Document:

The E.I.P. Agmt by and between Golden VIP and R. Huang

 Exhibit 4.53 
  
 Equity Interests Pledge Agreement 
  
 This Equity Interests Pledge Agreement (the “Agreement”) is entered into on the day of February 5, 2005 by and between the
following parties: 
  
 Pledgee: Golden VIP Information Technology (Beijing)
Co., Ltd. (hereinafter “Party A”) 
 Registered Address: Room 206, Block B, Xingke Plaza, 10 Jiuxianqiao Street, Chaoyang District
Beijing 
  
 Raymond Huang (hereinafter “Party B”) 
 Address: Room 2305, Guanzhuang Yangguanghuayuan International Mansion-D, Chaoyang District, Beijing 
 ID No.: 11010819751101971X 
  
 WHEREAS,

  
 (1). The Pledgor owns 75% of the equity interest in Beijing Zhongming VIP
Marketing Consultants Co., Ltd. (hereinafter “Zhongming VIP”). Zhongming VIP is a limited company registered under the laws and regulations of People’s Republic of China (hereinafter “China”) with business scope of marketing
planning, information advisory and reserve guesthouses upon authorization. 
  
 (2). In accordance with the Credit & Debt Transfer Agreement signed between Pledgee, Pledgor and Raytime Consultants Limited (hereinafter “Raytime”) in Beijing on February 5th 2005, the Pledgor is assigned 75% equity interests of Zhongming VIP and meanwhile the debt in amount of RMB750, 000 arising from the 75% equity interests from
Zhongming VIP. 
  
 (3) For securing that the Pledgor undertakes its obligations
with the Raytime in accordance with the Credit and Debt Transfer Agreement, the Pledgor is willing to pledge all of its equity interest in Zhongming VIP to Party B, a wholly-owned company founded by Raytime in China. 
  
 Therefore the Pledgee and the Pledgor through mutual negotiations hereby enter into this
Agreement based upon the following terms: 
  
 1.
Definitions And Interpretation 
  
 Unless otherwise provided in this
Agreement, the following terms shall have the following meanings: 
  
 1.1 Pledge
means the full content of Article 2 hereunder 
  
 1.2 Equity Interest means all
equity interests in Zhongming VIP legally held by the Pledgor. 
  
 1.3 Term of
Pledge means the period provided for under Article 3.1 hereunder. 
  
 1.4 Event of
Default means any event in accordance with Article 7.1 hereunder. 
  
 1.5 Notice
of Default means the notice of default issued by the Pledgee in accordance with this Agreement. 
  
 2. Assignments And Pledge 
  
 2.1 The Pledgor agrees to pledge all its equity interest in Zhongming VIP to the Pledgee. Pledge under this Agreement refers to the rights owned by the Pledgee who shall
be entitled to have priority in receiving payment by the evaluation or proceeds from the conversion, auction or sale of the equity interests pledged by the Pledgor to the Pledgee. 
  

 3. Term Of Pledge 
  
 3.1 Term of Pledge 
  
 3.1.1 This Agreement shall take effect as of the date when the pledged equity interests under this Agreement are recorded in the Register of Shareholder of Zhongming VIP
and terminate when Raytime or any third person designated by Raytime executes the rights for purchasing equity interests in accordance with the Exclusive Purchase Right Agreement or any other time as agreed upon by both parties. Both parties shall,
after execution of this agreement, file records with the industry and commerce administration department where Zhongming VIP was registered. 
  
 3.2 During the pledge period, the Pledgee shall be entitled to dispose of the Pledge in accordance with this Agreement in the event that the Pledgor fails to execute its
obligation under the Credit and Debt Transfer Agreement. 
  
 4. Physical Possession Of Documents 
  
 4.1 During the term of Pledge under this Agreement, the Pledgor shall deliver the physical possession of the certificate of distribution and the name list of shareholder of Zhongming VIP to the Pledgee within one month as of the date of
conclusion of this Agreement. 
  
