Document:

Exhibit 10.16

 

SHARE EXCHANGE AGREEMENT

 

THIS SHARE EXCHANGE AGREEMENT (this “Agreement”), dated as of December 15, 2011, is made and entered into by and among:

 

(1)          China Auto Rental Inc., a company duly incorporated and validly existing under the laws of the Cayman Islands (the “Cayman Company”);

 

(2)          LC Industrial Investment Limited, a company incorporated under the laws of Hong Kong (the “HK Company”);

 

(3)          each of the Persons listed in Schedule 1 as the shareholders of Cayman Company (the “Shareholders of the Cayman Company”);

 

(4)          LC Fund III, L.P. a Cayman Islands company with its registered address at Walker House, PO Box 908GT, George Town, Grand Cayman, as the Shareholder of the HK Company (the “Shareholder of the HK Company”).

 

The Cayman Company, the HK Company, the Shareholders of the Cayman Company and the Shareholder of the HK Company collectively, the “Parties”, each a “Party”.

 

RECITAL

 

WHEREAS, as of the date hereof, the Shareholders of the Cayman Company collectively own 10,000 shares of the Cayman Company, with par value of US$1.00 per share (the “Shares”), in aggregate, representing 100% of the outstanding shares of capital stock of the Cayman Company.

 

WHEREAS, the Cayman Company intends to issue an aggregate of 2,538 Shares of the Cayman Company to the Shareholder of the HK Company (the “Cayman Company Shares”).

 

WHEREAS, as of the date hereof, the Shareholder of the HK Company owns 20,000 shares of the HK Company, with par value of US$0.01 per share (the “HK Company Shares”), in aggregate, representing 100% of the issued shares capital stock of the HK Company.

 

WHEREAS, the Shareholder of the HK Company intends to transfer all the HK Company Shares held by it to the Cayman Company in exchange for the Cayman Company Shares and for the consideration set forth hereof according to the terms and conditions described in this Agreement (“Share Swap”).

 

NOW, THEREFORE, in consideration of the mutual promises, covenants, representations and warranties made herein and of the mutual benefits to be derived herefrom, the Parties hereto agree as follows:

 

 

1.                                       Exchange of Securities.

 

1.1     Exchange of Shares. Subject to the terms and conditions hereof, the Shareholder of the HK Company shall transfer all the HK Company Shares to the Cayman Company, and as a consideration of which, the Cayman Company shall issue the Cayman Company Shares to the Shareholder of the HK Company.

 

1.2     Closing. The transfer of HK Company Shares and the issuance of Cayman Company Shares shall take place via the exchange of documents and signatures, on a date specified by the Parties, or at such other time and place as the Parties agree upon, which date shall be no later than 5 Business Days after the execution of this Agreement (which time and place are designated as the “Closing”). At the Closing:

 

(a)   The Cayman Company will deliver to the Shareholder of the HK Company, free and clear of any Liens, one certificate representing the Cayman Company Shares that the Shareholder of the HK Company is entitled to receive, duly executed and registered in the name of the Shareholder of the HK Company (or such other nominee of the Shareholder of the HK Company as it direct), and will deliver to the Shareholder of the HK Company an updated Cayman Company’s register of members reflecting the issuance of the Cayman Company Shares to the Shareholder of the HK Company (or such other nominee of the Shareholder of the HK Company as it direct);

 

(b)   The Shareholder of the HK Company will deliver to Cayman Company, free and clear of any Liens, one or more certificates representing the HK Company Shares that the Shareholder of the HK Company is required to deliver to Cayman Company, and will deliver to Cayman Company an updated HK Company’s shareholder register (or similar document) reflecting the transfer of HK Company Shares to the Cayman Company.

 

(c)   The Cayman Company shall take all necessary steps and bear all the stamp duty and costs incurred in connection with the stamping of the HK Company Shares as required under Hong Kong law.

 

2.                                       Representations and Warranties of the Parties.

 

Each of the Parties represents and warrants to others as follows:

 

2.1     Authorization. It has full power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Share Swap. Its execution, delivery and performance of this Agreement and the consummation of the Share Swap, have been duly authorized by all requisite action of such Party. It has duly executed and delivered this Agreement. This Agreement constitutes the legal, valid and binding obligation of it and is enforceable against it in accordance with the terms hereof.

