Document:

Indenture regarding the guaranteed senior secured floating rate notes due 2010

 Exhibit 10.4 
 EXECUTION COPY 
  

 XINYUAN REAL ESTATE CO., LTD. 
 GUARANTEED
SENIOR SECURED 
 FLOATING RATE NOTES DUE 2010 
  

 INDENTURE 
 Dated April 13, 2007 
  

 The Hongkong and Shanghai Banking Corporation Limited 
 as Trustee 
  

 This INDENTURE dated April 13, 2007 is by and among XINYUAN REAL ESTATE CO., LTD., a company
incorporated with limited liability in the Cayman Islands (the “Company”), the Guarantor (as defined below) and The Hongkong and Shanghai Banking Corporation Limited, as trustee (the “Trustee”).

 The Company has duly authorized the creation of an issue of Guaranteed Senior Secured Floating Rate Notes due 2010 (the
“Notes”) of the amount and substantially the tenor hereinafter set forth and, to provide therefor, the Company has duly authorized the execution and delivery of this Indenture. All things necessary to make the Notes, when
duly issued and executed by the Company, and authenticated and delivered hereunder, the valid obligations of the Company, and to make this Indenture a valid and binding agreement, in accordance with its terms, of the Company, have been done. The
Company, the Guarantor and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes issued under this Indenture: 
 ARTICLE 1. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 
 For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 “Account
Agreement” means the onshore account agreement dated as of the Issue Date by and among the WFOE and Industrial and Commercial Bank of China, Zhengzhou Branch, as account bank. 
 “Additional Amounts” means such additional amounts as required to be paid by the Company in accordance with
Section 4.31. 
 “Additional Assets” means: 
 (a) any Property (other than cash, Cash Equivalents and securities) to be owned by the Company or any of its Subsidiaries and used in
a Related Business; or 
 (b) Capital Stock of a Person that becomes a Subsidiary of the Company as a result of the
acquisition of such Capital Stock by the Company or another Subsidiary of the Company from any Person other than the Company or an Affiliate of the Company; provided, however, that, in the case of clause (b), such Subsidiary is primarily
engaged in a Related Business. 
 “Additional Interest” means an annual rate of interest equal to 0.5% payable on the
outstanding Notes if the Company fails to deliver to the Collateral Agent an Officers’ Certificate with the required written evidence pursuant to Section 4.32, such interest accruing from and including the relevant date in
Section 4.32 (or, if Interest has been paid since such date, from and including the most recent Interest Payment Date thereafter) to but excluding each date of payment thereof until the earlier of (x) the filing of WFOE Share Pledge
with the MOFCOM (or, if approved by the MOFCOM, all subsequent filings with the SAFE, the SAIC and any other PRC Governmental Authorities (to the extent required by law to perfect a security interest)) and (y) the repayment in full of the
Notes. 
 “Affiliate” of any specified Person means: 
 (a) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person, or 
 (b) any other Person who is a director or officer of: 
 (1) such specified Person, 
 (2) any Subsidiary of such specified Person, 

 (3) any Person described in clause (a) above, or 
 (c) any spouse, parent, child, brother or sister of any Person described in clauses (a) or (b) above. 
 For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of
Section 4.12 and Section 4.14 and the definition of “Additional Assets” only, “Affiliate” shall also mean any Beneficial Owner of shares representing 5% or more of the total voting power of the Voting
Stock (on a fully diluted basis) of the Company or of rights or warrants to purchase such Voting Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such Beneficial Owner pursuant to the first sentence
hereof. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent, Calculation Agent or
the Collateral Agent, and collectively they are referred to herein as “Agents”. 
 “Applicable Procedures”
means, with respect to any transfer, redemption or exchange of or for beneficial interests in any Global Note, the rules and procedures of Euroclear and Clearstream that apply to such transfer, redemption or exchange. 
 “Asset Sale” means any sale, lease, transfer, issuance or other disposition (or series of related sales, leases, transfers,
issuances or dispositions) by the Company or any of its Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a “disposition”), of

 (a) any shares of Capital Stock of a Subsidiary of the Company (other than directors’ qualifying shares), or

 (b) any other Property of the Company or any of its Subsidiaries outside of the ordinary course of business of the
Company or such Subsidiary, 
 other than, in the case of clause (a) or (b) above, 
 (1) any disposition by a Subsidiary of the Company to the Company or by the Company or one of its Subsidiaries to a Wholly Owned
Subsidiary, 
 (2) any disposition that constitutes a Permitted Investment or Restricted Payment permitted by
Section 4.10, 
 (3) any disposition effected in compliance with the first paragraph of
Section 5.01, 
 (4) any disposition of inventory (including, without limitation, residential units held for sale
in the ordinary course of business), receivables and other current assets of the Company or any of its Subsidiaries (including properties under development for sale and completed properties for sale) in the ordinary course of business, or inventory
or other property that in the reasonable judgment of the Company have become uneconomic, obsolete or worn out, 
 (5) the sale
or discount of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business, and 
 (6) any disposition in a single transaction or a series of related transactions of assets for aggregate consideration and with a Fair Market Value of less than $1.0 million. 
  

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 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at any
date of determination, 
 (a) if such Sale and Leaseback Transaction is a Capital Lease Obligation, the amount of Debt
represented thereby according to the definition of “Capital Lease Obligations,” and 
 (b) in all other
instances, the present value (discounted at the weighted average interest rate implicit in the Sale and Leaseback Transaction, compounded annually in the most recently completed twelve months) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended). 
 “Average Life” means, as of any date of determination, with respect to any Debt or Preferred Stock, the quotient obtained by dividing: 
 (a) the sum of the product of the numbers of years (rounded to the nearest one-twelfth of one year) from the date of determination to
the dates of each successive scheduled principal payment of such Debt or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by 
 (b) the sum of all such payments. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors, or the law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation,
reorganization or relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and
Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as such term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have
beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition or passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means (1) except as set out in clause (3), in respect of a corporation, the board of directors of the corporation, or (except if used in the definition of “Change of Control”) any
duly authorized committee thereof; (2) except as set out in clause (3), in respect of any other Person, the board or committee of that Person serving an equivalent function; and (3) in the case of each PRC Subsidiary other than the WFOE,
one executive director. 
 “Board Resolution” of a Person means a copy of a resolution (in form and substance
satisfactory to the Trustee) certified by the secretary (or individual performing comparable duties) of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 

“Calculation Agent” means initially The Hongkong and Shanghai Banking Corporation Limited until a successor replaces The
Hongkong and Shanghai Banking Corporation Limited in accordance with Section 2.03 hereof and thereafter means the successor serving hereunder. 
 “Capital Expenditures” means expenditures (whether paid in cash or other consideration or accrued as a liability and including that portion of Capital Lease Obligations which is capitalized on
the consolidated balance sheet of the Company and its Subsidiaries) by the Company and its Subsidiaries that, in conformity with GAAP, are included in “additions to property, plant and equipment” or as capitalized internally developed
software or comparable items reflected in the consolidated balance sheet of the Company and its Subsidiaries, excluding, however, (i) the application of insurance loss proceeds and (ii) the purchase, development, construction or
improvement of real estate or land-use rights used in a Related Business. 
  

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 “Capital Lease Obligations” means any obligation under a lease that is required
to be capitalized for financial reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.11 a Capital
Lease Obligation shall be deemed secured by a Lien on the Property being leased. 
 “Capital Stock” means, with
respect to any Person, any shares or other equivalents (however designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in
such Person, including Preferred Stock, but excluding any debt security convertible or exchangeable into such equity interest. 
 “Capital Stock Sale Proceeds” means the aggregate cash proceeds received by the Company from the issuance or sale (other than to a Subsidiary of the Company or an employee stock ownership plan or trust established by
the Company or any such Subsidiary for the benefit of their employees) by the Company of its Capital Stock (other than Disqualified Stock) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’ or placement
agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
 “Cash Balance” means cash and Cash Equivalents in hand or at a bank or financial institution and credited to an account in the
name of the Company or any Subsidiary of the Company and to which the Company or such Subsidiary is alone beneficially entitled and has sole control. 
 “Cash Equivalents” means any of the following: 
 (a) Investments
in U.S. Government Securities maturing within 180 days of the date of acquisition thereof; 
 (b) Investments in
time deposit accounts, certificates of deposit and money market deposits maturing within 90 days of the date of acquisition thereof issued by a bank or trust company organized under the laws of the United States of America or any state
thereof having capital, surplus and undivided profits aggregating in excess of $500 million and whose long-term debt is rated “A” or higher according to Moody’s or S&P (or such similar equivalent rating by at least one
“nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)); 
 (c) repurchase obligations with a term of not more than 7 days for underlying securities of the types described in clause (a) entered into with: 
 (1) a bank meeting the qualifications described in clause (b) above, or 
 (2) any primary government securities dealer reporting to the Market Reports Division of the Federal Reserve Bank of New York;

 (d) Investments in commercial paper, maturing not more than 90 days after the date of acquisition, issued by a
corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America with a rating at the time as of which any Investment therein is made of “P-1” (or higher) according to
Moody’s or “A-1” (or higher) according to S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act));

  

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 (e) direct obligations (or certificates representing an ownership interest in such
obligations) of any state of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of such state are pledged and which are not callable or redeemable at the issuer’s
option, provided that: 
 (1) the long-term debt of such state is rated “A-3” or “A-” or
higher according to Moody’s or S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)), and 
 (2) such obligations mature within 180 days of the date of acquisition thereof; and 
 (f) time deposit accounts, certificates of deposit and money market deposits with (i) Bank of China, Industrial and Commercial Bank
of China, China Construction Bank and China Merchants Bank or (ii) any other bank or trust company organized under the laws of the PRC whose long-term debt is rated as high or higher than any of those banks. 
 “Change of Control” means the occurrence of any of the following events: 
 (a) the Permitted Holders cease to be the Beneficial Owners directly or indirectly, of at least 27.5% of the total voting power of
the Voting Stock of the Company or are no longer the Beneficial Owners of the largest percentage of voting power of the Voting Stock of the Company, or if Mr. Zhang does not otherwise have the ability to control the Company, whether as a result
of the issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company, any direct or indirect transfer of securities by the Permitted Holders or otherwise (for purposes of this clause (a), the Permitted
Holders will be deemed to beneficially own any Voting Stock of a specified corporation held by a parent corporation so long as the Permitted Holders beneficially own, directly or indirectly, in the aggregate a majority of the total voting power of
the Voting Stock of such parent corporation and “control” means the ability, directly or indirectly, to influence any decision of, or to direct or cause the direction of, the management and policies of the Company, including, without
limitation, decisions pertaining to operations and maintenance); or 
 (b) whether as a result of the issuance of
securities of the Company, any merger, consolidation, liquidation or dissolution of the Company, persons holding a majority of the Voting Stock of the Company prior to such transaction hold less than a majority of the Surviving Person’s Voting
Stock after such transaction; or 
 (c) the sale, transfer, assignment, lease, conveyance or other disposition, directly
or indirectly, of all or substantially all of the Property of the Company and its Subsidiaries, considered as a whole (other than a disposition of such Property as an entirety or virtually as an entirety to a Wholly Owned Subsidiary or one or more
Permitted Holders), shall have occurred, or the Company merges, consolidates or amalgamates with or into any other Person (other than one or more Permitted Holders) or any other Person (other than one or more Permitted Holders) merges, consolidates
or amalgamates with or into the Company, in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other Property, other than any such transaction
where: 
 (1) the outstanding Voting Stock of the Company is reclassified into or exchanged for other Voting Stock of the
Company or for Voting Stock of the Surviving Person, and 
 (2) the holders of the Voting Stock of the Company
immediately prior to such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the Company or the Surviving Person immediately after such transaction and in substantially the same proportion as before the
transaction; or 
  

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 (d) Continuing Directors cease for any reason to constitute a majority of the Board
of Directors then in office; or 
 (e) the shareholders of the Company shall have approved any plan of liquidation or
dissolution of the Company. 
 “Clearstream” means Clearstream Banking, société anonyme, and any
successor thereto. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 
 “Collateral” means all the collateral described in the Security Documents. 
 “Collateral Agent” means The Hongkong and Shanghai Banking Corporation Limited, and any successor collateral agent appointed
pursuant to the terms of this Indenture. 
 “Commission” means the U.S. Securities and Exchange Commission.

 “Common Depositary” means, with respect to the Notes issuable or issued in global form, the Person specified in
Section 2.03(b) hereof as the Common Depositary to Euroclear and Clearstream with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provisions of
this Indenture. 
 “Common Shares” means any stock of any class of the Company which has no preference in respect of
dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. 
 “Company” is defined in the preamble. 
 “Consolidated Current Assets” means, at any time, the consolidated current assets of the Company and its consolidated Subsidiaries as of such time. 
 “Consolidated Current Liabilities” means, at any time, (a) the consolidated current liabilities of the Company and its
consolidated Subsidiaries plus (b) the current liabilities of any Person (other than the Company or a consolidated Subsidiary of the Company) that are guaranteed by the Company or any of its consolidated Subsidiaries, all as of such time.