 4.2 The Pledgee shall be entitled to collect the
dividends from the equity interests. 
  
 4.3 The pledge in this Agreement shall be
recorded in Zhongming VIP’s register. 
  
 5.
Representation of the Pledgor 
  
 5.1 The Pledgor is the legal owner of
the equity interests. 
  
 5.2 The Pledgor does not pledge or encumber the equity
interests to any other person except for the Pledgee. 
  
 6. Warranties and Guarantee of the Pledgor 
  
 6.1 During the
effective term of this Agreement, the Pledgor covenants to the Pledgee that the Pledgor shall: 
  
 6.1.1 Not transfer or assign the equity interests, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee without prior written consent from the Pledgee;
unless the two parties have agreed otherwise. 
  
 6.1.2 Comply with and implement
laws and regulations with respect to the pledge of rights, present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by the competent authority within five days upon receiving such notices, orders or
suggestions and comply with such notices, orders or suggestions, or object to the foregoing matters at the reasonable request of the Pledgee or with consent from the Pledgee. 
  
 6.1.3 Timely notify the Pledgee of any events or any received notices which may affect the Pledgor’s equity interest or any part of its
right, and any events or any received notices which may change the Pledgor’s any covenant and obligation under this Agreement or which may affect the Pledgor’s performance of its obligations under this Agreement. 
  
 6.2 The Pledgor agrees that the Pledgee’s right of exercising and transferring the
Pledge obtained from this Agreement shall not be suspended or hampered through legal procedure by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any other person. 
  

 6.3 The Pledgor warrants to the Pledgee that in order to protect or perfect the security over the payment of the
technical consulting and service fees under the Service Agreement, the Pledgor shall execute in good faith and cause other parties who have interests in the pledge to execute all the title certificates, agreements, and or perform and cause other
parties who have interests to take action as required by the Pledgee and make access to exercise the rights and authorization vested in the Pledgee under this Agreement. 
  
 6.4 Execute all the documents with respect to the changes of certificate of equity interests with the Pledgee or the person (natural person
or legal entity) designed by the Pledgee, and provides all the notices, orders and decisions regarded as necessary by the Pledgee with the Pledgee within the reasonable time. 
  
 6.5 The Pledgor warrants to the Pledgee that the Pledgor will comply with and perform all the guarantees, covenants, agreements,
representations and conditions for the benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgor does not perform or fully perform their guarantees, covenants, agreements,
representations and conditions. 
  
 7. Event
Of Default 
  
 7.1 The following events shall be regarded as the event of
default: 
  
 7.1.1 The Pledgor fails to perform its obligation in or under the
Loan Agreement. 
  
 7.1.2 The Pledgor makes any material misleading or fraudulent
representations or warranties under Article 5 herein, and/or the Pledgor is in violation of any warranties under Article 6 herein; 
  
 7.1.3 The Pledgor violates the covenants under any of the Articles herein; 
  
 7.1.4 The Pledgor waives the pledged equity interests or transfers or assigns the pledged equity interests without prior written consent from the Pledgee; 
  
 7.1.5 The Pledgor is unable to repay any general debt or other debts. The Pledgor’s any
external loan, security, compensation, covenants or any other compensation liabilities (1) are required to be repaid or performed prior to the scheduled date due to default; or (2) are due but can not be repaid or performed as scheduled and thereby
cause the Pledgee to deem that the Pledgor’s capacity to perform the obligations herein is affected; 
  
 7.1.6 This Agreement is illegal for the reason of the promulgation of the related laws or the Pledgor’s incapability of continuing to perform the obligations herein; 
  
 7.1.7 Any approval, permits, licenses or authorization from the competent authority of the
government needed to perform this Agreement or validate this Agreement are withdrawn, suspended, invalidated or materially amended; 
  
 7.1.8 The property of the Pledgor is adversely changed and cause the Pledgee deem that the capability of the Pledgor to perform the obligations herein is affected;

  
 7.1.9 The default resulted in the action or inaction of Pledgor’s
breaching the other Articles of this Agreement; 
  
 7.1.10 Other circumstances
whereby the Pledgee is incapable of exercising the right to dispose the Pledge in accordance with the related laws. 
  
 7.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or find that any event under Article 7.1 herein or any events that may
result in the foregoing events have happened or is going on. 
  

 7.3 Unless the event of default under Article 7.1 herein has been solved to the Pledgee’s satisfaction, the Pledgee,
at any time when the event of default happens or thereafter, may give a written notice of default to the Pledgor and require for disposal of the Pledge in accordance with Article 8 herein. 
  
