company Securities for offer and sale to the public under a Registration
Statement. The term “Register” shall have a correlative meaning. 
  
 “Registration Statement” means (i) any registration statement of the Company filed with, or to be filed with, the Commission under the rules and regulations promulgated under the Securities Act,
including the related prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement, and (ii) in the context of
any offering of Company Securities in any Alternative Listing Jurisdiction the equivalent prospectus, listing particulars or offering circular, as the case may be, and all other documentation, amendments and supplements thereto required by the
applicable Law of such Alternative Listing Jurisdiction in connection with such offering. 
  
 “Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, sources of equity financing or
financial advisers or other Person associated with, or acting on behalf of, such Person. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time.

  
 “Shares” means paid-up equity shares of the
Company. 
  
 “Tax” means all taxes, however
denominated, including any interest, additions to tax or penalties that may become payable in respect thereof, imposed by any national, state, provincial, local or foreign government or any agency or political subdivision of any such government,
which taxes shall include, without limiting the generality of the foregoing, all income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock,
franchise, profits, withholding, social security (or similar), unemployment, disability, worker’s compensation, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or
other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not. 
  
 “Underwritten Offering” means a Registration in which Registrable Securities are sold to an underwriter or underwriters on a firm
commitment basis for reoffering to the public or in which an underwriter or underwriters commit to acquire such securities if and to the extent they are not acquired by third parties. 
  
 “US” means the United States of America. 
  

 4 

 1.2. General Interpretive Principles. This Agreement is to be interpreted in accordance with the
following rules of construction: 
  
 (a) Number and
Gender. All definitions of terms apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. 
  
 (b) “Including,” “Herein,” Etc. The words
“include,” “includes” and “including” are deemed to be followed by the phrase “without limitation.” The words “herein,” “hereof,” and “hereunder” and words of similar import refer
to this Agreement in its entirety and are not limited to any part hereof unless the context shall otherwise require. 
  
 (c) Subdivisions and Attachments. All references in this Agreement to Sections and subsections are, respectively, references to Sections and
subsections of this Agreement, unless otherwise specified. 
  
 (d)
References to Documents and Laws. All references to (x) any agreement or instrument or (y) any requirement of Law, license or similar item are to it as amended and supplemented from time to time (and, in the case of a Law, to any
corresponding provisions of successor Laws), unless otherwise specified. 
  
 (e) References to Days. Any reference in this Agreement to a “day” or number of “days” (without the explicit qualification “Business”) is a reference to a calendar day or number of
calendar days. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or notice may be taken or given on the next Business Day. 
  
 (f) Examples. If, in any provision of this Agreement, any example is
given (through the use of the words “such as,” “for example,” “e.g.” or otherwise) of the meaning, intent or operation of any provision, such example is intended to be illustrative only and not exclusive. 
  
 (g) Participation in Drafting. The parties and their respective legal
counsel have participated in the drafting of this Agreement, and this Agreement will be construed simply and according to its fair meaning and without any presumption or prejudice for or against any party. 
  
 (h) Headings. The table of contents and section headings contained in
this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 SECTION 2. REGISTRATION RIGHTS 
  
 2.1. Demand Registrations. (a) Commencing six (6) months after the consummation of an initial public offering of the Company in the US, each
Investor may make a written request to the Company for Registration of all or part of the outstanding Registrable Securities held by such Investor and any of its Affiliates. A Registration that is undertaken by the Company in response to a valid
request made by an Investor pursuant to this Section 2.1 shall be referred to herein as a “Demand Registration.” Each such request shall specify the class and the aggregate amount and class of Registrable Securities to be Registered
and the intended methods of disposition and distribution thereof; provided, that no request shall be made for Registration of Registrable Securities with a total market value estimated to be less than US$25,000,000. The Company shall file, as
promptly as practicable (and in any event, within ninety (90) 

  

 5 

 
days) following receipt of a request for a Demand Registration, a Registration Statement relating to such Demand Registration and shall use its reasonable
best efforts to cause any such Registration Statement promptly to be declared effective under the Securities Act, the “blue sky” laws of such jurisdiction as such Investor or underwriter, if any, reasonably request, or any other Law, as
applicable, and to cause such Registration Statement to remain effective until the earlier of (i) the date all Registrable Securities have been sold or (ii) nine (9) months after the effective date of such Registration Statement. The Company shall
have the option, subject to reasonable consultation with the Investors, to include in such Registration additional Company Securities of the class or classes of the Registrable Securities to be registered hereunder, including securities to be sold
for the Company’s own account or for the account of other Persons, except for Company Securities to be registered pursuant to registration rights of other Investors pursuant to this Agreement. If applicable law requires that other shareholders
must be permitted to include Company Securities held by such holders, the Company shall be permitted to include such Company Securities. 
  
