Document:

The Second Amended and R.E.I.P. Agreemnet between eLongNet and Raymond Huang

 Exhibit 4.47 
  
 Second Amended and Restated Equity Interests Pledge Agreement 
  
 This Amended and Restated Equity Interests Pledge Agreement (the “Agreement”) is
entered into on the day of December 30, 2004 by and between the following parties: 
  
 Pledgee: eLongNet Information Technology (Beijing) Co., Ltd. 
 Address: 10 Jiuxianqiao Road, Chaoyang District, Beijing 
 Legal Representative: Tang Yue 
  
 Pledgor: Raymond Huang 
 ID No.: 11010819751101971X 

Address: Room 2305, Guanzhuang Yangguanghuayuan International Mansion-D, Chaoyang District, Beijing 
  
 WHEREAS: 
  
 (1). The Pledgor owns 12.5% of the equity interest in Beijing eLong Information Technology Co., Ltd. (hereinafter “Beijing
eLong”). Beijing eLong is a wholly domestic-owned company registered under the People’s Republic of China (hereinafter “China”) laws and regulations and qualified to engage in Internet information service business and operate the
website of www.elong.com (hereinafter “eLongNet”); 
  
 (2). The Pledgee and Beijing eLong entered into Exclusive Technical Consulting and Services Agreement on the date of February 1, 2001 and entered into the Supplementary Agreement of Exclusive Technical Consulting and Services Agreement on
the date of August 22,2003 (the Exclusive Technical Consulting and Services Agreement and the relevant Supplementary Agreement hereinafter “Service Agreement”). Both parties amend and restate the Service Agreement in further
on July 20, 2004, in which the Pledgee agreed that Pledgee has the exclusive right to provide Beijing Information with technical services relating to its website operations; 
  
 (3). The Pledgee and Beijing eLong signed an Amended and Restated Trademark License Agreement (“Trademark License Agreement”) on
July 20, 2004, the Pledgee agrees that Beijing eLong shall use some trademarks in accordance with the agreement; 
  
 (4). The Pledgee and Beijing eLong signed an Amended and Restated Domain Name License Agreement (“Domain Name License Agreement”) on July 20, 2004, the Pledgee
agrees that Beijing eLong shall use some domain names in accordance with the agreement; 
  
 (5). The Pledgee, Qu Zhi with former possession of 25% equity interest in Beijing eLong and Beijing eLong signed an Amended and Restated Business Operation Agreement (“Business Operation Agreement”) on July 20, 2004. According to
the agreement, Beijing eLong agrees not to conduct any business probably taking great effect on the capital, debt or right of the Pledgee, without the prior written consent of the Pledgee; 
  
 (6) The Pledgee and Beijing eLong signed an Amended and Restated Cooperation Agreement
(“Cooperation Agreement”) on July 20, 2004. According to the agreement, Beijing eLong agrees to cooperate with the Pledgee, and make joint efforts to engage the online hotel reservation through www.elong.com and the relevant
business; 
  
 (7) According to the Stock Transfer and Debt Transfer Agreement
signed between Party C, Party D and Qu Zhi on December 30th 2004, the Pledgor is assigned with the 25% equity
interest in Beijing eLong by Qu Zhi and pro rata the entire credit-debt relationship with Beijing eLong incurred from Qu Zhi. 
  

 (8) In order to make sure that Beijing eLong performs the obligations of payment for the technical service and software
license of eLongNet’s operation, and performs the obligations related with the Pledgee in “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation Agreement” and “Cooperation
Agreement”, the Pledgor inherits the Amended and Restate Equity Interests Pledge Agreement signed with the Pledgee and Qu Zhi, and the Pledgor is willing to pledge all of its equity interest in Beijing eLong to the Pledgee. 
  
 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 Beijing eLong legally held by the Pledgor. 
  
 1.3 Rate of
Pledge means the ratio between the value of the pledge under this Agreement and the exclusive technical consulting and service fees under the Technical Service Agreement signed between Beijing eLong and the Pledgee and any supplement thereto.

  
 1.4 Term of Pledge means the period provided for under Article 3.2 hereunder.

  
 1.5 Service Agreement means the Exclusive Technical Consulting and Service
Agreement entered into by and between Beijing eLong and the Pledgee on the date of February 1, 2001 and the Supplementary Agreement of Exclusive Technical Consulting and Service Agreement entered into on the date of August 22, 2003, and the further
amendment and restatement of the aforesaid agreement on the date of July 20, 2004. 
  