 8. Exercise Of The Right Of The Pledge 
  
 8.1 The Pledgor shall not transfer or assign the pledge without prior written approval from
the Pledgee prior to the full performance of its obligation under the Loan Agreement, except that the Pledgor and the Pledgee have agreed otherwise. 
  
 8.2 Subject to Article 7, the Pledgee may exercise the right to dispose the Pledge when the Pledgee gives a notice of default. 
  
 8.3 The Pledgee is entitled to have priority in receiving payment by the evaluation or
proceeds from the auction or sale of whole or part of the equity interests pledged herein in accordance with legal procedure until the outstanding consulting and service fees and all other payables under the Service Agreement are repaid. 

 
 8.4 The Pledgor shall not hinder the Pledgee from disposing the Pledge in accordance with
this Agreement and shall give necessary assistance so that the Pledgee could realize his Pledge. 
  
 9. Transfers Or Assignment 
  
 9.1 The Pledgor shall not donate or transfer his rights and obligations herein without prior written consent from the Pledgee. 
  
 9.2 This Agreement shall be binding upon the Pledgor and his successors and be effective to
the Pledgee and his each successor and assignee. 
  
 9.3 The Pledgee may transfer
or assign his all or any rights and obligations under the Service Agreement to any individual (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake the same rights and obligations herein of the Pledgee as
if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service Agreement, at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such
transfer or assignment. 
  
 9.4 After the Pledgee’s change resulting from the
transfer or assignment, the new parties to the pledge shall enter into a pledge agreement. 
  
 10. Termination 
  
 10.1 This Agreement shall not be terminated until the Pledgor has fully performed its obligations under the Loan agreement and that the Pledgor has no more obligations
under the Loan agreement. The Pledgee should cancel or absolve this agreement within reasonable time of practical feasibility. 
  
 In case the agreement is terminated, the Pledgee shall cancel or terminate this Agreement within reasonable time as soon as practicable. 
  
 11. Formalities Fees And Other Charges 
  
 11.1 The Pledgor shall be responsible for all the fees and actual expenditures in relation
to this Agreement including but not limited to legal fees, cost of production, stamp tax and any other 

  

 
taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, the Pledgor shall fully indemnify such taxes paid by the Pledgee.

  
 11.2 The Pledgor shall be responsible for all the fees (including but not
limited to any taxes, formalities fees, management fees, litigation fees, attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable
taxes, fees or charges in accordance with this Agreement; or the Pledgee has recourse to any foregoing taxes, charges or fees by any means for other reasons. 
  
 12. Force Majeure 
  
 12.1 Force majeure, which includes acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning, war, means any unforeseen
events beyond the prevented party’s reasonable control and cannot be prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable control. The Pledge
affected by force majeure shall notify the other party of exemption promptly; 
  
 12.2 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by force majeure, only within the scope of such delay or prevention, the affected party will not be responsible
for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the effects of force majeure and attempt to resume performance of the obligations delayed or prevented
by the event of force majeure. After the event of force majeure is removed, both parties agree to resume the performance of this Agreement with their best efforts. 
  
 13. Dispute Resolution 
  
 13.1 This Agreement shall be governed by and construed in accordance with the PRC law. 
  
 13.2 Any dispute, tangle or claim arising from the agreement or relating with the agreement
(including any issue relating with the existence, validity or termination of the agreement) should be submitted to China International Economic and Trade Arbitration Commission (the “Arbitration Commission”). Arbitration Commission shall
conduct arbitration in accordance with the current effective rules of arbitration application. The arbitration award shall be final and binding upon both parties. 
  
 13.3 Arbitration place shall be in Beijing, PRC. 
  
 13.4 Arbitration language shall be English. 
  
 13.5 The court of arbitration shall compose of three arbitrators. Both parties should respectively appoint an arbitrator, the chairman of the court of arbitration shall
be appointed by both parties through consultation. In case both parties do not coincide in opinion of the person selected for the chief arbitrator within twenty days from the date of their respectively appoint an arbitrator, the director of
Arbitration Commission shall have right to appoint the chief arbitrator. The chief arbitrator shall not be Chinese citizen or United State citizen. 
  