 (b) Beaver shall be permitted to make two (2) requests and each other Investor shall be permitted to make one (1) request that the Company file a
Registration Statement pursuant to the provisions of Section 2.1(a); provided, that no request will be counted against this limit unless, with respect to such request (i) the Company has complied in all material respects with all the
applicable conditions specified in Section 2.4 (without regard to the period referred to in subsection (ii) of Section 2.4(a), and with respect to subsections (iv) and (xi) of Section 2.4(a), without regard to any “best efforts” or similar
qualification if the failure to comply with either of such subsections materially interfered with the proposed offering) and (ii) a Registration Statement of the Company filed pursuant to such request has become effective and has remained effective
for a period of not less than 180 consecutive days (or such shorter period as will terminate when all Registrable Securities covered by such Registration Statement have been sold or withdrawn), or, if such Registration Statement relates to an
Underwritten Offering, such longer period as, in the opinion of counsel for the underwriter or underwriters, is required by Law for the delivery of a prospectus in connection with the sale of Registrable Securities by an underwriter or dealer (the
applicable period, the “Demand Period”), and provided, further, that the Investors in the aggregate shall make no more than three (3) such requests in total under this Agreement. No Demand Registration shall be deemed
to have been effected if (i) during the Demand Period such Registration is interfered with by any stop order, injunction or other order or requirement of the Commission or other Governmental Authority, (ii) the Company exercises its rights under
2.1(g) or 2.1(i) or (iii) the conditions to closing specified in the applicable underwriting agreement or purchase agreement, if any, are not satisfied other than by reason of a wrongful act, omission, misrepresentation or breach of such
underwriting agreement by such Investor and/or its Affiliates. 
  
 (c) Any Investor and/or its Affiliates may withdraw its Registrable Securities from a Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a written notice from an Investor to
such effect, the Company shall cease all efforts to secure Registration. Such registration nonetheless shall be deemed a Demand Registration effected by the Company for purposes of Section 2.1(a), unless (i) since the date of such request, there has
occurred a material adverse change in the business or prospects of the Company or in general market conditions, or (ii) the Company is in breach of any of its obligations hereunder, or (iii) such Investor shall have paid or reimbursed the Company
for all of the reasonable out-of-pocket fees and expenses incurred by the Company in connection with such withdrawn Registration. 
  
 (d) Promptly upon receipt of any request for a Demand Registration pursuant to Section 2.1(a) (but in no event more than ten (10) Business Days
thereafter), the Company shall deliver a written notice (a “Demand Notice”) of any such Registration request to all other Investors, and the Company shall include in such Demand Registration all such Registrable Securities with
respect to which 

  

 6 

 
the Company has received written requests for inclusion therein from such Investors within twenty (20) days after the date that the Demand Notice has been
delivered. All requests made pursuant to this Section 2.1(d) shall specify the class and aggregate amount of Registrable Securities to be registered and the intended method of distribution of such securities. 
  
 (e) If at any time the managing underwriter or underwriters (the
“Managing Underwriter”) of a proposed Underwritten Offering of a class of Registrable Securities included in a Demand Registration (or in the case of a Demand Registration not being underwritten, an Investor) informs the Investors
in writing that, in its opinion, the total number of Company Securities of such class proposed to be included in such Demand Registration exceeds the number which can be sold in (or during the time of) such offering within a price range acceptable
to the Investor making the request for Demand Registration, then the number of Registrable Securities of such class that can be included in such Demand Registration shall be allocated pro rata among the Investors which have requested
participation in the Demand Registration and the Company (based, for each such Investor and the Company, on the percentage derived by dividing (i) the number of Registrable Securities of such class which such Investor or the Company has requested to
include in such Demand Registration by (ii) the aggregate number of Registrable Securities of such class which all such Investors and the Company have requested to include) 
  
 (f) If an Investor so elects, the offering of Registrable Securities pursuant to a Demand Registration shall be in the form
of an Underwritten Offering. If any offering pursuant to a Demand Registration involves an Underwritten Offering, the Investor whose Registrable Securities are being offered shall have the right to select the underwriter or underwriters to
administer the offering; provided, that such underwriter or underwriters shall be reasonably acceptable to the Company. 
  
 (g) During the period beginning fifteen (15) days before, and ending seventy-five (75) days after, the date on which any fiscal quarter of the Company
ends, the Company may, upon giving prompt written notice of such action to the Investor requesting a Demand Registration, elect not to undertake such Demand Registration; provided, that the Company shall not exercise its rights under this
Section 2.1(g) more than three times during the term of this Agreement. 
  