 “Consolidated Interest Expense” means, for any period, the total interest expense (excluding tax) of the Company
and its consolidated Subsidiaries (whether paid or accrued), plus, to the extent not included in such total interest expense, and to the extent Incurred by the Company or its Subsidiaries, without duplication, 
 (a) interest expense attributable to leases constituting part of a Sale and Leaseback Transaction and to Capital Lease Obligations,

 (b) amortization of debt discount and debt issuance cost, including commitment fees, but excluding debt issuance costs
attributable solely to the warrants issued contemporaneously with the Notes, 
 (c) capitalized interest, 
 (d) non-cash interest expense, 
 (e) commissions, discounts and other fees and charges owed with respect to letters of credit and banker’s acceptance financing, 
 (f) net costs associated with Hedging Obligations (including amortization of fees), 
  

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 (g) Disqualified Stock Dividends (other than dividends payable in Capital Stock
other than Disqualified Stock), 
 (h) Preferred Stock Dividends (other than dividends payable in Capital Stock other
than Disqualified Stock) of Subsidiaries, 
 (i) interest accruing on (x) any Debt of any other Person to the extent
such Debt is guaranteed by the Company or any of its Subsidiaries (other than Pre-Registration Mortgage Guarantees), and (y) any Debt of any other Person secured by assets or property of the Company or any of its Subsidiaries, and 

(j) the cash contributions to any employee stock ownership plan or similar trust, if any and to the extent such contributions are
used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with Debt Incurred by such plan or trust. 
 “Consolidated Interest Expense Coverage Ratio” means, as of any date of determination, the ratio of: 
 (a) the aggregate amount of EBITDA for the most recent four consecutive Fiscal Quarters ending at least 45 days prior to such determination date to 
 (b) Consolidated Interest Expense for such four Fiscal Quarters; 
 provided, however, that: 
 (1) if 
 (A) since the beginning of such period the Company or any of its Subsidiaries has Incurred any Debt that remains outstanding or
Repaid any Debt, or 
 (B) the transaction giving rise to the need to calculate the Consolidated Interest Expense
Coverage Ratio is an Incurrence or Repayment of Debt, 
 Consolidated Interest Expense for such period shall be calculated after giving effect
on a pro forma basis to such Incurrence or Repayment as if such Debt was Incurred or Repaid on the first day of such period, provided that, in the event of any such Repayment of Debt, EBITDA for such period shall be calculated as if
the Company or such Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to Repay such Debt, and provided further that the amount of Debt Incurred under revolving credit facilities
shall be deemed to be the average daily balance of such Debt during such period (or any shorter period in which such facilities are in effect) and 
 (2) if 
 (A) since the beginning of such period the Company or any of its
Subsidiaries shall have made any Asset Sale or an Investment (by merger or otherwise) in any Subsidiary of the Company (or any Person which becomes a Subsidiary of the Company) or an acquisition of Property which constitutes all or a substantial
part of an operating unit of a business, 
 (B) the transaction giving rise to the need to calculate the Consolidated
Interest Expense Coverage Ratio is such an Asset Sale, Investment or acquisition, or 
 (C) since the beginning of such
period any Person (that subsequently became a Subsidiary of the Company or was merged with or into the Company or any Subsidiary of the Company since the beginning of such period) shall have made such an Asset Sale, Investment or acquisition,

  

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 then EBITDA for such period shall be calculated after giving pro forma effect to such Asset Sale,
Investment or acquisition as if such Asset Sale, Investment or acquisition had occurred on the first day of such period. 
 If any Debt bears
a floating rate of interest and is being given pro forma effect, the interest expense on such Debt shall be calculated as if the base interest rate in effect for such floating rate of interest on the date of determination had been the
applicable base interest rate for the entire period (taking into account any Interest Rate Agreement applicable to such Debt if such Interest Rate Agreement has a remaining term in excess of 12 months). In the event the Capital Stock of any
Subsidiary of the Company is sold during the period, the Company shall be deemed, for purposes of clause (1) above, to have Repaid during such period the Debt of such Subsidiary to the extent the Company and its continuing Subsidiaries are no
longer liable (whether directly or indirectly, contingently or otherwise) for such Debt after such sale and have not provided any security or pledged any assets with respect thereto. 
 “Consolidated Net Income” means, for any period, the net income (loss) of the Company and its consolidated Subsidiaries;
provided, however, that there shall not be included in such Consolidated Net Income: 
 (a) any net income (loss)
of any Person (other than the Company) if such Person is not a Subsidiary of the Company, except that: 
 (1) subject to
the exclusions contained in clauses (c), (d) and (e) below, equity of the Company and its consolidated Subsidiaries in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the
aggregate amount of cash distributed by such Person during such period to the Company or any of its Subsidiaries as a dividend or other distribution (subject, in the case of a dividend or other distribution to such Subsidiary, to the limitations
contained in clause (b) below), and 
 (2) the equity of the Company and its consolidated Subsidiaries in a net loss
of any such Person for such period shall be included in determining such Consolidated Net Income, 
 (b) any net income
(loss) of any Subsidiary of the Company if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions, directly or indirectly, to the Company, except that: 
 (1) subject to the exclusions contained in clauses (c), (d) and (e) below, the equity of the Company and its consolidated
Subsidiaries in the net income of any such Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Subsidiary during such period to the Company or another of its
Subsidiaries as a dividend or other distribution (subject, in the case of a dividend or other distribution to another Subsidiary of the Company, to the limitation contained in this clause (b)), and 
 (2) the equity of the Company and its consolidated Subsidiaries in a net loss of any such Subsidiary for such period shall be included in
determining such Consolidated Net Income, 
 (c) any gain (but not loss) realized upon the sale or other disposition of
any Property of the Company or any of its consolidated Subsidiaries (including pursuant to any Sale and Leaseback Transaction) that is not sold or otherwise disposed of in the ordinary course of business, 
 (d) any extraordinary or non-recurring gain or loss, 
 (e) the cumulative effect of a change in accounting principles, and 
  

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 (f) any non-cash compensation expense realized for grants of performance shares,
stock options or other rights to officers, directors and employees of the Company or any Subsidiary, provided that such shares, options or other rights can be redeemed at the option of the holder only for Capital Stock of the Company (other than
Disqualified Stock). 
 “Consolidated Net Worth” means the total of the amounts shown on the consolidated balance
sheet of the Company and its Subsidiaries as of (i) the end of the most recent Fiscal Quarter of the Company in the case of Section 4.16 and (ii) in all other cases, the end of the most recent Fiscal Quarter of the Company
ending at least 45 days prior to the taking of any action for the purpose of which the determination is being made, as: 
 (a) the par or stated value of all outstanding Capital Stock of the Company, plus 
 (b) paid-in capital or
capital surplus relating to such Capital Stock, plus 
 (c) any retained earnings or earned surplus, less: 
 (1) any accumulated deficit, and 
 (2) any amounts attributable to Disqualified Stock (other than the Company’s Series A Preference Shares as constituted on the Issue Date) or any equity security convertible into or exchangeable for Debt, the
cost of treasury stock and the principal amount of any promissory notes receivable from the sale of Capital Stock of the Company or any of its Subsidiaries, each item to be determined in conformity with GAAP. 
 “Consolidated Subsidiary Debt to Consolidated Total Tangible Asset Ratio” means the ratio of (a) the aggregate amount of
outstanding Debt of the Company’s consolidated Subsidiaries (other than any Debt owed by a Subsidiary of the Company to the Company or any Wholly Owned Subsidiary) to (b) the sum of the consolidated Total Tangible Assets of the Company (as
reflected in the Company’s consolidated balance sheet) as of the end of the Fiscal Quarter. 
 “Consolidated Tangible Net
Worth” means, as of any date of determination, the Consolidated Net Worth less the Intangible Assets. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors who (a) was a member of the Board of Directors on the date of this Indenture or (b) was nominated for election to the Board of Directors
by, or whose election was ratified with the approval of, a majority of the Continuing Directors who were members of the Board of Directors at the time of such nomination or election. 
 “Contractor Guarantees” means Guarantees by the Company or any Subsidiary of Debt of any contractor, builder or other similar
Person engaged by the Company or such Subsidiary in connection with the development, construction or improvement of real property, which Debt was Incurred by such contractor, builder or other similar Person solely to finance the cost of such
development, construction or improvement. 
 “Convertible Note Guarantees” means the guarantee by one or more of the
Company’s Subsidiaries of the Convertible Notes pursuant to the terms of the indenture governing the terms of the Convertible Notes. 
 “Convertible Notes” means the Company’s 2.0% Convertible Subordinated Notes due 2012 issued pursuant to that certain indenture dated
            , 2007 by and among the Company, the Guarantor and The Hongkong and Shanghai Banking Corporation Limited as Trustee. 
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.01 hereof, or
such other address as to which the Trustee may give notice to the Company. 
  

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 “Credit Facilities” means, with respect to any PRC Subsidiary, one or more debt
or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans, term loans, notes, receivables or inventory financing (including through the sale of receivables or inventory to such lenders or to
special purpose, bankruptcy remote entities formed to borrow from such lenders against such receivables or inventory) or trade letters of credit, in each case together with any Refinancings thereof by any lender or syndicate of lenders. 

“Currency Exchange Protection Agreement” means, in respect of a Person, any foreign exchange contract, currency swap
agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 
 “Custodian” means, with respect to the Notes issuable or issued in global form, the Person specified in Section 2.03(c) as Custodian with respect to the Notes, and any and all
successors thereto appointed as custodian hereunder and having become such pursuant to the applicable provisions of this Indenture. 
 “Debt” means, with respect to any Person on any date of determination (without duplication): 
 (a) the principal of and premium (if any) in respect of: 
 (1) debt of such Person for money borrowed, and

 (2) debt evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is
responsible or liable; 
 (b) all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale and
Leaseback Transactions entered into by such Person; 
 (c) all obligations of such Person representing the deferred purchase
price of Property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); 
 (d) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar
credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in (a) through (c) above) entered into in the ordinary course of business of such Person to the extent such
letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit);

 (e) the amount of all obligations of such Person with respect to the Repayment of any Disqualified Stock or, with respect
to any Subsidiary of such Person, any Preferred Stock (but excluding, in each case, any accrued dividends); 
 (f) all
obligations of the type referred to in clauses (a) through (e) above of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor,
guarantor or otherwise, including by means of any guarantee; 
 (g) all obligations of the type referred to in
clauses (a) through (f) above of other Persons secured by any Lien on any Property of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market
Value of such Property and the amount of the obligation so secured; and 
  

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 (h) to the extent not otherwise included in this definition, Hedging Obligations of
such Person. 
 Debt shall not include any capital commitments or similar obligations Incurred in the ordinary course of business in
connection with the acquisition, development, construction or improvement of real or personal property (including land use rights) to be used in a Related Business; provided that such Debt is not reflected and is not required under GAAP to be
reflected on the balance sheet of the Company or any Subsidiary (contingent obligations and commitments referred to in a note to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance
sheet). 
 The amount of Debt of any Person at any date shall be the outstanding balance, or the accreted value of such Debt in the case of
Debt issued with original issue discount, at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date.
The amount of Debt represented by a Hedging Obligation shall be equal to the net amount payable by such Person if such Hedging Obligation terminated at that time due to default by such Person. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 or 2.10 hereof, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Determination Date” means, with respect to any Interest Period, the second London Banking Day
preceding the first day of the Interest Period. 
 “Disqualified Stock” means any Capital Stock of the Company or any
of its Subsidiaries that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, in either case at the option of the holder thereof) or otherwise: 
 (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, 
 (b) is or may become redeemable or repurchaseable at the option of the holder thereof (except that any Capital Stock that would
constitute Disqualified Stock solely because the holders of such Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale shall not constitute Disqualified Stock
if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.10 hereof and such repurchase rights
are no more favorable to holders of such Capital Stock than rights under Section 4.12 and Section 4.17 granted to Holders hereunder), in whole or in part, or 
 (c) is convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock, 
 on or prior to, in the case of clause (a), (b) or (c), the first anniversary of the Stated Maturity of the Notes. 
 “Disqualified Stock Dividends” means all dividends or the distributions with respect to Disqualified Stock of the Company held by
Persons other than a Wholly Owned Subsidiary. 
  

 11 

 “Distribution Compliance Expiration Date” means the 41st day after the after the
later of (i) the day on which the Notes were first offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (ii) the Issue Date. 
 “EBITDA” means, for any period, an amount equal to, for the Company and its consolidated Subsidiaries: 
 (a) the sum of Consolidated Net Income for such period, plus the following to the extent reducing Consolidated Net Income for such period:

 (1) the provision for taxes based on income or profits or utilized in computing net loss, 
 (2) Consolidated Interest Expense, 
 (3) depreciation, 
 (4) amortization of intangibles, and 
 (5) any other non-cash items (other than any such non-cash item to the extent that it represents an accrual of, or reserve for, cash
expenditures in any future period or amortization of a prepaid cash expense paid in a period prior to the period that is subject to calculation), minus 
 (b) all non-cash items increasing Consolidated Net Income for such period. 
 Notwithstanding the
foregoing clause (a), the provision for taxes and the depreciation, amortization and non-cash items of a Subsidiary of the Company shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that
the net income of such Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Subsidiary without prior approval (that
has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Subsidiary or its shareholders. 
 “Euroclear” means Euroclear Bank, S.A./N.V., and any successor thereto. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as in effect from time to time. 
 “Fair Market Value” means, with respect to any Property at the time of
determination, the price that could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market
Value shall be determined, except as otherwise provided, 
 (a) if such Property has a Fair Market Value equal to or less than
$5.0 million, by any Officer of the Company, 
 (b) if such Property has a Fair Market Value in excess of
$5.0 million, by a majority of the Board of Directors and evidenced by a Board Resolution delivered to the Trustee, or 
 (c) if such Property has a Fair Market Value in excess of $10.0 million, by an Independent Financial Advisor and evidenced by a written opinion from such Independent Financial Advisor dated within 30 days of the relevant transaction
delivered to the Trustee. 
 “Fiscal Quarter” means each of the three month periods ending on
March 31, June 30, September 30 and December 31. 
  

 12 

 “GAAP” means United States generally accepted accounting principles as in effect
on the Issue Date, including those set forth in: 
 (a) the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants, 
 (b) the statements and pronouncements of the Financial Accounting
Standards Board, 
 (c) such other statements by such other entity as approved by a significant segment of the accounting
profession, and 
 (d) the rules and regulations of the Commission governing the inclusion of financial statements (including
pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting
staff of the Commission. 
 All ratios and computations based on GAAP contained in this Indenture will be computed in conformity with GAAP.

 “Governmental Approval” means any authorization of or by, consent of, approval of, license from, ruling of, permit
from, tariff by, rate of, certification by, exemption from, filing with (except any filing relating to the perfection of security interests), variance from, claim of, order from, judgment from, decree of, publication to or by, notice to, declaration
of or with or registration by or with any Governmental Authority, whether tacit or express. 
 “Governmental
Authority” means any federal, state, national, provincial, municipal, local, territorial or other government department, ministry (including local counterparts thereof), commission, board, agency, regulatory authority, instrumentality,
judicial or administrative body, domestic or foreign. 
 “guarantee” means any obligation, contingent or otherwise,
of any Person directly or indirectly guaranteeing any Debt of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt of such other Person (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise), or 
 (b) entered into for the purpose of assuring in any other manner the obligee against loss in respect thereof (in whole or in part);

 provided, however, that the term “guarantee” shall not include: 
 (1) endorsements for collection or deposit in the ordinary course of business, or 
 (2) a contractual commitment by one Person to invest in another Person for so long as such Investment is reasonably expected to constitute
a Permitted Investment under clause (a), (b) or (c) of the definition of “Permitted Investment.” 
 The term
“guarantee” used as a verb has a corresponding meaning. The term “guarantor” shall mean any Person Guaranteeing any obligation. 
 “Guarantee” means the Guarantee of the Notes by each of the Guarantors pursuant to Article 9 and in the form of the Guarantee attached as Exhibit B and any additional Guarantee of the Notes to be
executed by any Subsidiary of the Company pursuant to Section 4.18. 
  