 13.6 both parties agreed that the court of arbitration established according to the regulation shall have right to provide actually performed relief on the proper
situation according with PRC Law (including but not being limited to Law of Agreement of the People’s Republic of China). For the avoidance of doubt, both parties further that any court having jurisdiction (including PRC Court) shall carry out
the arbitral award of actual performance issued by the court of arbitration. 
  
 13.7 Both parties agreed to conduct arbitration in accordance with this regulation, and irrepealably abstain the right to appeal, reexamine or prosecute to national court or other administration of justice in any form, and the precondition
shall be that the aforesaid waiver is effective. However 

  

 
the waiver of both parties does not include any post-arbitration injunction, post-arbitration distress warrant or other command issued by any court having
jurisdiction (including PRC Court) for terminating the arbitration procedure or carrying out any arbitral award. 
  
 14. Notice 
  
 14.1 Any notice, which is given by the parties hereto for the purpose of performing the rights, duties and obligations hereunder, shall be in writing form (including fax
and telex). Where such notice is delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is
transmitted. If such notice does not reach the addressee on business date or reaches the addressee after the business time, the next business day following such day is the date of notice. The delivery place is the address first written above of the
parties hereto or the address advised in writing including facsimile and telex from time to time. 
  
 14. Appendices 
  
 15.1 The appendices to this Agreement are entire and integral part of this Agreement. 
  
 15. Effectiveness 
  
 16.1 This agreement and any amendments, modification, supplements, additions or changes hereto shall be in writing and come into effect upon
being executed and sealed by the parties hereto. 
  
 16.2 This Agreement is
executed by Chinese in duplicate, and each party holds one copy and each copy and the copies shall have the same legal effect. 
  
 (No text hereunder) 
  

 In witness whereof the parties hereto have caused this Agreement to be duly executed by the parties themselves or on
their behalf by a duly authorized representative as of the Effective Date first written above. 
  
 The Pledgee: Golden VIP Information Technology (Beijing) Co., Ltd. 
 Official Seal: 

Signature of Authorized Representative: 
  
 The Pledgor: Raymond Huang 
 Signature: 
  
 Appendices 
  
 1. Register of Shareholders of Beijing Zhongming VIP Marketing Consultants Co., Ltd.; 
  
 2. Certificate of Capital Contribution of Beijing Zhongming VIP Marketing Consultants Co.,
Ltd.; 
  
 3. Credit and Debt Transfer Agreement;The E.P.R. Agmt by and among Raytime Consultant Ltd, R.Huang & Zhongming VIP Ltd

 Exhibit 4.54 
  
 Exclusive Purchase Right Agreement 
  
 Raytime Consultant Limited (hereinafter “Party A”) 
 Registered Address: 3rd Floor, Qwomar Complex, P.O. Box 765, Tortola, British
Virgin Islands 
  
 Raymond Huang (hereinafter “Party B”) 
 Identity No.: 11010819751101971X 
 Residence: Room 2305,
Guanzhuang Yangguanghuayuan International Mansion-D, Chaoyang District, Beijing 
  
 Beijing Zhongming VIP Marketing Consultants Company Limited (hereinafter “Party C”) 
 Address: Room 2301, West Zhubang 2000
Business Center, Balizhuang Xili, Chaoyang District, Beijing 
 Legal Representative: Huang Xiaojun 
  
 WHEREAS: 
  
 1. Party A is a company registered and established in BVI Islands; Golden VIP Information Technology (Beijing) Co., Ltd. (hereinafter
“Golden VIP”) is a wholly-owned company of Party A. Party B is a PRC resident; Party C is a limited liability company established and validly existing in accordance with PRC laws, and of which 75% equity interest in Party C is held by
Party B; 
  
 2. In light of the Credit and Debt Transfer Agreement signed between
Party A, Golden VIP and Party B on February 5th 2005, Party B shall be assigned the debt of Golden VIP to Party A in
amount of RMB750, 000. 
  
 3. Party B is willing to grant Party A or a third party
designated by Party A the subscription right for purchasing Party B’s equity interest in Party C. . 
  
