Document:

Exhibit 4.15

 

Number: 2013/008

 

Loan Contract

 

Table of Contents

 

	 	 	Page
	Article 1.	Definitions and Interpretation	2
	Article 2.	Loan	3
	Article 3.	Conditions Precedent to Drawdown	3
	Article 4.	Drawdown	4
	Article 5.	Interest Rate, Interest and Fees	4
	Article 6.	Repayment	5
	Article 7.	Prepayment	6
	Article 8.	Security	6
	Article 9.	Representations and Warranties	6
	Article 10.	Undertakings	7
	Article 11.	Default and Default Remedies	8
	Article 12.	Taxes	9
	Article 13.	Effectiveness, Amendment and Termination	10
	Article 14.	Disputes Resolution	10
	Article 15.	Miscellaneous	10
	Article 16.	Other Matters as Agreed Upon by Both Parties	11

 

    	 

    	 

    

 

	Lender:	Industrial and Commercial Bank of China (Europe) S.A., Madrid Branch (“Party A”)
	Person-in-charge:	Liu Wei
	Business address:	Paseo de Recoletos, 3, 28004 Madrid Spain
	Telephone:	+0034 912 168 865
	Fax:	+0034 912 168 866

 

	Borrower:	Home Inns & Hotels Management Inc.
	Legal representative:	 
	Business address:	124 Caobao Road, Xuhui District, Shanghai
	Telephone:	86-21-33373333
	Fax:	021-64835661

 

With the purpose set
forth in Clause 2.1 hereof, Party B makes a loan application to Party A, and both Parties hereby enter into this Agreement and
agree to accept the binding effect of the same after negotiation on equal terms. Party A agrees to provide a fixed-term loan in
the amount of US$62,000,000.00 (sixty-two million U.S. dollars) to Party B, subject to and in accordance with the terms and conditions
provided under this Agreement.

 

		Article 1.	Definitions
and Interpretation

 

		1.1	In this Contract, the following terms shall have the meanings as below:

 

		A.	Interest Payment Date: the last day of each Interest Period, on which Party B shall pay Party A
the interest of the corresponding Interest Period, namely, September 25, 2013, December 26, 2013, March 26, 2014 and June 26, 2014.

 

		B.	Interest Period: each Interest Period shall be 3 months, commencing from the first Drawdown Date,
until June 24, 2016. If the last day of any Interest Period is a holiday, then it shall be extended to the next Banking Day.

 

		C.	Drawdown Date: June 25, 2013. Upon satisfaction of the conditions set forth in Clause 3 of this
Agreement, Party B may cancel the loan provided that it notifies Party A of its cancellation in writing within five business days
of the date of its actual drawdown.

 

		D.	Maturity Date: June 24, 2016.

 

		E.	LIBOR: LIBOR (London Interbank Offered Rate) shall be the dollar interbank offering rate of the
corresponding Interest Period displayed on the “LIBOR” page of the Reuters Financial Telecommunication Terminal at
11:00 a.m. (London time) on the second Banking Day before the commencement of each Interest Period.

 

		F.	Banking Day: statutory working days in Spain.

 

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		G.	Standby Letter of Credit/Guarantee: the standby letter of credit or guarantee issued to Party A
by Industrial and Commercial Bank of China, Shanghai Branch to secure all liabilities of Party B under this Contract.

 

		1.2	Interpretation

 

		A.	The table of contents and headings in this Contract are for ease of reference only, and shall not
affect the interpretation of any term of this Contract.

 

		B.	The term “amendment” includes revision, supplement, replacement and modification.

 

		C.	If a day of drawdown, repayment or interest payment is not a Banking Day, then it shall be on the
next Banking Day.

 

		D.	Any Party to this Contract shall include its successor and assignee.

 

		Article 2.	Loan

 

		2.1	The loan amount under this Contract is US$62,000,000.00 (sixty million U.S. dollars), which will
be used by Party B to repay the offshore syndicate loan applied for by Home Inns & Hotels Management Inc. for the acquisition
of Motel 168 International Holdings Ltd.

 

		2.2	The term of the loan under this Contract will be 36 months, commencing from the date of its actual
drawdown.

 

		Article 3.	Conditions
Precedent to Drawdown

 

		3.1	When Party B makes the drawdown, it must satisfy the following conditions precedent to drawdown,
otherwise Party A has no obligations to make any advance to Party B:

 

		A.	this Contract has been duly executed:

 

		B.	Party A has received the following documents and accepts the form and substance of each document:

 

		(a)	the copy of Party B’s incorporation documents, certified as true and valid;

 

		(b)	the legal and valid Standby Letter of Credit/Guarantee issued by Industrial and Commercial Bank
of China, Shanghai Branch accepted by Party A.

