Document:

Exhibit 4.36

 

AMENDED AND RESTATED

INTELLECTUAL PROPERTY RIGHT LICENSE AGREEMENT

 

This Amended and Restated Intellectual Property Right License Agreement (the “Agreement”) entered in Beijing the People’s Republic of China (the “PRC”, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan, for the purposes of this Agreement), dated December 4, 2013, by and between

 

(1)                                 The Licensor: Beijing Wole Technology Co., Ltd.

Legal Address: Suite 1201, Building 18, Avenue 17, Middle of Jiuxianqiao Road, Chaoyang District, Beijing, PRC

Legal Representative:  Zhou Juan

 

and

 

(2)                                 The Licensee: Guangzhou Qianjun Technology Co., Ltd.

Legal Address: Room 802, No. 36 Jianzhong Road, Tianhe District, Guangzhou, PRC

Legal Representative: Liu Jian

 

WHEREAS:

 

A.                                    The Licensor, a wholly foreign-owned enterprise registered in Beijing under the laws of the PRC, is the lawful owner of the domain names, registered trademarks and non-patent technology (software) listed in Exhibit 1 of this Agreement (the “Intellectual Property Rights Under the Agreement”) ;

 

B.                                    The Licensee, a limited liability company registered in Beijing under the laws of the PRC, is licensed to engage in the business of providing value-added telecommunications services;

 

C.                                    The Licensor agrees to license the Intellectual Property Rights Under the Agreement to the Licensee in accordance with the terms and conditions set forth herein and the Licensee agrees to accept the license on the terms and conditions set forth herein;

 

NOW THEREFORE, on the basis of mutual benefit and friendly negotiation, the Licensor and the Licensee agree as follows:

 

1A.                             EFFECTIVE DATE

 

This Agreement shall be effective from December 4, 2013 (the “Effective Date”).

 

 

1.                                      Grant of License

 

1.1                               The Intellectual Property Rights under the Agreement

 

Under the terms and conditions hereinafter set forth, the Licensor hereby grants to the Licensee and the Licensee accepts from the Licensor, a non-exclusive license, to use parts of or all of the Intellectual Property Rights under the Agreement, in the Licensee’s operations in the PRC. Without the Licensor’s consent, the Licensee shall not, by license, assignment or in any other manner, permit a third party to use the Intellectual Property Rights under the Agreement.

 

1.2                               Scope

 

1.2.1                     The Licensee shall only use the Intellectual Property Rights under the Agreement in its own normal business operations. Without the Licensor’s consent, the Licensee shall not use the Intellectual Property Rights under the Agreement for any other purpose or when providing services to any third party.

 

1.2.2                     The License in this Agreement is effective in the PRC and other territories where the Licensor may grant the Licensee in writing from time to time (“Licensed Territory”). The Licensee agrees that it will not make, or authorize, any direct or indirect use of the Intellectual Property Rights under the Agreement in any regions other than the Licensed Territory.

 

1.3                               Licensee’s confirmation

 

The Licensee confirms that it does not have any rights, titles or interests of the Intellectual Property Rights under the Agreement except the rights, titles and interests provided for under this Agreement.

 

1.4                               Prohibitions

 

Licensee undertakes that, at any time either during or after the Term, it shall not:

 

1.4.1                     commit any act which affects the rights of Licensor in relation to any of the Intellectual Property Rights Under the Agreement; or

 

1.4.2                     apply for the registration of any of the Intellectual Property Rights Under the Agreement or any similar intellectual property right in any country or region in the world.

 

 

2.                                      Payment

 

The Licensee agrees to pay to the Licensor license fees determined in accordance with the calculation method and the form of payment as set forth in Exhibit 2.

 

3.                                      Goodwill

 

The Licensee recognizes the value of the goodwill associated with the Intellectual Property Rights under the Agreement and the relevant rights, and acknowledges that the Intellectual Property Rights under the Agreement and goodwill (including but not limited to the goodwill deriving from the Licensee’s use) pertaining thereto shall be the sole and exclusive property of the Licensor.

 

4.                                      Confidentiality

 

4.1                               The Licensee shall protect and maintain the confidentiality of any and all confidential data and information, including without limitation all technological, financial, human resource, strategic and any other relevant information of the other Party, acknowledged or received by the Licensee by accepting licensing of the Intellectual Property Rights Under the Agreement from the Licensor (collectively the “Confidential Information”). Upon termination or expiration of this Agreement, the Licensee shall, at the Licensor’s option, return all and any documents, information or software containing any of such Confidential Information to the Licensor or destroy it and delete such Confidential Information from any electronic devices. The Licensee shall not disclose, grant or transfer any Confidential Information to any third party and will not use the Confidential Information without the Licensor’s written consent. The Licensee shall disclose the Confidential Information to the necessary employees, agents or consultants using measures reasonably calculated to ensure the security of the Confidential Information, and shall urge the necessary employees, agents or consultants to observe the obligations under this Agreement.