 NOW, THEREFORE, the parties to this agreement hereby agree on February 5, 2005 as follows: 
  
 Chapter One. Purchases and Sale of Equity Interest 
  

1.1 Authorizations 
  
 Party B hereby irrevocably delivers to Party A, under the laws of the PRC, an irrevocable sole authority of, following the steps decided by Party A, and the price
specified in 1.3 of this agreement, purchasing by Party A or by one or more persons designated by Party A (the “Designated Persons”) at any time from Party B of its all or part of the equity interest (“Purchase Right of Equity
Interest”) of Party C. Besides Party A and the Designated Persons, any third party does not have such Purchase Right of Equity Interest. Party C hereby agrees the delivery of Purchase Right of Equity Interest from Party B to Party A. As
specified in this and this agreement, the “person” has the meaning of a person, corporation, joint venture, partnership, enterprise, trust or non-corporation organization. 
  
 1.2 Steps 
  

Upon and subject to the laws and regulations of PRC, Party A may send a written notice (the “Notice of Purchase of Equity Interest”) to Party B upon its
performance of purchase to explain in detail the way of purchase (Purchased Equity Interest). 
  
 1.3 Purchase Price t 
  
 Unless requested by the Chinese laws applicable to evaluation when Party A or its designated 

  

 
person exercise rights for purchasing equity interests, the price of the Purchased Equity Interest (“Purchase Price”) shall be RMB750, 000.

  
 1.4 Transfer of the Purchased Equity Interest Every time upon Party
A’s performance of the Purchase Right of Equity Interest: 
  
 (a) Party B
shall supervise and urge Party C to convene the shareholders meeting, and during the meeting, to pass the decision or resolution to transfer the equity interest from Party B to Party A and/or the Designated Persons; 
  
 (b) Party B shall, upon the terms and conditions of this agreement and the Notice of Purchase
of Equity Interest, enter into Equity Interest Transfer Agreement with Party A (or, in applicable situation, the Designated Persons); and 
  
 (c) The related parties shall execute all other requisite contracts, agreements or documents, acquire all requisite approval and consent of the government, and, without
any security interest, perform all requisite action to transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Person, and to cause Party A and/or the Designated Person to be the registered owner of the
Purchased Equity Interest. For this and this agreement, “Security Interest” has the meaning of security, mortgage, right or interest of the third party, any purchase right of equity interest, right of acquisition, priority purchase right,
right of set-off, ownership detainment or other security arrangements. To further define the meaning, it does not include any security interest subject to this agreement or the equity interest pledge contract of Party B. As described in this and
this agreement, “the Equity Interest Pledge Agreement of Party B” has the meaning of the Equity Interest Pledge Agreement entered into by Golden VIP and Party B dated on February 5th 2005. According to the Equity Interest Pledge Agreement, to secure Party B to perform the obligations subject to the Credit & Debt Pledge Agreement, Party
B pledges all its equity interest in Party C to Golden VIP. 
  
 1.5 Payment 
  
 Whereas contemplated in
the Credit & Debt Transfer Agreement, any proceeds gained by Party B from the transfer of its equity interest in Party C shall be used as the repayment to its loan borrowed from Party A for termination of Credit and Debt Transfer Agreement.
Therefore, except that other arrangement shall be made according to the prevailing applicable law at that time, upon the performance of the Purchase Right of Equity Interest by Party A or its designated person, the Purchase Price shall be used as
the repayment of debt from Party B to Party A arising from the debt and set off the debt of Party B. Party A or its designated person does not need to pay the Purchase Price of the equity interest to Party B anymore. 
  
 Chapter Two Promises Relating Equity Interest 
  
 2.1 Promises Relating Party C 
  
 Party C hereby promise: 
  
 (a) Without prior written consent by Party A, not, in any form, to complement, change or renew the articles of the association of Party C,
to increase or decrease registered capital of the corporation, or to change the structure of the registered capital in any other forms; 
  
 (b) Following kind finance and business standard and tradition, to maintain the exist of the corporation, prudently and effectively operate business and process affairs;

  
 (c) Without prior written consent by Party A, not, dated from the execution
date of this agreement, to sale, transfer, mortgage or dispose in any other form any assets, legitimate or beneficial interest of business or income of Party C, or to approve any other security interest set on it; 
  

 (d) Without prior written notice by Party A, no debt shall take place, be inherited, be guaranteed, or be allowed to
exist, with the exception of: (i) debt from normal or daily business but not from borrowing; and (ii) debt having been disclosed to Party A or having gained written consent from Party A; 
  
