Document:

Charge Over Debt Service Reserve Account, dated September 10, 2007

 Exhibit 10.3 
 EXECUTION VERSION 
 CHARGE OVER DEBT SERVICE
RESERVE ACCOUNT 
 THIS CHARGE OVER DEBT SERVICE ACCOUNT (this “Charge”) is made the 10th day of September 2007 

BETWEEN: 
  

	(1)	7 DAYS GROUP HOLDINGS LIMITED, a company incorporated under the laws of the Cayman Islands with registered number CR-140952 (the
“Chargor”); and 

  

	(2)	DB TRUSTEES (HONG KONG) LIMITED, a company incorporated under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (the
“Chargee”) as Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes (as such terms are defined herein). 

 WHEREAS: 
  

	(A)	The Chargor is entering into this Charge in connection with the sale and issuance of up to US$80,000,000 Guaranteed Senior Floating Rate Notes due 2010 issued by the
Chargor (the “Notes”) to certain purchasers pursuant to the Purchase Agreement (as defined below). 

  

	(B)	It is a condition precedent to the initial closing of the sale and issuance of the Notes (the “Closing”) that the Chargor shall open a debt
service reserve account (the “Debt Service Reserve Account”) with Deutsche Bank AG Hong Kong Branch, as account manager (the “Account Manager”), into which certain of the net proceeds from the sale of
the Notes will be deposited by the Chargor to be held and distributed in accordance with the terms of the Indenture and a Account Management Agreement, dated as of the date hereof, among the Chargor, the Chargee and the Account Manager (the
“Account Management Agreement”) and such Debt Service Reserve Account shall be pledged in favour of the Chargee by entering into this Charge as security for the Note Obligations. 

  

	(C)	The Chargor has agreed to charge the Charged Account and all of its right, title, interest and benefit therein and thereto to the Chargee pursuant to this Charge and to
procure the delivery of all documents necessary to confirm the registration of this Charge in favour of the Chargee in accordance with the terms of this Charge. 

  

	(D)	The Chargor and the Chargee intend this Charge to, and it shall, take effect as a deed notwithstanding the fact that a party may execute this document under hand.

 NOW THIS DEED WITNESSES as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions: in this Charge, the following terms shall have the meanings given to them in this Clause 1.1, except where the context otherwise requires.

  

			
	“Business Day”	  	means a day (excluding Saturdays) on which the Chargee is open for business in Hong Kong.
		
	“Charged Account”	  	means the Debt Service Reserve Account of the Chargor with the Account Manager more particularly described in Schedule I hereto and all sums now or hereafter deposited in
such account, including but not limited to all and any fixed or time deposits from time to time created or funded out of any sum(s) so deposited and all additions to or renewals or replacements of all or any part thereof including any fixed or time
deposit sub-accounts as aforesaid (in whatever currency and designated with whatever fixed or time deposit number(s)) and all interest or other sums which may accrue from time to time thereon and all of its rights, title, interest and benefit to the
foregoing.

 DEED OF CHARGE 
  
  

			
	“Encumbrance”	  	includes any mortgage, pledge, lien, charge, assignment by way of security, hypothecation, security interest, any arrangements commonly referred to as “flawed assets”,
arrangements and set-off rights which exceed the rights under the insolvency set-off rules of any relevant jurisdiction, any subordination rights or any other security arrangement or agreement, whether relating to existing or future assets and
whether conditional or not.
		
	“Hong Kong”	  	means Hong Kong Special Administrative Region of the People’s Republic of China.
		
	“Indenture”	  	means the Indenture dated September 10, 2007 entered into by and between the Chargor, the Guarantors (as defined therein) and Deutsche Bank AG, Hong Kong Branch (in such
capacity, the “Trustee”).
		
	“PRC”	  	means the People’s Republic of China, excluding Hong Kong, Macau and Taiwan.
		
	“Purchase Agreement”	  	means the securities purchase agreement dated September 4, 2007 entered into between the Chargor, the Guarantors (as defined therein), and the purchasers and other parties
named therein.
		
	“Note Obligations”	  	shall have the meaning set forth in the Indenture.
		
	“Security Documents”	  	shall have the meaning set forth in the Indenture.
		
	“this security”	  	means all security constituted by or pursuant to this Charge.
		
	“US$”	  	means US dollars, the lawful currency of the United States of America; and

  

	1.2	Interpretation: In this Charge, including its recitals and schedules, unless otherwise defined or unless the context or subject matter otherwise requires, any
reference to parties to this Charge shall include their respective permitted assignees and successors; any reference to Recitals, Clauses or the Schedule(s) is a reference to the recitals and clauses of, and the schedule(s) to, this Charge; any
reference to a statutory provision shall include a reference to that provision as amended or re-enacted from time to time; headings are inserted for convenience only and shall be ignored in construing this Charge; the singular includes the plural
and vice versa, words importing gender or the neuter include both genders and the neuter; any reference to this Charge or any other agreement or document shall be construed as a reference to this Charge or, as the case may be, such other agreement
or document as it may have been, or may be, amended, varied, novated or supplemented. 

  

	2.	CHARGE 

  

	2.1	Charge and Assignment: The Chargor (as legal and beneficial owner) hereby charges to the Chargee for the benefit of itself, the Trustee and the Holders of the
Notes by way of first fixed charge the Charged Account as continuing security for the payment or discharge of the Note Obligations. 

  

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 DEED OF CHARGE 
  
  

	2.2	Condition of Deposit: Notwithstanding any other terms upon which monies may have been deposited in the Charged Account, throughout the continuance of this
Charge, it is a condition of such deposit that, save as expressly allowed under the Account Management Agreement and/or this Charge, no monies shall be capable of being withdrawn from the Charged Account, neither the Charged Account nor any part
thereof shall be in any way assignable or transferable and no Encumbrance shall be capable of being created over or in respect of the Charged Account (except as created under this Charge or the Account Management Agreement).

  

	2.3	Updating of Register of Charges of the Chargor: The Chargor shall: 

  

	 	(A)	at the Closing (as defined in the Purchase Agreement), in accordance with the letter of authorisation in the form set out in Schedule II procure that details of
this Charge be entered on the register of mortgages and charges of the Company (the “Register of Charges”) in accordance with Section 54 of the Companies Law (2007 Revision) of the Cayman Islands; and

  

	 	(B)	at the Closing, deliver or procure to be delivered to the Trustee a certified copy of the updated Register of Charges. 

  

	 	(C)	as soon as reasonably practicable following the Closing, but in any event, within 5 weeks of the Closing, submit this Charge (together with prescribed particulars of
the Charge) to the Hong Kong Companies Registry for registration. 

  

	3	CONTINUING AND ADDITIONAL SECURITY 

  

	3.1	Continuing Security: This security shall be a continuing security to the Chargee notwithstanding intermediate payments or any settlement of account or other
matters whatsoever until the Note Obligations have been discharged in full in accordance with Clause 10. 

  

	3.2	Additional Security: This security shall be independent of and without prejudice to and in addition to any other guarantees, indemnities, undertakings or
Encumbrance, which the Chargee may now or at any time hereafter have in respect of the Note Obligations or any other obligations of the Chargor to the Chargee. This security may be enforced without first having recourse to any of the guarantee,
indemnities, undertakings or Encumbrance referred to above. 

  

	4.	REPRESENTATIONS AND WARRANTIES 

 The Chargor represents and warrants to the Chargee that, at the date hereof and at all times during the continuance of this security with reference to the facts and circumstances then existing: 
  

	 	(A)	Corporate Capacity: the Chargor has the necessary corporate capacity and power to execute and deliver this Charge and to perform its obligations hereunder and
has taken all necessary corporate and other action to authorise the execution, delivery and performance of this Charge; 

  

	 	(B)	Ownership: the Chargor is the absolute legal and beneficial owner of the Charged Account; 

  

	 	(C)	No Encumbrance: save as permitted by this Charge and the Account Management Agreement, the Chargor has not created or agreed to create any Encumbrance over all
or any part of the Charged Account in favour of any person (other than the Chargee). 