 13 

 “Guarantor” means Xinyuan Real Estate and any Subsidiary of the Company that
becomes a Guarantor pursuant to Section 4.18 or who otherwise executes and delivers a supplemental indenture (in form satisfactory to the Trustee) to the Trustee providing for a Guarantee; provided that any Person constituting a
Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of this Indenture. 
 “Hedging Obligation” of any Person means any obligation of such Person pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement or any other similar agreement or
arrangement. 
 “Holder” or “holder” means a Person in whose name a Note is registered in the
Security Register. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to create, issue,
incur (by merger, conversion, exchange or otherwise), extend, assume, guarantee or become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or obligation on the balance
sheet of such Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided, however, that a change in GAAP that results in an obligation of such Person that exists at such time, and
is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of such Debt; provided further, however, that any Debt or other obligations of a Person existing at the time such Person becomes a Subsidiary
(whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; and provided further, however, that solely for purposes of determining compliance with
Section 4.09, amortization of debt discount shall not be deemed to be the Incurrence of Debt, provided that in the case of Debt sold at a discount, the amount of such Debt Incurred shall at all times be the aggregate principal
amount at Stated Maturity. 
 “Indenture” means this instrument, as originally executed or as it may from time to
time be supplemented or amended in accordance with Article 8 hereof. 
 “Independent Financial Advisor” means
an investment banking firm of international standing or any third party appraiser of international standing, provided that such firm or appraiser is not an Affiliate of the Company. 
 “Intangible Assets” shall mean as of the date of any determination thereof the total amount of all assets of the Company and its
Subsidiaries classified as goodwill, patents, trade names, trademarks, copyrights, franchises, experimental expense, organization expense, unamortized debt discount and expense, deferred assets other than prepaid insurance and prepaid taxes, the
excess of cost of shares acquired over book value of related assets and such other assets as are properly classified as “intangible assets” in accordance with GAAP. 
 “Interest”, when used with reference to the Notes, means any interest payable under the terms of the Notes, including initially a
rate of interest equal to LIBOR (as determined by the Calculation Agent from the Issue Date) plus the Margin, and including Additional Interest, if any. 
 “Interest Payment Dates” shall have the meaning set forth in paragraph 1 of each Note. 
 “Interest Period” means the period commencing on and including an Interest Payment Date and ending on and excluding the next succeeding Interest Payment Date, with the exception that the first Interest Period shall
commence on and include the Issue Date and end on and exclude October 15, 2007. 
 “Interest Rate Agreement”
means, for any Person, any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement designed to protect against fluctuations in interest rates. 
 “Investment” by any Person means any direct or indirect loan (other than advances to customers in the ordinary course of business
that are recorded as accounts receivable on the balance sheet of such Person), advance or other extension of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services for the
account or use of others, or otherwise) to, or Incurrence of a guarantee of any obligation of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. 
  

 14 

 In determining the amount of any Investment made by transfer of any Property other than cash, such
Property shall be valued at its Fair Market Value at the time of such Investment. 
 “Issue Date” means
April 13, 2007. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the PRC,
Hong Kong, the city in which the Corporate Trust Office of the Trustee is located or any other place of payment on the Notes are authorized by law, regulation or executive order to remain closed. 
 “LIBOR” means, with respect to an Interest Period, the rate (expressed as a percentage per annum) for deposits in United States
dollars for a six-month period beginning on the second London Banking Day after the Determination Date that is the average of the rates that appear on display page designated as page “LIBOR01” on the Reuter Monitor Money Rates Service and
Bloomberg page BBAM 1 as of 11:00 a.m., London time, on the Determination Date, or if only one such rate is available, such rate. If display page designated as page “LIBOR01” on the Reuter Monitor Money Rates Service and Bloomberg page
BBAM 1 do not include such a rate or are unavailable on a Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent (after
consultation with the Company), to provide such bank’s offered quotation (expressed as a percentage per annum), as of approximately 11:00 a.m., London time, on such Determination Date, to prime banks in the London interbank market for deposits
in a Representative Amount in United States dollars for a six-month period beginning on the second London Banking Day after the Determination Date. If at least two such offered quotations are so provided, LIBOR for the Interest Period will be the
arithmetic mean of such quotations. If fewer than two such quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent (after consultation with the Company), to
provide such bank’s rate (expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on such Determination Date, for loans in a Representative Amount in United States dollars to leading European banks for a
six-month period beginning on the second London Banking Day after the Determination Date. If at least two such rates are so provided, LIBOR for the Interest Period will be the arithmetic mean of such rates. If fewer than two such rates are so
provided, then LIBOR for the Interest Period will be LIBOR in effect with respect to the immediately preceding Interest Period. 
 “Lien” means, with respect to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement (other than any easement not
materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such Property (including any Capital Lease
Obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any Sale and Leaseback Transaction). 
 “London Banking Day” means any day in which dealings in United States dollars are transacted or, with respect to any future date,
are expected to be transacted in the London interbank market. 
 “Margin” means an annual rate of interest initially
equal to 6.80%. 
 “Material Adverse Effect” means a material adverse effect on (a) the property, business,
operations, financial condition, liabilities, capitalization or prospects of the Company and its Subsidiaries taken as a whole, (b) the ability of any Person to perform its payment obligations or any of its material obligations under any of the
Security Documents to which such Person is a party, (c) the validity or enforceability of any of the Security Documents, (d) the material rights and remedies of the Trustee or the Collateral Agent under any of the Security Documents or
(e) the timely payment of any principal or premium or Additional Amounts of, or interest on, or performance or compliance with any of the obligations under, any of the Notes or this Indenture. 
 “Minimum Consolidated Interest Expense Coverage Ratio” means a Consolidated Interest Coverage Ratio greater than 4.0 to 1.00.

  

 15 

 “MOFCOM” means the Ministry of Commerce of the PRC. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Mr. Zhang” means Mr. ZHANG Yong, a resident of Zhengzhou in Henan Province, PRC. 
 “Net Available Cash” from any Asset Sale means cash payments received therefrom (including any cash payments received by way of
deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Debt or other obligations
relating to the Property that is the subject of such Asset Sale or received in any other non-cash form), in each case net of: 
 (a) all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all Cayman Islands national, provincial, foreign and local taxes required to be accrued as a liability under the GAAP, as a
consequence of such Asset Sale, 
 (b) all payments made on or in respect of any Debt that is secured by any Property
subject to such Asset Sale, in accordance with the terms of any Lien upon such Property, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law, be repaid out of the proceeds from such Asset
Sale, 
 (c) all distributions and other payments required to be made to minority interest holders in Subsidiaries or
joint ventures as a result of such Asset Sale, and 
 (d) the deduction of appropriate amounts provided by the seller as
a reserve, in accordance with the GAAP, against any liabilities directly arising from the disposal of the Property in such Asset Sale and retained by the Company or any of its Subsidiaries after such Asset Sale. 
 “Notes” is defined in the preamble. 
 “Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing
any Debt. 
 “Officer” means, with respect to the Company, its Chief Executive Officer or President. 
 “Officers’ Certificate” means a certificate, in form and substance satisfactory to the Trustee, signed by two Officers (the
list of Officers and the specimen signatures of whom shall be provided to the Trustee from time to time) of the Company and which certificate meets the requirements of Section 12.04 hereof and is delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion, in form and substance satisfactory to the Trustee, from legal counsel who is
acceptable to the Trustee and which meets the requirements of Section 12.04 hereof. 
 “Participant”
means, with respect to Euroclear or Clearstream, a Person who has an account with Euroclear or Clearstream, respectively. 
 “Permitted Debt” means: 
 (a) (i) Debt of the Company evidenced by the Notes and Debt
of the Guarantors evidenced by Guarantees and (ii) Debt of the Company evidenced by the Convertible Notes and Debt of the Guarantors evidenced by the Convertible Note Guarantees, in the aggregate pursuant to this clause (a) up to $100.0
million; 
  

 16 

 (b) Debt of any PRC Subsidiary under Credit Facilities; 
 (c) Debt of the Company owing to and held by any Wholly Owned Subsidiary and Debt of any Subsidiary of the Company owing to and held
by the Company or any Wholly Owned Subsidiary; provided, however, that any subsequent issue or transfer of Capital Stock or other event that results in any such Wholly Owned Subsidiary ceasing to be a Wholly Owned Subsidiary or any
subsequent transfer of any such Debt (except to the Company or a Wholly Owned Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Debt by the issuer thereof; 
 (d) Debt of any PRC Subsidiary of the Company outstanding on the date on which such Subsidiary is acquired by the Company or
otherwise becomes a Subsidiary of the Company (other than Debt Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such
Subsidiary became a Subsidiary of the Company or was otherwise acquired by the Company), provided that at the time such Subsidiary is acquired by the Company or otherwise becomes a Subsidiary of the Company and after giving effect to the
Incurrence of such Debt, the Minimum Consolidated Interest Expense Coverage Ratio would have been complied with. 
 (e) Debt under Interest Rate Agreements entered into by the Company or a Guarantor for the purpose of limiting interest rate risk in the ordinary course of the financial management of the Company or such Guarantor and not for
speculative purposes, provided that the obligations under such agreements are directly related to and do not exceed payment obligations on Debt otherwise permitted by the terms of this Section; 
 (f) Debt under Currency Exchange Protection Agreements entered into by the Company or any of its Subsidiaries for the purpose of limiting
currency exchange rate risks directly related to transactions entered into by the Company or such Subsidiary in the ordinary course of business and not for speculative purposes; 
 (g) Debt in connection with one or more standby letters of credit, performance bonds, return of money bonds or surety bonds issued by the
Company or a Guarantor in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit not exceeding $1.0 million in the aggregate at any time;

 (h) Debt of any of the Company’s Subsidiaries outstanding on the Issue Date not otherwise described in clauses
(a) through (g) above; 
 (i) Permitted Refinancing Debt Incurred in respect of Debt Incurred pursuant to
clauses (a), (d) and (h) above (which shall not include the Shareholders’ Loan); 
 (j) Debt Incurred by
any PRC Subsidiary for the purpose of financing (i) all or any part of the purchase price of assets, real or personal property (including the lease purchase price of land-use rights) or equipment to be used in the ordinary course of business by
a Subsidiary of the Company in the Related Business, including such purchase through the acquisition of Capital Stock of any Person all or substantially all of the assets of which consist of real or personal property or equipment which will, upon
such acquisition, become a Subsidiary of the Company or (ii) all or any part of the purchase price or the cost of development, construction or improvement of real or personal property (including the lease purchase price of the land-use rights)
or equipment to be used in the ordinary course of business by a Subsidiary of the Company in the Related Business; provided, however that (A) the aggregate principal amount of such Debt shall not exceed such purchase price or cost
and (B) such Debt shall be Incurred no later than 75 days after the acquisition of such property or completion of such development, construction or improvement; 
  

 17 

 (k) Pre-Registration Mortgage Guarantees by the Company or any Subsidiary that do not
exceed 25% of the Total Tangible Assets of the Company in the aggregate at any one time outstanding; 
 (l) Debt Incurred by
any Subsidiary constituting reimbursement obligations with respect to workers’ compensation claims or self-insurance obligations or bid, performance or surety bonds (in each case other than for an obligation for borrowed money) and in any such
case Incurred in the ordinary course of business; 
 (m) Debt arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided, however, that such Debt is extinguished within five Business Days of Incurrence; and 
 (n) (i) guarantees by the WFOE or any PRC Subsidiary of Debt of any PRC Subsidiary that was permitted to be Incurred by any provision
of Section 4.09 or (ii) guarantees by any Subsidiary of the Company of Debt of another Subsidiary of the Company that was permitted to be incurred under clause (e) or (f) of this definition. 
 “Permitted Holders” means Mr. Zhang and Ms. YANG Yuyan, a resident of Zhengzhou in Henan Province, PRC, and their
respective estates, ancestors and lineal descendants, the legal representatives of any of the foregoing and the trustees of any bona fide trusts of which the foregoing are the sole beneficiaries or the grantors, or any Person of which the foregoing
“beneficially owns” (as defined in Rule 13d-3 under the Exchange Act), individually or collectively with any of the foregoing, at least 80% of the total voting power of the Voting Stock of such Person. 
 “Permitted Investment” means any Investment by the Company or any of its Subsidiaries in: 
 (a) the Company or any of its Subsidiaries engaged in a Related Business; 
 (b) any Person that will, upon the making of such Investment, become a Subsidiary of the Company, provided that the primary
business of such Subsidiary is a Related Business; 
 (c) any Person if as a result of such Investment such Person is
merged or consolidated with or into, or transfers or conveys all or substantially all its Property to, the Company or a Subsidiary of the Company, provided that such Person’s primary business is a Related Business; 
 (d) Cash Equivalents; 
 (e) receivables owing to the Company or any of its Subsidiaries, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade
terms may include such concessionary trade terms as the Company or such Subsidiary deems reasonable under the circumstances; 
 (f) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business not exceeding
$100,000 in the aggregate at any time; 
 (g) loan and advances to employees made in the ordinary course of business
consistent with past practices of the Company or such Subsidiary, as the case may be, provided that such loans and advances do not exceed $100,000 in the aggregate at any one time outstanding; 
 (h) stock, obligations or other securities received in settlement of debts created in the ordinary course of business and owing to the
Company or one of its Subsidiaries or in satisfaction of judgments; 
  

 18 

 (i) any Person to the extent such Investment represents the non-cash portion of the
consideration received in connection with (A) an Asset Sale consummated in compliance with Section 4.12 or (B) any disposition of Property not constituting an Asset Sale; 
 (j) Hedging Obligations by the Company or any Guarantor that are otherwise permitted to be incurred under this Indenture, and which
were entered into for financial management of interest rates, foreign currency exchange rates and are directly related to transactions entered into by such Person in the ordinary course of its business, and not for speculative purposes; 

(k) any Investment pursuant to Pre-Registration Mortgage Guarantees or Contractor Guarantees (other than to any Affiliate of the
Company that is not a Wholly Owned Subsidiary) by the Company or any Subsidiary that do not exceed 25% of the Total Tangible Assets of the Company in the aggregate at any one time outstanding; 
 (l) advances to contractors or suppliers (other than any Affiliate of the Company) for the acquisition of assets or consumables or
services in ordinary course of business that are recorded as deposits or prepaid expenses on the Company’s consolidated balance sheet not exceeding $100,000 in the aggregate at any time; 
 (m) deposits of pre-sale proceeds made in order to secure the completion and delivery of pre-sold properties and issuance of the related
land use title in ordinary course of business; 
 (n) deposits made in order to secure the performance of the Company or any
of its Subsidiaries in connection with the acquisition, construction, development or improvement of real property or land-use rights by the Company or any Subsidiaries in the ordinary course of business; and 
 (o) other Investments made for Fair Market Value that do not exceed $1.0 million in the aggregate outstanding at any one time. 