 (e) To normally operate all business to maintain the asset value of Party C, without doing or otherwise any action that sufficiently affects
the operation and asset value; 
  
 (f) Without prior written consent by Party A,
not to enter into any material contract, with the exception of the contract entered into during the normal business (as in this paragraph, a contract with a value more than a hundred thousand Yuan (RMB100,000) shall be deemed as a material
contract); 
  
 (g) Without prior written consent by Party A, not to provide loan
or credit loan to anyone; 
  
 (h) Upon the request of Party A, to provide all
operation and finance materials relevant to Party C; 
  
 (i) Without prior written
consent by Party A, Party C shall not to merger or associate with any person, or purchase any Person or invest in any Person; 
  
 (j) To notify Party A immediately the occurrence or the probable occurrence of the litigation, arbitration or administrative procedure related to the assets, business and
income of Party C; 
  
 (k) In order to keep the ownership of Party C to all its
assets, to execute all requisite or appropriate documents, do all requisite or appropriate action, and advance all requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 
  
 (l) Without prior written notice by Party A, not to assign stock interests to shareholders in
any form, but upon the request of Party A, to assign all its assignable profits to their own shareholders; 
  
 2.2 Promises Relating Party B 
  
 Party B promises: 
  
 (a) Without prior written consent by Party A, dated from the execution date of this agreement, not to sale, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or
to approve any other security interest set on it, with the exception of the pledge set on the equity interest of Party B subject to Equity Interest Pledge Agreement of Party B; 
  
 (b) Without prior written notice by Party A, not to cause the Board of Shareholders commissioned by Party C not to approve or execute any
approving document to, sale, transfer, mortgage or dispose in any other form any legitimate or beneficial interest of equity interest, or to approve any other security interest set on it, with the exception of such actions made to Party A or the
designated person of Party A; 
  
 (c) To cause the Board of Shareholders
commissioned by it not to approve or execute any approving document for Party C to, with no prior written notice by Party A, merger or associate with any person, or purchase any person or invest in any person; 
  
 (d) To notify Party A the occurrence or the probable occurrence of the litigation,
arbitration or administrative procedure related to the equity interest owned by it; 
  
 (e) To cause the Board of Shareholders commissioned by it to vote to approve the transfer of the Purchased Equity Interest subject to this agreement; 
  

 (f) In order to keep its ownership of the equity interest, to execute all requisite or appropriate documents, do all
requisite or appropriate action, and advance all requisite or appropriate accusation, or make requisite or appropriate plea for all claims; 
  
 (g) Upon the request of Party A, to commission any person designated Party A to be the member of the board of directors of Party C; 
  
 (h) Upon the request of Party A at any time, to immediately transfer its equity interest to
the representatives designated by Party A unconditionally and at any time, and abandon its prior purchase right of such equity interest transferring to another available shareholder; 
  
 (i) To prudently comply with the terms and conditions of this agreement and other agreements entered into totally or respectively by Golden
VIP, Party B, Party C and Party A., to actually perform all obligations under these agreements, without any action or inaction that sufficiently affects the validity and enforceability of these agreements; 
  
 2.3 Promises Relating Party D 
  
 Considering Party B has impawned the stockholder’s right of Party C, hold by Party B,
to Party D. Party D agrees that in case Party A exercises the right of purchasing stockholder’s right during the validity period of Equity Interest Pledge Agreement, Party B shall transfer the stockholder’s right to Party A or other
appointed personnel in accordance with the agreement, the aforesaid transformation shall not be bound by the regulation that the transformation of Party B’s stockholder’s right shall be limited, in the Equity Interest Pledge Agreement.