  

	 	(D)	the obligations expressed to be assumed by it in this Charge are legal and valid obligations binding on it and enforceable with the terms hereof and the Chargor has no
knowledge of any fact or circumstance that might impair the legality or validity of this Charge; 

  

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 DEED OF CHARGE 
  
  

	 	(E)	its execution of this Charge and the performance of its obligations hereunder do not and will not: 

  

	 	(I)	conflict with any agreement, mortgage, bond or other instrument or treaty or other document to which it is a party or which is binding upon it or any of its assets or
revenues, nor cause any limitation placed on it or the powers of its directors to be exceeded or result in the creation or imposition of any Encumbrance on any part of the Charged Account pursuant to the provisions of any such agreement or document;

  

	 	(II)	conflict with its constitutional documents; 

  

	 	(III)	conflict with any applicable law; or 

  

	 	(IV)	constitute a default (including, without limitation, a Default or Event of Default) or accelerate the performance required by, or cause the acceleration of the maturity
of any debt or obligation pursuant to, or result in the creation or imposition of any Lien upon any property or asset of the Chargor and/or its Affiliates under any agreement or commitment to which the Chargor and/or its Affiliates are parties or by
which the Chargor and/or its Affiliates are bound, or to which the property of which the Chargor and/or its Affiliates are subject. 

  

	 	(F)	it has and will at all times have the power and authority to enter into this Charge and to perform its obligations hereunder. All corporate and other action required
authorising its execution of this Charge and the performance of its obligations hereunder has been duly taken. 

  

	 	(G)	the Charged Account is capable of being the subject of the security created by Clause 2.1 under the terms of this Charge and all documents, papers, writings and
collateral relating to such Charged Account as well as all signatures thereon, are genuine and, in all respects, what they appear to be; and 

  

	 	(H)	no consent of, giving of notice to, or registration with, or taking of any other action in respect of, any governmental authority or agency in Hong Kong or any other
relevant jurisdiction is required for or in connection with the execution, validity, delivery and admissibility into evidence of this Charge, or the carrying out by, the Chargor of any of the transactions contemplated hereby.

  

	5.	UNDERTAKINGS 

  

	5.1	The Chargor hereby covenants with the Chargee that, during the continuance of this security, it shall, unless it is permitted by this Charge or the Account Management
Agreement, the Chargee otherwise agrees in writing: 

  

	 	(A)	Receipts: promptly deliver to the Chargee copies of all deposit receipts or other evidence as to the amounts from time to time deposited in the Charged Account;

  

	 	(B)	No Withdrawals: not withdraw or attempt or be entitled to withdraw all or any part of the monies in the Charged Account (except pursuant to the terms of the
Indenture, the Notes and the Account Management Agreement); 

  

	 	(C)	No Disposal: not, without the prior written consent of the Chargee, sell, transfer, alienate or deal with, or agree (conditionally or unconditionally) to sell,
transfer, alienate or deal with any of the Charged Account or deal with the Charged Account in any way contrary to the rights and interests of the Chargee, the Trustee and the Holders of the Notes or take any action that could impair the
enforceability of the rights of the Chargee, the Trustee and the Holders of the Notes created under this Charge; 

  

	 	(D)	Delivery of Notices etc.: deliver to the Chargee copies of all notices, reports, accounts or circulars which it receives in respect of the Charged Account
forthwith upon receipt; 

  

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 DEED OF CHARGE 
  
  

	 	(E)	Provision of Information: promptly furnish to the Chargee such information in respect of the Charged Account as the Chargee may reasonably request;

  

	 	(F)	Bank Statements and Receipts: promptly deliver to the Chargee and the Trustee copies of all deposit receipts or other evidence as to the amounts from time to
time deposited in the Charged Account and copies of all statements showing the balance from time to time in the Charged Account; 

  

	 	(G)	No Charge: not create or agree to create or permit to subsist or arise any Encumbrance over all or any part of the Charged Account or otherwise assign, deal with
or dispose of all or any part of the Charged Account (except under or pursuant to this Charge); and 

  

	 	(H)	No Variation of Rights: not permit or agree to any variation of the rights attaching to or conferred by the Charged Account. 

  

	5.2	The Chargor hereby covenants that it will pay or discharge the Note Obligations when due in the manner provided for in the Indenture and Depositary Agreement.

  

	6.	ENFORCEMENT AND DEMANDS 

  

	6.1	Event of Default: The Chargee may declare by written notice to the Chargor that all or any part of this security is enforceable upon the occurrence of any of the
following events: 

  

	 	(A)	any event or circumstances occurs or arises which would constitute an “Event of Default” as defined in the Indenture; or 

  

	 	(B)	if the Chargor purports or attempts to create any Encumbrance over all or any part of the Charged Account or any third party asserts a claim in respect thereof,

 whereupon this security shall become immediately enforceable. 
  

	6.2	Enforcement: Upon this security becoming enforceable, the Chargee may, at any time or times thereafter and without further notice or restriction, take possession
of and hold, liquidate, withdraw, transfer or otherwise dispose of all or any part of the monies in the Charged Account in or towards and to the extent of the payment or discharge of the Note Obligations, acting on the instructions of the Trustee on
behalf of the Holders of the Notes in accordance with the Indenture and, for this purpose, the Chargee may, at the expense of the Chargor, convert all or any part of such monies into other currencies. The above provisions apply notwithstanding any
other terms upon which such monies may have been deposited or that any such monies may have been deposited for a fixed period or be subject to a period of notice and that the fixed period or period of notice may not have expired or that notice or
sufficient notice may not have been given. For the avoidance of doubt, any waiver or remedy of an Event of Default will not prejudice any enforcement action already done by the Chargee prior to such Event of Default being waived or remedied.

  

	7.	POWERS OF THE CHARGEE AND PROTECTION OF THIRD PARTIES 

  

	7.1	Additional Powers: Without prejudice to the generality of the foregoing powers, the Chargee may, at any time after the security hereby constituted has become
enforceable, without notice to the Chargor, take such action with a view to realising the Charged Account as the Chargee may think fit in its absolute discretion, including (without limitation) by applying or transferring, as the Chargee may think
fit in its absolute discretion, all or part of any money or interest subject to this security at any time or times (whether on or before or after the expiry of any fixed or minimum period for which such money may have been deposited) in or towards
satisfaction of all or such part of the Note Obligations as the Chargee may determine, acting on the instructions of the Trustee on behalf of the Holders of the Notes in accordance with the Indenture. 

  

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 DEED OF CHARGE 
  
  

	7.2	Protection Relating to Exercise of Rights: The Chargor shall not have any right or claim against the Chargee in respect of any loss arising out of or in
consequence of the exercise of the Chargee’s rights, duties or obligations hereunder, howsoever such loss may have been caused including (without limitation) (i) for any indirect, consequential, punitive or special damages, regardless of
the form of action and whether or not any such damages were foreseeable or contemplated, (ii) for the acts or omissions of its nominees, correspondents, designees, agents, subagents or sub-custodians appointed with due care, or (iii) for
any loss of interest caused by the determination before maturity of any deposit(s) or by the fluctuation in any exchange rate at which currency may be bought or sold by the Chargee, so long as the Chargee has discharged its lawful duties as
mortgagee in so acting and there is no gross negligence or wilful misconduct on the part of the Chargee. 

  

	7.3	Mortgagee in Possession: In the absence of gross negligence or wilful misconduct, the Chargee shall not be liable to account as mortgagee in possession in
respect of all or any of the Charged Account and shall not be liable for any failure or delay in realisation or for any loss upon realisation or to notify the Chargor of any matter or for any other loss of any nature whatsoever in connection with
such Charged Account. 