“Permitted Liens” means: 
 (a) Liens in favor of the Company, any Guarantor or any Wholly Owned Subsidiary; 
 (b) Liens securing, or created for the benefit of securing, the Notes, the Guarantees, the Convertible Notes and the Convertible Note Guarantees (provided, however, that any such Liens securing the Convertible Notes or
Convertible Note Guarantees are provided subsequent and junior to Liens securing the Notes and the Guarantees); 
 (c) Liens to secure Debt permitted to be Incurred under clause (b) of the definition of “Permitted Debt” and other obligations thereunder, provided that any such Lien is limited to the accounts receivable and
inventory of the PRC Subsidiary; 
 (d) Liens for taxes, assessments or governmental charges or levies on the Property of the
Company or any of its Subsidiaries if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings promptly instituted and diligently concluded,
provided that any reserve or other appropriate provision that shall be required in conformity with GAAP shall have been made therefor; 
 (e) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar Liens, on the Property of the Company or any of its Subsidiaries arising in the ordinary course of
business and securing payment of obligations that are not more than 60 days past due or are being contested in good faith and by appropriate proceedings, provided that any reserve or other appropriate provision that shall be required in
conformity with GAAP shall have been made therefor; 
  

 19 

 (f) Liens on the Property of the Company or any of its Subsidiaries Incurred in the
ordinary course of business to secure performance of obligations with respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature and Incurred in a manner consistent with
industry practice, in each case which are not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of Property or any other Debt and which do not in the aggregate
impair in any material respect the use of Property in the operation of the business of the Company or any of its Subsidiaries; 
 (g) Liens on Property at the time the Company or any of its Subsidiaries acquired such Property, including any acquisition by means of a merger or consolidation with or into the Company or any of its Subsidiaries; provided,
however, that any such Lien may not extend to any other Property of the Company or any of its Subsidiaries; provided further, that such Liens shall not have been Incurred in anticipation of or in connection with the transaction or series
of transactions pursuant to which such Property was acquired by the Company or any of its Subsidiaries; 
 (h) Liens on
the Property of a Person at the time such Person becomes a Subsidiary of the Company; provided, however, that any such Lien may not extend to any other Property of the Company or any other Subsidiary of the Company that is not a direct
Subsidiary of such Person; provided further, that any such Lien was not Incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which such Person became a Subsidiary of the Company; 

(i) pledges or deposits by the Company or any of its Subsidiaries under workers’ compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of Property or
any other Debt or for the payment of Debt) or leases to which the Company or any of its Subsidiaries is party, or deposits to secure public or statutory obligations of the Company, or deposits for the payment of rent, in each case Incurred in the
ordinary course of business; 
 (j) utility easements, building restrictions and such other encumbrances or charges
against real Property as are of a nature generally existing with respect to properties of a similar character; 
 (k) Liens existing on the Issue Date not otherwise described in clauses (a) through (j) above; 
 (l)
Liens on the Property of the Company or any of its Subsidiaries to secure any Refinancing, in whole or in part, of any Debt secured by Liens referred to in clause (g), (h) or (k) above; provided, however, that any such Lien
shall be limited to all or part of the same Property that secured the original Lien (together with improvements and accessions to such Property), and the aggregate principal amount of Debt (and other obligations thereunder) that is secured by such
Lien shall not be increased to an amount greater than the sum of: 
  

	 	(1)	the outstanding principal amount, or, if greater, the committed amount, of the Debt (and other obligations thereunder) secured by Liens described under clause (g), (h) or
(k) above, as the case may be, at the time the original Lien became a Permitted Lien under this Indenture, and 

  

	 	(2)	an amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Company or such Subsidiary in connection with such Refinancing;

  

 20 

 (m) Liens encumbering property or assets under construction in the ordinary course of
business arising from progress or partial payments by a customer of the Company or its Subsidiary relating to such property or assets; 
 (n) Liens (including extensions and renewals thereof) upon real property acquired after the Issue Date; provided that (i) such Lien is created solely for the purpose of securing Debt Incurred under clause
(j) of the definition of “Permitted Debt” and such Lien is created prior to, at the time of or within 60 days after the later of the acquisition or the completion of construction, (ii) the principal amount of the Debt secured by
such Lien shall not exceed 100% of such cost and (iii) such Lien shall not extend to or cover any property or assets other than such item of property and any improvements on such item; 
 (o) Liens on deposits of pre-sale proceeds made in order to secure the completion and delivery of pre-sold properties and issuance of the
related land use title in ordinary course of business and not securing Debt of the Company or any Subsidiary; 
 (p) Liens on
deposits made in order to secure the performance of the Company or any of its Subsidiary in connection with the acquisition of real property or land-use rights by the Company or any Subsidiary in the ordinary course of business and not securing Debt
of the Company or any Subsidiary; 
 (q) Liens to secure cash collateral in respect of Hedging Obligations pursuant to which
Merrill Lynch Capital Services, Inc. or any of its Affiliates is the counterparty; provided that such Liens in the aggregate shall not initially exceed $10.0 million; 
 (r) Liens arising from the rendering of a final judgment or order against the Company or any of its Subsidiaries that does not give rise
to an Event of Default; and 
 (s) easements, rights-of-way, municipal and zoning ordinances or other restrictions as to the
use of properties in favor of governmental agencies or utility companies that do not materially adversely affect the value of such properties or materially impair the use for the purposes of which such properties are held by the Company or any of
its Subsidiaries. 
 “Permitted Refinancing Debt” means any Debt that Refinances any other Debt, including any
successive Refinancings, so long as: 
 (i) such refinancing Debt is used to refinance the entire outstanding principal amount of the Notes,
or 
 (ii)(a) such Debt is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) not
in excess of the sum of: 
 (1) the aggregate principal amount (or if Incurred with original issue discount, the aggregate
accreted value) then outstanding of the Debt being Refinanced, and 
 (2) an amount necessary to pay any fees and expenses,
including premiums and defeasance costs, related to such Refinancing, 
 (b) the Average Life of such Debt is equal to or
greater than the Average Life of the Debt being Refinanced, 
 (c) the Stated Maturity of such Debt is no earlier than
the Stated Maturity of the Debt being Refinanced, 
  

 21 

 (d) the new Debt shall not be senior in right of payment to the Debt that is being
Refinanced, and 
 (e) the new Debt, the proceeds of which are used to Refinance the Notes or any Debt that is pari
passu with or subordinate to the Notes or a Guarantee, shall only be permitted if (A) in case the Notes are refinanced in part or the Debt to be Refinanced is pari passu with the Notes or a Guarantee, such new Debt, by its terms or
by terms of any agreement or instrument pursuant to which such new Debt is outstanding, is expressly made pari passu with, or subordinate in right of payment to, the remaining Notes or such Guarantee, or (B) in case the Debt to be
Refinanced is subordinated in right of payment to the Notes or a Guarantee, such new Debt, by its terms or by the terms of any agreement or instrument to which such new Debt is issued or remains outstanding, is expressly made subordinate in right of
payment to the Notes or such Guarantee at least to the extent that the Debt to be Refinanced is subordinated to the Notes or the Guarantee; 
 provided,
however, that Permitted Refinancing Debt shall not include the Debt of any Subsidiary that is not a Guarantor, if such Debt is used to Refinance Debt of the Company or a Subsidiary. 
 “Person” means a corporation, an association, a partnership, a limited liability company, an individual, a joint venture, a joint
stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 
 “PRC” means the People’s Republic of China, exclusive of Taiwan, Macau and Hong Kong. 
 “PRC Subsidiary” means any Subsidiary of the Company incorporated in the PRC. 
 “Pre-Registration Mortgage Guarantees” means any Guarantee by the Company or any Subsidiary in the ordinary course of business of secured loans of purchasers of properties from the Company or any Subsidiary;
provided that any such Guarantee shall be released in full on or before the perfection of security interest in such properties under applicable law in favor of the relevant lender. 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same Debt as that
evidenced by such particular Note; and any Note authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same Debt as the lost, destroyed or stolen Note. 
 “Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a preference with
respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of any other class of Capital Stock issued by such Person. 
 “Preferred Stock Dividends” means all dividends or other distributions with respect to Preferred Stock of the Company’s
Subsidiaries held by Persons other than the Company or any of its Wholly Owned Subsidiaries. 
 “pro forma” means,
with respect to any calculation made or required to be made pursuant to the terms hereof, a calculation performed in accordance with Article 11 of Regulation S-X promulgated under the Securities Act, as interpreted in good faith by the Board of
Directors after consultation with the independent certified public accountants of the Company, or otherwise a calculation made in good faith by the Board of Directors after consultation with the independent certified public accountants of the
Company, as the case may be. 
 “Property” means, with respect to any Person, any interest of such Person in any kind
of property or asset, whether real, personal or mixed, or tangible or intangible, including intellectual property rights and Capital Stock in, and other securities of, any other Person. For purposes of any calculation required pursuant to this
Indenture, the value of any Property shall be its Fair Market Value. 
  

 22 

 “Qualifying IPO” means a public offering of Common Shares of the Company that
results in (i) at least 15% of the Company’s issued and outstanding share capital being publicly held by Persons other than any Affiliate of the Company, the Permitted Holders or other Persons who, prior to the date of such public
offering, held Common Shares of the Company, (ii) the gross proceeds of which are not less than $80.0 million and (iii) listing of the Common Shares on Nasdaq’s Capital Market, Global Market or Global Select Market or any other
internationally recognized market outside the PRC other than in the Republic of Singapore. 
 “Refinance” means, in
respect of any Debt, to refinance, extend, renew, refund or Repay (in whole or in part), or to issue other Debt, in exchange or replacement for (in whole or in part), such Debt. “Refinanced” and “Refinancing” shall have
correlative meanings. 
 “Regular Record Date” for the interest payable on any Interest Payment Date means the
applicable date specified as a “Record Date” on the face of the Note. 
 “Related Business” means real
estate acquisition, development, sales, leasing and management, landscaping, brokerage and other services related to the aforementioned businesses, in each case commensurate with the activities of the PRC Subsidiaries on the Issue Date. 

“Repay” means, in respect of any Debt, to repay, prepay, repurchase, redeem, legally defease or otherwise retire such Debt.
“Repayment” and “Repaid” shall have correlative meanings. For purposes of Section 4.12 and the definitions of “Consolidated Interest Expense Coverage Ratio,” Debt shall be considered to have been Repaid only
to the extent the related loan commitment, if any, shall have been permanently reduced in connection therewith. 
 “Representative
Amount” means a principal amount of not less than $1,000,000 for a single transaction in the relevant market at the relevant time. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Department of the Trustee (or any successor group of the Trustee). 
 “Restricted Payment” means: 
 (a) any dividend or distribution (whether made in cash, securities or other Property) declared or paid on or with respect to any shares of Capital Stock of the Company or any of its Subsidiaries (including any
payment in connection with any merger or consolidation with or into the Company or any of its Subsidiaries), except for any dividend or distribution that is made solely to the Company or any of its Subsidiaries (and, if such Subsidiary is not a
Wholly Owned Subsidiary, to the other shareholders of such Subsidiary on a pro rata basis or on a basis that results in the receipt by the Company or any of its Subsidiaries of dividends or distributions of greater value than it would receive
on a pro rata basis) or any dividend or distribution payable solely in shares of Capital Stock (other than Disqualified Stock) of the Company; 
 (b) the purchase, repurchase, redemption, acquisition or retirement for value of any Capital Stock of the Company or any of its Subsidiaries (other than from the Company or any of its Wholly-Owned Subsidiaries)
or any securities exchangeable for or convertible into any such Capital Stock, including the exercise of any option to exchange any Capital Stock (other than for or into Capital Stock of the Company that is not Disqualified Stock); 
 (c) the purchase, repurchase, redemption, acquisition or retirement for value, prior to the date for any scheduled maturity, sinking
fund or amortization or other installment payment, of any Subordinated Obligation (other than the purchase, repurchase or other acquisition of any Subordinated Obligation purchased in anticipation of satisfying a scheduled maturity, sinking fund or
amortization or other installment obligation, in each case due within one year of the date of acquisition); or 
  