 

4.2                               The above limitations shall not apply to the situations as follows:

 

4.2.1                     the Confidential Information has become available to the public and such availability was not due to the Licensee’s disclosure of it;

 

4.2.2                     the Licensee acquired the Confidential Information directly or indirectly from other sources before receiving it from the Licensor;

 

 

4.2.3                     where the Confidential Information is required by law to be disclosed, or, based on general operational needs, should be disclosed to legal or financial advisors.

 

4.3                               This Article 4 shall survive the termination, rescinding or modification of this agreement.

 

5.                                      Representations and Warranties

 

5.1                               The Licensor represents and warrants as follows:

 

5.1.1                     the Licensor is a company duly registered and in good standing under the applicable laws of the PRC;

 

5.1.2                     the Licensor, subject to its business scope, has full right, power, authority and capacity and all necessary consents and approvals of any third party and government authorities to execute and perform this Agreement, which shall not be against any enforceable and effective laws or contracts;

 

5.1.3                     upon its execution, this Agreement will constitute a legal, valid and binding agreement of the Licensor and will be enforceable against the Licensor in accordance with its terms;

 

5.1.4                     the Licensor is the lawful owner of the Intellectual Property Rights under the Agreement. The Licensor shall have sole and exclusive rights and interests in any intellectual property rights (including without limitation to copyright, trademark right, patent, know-how and trade secrets, etc.) in connection with the Intellectual Property Rights under the Agreement.

 

5.2                               The Licensee represents and warrants as follows:

 

5.2.1                     the Licensee is a company duly registered and in good standing under the applicable laws of the PRC, and is approved by the relevant authorities to provide the value-added telecom service;

 

5.2.2                     the Licensee, subject to its business scope, has full right, power, authority and capacity and all necessary consents and approvals of any third party and government authorities to execute and perform this Agreement, which shall not be against any enforceable and effective laws or contracts;

 

5.2.3                     the Licensee will not use or authorize the use of any Intellectual Property Rights Under the Agreement or symbols which the Licensor judges, at its sole discretion, to be similar to the

 

 

Intellectual Property Rights Under the Agreement and could cause confusion.

 

5.2.4                     the Agreement will constitute a legal, valid and binding agreement of the Licensee and will be enforceable against the Licensee in accordance with its terms upon its execution.

 

6.                                      The Licensee further represents and warrants as follows

 

6.1                               The Licensee agrees that it will not, during the term of this Agreement, or thereafter, attack the rights of Licensing or any rights of the Licensor in and to the Intellectual Property Rights under the Agreement or attack the validity of this Agreement, or otherwise take or fail to take any action that impairs such rights or license.

 

6.2                               The Licensee agrees to assist the Licensor to the extent necessary in the procurement of any protection or to protect any of the Licensor’s rights to the Intellectual Property Rights under the Agreement. In the event any third party lodges a claim concerning the Intellectual Property Rights Under the Agreement, the Licensor, if it so desires, may commence or prosecute any claims or lawsuits in its own name or in the name of the Licensee or join the Licensee as a party thereto. In the event any third party infringes on the above mention Intellectual Property Rights Under the Agreement, the Licensee shall notify the Licensor in writing of any infringements, or imitation by others of the Intellectual Property Rights Under the Agreement which may come to the Licensee’s attention, and the Licensor shall have the sole right to determine whether or not any action shall be taken on account of any such infringements.

 

6.3                               The Licensee further agrees to use the Intellectual Property Rights Under the Agreement only in accordance with this Agreement and shall not use the Intellectual Property Rights Under the Agreement in any way that, in the opinion of the Licensor, is deceptive, misleading or in any way damaging to such Intellectual Property Rights Under the Agreement or the reputation of the Licensor.

 

6.4                               Without the Licensor’s consent, the Licensor may not, and may not license a third party to, modify, improve or develop the licensed software hereunder in any manner.  During the effective protection period of the licensed software, the Licensee agrees that, to the extent permitted by the PRC laws, if there are any results from its modification or improvement to the licensed software or any new software developed based on the licensed software (collectively the “Improved Software”), any ownership (including without limitation copyright) of such Improved Software as well as any rights and interests relating to such ownership shall belong to the

 

 

Licensor.  Notwithstanding any contrary provisions in the PRC laws providing that ownership to the Improved Software shall belong to the Licensee, the Licensee covenants and agrees to transfer the ownership on the Improved Software to the Licensor without consideration.

 

7.                                      Quality

 

The Licensee shall use its best efforts to ensure that its operations protect and enhance the reputation of the Intellectual Property Rights Under the Agreement.

 

8.                                      Promotion Material

 

In all cases where the Licensee makes promotion material involving the Intellectual Property Rights under the Agreement, the production costs of such material thereof shall be borne by the Licensee. All copyrights or other intellectual property rights of such material concerning the Intellectual Property Rights under the Agreement thereto shall be the sole and exclusive property of the Licensor whether developed by the Licensor or the Licensee.