  

	7.4	Indemnity: The Chargor covenants with and undertakes fully to indemnify the Chargee in respect of all proceedings (including without limitation claims and
liabilities in respect of taxes other than taxes imposed on its own overall net income or net profits), claims and demands and all losses, interest, fees, actions, penalties, costs, charges, expenses, and liabilities to which it (or any of its
employees, directors or officers, attorneys, agents or other persons appointed by it, to whom any trust, power, authority or discretion may be delegated by it in the execution or purported execution of the trusts, rights, remedies, powers,
authorities or discretions vested in it by or pursuant to this Charge, any of the other Security Documents to which the Chargee is a party or which constitutes part of the Charged Account) has suffered or become liable or which may be suffered or
incurred by it (or any such person as aforesaid) in respect of any matter or thing done or omitted in any way relating to this Charge and/or any of the Security Documents to which the Chargee is a party or which constitutes part of the Charged
Account or in consequence of the Chargee taking or refraining from taking any action or exercising or refraining from exercising any of its rights under this Charge and/or the other Security Documents and all agreements, documents and instruments
relating to the Collateral (as defined in the Indenture) (including without limitation the perfection, preservation or enforcement of this security) or in consequence of any payment in respect of the Note Obligations (whether made by the Chargor or
another person) being declared void for any reason whatsoever, or in respect of the non-performance or non-observance of any of the undertakings and agreements of the Chargor herein contained or in respect of any matter or thing done or omitted
relating in any way whatsoever to the Charged Account, save where such proceedings, claims, demands, losses, interest, fees, actions, penalties, costs, charges, expenses or liabilities arise as a result of the gross negligence or willful misconduct
of the person seeking reimbursement or indemnification. The Chargee may retain and pay out of any money in the hands of the Chargee all sums necessary to effect the indemnities contained in this Clause and all sums payable by the Company under this
Clause shall form part of the moneys hereby secured. The provisions of this Clause shall survive the termination of this Charge and the resignation or removal of the Chargee. 

  

	7.5	Protection of Third Parties: No person dealing with the Chargee or its agents shall be concerned to enquire whether this security has become enforceable, or
whether any power exercised or purported to be exercised has become exercisable, or whether any Note Obligations remain due upon the security of this Charge, or as to the necessity or expediency of any stipulations and conditions subject to which
any sale or realisation of any Charged Account shall be made, or otherwise as to the propriety or regularity of any sale or realisation of any such Charged Account, or to see to the application of any money paid to the Chargee or its agents, and
such dealings shall be deemed to be within the powers hereby conferred and to be valid and effectual accordingly. 

  

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 DEED OF CHARGE 
  
  

	7.6	The Chargee shall not incur any liability to the Chargor for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any
occurrence beyond the control of the Chargee (including, but not limited to, any act or provision or any present or future law or regulation or governmental authority, any act of God, terrorism or war, or the unavailability of the U.S. Federal
Reserve Bank wire or telex or other wire or communication facility). 

  

	7.7	The Chargee shall not be responsible in any respect for the form, execution, validity, value or genuineness of documents, or for any description therein, or for the
identity, authority or rights of Persons executing or delivering or purporting to execute or deliver any such document. 

  

	7.8	Notwithstanding anything herein to the contrary, (i) the permissive rights of the Chargee contained herein shall not be construed as duties and the Chargee shall
be entitled to only take action with respect to or under this Charge in accordance with the written instructions of the Trustee acting on behalf of the Noteholders regarding the exercise of such permissive rights and (ii) the Chargee shall not
be required to follow any instruction that would violate any applicable law, decree, regulation or order of any government or governmental body (including any court or tribunal). 

  

	8.	APPLICATION OF PAYMENTS 

  

	8.1	Application of Proceeds: The Chargee shall be entitled to apply the net proceeds of any sale or realisation effected under the powers conferred by this Charge in
or towards the payment or discharge of the Note Obligations in such manner consistent with the provisions of the Indenture and the Notes and at such time or times as the Chargee may think fit in its absolute discretion with any surplus being paid to
the Chargor or any other person who may be entitled to it. The Chargor (and any future obligors on the Notes) shall remain liable for the unpaid balance of the Note Obligations. 

  

	8.2	Currency Conversion: For the purpose of or pending the discharge of any of the Note Obligations the Chargee may convert any moneys received, recovered or
realised or subject to application by the Chargee hereunder (including the proceeds of any previous conversion under this Clause 8.2) from one currency into such other currency as the Chargee may think fit, and any such conversion shall be
effected at the Chargee’s actual rate of exchange then prevailing. 

  

	9.	FURTHER ASSURANCE AND POWER OF ATTORNEY 

  

	9.1	Further Assurance: The Chargor shall forthwith upon demand in writing made to the Chargor by the Chargee, at the cost of the Chargor, promptly perform all such
acts and execute and deliver all such deeds, instruments, notices and other documents of any kind in such form as the Chargee may require for enhancing or perfecting this security or preserving the rights hereby charged or vesting or more
effectively vesting in the Chargee title to all or any of such rights or for the protection of this security or facilitating the enforcement or realisation of this security or the exercise of any powers, authorities and discretions conferred by this
security or by law on the Chargee. 

  

	9.2	Power of Attorney: The Chargor hereby irrevocably and by way of security appoints the Chargee (with full power to appoint substitutes and to sub-delegate) to be
its attorney for it and in its name and on its behalf or otherwise and, after this security becomes enforceable, to execute and do all such acts and things which the Chargor is required to do pursuant to or relating to this Charge, including,
without limitation, to sign, seal, deliver, perfect and do any deed, assurance, document or act which may be required or may be deemed proper by the Chargee whether in favour of the Chargee or any other person and whether for the purpose of
exercising any power conferred by this Charge or otherwise in connection with the enforcement of this security. 

  

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 DEED OF CHARGE 
  
  

	9.3	Ratifications: Without prejudice to the generality of the provisions contained in Clause 9.2, the Chargor hereby covenants with the Chargee that if
required so to do, the Chargor will ratify and confirm: 

  

	 	(A)	all acts done by the Chargee or by the Chargor at the Chargee’s instance in the exercise of the Chargee’s powers in accordance with this Charge; and

  

	 	(B)	all transactions entered into by the Chargee in signing, sealing, delivering and otherwise perfecting any assignment, mortgage, charge, security, deed, assurance,
document or act in the exercise of the Chargee’s powers in accordance with this Charge. 

  

	10.	RELEASE AND DISCHARGE 

  

	10.1	Release: This security shall remain in force unless and until discharged by the full and valid and irrevocable payment and/or discharge of the Note Obligations.

  

	10.2	Dealings with Charged Account: Subject to the provisions of Clause 12 (Avoidance of Payments), upon the irrevocable repayment and/or discharge in full of
the Note Obligations, the Chargee shall on request by the Chargor (and at the cost and expense of the Chargor) procure the Charged Account to be released from this security and transfer and/or re-assign the Charged Account to the Chargor or as it
may direct, free from the rights of the Chargee hereunder. 

  

	11.	NEW ACCOUNTS AND SUSPENSE ACCOUNTS 

  

	11.1	New Accounts: If the Chargee shall receive notice of any subsequent Encumbrance or other interest affecting the Charge Account or any part thereof (otherwise
than as permitted under the Notes), then the Chargee may open new accounts for the Chargor. If the Chargee does not open new accounts it shall nevertheless be treated as if it had done so at the time when notice was received. As from that time all
payments made by or on behalf of the Chargor to the Chargee shall be credited or be treated as having been credited to the new accounts and shall not operate to reduce the amounts due from the Chargor to the Chargee at the time when notice was
received by the Chargee. 

  

	11.2	Suspense Accounts: Any money received by the Chargee after enforcement of this Charge and by virtue of or in connection with this Charge may be placed to the
credit of a suspense account with a view to preserving the rights of the Chargee to prove for the whole of its claims against the Chargor or any other person liable in the event of any proceedings or in circumstances analogous to liquidation,
dissolution, insolvency, composition or arrangement without any obligation on the part of the Chargee to apply the same or any part thereof in or towards the discharge of the moneys due or owing to the Chargee by the Chargor (unless the moneys
received, recovered or realised are sufficient to discharge all of the Note Obligations). 

  

	12.	AVOIDANCE OF PAYMENTS 

 Any discharge or release between the Chargee and the Chargor hereunder shall be subject to the condition that no assurance, security or payment to the Chargee by the Chargor or any other person shall be adjusted, avoided or reduced pursuant
to any provision or enactment relating to insolvency or otherwise and, if any such assurance, security or payment shall be so adjusted, avoided or reduced, the Chargee shall nevertheless be entitled to exercise all rights under or in connection with
this security which it would have been entitled to exercise but for such discharge or release. 
  

	13.	ASSIGNMENT AND TRANSFERS 

  

	13.1	Assignment by Chargor: The Chargor may not assign any of its rights under this Charge to any person. 

  

	13.2	 Assignment by Chargee: Subject to the terms of this Charge, the Chargee may assign its rights under this Charge or any part thereof to any
person in accordance with the provisions of the Indenture and/or the Notes, and for this purpose may disclose to a

  

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potential assignee or transferee such information about the Chargor as shall have been made available to the Chargee, provided that it is acknowledged that such assignment (i) may be
effected by the execution by the Chargee and its successor of a written assignment and (ii) shall not in any way prejudice the priority of this security constituted by this Charge. Upon such assignment, the successor Chargee shall be and be
deemed to be acting as agent and trustee for the Trustee and the Holders of the Notes for the purposes of this Charge and in place of the former Chargee. 