 

		C.	a copy of the attestation consent by Party B and attestation certificate from the Industrial and
Commercial Bank of China Limited, Shanghai Branch, Huangpu Sub-branch;

 

		D.	a copy of the resolution adopted by the board of directors of Party B regarding the loan;

 

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		E.	no event of default agreed upon in this Contract or in relation to this Contract has occurred on
the part of Party B;

 

		F.	if the loan hereunder is used for fixed asset investment, the following conditions shall also be
satisfied:

 

		(a)	the capital or other auxiliary funds have been in place according to prescribed time and percentage;

 

		(b)	no cost overrun has occurred or the cost overrun has been made up with self-arranged funds;

 

		(c)	the construction progress has been completed as scheduled;

 

		G.	other conditions precedent to drawdown requested by Party A.

 

		Article 4.	Drawdown

 

		4.1	Party B will make a lump-sum drawdown after this Contract takes effect.

 

		4.2	After Party B has completed the drawdown procedures, Party A shall, on the Drawdown Date as specified
in the debit note, transfer the loan proceeds into the USD account designated by Party B, in the following details:

 

Bank Name: Shanghai Huangpu Branch
of ICBC

 

SWIFT Code: ICBKCNBJSHI

 

Account Name: Home Inns &
Hotels Management Inc.

 

Account No.: [redacted]

 

Reference No.: 2013/008

 

		Article 5.	Interest Rate,
Interest and Fees

 

		5.1	The interest rate under this Contract is determined according to paragraph C below:

 

		A.	fixed interest rate of __% per annum.

 

		B.	to be determined between Party A and Party B every / (one/three/six) months(s) based on the foreign
exchange loans base rate as published by Party A, the annual interest for the first Interest Period is __%.

 

		C.	floating interest rate being 3 month USD LIBOR plus the margin of 2.35%.

 

		5.2	The interest on the loan hereunder shall be settled according to the Interest Periods. Party B
shall ensure that the interest of the corresponding Interest Period be transferred and credited into the account designated by
Party A on the Interest Payment Date, in the following details:

 

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Bank Name: Industrial and Commercial
Bank of China Head Office

 

Account Name: Industrial and
Commercial Bank of China (Europe) S.A.. Sucursal en España

  

SWIFT Code: ICBKCNBJ

 

Account No.: [redacted]

 

Reference No.: 2013/008

 

Calculation of interest: principal
X interest rate X actual number of days elapsed during each Interest Period / 360.

 

		5.3	Party B shall, on the Interest Payment Date, pay the interest of such Interest Period to Party
A. Upon maturity of the loan, the interest shall be fully paid together with the principal.

 

		5.4	Besides the interest, Party B shall pay to Party A the fee set out in paragraph __ below.

 

		A.	Loan arrangement fee: __%

 

		B.	Miscellaneous expenses (including attorneys’ fees): to be paid to Party A in one lump sum
based on actual amount incurred, within 10 days after this Agreement takes effect.

 

		C.	Other expenses: including but not limited to expenses such as stamp duty and others.

 

		Article 6.	Repayment

 

		6.1	Party B selects to repay the loan principal hereunder in such way as set out in paragraph A
below:

 

		A.	in one lump sum upon maturity;

 

		B.	in installments according to the following dates and amount:

 

		(a)	;

 

		(b)	;

 

		(c)	.

 

		6.2	On each repayment date and Interest Payment Date, Party B shall transfer and credit sufficient
amount for the interest and principal due and payable into the USD account designated by Party A so that Party A will receive the
same on such repayment date and Interest Payment Date.

 

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		6.3	If the amount transferred by Party B into the USD account designated by Party A is not sufficient for payment of the amount
due and payable under this Contract, Party A shall be entitled to apply it in the sequence of expense, interest and principal.

 

		6.4	If Party B intends to extend the loan, it shall apply to Party A in writing 30 Banking Days prior
to the Maturity Date of the loan. After Party A has consented, both Parties will enter into loan extension agreement.

 

		Article 7.	Prepayment

 

		7.1	Party B shall not make a prepayment of the loan within the 12 earlier months. Starting from the
13th month, if Party B requests to prepay the loan in whole or in part, it shall submit a written application to Party
A 15 Banking Days prior to the proposed prepayment date. Party B may only prepay the loan with Party A’s consent.

 

		7.2	At the time of prepayment, Party B shall at the same time pay all amounts due and payable under
this Contract up to the prepayment date, including principal, interest and all other fees.

 

		7.3	The principal amount of prepayment by Party B shall be no less than US$ 1,000,000.00 and
shall be integral multiples of US$ 1,000,000 or the balance of the outstanding loan.

 

		7.4	The amount prepaid may not be re-drawn.

 

		Article 8.	Security

 

		8.1	The Industrial and Commercial Bank of China, Shanghai Branch, will issue a Standby Letter of Credit or Guarantee to Party A
to secure all debts of Party B under this Agreement. The amount of the Standby Letter of Credit shall be RMB 410,000,000.00 (four
hundred ten million Renminbi) and the term of the Standby Letter of Credit shall be thirty seven months.

 

		8.2	If there is any change to the security under this Contract which is adverse to Party A’s
credit rights, Party B shall promptly notify Party A and provide additional security acceptable to Party A. Otherwise, Party A
shall have the right to suspend the disbursement of undrawn loan, accelerate the loan, recover all or part of the loan which has
been drawn, to make claims under the Standby Letter of Credit or Guarantee and to terminate the contract.