 

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2.2     Consents. No Governmental Approvals or other Consents is required to be obtained by it in connection with the execution and delivery of this Agreement and the consummation of the Share Swap.

 

2.3     Free of Liens. The Cayman Company Shares, when issued, sold and delivered in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and non-assessable, free and clear of any Liens. The HK Company Shares, when sold and delivered in accordance with the terms of this Agreement, are fully paid and non-assessable, free and clear of any Liens.

 

3.                                       Definitions.

 

3.1     Terms Generally. The words “hereby,” “herein,” “hereof,” “hereunder” and words of similar import refer to this Agreement as a whole (including any Schedules hereto) and not merely to the specific section, paragraph or clause in which such word appears. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The definitions given for terms in this Section 3 and elsewhere in this Agreement shall 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. Except as otherwise expressly provided herein, all references to “dollars” or “US$” shall be deemed references to the lawful money of the United States of America.

 

3.2     Certain Terms. Whenever used in this Agreement (including in the Schedules), the following terms shall have the respective meanings given to them below or in the Sections indicated below:

 

Agreement:  as defined in the Preamble of this Agreement.

 

Cayman Company:  as defined in the Preamble of this Agreement.

 

Cayman Company Shares:  as defined in the Recital of this Agreement..

 

Closing: as defined in Section 1.2.

 

Consent:  any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, certificate, exemption, order, registration, declaration, filing, report or notice of, with or to any Person.

 

Contract:  all loan agreements, indentures, letters of credit (including related letter of credit applications and reimbursement obligations), mortgages, security agreements, pledge agreements, deeds of trust, bonds, notes, guarantees, surety obligations, warranties, licenses, franchises, permits, powers of attorney, purchase orders, leases, and other agreements, contracts,

 

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instruments, obligations, offers, commitments, arrangements and understandings, written or oral.

 

Governmental Approval:  any Consent of, with or to any Governmental Authority.

 

Governmental Authority:  any nation or government, any state or other political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including, without limitation, any government authority, agency, department, board, commission or instrumentality of any nation or any political subdivision thereof; any court, tribunal or arbitrator; and any self- regulatory organization.

 

HK Company Shares:  as defined in the Recital of this Agreement.

 

HK Company:  as defined in the Preamble of this Agreement.

 

Law:  all applicable provisions of all (a) constitutions, treaties, statutes, laws, codes, rules, regulations, ordinances or orders of any Governmental Authority, (b) Governmental Approvals and (c) orders, decisions, injunctions, judgments, awards and decrees of or agreements with any Governmental Authority.

 

Lien:  any mortgage, pledge, deed of trust, hypothecation, right of others, claim, security interest, encumbrance, burden, title defect, title retention agreement, lease, sublease, license, occupancy agreement, easement, covenant, condition, encroachment, voting trust agreement, interest, option, right of first offer, negotiation or refusal, proxy, lien, charge or other restrictions or limitations of any nature whatsoever, including but not limited to such Liens as may arise under any Contract.

 

Shares:  as defined in the Recital of this Agreement.

 

Person:  any natural person, firm, partnership, association, corporation, company, trust, business trust, Governmental Authority or other entity.

 

Shareholders of the Cayman Company:  as defined in the Preamble of this Agreement.

 

Shareholder of the HK Company:  as defined in the Preamble of this Agreement.

 

Share Swap:  as defined in the Recital of this Agreement.

 

4.                                       Miscellaneous.

 

4.1     Notices.  All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in

 

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writing and shall be deemed to have been duly given if (a) delivered personally, (b) sent by next-day or overnight mail or delivery or (c) sent by facsimile; or, in each case, at the address as may be specified in writing to the other Parties hereto.

 

All such notices, requests, demands, waivers and other communications shall be deemed to have been received (i) if by personal delivery on the day after such delivery, (ii) if by next-day or overnight mail or delivery, on the day delivered or (iii) if by facsimile, on the next day following the day on which such facsimile was sent, provided that a copy is also sent by another method described herein.