 If the Chargee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall
be the successor Chargee. 
 The Chargee shall have full power to delegate (either generally or specifically) the powers,
authorities and discretions conferred on it by this Charge (including without limitation the power of attorney under Clause 9.2 (Power of Attorney)) on such terms and conditions as it shall see fit which delegation shall not preclude either the
subsequent exercise of such power, authority or discretion by the Chargee itself or any subsequent delegation or revocation thereof. 
  

	14.	COSTS, CHARGES AND EXPENSES 

 All costs, charges, expenses and liabilities properly paid or incurred, and payments made, by the Chargee in the negotiation and preparation of and/or in perfecting or enforcing this security or in connexion with the preservation,
enforcement or exercise or intended or attempted exercise of any power or remedy hereunder or otherwise in connexion with this security or in respect of the Charged Account or any part thereof or any agreements or instruments relating thereto, shall
be recoverable on a full indemnity basis from the Chargor as a debt, and shall, in any event, form part of the Note Obligations and accordingly be charged on the Charged Account. 
  

	15.	SET-OFF AND GROSSING UP 

  

	15.1	Set-off: Without prejudice to its other rights under this security, the Chargee shall at any time while this security is enforceable have the right to retain all
or any sum of money now or hereafter standing to the credit of the Chargor upon any current account, deposit account or any other account or otherwise in whatever currency in any part of the world (whether opened with the Chargee or opened by the
Chargee on the Chargor’s behalf with some third party and whether opened in the name of the Chargor or the Chargee or otherwise) as cover for all or any of the Chargor’s liabilities to the Chargee and at any time without notice to the
Chargor combine or consolidate all or any of such sums with all or any of the Chargor’s liabilities to the Chargee, whether such liabilities be actual, contingent, primary, collateral, several or joint, and to purchase any currency or
currencies required to effect such application. 

  

	15.2	Grossing-up: All sums payable by the Chargor under this Charge shall be paid in full without set-off or counterclaim or any restriction or condition and free and
clear of any tax or other deductions or withholdings of any nature. If the Chargor or any other person is required by any law or regulation to make any deduction or withholding (on account of tax or otherwise) from any payment, then the Chargor
shall, together with such payment, pay such additional amount as will ensure that the Chargee receives (free and clear of any tax or other deductions or withholdings) the full amount which it would have received if no such deduction or withholding
had been required. The Chargor shall promptly forward to the Chargee copies of official receipts or other evidence showing that the full amount of any such deduction or withholding has been paid over to the relevant taxation or other authority.

  

	16.	VARIATION OF TERMS 

 No
variation of this Charge shall be considered and as constituting part of this Charge, unless such variation shall have been made in writing and signed by the Chargee and the Chargor. The expression “variation” shall include
any variation, supplement, deletion or replacement however effected. 
  

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	17.	FORBEARANCE AND PARTIAL INVALIDITY, WAIVER, CERTIFICATES 

  

	17.1	Forbearance: No delay or omission of the Chargee in exercising any right, power or discretion under this Charge or any other document will operate to impair such
right, power or discretion or be construed as a waiver thereof and any single or partial exercise of any right, power or discretion shall not in any circumstances preclude any other or further exercise thereof or the exercise of any other right,
power or discretion. Any waiver and any consent by the Chargee under this Charge must be in writing and may be given subject to any conditions thought fit by the Chargee. Any waiver or consent shall be effective only in the instance and for the
purpose for which it is given and subject to any conditions attached to such waiver or consent. 

  

	17.2	Partial Invalidity: If at any time any provision of this Charge is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction,
the legality, validity and enforceability of such provision under the law of any other jurisdiction, and of the remaining provisions of this Charge shall not be affected or impaired thereby. 

  

	17.3	Remedies Cumulative: The rights and remedies provided in this Charge are cumulative and not exclusive of any rights or remedies provided by law.

  

	17.4	Certificates Conclusive: Each certificate, statement or demand issued or made by the Chargee as to the amount of the Note Obligations for the time being
outstanding shall, save for manifest error, be prima facie evidence of such amount. 

  

	18.	NOTICE 

  

	18.1	Delivery: Any notice or communication under this Charge from one party to the other is duly given if in writing and delivered in person or mailed by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next-day delivery, to the other’s address: 

  

			
	to the Chargor:	  	
		
	 Name:
	  	7 Days Group Holdings Limited
		
	 Address:
	  	10/F, 705 Guangzhou Da Dao Nan Road,
		  	Guangzhou 510290
		  	P. R. China
	 Facsimile:
	  	(+86 20) 8922 5507
		
	 For the attention of:
	  	Mr. Zheng Nanyan
		
	to the Chargee:	  	
		
	 Name:
	  	DB Trustees (Hong Kong) Limited
		
	 Address:
	  	55th Floor, Cheung Kong Center
		  	2 Queen’s Road Central Hong Kong
		
	 Facsimile:
	  	(+852) 2203 7320 / (+852) 2203 7323
		
	 For the attention of:
	  	The Managing Director

 The Chargor or the Chargee, by notice to the other, may designate additional or
different addresses for subsequent notices or communications. 
  

 10 

 DEED OF CHARGE 
  
  

	18.2	Deemed Delivery: All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile transmission; and the second Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next-day delivery. All notices and communications to the Chargee or Holders shall be deemed duly given and effective only upon receipt. If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it. 

  

	19.	COUNTERPARTS 

 This Charge
may be executed in any number of copies which taken together shall constitute one single instrument. 
  

	20.	GOVERNING LAW 

  

	20.1	This Charge shall be governed by and construed and take effect in accordance with Hong Kong Law. 

  

	20.2	Jurisdiction: The Chargor agrees that any legal action or proceeding arising out of or relating to this Charge may be brought in the courts of Hong Kong and
irrevocably submits to the non-exclusive jurisdiction of such courts. 

  

	20.3	Process Agent: The Chargor irrevocably appoints [Law Debenture, Hong Kong address] as its agent to receive and acknowledge on its behalf service of any
writ, summons, order, judgment or other notice of legal process in Hong Kong. If for any reason the agent named above (or its successor) no longer serves as agent of the Chargor for this purpose, the Chargor shall promptly appoint a successor agent
satisfactory to the Chargee and notify the Chargee thereof PROVIDED THAT until the Chargee receives such notification, it shall be entitled to treat the agent named above (or its said successor) as the agent of the Chargor for the purposes of
this Clause. The Chargor agrees that any such legal process shall be sufficiently served on it if delivered to such agent for service at its address for the time being in Hong Kong whether or not such agent gives notice thereof to the Chargor.

  

	20.4	No Limitation on Right of Action: Nothing herein shall limit the right of the Chargee to commence any legal action against the Chargor and/or its property in any
other jurisdiction or to serve process in any manner permitted by law, and the taking of proceedings in any jurisdiction shall not preclude the taking of proceedings in any other jurisdiction whether concurrently or not. 

  

	20.5	Waiver; Final Judgment Conclusive: The Chargor irrevocably and unconditionally waives any objection which it may now or hereafter have to the choice of Hong Kong
as the venue of any legal action arising out of or relating to this Charge. The Chargor also agrees that a final judgment against it in any such legal action shall be final and conclusive and may be enforced in any other jurisdiction, and that a
certified or otherwise duly authenticated copy of the judgment shall be conclusive evidence of the fact and amount of its indebtedness. 

  

	20.6	Waiver of Immunity: The Chargor irrevocably waives any immunity to which it or its property may at any time be or become entitled, whether characterised as
sovereign immunity or otherwise, from any set-of or legal action in Hong Kong or elsewhere, including immunity from service of process, immunity from jurisdiction of any court or tribunal, and immunity of any of its property from attachment prior to
judgment or from execution of a judgment. 