  
 3. Representations and Warranties

  
 Representations and Warranties of Party B and Party C

  
 Dated as of the execution date of this agreement and every
transferring date, Party B and Party C hereby represents and warrants together and respectively to Party A as follows: 
  
 (a) It has the power and ability to enter into and deliver this agreement, and any equity interest-transferring agreement (“Transferring Agreement”,
respectively) having it as a party, for every single transfer of the purchased equity interest according to this Agreement, and to perform its power and rights of obligations under this agreement and any Transferring Agreement. Upon execution, this
agreement and the Transferring Agreements having it as a party constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 
  
 (b) The execution, delivery of this agreement and any Transferring Agreement and performance of the obligations under this agreement and any
Transferring Agreement do not: (i) cause to violate any relevant laws of PRC; (ii) constitute a conflict with its articles of association or other organizational documents; (iii) cause to breach any contract or instruments to which it is a party or
having binding obligation on it, or cause to breach any contract or instruments to which it is a party or having binding obligation on it; (iv) cause to violate relevant authorization of any consent or approval to it and/or any continuing valid
condition; or (v) cause any consent or approval authorized to it to be suspended, removed, or into which other requests be added; 
  
 (c) Party C bears the kind and sellable ownership of all assets. Party C does not set any security interest on the said assets; 
  
 (d) Party C does not have any undischarged debt, with the exception of (i) debt from its
normal business; and (ii) debt having been disclosed to Party A and having gained written consent from Party A; 
  

 (e) Party C abides by all laws and regulations of P.R.C applicable to the purchase of assets; 
  
 (f) No litigation, arbitration or administrative procedure relating to equity interest,
assets of Party C or the corporation is underway or to be decided or to probably take place; and 
  
 (g) It bears the kind and sellable ownership of its equity interest, it does not set any security interest on the said assets. 
  

4. Effective Date 
  
 This agreement shall be executed and established as of the date first set forth above by each party hereto, and come into effect as of the date of Party B’s
completing the change of 75% equity interest transferred to Party B from Party C. 
  
 5. Applicable Law and Dispute Resolution 
  

5.1 Applicable Law 
  
 The execution, validity, construing and performance of this agreement, and resolution of the disputes under this agreement, shall be in accordance with officially
published and publicly attainable protect and domination of laws (the following called “PRC laws”). Issues not regulated by the PRC laws shall apply international legal rules and conventions. 
  
 5.2 Dispute Resolution 
  
 (a) Any dispute, tangle or claim arising from the agreement or relating with the agreement
(including any issue relating with the existence, validity or termination of the agreement) should be submitted to China International Economic and Trade Arbitration Commission (the “Arbitration Commission”). Arbitration Commission shall
conduct arbitration in accordance with the current effective rules of arbitration application. The arbitration award shall be final and binding upon both parties. 
  
 (b) Arbitration place shall be Beijing, PRC. 
  
 (c) Arbitration language shall be English. 
  
 (d) The court of arbitration shall compose of three arbitrators. Both parties should respectively appoint an arbitrator, the chairman of the court of arbitration shall be
appointed by both parties through consultation. In case both parties do not coincide in opinion of the person selected for the chief arbitrator within twenty days from the date of their respectively appoint a arbitrator, the director of Arbitration
Commission shall have right to appoint the chief arbitrator. The chief arbitrator shall not be Chinese citizen or United State citizen. 
  
 (e) Both parties agreed that the court of arbitration established according to the regulation shall have right to provide actually performed relief on the proper
situation according with PRC Law (including but not being limited to Law of Contract of the People’s Republic of China). For the avoidance of doubt, both parties further that any court having jurisdiction (including PRC Court) shall carry out
the arbitral award of actual performance issued by the court of arbitration. 
  
 (f) Both parties agreed to conduct arbitration in accordance with this regulation, and irrepealably abstain the right to appeal, reexamine or prosecute to national court or other administration of justice in any form, and the precondition
shall be that the aforesaid waiver is effective. However the waiver of both parties does not include any post-arbitration injunction, post-arbitration distress warrant or other command issued by any court having jurisdiction (including PRC Court)
for terminating the arbitration procedure or carrying out any arbitral award. 
  

 6. Taxes and Expenses 
  
 Every party shall, according to laws of PRC, bear any and all transferring and registering
taxes, costs and expenses for the preparation and execution of this Agreement and all Transferring Agreements, and those arising from or imposed on the party, to complete the transactions of this Agreement and all Transferring Agreements.

  
 7. Notices 
  
 This agreement requests that notices or other communications sent by any party or
corporation shall be written in Chinese or English, and be delivered in person, by mail or telecopy to other parties at the following addresses or other specified addresses noticed by other parties to the party. The date deemed to be duly given or
made shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as having been duly given or made; (b) for notices delivered by mail, the tenth day of the delivery date of air certified mail with postage
prepaid (as shown on stamp) or the fourth day of the delivery date to an internationally certified delivery institution shall be deemed as having been duly given or made; and (c) for notices by telecopy, the receipt date showed on the delivery
confirming paper of the relevant document shall be deemed as having been duly given or made. 
  