 

The Licensee agrees not to advertise or publicize any of the Intellectual Property Rights under the Agreement on radio, television, papers, magazines, the Internet without the prior written consent of the Licensor.

 

9.                                      Effective Date and Term

 

9.1                               This Agreement has been duly executed when it is duly signed by an authorized representative of each party and shall be effective as of the Effective Date. The term of this Agreement is 5 (five) years unless earlier terminated as set forth in this Agreement.

 

9.2                               Unless any other provisions set forth in written form, this Agreement shall be applicable to any other intellectual property rights licensed to the Licensee within the term of this Agreement. After the execution of this Agreement, the Licensor and Licensee shall review this Agreement every 3 months to determine whether to make any amendment or supplement to this Agreement.

 

9.3                               This Agreement shall be extended for 5 (five) years upon agreement of both the Licensor and the Licensee.

 

10.                               Record Filing

 

Within 3 (three) months upon the execution of this agreement, both the Licensor and the Licensee shall, in compliance with the law of China, make a record filing of the copy of the Agreement to the competent authorities. Both

 

 

the Licensor and the Licensee agree to execute or furnish the relevant documents required in line with the principal hereof and relevant laws.

 

11.                               Termination

 

11.1                        This Agreement shall expire on the date due or the date when the Licensor’s right of ownership terminates unless this Agreement is extended as set forth above.

 

11.2                        Without prejudice to any legal or other rights or remedies of the party that requests for termination of this Agreement, any party has the right to terminate this Agreement immediately with written notice to the other party in the event the other party materially breaches this Agreement including without limitation to Sections 6.1, 6.2, 6.3 and 6.4 of this Agreement and fails to cure its breach within 30 days from the date it receives written notice of its breach from the non-breaching party.

 

11.3                        During the term of this Agreement, the Licensor may terminate this Agreement at any time with a written notice to the Licensee 30 days before such termination. The Licensee shall not terminate this Agreement in prior.

 

11.4                        Article 3, 4, 6, 15 and 16 shall survive the termination or expiration of this Agreement.

 

12.                               Force Majeure

 

12.1                        Force Majeure means any event that is beyond the party’s reasonable control and cannot be prevented with reasonable care including but not limited to the acts of governments, nature, fire, explosion, typhoon, flood, earthquake, tide, lightning and war. However, any shortage of credit, capital or finance shall not be regarded as an event of Force Majeure. The party affected by Force Majeure shall notify the other party without delay.

 

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 measures 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, and the affected party will not be responsible to such performance and will only be responsible to the delayed parts of performance. After the event of Force Majeure is

 

 

removed, both the Licensor and the Licensee agree to resume the performance of this Agreement with their best efforts.

 

13.                               Notices

 

Notice or other communications required to be given by any party pursuant to this Agreement shall be written in English and Chinese and shall be deemed to be duly given when it is delivered personally or sent by registered mail or postage prepaid mail or by a recognized courier service or by facsimile transmission to the address set forth below.

 

The Licensor: Beijing Wole Technology Co., Ltd.

 

Address       :          32/F, Tower A, Eagle Run Plaza, No. 26 Xiaoyun Road, Chaoyang District, Beijing, PRC

Fax              :  +86-10-65813558

Tel               :  +86-10-65812118

Addressee    :  Zhou Juan

 

The Licensee: Guangzhou Qianjun Technology Co., Ltd.

 

Address       :          Room 802, No. 36 Jianzhong Road, Tianhe District, Guangzhou, PRC

Fax              :  +86-20-85520333

Tel               :  +86-20-22001976

Addressee    :         Liu Jian

 

14.                               Re-Transfer, Re-License

 

This agreement and all the rights and duties hereunder are personal to the Licensee. The Licensee agrees that it will not assign, lease or pledge to any third party without the written consent of the Licensor.

 

15.                               Settlement Of Disputes

 

15.1                        The Licensor and the Licensee shall strive to settle any disputes arising from the interpretation or performance of this Agreement through negotiations in good faith. In the event that no settlement can be reached through negotiation within 30 days after one party issues a negotiating notice, either party may submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”). The arbitration shall follow the current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the Licensor and the Licensee and shall be enforceable in accordance with its terms.

 

 

15.2                        Except for the issue under dispute, both the Licensor and the Licensee shall perform their own duties under the Agreement in good faith.

 

16.                               Applicable Law

 

The execution, validity, performance, interpretation and any disputes in respect of this Agreement shall be governed and construed by the laws of the PRC.

 

17.                               Amendment And Supplement

 

Any amendment and supplement of this Agreement shall come into force only after a written agreement is signed by both the Licensor and the Licensee. The amendment and supplement duly executed by both the Licensor and the Licensee shall be part of this Agreement and shall have the same legal effect as this Agreement.