  

 11 

 SCHEDULE I 
 “Charged Account” 
 Debt Service Reserve
Account 
  

			
	Name of the Bank	  	:    Deutsche Bank AG Hong Kong Branch
		
	Account No.	  	:    
		
	Account Holder	  	:    7 Days Debt Service Reserve Account

 DEED OF CHARGE 
  
  

 SCHEDULE II 
 AUTHORISATION LETTER 
 (address) 
 [Date] 
 TO: [NAME AND ADDRESS OF THE REGISTERED
AGENT IN THE CAYMAN ISLANDS] 
 Dear Sirs, 
 Re: 7 Days Group Holdings Limited 
 We irrevocably instruct, authorise and direct you to enter into the Company’s register
of mortgages and charges (the “Register”) particulars of a Charge Over Debt Service Reserve Account dated 10 September 2007 executed by us as Chargor in favour of DB Trustees (Hong Kong) Limited as Chargee. 
 In connection with the aforesaid, we would be grateful if you could send the draft documents in relation to our present instructions to [lawyers]
(lawyers’ name) for their approval on our behalf and provide such assistance to [lawyers] as it may from time to time require. 
 We hereby
undertake to pay all your costs and expenses incurred in compliance with our instructions and authorisation herein and all your fee notes in relation thereto should be sent to us direct for settlement. 
  

	
	Yours faithfully
	
	For and on behalf of
	
	7 Days Group Holdings Limited
	
	  

	Authorised Signatory
	
	c.c. [lawyers]

  

 2 

 EXECUTION PAGE 
 IN WITNESS WHEREOF THIS CHARGE HAS BEEN EXECUTED AS A DEED by the parties hereto and is intended to be and is hereby delivered on the day and year first above written. 
  

					
	THE CHARGOR	  		 	
	  
 EXECUTED and DELIVERED
	  	)	 	
	as DEED by	  	)	 	
	7 DAYS GROUP HOLDINGS 	  	)	 	
	LIMITED	  	)	 	
	and SIGNED by:	  	)	 	/s/ Zheng Nanyan
		  	)	 	
	one of its directors	  	)	 	
	in the presence of :-	  	)	 	/s/ Shi Minjian
			
		  		 	
			
	THE CHARGEE	  		 	
			
	EXECUTED and DELIVERED 	  	)	 	
	as a DEED by	  	)	 	
	DB TRUSTEES (HONG KONG} 	  	 )
	 	
	LIMITED	  	)	 	
	and SIGNED by:	  	)	 	
			
	one of its directors	  		 	
	in the presence of :-	  		 	

 [SIGNATURE PAGE TO CHARGE OVER DEBT SERVICE ACCOUNT] 

 EXECUTION PAGE 
 IN WITNESS WHEREOF THIS CHARGE HAS BEEN EXECUTED AS A DEED by the parties hereto and is intended to be and is hereby delivered on the day and year first above written. 
  

							
	THE CHARGOR	  		  		  	
				
	EXECUTED and DELIVERED	  	)	  		  	
	as a DEED by	  	)	  		  	
	7 DAYS GROUP HOLDINGS	  	 )
	  		  	
	LIMITED	  	)	  		  	
		  	)	  		  	
	and SIGNED by	  	)	  		  	
	one of its directors	  	)	  		  	
	in the presence of :-	  	)	  		  	
				
	THE CHARGEE	  		  		  	
				
	EXECUTED and DELIVERED	  	)	  		  	
	as a DEED by	  	)	  		  	
	DB TRUSTEES (HONG KONG)	  	)	  		  	
	LIMITED	  	)	  		  	
		  	)	  		  	
	and SIGNED by	  	)	  	/s/ Aric Kay-Russell	  	/s/ Chiu Kin Wing Edward
	one of its directors	  	)	  	Aric Kay-Russell	  	Chiu Kin Wing Edward
	in the presence of :-	  	)	  	Director	  	Authorised Signatory
				
		  		  		  	

 [SIGNATURE PAGE TO CHARGE OVER DEBT SERVICE ACCOUNT]Onshore Share Pledge Agreement, dated September 10, 2007

 Exhibit 10.4 
 EXECUTION VERSION 
 ONSHORE SHARE PLEDGE
AGREEMENT 
 This SHARE PLEDGE AGREEMENT, dated as of September 10, 2007 (this
“Agreement”), is executed between 7 Days Group Holdings Limited, a corporation incorporated and established under the laws of the Cayman Islands (the “Pledgor”) and DB Trustees (Hong Kong) Limited
(with its successors in such capacity, the “Pledgee”). 
 WITNESSETH: 
 (1) The Pledgor incurred a certain amount of debt in connection with the issuance of the Guaranteed Senior Floating Rate Notes due 2010 (the
“Notes”) issued pursuant to an Indenture dated September 10, 2007 between the Pledgor, the Guarantors (as defined therein) and DB Trustees (Hong Kong) Limited as trustee; and 
 (2) The Pledgor owns all the issued and outstanding equity interests in 7 Days Inn (Shenzhen) Co., Ltd., a wholly foreign owned
enterprise organized and existing under the laws of the People’s Republic of China (“PRC”) (the “WFOE” or “Pledged Entity”). The Pledgor’s equity interest in the WFOE,
representing 100% of the outstanding equity interests of the WFOE, is set forth on Exhibit A attached hereto and made a part hereof (the “Equity Interests”); 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Pledgor and
the Pledgee hereby agree as follows: 
 1. Defined Terms. Unless otherwise defined herein, each capitalized term used
herein that is defined in the Notes shall have the meaning specified for such term in the Indenture. 
 2. Pledge. The
Pledgor hereby pledges to the Pledgee and grants to the Pledgee a security interest in, the following (collectively, the “Pledged Collateral”): 
 (a) All of the right, title and interest of the Pledgor in the Equity Interests, whether now existing or hereafter arising
(such now-existing shares being identified on Exhibit A attached hereto and made a part hereof), all options and warrants for the purchase of additional equity interests now or hereafter held in the name of the Pledgor (all of said Equity
Interests, options and warrants and all capital stock held in the name of the Pledgor as a result of the exercise of such options or warrants being hereinafter collectively referred to as the “Pledged Shares”), herewith
delivered to the Pledgee, and all dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, or in exchange for, any or all of the Pledged Shares; 
 (b) Any additional equity interests of the WFOE otherwise to be pledged to the Pledgee pursuant to the Notes or other
Security Documents (as defined in the Indenture) binding the Pledgor which equity interests are not already Pledged Collateral

 
(“Additional Equity Interests”) from time to time acquired by the Pledgor from the date hereof in any manner (any such additional equity interests shall constitute part of
the Pledged Shares and the Pledgee is irrevocably authorized to amend Exhibit A from time to time to reflect such additional equity interests), and all options, warrants, dividends, distributions, cash, instruments and other rights and
options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Equity Interests or Additional Equity Interests; 
 (c) All proceeds of the foregoing; and 
 (d) The proceeds of any liquidation, winding up or dissolution of the WFOE payable to the Pledgor. 
 3. Security for Liabilities. The Pledged Collateral secures the full and prompt payment, performance and observance when due (whether
at stated maturity, by acceleration or otherwise) of (i) the payment of all of the principal of and interest and premium, if any, on the Notes, (ii) all other Note Obligations, and (iii) all obligations of the Pledgor under this
Agreement (all such obligations referred to in Clauses (i), (ii) and (iii) now or hereafter existing being hereinafter collectively referred to as the “Liabilities”). 
 4. Perfection of Pledge; Registration and Acknowledgments. 
 (a) The Pledgor shall, promptly after the execution of this Agreement but in no event later than ten (10) Business Days
from the date hereof, at its own cost, (i) grant a Power of Attorney (the “PoA”) to a foreign investment related service company to act as a sponsor (the “Sponsor”) designated by the Pledgee with
irrevocable instructions to the Sponsor to submit, on behalf of the Pledgor all the required documents and apply for the approval for the pledge over the Pledged Shares hereunder with the Ministry of Commerce of the PRC or its competent local
counterpart (“MOFCOM”, such approval from the MOFCOM being referred herein as the “MOFCOM Approval”), and (ii) deliver to the Pledgee a certified true copy of such approval upon its obtaining
MOFCOM Approval or any written evidence of disapproval received from MOFCOM if such application is denied by the MOFCOM. The PoA shall explicitly stipulate that the Pledgee shall be entitled to instruct the Sponsor or check with Sponsor directly
(and without consulting or informing the Pledgor or Pledged Entity thereof) regarding approval and registration process of the share pledge under this Agreement. Pledgor’s instructions to the Sponsor shall require that, within five
(5) calendar days after obtaining the MOFCOM Approval, the Sponsor shall, at the Pledgor’s cost, (x) register this Agreement and the Pledged Collateral with the State Administration of Industry and Commerce of the PRC or its competent
local counterpart (“SAIC”), and (y) deliver to the Pledgee a certified true copy of registration or filing certificate. 
 (b) Following the execution of this Agreement, Pledgor shall as soon as practicable procure the recording of the Pledged Shares under this Agreement in the register of shareholders of the WFOE, and at its
own cost, deliver to the Pledgee a copy of the register of shareholders certified by the legal representative of the WFOE in substance satisfactory to the Pledgee after such recordation. 
  