 8. Confidentiality 
  
 Both the parties admit and confirm any oral or written materials exchanged by the parties relating to this agreement are confidential. Both parties shall maintain the
secrecy and confidentiality of all such materials. Without written approval by the other party, the party shall not disclose to any third party any relevant materials, but with the exception of the following: (a) the public know or may know such
materials (but not disclosed by the party accepting the materials); (b) materials needed to be disclosed subject to ordinance or listing rules or precedents of stock exchange; or (c) any party necessarily discloses materials to its legal or
financial consultant relating the transaction of this agreement, and this legal or financial consultant shall have the obligation of confidentiality similar to that set forth in this. The breach of the obligation of confidentiality by staff or
employed institution of any party shall be deemed as the breach of such obligation by that party, and by whom the liabilities for breach shall be bored. No matter this agreement may terminate by any reason, this shall continue in force and effect.

  
 9. Further Warranties 
  
 The Parties to the agreement agree to promptly execute documents reasonably requisite to the
performance of the provisions and the aim of this agreement or documents beneficial to it, and to take actions reasonably requisite to the performance of the provisions and the aim of this agreement or actions beneficial to it. 
  
 10. Miscellaneous 
  
 10.1 Amendment, Modification and Supplement

  
 Upon amendment, modification and supplement of this agreement shall be subject
to the written agreement executed by each party. 
  
 10.2 Observance of Laws and Regulations 
  
 The parties of the
contract shall observe and make sure the operation of each party fully observe all laws and regulations of PRC officially published and publicly gainable. 
  

 10.3 Entire Contract 
  
 Except the written amendment, supplement and modification of this agreement following the
date of execution, this agreement constitute the entire contract of the parties hereto with respect to the object hereof and supersedes all prior oral or written agreements, representation and contracts with respect to the object hereof. 

 
 10.4 Headings 
  
 The headings contained in this agreement are for convenience of reading only and shall not
affect the interpretation, explanation or in any other way the meaning of the provisions of this agreement. 
  
 10.5 Language 
  
 This agreement is executed in Chinese in quadruplication. 
  
 10.6 Severability 
  
 If any one or more provisions of this agreement are judged as invalid, illegal or nonenforceable in any way according to any laws or regulations, the validity, legality
and enforceability of other provisions hereof shall not be affected or impaired in any way. All parties shall, through sincere consultation, urge to replace those invalid, illegal or nonenforceable provisions with valid ones, and from such valid
provisions, similar economic effects shall be tried to reach as from those invalid, illegal or non-enforceable provisions. 
  
 10.7 Successor 
  
 This Contract shall bind and benefit the successor of each party and the transferee allowed by each party. 
  
 10.8 Survival 
  
 (a) Any obligation taking place or at term hereof prior to the end or termination ahead of the end of this agreement shall continue in force
and effect notwithstanding the occurrence of the end or termination ahead of the end of the agreement. 
  
 (b) Item 5, Item 7 and Item 10.8 hereof shall continue in force and effect after the termination of this agreement. 
  
 10.9 Waiver 
  
 Any party to this agreement may waive the terms and conditions of this agreement. Such waiver shall be valid only if set forth in an instrument in writing signed by the
party or parties to be bound thereby. Any waiver by a party to the breach hereof by other parties in certain situation shall not be construed as a waiver to any similar breach by other parties in other situation. 
  
 (No text hereunder) 
  

 IN WITNESS THEREFORE, the parties hereof have caused this agreement to be executed by their duly authorized
representatives as of the date first written above. 
  
 Party A: Raytime
Consultant Limited 

			
		
	Signature of Authorized Representative:	 	 /s/

	
	 Party B: Raymond Huang

			
		
	 Signature:
	 	 /s/

  
 Party C: Beijing Zhongming VIP
Marketing Consultants Co., Ltd. 

			
		
	 Official Seal:
	 	 /s/

			
		
	 Signature of Authorized Representative:
	 	 /s/

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