 

This Agreement amends and restates the Trademark License Agreements entered into by the Licensor and the Licensee on April 30, 2006 (“Previous Agreement”). In the event of any discrepancy between this Agreement and the Previous Agreement, this Agreement shall prevail to the extent of the discrepant provisions.

 

18.                               Entire Agreement

 

This Agreement and all the agreements and/or documents referenced or specifically included herein constitute the entire agreement between the Licensor and the Licensee in respect of the subject matter hereof and supersede all prior oral or written agreements, contract, understanding and correspondence among them.

 

19.                               Severability

 

Any provision of this Agreement that is invalid or unenforceable due to the violation of relevant laws in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability, without affecting in any way the remaining provisions hereof.

 

20.                               Waiver

 

Any waiver of any rights, powers, or privileges under this Agreement shall not be deemed as a waiver of those rights, powers or privileges hereunder in the future or any other rights, powers or privileges hereunder then or in the future. Any whole or partial performance of any rights, powers, or privileges hereunder shall not exclude the performance of any other rights, power, or privileges hereunder.

 

 

21.                               Exhibits

 

The Exhibits referred to in this Agreement are an integral part of this Agreement and have the same legal effect as this Agreement.

 

[The space below is intentionally left blank.]

 

 

IN WITNESS WHEREOF, the Licensor and the Licensee hereto have caused this Agreement to be duly executed on their behalf by a duly authorized representative as of the date first written above.

 

 

	
The Licensor: Beijing Wole Technology   Co., Ltd.
    	
 
    
	
(Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/seal/
    	
 
    
	
By:
    	
/s/ Zhou Juan
    	
 
    
	
Authorized Representative: Zhou Juan
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
The Licensee: Guangzhou Qianjun Technology   Co., Ltd.
    	
 
    
	
(Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/seal/
    	
 
    
	
By:
    	
/s/ Liu Jian
    	
 
    
	
Authorized Representative: Liu Jian
    	
 
    

 

 

EXHIBIT 1

 

LIST OF LICENSED INTELLECTUAL PROPERTY RIGHTS UNDER THE AGREEMENT

 

Related software

 

 

EXHIBIT 2

 

CALCULATION METHOD AND FORM OF PAYMENT OF LICENSE FEE

 

1.                                      Both the Licensor and the Licensee agree that, in consideration of the Intellectual Property Rights Under the Agreement which the Licensor licenses to the Licensee, the Licensee shall pay the Licensor license fees.  The amount, payment method and classification of the license fees and other relevant issues shall be determined based on the precondition that they facilitate the Licensor’s securing of all preferential treatments under the PRC tax policies, and shall be agreed through consultation by both the Licensor and the Licensee based on the following factors:

 

(1)                                 the number of users purchasing the Licensee’s products or receiving the Licensee’s service;

 

(2)                                 the types and number of the Intellectual Property Rights Under the Agreement actually used by the Licensee in selling products or providing services to its users; and

 

(3)                                 other factors as agreed upon by both the Licensor and the Licensee.

 

2.                                      Such license fees shall be paid on a monthly basis.  The Licensee shall, prior to the fifteenth day of each month, pay the license fee for the previous month to the bank account designated by the Licensor, and fax or mail the copy of the remittance certificate to the Licensor after its remittance of the amount payable.

 

3.                                      If the Licensor deems the mechanism for determining license fees as stipulated hereunder to be inappropriate for whatever reason and needs to be adjusted, the Licensee shall, within seven (7) working days after receiving the written demand for such adjustment from the Licensor, conduct active and bona fide negotiations with the Licensor to ascertain new charging standards or mechanism that is based on bona fide adjustments which meet the current market conditions.  Under any circumstances, if the Licensee fails to respond to such notice within seven (7) working days of receiving of the notice, it shall be deemed to have accepted the adjustments to the license fees.

 

4.                                      No adjustment to the license fees shall affect the effectiveness hereof or the performance of both the Licensor and the Licensee’ other obligations hereunder.

 

If the Licensor considers it helpful to the business of the Licensee, the Licensor may, at its sole discretion, reduce or exempt from payment the license fee in whole or in part.Exhibit 4.37

 

AMENDED AND RESTATED

EQUITY INTEREST PLEDGE AGREEMENT

 

This Amended and Restated Equity Interest Pledge Agreement (this “Agreement”) is entered in Beijing, the People’s Republic of China (the “PRC”, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan, for the purposes of this Agreement) and dated December 4, 2013, by and between the following parties:

 

(1)                                 PLEDGEE: Beijing Wole Technology Co., Ltd.

Registered Address: Suite 209, Building 18, 18 Jiuxianqiao Middle Road, Chaoyang District, Beijing, PRC 
 Legal Representative: Zhou Juan

 

and

 

(2)                                 PLEDGOR: Huang Hui

PRC Identification Card No: 320622197212230041

Residential Address: Suite 302, No. 7, Lane 99, Urumqi Middle Road, Xuhui District, Shanghai, PRC

 

(individually a “Party” and collectively the “Parties”)

 

WHEREAS:

 

A.                     The Pledgor is a PRC citizen, and owns 20% equity interest in Guangzhou Qianjun Technology Co., Ltd. (“Qianjun”).