 

		Article 9.	Representations
and Warranties

 

		9.1	Party B makes the following representations and warranties to Party A:

 

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		A.	Party B is lawfully registered and incorporated under the laws of the Cayman Islands, and may lawfully
carry on business activities within the scope as permitted under its business license;

 

		B.	Party B has the capability of performing its rights and obligations under this Contract;

 

		C.	the execution and implementation of this Contract will not violate or conflict with any law or
administrative regulation to which Party B is subject; implementation of this Contract will not cause Party B to breach other contracts
with which Party B must comply and the documents or articles of association approving the incorporation of Party B;

 

		D.	all materials provided by Party B to Party A are true, accurate and complete without any concealment;

 

		E.	Party B warrants to Party A that there is duplication of loans for the same project under this
Contract;

 

		F.	Party B shall provide a report to Party A every half year, setting out in details the conditions
of the company’s business operations, the progress of the project and the utilization of the funds.

 

		Article 10.	Undertakings

 

		10.1	Before the obligations under this Contract are performed in full, Party B makes the following undertakings
to Party A:

 

		A.	it will pay loan principal and interest as well as other amounts payable in full and on time according
to the agreement;

 

		B.	save as otherwise prescribed under the laws of the People’s Republic of China, the liabilities
under this Contract will at all times rank pari passu with all other equally ranked liabilities of Party B;

 

		C.	it will, when Party A requests, timely provide financial statements for each period and such other
materials which reflect Party B’s debt servicing ability, including all banks where it has opened accounts, the account numbers,
the deposit balances, etc., and actively cooperate with Party A’s supervision and inspection of the utilization of the loan;

 

		D.	if there occurs financial deterioration or other situation which may affect the safety of the loan,
it shall immediately notify Party A and take effective steps to ensure that the loan principal and interest be repaid within such
term as agreed hereunder;

 

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		E.	In case of any material adverse change in business operations which might affect the solvency of
Party B (including but not limited to restructuring, contract, lease, merger, spin-off, joint operation, and joint venture or cooperation
with foreign investors), or any changes of the registered capital or business scope or ownership of Party B, formal written notice
shall be submitted to Party A at least 30 days before the event, and consent from Party A shall be given. If the circumstances
abovementioned may adversely affect the creditor’s rights of Party A, Party B shall take effective measures to guarantee
the repayments of principal and interest due according to this Contract.

 

		F.	if there is any winding-up, dissolution, or suspension of business for restructuring, or Party
B’s business license is cancelled, Party B shall repay the loan principal and interest immediately;

 

		G.	in case of a change of its articles of association, legal representative, business scope, correspondence
address and other material matters, it shall notify Party A immediately after such change;

 

		H.	if it becomes involved or may become involved in any litigation or arbitration in relation to material
economic disputes or such other litigation or arbitration which will have or may have substantial impact on Party A’s rights
hereunder, it shall notify Party A immediately.

 

		10.2	Party A undertakes to Party B:

 

		A.	to disburse the loan timely according to the agreement hereof;

 

		B.	to keep confidential the relevant documents, financial statements and non-public information in
other relevant materials delivered by Party B in performing its obligations hereunder, save as otherwise provided by laws and regulations.

 

		Article 11.	Default and
Default Remedies

 

		11.1	If any of the following events occurs and in Party A’s opinion such event is capable of being
remedied, Party B shall, within the period of time specified by Party A, take remedial actions satisfactory to Party A; otherwise,
Party A shall have the right to suspend the disbursement of undrawn loan, accelerate the loan, recover all or part of the loan
which has been drawn, to make claims under the Standby Letter of Credit or Guarantee and to terminate the contract:

 

		A.	Party B fails to perform its obligations hereunder or breaches its representations, warranties
or undertakings hereunder;

 

		B.	any other indebtedness of Party B fails to be repaid after maturity (including being declared to
be accelerated), or Party B fails to perform or breaches any obligation or document in relation to any other indebtedness, security
or other obligations of it, which has affected or may affect Party B’s ability to perform its obligations hereunder;

 

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		C.	there is any other material adverse change to Party B’s own situation, which has affected
or may affect Party B’s ability to perform its obligations hereunder.

 

		11.2	If Party B fails to use the loan towards the agreed loan purpose according to Article 2.1 hereof,
Party A shall have the right to charge default penalty at the rate of 0.01% on the misused portion on a daily basis.

 

		11.3	If Party B fails to repay the loan upon maturity (including being declared to be accelerated) according
to this Contract, interest shall accrue at the interest rate bearing a 20% mark-up over the original interest rate from the overdue
date.

 

		11.4	Compound interest shall be charged on the interest which Party B fails to pay according to this
Contract during the term of the loan at the interest rate agreed in this Contract, and at the rate determined according to Article
11.3 after the loan becomes overdue.

 

		11.5	If Party B has any of the following situations, Party B shall assume the additional expenses and
losses incurred by Party A arising therefrom, and shall at Party A’s request to take remedial actions in a timely manner,
and provide true and accurate materials:

 

		A.	Party B fails to timely provide financial statements and other relevant materials when Party A
requests, or fails to actively cooperate with Party A’s supervision and inspection on the use of the loan;

 

		B.	the contents of documents, financial statements and other relevant materials provided to Party
A are not true;

 

		C.	Party B fails to give notification according to this Contract or the content of the notice does
not conform to the facts.

 

		11.6	If Party B fails to pay the loan principal, interest, penalty interest, default penalty and other
fees which are due (including being declared to be accelerated) according to this Contract, Party A shall have the right to freeze
all of Party B’s accounts opened with Party A or deduct the corresponding amounts from such accounts to discharge the indebtedness
hereunder.