 2 

 (c) Following the execution of this Agreement, the Pledgor shall as soon as
practicable procure the recording of the particulars of this Agreement and the security hereby created in its Register of Mortgages, Charges and other Encumbrances and provide a certified copy of such Register to the Pledgee. 
 5. Pledged Collateral Adjustments. If, during the term of this Agreement: 
 (a) Any share dividend, reclassification, readjustment or other change is declared or made in the capital structure of the
WFOE, or any option included within the Pledged Collateral is exercised, or both, or 
 (b) Any subscription
warrants, shares, or any other rights or options shall be issued in connection with the Pledged Collateral, 
 then all new, substituted and
additional shares, warrants, rights, options or other securities, issued by reason of any of the foregoing, shall be immediately delivered to and held by the Pledgee, under the terms of this Agreement and shall constitute Pledged Collateral
hereunder. The Pledgor further agrees and undertakes to cause the Sponsor to continuously and diligently complete the required approval, registration and recordation procedures with the PRC Governmental Authority with respect to the increase of the
registered capital of the Pledged Entity and in accordance with such procedures as described in the above Section 4(a) and Section 4(b) hereof. For the purpose of this Agreement, “Governmental
Authority” shall mean any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the PRC, any foreign country or any domestic or foreign state, county, city or other political subdivision.

 6. Representations and Warranties. The Pledgor represents and warrants as follows: 
 (a) The Pledgor is the sole legal and beneficial owner of the Equity Interests set forth opposite its name on Exhibit
A attached hereto and made a part hereof, free and clear of any Lien, except for the Liens created by this Agreement or arising by operation of law; 
 (b) The registered capital of the WFOE has been duly paid up by the Pledgor to the extent required (i) pursuant to the provisions of the WFOE’s current articles of association, as approved by
the MOFCOM and properly filed with the SAIC, (ii) by PRC law or regulation applicable to the WFOE, and (iii) by any PRC Governmental Authority; 
 (c) All of the Pledged Shares have been duly authorized, fully paid and duly verified; 
 (d) As of the date hereof, there are no existing options, warrants, calls or commitments of any character whatsoever relating to the Pledged Shares; 
 (e) The Pledgor has full power and authority to enter into this Agreement; 
  

 3 

 (f) There are no restrictions upon the voting rights associated with, or
upon the transfer of, any of the Pledged Collateral except for the approval requirement in respect of the transfer of the Pledged Collateral pursuant to PRC law; 
 (g) The Pledgor has the right to vote, pledge, assign and grant a security interest in or otherwise transfer such Pledged
Collateral free of any Liens; 
 (h) Except for the approval by MOFCOM and registration with SAIC, no other
authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority is required either (i) for the pledge of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of
this Agreement by the Pledgor or (ii) for the exercise by the Pledgee of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement; 
 (i) There is no action, suit, proceeding, governmental investigation or arbitration before or by any Governmental Authority,
pending, or to the knowledge of the Pledgor, threatened against the Pledgor or any of its property which will materially and adversely affect the ability of the Pledgor to perform its obligations under this Agreement; 
 (j) The execution, delivery and performance of this Agreement by the Pledgor (i) does not violate any indenture, trust
deed, mortgage, any other agreement or any applicable laws or regulations to which the Pledgor is a party or is subject to or by which any of its properties or assets may be bound; (ii) complies with all corporate organizational documents of
the Pledgor; and (iii) does not violate any restriction on such transfer or encumbrance of the Pledged Collateral; and 
 (k) The Pledged Shares constitute all of the issued and outstanding Equity Interests of the WFOE as set forth in Exhibit A hereto. 
 7. Dividends and Other Distributions. 
 (a) So long as no Default or an Event of Default under the Notes shall have occurred and be continuing: 
 (i) The Pledgor shall be entitled to receive and retain any and all dividends and distributions paid in respect of the Pledged Collateral upon obtaining the necessary approval(s) or completing the filing
procedures administered by the PRC Governmental Authorities, notwithstanding such dividends and distributions being subject to the pledge and assignment thereof pursuant to Section 2, provided, however, that any and all

 (A) dividends and distributions paid or payable other than in cash with respect to, and instruments and other
property received, receivable or otherwise distributed with respect to, or in exchange for, any of the Pledged Collateral; 
  

 4 

 (B) dividends and other distributions paid or payable in cash with respect
to any of the Pledged Collateral on account of a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus; and 
 (C) cash paid, payable or otherwise distributed with respect to principal of, or in redemption of, or in exchange for, any
of the Pledged Collateral; 
 shall be Pledged Collateral, and shall be forthwith delivered to the Pledgee to hold as Pledged
Collateral and shall, if received by the Pledgor, be received in trust for the Pledgee; and 
 (ii) The Pledgee
shall execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to receive the dividends which it is authorized to
receive and retain pursuant to clause (i) above. 
 (b) After the occurrence and during the continuation of a
Default or an Event of Default under the Notes: 
 (i) All rights of the Pledgor to receive the dividends and
other distributions which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(i) hereof shall cease, and all such rights shall thereupon become vested in the Pledgee, which shall thereupon have the sole right
to receive and hold as Pledged Collateral such dividends and other distributions; 
 (ii) The Pledgor hereby
commits that it shall, and cause the WFOE to, endeavor to enable such Pledgee to receive the dividends and other distributions of the WFOE to the maximum extent permitted by the PRC law; 
 (iii) All dividends and other distributions which are received by the Pledgor contrary to the provisions of this
Section 7(b) shall be received in trust for the Pledgee; 
 (iv) The Pledgor shall cooperate with
Sponsor and procure the Pledged Entity and its legal representative and directors to execute and deliver all such instruments and documents to the Sponsor as may be required by applicable law or may be necessary in practice to dispose of the Pledged
Shares; 
 (v) The Pledgee shall be entitled to, at the expense of the Pledgor, grant an irrevocable instruction
to the Sponsor and deliver the Sponsor the Documents under Custody pursuant to Section 10(b) to let Sponsor apply for and obtain all the necessary governmental approvals and to complete the requisite filing procedures to legally validate
and perfect the disposal of the Pledged Collateral in any manner to the extent permitted under the applicable law, within or outside of the PRC; 
  

 5 

 (vi) The Pledgee shall be entitled to, at the expense of the Pledgor, grant
an irrevocable instruction to the Sponsor and deliver to the Sponsor the Documents under Custody pursuant to Section 10(b) to complete the relevant government approval procedure in relation to all other acts and things as may be
necessary to make effect such sale of the Pledged Collateral or any part thereof valid and binding and in compliance with any applicable law. 
 The Pledgor will reimburse the Pledgee and the Sponsor for all expenses properly incurred by the Pledgee or the Sponsor (as the case may be), including, without limitation, attorneys’ and accountants’ fees and expenses in
connection with the foregoing. 
 8. Transfers and other Liens. Other than as permitted by the terms of the Notes, the
Pledgor agrees that it will not (i) sell, transfer or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral without the prior written consent of the Pledgee, or (ii) create or permit to exist any Lien
upon or with respect to any of the Pledged Collateral (except for the security interest under this Agreement or Liens arising by operation of law). Except as permitted by the Indenture, the Pledgor further agrees that it will procure, or take
reasonable efforts to procure, that the Pledged Entity and any other direct or indirect subsidiary thereof shall carry on business only in the ordinary course and will not dispose of or agree to dispose of a substantial part of its assets or
undertaking without the prior written approval of the Pledgee. 
 9. Defense of Title. The Pledgor will defend the title
to the Pledged Collateral and the Liens of the Pledgee in the Pledged Collateral against the claim of any person or entity and will maintain and preserve such Liens. 
 10. Remedies. (a) After the occurrence and during the continuation of an Event of Default under the Notes, the Pledgee shall have such powers of sale and other powers as may be conferred by
any applicable law. The Pledgor agrees to pay to the Pledgee all expenses (including, without limitation, court costs and attorneys’ and paralegals’ fees and expenses) of, or incident to, the enforcement of any of the provisions hereof.