 

B.                     Qianjun is a limited liability company registered in Guangzhou engaging in the business of value-added telecommunication services, etc.

 

C.                     The Pledgor and the Pledgee entered into an Amended and Restated Loan Agreement on December 4, 2013, pursuant to which the Pledgee extended a loan in the amount of RMB 4,000,000 (the “Loan”) to the Pledgor (the “Loan Agreement”).

 

D.                      The Pledgee, a wholly foreign-owned company registered in Beijing, PRC, has been licensed by the PRC relevant government authority to carry on the business of research and development of computer software, etc. The Pledgee and Qianjun entered into an Amended and Restated Exclusive Technical Service Agreement on December 4, 2013, pursuant to which Qianjun is

 

 

required to pay service fees (the “Service Fees”) to the Pledgee in consideration of the corresponding services to be provided by the Pledgee (the “Service Agreement”). The Pledgee and Qianjun entered into an Amended and Restated Intellectual Property Right License Agreement on December 4, 2013, pursuant to which Qianjun is required to pay license fees (the “License Fees”) to the Pledgee in consideration of the corresponding license of the Intellectual Property Right by the Pledgee (the “License Agreement”).

 

E.                      Simultaneous with the execution of this Agreement, the Pledgor has also entered into an Amended and Restated Equity Option Agreement with the Pledgee, pursuant to which the Pledgor grants to the Pledgee an exclusive right to purchase the Equity Interest (as defined below) at any time upon satisfaction of various requirements under the PRC law (the “Option Agreement”).

 

F.                       In order to ensure that (i) the Pledgor repays the Loan under the Loan Agreement; (ii) the Pledgee collects Service Fees under the Service Agreement and License Fees under the License Agreement from Qianjun, (iii) the Pledgor’s other obligations under the Option Agreement is fulfilled, and (iv) all other debts, monetary liabilities or other payment obligations owed to the Pledgee by the Pledgor and/or Qianjun, arising under or in relation to the Service Agreement or the Loan Agreement, or the License Agreement including, but not limited to, any obligation to pay damages for a breach of any obligation of the Pledgor or Qianjun under the Loan Agreement or the Service Agreement or the License Agreement (as applicable), are paid, the Pledgor is willing to pledge all the Equity Interest (as defined below) in Qianjun to the Pledgee as security for the above-mentioned obligations of the Pledgor and Qianjun (collectively, the “Secured Obligations”).

 

In order to set forth each Party’s rights and obligations, the Pledgee and the Pledgor through mutual negotiations hereby enter into this Agreement based upon the following terms:

 

1.              Definitions

 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings:

 

1.1 “Pledge” means the full content of Section 2 hereunder.

 

1.2 “Equity Interest” means all the equity interest in Qianjun held by the Pledgor (including all present and future rights and benefits based on such equity interests), and any additional equity interests in Qianjun acquired by the Pledgor subsequent to the date hereof. For the avoidance of any doubt, on the date hereof, the Pledgor holds 20% equity interests (amounting to RMB

 

 

4,000,000) in Qianjun.

 

1.3 “Event of Default” means any event in accordance with Section 6 hereunder.

 

1.4 “Notice of Default” means the notice of default issued by the Pledgee in accordance with this Agreement.

 

2.              Pledge

 

2.1 The Pledgor hereby pledges, and if required, transfers and assigns all her rights, titles and interests in the Equity Interest in Qianjun to the Pledgee as security for all of the Secured Obligations (the “Pledge”) of an amount up to the Maximum Amount (as defined below), and grant a first priority security interest in all rights, titles and interests that she has or may at any time hereafter acquire in and to the Equity Interest, together with all equity or other ownership interests representing a dividend on the Equity Interest, a distribution or return of capital upon or in respect of such Equity Interest, any subscription, first refusal, pre-emptive or other purchase rights with respect to or arising from such Equity Interest, any voting rights with respect to such Equity Interest or any other interest in Qianjun which, by reason of notice or lapse of time or the occurrence of other events, may be converted into a direct equity interest in Qianjun, and all proceeds of the foregoing (collectively, the “Pledged Collateral”).

 

2.1.1 The Parties understand and agree that the monetary valuation arising from, relating to or in connection with the Secured Obligations shall be a variable and floating valuation until the Settlement Date (as defined below). Therefore, based on the reasonable assessment and evaluation by the Pledgor and the Pledgee of the Secured Obligations and the Pledged Collateral, the Pledgor and the Pledgee mutually acknowledge and agree that the Pledge shall aggregately secure the Secured Obligations for a maximum amount of RMB 4,000,000 (the “Maximum Amount”) prior to the Settlement Date.