 23 

 (d) any Investment (other than Permitted Investments) in any Person. 
 “RMB” means the lawful currency of the PRC. 
 “SAFE” means the State Administration of Foreign Exchange of the PRC. 
 “SAIC” means the PRC State Administration for Industry and Commerce. 
 “S&P”
means Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc., or any successor to the rating agency business thereof. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement relating to Property now owned or hereafter acquired whereby the Company or any of its Subsidiaries transfers such Property to another Person
and the Company or any of its Subsidiaries leases it from such Person. 
 “Securities Act” means the U.S. Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 
 “Security
Documents” means each of the following instruments and documents in favor of the Collateral Agent for the benefit of the holders of the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the
Notes, the Guarantees and the Security Documents, whenever incurred, and also for the benefit of the present and future holders of all other Obligations and any document perfecting such security interests pursuant to the terms of Article 10
hereof: (i) a first equitable mortgage in respect of shares in Xinyuan Real Estate (ii) a second equitable mortgage in respect of shares in Xinyuan Real Estate, (iii) the WFOE Share Pledge, (iv) a pledge agreement of rights in a
loan from Xinyuan Real Estate to the WFOE, and (v) any one or more security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust or other grants or transfers for security executed and delivered by the Company, any
Person beneficially owning Capital Stock issued by the Company, or any other Obligor creating a Lien upon Capital Stock issued by the Company or upon property owned or to be acquired by the Company or such other Obligor. 
 “Senior Debt” of the Company means: 
 (a) all obligations consisting of the principal, premium, if any, and accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Company whether or not such post-filing interest is allowed in such proceeding) in respect of: 
 (1) Debt of the
Company for borrowed money, and 
 (2) Debt of the Company evidenced by notes, debentures, bonds or other similar
instruments permitted under this Indenture for the payment of which the Company is responsible or liable; 
 (b) all
Capital Lease Obligations of the Company and all Attributable Debt in respect of Sale and Leaseback Transactions entered into by the Company; 
 (c) all obligations of the Company 
 (1) for the reimbursement of any obligor on
any letter of credit, banker’s acceptance or similar credit transaction, 
 (2) under Hedging Obligations, or

  

 24 

 (3) issued or assumed as the deferred purchase price of Property and all conditional
sale obligations of the Company and all obligations under any title retention agreement permitted under this Indenture; and 
 (d) all obligations of other Persons of the type referred to in clauses (a), (b) and (c) for the payment of which the Company is responsible or liable as Guarantor; 
 provided, however, that Senior Debt shall not include: 
 (A) Debt of the Company that is by its terms subordinate in right of payment to the Notes, including any Subordinated Obligations; 
 (B) any Debt Incurred in violation of the provisions of this Indenture; 
 (C) accounts payable or any other obligations of the Company to trade creditors created or assumed by the Company in the ordinary
course of business in connection with the obtaining of materials or services (including Guarantees thereof or instruments evidencing such liabilities); 
 (D) any liability any state, national, provincial, local or other taxes owed or owing by the Company; 
 (E) any obligation of the Company to any of its Subsidiaries; or 
 (F) any obligations with
respect to any Capital Stock of the Company. 
 To the extent that any payment of Senior Debt (whether by or on behalf of the Company as
proceeds of security or enforcement or any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to a trustee, receiver or other similar party under any bankruptcy, insolvency, receivership or
similar law, then if such payment is recovered by, or paid over to, such trustee, receiver or other similar party, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such
payment had not occurred. 
 “Senior Debt” of any Guarantor has a correlative meaning. 
 “Shareholders’ Loan” means an aggregate of $35 million of indebtedness owed by the Company to Blue Ridge China Partners,
L.P. and EI Fund II China, LLC. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant
subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the Commission. 
 “Stated
Maturity” means, with respect to any installment of interest or principal on any series of Debt (including, without limitation, a scheduled repayment or a scheduled sinking fund payment), the date on which the payment of interest or
principal was scheduled to be paid in the original documentation governing such Debt, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the
payment hereof. 
 “Subordinated Obligation” means any Debt of the Company or any Guarantor (whether outstanding on
the Issue Date or thereafter Incurred) that is subordinate or junior in right of payment to the Notes or the applicable Guarantee pursuant to a written agreement to that effect, including all obligations consisting of the principal, premium, if any,
Additional Amounts and accrued and unpaid interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not such post-filing interest is allowed in such
proceeding) in respect of the Convertible Notes. 
 “Subsidiary,” with respect to any Person, means
(i) any corporation of which the outstanding Capital Stock having a majority of the votes entitled to be cast in the election of directors under ordinary 

  

 25 

 
circumstances shall at the time be owned, directly or indirectly, through one or more intermediaries, by such Person or (ii) any other Person of which a
majority of the voting interest under ordinary circumstances is at the time, directly or indirectly, through one or more intermediaries, owned by such Person. 
 “Surviving Person” means the surviving Person formed by a merger, consolidation or amalgamation and, for purposes of Section 5.01, a Person to whom all or substantially all of the
Property of the Company or a Guarantor is sold, transferred, assigned, leased, conveyed or otherwise disposed. 
 “Taxes” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Governmental Authorities. 

“Total Tangible Assets” means, as of any date, the total consolidated assets of the Company and its Subsidiaries, minus
(a) any minority interest in any Person that is not a Wholly Owned Subsidiary of the Company, if such minority interest would be reflected at such date on a consolidated balance sheet of the Company and its Subsidiaries and (b) any
securities issued by the Company held as treasury securities, and (c) all Intangible Assets, measured in accordance with GAAP for the most recent quarterly or semi-annually period for which consolidated financial statements of the Company
(which the Company shall use its best efforts to compile in a timely manner) are available (which may be internal consolidated financial statements). Total Tangible Assets shall be calculated after giving pro forma effect to include the cumulative
value of all of the real property the acquisition, development, construction or improvement of which requires or required the Incurrence of Debt and calculation of Total Tangible Assets thereunder, as measured by the purchase price or cost providing
such Debt. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
 “U.S. Government Securities” means direct obligations (or certificates representing an ownership interest in such obligations) of
the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America are pledged and which are not callable or redeemable at the issuer’s option.

 “Voting Stock” of any Person means all classes of Capital Stock or other interests (including partnership
interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 “WFOE” means Xinyuan (China) Real Estate Co., Ltd., a wholly foreign-owned limited liability company organized and existing under
the laws of the PRC. 
 “WFOE Share Pledge” means that certain Share Pledge to be entered into by the Guarantor
relating to the equity interests owned by the Guarantor in the WFOE. 
 “Wholly Owned Subsidiary” means, at any time,
a Subsidiary all the Voting Stock of which (except directors’ qualifying shares) is at such time owned, directly or indirectly, by the Company and its other Wholly Owned Subsidiaries. 
 “Working Capital Ratio” means, the ratio of (a) the sum of current assets of the Company and its Subsidiaries on a
consolidated basis to (b) the sum of the current liabilities of the Company and its Subsidiaries on a consolidated basis. 
 “Xinyuan Real Estate” means Xinyuan Real Estate, Ltd., a company incorporated with limited liability in the Cayman Islands all of whose Capital Stock is owned by the Company as of the Issue Date. 
  

 26 

 Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Acceleration Notice”
	  	6.02
	 “Additional Amount”
	  	4.31
	 “Affiliate Transaction”
	  	4.14
	 “Allocable Excess Proceeds”
	  	4.12
	 “Asset Sale Offer”
	  	4.12
	 “Authentication Order”
	  	2.02
	 “Benefited Party”
	  	9.01
	 “Change of Control Offer”
	  	4.17
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.12
	 “Future Guarantor”
	  	9.03
	 “Future Guarantor Pledgor”
	  	10.02
	 “Guarantor Pledgor”
	  	10.02
	 “losses”
	  	7.07
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Offer to Purchase”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Purchase Date”
	  	3.09
	 “Purchase Price”
	  	3.09
	 “Registrar”
	  	2.03
	 “Secured Party”
	  	10.01

 Section 1.03. Rules of Construction. 
 (a) Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined
herein has the meaning assigned to it in accordance with GAAP; 
 (iii) “or” is not exclusive; 
 (iv) words in the singular include the plural, and in the plural include the singular; 
 (v) all references in this instrument to “Articles,” “Sections” and other subdivisions are to the designated Articles,
Sections and subdivisions of this instrument as originally executed; 
 (vi) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 (vii) “including” means “including without limitation;” 
 (viii) provisions apply to successive events and transactions; 
 (ix) “$” means the lawful currency of the United States of America; and 
 (x) references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the Commission from time to time thereunder. 
  

 27 

 ARTICLE 2. 
 THE NOTES 
 Section 2.01. Form and Denomination. 
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form included in
Exhibit A hereto, which is hereby incorporated in and expressly made part of this Indenture. The Notes may have notations, legends or endorsements required by law, exchange rule or usage not inconsistent with this Indenture in addition to
those set forth on Exhibit A. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $100,000 and integral multiples thereof. The terms and provisions contained in the Notes shall constitute a part of
this Indenture and the Company, the Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. To the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of
Notes. Notes shall be issued initially in global form and shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global
Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global
Note” attached thereto). Each Global Note shall represent such aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions and transfers of interests
therein. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Registrar, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c)
Book-Entry Provisions. This Section 2.01(c) shall apply only to Global Notes deposited with the Common Depositary. Participants shall have no rights under this Indenture or any Global Note with respect to any Global Note
held on their behalf by the Common Depositary, and the Common Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Common Depositary or impair, as between
the Common Depositary and its Participants, the Applicable Procedures or the operation of customary practices of the Common Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 
 (d) Certificated Securities. The Company shall exchange Global Notes for Definitive Notes if: (1) at any time either
Euroclear or Clearstream or any alternative clearing agency on behalf of which the Notes evidenced by the Global Note may be held is closed for business for a continuous period of 14 days (other than reason of holidays, statutory or otherwise) or
announces an intention permanently to cease business or does in fact do so, and, in either case, the Company shall not have appointed a successor Common Depositary within 90 days after the Company receives such notice or becomes aware of such
ineligibility, or (2) upon written request of a Holder or the Trustee (acting on the instruction of the Holders in accordance with Section 6.02) if a Default or Event of Default shall have occurred and be continuing. 
 Upon the occurrence of any of the events set forth in clauses (1) or (2) above, the Company shall execute, and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver, Definitive Notes, in authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Notes in
exchange for such Global Notes. 
 Upon the exchange of a Global Note for Definitive Notes, such Global Note shall be cancelled by the
Trustee or an agent of the Company or the Trustee. Definitive Notes issued in exchange for a Global Note 

  

 28 

 
pursuant to this Section 2.01 shall be registered in such names and in such authorized denominations as the Common Depositary, pursuant to
instructions from its Participants or its Applicable Procedures, shall instruct the Trustee or an agent of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Definitive Notes to or as directed by the Persons in whose
names such Definitive Notes are so registered or to the Common Depositary. 
 Section 2.02. Execution and Authentication.

 (a) The Officer of the Company shall execute the Notes on behalf of the Company by manual signature. 
 (b) If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated by the Trustee, the Note
shall nevertheless be valid. 
 (c) A Note shall not be valid until authenticated by the manual signature of the Trustee. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee shall,
upon a written order of the Company signed by an Officer (an “Authentication Order”), authenticate (i) one Global Note evidencing Notes for issuance on the Issue Date in the aggregate principal amount not to exceed
$75,000,000, (ii) any other Notes that have been executed by the Company in order to effect any registration of transfer or exchange in accordance with the provisions of Section 2.06, and (iii) any additional Notes issued by
the Company after the Issue Date pursuant to the next sentence of this paragraph. The Notes need not be issued at one time and, unless otherwise provided, the Notes may also be issued by the Company and authenticated and delivered under this
Indenture after the Issue Date on the same terms and conditions (other than the Issue Date) and with the same ISIN number as the Notes issued on the Issue Date and in an aggregate principal amount, together with the Notes and the Convertible Notes
issued on and after the Issue Date, not to exceed $100,000,000. 
 (e) The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Notes. Unless otherwise provided in such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent shall have the same rights as the Trustee to deal with Holders, the Company or an Affiliate of the Company. 
 Section 2.03. Registrar, Paying Agent and Calculation Agent. 
 (a) The Company shall
maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”).
The Registrar shall keep a register (the “Security Register”) of the Notes and of their transfer and exchange. The Company will appoint a Calculation Agent for the purpose of calculating the rate of interest from time to time
applicable to the Notes. The Calculation Agent shall in this regard perform the duties expressed to be performed by it in paragraph (1) of the Notes. The Company may appoint one or more co-registrars, one or more additional paying agents and
one or more calculation agents. The term “Registrar” includes any co-registrar, the term “Paying Agent” includes any additional paying agent and the term “Calculation Agent” includes any additional calculation agent.
The Company may change any Paying Agent, Registrar or Calculation Agent without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint
or maintain another entity as Registrar, Paying Agent or Calculation Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 (b) The Company initially appoints The Hongkong and Shanghai Banking Corporation Limited to act as Common Depositary with respect to the
Global Notes. 
 (c) The Company initially appoints the Trustee to act as Registrar and Paying Agent with respect to the
Global Notes, and the Trustee hereby agrees so to initially act. 
  