 (b) In order to effect the remedies stipulated in this Section 10, after the execution of this Agreement,
upon the request of the Pledgee, the following documents shall be provided by the Pledgor and under the custody of the Pledgee (the “Documents under Custody”); 
 (i) Two (2) original copies of the executed Share Transfer Agreement in the form and substance acceptable to the
Pledgee, with the information of the name of the transferee, the transfer price and the date of execution being left in blank; 
 (ii) A copy of the business license and certificate of approval of the WFOE; 
 (iii) A copy of the articles of association of the WFOE (the “Charter”); 
  

 6 

 (iv) A unanimous board resolution of the WFOE approving the share transfer
duly signed by all of the directors of the WFOE, with the resolution date left in blank; 
 (v) An amendment to
the Charter reflecting the share transfer and change to the shareholder, bearing the authorized signature of the Pledgor; 
 (vi) An application letter to assign the shares of the WFOE bearing the authorized signature of the Pledgor; 
 (vii) An original copy of a power of attorney ( the “Enforcement Power of Attorney”) issued by the Pledgor and the WFOE (with the company stamp of the WFOE and authorized signature
of the Pledgor and WFOE), in form and substance satisfactory to the Pledgee, entrusting the Sponsor to submit the required documents and apply for the sales of the shares and the share transfer with the competent PRC Governmental Authority while
leaving blank the issuance date. The Enforcement Power of Attorney shall explicitly stipulate that the Sponsor is obligated to take such action as set forth in the Enforcement Power of Attorney according to the sole instruction of the Pledgee. The
copy of business license of the WFOE and the contact details of the Sponsor shall be provided to the Pledgee together with the Enforcement Power of Attorney; and 
 (viii) Other documents used for the enforcement of the Pledge upon the occurrence of a Default or an Event of Default which
may be required by the Pledgee from time to time. 
 11. Pledgee Appointed Attorney-in-Fact. The Pledgor hereby appoints
the Pledgee and any of its delegates or sub-delegates to be its attorney-in-fact irrevocably coupled with an interest, with the detailed power of delegation duly executed, with full authority, in the name of the Pledgor or otherwise, after the
occurrence and during the continuation of an Event of Default, from time to time in the Pledgee’s sole discretion, to take any action and to execute any instrument which the Pledgee or any Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend or other distribution in respect of the Pledged Collateral or any part
thereof and to give full discharge for the same and to arrange for the transfer of all or any part of the Pledged Collateral on the books of the Pledged Entity to the name of the Pledgee or the Pledgee’s nominee. The Pledgee shall be entitled
to instruct the Sponsor to take the above actions at its discretion, pursuant to above Section 10. 
 12.
Waivers. The Pledgor waives, to the fullest extent permitted by applicable laws, presentment and demand for payment of any of the Liabilities or notice of Event of Default with respect to any of the Liabilities and all other notices to which
the Pledgor might otherwise be entitled except as otherwise expressly provided herein. 
  

 7 

 13. Effectiveness and Term. 
 (a) This Agreement shall take effect upon execution, provided that the Lien on the Pledged Collateral under this Agreement shall only
become effective immediately after this Agreement is approved by the MOFCOM and properly filed with the SAIC. 
 (b) This
Agreement shall remain in full force and effect after satisfying the effectiveness conditions as stated in Section 13(a) above until the final payment in full, in cash, of the Liabilities. Upon the termination of this Agreement as
provided above (other than as a result of the sale of the Pledged Collateral), the Pledgee will release the security interest created hereunder and, if it then has possession of any Pledged Shares pledged hereunder, will deliver such Pledged Shares
previously delivered to it. 
 14. Definitions. The singular shall include the plural and vice versa and any gender shall
include any other gender as the context may require. 
 15. Binding Effect; Successors and Assignees. This Agreement
shall be binding upon the Pledgor and its successors and assignees, and shall inure to the benefit of the Pledgee and its successors and assignees. The Pledgor’s successors shall include, without limitation, a receiver or trustee of or for the
Pledgor. The Pledgee shall provide notice to the Pledgor prior to any assignment of this Agreement by Pledgee. The Pledgor hereby agrees and undertakes to cause the Sponsor to continuously and diligently complete the required approval, registration
and recordation procedures with the PRC Governmental Authority as described in the above Section 4(a) and Section 4(b) hereof upon receipt of such notice. 
 16. Governing Law and Dispute Resolution. 
 (a) Any dispute between the Pledgee and the Pledgor arising out of or related to the relationship established between them in connection with this Agreement, and whether arising in contract, tort, or
otherwise, shall be resolved in accordance with the laws of the PRC. 
 (b) Any dispute, controversy or claim arising out of or
in connection with this Agreement shall be settled through negotiations between the parties; if the parties fail to resolve such dispute within sixty (60) days after the date such negotiation was first requested in writing by either party, it
shall be settled by arbitration in accordance with the Arbitration Rules of the China International Economic and Trade Arbitration Commission (“CIETAC”) (as amended from time to time and by the rest of this Agreement). In the
case of any conflict between the terms of this Agreement and the CIETAC Arbitration Rules, the terms of this Agreement shall prevail. The institution administering the arbitration shall be CIETAC Beijing Headquarter. The seat of arbitration shall be
Beijing. The arbitral tribunal shall consist of three arbitrators, with one appointed by each of the parties and a third neutral arbitrator to be appointed by other two (2) party-appointed arbitrators and who shall not be a PRC national and
shall act as the Chairman. The parties agree to the appointment of arbitrators who are not on CIETAC’s Panel of Arbitrators. If either party fails to appoint an arbitrator within the time specified in the CIETAC Arbitration Rules, or if the two
party-appointed arbitrators fail to jointly appoint the third neutral arbitrator within the time specified in the CIETAC Arbitration Rules, the Chairman of CIETAC shall make such an appointment. The arbitration shall be conducted on a confidential
basis. All arbitration proceedings shall be held in the Chinese language (with an English translator present if any party so requests). Any arbitration award made by the arbitration panel

  

 8 

 
shall be final and binding on the parties and may be entered and enforced in any court of competent jurisdiction. The parties shall submit to the jurisdiction of any such court for purposes of
the enforcement of any such award. Notwithstanding the foregoing agreement to arbitrate, the parties expressly reserve the right to seek provisional relief from any court of competent jurisdiction to preserve their respective rights pending
arbitration. 
 17. Advice of Counsel. The Pledgor represents and warrants to the Pledgee that it has discussed this
Agreement and, specifically, the provisions of Section 16 hereof, with the Pledgor’s lawyers. 
 18.
Severability. If any provision of this Agreement is held to be prohibited or unenforceable in any jurisdiction the substantive laws of which are held to be applicable hereto, such prohibition or unenforceability shall not affect the validity
or enforceability of the remaining provisions hereof and shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 19. Further Assurances. 
 (a) The Pledgor agrees that with effect from the
occurrence of an Event of Default under the Notes which has been notified to the Pledgor, the Pledgor or its appointed Sponsor will, at the expense of the Pledgor, promptly execute and deliver all further instruments and documents, and take all
further action, that may be required by applicable law or may be necessary or desirable, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Pledgee to exercise and enforce its rights and
remedies hereunder with respect to any of the Pledged Collateral. 
 (b) The Pledgor hereby further agrees that it shall not
make any change to (i) its name or jurisdiction or the form of its organization or (ii) the current organization structure of the WFOE, i.e., the members of the board of directors, without prior written consent of the Pledgee. 

20. The Pledgee’s Duty of Care. 
 (a) The Pledgee shall not be liable for any acts, omissions, errors of judgment or mistakes of fact or law including, without limitation, acts, omissions, errors or mistakes with respect to the Pledged
Collateral, except for those arising out of or in connection with the Pledgee’s gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Pledgee shall be under no obligation to take any steps necessary to
preserve rights in the Pledged Collateral against any other parties but may do so at its option. All expenses incurred in connection therewith shall be for the sole account of the Pledgor, and shall constitute part of the Liabilities secured hereby.