 

The Pledgor and the Pledgee may, taking into account the fluctuation in the monetary value of the Secured Obligations and the Pledged Collateral, adjust the Maximum Amount based on mutual agreement by amending and supplementing this Agreement, from time to time, prior to the Settlement Date.

 

2.1.2 Upon the occurrence of any of the events below (each an “Event of Settlement”), the Secured Obligations shall be fixed at a value of the sum of all Secured Obligations that are due, outstanding and payable to

 

 

the Pledgee on or immediately prior to the date of such occurrence (the “Fixed Obligations”):

 

(a)         any or all of the Loan Agreement, Service Agreement, License Agreement or the Option Agreement expires or is terminated pursuant to the stipulations thereunder;

 

(b)         the occurrence of an Event of Default pursuant to Section 6 that is not resolved, which results in the Pledgee serving a Notice of Default to the Pledgor pursuant to Section 6.3;

 

(c)          the Pledgee reasonably determines (having made due enquiries) that the Pledgor and/or Qianjun is insolvent or could potentially be made insolvent; or

 

(d)         any other event that requires the settlement of the Secured Obligations in accordance with relevant laws of the PRC.

 

2.2 For the avoidance of doubt, the day of the occurrence of an Event of Settlement shall be the settlement date (the “Settlement Date”). On or after the Settlement Date, the Pledgee shall be entitled, at the election of the Pledgee, to enforce the Pledge in accordance with Section 7.

 

2.3 The Pledgee is entitled to collect dividends or other distributions, if any, arising from the Equity Interest during the Term of the Pledge (as defined below).

 

3.              Effectiveness of Pledge, Scope and Term

 

3.1 The Pledgor shall, promptly after the execution of this Agreement, but in no event later than 60 days from the date of this Agreement, register this Agreement and the Pledge hereunder with the State Administration for Industry and Commerce of the PRC or its competent local counterpart (the “AIC”). The Pledgor shall deliver to the Pledgee a copy of the registration or filing certificate from the AIC within 7 days from the date of submission of the application for registration of this Agreement and Pledge with the AIC.

 

3.2 The Pledge shall be effective upon the registration of the Pledge with the AIC in accordance with Section 3.1 above. The term of the Pledge shall commence on the date when the Pledge is registered with the AIC and shall expire on the earlier of (a) the date on which all outstanding Secured Obligations are paid in full or otherwise satisfied (as applicable); (b) the Pledgee enforces the Pledge pursuant to the terms and conditions hereof, to satisfy its rights under the Secured Obligations and Pledged Collateral in full;

 

 

or (c) the Pledgor completes her transfer of all Equity Interest to another party (individual or legal entity) pursuant to the Option Agreement and no longer holds any Equity Interest in Qianjun (the “Term of the Pledge”).

 

4.              Representations and Warranties of the Pledgor

 

The Pledgor hereby makes the following representations and warranties to the Pledgee and confirms that the Pledgee executes this Agreement in reliance on such representations and warranties:

 

4.1 The Pledgor is the legal owner of the Equity Interest that has been registered in her name, and is entitled to create a pledge on such Equity Interest.

 

4.2 None of the Pledged Collateral or the Pledge will be interfered with by any other pledgee at any time once the Pledgee exercises the rights of the Pledge in accordance with this Agreement.

 

4.3 The Pledgee shall be entitled to dispose or assign the Pledge in accordance with the relevant laws and this Agreement.

 

4.4 All necessary authorizations have been obtained for the execution and performance of this Agreement by the Pledgor and the execution and performance of this Agreement by the Pledgor does not violate any applicable laws or regulations. The Pledgor’s representative, who will execute this Agreement, has been duly authorized.

 

4.5 The Pledgor warrants that there is no on-going civil, administrative or criminal litigation or administrative punishment or arbitration related to the Equity Interest and is not aware of any such action pending or likely to be pending in the future as of the date of this Agreement.

 

4.6 There are no outstanding taxes, fees or undecided legal procedures related to the Equity Interest as of the date of this Agreement.

 

4.7 Each stipulation hereunder is the expression of each Party’s true intention and shall be binding upon all the Parties.

 

5.              Covenants of the Pledgor

 

5.1 The Pledgor covenants to the Pledgee that she shall:

 

5.1.1 not transfer or assign the Equity Interest, or create or permit to be created any pledge, lien, charge, mortgage, encumbrance, option, security or other interest in or over the Equity Interest that has been

 

 

registered in her name, other than the Pledge created hereunder and the option granted under the Option Agreement, without the prior written consent from the Pledgee;

 

5.1.2 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 5 days upon receiving such notices, orders or suggestions and take actions in accordance with the reasonable instructions of the Pledgee; and

 

5.1.3 timely notify the Pledgee of any events or any received notices (i) which may affect the Equity Interest or any part of the Pledgee’s rights, (ii) which may change the Pledgor’s covenants or obligations under this Agreement or (iii) which may affect the Pledgor’s performance of her obligations under this Agreement, and take actions in accordance with the reasonable instructions of the Pledgee.