 29 

 (d) The Company initially appoints the Trustee to act as Calculation Agent with respect
to the Notes. For the purposes of Section 2.03, the Calculation Agent shall: 
 (i) as soon as practicable after
determining the rate of interest applicable to the Notes (and of any adjustment thereto in accordance with paragraph (1) thereof), notify the Company, the Trustee and, upon request, the Holders thereof; 
 (ii) maintain a record of the quotations contained by it and all rates determined and all other action taken by it for the purposes of
Section 2.03 and shall from time to time on request deliver to the Company a copy of such record; 
 (iii) if it
does not for any reason at any material time determine any applicable rate of interest payable in respect of the Notes, forthwith notify the Company and the Trustee that such determination has not been made; and 
 (iv) act solely as bankers for and agents of the Company and will not thereby assume any obligations towards or relationship of agency or
trust for any Holder and need only perform the duties set out specifically under this Section 2.03 and paragraph (1) of the Notes, and any duties necessarily incidental to them. 
 (e) The Agents shall be obliged to perform such duties and only such duties as are set out in this Indenture and no implied duties or
obligations shall be read into this Indenture against any of the Agents. 
 (f) The Agents may rely upon and shall not be
liable for acting or refraining from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties. The Agents shall be under no
duty to inquire into or investigate the validity, accuracy or content of any such document. 
 (g) In the event that any Agent
shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands from the Company, in its opinion, conflict with any of the provisions of this Indenture, it shall be entitled to refrain from taking any action
until it is directed in writing by a final order or judgment of a court of competent jurisdictions. 
 (h) Notwithstanding
anything to the contrary contained in this Indenture, none of the Agents shall be obliged to act or omit to act in accordance with any instruction, direction or request delivered to them by the Company unless such instruction, direction or request
is delivered to such Agents in writing. Each of the Agents may, in connection with its services hereunder rely upon the terms of any notice, communication or other document believed by it to be genuine. 
 (i) If the Paying Agent shall make payment in respect of any of the Notes before it has received or has been made available to its order
the amount so paid, the Company shall from time to time on demand pay to the Paying Agent, in addition to the amount which should have been paid hereunder, interest on such shortfall calculated on a 360 day year basis and the actual number of days
elapsed and at the rate per annum which is the aggregate of two per cent per annum and the rate per annum specified by the Paying Agent as reflecting its cost of funds for the time being in relation to the unpaid amount. 
 (j) No Agent shall be under any liability for interest on any moneys at any time received by it pursuant to any of the provisions of this
Indenture and applied by it in accordance with the provisions hereof, except as otherwise provided hereunder or agreed in writing. 
 (k) The Company hereby unconditionally and irrevocably covenants and undertakes to indemnify and hold harmless each Agent, its directors, officers, employees and agents (each an “indemnified party”) in full at all times
against all losses, liabilities, actions, proceedings, claims, demands, penalties, damages, costs, expenses disbursements, and other liabilities whatsoever (the “Losses”), including without limitation the costs and expenses of legal
advisors and other experts, which may be incurred, suffered or brought 

  

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against such indemnified party as a result or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers
or duties hereunder or the taking of any acts in accordance with the terms of this Indenture or its usual practice; (b) this Indenture and any other documents in connection with the sale of the Notes or pursuant to this Indenture, or
(c) any instruction or other direction upon which any Agent may rely under this Indenture, as well as the costs and expenses incurred by an indemnified party of defending itself against or investigating any claim or liability with respect of
the foregoing provided that this indemnity shall not apply in respect of an indemnified party to the extent but only to the extent that any such Losses incurred or suffered by or brought against such indemnified party arises directly from the
fraud, willful misconduct or gross negligence of such indemnified party. The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of any Agent or the termination of this Indenture. 
 (l) Notwithstanding any other term or provision of this Indenture to the contrary, no Agent shall be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits, whether or not foreseeable, and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract,
breach of trust, breach of fiduciary obligation or otherwise. The provisions of this Section shall survive the termination or expiry of this Indenture or the resignation or removal of such Agent. 
 (m) Each Agent may execute any of its powers and perform any of its duties hereunder directly or through delegates or attorneys and may
consult with counsel, accountants and other skilled persons to be reasonably selected and retained by it. Each Agent shall not be liable for the acts of such delegates or attorneys, or for anything done, suffered or omitted by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons. 
 (n) Each Agent may engage and consult, at
the expense of the Company with any legal adviser and professional adviser selected by it and rely upon any advice so obtained and each of the Agents and each of their respective directors, officers, employees and duly appointed agents shall be
protected and shall not be liable in respect of any action taken, or omitted to be done or suffered to be taken, in accordance with such advice. 
 (o) Each Agent shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction determines that such Agent’s gross negligence or willful misconduct was the
primary cause of any loss to the Company. 
 (p) At the request of the Agents, the parties to this Indenture may from time to
time during the continuance of this Indenture review the commissions agreed initially with a view to determining whether the parties can mutually agree upon any changes to the commissions. 
 (q) Any corporation into which any Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Agent shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of any Agent, shall be the successor to such Agent hereunder without the
execution or filing of any papers or any further act on the part of any of the parties hereto. 
 (r) Any Agent may resign at
any time on giving not less than 45 days prior written notice to the Company without assigning any reason and without being responsible for any costs, charges and expenses occasioned by such retirement. The Company hereby covenants that in the event
of any Agent giving notice under this Section it shall use its best endeavors to procure a new Agent to be appointed and if the Company has not procured the appointment of a new Agent within 15 days after the expiration of such written notice, such
Agent shall petition any court of competent jurisdiction for its resignation provided that it has notified the Company prior to it doing so. If such petition is granted, such Agent shall notify all transaction parties in writing of its
resignation. 
 (s) Each Agent may take and instruct any delegate to take any action which it in its sole discretion considers
appropriate so as to comply with any applicable law, regulation, request of a public or regulatory authority or any HSBC Group policy which relates to the prevention of fraud, money laundering, 

  

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terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Such action may include but is not
limited to the interception and investigation of transactions on the depositor’s accounts (particularly those involving the international transfer of funds) including the source of the intended recipient of fund paid into or out of the
depositor’s accounts. In certain circumstances, such action may delay or prevent the processing of the depositor’s instructions, the settlement of transactions over the depositor’s accounts or such Agent’s performance of its
obligations under this Indenture. Where possible, such Agent will endeavor to notify the depositor of the existence of such circumstances. Neither the Agent nor any delegate will be liable for any loss (whether direct or consequential and including,
without limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by such Agent or any delegate pursuant to this Section. For the purposes of this Section, the “HSBC Group” means HSBC
Holdings plc its subsidiaries and associated companies. 
 Section 2.04. Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, Additional Amounts or interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all funds held by it relating to the Notes to the Trustee. The Company at any time may require a Paying Agent to pay all funds held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for such funds. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders all funds held by it as Paying Agent. Upon any Event of Default under Sections 6.01(h) and (i) hereof relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
 Section 2.05. Holder Lists. 
 The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company shall furnish or cause to be furnished to the
Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date or such shorter time as the Trustee may allow, as the Trustee may
reasonably require of the names and addresses of the Holders. 
 Section 2.06. Transfer and Exchange. 
 (a) As provided herein, interests in a Global Note will be exchanged, upon 45 days’ notice by a holder of an interest in such Global
Note for Definitive Notes. Each Global Note shall be deposited with the Common Depositary, which shall hold such Global Note in safe custody for the account of Euroclear and/or Clearstream and instruct Euroclear or Clearstream or both of them, as
the case may be, to credit the principal amounts of the Notes represented by such Global Note to the holder’s distribution account with Euroclear or Clearstream. Each relevant Global Note shall be exchangeable for an interest, equal to the
principal amount of such Global Note being exchanged, for Definitive Notes in the same principal amount, upon request of Euroclear or Clearstream to the Registrar, but only upon delivery by Euroclear or Clearstream, acting on behalf of the
beneficial owners of such interests, to the Registrar at its principal office in Hong Kong, of certificates substantially in the form of Exhibit C hereto. The delivery to the Registrar of any certificate in the form referred to above may be
relied upon by the Company, the Trustee and the Registrar as conclusive evidence that related certificates have been delivered to Euroclear or Clearstream as contemplated by the terms of this Section 2.06. 
 (b) In accordance with the terms of a Global Note and this Indenture, the Registrar shall deliver at the cost of the Company, upon not
less than 45 days’ notice to the Registrar by Euroclear or Clearstream, the relevant Definitive Notes in exchange for interests in such Global Note. For this purpose, the Registrar is authorized and it shall (A) authenticate each such
Definitive Note and (B) deliver each such Definitive Note to or to the order of Euroclear or Clearstream, in exchange for interests in such Global Note. The Registrar shall promptly notify the Company upon receipt of a request for issue of
Definitive Notes the aggregate principal amount of the relevant Global Note to be exchanged in connection therewith. The Company undertakes to deliver to, or to the order of, the Registrar sufficient numbers of duly executed Definitive Notes to

  

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enable the Registrar to comply with its obligations under this Section 2.06(b). Such exchange shall be made free of charge to the holder and the
beneficial owners of the relevant Global Note and to the holders of the Definitive Notes issued in exchange as provided above, except that a Person receiving Definitive Notes must bear the cost of insurance, postage, transportation and the like in
the event that such Person does not receive such Definitive Notes in person at the offices of a Registrar. Notwithstanding the above, interests in a Global Note shall be exchangeable in whole (but not in part) at the cost of the Company for
Definitive Notes under the conditions described in Section 2.01(e). 
 (c) Upon any exchange of an interest in a
Global Note for Definitive Notes, the relevant Global Note shall be endorsed by the Trustee or the Registrar to reflect the reduction of its principal amount by the aggregate principal amount so exchanged. Until exchanged in full, the holder of any
interest in any Global Note shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes authenticated and delivered hereunder. Once exchanged in full, a Global Note shall be canceled and disposed of by the Trustee
in accordance with its customary procedures and a certificate of disposition will be sent to the Company. 
 (d) The Trustee
or the Registrar shall cause all Global Notes and Definitive Notes delivered to it and held by it hereunder to be maintained in safe custody in accordance with this Section 2.06. 
 (e) The Security Register shall be in written form in the English language and shall include a record of the certificate number of each
Note that has been issued, and shall show the amount of such Notes, the date of issue, all subsequent transfers and changes in ownership in respect thereof and the names, tax identifying numbers (if relevant to a specific holder), addresses of the
holders of the Notes and any payment instructions with respect thereto (if different from a holder’s registered address). 
 (f) The Registrar shall at all reasonable times during office hours make the Security Register available to the Trustee, the Paying Agent, the Company and the holders of such Notes or any person authorized by the Company in writing for
inspection and for taking of copies thereof or extracts therefrom, and at the expense of the Company, the Registrar shall deliver to such persons all lists of holders of such Notes, their addresses, amounts of such holdings and other details as they
may request. 
 (g) the Registrar shall handle all requests for the registration of transfer of Notes and receive certificates
for the Notes deposited with the transfer agent for transfer or exchange, and in doing so, shall ensure that every Note presented or surrendered for registration of transfer or exchange (if so required by the Company, the Trustee, the Paying Agent
or the Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer (in form satisfactory to the Company and the Registrar) duly executed by the holder thereof or by such holder’s attorney duly authorized in writing.

 (h) Prior to the Distribution Compliance Expiration Date, no beneficial interest in a Global Note may be transferred to any
U.S. person (as defined in Regulation S under the Securities Act) or inside the United States as evidenced by a certification in the form of Exhibit C hereto received by the Registrar. Unless determined otherwise by the Company in accordance
with applicable law, in the event prior to the Distribution Compliance Expiration Date a Definitive Note is issued in exchange for a beneficial interest in a Global Note, such Definitive Note shall bear the Regulation S Legend shown on the form of
Note attached hereto as Exhibit A. On and after the Distribution Compliance Expiration Date, no such certification shall be required with respect to such transfers and the Trustee is hereby authorized to remove such Regulation S Legend from
the applicable Notes. 
 (i) The Trustee and the Registrar shall be entitled to treat a telephone (only for communication and
not instruction) or facsimile communication from a person purporting to be (and who the Trustee or the Registrar believe in good faith to be) the authorized representative of the Company, named in a list furnished to the Trustee and the Registrar
from time to time, as sufficient instructions and authority of the Company for the Trustee and the Registrar to act in accordance with this Section 2.06. 
 (j) Title to the Notes shall pass by delivery. However, title to Notes issued in the form of Global Notes held through Euroclear and
Clearstream shall be transferable only in accordance with the rules and procedures of Euroclear and Clearstream, as appropriate. 
  

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 Section 2.07. Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company or if the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate a replacement Note. If required by the Trustee or the Company, the Holder of
such Note shall provide indemnity that is sufficient, in the judgment of the Trustee or the Company, to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer in connection with such
replacement. If required by the Company, such Holder shall reimburse the Company or the Trustee, as the case may be, for its reasonable expenses in connection with such replacement. 
 If, after the delivery of such replacement Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents
for payment or registration such original Note, the Trustee shall be entitled to recover such replacement Note from the Person to whom it was delivered or any Person taking therefrom, except a protected purchaser, and shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Company, the Trustee, any Agent and any authenticating agent in connection therewith. 
 Every replacement Note issued in accordance with this Section shall be the valid obligation of the Company, evidencing the same debt as the mutilated,
destroyed, lost or stolen Note, and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding Notes. 
 (a) The Notes outstanding at any
time shall be the entire principal amount of Notes represented by all of the Global Notes and Definitive Notes authenticated by the Trustee or the Registrar, as the case may be, except for those cancelled by it, those delivered to it for
cancellation, those subject to reductions in beneficial interests effected by the Trustee in accordance with Section 2.06 hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.09
hereof, a Note shall not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 (b) If
a Note is replaced pursuant to Section 2.07 hereof, it shall cease to be outstanding unless the Trustee receives proof satisfactory to it that the replaced note is held by a protected purchaser in whose hands such Note is a legal, valid
and binding obligation of the Company. 
 (c) If the principal amount of any Note is considered paid under
Section 4.01 hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
 (d) If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date, a Purchase Date, or a maturity date, funds sufficient to pay Notes payable on that date, then on and after that date such Notes shall be
deemed to be no longer outstanding and shall cease to accrue interest. 
 Section 2.09. Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the
Trustee knows are so owned shall be so disregarded. 
 Section 2.10. Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate temporary 

  

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Notes. Such temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers appropriate for
temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Global Notes or Definitive Notes in exchange for temporary Notes, as applicable. After
preparation of Definitive Notes, the temporary Note will be exchangeable for Definitive Notes upon surrender of the temporary Notes. 
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.11. Cancellation. 
 The Company at any time may deliver Notes to the
Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. Upon sole direction of the Company, the Trustee and no one else shall cancel all
Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy cancelled Notes (subject to the record retention requirements of the Exchange Act or other applicable laws) unless by written order,
signed by an Officer of the Company, the Company directs them to be returned to it. Certification of the destruction of all cancelled Notes shall be delivered to the Company from time to time upon request. The Company may not issue new Notes to
replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12. Payment of Interest; Defaulted
Interest. 
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall
notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date; provided that
no such special record date shall be less than 10 days prior to the related Interest Payment Date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in
the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related Interest Payment Date and the amount of such interest to be paid. 
 Section 2.13. ISIN Numbers. 
 The
Company in issuing the Notes may use “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “ISIN” numbers in notices of redemption or Offers to Purchase as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or notice of an Offer to Purchase and that reliance may be
placed only on the other identification numbers printed on the Notes, and any such redemption or Offer to Purchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any
change in the “ISIN” numbers. 
 Section 2.14. Record Date. 
 The record date for purposes of determining the identity of Holders of Notes entitled to vote or consent to any action by vote or consent or permitted
under this Indenture shall be 15 days prior to the date of such vote, consent or action. 
  