 (h) If the filing, initial effectiveness, publication, or continued use of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt
written notice of such action to the Investors, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a “Demand Suspension”); provided, however, that the Company shall not be
permitted to exercise a Demand Suspension (A) more than once during any six-month period, (B) for a period exceeding thirty (30) days on any one occasion or (C) for a period exceeding forty-five (45) days in any twelve-month period. In the case of a
Demand Suspension, the Investors agree to suspend, immediately upon their receipt of the notice referred to above, use of the prospectus relating to such Demand Registration in connection with any sale or purchase, or offer to sell or purchase,
Registrable Securities. The Company shall immediately notify the Investors upon termination of any Demand Suspension, and amend or supplement the related prospectus, if necessary, so it does not contain any untrue statement or omission and furnish
to the Investors such number of copies of such prospectus as so amended or supplemented as the Investors may reasonably request. The Company represents that, as of the date hereof, it has no knowledge of any circumstance that would reasonably be
expected to cause it to exercise its rights under this Section 2.1(h). 
  
 (i) If not more than thirty (30) days prior to receipt of any request for a Demand Registration pursuant to Section 2.1 (a) the Company shall have (i) circulated to prospective underwriters and their counsel a draft of a Registration
Statement for a primary offering of equity securities on behalf 

  

 7 

 
of the Company, (ii) solicited bids for a primary offering of Company Securities, or (iii) otherwise reached an understanding with an underwriter with
respect to a primary offering of Company Securities, the Company may preempt the Demand Registration with such primary offering by delivering written notice of such intention (the “Preemption Notice”) to the Investors making a request for
a Demand Registration within five days after the Company has received the request. The period of preemption may be up to ninety (90) days following the date of the Preemption Notice. Notwithstanding anything to the contrary herein, the Company shall
not be entitled to exercise its right to preempt a Demand Registration pursuant to this Section 2.1(i) more than once during any 12-month period. 
  
 2.2. Piggyback Registrations. (a) If the Company at any time proposes to file a Registration Statement with respect to any offering of its
securities for its own account or for the account of other Persons (other than (A) a Registration under Section 2.1 hereof, (B) a Registration on Form F-4 or S-8 or any successor form to such forms, or (C) as part of any Registration of securities
for offering and sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement), the Company shall give written notice as soon as practicable, but in no event less than sixty (60) days
prior to the proposed date of filing of such Registration Statement, to all Investors and such notice shall offer to Investors the opportunity, subject to Section 2.2(b), to Register under such Registration Statement such number of Registrable
Securities as such Investors may request (a “Piggyback Registration”). Within twenty-one (21) days after receipt of such notice, the Investors shall, subject to Section 2.2(b), have the right by notifying the Company in writing to
require the Company to include in such Registration Statement such number of Registrable Securities as such Investor may request (including Registrable Securities owned by the Investor’s Affiliates); provided that the Company shall have
the right to propose or withdraw any such Registration in respect of which a Piggyback Registration is requested without any obligations to the Investor requesting the Piggyback Registration. If the offering pursuant to such Registration Statement
is to be an Underwritten Offering, then the Company shall consult with the Investors regarding the election of the Managing Underwriter and make such arrangements with the Managing Underwriter so that the Investors and/or their Affiliates may
participate, subject to Section 2.2(b) in such Underwritten Offering on the same terms as the Company and the other Persons selling securities in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any
other basis, then the Company will make such arrangements so that each Investor may participate, subject to Section 2.2(b) in such offering on such basis. In connection with any Registration under this Section 2.2 involving an Underwritten Offering,
the Company shall not be required to include any Registrable Securities in such Registration unless the Investors accept the terms of the relevant underwriting agreement. 
  
 (b) Notwithstanding Section 2.2(a), if at any time the Managing Underwriter of any proposed Underwritten Offering or, in the
case of an offering which is not underwritten, an Investor shall advise the Company and the other Investors that, in its opinion, the total number of Company Securities of such class proposed to be sold in such offering (including the total number
of Registrable Securities that the Investors (including any Registrable Securities of their Affiliates) have requested to be sold in such offering and the total number of Company Securities requested to be included by any other selling shareholder
entitled to sell Company Securities in such offering) exceeds the maximum number of Company Securities which can be sold in (or during the time of) such offering within a price range acceptable to the Investor making the request for Demand
Registration, the number of Registrable Securities of such class that can be included under this Section 2.2 shall be allocated as follows: 
  
 (i) first, up to 100% of the securities that the Company has proposed to sell; and 
  

 8 

 (ii) second, and only if all the securities referenced in clause (i) have been included,
pro rata among the Investors which have requested participation in the Piggyback Registration (based for each such Investor, on the percentage derived by dividing (x) the number of Registrable Securities of such class which such
Investor has requested to include in such Piggyback Registration by (y) the aggregate number of Registrable Securities of such class which all such Investors have requested to include). 
  
 (c) Prior to the effective date of a Registration Statement relating to an offering described under this Section 2.2, the
Company may, at its election, give written notice to each Investor of its intention to postpone or withdraw any such Registration Statement without obligation to such Investors. Each Investor and/or its Affiliates shall be permitted to withdraw all
or part of their Registrable Securities from such Registration at any time prior to the effective date thereof. 
  