 

4.2     Governing Law and Jurisdiction.

 

(a)   THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING AS TO VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF HONG KONG.

 

(b)   The Parties agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong.

 

4.3     Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, successors and permitted assigns.

 

4.4     Assignment. This Agreement shall not be assignable or otherwise transferable by any Party hereto without the prior written consent of the other Parties hereto, and any purported assignment or other transfer without such consent shall be void and unenforceable. For the avoidance of doubt, the Parties agree that the Shareholder of HK Company may at its discretion (i) nominate a wholly-owned subsidiary to accept the allotment of the Cayman Company Shares or (ii) transfer the Cayman Company Shares to its affiliate.

 

4.5     No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any person or entity other than the Parties hereto and their respective heirs, successors and permitted assigns.

 

4.6     Amendment; Waivers, etc. No amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the Party against whom enforcement of the amendment, modification, discharge or waiver is sought. Neither the waiver by any of the Parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder.

 

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4.7     Entire Agreement.  This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof.

 

4.8     Severability.  If any provision, including any phrase, sentence, clause, section or subsection, of this Agreement is invalid, inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering such provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other provision herein contained invalid, inoperative, or unenforceable to any extent whatsoever.

 

4.9     Headings.  The headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of this Agreement.

 

4.10   Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

Right Lane Limited

 

 

	
By:
    	
/s/ Linan Zhu
    	
 
    
	
 
    	
Name: Linan Zhu
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

Qun Cheng Limited

 

 

	
By:
    	
/s/ Hak Kan Pau
    	
 
    
	
 
    	
Name: Hak Kan Pau
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

LC Industrial Investment Limited

 

 

	
By:
    	
/s/ Erhai Liu
    	

    
	
 
    	
Name: Erhai Liu
    
	
 
    	
Title: Director
    

 

 

LC Fund III, L.P.

 

 

	
By:
    	
/s/ Erhai Liu
    	
 
    
	
 
    	
Name: Erhai Liu
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

Haode Group Inc.

 

 

	
By:
    	
/s/ Lichun Guo
    	
 
    
	
 
    	
Name: Lichun Guo
    
	
 
    	
Title: Director
    

 

 

Sky Sleek Limited

 

 

	
By:
    	
/s/ Lichun Guo
    	
 
    
	
 
    	
Name: Lichun Guo
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

Grand Joy Worldwide Limited

 

 

	
By:
    	
/s/ Kum Boon Tiong
    	
 
    
	
 
    	
Name:  Kum Boon Tiong
    
	
 
    	
Title:  Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

Amplewood Resources Limited

 

 

	
By:
    	
/s/ Marc Chan
    	
 
    
	
 
    	
Name: Marc Chan
    
	
 
    	
Title: Director
    

 

 

IN WITNESS WHEREOF, the Parties have duly executed this Share Exchange Agreement as of the date first above written.

 

 

CHINA AUTO RENTAL INC.

 

 

	
By:
    	
/s/ Lichun Guo
    	
 
    
	
 
    	
Name: Lichun Guo
    
	
 
    	
Title: Director
    

 

 

 

Schedule 1

 

Shareholders of the Cayman Company

 

	
 
    	
 
    	
Number of Shares in the
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Company Immediately
    	
 
    	
 
    	
 
    
	
Shareholder Name
    	
 
    	
Prior to the Closing
    	
 
    	
%
    	
 
    
	
Right Lane Limited
    	
 
    	
5673
    	
 
    	
56.73
    	
%
    
	
Haode Group Inc.
    	