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 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
 Section 3.01. Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.06 hereof, it shall furnish to the Trustee,
at least 45 days but not more than 60 days before a redemption date (or such shorter period as allowed by the Trustee), an Officers’ Certificate setting forth (a) the applicable Section of this Indenture pursuant to which the
redemption shall occur, (b) the redemption date, (c) the principal amount of Notes to be redeemed and (d) the redemption price. 
 Section 3.02. Notice of Redemption. 
 Upon prior written notice to the Trustee, at least 30 days but
not more than 60 days prior to a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at such Holder’s registered address appearing in the
Security Register, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a satisfaction and discharge pursuant to Article 11 hereof. 
 The notice shall identify the Notes to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after redemption date upon surrender of such Note, if applicable, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note;

 (d) the name and address of the Company for purposes of tendering Notes for redemption; 
 (e) that Notes called for redemption must be surrendered to the Company to collect the redemption price; 
 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date; 
 (g) the applicable Section of this Indenture pursuant to which the Notes called for redemption
are being redeemed; and 
 (h) that no representation is made as to the correctness of the ISIN numbers, if any, listed in
such notice or printed on the Notes. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at the Company’s expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days (or such shorter period allowed by the Trustee), prior to the redemption date, an Officers’ Certificate
requesting that the Trustee give such notice (in the name and at the expense of the Company) and setting forth the information to be stated in such notice as provided in this Section 3.02. 
 Section 3.03. Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.02 hereof, Notes called for redemption shall become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. 
  

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 Section 3.04. Deposit of Redemption Price. 
 Prior to 11:00 a.m. Hong Kong time at least one Business Day prior to any redemption date and subject to Section 3.09(c) hereof, the Company
shall deliver to the Trustee or the Agent, as the case may be, on behalf of each tendering Holder, the redemption price of and, if applicable, accrued and unpaid interest on the Notes to the redemption date. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes
called for purchase or redemption in accordance with Section 2.08(d) hereof, whether or not such Notes are presented for payment. If a Note is redeemed on or after a Regular Record Date but on or prior to the related Interest Payment
Date, then any accrued and unpaid interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record Date. If any Note called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such
unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.05. Notes Redeemed in
Part. 
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon receipt of an authentication order in
accordance with Section 2.02 hereof, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
 Section 3.06. Optional Redemption. 
 (a) At any time and from time to time, the Company may redeem up to 100% of the aggregate principal amount of the Notes issued under this Indenture at a redemption price (expressed as a percentage of principal amount)
equal to 112% of the principal amount thereof, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) with
the proceeds of Debt Incurred by the Company or any of its Subsidiaries for the bona fide intention of refinancing all, but not less than all, the Notes, or with the net cash proceeds of a Qualifying IPO by the Company or any Person in which the
Company owns, directly or indirectly, 100% of the Voting Stock ; provided, however, that any such redemption shall be made contemporaneously with incurrence of such Debt or within 60 days of receipt of proceeds from such Qualifying
IPO, as the case may be. 
 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or
portions thereof called for redemption on the applicable redemption date. 
 (b) Any prepayment pursuant to this
Section 3.06 shall be made pursuant to the provisions of Sections 3.01 through 3.04 hereof. 
 Section 3.07.
Tax Redemption. 
 (a) The Notes may be redeemed, at the option of the Company or a Surviving Person with
respect to the Company, as a whole but not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders and upon reasonable notice in advance of such notice to Holders to the Trustee (which notice shall be
irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the Company or the Surviving Person, as the case may be,
for redemption (the “Tax Redemption Date”) if, as a result of: 
 (i) any change in, or amendment to,
laws (or any regulations or rulings promulgated thereunder) affecting taxation; or 
  

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 (ii) any change in the existing official position or the stating of an official position
regarding the application or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 
 which change or amendment becomes effective on or after (i) with respect to the Company or any Guarantor, the Issue Date, or
(ii) with respect to any Future Guarantor or Surviving Person, the date such Future Guarantor or Surviving Person becomes a Future Guarantor or Surviving Person, with respect to any payment due or to become due under the Notes, any Guarantee,
or this Indenture, the Company, a Surviving Person or a Guarantor, as the case may be, is, or on the next Interest Payment Date would be, required to pay Additional Amounts, and such requirement cannot be avoided by the taking of reasonable measures
by the Company, a Surviving Person or a Guarantor, as the case may be; provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company, a Surviving Person or a Guarantor, as the
case may be, would be obligated to pay such Additional Amounts if a payment in respect of the Notes were then due. 
 (b)
Prior to the mailing of any notice of redemption for Notes pursuant to the foregoing, the Company, a Surviving Person or a Guarantor, as the case may be, will deliver to the Trustee: 
 (i) an Officers’ Certificate stating that such change or amendment referred to in the prior paragraph has occurred, describing the
facts related thereto and stating that such requirement cannot be avoided by the Company, a Surviving Person or a Guarantor, as the case may be, taking reasonable measures available to it; and 
 (ii) an Opinion of Counsel or a written opinion of a tax consultant who is acceptable to the Trustee, either of recognized standing, in
form and substance satisfactory to the Trustee, stating that the requirement to pay such Additional Amounts results from such change or amendment referred to in the prior paragraph. 
 The Trustee shall accept such certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described
above, in which event it shall be conclusive and binding on the Holders. 
 (c) Any Notes that are redeemed will be cancelled.

 Section 3.08. Mandatory Redemption. 
 Except as set forth in the second paragraph of this Section 3.08, Sections 4.12 and 4.17 hereof, the Company shall not be required to make mandatory redemption or sinking fund payments with
respect to, or offer to purchase, the Notes. 
 Unless the Notes have been previously redeemed, repurchased and cancelled, the Company will
redeem the Notes at the Stated Maturity at a redemption price equal to 100% of the principal amount if a Qualifying IPO has occurred on or before such date, or, if no Qualifying IPO has occurred on or before such date, 112% of the principal amount,
in either case, plus accrued and unpaid interest and Additional Amounts. 
 Section 3.09. Offer To Purchase. 
 (a) In the event that, pursuant to Section 4.12 or Section 4.17 hereof, the Company shall be required to commence
an Asset Sale Offer or a Change of Control Offer (each of the foregoing, an “Offer to Purchase”), respectively, it shall follow the procedures specified below. 
 (b) The Company shall commence the Offer to Purchase by sending, by first-class mail, with a copy to the Trustee, to each Holder at such
Holder’s address appearing in the Security Register, a notice the terms of which shall govern the Offer to Purchase stating: 
  

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 (i) that the Offer to Purchase is being made pursuant to this Section and
Section 4.12 or Section 4.17, as the case may be, and, in the case of a Change of Control Offer, that such event has occurred, the circumstances and relevant facts regarding such event, and that a Change of Control Offer is
being made pursuant to Section 4.17; 
 (ii) the principal amount of Notes required to be purchased pursuant to
Section 4.12 or Section 4.17, as the case may be (the “Offer Amount”), the purchase price set forth in Section 4.12 or Section 4.17, as applicable (the “Purchase
Price”), the Offer Period and the Purchase Date (each as defined below); 
 (iii) except as provided in clause
(ix), that all Notes timely tendered and not withdrawn shall be accepted for payment; 
 (iv) that any Note not tendered or
accepted for payment shall continue to accrue interest; 
 (v) that, unless the Company defaults in making such payment, any
Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest after the Purchase Date; 
 (vi)
that Holders electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in integral multiples of $100,000 only; 
 (vii) that Holders electing to have a Note purchased pursuant to any Offer to Purchase shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of
the Note completed, or transfer by book-entry transfer, to the Company, or the Common Depositary, if appointed by the Company, before the close of business on the third Business Day before the Purchase Date; 
 (viii) that Holders shall be entitled to withdraw their election if the Company, the Common Depositary, as the case may be, receives, not
later than the expiration of the Offer Period, a SWIFT facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note (or portions thereof) the Holder delivered for purchase and a statement that such Holder
is withdrawing his election to have such Note purchased; 
 (ix) that, in the case of an Asset Sale Offer, if the aggregate
principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in
denominations of $100,000 or integral multiples thereof shall be purchased); 
 (x) that Holders whose Notes were purchased in
part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer); and 
 (xi) any other procedures the Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or
portions thereof) for payment. 
 (c) The Offer to Purchase shall remain open for a period of at least 30 days but no more
than 60 days following its commencement, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five (5) Business Days (and in any event no later than the 60th day
following any Change of Control) after the termination of the Offer Period (the “Purchase Date”) which shall be a Business Day, the Company shall purchase the Offer Amount or, if less than the Offer Amount has been tendered,
all Notes tendered in response to the Offer to Purchase. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. The Company shall publicly announce the results of the Offer to Purchase on the Purchase Date
in accordance with Section 12.01 of this Indenture. 
 (d) On or prior to the Purchase Date, the Company shall, to
the extent lawful: 
  

 39 

 (i) accept for payment (on a pro rata basis to the extent necessary in connection
with an Asset Sale Offer) from each tendering Holder, the Offer Amount of Notes or portions of Notes properly tendered and not withdrawn pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered; and

 (ii) surrender to the Trustee the Notes properly accepted to be cancelled by the Trustee in accordance with
Section 2.11 together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company and that such Notes or portions thereof were accepted for payment by the Company
in accordance with the terms of this Section. 
 (e) Upon receipt of the Notes in accordance with
Section 3.09(b)(i), the Company shall promptly, and in any event no later than one (1) Business Day prior to the Purchase Date, deliver to the Trustee or the Agent, as the case may be, on behalf of each tendering Holder, the
Purchase Price. In the event that any portion of the Notes surrendered is not purchased by the Company, the Company shall promptly execute and issue a new Note in a principal amount equal to such unpurchased portion of the Note surrendered, and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered; provided, however, that each such new Note shall be in a principal amount of $100,000 or an integral multiple thereof. Any Note not so accepted shall be promptly mailed or delivered by the
Company to the Holder thereof. 
 (f) If the Purchase Date is on or after a Regular Record Date and on or before the related
Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date, and no further interest shall be payable to Holders who tender Notes pursuant
to the Offer to Purchase. 
 (g) Other than as specifically provided in this Section, any purchase pursuant to this Section
shall be made in accordance with the provisions of Section 3.01 through 3.05 hereof. 
 ARTICLE 4.

 COVENANTS 
 Section 4.01. Payment of Notes. 
 The Company covenants and agrees that it will duly and punctually pay or
cause to be paid the principal of and premium, if any (including the redemption price upon redemption or the repurchase price upon repurchase, in each case pursuant to Article 3), Additional Amounts and Interest (including post-petition
interest in any proceeding under any Bankruptcy Law), on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes. Payments of principal, premium, if any, Additional Amounts and interest shall be
made by the Company to the account designated by the Paying Agent (if other than the Company or a Subsidiary thereof) one Business Day prior to the due date and shall be considered paid on the date due if the Paying Agent, if other than the Company
or a Subsidiary thereof, holds as of 11:00 a.m. Hong Kong time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, Additional Amounts and interest
then due. Such Paying Agent shall return to the Company promptly, and in any event, no later than five (5) Business Days following the date of payment, any money that exceeds such amount of principal, premium, if any, Additional Amounts and
interest paid on the Notes. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening
period, provided, however, that if such extension would cause payment of Interest to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 
 The Company shall pay, from time to time on demand, interest (including post-petition interest in any proceeding under any Bankruptcy Law) accrued on
overdue principal and premium and Additional Amounts, if any, at a rate that is 4.0% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. 
  

 40 

 Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed.

 If any Notes become due and payable under Section 6.02, the rates of interest payable in respect of such Notes thereafter
shall nevertheless continue to be calculated as previously by the Calculation Agent in accordance with the provisions (amended as necessary) of paragraph (1) of the Notes. 
 Section 4.02. Maintenance of Office or Agency. 
 (a) The Company
shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be presented or surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall
give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 (c) The Company hereby designates the Corporate Trust Office of the Trustee, as one such office, drop facility or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03. Reports. 
 (a) So long as any of the Notes remain outstanding and prior to a Qualifying IPO, the Company shall file with the Trustee and upon the request of the Holders furnish to the Holders all of the following: 
 (i) As soon as they are available but in any event within 120 calendar days (or 90 calendar days if the Company’s Common Shares are
listed on any international securities exchange or are approved for quotation on any system for automated dissemination of securities prices, or if the Company is otherwise required by law or regulation to publicly file information on a periodical
basis with a securities regulatory authorities) after the end of the fiscal year of the Company, copies of its financial statements (on a consolidated basis) in respect of such fiscal year (including a statement of income, balance sheet and cash
flow statement) audited by a member firm of an internationally-recognized firm of independent accountants in accordance with GAAP, together with an unqualified audit report in respect thereof; 
 (ii) As soon as they are available, but in any event within 75 calendar days after the end of each of the first, second and third Fiscal
Quarters of the Company, copies of its unaudited financial statements (on a consolidated basis) in respect of the respective period (including a statement of income, balance sheet and cash flow statement) prepared on a basis consistent with the
audited financial statements of the Company; provided that the Company shall make commercially reasonable efforts to furnish such financial statements within 45 calendar days after the end of each such Fiscal Quarter; and provided further
that the financial statements delivered after the end of the second Fiscal Quarter shall cover the six-month period then ended; and 
 (iii) All public filings with the relevant trading market and regulatory authorities in connection with the Qualifying IPO and thereafter. 
  

 41 

 (b) So long as any of the Notes remains outstanding, the Company will provide to the
Trustee (i) within (x) 45 days after the close of the second Fiscal Quarter of the Company and (y) within the time period described in Section 4.03(a)(i) after the close of the Company’s fiscal year (which is ended
December 31), an Officers’ Certificate stating the Consolidated Interest Expense Coverage Ratio, the Consolidated Subsidiary Debt to Consolidated Total Tangible Assets Ratio, the Consolidated Net Worth, the Cash Balance and the Working
Capital Ratio, each as of the end of the six month period ending on the end of the second Fiscal Quarter or fiscal year, as the case may be, and showing in reasonable detail the calculation of such ratios and amounts, including the arithmetic
computations of each component of such ratios and amounts; and (ii) as soon as possible and in any event within 14 days after the Company becomes aware of the occurrence of a Default, an Officers’ Certificate setting forth the details of
the Default, and the action that the Company proposes to take with respect thereto. 
 (c) For as long as any Notes are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, during any period in which the Company is neither subject to Section 13 or 15(d) of the Exchange Act, nor exempt from reporting pursuant to Rule
12g3-2(b) thereunder, the Company shall supply (i) to any Holder or Beneficial Owner of a Note or (ii) upon their request to a prospective purchaser of a Note or beneficial interest therein designated by such holder or owner, the
information specified in, and meeting the requirements of Rule 144A(d)(4) under the Securities Act. 
 (d) The Company shall
notify the Trustee in writing within five (5) Business Days prior to filing a registration statement or other filing with any stock exchange for a Qualifying IPO, and shall notify the Trustee of the consummation of the Qualifying IPO on the
date that of consummation thereof. 
 Section 4.04. Compliance Certificate. 
 (a) The Company and each Guarantor shall deliver to the Trustee, within the time period required for annual report to be delivered
pursuant to Section 4.03(a)(i), an Officers’ Certificate stating that a review of the activities of the Company, the Guarantors and their respective Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such
Officer signing such certificate, that to the best of his or her knowledge the Company, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are not in
default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of,
premium, if any, Additional Amounts or interest on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
 (b) The Company shall deliver to the Trustee, as soon as possible and in any event no later than 14 days after the occurrence thereof,
written notice in the form of an Officers’ Certificate of any event that with the giving of notice and/or the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect
thereto. 
 Section 4.05. Taxes. 
 The Company will pay or discharge, or cause to be paid or discharged, before the same may become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or any
Subsidiary or upon the income, profits or property of the Company or any Subsidiary, (ii) all claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon the property of the Company or any Subsidiary and
(iii) all stamp taxes and other duties, if any, which may be imposed by the Cayman Islands or any political subdivision thereof or therein in connection with the issuance, transfer, exchange, conversion, redemption or repurchase of any Notes or
with respect to this Indenture other than pursuant to Section 2.07; provided that, in the case of clauses (i) and (ii), the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim if the amount, applicability or validity is being contested in good faith by appropriate proceedings. 
  