 1.6 Event of Default means any event in accordance with Article 7.1 hereunder. 
  
 1.7 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 Beijing eLong 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 auction or sale of the equity interests pledged by the Pledgor to the Pledgee. 
  
 3. Rate Of Pledge And Term Of Pledge 
  
 3.1 The rate of Pledge 
  
 3.1.1 The rate of pledge shall be 100% 
  

 3.2 The term of Pledge 
  
 3.2.1 This Agreement shall take effect as of the date when the equity interests under this Agreement are recorded in the Register of Shareholder of Beijing eLong and
registered with the competent Administration for Industry and Commerce. The term of the Pledge is the same with the term of Service Agreement. 
  
 3.2.2 During the period, the Pledgor shall be entitled to dispose the Pledge in accordance with this Agreement in the event that Beijing eLong fails to pay exclusive
technical Consulting and service fee or software license in accordance with the Service Agreement or fails to perform the obligations of “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation
Agreement “or “Cooperation Agreement”. 
  
 4. Physical Possession Of Documents/Pledge Register 
  
 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 Beijing eLong to the Pledgee within one week 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 record in
the shareholder’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 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 Beijing eLong fails to
make full payment of the exclusive technical consulting and service fees and software license fees as scheduled under the Service Agreement; or fails to perform the obligation of “Trademark License Agreement”, “Domain Name License
Agreement”, “Business Operation Agreement” or “Cooperation 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’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; 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 successors or assignees of the Beijing eLong are only entitled to
perform a portion of or refuse to perform the payment liability under the Service Agreement; 
  
 7.1.10 The default resulted in the action or inaction of Pledgor’s breaching the other Articles of this Agreement; 
  

 7.1.11 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 the Pledgor to immediately make full payment of the overdue service fees and software license under the Service Agreement and other payables
or perform the obligation of “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation Agreement” or “Cooperation Agreement”, or dispose the Pledge in accordance with Article 8
herein. 
  
 8. Exercise Of The Right Of The
Pledge 
  
 8.1 In case Beijing eLong does not fully repay the aforesaid
technical service fees and software license fees of the Service Agreement, and does fully perform the obligations of “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation Agreement” or
“Cooperation Agreement”, the Pledgor shall not transfer or assign the pledge without prior written approval from the Pledgee prior to the full repayment of the consulting and service fee under the Service Agreement. Unless the two parties
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 following conditions are met: 
  
 (1) All the consulting and service fees and software license fees under the Service Agreement
are paid off (2) Beijing eLong has fully perform all the obligations under “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation Agreement” and “Cooperation Agreement”, or the
aforesaid obligations are terminated. And (3) Beijing eLong does not perform the obligations under “Trademark License Agreement”, “Domain Name License Agreement”, “Business Operation Agreement” and “Cooperation
Agreement”. 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 American 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. 

 
 15. Appendices 
  
 15.1 The appendices to this Agreement are entire and integral part of this Agreement.

  
 16. Effectiveness 
  
 16.1 This agreement and any amendments, modification, supplements, additions or changes
hereto shall be in writing and are founded upon being executed and sealed by the parties hereto, and become effective as of the date of the Pledgor having completed change in equity holding transferred from Qu Zhi to the Pledgor. 
  

 16.2 The original of this Agreement is written in duplicate in Chinese, one copy held by each party and both originals
having the same legal effect. 
  
 (No text hereunder) 
  
 In witness whereof the parties hereto have caused this Agreement to be duly executed on their
behalf by a duly authorized representative as of the Effective Date first written above. 
  