 (b) No provision of this Agreement shall require the Pledgee to do anything which may: (i) be illegal or contrary to
applicable law or regulation; (ii) cause it to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its own rights or powers, if it shall have grounds for
believing that repayment of such funds or satisfactory indemnity against such risk or the liability is not assured to it. The Pledgee shall have no duties or responsibilities except those expressly set forth in this Agreement or the other documents
binding upon the Pledgee. Notwithstanding

  

 9 

 
anything to the contrary in this Agreement, the Pledgee shall not in any event be liable for any failure or delay in the performance of its obligations hereunder if it is prevented from so
performing its obligations by any existing or future law or regulation, any existing or future act of Governmental Authority, act of God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other
industrial action, general failure of electricity or other supply, aircraft collision, technical failure, accidental or mechanical or electrical breakdown, computer failure or failure of any money transmission system or any reason which is beyond
the control of the Pledgee. The Pledgee shall be entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person. The Pledgee shall
engage and consult, at the expense of the Pledgor with any legal adviser and professional adviser selected by it and rely upon any advice so obtained the Pledgee and its respective directors, officers, employees and duly appointed agents shall be
protected and shall not be liable in respect of any action taken, or omitted to be done or suffered to be taken, in accordance with such advice. 
 (c) The Pledgee shall not be deemed to have notice of any Event of Default unless an officer of the Pledgee has actual knowledge thereof or unless written notice of any such Event of Default under the
Notes is received by the Pledgee at the office of the Pledgee. 
 (d) The Pledgee’s sole duty with respect to the custody,
safekeeping and physical preservation of the Pledged Collateral shall be to deal with it in the same manner as the Pledgee deals with similar property for its own account. 
 (e) Notwithstanding any other term or provision of this Agreement to the contrary, the Pledgee shall not be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits, whether or not foreseeable, and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract,
breach of trust, breach of fiduciary obligation or otherwise. The provisions of this section shall survive the termination or expiry of this Agreement or the resignation or removal of the Pledgee. 
 (f) The Pledgee may execute any of its powers and perform any of its duties hereunder directly or through delegates or attorneys and may
consult with counsel, accountants and other skilled persons to be reasonably selected and retained by it. The Pledgee shall not be liable for the acts of such delegates or attorneys, or for anything done, suffered or omitted by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons. 
 21. Additional Provisions Relating to the
Pledgee. 
 Any corporation, bank, trust company or association into which the Pledgee may be merged or converted or with
which it may be consolidated, or any corporation, bank, trust company or association resulting from any merger, conversion or consolidation to which the Pledgee shall be a party, or any corporation, bank, trust company or association succeeding to
all or substantially all the corporate trust business of the Pledgee, shall be the successor of the Pledgee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
  

 10 

 22. Notices. 
 Any notice, demand, request or any other communication required or desired to be served, given or delivered hereunder shall be in writing and
shall be served, given or delivered to the address and facsimile number of each party as specified below: 
 For the Pledgor:

 7 Days Group Holdings Limited 
  

			
	Address:	  	10/F, 705 Guangzhou Da Dao Nan Road
		
		  	Guangzhou 510290
		
		  	P.R.China
		
	Attention:	  	Mr. Zheng Nanyan
		
	Fax:	  	(+86 20) 8922 5507

 For the Pledgee: 
 DB Trustees (Hong Kong) Limited 
  

			
	Address:	  	55th Floor, Cheung Kong Center 2 Queen’s Road, Central 
		
		  	Hong Kong
		
	Attention:	  	The Managing Director
		
	Fax:	  	(+852) 2203 7320/(+852) 2203 7323

 23. Indemnity and Expenses. The Pledgor hereby unconditionally and irrevocably
covenants and undertakes to indemnify and hold harmless the Pledgee, its directors, officers, employees and agents (each an “Indemnified Party”) in full at all times against all losses, liabilities, actions, proceedings,
claims, demands, penalties, damages, costs, expenses disbursements, and other liabilities whatsoever (the “Losses”), including without limitation the costs and expenses of legal advisors and other experts, which may be
incurred, suffered or brought against such Indemnified Party as a result or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers or duties hereunder or the taking of any acts in accordance
with the terms of this Agreement or its usual practice; (b) this Agreement, or (c) any instruction or other direction upon which the Pledgee may rely under this Agreement, as well as the costs and expenses incurred by an Indemnified Party
of defending itself against or investigating any claim or liability with respect of the foregoing, provided that this indemnity shall not apply in respect of an Indemnified Party to the extent but only to the extent that any such Losses
incurred or suffered by or brought against such Indemnified Party arises directly from the fraud, wilful misconduct or gross negligence of such Indemnified Party. The parties hereto acknowledge that the foregoing indemnities shall survive the
termination of this Agreement. 
  

 11 

 24. Amendments, Waivers and Consents. None of the terms or provisions of this
Agreement may be waived, altered, modified or amended, except by or pursuant to an instrument in writing which (i) is duly executed by the Pledgor and the Pledgee. Any such waiver shall be valid only to the extent set forth therein. A waiver by
the Pledgee of any right or remedy under this Agreement on any one occasion shall not be construed as a waiver of any right or remedy which the Pledgee would otherwise have on any future occasion. No failure to exercise or delay in exercising any
right, power or privilege under this Agreement on the part of the Pledgee shall operate as a waiver thereof; and no single or partial exercise of any right, power or privilege under this Agreement shall preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. 
 25. Section Headings. The section headings herein are for
convenience of reference only, and shall not affect in any way the interpretation of any of the provisions hereof. 
 26.
Execution in Counterparts; Language. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement. This Agreement is written in both
Chinese and English. The English and Chinese versions shall be equally valid. In the event that there is any discrepancy between the Chinese and English versions, the arbitration panel as constituted pursuant to above Section 16(b) shall
decide which version more accurately reflects the true intention of the parties hereto. 
 [remainder of page intentionally
left blank] 
  

 12 

 EXECUTION VERSION 
 ACKNOWLEDGEMENT 
 The undersigned hereby acknowledges
receipt of a copy of the foregoing Share Pledge Agreement, agrees promptly to note on its books the security interests granted under such Share Pledge Agreement, agrees it will not record a transfer of the Pledged Shares to any other person without
giving prior notification to the Pledgee (and that it shall place a notice to such effect on any certificates representing Pledged Shares), and waives any rights or requirement at any time hereafter to receive a copy of such Share Pledge Agreement
in connection with the registration of any Pledged Collateral in the name of the Pledgee or its nominee or the exercise of voting rights by the Pledgee. 
  

							
	 7 DAYS INN (SHENZHEN) CO., LTD.
 (SEAL)
	 	
	  
 By:
	 	  
 /s/ ZHENG,
Nanyan
	 
		 	Name:	 	ZHENG, Nanyan	 	
		 	Title:	 	CEO	 	

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have executed this agreement as of
the date set forth above. 
  

					
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	 /s/ ZHENG, Nanyan

		 	Name:	 	ZHENG, Nanyan
		 	Title:	 	CEO

  

					
	 Acknowledged and agreed to 
 as of the date first written above

	
	 DB Trustees (Hong Kong) Limited
     as the Pledgee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [SIGNATURE PAGE TO SHARE PLEDGE AGREEMENT (WFOE)] 

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have executed this Agreement as of
the date set forth above. 
  

					
	7 DAYS GROUP HOLDINGS LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Acknowledged and agreed to 
 as of the date first written above. 
  

											
	 DB Trustees (Hong Kong) Limited
	 	
	     as the Pledgee
	 	
					
	By:	 	 /s/ Aric Kay-Russell
	 		 	 /s/ Chiu Kin Wing Edward
	 	
		 	Name:	 	Aric Kay-Russell	 		 	Chiu Kin Wing Edward	 	
		 	Title:	 	Director	 		 	Authorized Signatory	 	

 [SIGNATURE PAGE TO ONSHORE SHARE PLEDGE AGREEMENT] 

 EXECUTION VERSION 
 EXHIBIT A 
 PLEDGED SHARES 
  

					
	Name of Pledgor	  	Name of the Pledged Entity	  	Percentage of
Share
	 7 Days
Group Holdings Limited
	  	7 Days Inn (Shenzhen) Co., Ltd. 	  	100%

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