 

5.2 The Pledgor agrees that the Pledgee’s right of exercising the Pledge under this Agreement shall not be suspended or hampered by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor.

 

5.3 The Pledgor covenants to the Pledgee that in order to protect or perfect the security over the Secured Obligations, the Pledgor shall (i) execute in good faith and cause other parties who have interests in the Pledge to execute all the forms, instruments, agreements (including those required for the registration and de-registration of the Pledge with the AIC), and/or (ii) take actions and cause other parties who have interests in the Pledge to take actions as required by the Pledgee and (iii) allow the Pledgee to exercise the rights and authorization vested in the Pledgee under this Agreement.

 

5.4 The Pledgor agrees to promptly make or cause to be made any filings or records, give or cause to be given any notices and take or cause to be taken any other actions as may be necessary under the laws of the PRC, to perfect the Pledge of the Pledged Collateral, including the registration with the AIC set forth in Section 3.1.

 

5.5 The Pledgor covenants to the Pledgee that she will comply with and perform all the guarantees, covenants, agreements, representations and conditions for the benefits of the Pledgee. The Pledgor shall compensate for all the losses suffered by the Pledgee for such Pledgor’s failure to perform or fully perform her guarantees, covenants, agreements, representations or conditions.

 

 

6.              Events of Default

 

6.1 Each of the following shall constitute an Event of Default:

 

6.1.1 Qianjun or the Pledgor fails to make full and timely payment of any amounts due under the Secured Obligations as required under the Service Agreement, License Agreement, Loan Agreement or Option Agreement, or an event of default (as defined and stipulated in those agreements) has occurred and is continuing;

 

6.1.2 the Pledgor makes or has made any inaccurate, incomplete, misleading or untrue representations or warranties under Section 4, or is in violation or breach of any of the representations and warranties under Section 4;

 

6.1.3 the Pledgor breaches any of the covenants under Section 5;

 

6.1.4 the Pledgor breaches any other covenants, undertakings or obligations of the Pledgor sets forth herein;

 

6.1.5 the Pledgor is unable to perform her obligations under this Agreement due to the separation or merger of Qianjun with other third parties or for any other reason;

 

6.1.6 the Pledgor relinquishes all or any part of the Pledged Collateral or transfers or assigns all or any part of the Pledged Collateral without the prior written consent of the Pledgee (except the transfers or assigns permitted under the Option Agreement);

 

6.1.7 any indebtedness, guarantee or other obligation of the Pledgor, whether pursuant to a contract or otherwise, (i) is accelerated as a result of a default thereunder and is required to be repaid or performed prior to the due date; or (ii) has become due and is not repaid or performed when due which, in the Pledgee’s reasonable view, has materially adversely affected the Pledgor’s ability to perform her obligations under this Agreement;

 

6.1.8 this Agreement is illegal as a result of any applicable laws or the Pledgor is restricted from continuing to perform her obligations under this Agreement;

 

6.1.9 any approval, permit, license or authorization from any applicable governmental entity (or registration or filing procedure) required for Qianjun to provide value-added telecommunications services in the PRC is withdrawn, suspended, invalidated or materially amended;

 

 

6.1.10 any approval, permit, license or authorization from any applicable government authority required to perform this Agreement or make this Agreement enforceable, legal and valid is withdrawn, suspended, invalidated or materially amended; or

 

6.1.11 any property owned by the Pledgor is altered or damaged which, in the Pledgee’s reasonable view, has materially adversely affected the Pledgor’s ability to perform her obligations under this Agreement.

 

6.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware or finds that any event set forth in Section 6.1 or any events that may result in the foregoing events have occurred or are occurring.

 

6.3 Unless an Event of Default set forth in Section 6.1 has been rectified to the Pledgee’s satisfaction, the Pledgee, at any time the event of default occurs or thereafter, may give a written notice of default to the Pledgor, and dispose the Pledge in accordance with Section 7 herein.

 

7.              Exercise of the Rights of the Pledge

 

7.1 The Pledgor shall not transfer or assign the Pledge without prior written approval from the Pledgee prior to the full settlement and fulfillment of the Secured Obligations.

 

7.2 The Pledgee shall give a notice of default to the Pledgor when the Pledgee exercises the rights of Pledge.

 

7.3 Subject to Section 6.3, the Pledgee may exercise the right to dispose of the Pledge when or at any time after the Pledgee gives a notice of default in accordance with Section 6.3.

 

7.4 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 Pledged Collateral in accordance with legal procedures until the outstanding Secured Obligation or other monetary obligations payable by the Pledgor and/or Qianjun is fully paid, repaid or otherwise settled.

 

7.5 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 its Pledge.

 

 

8.              Transfer or Assignment

 

8.1 The Pledgor shall not donate or transfer her rights and obligations herein to any third party without prior written consent from the Pledgee.

 

8.2 This Agreement shall be binding upon the Pledgor and her successors and be effective to the Pledgee and each of its successor and assignee.