 
    	
3028
    	
 
    	
30.28
    	
%
    
	
Sky Sleek Limited
    	
 
    	
623
    	
 
    	
6.23
    	
%
    
	
Qun Cheng Limited
    	
 
    	
271
    	
 
    	
2.71
    	
%
    
	
Grand Joy Worldwide   Limited
    	
 
    	
157
    	
 
    	
1.57
    	
%
    
	
Amplewood Resources   Limited
    	
 
    	
248
    	
 
    	
2.48
    	
%
    
	
Total
    	
 
    	
10,000
    	
 
    	
100
    	
%Exhibit 10.17

 

	
 
    	
 
    	
This is an   English Translation
    
	
 
    	
 
    	
 
    
	
Text Number:   CMBC-HT038 (Company 2007)
    	
 
    	
Document   Number: B.03-2010-3
    

 

Guarantee Contract

 

(Applicable If Guarantor is an Entity)

 

Number: Gong Dan Bao Zi No. 99012010288401

 

CHINA MINSHENG BANKING CORPORATION LIMITED

 

 

Guarantee Contract

 

	
Guarantor:
    	
 
    	
Legend Holdings   Limited (“Party A”)
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
No. 2 Ke Xue   Yuan Nan Lu, Haidian District
    
	
 
    	
 
    	
 
    
	
Zip Code:
    	
 
    	
100190
    
	
 
    	
 
    	
 
    
	
Legal   Representative/ Officer in Charge:
    	
 
    	
Chuanzhi Liu
    
	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
62509888
    
	
 
    	
 
    	
 
    
	
Fax:
    	
 
    	
62509165
    
	
 
    	
 
    	
 
    
	
Account Opening   Bank:
    	
 
    	
Beijing World   Trade Centre Sub-branch, China Minsheng Bank
    
	
 
    	
 
    	
 
    
	
Account:
    	
 
    	
87213022210201023361
    

 

	
Creditor:
    	
 
    	
Head Office   Banking Operation Department, China Minsheng Banking Corporation Limited   (“Party B”)
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
No.2 Fu Xing Men   Nei Da Jie, Xicheng District, Beijing
    
	
 
    	
 
    	
 
    
	
Zip Code:
    	
 
    	
100031
    
	
 
    	
 
    	
 
    
	
Legal   Representative/ Officer in Charge:
    	
 
    	
Jinzhong Chen
    
	
 
    	
 
    	
 
    
	
Telephone:
    	
 
    	
58560088
    
	
 
    	
 
    	
 
    
	
Fax:
    	
 
    	
58560001
    

 

 

In order to ensure the implementation of Fixed Assets Loan Contract entered into by and between Beijing China Auto Rental Co., Ltd. (“Debtor to the Principal Contract”) and Party B (Contract No.: Gong Jie Dai Zi No. 99012010288404) (“Principal Contract”), Party A agrees to provide guarantee for all/part of the debts under the Principal Contract in accordance with the provisions of this Contract. In order to specify the rights and obligations of Party A and Party B, Party A and Party B hereby enter into this Contract in accordance with the relevant national laws and regulations.

 

Chapter One  Type and Amount of Guaranteed Principal Debts

 

Clause 1       The type of principal debts under this Contract shall be fixed assets loans with a principal amount of (Currency) RMB (Amount) Two Hundred Million (RMB 200,000,000.00).

 

Chapter Two   Debt Performance Term by the Debtor to the Principal Contract

 

Clause 2       The debt performance term of the Debtor to the Principal Contract shall be three years from September 2, 2010 to September 2, 2013. If there is any change to the term during the process of performance pursuant to the provisions of the Principal Contract, the date recorded on the creditor’s right certificate, such as the loan voucher, shall prevail.

 

Chapter Three   Way of Guarantee

 

Clause 3       The guarantee provided by Party A shall be joint and several.

 

Chapter Four   Coverage of Guarantee

 

Clause 4       The scope of guarantee provided by Party A shall cover: the principal and interests of guaranteed principal debts as provided by Clause 1 hereof, penalty interest and compound interest, liquidated damages, compensations for damages, costs incurred to realize the creditor’s rights and security rights (including but not limited to litigation fees, legal fees, traveling expenses, etc.) and all other reasonable payable expenses.

 

Chapter Five   Term of Guarantee

 

Clause 5       The term of guarantee for which Party A is under the liabilities for guarantee shall be two years after the expiration date of the debt performance term by the Debtor to the Principal Contract.

 

The foregoing “expiration date of the debt performance term by the Debtor to the Principal Contract” shall also refer to the expiration date of the debt performance term for each installment

 

 

of debts where the Debtor to the Principal Contract repays the debts by installments and the early expiration date announced by the Creditor in accordance with the Principal Contract.