 

		Article 12.	Taxes

 

		12.1	The payments made by Party B to Party A shall be the net amount free of all present and future
withholding or deduction on account of taxes. If there exists any tax withholding or deduction, Party B will pay necessary additional
amount so as to ensure that Party A will receive the amount equal to what was due before such tax withholding or deduction.

 

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		Article 13.	Effectiveness,
Amendment and Termination

 

		13.1	This Contract shall become effective on the date when it is affixed with the company chops of the
Parties and signed or chopped by their respective legal representative or authorized person, and remain effective until the date
when all amounts payable hereunder are paid in full.

 

		13.2	Any amendment to this Contract shall be mutually agreed and made by the Parties in writing. The
amendment of the agreement shall constitute part of, and have the same legal effect as, this Contract. This Contract shall remain
effective before the effectiveness of the amendment agreement.

 

		13.3	The invalidity or unenforceability of any term hereof shall not affect the validity and enforceability
of the other terms or the effectiveness of this Contract.

 

		13.4	Any amendment and termination of this Contract shall not affect any Party’s rights to claim
for damages. Termination of this Contract shall not affect the effectiveness of the relevant dispute resolution clause hereof.

 

		Article 14.	Dispute Resolution

 

		14.1	The entry into, effectiveness, interpretation, performance and dispute resolution of this Contract
shall be governed by the laws of the People’s Republic of China. During the term of this Contract, all disputes arising from
or in connection with this Contract shall be first settled by the Parties through consultation. In case of failure to be settled
through consultation, such disputes shall be settled by the way of paragraph A below:

 

		A.	such disputes shall be submitted to the China International Economic and Trade Arbitration Commission
(“CIETAC”) for arbitration which shall be conducted in Beijing in accordance with the CIETAC’s arbitration
rules in effect at the time of applying for arbitration. The arbitral award is final and binding upon both parties.

 

		B.	such disputes shall be settled through court litigation at __ court.

 

		Article 15.	Miscellaneous

 

		15.1	Failure of exercise, partial exercise or delay in exercising by Party A any rights hereunder shall
not constitute waiver or change to such rights or any other rights, nor shall its further exercising such rights or any other rights
be affected.

 

		15.2	Without Party A’s written consent, Party B shall not transfer all or part of its rights and
obligations hereunder. When Party A assigns its credit rights under this Contract to any third party, Party A shall promptly notify
Party B.

 

		15.3	All notices made pursuant to this Contract shall be delivered to the other Party in writing. If
delivered by hand delivery or mail, the delivery date shall be the date when the receiving party acknowledges the receipt in writing;
if delivered by fax, the delivery date shall be the date when sending party receives the fax answerback.

 

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		15.4	The Contract is executed in Chinese and Spanish and has three originals. Party A, Party B and Industrial
and Commercial Bank of China, Shanghai Branch, Huangpu Sub-branch shall each hold one original, which shall have the same legal
effect.

 

		15.5	If the expression and meaning of articles conflict between Chinese and Spanish, the articles in
Chinese shall prevail.

 

		Article 16.	Other Matters
as Agreed Upon by Both Parties

 

		16.1	The off-shore loan against domestic guarantee under this Agreement shall not be transferred directly
or indirectly to the territory of China by equity or bond investment or any other means.

 

		16.2	Within the term of the loan under this Agreement, if
the exchange rate between offshore RMB and U.S. dollar exceeds USD/RMB 1:6.2769, which leads to the situation that the RMB amount
of the Standby Letter of Credit under this Agreement is not adequate to cover 100% of the principal and interest due after conversion
into U.S. dollars according to the offshore exchange rate, then Party A shall have right to require Party B to prepay part of
the loan or set other security recognized by Party A within 30 calendar days, and if Party B fails to meet the requirements mentioned
above, Party A shall have right to announce the acceleration of the loan and require Party B to repay the principal and interest
under this Contract or make a claim according to terms of Standby Letter of Credit.

 

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(Signature Page)

 

Party A: Madrid Branch of Industrial and Commerce Bank of China
CBC

	Person in charge (authorized representative: 	/s/ Wei LIU	 

Date: June 18, 2013

 

Party B:

	Person in charge (authorized representative: 	/s/ David SUN	 

Date: June 18, 2013

 

    	12Exhibit 4.16

 

No.: 54135000325

 

Issuance of Financing Letter of Guaranty/Standby
Letter of Credit Agreement

(Version 2012)

 

Special Notes: This Agreement is entered
into in accordance with the law between both parties after negotiation based on equality and voluntariness. All terms of this Agreement
are the true expression of both parties’ intent. For the purpose of protecting Party B’s legal rights, Party A specifically
reminds Party B to pay full attention to all terms with regard to the rights and obligation of both parties, especially the bolded
terms.

 

    	 

    	 

    

 

Party A: Industrial and Commercial Bank of
China Ltd., Shanghai Huangpu Sub-branch

Address: No. 346 Sichuan Middle Road

Person in Charge: Zihua Zhou

 

Party B (Applicant): Shanghai Home Inns Management
Co., Ltd.

Address: No. 124 Caobao Road

Legal Representative: Jian Sun

 

To meet its business needs, Party B has submitted
an application to Party A for the issuance of a letter of guaranty/standby letter of credit. To specify the rights and obligations
of both parties, this Agreement is entered into by both parties after negotiation on equal terms regarding Party A’s provision
of a guarantee to Party B in accordance with the provisions of the Contract Law of the People’s Republic of China, the Guarantee
Law of the People’s Republic of China and other related laws and regulations.