 The Pledgee: eLongNet Information Technology (Beijing) Co., Ltd. 
 Signature of Authorized Representative: Tang
Yue 

			
		
	 Official Seal:
	 	 /s/

  
 The Pledgor: Raymond Huang

			
		
	 Signature:
	 	 /s/

  
 Appendices 
  
 1. Register of Shareholders of Beijing eLong Information Technology Co., Ltd; 
  
 2. Certificate of Capital Contribution of Beijing eLong Information Technology Co., Ltd;

  
 3. Services Agreement; 
  
 4. Trademark License Agreement; 
  
 5. Domain Name License Agreement; 
  
 6. Business Operation Agreement; and 
  
 7. Cooperation Agreement.The S.A.and R.B.O. Agmt among eLongNet, Beijing Asia Media, J.Tang, and L.Dong

 Exhibit 4.48 
  
 Second Amended and Restated Business Operation Agreement 
  
 This Amended and Restated Business Operation Agreement (hereinafter the “Agreement”) is entered into on the day of Dec 30, 2004
(hereinafter the “Effective Date”) among the following parties: 
  
 eLong Net Information Technology (Beijing) Co., Ltd. (hereinafter “Party A”) 
  
 Address: 10 Jiuxianqiao Street, Chaoyang District Beijing 
 Legal Representative: Justin Tang 
  
 Beijing Asia Media Interactive Advertising Co. Ltd (hereinafter “Party B”)

 Address: 203, Xingke Plaza-B, 10 Jiuxianqiao Street, Chaoyang District Beijing 
 Legal Representative: Justin Tang 
  
 Justin Tang. (hereinafter “Party C”) 
 Address: Room 23A No. 1 Building, Yujing Garden, No.5 Shoutudong Street, 
 Chaoyang District, Beijing 
 ID No.: 3201061971032121236 
  
 Linda Dong. (hereinafter “Party D”) 
  
 Address: No.19, Building 18, Hepinglierqu, Dongcheng District, Beijing 
 ID No.: 1101011760608202 
  
 WHEREAS: 
  
 (1) Party A is a wholly
foreign-owned enterprise with valid existence registered in the People’s Republic of China (hereinafter the “PRC”); 
  
 (2) Party B is a limited company registered under the law of PRC and engages in advertising business; 
  
 (3) Party A and Party B established the business relationship by entering into the Advertising Technology Consultancy and Services Agreement
(hereinafter the “Services Agreement”) on the date of February 1, 2001 in Beijing; 
  
 (4) Pursuant to Services Agreement between Party A and Party B, Party B shall pay a certain amount of money to Party A. However, Party B’s business operation will substantially affect Party A’s payment
capability; 
  
 (5) Party C is a shareholder of Party B who owns 75% equity in
Party B; 
  
 (6) Party A, Party B, Party C and Qu Zhi signed Amended and Restated
Business Operation Agreement on July 20th 2004 to clearly define the matters related to business of Party B.

  
 (7) In accordance with the Equity Transfer and Debt Transfer Agreement signed
between Party D and Qu Zhi, the former shareholder previously holding 25% the equity interest of Party B on December 30th 2004, Party D is ready to be assigned the 25% equity interest of Party B from Qu Zhi and any credit and debt relationship formed between investment of Qu Zhi in Party B. 
  
 (8) To reflect Party D’s succession of Amended and Restated Business Operation Agreement signed between Qu Zhi and Party A, Party B and
Party C on July 20th 2004, Party A, Party B, Party C and Party D hereby make a second amendment and restatement to
the Business Operation Agreement as described in this agreement. 
  

 NOW THEREFORE, Party A, Party B, Party C and Party D through mutual negotiations hereby agree as follows:

  
 1. In order to ensure Party B’s normal operation, Party A agrees, subject
to Party B’s satisfaction of the relevant provisions herein, to act as the guarantor for Party B in the contracts, agreements or transactions in association with Party B’s operation between Party B and any other third party and to provide
full guarantee for Party B in performing such contracts, agreements or transactions. Party B agrees to mortgage the receivables of its operation and the company’s whole asset to Party A as a counter guarantee. Pursuant to the above guarantee
arrangement, Party A, as the guarantor for Party B, shall respectively enter into written guarantee contracts with Party B’s counter parties to assume the guarantee liability. 
  
 2. In consideration of the requirement of Article 1 herein and to ensure the performance of the various operation agreements between Party A
and Party B and to ensure the payment of the various payables by Party B to Party A, Party B together with its shareholders Party C and Party D hereby jointly agree that Party B shall not conduct any transaction which may materially affect its
assets, obligations, rights or the company’s operation unless the obtainment of a prior written consent from Party A, including without limitations to the following contents: 
  
 2.1 To borrow money from any third party or assume any debt (including contingent liability) from any third party; 
  
 2.2 To sell to any third party or acquire from any third party any assets or rights,
including without limitations to any intellectual property rights; 
  
 2.3 To
provide any security interest, financial burden or priority right for any third party with part or entire of its assets or intellectual property rights; and 
  
 2.4 To assign to any third party the agreements entered into with respect to part or entire of its business or any of its business. 
  