 

8.3 The Pledgee may transfer or assign all Secured Obligations and her right to the Pledge to any third party 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 Secured Obligations and its rights to the Pledge, at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment.

 

8.4 After a change to the Pledgee resulting from a transfer or assignment, the new parties to the pledge shall re-execute a pledge contract.

 

9.              Term and Termination

 

This Agreement shall be effective upon its being signed by the Parties hereunder. Notwithstanding the foregoing, the Pledge (as defined in Section 2.1) shall only come into effect in accordance with Section 3 of this Agreement.

 

This Agreement shall not be terminated until the Term of the Pledge expires pursuant to Section 3 herein.

 

10.       Force Majeure

 

10.1 If this Agreement is delayed in or prevented from performing in the event of force majeure (“Force Majeure”), only within the limitation of such delay or prevention, the affected Party is absolved from any liability under this Agreement. Force Majeure, which includes acts of governments, acts of nature, fire, explosion, geographic change, 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 Party affected by Force Majeure who claims for exemption from performing any obligations under this Agreement or under any Section herein shall notify the other party of such exemption promptly and advice him of the steps to be taken for completion of the performance.

 

10.2 The Party affected by Force Majeure shall not assume any liability under this Agreement. However, subject to the Party affected by Force Majeure having taken its reasonable and practicable efforts to perform this Agreement,

 

 

the Party claiming for exemption of the liabilities may only be exempted from performing such liability as within limitation of the part performance delayed or prevented by Force Majeure. Once causes for such exemption of liabilities are rectified and remedied, both parties agree to resume performance of this Agreement with their best efforts.

 

11.       Applicable Law and Dispute Resolution

 

11.1 The execution, validity, performance and interpretation of this Agreement shall be governed by and construed in accordance with the laws of the PRC.

 

11.2 The Parties shall strive to settle any dispute arising from the interpretation or performance through friendly consultation. In case no settlement can be reached through consultation, each Party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the then current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the Parties. This article shall not be affected by the termination or elimination of this Agreement.

 

11.3 In case of any disputes arising out of the interpretation and performance of this Agreement or any pending arbitration of such dispute, each Party shall continue to perform their obligations under this Agreement, except for the matters in dispute.

 

12.       Notice

 

Any notice or correspondence, which is given by the Party as stipulated hereunder, shall be in Chinese and English writing and shall be delivered in person or by registered or prepaid mail or recognized express service, or be transmitted by telex or facsimile to the following addresses:

 

Beijing Wole Technology Co., Ltd.

	
Address
    	
:
    	
32/F, Tower A, Eagle Run Plaza, No. 26 Xiaoyun   Road, Chaoyang District, Beijing, PRC
    
	
Fax
    	
:
    	
+86-10-84680589-6358
    
	
Tele
    	
:
    	
+86-10-84680589
    
	
Addressee
    	
:
    	
Zhou Juan
    

 

Huang Hui

Address :23/F, JingAn Center, No. 8 North 3rd Ring East Road, Chaoyang District, Beijing, PRC

 

 

	
Fax
    	
:
    	
+86-10-51085666
    
	
Tele
    	
:
    	
+86-10-84481818
    

Addressee:             Huang Hui

 

13.       Appendices

 

The appendices to this Agreement constitute an integral part of this Agreement.

 

14.       Waiver

 

The Pledgee’s non-exercise or delay in exercise of any rights, remedies, power or privileges hereunder shall not be deemed as the waiver of such rights, remedies, power or privileges. Any single or partial exercise of the rights, remedies, power and privileges shall not exclude the Pledgee from exercising any other rights, remedies, power and privileges. The rights, remedies, power and privileges hereunder are accumulative and shall not exclude the application of any other rights, remedies, power and privileges stipulated by laws.

 

15.       Miscellaneous

 

15.1 Any amendments, modifications or supplements to this Agreement shall be in writing and come into effect upon being executed and sealed by the Parties hereto.

 

15.2 In case any terms and stipulations in this Agreement are regarded as illegal or can not be performed in accordance with the applicable law, such terms and stipulations shall be deemed to ineffective and not enforceable within the scope governed by the applicable law, and the remaining stipulations will remain effective.

 

15.3 This Agreement amends and restates the Equity Interest Pledge Agreement entered into by and between the Parties with respect to the Pledge of the Pledged Collateral to the Pledgee as a security for any and all Secured Obligations (the “Previous Agreement”). In the event of any discrepancy between this Agreement and the Previous Agreement, this Agreement shall prevail to the extent of the discrepant provisions.

 

[The space below is intentionally left blank.]

 

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 date first written

 

 

above.

 

 

	
PLEDGEE: Beijing Wole Technology   Co., Ltd.
    	
 
    
	
(Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/seal/
    	
 
    
	
By:
    	
/s/ Zhou Juan
    	
 
    
	
Authorized Representative: Zhou Juan
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
PLEDGOR: Huang Hui
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Huang Hui

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