 

		1.	OVERVIEW

 

		1.1	The letter of warranty/standby letter of credit for which Party B has applied to Party A will be used
to provide guarantee for the financing of Home Inns & Hotels Management Inc. (the “Guaranteed Person”) by
the Madrid Branch of Industrial and Commercial Bank of China (the “Beneficiary”). This financing is to be used
for replacing the offshore syndicate loan for which Home Inns & Hotels Management Inc. had applied during its acquisition of
Motel 168 International Holdings Ltd.

 

		1.2	To apply to Party A for the letter of guaranty/standby letter of credit, Party B shall provide the
relevant documents and materials according to Party A’s requirements and be responsible for the truthfulness, completeness
and validity of the materials provided. Any matters or terms not specified in this Agreement may be specified in Party B’s
Guarantee Letter Application.

 

		1.3	After Party A has issued the letter of guaranty/standby letter of credit, if Party B requires an extension
of or revision to the letter of guaranty/standby letter of credit, Party B shall submit an application to Party A in advance and,
after Party A gives consent, Party A will revise the relevant provisions in the issued letter of guaranty/standby letter of credit
or issue a new letter of guarantee/standby letter of credit. Where a new letter of guarantee/standby letter of credit has been
issued, Party B shall urge the Beneficiary to return the original letter of guaranty/standby letter of credit.

 

		2.	GUARANTEE FEES (SERVICE FEES) AND OTHER EXPENSES

 

		2.1	Party B shall pay Party A guarantee fees for the letter of guaranty/standby letter of credit being
applied for. Guarantee fees shall be charged at 0.15% of the balance of the guaranteed amount for each quarter, with a minimum
amount of RMB 500 for each quarter. If the term or remaining term of the guarantee is less than a quarter (calendar quarter), fees
for one quarter shall be charged. Party B shall pay the guarantee fees in the same currency as that of the letter of guaranty/standby
letter of credit. Where Party A agrees to the payment in a different currency, the amount shall be calculated with the applicable
exchange rate published by Party A at the time of the payment.

 

		2.2	Party B shall make payment of guarantee fees with method 3 specified below:

 

		(1)	Lump sum payment upon Party A’s issuance of the letter of guaranty/standby letter of credit.

 

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		(2)	Quarterly (calendar quarter) payment: The first payment of guarantee fees shall be made prior to Party
A’s issuance of the letter of guaranty/standby letter of credit. Party B shall make payments to the account designated by
Party A before the 20th day of the last month of each quarter (which shall be extended in case of public holidays) after
the issuance of the letter of guaranty/standby letter of credit. Party B shall settle all guarantee fees on the maturity date upon
maturity of the guarantee.

 

		(3)	Other method of payment: Party B shall make a lump sum payment of the guarantee fees for the first
year within 15 business days upon the issuance of the letter of guaranty/standby letter of credit. Afterwards Party B shall make
the payment for each quarter to the account designated by Party A before the 7th day of the last month of each quarter
(which shall be extended in case of public holidays).

 

		2.3	Where the letter of guarantee/standby letter of credit applied for by Party B needs to be issued by
a reissuing bank, Party B shall bear the reissuance fees and other related expenses and make the relevant payment within 3 business
days upon receiving Party A’s payment notice.

 

		2.4	In case of any revision or extension of, or notice or other matters under, the letter of guaranty/standby
letter of credit, Party B shall make payment of the relevant fees separately according to fee schedule published by Party A.

 

		3.	Security Deposit and other Counter Guarantees

 

(This
article applies in cases where Party B has provided a security deposit and/or other counter guarantees)

 

		3.1	Party B shall deposit the security deposit to following account in accordance with this Agreement
before Party A’s issuance of the letter of guaranty/standby letter of credit.

 

	Bank:	 	 
	 	 	 
	Account Name:	 	 
	 	 	 
	Account number:	 	 

 

		3.2	The amount of security deposit shall not be less than ___% of the amount of the letter of guaranty/standby
letter of credit and the minimum shall not be less than [currency] ____.

 

		3.3	Party B shall deliver the security deposit in the same currency as that of the letter of guaranty/standby
letter of credit. Where Party A agrees to the payment in a different currency, the amount shall be calculated with the applicable
exchange rate published by Party A at the time of the deposit.

 

		3.4	Party B hereby undertakes that it shall use the security deposit and its interests in the security
deposit account to provide pledge guarantee for Party A’s loan under this Agreement. Party B guarantees that such pledge
will not be subject to any restrictions. Without Party A’s consent, Party B shall not draw on the funds in the security deposit
account.

 

		3.5	The scope of the pledge guarantee includes the principal and interest of Party A’s loan, expenses
for the performance of the pledge, guarantee fees payable to Party A by Party B under this Agreement, damages for breach of agreement
and other payables.

 

		3.6	Party B hereby agrees that Party A may, and authorizes Party A to, deduct any payables of Party B
directly from the security deposit account to exercise its credit rights. If the security deposit is not enough to cover Party
B’s payables, Party A shall have right to pursue claims against Party B until full repayment of Party A’s loan under
this Agreement.