 2.3. Black-out Periods. (a) In the event of a Registration by the Company involving the offering and sale by the Company of equity securities or
securities convertible into or exchangeable for its equity securities, the Investors agree, if requested by the Company (or, in the case of an Underwritten Offering, by the Managing Underwriter), not to effect any public sale or distribution
(excluding any sale pursuant to Rule 144 under the Securities Act) of any securities (except, in each case, as part of the applicable Registration, if permitted), which securities are the same as or similar to those being Registered in connection
with such Registration, or which are convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before, and ending ninety (90) days (or such lesser period as may be permitted by the Company or
such Managing Underwriter) after, the effective date of the Registration Statement filed in connection with such Registration, to the extent such Investors are timely notified in writing by the Company or the Managing Underwriter. 
  
 (b) (i) In the case of a Registration of a class of Registrable Securities
pursuant to Section 2.1, the Company and the Investors not participating in such Registration agree, if requested by an Investor (or, in the case of an Underwritten Offering, by an Investor or the Managing Underwriter), not to effect (or register
for sale) any public sale or distribution of any securities (except, in each case, as part of the applicable Registration, if permitted) for the Company’s or such Investors’ respective accounts which are the same as or similar to those
being Registered, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before, and ending ninety (90) days (or such lesser period as may be permitted by such Investors or
such Managing Underwriter) after, the effective date of the Registration Statement filed in connection with such Registration (or, in the case of an Underwritten Offering, the date of the closing under the underwriting agreement in connection
therewith), to the extent the Company is timely notified in writing by an Investor covered by such Registration Statement or the Managing Underwriter. Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities
of the type described above and during the periods described above if the same (A) is made pursuant to Registrations on Form F-4 or S-8 or any successor form to such forms, or (B) as part of any Registration of securities for offering and sale to
employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement. 
  
 (ii) The Company agrees to use its reasonable best efforts to obtain from each holder of “restricted securities” (within the meaning of Rule
144(a)(3) under the Securities Act) of the Company that are the same as or similar to the Registrable Securities being Registered, or any restricted securities convertible into or exchangeable or exercisable for any of its securities, an agreement
not to effect any public sale or distribution of such securities during any period referred to in this Section 2.3(b), except as part of any such Registration if permitted. Without limiting the foregoing (but subject to Section 2.5), if 

 

 9 

 
after the date hereof the Company grants any Person (other than an Investor) any rights to demand or participate in a Registration, the Company agrees that
the agreement with respect thereto shall include such Person’s agreement as contemplated by the previous sentence. 
  
 2.4. Preparation and Filing. (a) Whenever the Company is required under this Agreement to, or is to use its best efforts to, effect the
Registration of any Registrable Securities pursuant to Section 2.1 or 2.2, the Company will as expeditiously as possible: 
  
 (i) prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause
such Registration Statement to promptly become and, subject to a Demand Suspension, remain effective for the period set forth in subsection (ii) below and promptly notify the Investors (A) when such Registration Statement becomes effective, (B) when
any amendment to such Registration Statement becomes effective and (C) of any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information; 
  
 (ii) prepare and file with the Commission such amendments and supplements to
such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act, and any other applicable Laws, with respect to the
sale or other disposition of all securities covered by such Registration Statement for a period of not less than nine (9) months after the effective date of such Registration Statement (or such shorter period to the extent necessary to permit the
completion of the sale or distribution of such securities within such period); 
  
 (iii) furnish to the Investors participating in a Registration, prior to filing a Registration Statement, copies of such Registration Statement as proposed to be filed and thereafter, such number of copies of such
Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration Statement (including each preliminary prospectus) and financial statements, reports and proxy statements mailed to shareholders of the
Company as the Investors may reasonably request in order to facilitate the disposition of the Registrable Securities being sold; 
  
 (iv) use its reasonable best efforts to register or qualify, not later than the effective date of any filed Registration Statement, the Registrable
Securities covered by such Registration Statement under the securities or “blue sky” laws of such jurisdictions (limited for purposes of this paragraph to States of the United States of America) as any Investor reasonably requests;
provided, that the Company will not be required to (A) qualify to do business as a foreign corporation or as a dealer in any jurisdiction where it is not so qualified, (B) subject itself to taxation in any jurisdiction where it is not subject
to taxation, (C) consent to general service of process in any jurisdiction where it is not subject to general service of process, other than as a result of the filing of a Registration Statement in accordance with the terms of this Agreement, or (D)
take any action that would subject it to service of process in suits other than those arising out of the offer or sale of the Registrable Securities covered by the Registration Statement; 
  
 (v) make available, upon reasonable notice and during business hours, and subject to customary confidentiality arrangements,
for inspection by the Managing Underwriter(s) for the Registrable Securities (and counsel representing such Managing Underwriter(s)) (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents,
agreements and properties of the Company and its Affiliates as shall be reasonably necessary to enable them to exercise their due diligence responsibilities and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any such Inspectors in connection with the Registration Statement; 
  