 3. Appointment of the Company’s Employees 
  
 3.1 In order to ensure the performance of the various operation agreements between Party A
and Party B and to ensure the payment of the various payables by Party B to Party A, Party B together with its shareholders Party C and Party D hereby jointly agree to accept the provision of the corporate policies and guidance by Party A at no time
in respects of appointment and dismissal of the company’s employees, the company’s daily operation administration and the company’s financial administrative system. 
  
 3.2 Party B together with its shareholders Party C and Party D hereby jointly agree that Party B, Party C and Party D shall only appoint the
personnel recommended by Party A as the directors of Party B, and Party B shall engage Party A’s high ranking officers or any other candidate recommended by Party A as Party B’s general manager, chief financial officer, and other high
ranking officers. If any of the above officers leaves or is fired by Party A, he or she will lose the qualification to undertake any positions in Party B and Party B, Party C and Party C shall appoint other high officers recommended by Party A to
undertake such position. 
  
 4. Guarantees for Working Capital 

 
 The guarantee for the loan of working capital Party B together with its shareholders Party
C and Party D hereby jointly agree and confirm that except the stipulation set forth in Article 1 herein, Party B shall seek a guarantee from Party A first if Party B needs any guarantee for its performance of any contract or loan of working capital
in the course of operation. In this case, Party A shall have the right but not the obligation to provide appropriate guarantee to Party B on its own discretion. If Party A decides not to provide such guarantee, Party A shall issue a written notice
to Party B immediately and Party B shall seek a guarantee from other third party. 
  

 5. Termination 
  
 5.1 In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have the right but not the obligation to terminate all
agreements between Party A and Party B including without limitation to Services Agreement. 
  
 5.2 Party A has right to terminate the agreement by delivering 30 days’ written notice to Party B at any time. During the validity period of the agreement, except the regulations in the applicable law. Party B
and Party C and Party D should not terminate the agreement in advance, 
  
 6.
Compensation for Damage 
  
 All the parties agree that any party violating
any obligation of the agreement shall compensate any or all loss, responsibility, expense, claim or expenditure (including without limitation to legal expense and expenditure), to any other party (Hereinafter “Party Accepting
Compensation”), and guarantee that the Party Accepting Compensation shall not receive any damage. 
  
 7. Settlement of Distribution 
  
 7.1 The
agreement shall be under the jurisdiction of the law of PRC, and be explained in accordance with the law of PRC. 
  
 7.2 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. 
  
 7.3 Arbitration place shall be in Beijing, PRC. 
  
 7.4 Arbitration language shall be English. 
  
 7.5 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. 
  
 7.6 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 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. 
  
 7.7 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. 
  

 8. Effectiveness of the Agreement 
  
 8.1 This Agreement shall be executed as of the date first set forth above and become effective since the date that Qu Zhi has completed its
transference of equity interest change to Party D. The Agreement shall remain effective during existence of Party A (including any extended period). 
  
 8.2 Any amendment and supplement of this Agreement shall be in a written form. The amendment and supplement after being duly executed by each Party shall be part of this
Agreement and shall have the same legal effect as this Agreement. 
  
 8.3 This
Agreement is executed by Chinese in quadruplicate and each party holds one copy, which shall have the same legal effect. 
  
 (No text hereunder) 
  

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed by Parties to this Agreement
or on their behalf by a duly authorized representative as of the Date first written above. 
  
 Party A: eLongNet Information Technology (Beijing) Co., Ltd. 

			
		
	Signature of Authorized Representative:	 	 /s/

			
		
	Official Seal:	 	/s/

  
 Party B: Beijing Asia Media
Interactive Advertising Co. Ltd 

			
		
	Signature of Authorized Representative:	 	/s/

			
		
	Official Seal:	 	/s/

  
 Party C: Justin Tang

			
		
	Signature:	 	/s/

  
 Party D: Linda Dong 

			
		
	Signature:	 	/s/

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