 

		3.7	In case of the occurrence of circumstances described in Articles 4.10 and 6.3 herein, the amount of
the security deposit shall not be limited to the percentage set forth in this Agreement.

 

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		3.8	Regarding the difference between the amount of the guarantee amount provided by Party A and the amount
of the security deposit provided by Party B, Party A shall have the right to require Party B to provide other counter guarantees
that are satisfactory to Party A. The counter guarantee agreement shall be entered into separately. If counter guarantee provided
by Party B is a guarantee of the maximum amount, the corresponding maximum guarantee agreement is as follows:

 

Name of the maximum
guarantee agreement:

 

Serial No. of
the maximum guarantee agreement:

 

Guarantor:

 

		3.9	Party A shall issue the letter of guaranty/standby letter of credit to the Beneficiary upon Party
B’s remittance of the security deposit and completion of counter guarantee formalities in accordance with this Agreement.
If prior approval of competent governmental agencies is required for the issuance of the letter of guaranty/standby letter of credit,
Part A shall not be obligated to issue the letter of guarantee/standby letter of credit until after such approval has been obtained.

 

		3.10	Where this Agreement or the letter of guarantee/standby letter of credit issued hereunder is invalid,
terminated, revoked or released, whether in accordance with law or due to other circumstances, Party B shall continue to perform
its obligation of providing a counter guarantee for Party A’s credit rights under this Agreement with the security deposit
and other guarantees provided by Party B under this Agreement.

 

		3.11	Where Party A assigns its credit rights under this Agreement or under the letter of guarantee/standby
letter of credit under this Agreement to any third party, Party B shall continue to assume its responsibilities and perform its
obligations according to this Agreement and related guarantee agreements.

 

		3.12	Where, during the performance of this Agreement and after negotiation, both parties agree to revise
the issued letter of guaranty/standby letter of credit, including but not limited to increasing the guarantee amount and extending
the guarantee term, Party B shall continue to assume its responsibilities and perform its obligations according to this Agreement
and related guarantee agreements.

 

		4.	Party B’s Undertakings

 

Party B hereby
undertakes to Party A as follows:

 

		4.1	It will make payment of related expenses in accordance with this Agreement.

 

		4.2	If any third party (including but not limited to the Beneficiary) makes any claim against Party A
due to Party A’s performance of this Agreement or the letter of guaranty/standby letter of credit, it will, upon receipt
of Party A’s notice, actively cooperate with Party A regarding its performance of this Agreement or defense of the claim,
unconditionally repay Party A’s disbursements under the letter of guaranty/standby letter of credit to Party A and bear all
losses and related expenses incurred as a result by Party A.

 

		4.3	It will, in accordance with Party A’s request, provide Party A with information about the performance
of agreements and projects relating to the letter of warranty/standby letter of credit as well as relevant documents and materials,
and facilitate Part A’s understanding of the abovementioned circumstances.

 

		4.4	All documents and materials provided to Party A are true, accurate, complete and valid and without
false records, substantial omissions or misleading representations.

 

    	4

    	 

    

 

		4.5	It will actively cooperate with Party A’s investigation, understanding and supervision of Party
B’s business operation and financial conditions, and provide income statements, balance sheets and other financial documents
as per Party A’s request.

 

		4.6	It will not use the funds in the security deposit account without Party A’s prior written consent.
If the funds in the security deposit account are frozen or deducted by relevant authorities, it will promptly make up the deficiency
or provide other equivalent counter guarantees.

 

		4.7	It will not, and it will urge and oversee the Guaranteed Person not to, transfer the financing under
the offshore guarantee to be used domestically, directly or indirectly through a third party, through loans, equity investment,
securities investment or other means, unless otherwise required by relevant laws and regulations.

 

		4.8	If there have been changes to the counter guarantee under this Agreement that are adverse to the Party
A’s credit rights, it will separately provide counter guarantees satisfactory to Party A as per Party A’s request.

 

		4.9	To exercise all of Party A’s credit rights under this Agreement, Party A shall have the right
to deduct related funds from all of Party B’s accounts with Party A or other foreign or domestic branches of the Industrial
and Commercial Bank of China. Party B undertakes not to raise any objection and to give up any defense.

 

    	5

    	 

    

 

If the currency
of the deduction is not identical to that of Party A’s loan, the deduction shall be calculated with the exchange rate published
by Party A on the date of such deduction. Party B shall bear the interest and other expenses accrued and the difference resulting
from the fluctuation of exchange rates during the period between the deduction date and the full repayment date (the date on which
Party A converts the deduction into the currency under this Agreement according SAFE policies and settles the debt of Party B).

 

		4.10	It will notify Party A promptly in writing of any revision, supplement or modification to the financing
agreement relating to the guarantee. If such revision, supplement or modification will result in an increase in Party A’s
guarantee obligation, it shall obtain Party A’s consent and increase the security deposit or other counter guarantees as
per Party A’s requirement.

 

		4.11	It will submit the certificate of repayment to Party A in a timely manner upon the Guaranteed Person’s
repayment to the Beneficiary of the financing funds, and it shall assume all responsibilities if Party A nevertheless makes full
payment according to the guaranteed amount of the letter of guaranty/standby letter of credit due to Party B’s failure to
submit the relevant certificate to Party A in a timely manner.