 10 

 (vi) obtain a comfort letter from the Company’s independent public accountants dated within five (5)
Business Days prior to the effective date of the Registration Statement (and as of such other dates as the Managing Underwriter(s) for the Registrable Securities may reasonably request) in customary form and covering such matters of the type
customarily covered by such comfort letters as such Managing Underwriter(s) reasonably request; 
  
 (vii) obtain an opinion of counsel dated the effective date of the Registration Statement (and as of such other dates as the Managing Underwriter(s) for
the Registrable Securities may reasonably request) in customary form and covering such matters of the type customarily covered by such opinions as counsel designated by such Managing Underwriter(s) reasonably request; 
  
 (viii) during the period when the Registration Statement is required to be
effective, notify the Investors of the happening of any event as a result of which the prospectus included in the Registration Statement contains an untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading, and the Company will forthwith prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading; 
  
 (ix) in the case of an Underwritten Offering, enter into an underwriting
agreement containing customary terms, including such indemnity and contribution provisions as the Managing Underwriter customarily requires or may reasonably require; 
  
 (x) use its reasonable best efforts to cause such Registrable Securities to be admitted to trading on such securities
exchange designated by an Investor; and 
  
 (xi) otherwise use its
best efforts to comply with all applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, an earnings statement covering a period of twelve (12) months, beginning within three
(3) months after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act. 
  

(b) The Company may require each Investor to furnish to the Company such information and documents regarding the distribution of Registrable Securities
and such other information relating to each Investor of and their ownership of Registrable Securities as the Company may from time to time reasonably request in writing. Each Investor agrees to furnish such information to the Company and to
cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. 
  
 Each Investor agrees that upon the receipt of any notice from the Company of the happening of any event of the kind described in Section 2.4(a)(viii), it
will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.4(a)(viii) and, if so requested by the Company, shall return to Company all prospectuses in its possession other than file copies. If the Company gives any such notice, the Company shall keep any such Registration Statement pursuant to a
Demand Registration effective for that number of additional days equal to the number of days during the period from and including the date of the giving of such notice pursuant to Section 2.4(a)(viii) to and including the date on which copies of
such supplemented or amended prospectus are made available to each Investor. 
  

 11 

 2.5. No Inconsistent Agreements; Additional Rights. The Company will not enter into, and is not
currently a party to, any agreement that is, or could be, inconsistent with the rights granted to Investors by this Agreement and, other than the registration rights granted as provided herein, has not granted to any party rights with respect to the
Registration of any Registrable Securities or any other securities issued or to be issued by it. Except for the registration rights granted as provided herein, the Company shall not provide any other holders of its securities rights with respect to
the Registration of such securities under the Securities Act or any other rule or regulation or Law, as applicable, without the prior written consent of the Investors (to be granted or denied within their sole discretion). 
  
 2.6. Registration Expenses. The Company shall pay (to the fullest
extent permissible by law) all of the expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation (i) all registration and filing fees, and any other fees and expenses associated with
filings required to be made with the Commission, the NASD or any other Governmental Authority or listing authority, (ii) all fees and expenses in connection with compliance with state securities or “blue sky” laws, (iii) all translating,
printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other
similar depository institution and of printing prospectuses) of the Company, (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit
and cold comfort letter required by or incident to such performance, unless such special audit was required by the Investors), (v) all fees and expenses relating to the preparation of a deposit agreement, the deposit of the underlying Company
Securities under the deposit agreement, the issuance thereunder of depositary shares representing such deposited securities, the issuance of American or global depositary receipts of the Company evidencing such depositary shares and the fees of the
depositary, (vi) Securities Act or similar liability insurance if the Company so desires or the underwriter or underwriters, if any, so require in accordance with then-customary underwriting practice, (vii) all fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities exchange or the quotation of the Registrable Securities on any inter-dealer quotation system, (viii) all applicable rating agency fees with respect to any applicable
Registrable Securities, (ix) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration, and (x) all fees and expenses similar, equivalent or analogous to those set forth in the
preceding sub-clauses (i) through (x) which are incurred in any Alternative Listing Jurisdiction. In addition, in all cases the Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any Person, including special experts, retained by the Company. The respective Investors and other selling shareholders, if any, shall be
responsible for their pro rata share of any underwriter costs and expenses, underwriting discounts and selling commissions attributable to their respective pro rata share of any sale of Registrable Securities. 
  