 

Chapter Six   Rights and Obligations of Both Parties

 

Clause 6       Rights and Obligations of Both Parties

 

6.1           Party A guarantees that it is a PRC legal person or other organization duly existing in accordance with the PRC laws, it has the necessary civil right capacity and civil conduct capacity to enter into and perform this Contract, it has the ability to assume civil liabilities independently, and it has obtained all necessary consents, approvals, registrations and filings to enter into this Contract;

 

6.2           All the internal authorization formalities necessary for Party A to sign this Contract have been completed and sufficiently effective. Party A’s execution of this Contract and performance of its obligations under this Contract shall not conflict with its existing articles of associations and internal by-laws or any contracts, agreements and other documents binding upon Party A;

 

6.3           Party A is aware of and agrees to all the terms of the Principal Contract and is willing to provide guarantee for the Debtor to the Principal Contract, and all of its intentions expressed under this Contract are true;

 

6.4           If in addition to the way of guarantee as provided by this Contract, there are other securities under the Principal Contract (including the mortgage/pledge securities provided by the Debtor to the Principal Contract for Party B with its own properties), the liabilities for guarantee assumed by Party A against Party B shall not be affected by such other securities and not exempted or alleviated thereby. Party B shall be entitled to choose to exercise the security rights under this Contract as priority, in which case Party A waives its right to claim priority of any other securities; where Party B waives its mortgage/pledge rights against the property of the Debtor to the Principal Contract or alters the sequence/contents of such mortgage/pledge rights, which results in a loss or reduction of Party B’s priority right of compensation under such mortgage/pledge, Party A undertakes that its liabilities for guarantee against Party B shall not be exempted or alleviated to any extent thereby;

 

6.5           If the Debtor to the Principal Contract has repaid all the debts under the Principal Contract as scheduled, Party A shall no longer assume any liabilities of guarantee under this Contract;

 

6.6           If during the term of guarantee Party B transfers its creditor’s rights under the Principal Contract to a third party without requiring Party A’s prior consent, Party A shall continue to assume the liabilities of guarantee;

 

 

6.7           Where the Debtor to the Principal Contract reaches an agreement with Party B to amend the Principal Contract, except where Party A’s consent is required for the purpose of extension of the term of Principal Contract or the increase of principal amount of the principal debts under Party A’s guarantee or the consent of transfer of debts by the Debtor to the Principal Contract, Party A’s consent is not required in other circumstances where the debt liability of the Debtor are not further burdened, and Party A undertakes to assume the liabilities for guarantee in accordance with the amended Principal Contract;

 

6.8           Party A guarantees that the related credit status statement, financial statements or other materials it provided to Party B are true and valid;

 

6.9           If the Debtor to the Principal Contract fails to settle the debts as agreed (including in circumstances of early maturity of debts as provided by the Principal Contract), as a result of which Party B requires Party A to take the liabilities for guarantee, Party A shall promptly settle the debts under the Principal Contract on behalf of the Debtor immediately on the day upon the receipt of written notice from Party B;

 

6.10         Any amount that Party A shall pay Party B as the performance of its obligations under this Contract (including the amount received by Party B by exercising its rights under Clause 6.10 hereof) shall be paid in the following sequence: (1) costs to realize the creditor’s rights and security rights; (2) compensations for the damages; (3) liquidated damages; (4) compound interest; (5) penalty interest; (6) interest; (7) principal. Party B shall be entitled to alter the forgoing sequence;

 

6.11         When Party B requires Party A to assume the liabilities for guarantee in accordance with the provisions of this Contract, Party A authorizes Party B to directly deduct and transfer the relevant amount from the account designated by Party A which is opened with an operational office of China Minsheng Bank. If there is insufficient fund for deduction and transfer, Party B shall be entitled to deduct and transfer the insufficient portion from any other accounts opened by Party A with the operational office of China Minsheng Bank or otherwise require Party A to repay such insufficient portion. Party B shall not take any liabilities for the interest loss and any other losses incurred by Party A due to such deduction and transfer.