 

		4.12	It will inform Party A of any breach (including any expected breach) by any party of the financing
agreement or project relating to the guarantee so that Party A may take necessary measures to ensure the normal performance of
its guarantee obligations.

 

		4.13	It will obtain Party A’s prior written consent or make arrangements satisfactory to Party A
before any merger, spin-off, decrease of capital, change of shareholding, assignment of material assets or indebtedness, material
external investment, substantial increase in debt financing or any activities that may have an adverse effect to Party A’s
rights and interests.

 

		4.14	It will notify Party A in writing within 7 days upon any change of address, mailing address, business
scope, legal representative or other matters relating to industry and commerce registration .

 

		4.15	It will promptly notify Party A in writing of the occurrence of any other events that may have a material
adverse effect on its normal business operation or performance of its obligations under this Agreement, including but not limited
to any material commercial dispute, bankruptcy, deterioration of financial conditions, etc.

 

		4.16	It will bear Party A’s expenses incurred for exercising its credit rights under this Agreement,
including but not limited to legal fees, appraisal fees and auction fees.

 

		4.17	The standby letter of credit is a guarantee document of payment upon demand. Party A is not obligated
to review the underlying agreement of the standby letter of credit. Party B acknowledges all the risks. Party B shall unconditionally
repay Party A upon Party A’s payment according to the terms of the standby letter of credit. Party B shall also bear all
losses incurred by Party A. Party B hereby authorizes Party A to deduct payments in all of Party B’s accounts with Party
A without any objection and waives any defense.

 

		5.	Performance of Party A’s Guarantee Obligations

 

		5.1	During the term of the guarantee, Party A shall promptly notify Party B as soon as the Beneficiary
makes a claim against Party A according to the terms of the letter of guaranty/standby letter of credit, but Party A may perform
its guarantee obligations to the Beneficiary under the letter of guaranty/standby letter of credit without Party B’s prior
consent. Party B shall make adequate payables under the letter of guaranty/standby letter of credit ready as per Party A’s
notice.

 

    	6

    	 

    

 

		5.2	When performing its obligations to the Beneficiary, Party A shall only be responsible for processing
the claim documents submitted by the Beneficiary according to the letter of guaranty/standby letter of credit, and shall not assume
any responsibility for any dispute regarding the financing agreement, nor for the authenticity of the claim documents or their
loss and delay in the mailing process. With regard to the claim documents mentioned above, Party A shall only conduct a review
of the form and shall have the right to perform its guarantee obligations to the Beneficiary according to the agreement if the
form of the claim documents meets the requirement of the agreement under the letter of guarantee/standby letter of credit. Party
B undertakes not to raise any objection.

 

		5.3	When performing its obligations to the Beneficiary, Party A shall have the right to deduct and transfer
corresponding amounts from Party B’s security deposit account or other accounts for the payment to the Beneficiary. Where
Party A makes any advance payment due to Party B’s failure to make adequate payable amounts available, Party B shall promptly
repay such amount according to Party A’s requirements and make payment of interest at 0.01% per day from the date of Party
A’s advance payment.

 

		5.4	When performing its obligations to the Beneficiary, if the currency of Party A’s deduction from
Party B’s account is not identical to the currency under the letter of guaranty/standby letter of credit, Party A shall,
according to SAFE policies, convert the deduction at the exchange rate published by Party A into the currency under the letter
of guaranty/standby letter of credit and make payment to the Beneficiary.

 

		6.	Breach

 

		6.1	Each party shall perform its obligations hereunder after this Agreement takes effect. The failure
by either party to perform or fully perform its obligations under this Agreement or the failure by either party to comply with
the undertakings under this Agreement shall constitute breach of this Agreement. The breaching party shall pay damages if its breach
results in losses to the other party.

 

		6.2	Party A shall have right not to issue the letter of guaranty/standby letter of credit that has not
yet been issued and to stop providing new guarantee services to Party B upon the occurrence of any of the following:

 

		(1)	Party B’s breach of this Agreement;

 

		(2)	Party A has provided an advance payment under any single letter of guaranty/standby letter of credit
issued to Party B for more than 15 days;

 

		(3)	Incurrence by Party B of one or more advance payments within any natural year after the date of this
Agreement;

 

		(4)	Any of Party B’s debts (including debts under other contracts or agreements) have not been repaid
upon maturity;

 

		(5)	Any beneficiary of any letter of guaranty/standby letter of credit applied for by Party B (whether
issued by Party A or otherwise) requires the guarantor to perform its obligations, and Party B or the guaranteed person fails to
repay the advance payment under the letter of guaranty/standby letter of credit according to the guarantor’s (including but
not limited to Party A) request; and

 

		(6)	Any other circumstance which has had or may have a material adverse effect on Party B’s financial
conditions or creditworthiness.

 

		6.3	Upon any occurrence mentioned in Article 6.2, Party A shall have the right to take the following
measures simultaneously or separately with regard to the issued letter of guaranty/standby letter of credit:

 

    	7

    	 

    

 

		(1)	To request Party B to increase the security deposit or other counter guarantees;

 

		(2)	To suspend the payment from accounts that Party B opened with Party A;

 

		(3)	To freeze Party B’s funds in its accounts with Party A or other branches of Industrial and Commercial
Bank of China within the limit of the guaranteed amount under the letter of guaranty/standby letter of credit. The frozen funds
may be used as Party B’s security deposit; and

 

		(4)	Other measures in accordance with relevant laws and regulations or this Agreement or considered necessary
by Party A.