 2.7. Indemnification. (a) The Company agrees to indemnify and hold
harmless each Investor, each shareholder, member or owner thereof, each limited and general partner of each such shareholder, member or owner, each limited and general partner of each such limited or general partner and each of their respective
Affiliates and Representatives against any and all Losses, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or any federal, state, Indian or other Law, at common law or otherwise, insofar
as such Losses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any
preliminary prospectus or prospectuses contained therein, or in any amendment thereof or supplement thereto, or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus or preliminary prospectus, 

  

 12 

 
in light of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such Loss or action; provided, however, that (x) the Company will not be liable in any case to the extent that any such Loss arises out of or
is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of an Investor or the
underwriters(s) for the Registrable Securities specifically for inclusion therein, (y) the Company will not be liable to any indemnified party under these provisions with respect to any Registration Statement or prospectus to the extent that any
such Loss of such indemnified party results from the use of the prospectus during a period when the use of the prospectus has been suspended in connection with a Demand Suspension; provided, that in each case, the Investor received prior
notice of such suspension, and (z) provided, further, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or other expense arises out of or is based upon an untrue statement
or alleged untrue statement or omission or alleged omission in the preliminary or final prospectus, if such untrue statement or alleged untrue statement, omission or alleged omission is completely corrected in an amendment or supplement to the
preliminary or final prospectus and the Investor, underwriter or controlling person thereafter fails to deliver such preliminary or final prospectus as so amended or supplemented prior to or concurrently with the sale of Registrable Securities to
the person asserting such loss, claim, damage, liability or expense after the Company had furnished such selling Investor, underwriter or controlling person with a sufficient number of copies of the same. This indemnity agreement will be in addition
to any liability which the Company may otherwise have. 
  
 The
Company also agrees to indemnify or contribute to Losses, as provided in Section 2.7(d), of any underwriter(s) of Registrable Securities registered under a Registration Statement, their officers and directors and each Person who controls such
underwriter(s) on substantially the same basis as that of the indemnification of the Investors provided in this Section 2.7(a) and shall, if requested by any Investor, enter into an underwriting agreement containing customary terms and conditions,
including those related to indemnification. 
  
 (b) Each selling
Investor agrees (severally and jointly) to indemnify and hold harmless the Company, each shareholder, member or owner thereof, each limited and general partner of each such shareholder, member or owner, each limited and general partner of each such
limited or general partner and each of their Affiliates and Representatives to the same extent as the foregoing indemnity from the Company to each selling Investor, but only with reference to written information relating to such selling Investor
furnished to the Company by or on behalf of such selling Investor specifically for inclusion in the documents referred to in the foregoing indemnity; provided, that in no case shall an Investor be responsible, in the aggregate, for any amount
in excess of the amount of the proceeds received by such Investor from the sale of its Registrable Securities. This indemnity agreement will be in addition to any liability which the Investor may otherwise have. 
  
 (c) The following provisions shall apply to claims for Losses hereunder based
on or resulting from any suit, action, investigation, claim or Proceeding brought by a third party (a “Claim”). Promptly after receipt by an indemnified party under this Section 2.7 of notice of the commencement of any action, such
indemnified party will, if a Claim in respect thereof is to be made against the indemnifying party under this Section 2.7, notify the indemnifying party in writing of the commencement thereof, but the failure so to notify the indemnifying party will
not relieve it from liability under paragraph (a) or (b) above unless and solely to the extent that the indemnifying party is thereby prejudiced. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the 

  

 13 

 
fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such
counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ
separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel (and local counsel) if (i) the use of counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there may be legal defenses available to it or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not have employed counsel
satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the commencement of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the
expense of the indemnifying party; provided, however, that the indemnifying party shall be obligated to pay for only one such separate counsel for all indemnified parties in each action or related group of actions. An indemnifying
party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened Claim in respect of which indemnification or contribution may be
sought hereunder (whether or not the indemnified parties are actual or potential parties to such Claim) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such
Claim. 
  
 (d) In the event that the indemnity provided in
paragraph (a) or (b) of this Section 2.7 is unavailable to or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall have a joint and several
obligation to contribute to the aggregate Losses to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party,
on the other hand, from the Registration Statement which resulted in such Losses; provided, that in no case shall an Investor be responsible, in the aggregate, for any amount in excess of the amount of the proceeds received by such Investor
from the sale of its Registrable Securities. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as
any other relevant equitable considerations. Relative fault shall be determined by reference to whether any alleged untrue statement or omission relates to information provided by the indemnifying party, on the one hand, or by the indemnified party,
on the other hand. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (d), no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 2.7, each Person who controls an Investor within the meaning of either the Securities Act or the Exchange Act and each partner, member, director, officer, employee and agent of such Investor
shall have the same rights to contribution as such Investor, and each Person who controls the Company within the meaning of either the Securities Act or the Exchange Act, and each director, officer, employee and agent of the Company shall have the
same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d). 
  

 14 

 The provisions of this Section 2.7 will remain in full force and effect, regardless of any investigation
made by or on behalf of an Investor or the Company or any of the partners, members, officers, directors or controlling Persons referred to in this Section 2.7, and will survive the sale by such Investor covered by a Registration Statement.