 

6.12         During the term of this Contract, if Party A is subject to changes of operational system, registered capital, share equities, application of restructuring, settlement and bankruptcy, or selling, transferring or otherwise disposing of any material assets, it shall notify Party B of the same thirty days in advance; if Party A alters its address, name and legal representative, it shall notify Party B of the same within seven days after such alteration is made;

 

6.13         During the term of this Contract, if Party A provides other guarantee for a third party, it shall not jeopardize the interests of Party B.

 

 

Chapter Seven   Default Liability

 

Clause 7       After this Contract takes effect, Party A and Party B shall each perform the obligations under this Contract. If either party defaults in performing or performing in full the obligations under this Contract, it shall be liable for such default and compensate the other party for the losses incurred thereby.

 

Chapter Eight   Effectiveness, Amendment and Termination

 

Clause 8       This Contract shall only take effect after being signed, or affixed with personal seals, or being affixed with company seals/contract seals by the legal representatives/officers in charge or authorized agents of both Party A and Party B.

 

Clause 9       The validity of this Contract shall be independent of the Principal Contract and shall not become null and void due to the invalidity of the Principal Contract.

 

Clause 10     Neither Party A nor Party B may unilaterally amend or early terminate this Contract after this Contract takes effect; in the case where amendment or early termination of this Contract is required, both parties shall reach a written agreement through consultation.

 

Chapter Nine   Dispute Resolution

 

Clause 11     All the disputes in connection with this Contract may be resolved by Party A and Party B through consultation. If no resolution may be reached through consultation, such dispute shall be referred to the people’s court in the locality of Party B.

 

Chapter Ten   Supplemental Agreement

 

Clause 12     Notice and Delivery

 

12.1         Any notice or written communications sent by one party to the other party as provided by this Contract (including but not limited to any and all written documents or notices required by this Contract) shall be sent by registered mail, fax, personal delivery or other way of communications and delivered to the address of each party first set out in this Contact;

 

12.2         If delivered by registered mail, the documents or notices shall be deemed as delivered and received four days after the mail is posted; if delivered by fax, the documents or notices shall be deemed as delivered and received on the date shown on the receipt of successful transmission; if delivered by personal delivery, the documents or notices shall be deemed as delivered and received on the date when the courier delivers such documents or notices to the address of the receiver. If there is a change to any way of contact, the relevant party shall notify the other party of the changed way of contact as required by these provisions within seven days after the change is made. After that, the notice, document or application as agreed by this provision shall be delivered by the changed way of contact.

 

Clause 13     Other Agreed Matters by Both Parties

 

Not Applicable

 

 

Clause 14     This Contract shall have four original copies, with Party A, Party B and relevant parties each holding one copy. Each copy shall be equally authentic.

 

Clause 15     As of the execution of this Contract, Party B has made detailed explanations and clarifications to Party A in relation to all the terms of this Contract. Both parties have no objections and questions regarding all the terms of this Contract and have an accurate understanding of the legal implications of the restriction or exemption terms in terms of the rights, obligations and liabilities.

 

This Contract is entered into by and between Party A and Party B in Beijing.

 

 

	
Party A:
    	
(Company Seal)
    
	
 
    	
 
    
	
[Company’s   seal affixed]
    	
[Company’s   seal affixed]
    
	
 
    	
 
    
	
 
    	
 
    
	
Legal Representative/Officer in Charge:
    	
(Signature or Seal)
    
	
 
    	
 
    
	
(or Authorized Representative)
    	
/s/ Chuanzhi Liu
    
	
 
    	
 
    
	
 
    	
 
    
	
Date: September 2, 2010
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party B:
    	
(Company Seal)
    
	
 
    	
 
    
	
 
    	
[Company’s   seal affixed]
    
	
 
    	
 
    
	
 
    	
 
    
	
Legal Representative/Officer in Charge:
    	
(Signature or Seal)
    
	
 
    	
 
    
	
(or Authorized Representative)
    	
/s/ Yuan Lin
    
	
 
    	
 
    
	
 
    	
 
    
	
Date: September 2, 2010

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