 

		6.4	Where Party B fails to pay the relevant fees in accordance with this Agreement, liquidated damages
shall be charged at 0.01% per day from the due date.

 

		7.	Effectiveness, modification and termination

 

		7.1	This Agreement comes into effectiveness from the date on which it is executed and affixed with official
stamps by duly authorized representatives of both parties and expires upon the date on which Party A’s guarantee obligations
under the letter of guaranty/standby letter of credit issued under this Agreement are released and Party A’s right of claim
under this Agreement is fully repaid.

 

		7.2	Neither party may unilaterally revise or early terminate this Agreement after it takes effect. If
any modification or termination is necessary, Party A and Party B shall reach a consensus and enter into a written agreement. This
Agreement shall continue to be performed before such written agreement is entered into.

 

		8.	Dispute Resolution

 

		8.1	The execution, validity, interpretation and performance of, and the resolution of disputes arising
from, this Agreement are governed by the laws of the People’s Republic of China. Any dispute or controversy arising from
the performance of this Agreement shall be resolved by the Parties through friendly negotiations. If such negotiations fail, it
shall be resolved according to method 2 set forth below.

 

		(1)	Such dispute shall be submitted to _________ for arbitration in ________ (place of arbitration)
according to its arbitration rules then in effect. Arbitral award is final and binding upon Parties.

 

		(2)	Such dispute shall be submitted to the local court where Party A is located for resolution through
litigation.

 

		9.	miscellaneous

 

		9.1	Party A shall keep the materials and information provided by Party B regarding its debt, finance,
production and operation confidential unless otherwise specified in this Agreement or relevant laws and regulations.

 

		9.2	Party B shall not assign or by any other means dispose of its right or obligation under this Agreement
without Party A’s written consent during the term hereof.

 

    	8

    	 

    

 

		9.3	Party A shall have the right to provide the information relating to this Agreement or other relevant
information regarding Party B to the credit system of the People’s Bank of China or other credit databases established in
accordance with law, in light of the provisions of relevant laws and regulations or requirements of financial regulatory agencies,
for the search or use by qualified organizations or persons. Furthermore, for the purposes of entering into and performing this
Agreement, Party A shall have right to search for relevant information regarding Party B through the credit system of the People’s
Bank of China or other credit databases established in accordance with law.

 

		9.4	Party A or Industrial and Commercial Bank of China Ltd. (“ICBC”) may authorize
or appoint other branches of ICBC to perform the rights and obligations under this Agreement or transfer the indebtedness hereunder
to other branches of ICBC for assumption and management according to their operational and management needs. Party B hereby accepts
this and Party A may act accordingly without Party B’s consent. The other branch of ICBC which assumes the rights and obligations
of Party A shall have the right to exercise all the rights under this Agreement and also have right to file a lawsuit, arbitration,
or application for enforcement regarding dispute under this Agreement in its name.

 

		9.5	Annexes hereto shall constitute integral parts of this Agreement and shall have the same legal effect
as the main provisions of this Agreement.

 

		9.6	This Agreement shall be in quadruplicate copies, with two copies held by each of the parties. The
copies shall have equal legal validity.

 

		10.	other matters agreed by parties

 

		10.1	Party A shall have the right not to issue any letter of guaranty/standby letter of credit that has
not yet been issued and to stop providing new guarantee services to Party B upon the occurrence of any of the following:

 

		(1)	Without Party A’s written consent, Party B creates a mortgage or pledge or provides external
guarantees to others with its effective operating assets resulting in the increase in Party A’s various business risks;

 

		(2)	Party B’s credit rating, profit level, asset-liability ratio, cash flows from operating activities
and other data do not meet Party A’s loan requirements; or there have been material changes to Party B’s of production,
operation and financial conditions that adversely affect the security of Party A’s various businesses;

 

		(3)	Party A shall have the right to announce an early maturity of the letter of guaranty/standby letter
of credit upon Party B’s breach of loan agreements with other banks.

 

		(4)	Party B is loss-making for the year, its operating cash inflow to revenue ratio is below one, Home
Inns’ annual average occupancy is below 85%, etc.

 

		10.2	During the term of this guarantee agreement, Party B shall not distribute profit without Party A’s
consent, and it shall inform Party A in advance in writing if there are changes in its shareholding or business model or other
material changes that may affect the subject of this Agreement.

 

		10.3	Party B shall open a dedicated security deposit account with Party A, and shall deposit equivalent
funds into the account promptly and unconditionally upon breach of this Agreement and authorize Party A to transfer such funds.

 

		10.4	Party A shall aggregate the accounts of 80% of the directly operated hotels newly opened by Home Inns.

 

		10.5	The aggregate monthly collection from Party B shall not be less than RMB 60,000,000.

 

		10.6	Party B’s monthly average balance of deposit in Party A shall not be less than RMB 45,000,000.

 

    	9

    	 

    

 

Party
A (seal):

 

authorized
representative:

 

[Zihua
Zhou]

 

Party
B (seal):

 

legal
representative authorized representative:

 

[David
Jian Sun]

 

date:
____ __, ____

 

    	10

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