  
 2.8. Rules 144 and 144A; Regulation S. (a) The Company
covenants that it will, at its own expense, file the reports required to be filed by it, if any, under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to
file such reports, it will, upon the request of any Investor, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act), and it will take
such further action as any Investor may reasonably request, all to the extent required from time to time to enable such Investor and/or its Affiliates to sell Registrable Securities without Registration under the Securities Act within the limitation
of the exemptions provided by (i) Rule 144 or 144A or Regulation S under the Securities Act, as such rules or regulations may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Upon the request
of any Investor, the Company will deliver to such Investor a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
  
 (b) The Company hereby undertakes and agrees that for so long as any of the Company Securities are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, or any Investor that holds any Company Securities may be deemed an “affiliate” of the Company within the meaning of Rule 144 under such Act, the Company will,
during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, or is not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, provide to
each Investor of such securities and to each prospective purchaser (as designated by such Investor) of such securities, upon the request of such Investor or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the
Securities Act. 
  
 SECTION 3. MISCELLANEOUS 
  
 3.1. Term. This Agreement shall terminate on the earliest of (A) the
date as of which all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(3) of the Securities Act and Rule 174 thereunder) or (B) the date as of
which the Investors are permitted to sell their Registrable Securities under Rule 144(k) under the Securities Act (or any similar provision then in force permitting the sale of restricted securities without limitation on the amount of securities
sold or the manner of sale), and (C) the fourth (4th) anniversary of the date the Company’s ordinary shares
were first bona fide offered to the public, or, in the event that a Demand Suspension is in effect on such fourth (4th) anniversary date, the day that is six (6) months after the date on which such Demand Suspension shall expire. This Agreement shall terminate as between the Company and any individual Investor on the date as of which the number of
shares of each class of Registrable Securities owned by such Investor and its Affiliates is less than one percent (1%) of the total number of shares of such class of securities that are issued and outstanding. The provisions of Sections 2.7 and
2.8(b) and this Section 3 shall survive any such of termination of this Agreement. 
  
 3.2. Injunctive Relief. It is hereby agreed and acknowledged that it may be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein
imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and may not have an adequate remedy at Law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be
entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the
parties hereto shall raise the defense that there is an adequate remedy at Law. 
  

 15 

 3.3. Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this
Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable Law, be entitled to recover reasonable attorneys’ fees in addition to any other available remedy.

  
 3.4. Notices. All notices, requests, demands, claims,
and other communications hereunder shall be in writing, shall be effective upon receipt and shall be delivered personally or by an internationally recognized express courier or sent by facsimile as follows: 
  

	 	(a)	if to the Company to: 

  
 No. 2 Wanhong West Street, Capital Airport Road 
 Chaoyang District, Beijing 100015, People’s Republic of China 
  

	 	(b)	if to an Investor to the address or number set forth opposite such Investor’s name on Schedule I. 

  
 Each Investor, by written notice given to the Company in accordance with this Section 3.4 may change the address to which
notices, other communications or documents are to be sent to such Investor. Any party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set forth above using any other means
(including personal delivery, expedited courier, messenger service, facsimile transmission, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and
until it actually is received by the intended recipient. Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other parties notice in the manner herein set
forth. 
  
 3.5. Successors, Assigns and Transferees. (a)
The rights of each Investor under this Agreement with respect to any Registrable Securities may be transferred and assigned (in whole or in part) to any Person; provided, however, that no such assignment shall be binding upon or
obligate the Company to any such assignee unless and until the Company shall have received notice of such assignment as herein provided and a written agreement of the assignee to be bound by the provisions of this Agreement. Any transfer or
assignment made other than as provided in the first sentence of this Section 3.5 shall be null and void. 
  
 (b) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted assigns.

  
 3.6. Governing Law; Service of Process; Consent to
Jurisdiction. (a) This Agreement shall be governed by and construed and interpreted in accordance with the law of the State of New York, which shall govern this Agreement and any controversy or claim arising out of or relating to this Agreement.

  
 (b) Any controversy, claim or dispute arising out of or
relating to or in connection with this Agreement, including, without limitation, a dispute regarding the breach, termination, enforceability or validity hereof shall be finally settled by binding arbitration in Beijing before a panel of 

  

 16 

 
three arbitrators. The arbitration shall be administered by the International Court of Arbitration of the International Chamber of Commerce (the
“ICC”) under its Rules of Arbitration as in effect at the time of the arbitration, except as they may be modified herein by agreement of the parties and shall be conducted in the English language. The Investor participating in the
arbitration, on the one hand, and the Company (whereby any Investor-nominee directors shall recuse themselves), on the other, shall each nominate one arbitrator, obtain its nominee’s acceptance of such nomination, and deliver written
notification of such nomination and acceptance to the other party within thirty (30) days after delivery of the request for arbitration. In the event a party fails to nominate an arbitrator or deliver notification of such nomination to the other
party within this time period, upon request of any party, such arbitrator shall instead be appointed by the ICC within thirty (30) days of receiving such request. The two arbitrators nominated in accordance with the above provisions shall nominate
the third arbitrator, obtain the nominee’s acceptance of such nomination and notify the parties in writing of such nomination and acceptance within thirty (30) days of their nomination. If the first two nominated arbitrators fail to nominate a
third arbitrator or notify the parties of that nomination within this time period, then, upon request of either party, the third arbitrator shall be appointed by the ICC within thirty (30) days of receiving such request. The third arbitrator shall
act as chair. For the sake of clarity, it is expressly understood that the function of such chair is administrative only and shall not signify that such chair has greater or different powers as arbitrator from the other arbitrators. An arbitral
tribunal constituted in accordance with this Section 3.6(b) shall be referred to as a “Tribunal”. The award of the Tribunal shall be final and binding upon the parties, and shall not be subject to any appeal or review. 

 
 (c) No provision of, nor the exercise of any rights under, this Section
3.6 shall limit the right of any party to request and obtain from a court of competent jurisdiction in New York (which shall have non-exclusive jurisdiction for purposes of this Section 3.6(c)) before, during or after the pendency of any
arbitration, provisional or ancillary remedies and relief including, but not limited to, injunctive or mandatory relief or the appointment of a receiver. The institution and maintenance of an action or judicial proceeding for, or pursuit of,
provisional or ancillary remedies shall not constitute a waiver of the right of any party, even if it is the plaintiff, to submit the dispute to arbitration if such party would otherwise have such right. 
  
 (d) Judgment upon the award rendered may be entered in any court having
jurisdiction. 
  
 (e) Each of the parties hereby submits
unconditionally to the non-exclusive jurisdiction of the state and federal courts located in New York for purposes of (i) enforcing this agreement to arbitrate, (ii) seeking provisional or ancillary remedies and relief, and (iii) entry of judgment
upon any arbitral award made pursuant hereto, and waives any objection to the venue of any proceeding in any such court or that any such court provides an inconvenient forum and consents to the service of process upon it in connection with any
proceeding instituted under this Section 3.6 in the same manner as provided for the giving of notice hereunder. 
  
 (f) Each of the parties participating in an arbitration pursuant to the terms of this Agreement shall, subject to the award of the arbitrators, pay an
equal share of the arbitrators’ fees. The Tribunal shall have the power to award recovery of all costs (including reasonable attorneys’ fees, administrative fees, arbitrators’ fees and court costs) to the prevailing party. 

 
 (g) The Company hereby irrevocably designates CT Corporation System,
situated at 111 Eighth Avenue, New York, New York, as its authorized agent to accept and acknowledge on its behalf service of any process which may be served in any proceeding in New York and agrees that any process or other paper to be served on it
in connection with any action or proceeding under this Agreement, shall, if delivered, sent or mailed in accordance with Section 3.4 of this Agreement, constitute good, proper and sufficient service thereof. 
  

 17 

 (h) Each of the parties irrevocably and unconditionally waives trial by jury in any legal action or
proceeding relating to this Agreement and for any counterclaim therein. 
  
 3.7. Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
  
 3.8. Severability. Whenever possible, each provision or portion of any
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law. If any provision of this Agreement or the application thereof to any person or circumstance is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision outside of the jurisdiction of such court or to Persons or circumstances other than those as to which it has been held invalid,
void or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. 
  
 3.9. Amendment; Waiver. 
  
 (a) This Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by an
instrument or instruments in writing making specific reference to this Agreement and signed by the Company and the Investors that hold of a majority of Registrable Securities then outstanding. Each Investor shall be bound by any amendment,
modification, waiver or consent authorized by this Section 3.9(a), whether or not any Registrable Securities shall have been marked accordingly. 
  
 (b) The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of
such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in
respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. 
  
 3.10. Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to constitute one and the same agreement. In addition to any other lawful means of execution or delivery, this Agreement may be
executed by facsimile signatures and may be delivered by the exchange of counterparts of signature pages by means of telecopier transmission. 
  
 3.11. Effectiveness. The provisions of this Agreement shall take effect upon the occurrence of the IPO without further action by or on behalf of
any party hereto and other than this Section 3.11 shall have no force or effect prior to the IPO. 
  

 18 

 [The remainder of this page intentionally left blank] 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of the date
first written above. 
  

			
	WATCHDATA TECHNOLOGIES LTD.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	BEAVER DEVELOPMENTS LIMITED
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	TONG REN LTD.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	MASTERFUL SOLUTIONS INC.
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	SESAME SEED GROUP LIMITED
		
	By	 	  

	Name:	 	 
	Title:	 	 
	
	STANDARD INTERNATIONAL HOLDINGS LTD.
		
	By	 	  

	Name:	 	 
	Title:	 	 

  

 20 

 Schedule I 
  

			
	 Investor

	  	 Notice Details

	Beaver Developments Limited	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
		
	Tong Ren Ltd.	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
		
	Masterful Solutions Inc.	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
		
	Sesame Seed Group Limited	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
		
	Standard International Holdings Ltd.	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                
	 	  	                                    
                

  

 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]