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 Section 4.06. Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law has been enacted. 
 Section 4.07. Corporate Existence. 
 Subject to Section 5.01 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
(i) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such
Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.08. Payments for
Consent. 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid
any consideration, whether by way of interest, fee or otherwise, to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such
consideration is offered to be paid and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.09. Incurrence of Additional Debt. 
 The Company shall not, and shall not permit any of its Subsidiaries to, Incur, directly or indirectly, any Debt unless, after giving effect to the application of the proceeds thereof, no Default or Event of Default
would occur as a consequence of such Incurrence or be continuing following such Incurrence and such Debt is Permitted Debt. 
 Notwithstanding anything to the contrary contained in this Section, 
 (a) the Company shall not, and
shall not permit any Subsidiary to, Incur any Debt pursuant to this covenant if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations unless such Debt shall be subordinated to the Notes or the
applicable Guarantee, as the case may be, to at least the same extent as such Subordinated Obligations and such Incurrence otherwise complies with the Indenture; 
 (b) the Company shall not permit any of its Subsidiaries that is not a Guarantor to Incur any Debt pursuant to this covenant if the
proceeds thereof are used, directly or indirectly, to Refinance any Debt of the Company or any Guarantor; and 
 (c)
accrual of interest, accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Debt, will be deemed not to be an Incurrence of Debt for purposes of this Section. 
  

 43 

 For purposes of determining compliance with this Section, in the event that an item of Debt meets the criteria of more
than one of the categories of Permitted Debt described in clauses (a) through (n) of the definition of “Permitted Debt”, the Company shall, in its sole discretion, classify (or later reclassify in whole or in part, in its sole
discretion) such item of Debt in any manner that complies with this Section. 
 Section 4.10. Restricted Payments. 
 The Company shall not make, and shall not permit any of its Subsidiaries to make, directly or indirectly, any Restricted Payment prior to a Qualifying
IPO, and thereafter shall not make any Restricted Payment if at the time of, and after giving effect to, such proposed Restricted Payment, 
 (a) a Default or Event of Default shall have occurred and be continuing, or 
 (b) the Minimum Consolidated Interest Expense Coverage Ratio is not complied with, or 
 (c) the aggregate
amount of such Restricted Payment and all other Restricted Payments declared or made since the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value at the time of such Restricted Payment)
would exceed an amount equal to the sum of: 
 (1) 50% of the aggregate amount of Consolidated Net Income accrued during
the period (treated as one accounting period) from the date of initial receipt by the Company of proceeds from the sale of Common Shares in the Qualifying IPO to the end of the most recent Fiscal Quarter ending at least 45 days prior to the date of
such Restricted Payment (or if the aggregate amount of Consolidated Net Income for such period shall be a deficit, minus 100% of such deficit), plus 
 (2) 100% of the Capital Stock Sale Proceeds, plus 
 (3) the sum of: 
 (A) the aggregate net cash proceeds received by the Company or any Subsidiary from the issuance or sale after the Issue Date of
convertible or exchangeable Debt that has been converted into or exchanged for Capital Stock (other than Disqualified Stock) of the Company, and 
 (B) the aggregate amount by which Debt (other than Subordinated Obligations) of the Company or any Subsidiary is reduced on the Company’s consolidated balance sheet on or after the Issue Date upon the
conversion or exchange of any Debt (other than Subordinated Obligations) issued or sold on or prior to the Issue Date that is convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company, 
 excluding, in the case of clause (A) or (B): 
 (x) any such Debt issued or sold to the Company or a Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any such Subsidiary for the benefit of their employees,
and 
 (y) the aggregate amount of any cash, securities (other than such Capital Stock) or other Property distributed by
the Company or any of its Subsidiaries upon any such conversion or exchange, plus 
 (4) an amount equal to the net
reduction in Investments made after the Issue Date and counted as a Restricted Payment in any Person other than the Company or any of its Subsidiaries resulting from dividends, repayments of loans or advances or other transfers of Property, in each
case to the Company or any of its Subsidiaries from such Person. 
  

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 Notwithstanding the foregoing limitation, the Company may: 
 (a) pay dividends on its Capital Stock within 60 days of the declaration thereof if, on the declaration date, such dividends
could have been paid in compliance with the Indenture; provided, however, that at the time of such payment of such dividend, no Default or Event of Default shall have occurred and be continuing (or result therefrom); provided
further, however, that such dividend shall be included in the calculation of the amount of Restricted Payments; 
 (b) purchase, repurchase, redeem, legally defease, acquire or retire for value Capital Stock of the Company or Subordinated Obligations in exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock
(other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any such Subsidiary for the benefit of their employees) of the
Company (or options, warrants or other rights to acquire such Capital Stock (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company) of the Company, other than Debt that is convertible into or
exchangeable for Capital Stock); provided, however, that 
 (1) such purchase, repurchase, redemption,
legal defeasance, acquisition or retirement shall be excluded from the calculation of the amount of Restricted Payments and 
 (2) the Capital Stock Sale Proceeds from such exchange or sale shall be excluded from the calculation pursuant to clause (c)(2) above; and 
 (c) purchase, repurchase, redeem, legally defease, acquire or retire for value any Subordinated Obligations in exchange for, or out of the
proceeds of the substantially concurrent sale of, Permitted Refinancing Debt; provided, however, that such purchase, repurchase, redemption, legal defeasance, acquisition or retirement shall be excluded from the calculation of the
amount of Restricted Payments. 
 Section 4.11. Liens. 
 The Company shall not, and shall not permit any Subsidiary to, directly or indirectly, Incur, assume or permit to exist any Lien on the Collateral (other
than Liens incurred pursuant to the Security Documents). 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly
or indirectly, Incur or suffer to exist, any Lien (other than Permitted Liens) upon any of its Property (including Capital Stock of any of its Subsidiaries), whether owned at the Issue Date or thereafter acquired, or any interest therein or any
income or profits therefrom, unless it has made or will make effective provision whereby the Notes or the applicable Guarantee will be secured by such Lien equally and ratably with (or, if such other Debt constitutes Subordinated Debt, prior
to) all other Debt of the Company or any of its Subsidiaries secured by such Lien for so long as such other Debt is secured by such Lien. 
 Section 4.12. Asset Sales. 
 The Company shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, consummate any Asset Sale unless: 
 (a) no Default or Event of Default shall have occurred and
be continuing; 
 (b) the Company or such Subsidiary receives consideration at the time of such Asset Sale at least equal to
the Fair Market Value of the Property subject to such Asset Sale; 
 (c) at least 75% of the consideration paid to the
Company or such Subsidiary in connection with such Asset Sale is in the form of cash or Cash Equivalents or the assumption by 

  

 45 

 
the purchaser of liabilities of the Company or any of its Subsidiaries (other than contingent liabilities or liabilities that are by their terms subordinated
to the Notes or the applicable Guarantee) as a result of which the Company and its Subsidiaries are no longer obligated with respect to such liabilities; and 
 (d) the Company delivers an Officers’ Certificate to the Trustee certifying that such Asset Sale complies with the foregoing clauses
(a), (b) and (c). 
 The Net Available Cash (or any portion thereof) from Asset Sales may be applied by the Company or any of its
Subsidiaries, to the extent the Company or such Subsidiary elects (or is required by the terms of any Debt) to reinvest in Additional Assets (including by means of an Investment in Additional Assets by any Subsidiary of the Company with Net
Available Cash received by the Company or another Subsidiary of the Company). 
 Any Net Available Cash from an Asset Sale not applied in
accordance with the preceding paragraph within 120 days from the date of the receipt of such Net Available Cash shall constitute “Excess Proceeds”. 
 When the aggregate amount of Excess Proceeds exceeds $5.0 million (taking into account income earned on such Excess Proceeds, if any), the Company will
be required to make an offer to repurchase (the “Asset Sale Offer”) the Notes, which offer shall be in the amount of the Allocable Excess Proceeds (rounded to the nearest $100,000), on a pro rata basis according to
principal amount, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest if any to the Purchase Date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due
on the relevant Interest Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set forth in Section 3.09. To the extent that any portion of the amount of Net Available Cash remains after
compliance with the preceding sentence and provided that all holders of Notes have been given the opportunity to tender their Notes for repurchase in accordance with Section 3.09, the Company or such Subsidiary may use such
remaining amount first to Repay the Credit Facilities or any other Senior Debt of the Company or any Guarantor or Debt of any Subsidiary of the Company that is not a Guarantor (excluding, in any such case, any Debt owed to the Company or an
Affiliate of the Company), and only thereafter, for any purpose permitted by this Indenture, and the amount of Excess Proceeds will be reset to zero. 
 The term “Allocable Excess Proceeds” shall mean the product of: 
 (a) the Excess Proceeds and 
 (b) a fraction, 
 (1) the numerator of which is the aggregate principal amount of the Notes outstanding on the date of the Asset Sale Offer, and 

(2) the denominator of which is the sum of the aggregate principal amount of the Notes outstanding on the date of the Asset Sale Offer
and the aggregate principal amount (or accreted value, if applicable) of other Debt of the Company outstanding on the date of the Asset Sale Offer that is pari passu in right of payment with the Notes and subject to terms and conditions in
respect of Asset Sales similar in all material respects to this Section and requiring the Company to make an offer to repurchase such Debt at substantially the same time as the Asset Sale Offer. 
 Section 4.13. Limitation on Restrictions on Distributions from Subsidiaries. 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist any
consensual restriction on the right of any of its Subsidiaries to: 
 (a) pay dividends, in cash or otherwise, or make any
other distributions on or in respect of its Capital Stock owned by, or pay any Debt or other obligation owed, to the Company or any other Subsidiary of the Company, 
  

 46 

 (b) make any loans or advances to the Company or any other Subsidiary of the Company, or

 (c) transfer any of its Property to the Company or any other Subsidiary of the Company. 
 The foregoing limitations will not apply: 
 (1) with respect to clauses (a), (b) and (c), to restrictions: 
 (A) in effect on the Issue Date (including,
without limitation, restrictions pursuant to the Notes, this Indenture, the Convertible Notes and the indenture relating thereto), 
 (B) relating to Debt of any Subsidiary of the Company and existing at the time it became a Subsidiary of the Company if such restriction was not created in connection with or in anticipation of the transaction or series of transactions
pursuant to which such Subsidiary became a Subsidiary of the Company or was acquired by the Company, 
 (C) that result
from the Refinancing of Debt Incurred pursuant to an agreement referred to in clause (1)(A) or (B) above or in clause (2)(A) or (B) below, provided such restrictions are not less favorable to the holders of Notes than
those under the agreements evidencing the Debt so Refinanced, and 
 (2) with respect to clause (c) only, to
restrictions: 
 (A) relating to Debt that is permitted to be Incurred and secured without also securing the Notes or the
applicable Guarantee pursuant to Section 4.09 and Section 4.11 that limit the right of the debtor to dispose of the Property securing such Debt, 
 (B) encumbering Property at the time such Property was acquired by the Company or any of its Subsidiaries, so long as such
restrictions relate solely to the Property so acquired and were not created in connection with or in anticipation of such acquisition, 
 (C) resulting from customary provisions restricting subletting or assignment of leases or customary provisions in other agreements that restrict assignment of such agreements or rights thereunder, 
 (D) customary restrictions contained in asset sale agreements limiting the transfer of such Property pending the closing of such sale, or

 (E) with respect to any PRC Subsidiary and imposed pursuant to an agreement that has been entered into for the Incurrence
of Debt permitted under clause (j) of the definition of “Permitted Debt” if, as determined by the Board of Directors, the encumbrances or restrictions are (i) customary for such types of agreements and (ii) would not, at the
time agreed to, be expected to materially and adversely affect the ability of the Company to make any required payment on the Notes and any extension, refinancings, renewals or replacements of any of the foregoing agreements; provided that
the encumbrances and restrictions in any such extension, refinancings, renewal or replacement, taken as a whole, are no more restrictive in any material respect to the Holders than those encumbrances or restrictions that are then in effect and that
are being extended, refinanced, renewed or replaced. 
  

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 Section 4.14. Affiliate Transactions. 
 The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, conduct any business or enter into or suffer to exist any
transaction or series of transactions (including the purchase, sale, transfer, assignment, lease, conveyance or exchange of any Property or the rendering of any service) with, or for the benefit of, any Affiliate of the Company (an
“Affiliate Transaction”), unless: 
 (a) the terms of such Affiliate Transaction are: 
 (1) set forth in writing, 
 (2) in the best interest of the Company or such Subsidiary, as the case may be, and 
 (3) no less favorable to the Company or such Subsidiary, as the case may be, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Company, 
 (b) if such Affiliate Transaction involves aggregate payments or value in excess of $3.0 million, the Board of Directors (including a
majority of the disinterested members of the Board of Directors) approves such Affiliate Transaction and, in its good faith judgment, believes that such Affiliate Transaction complies with clauses (a)(2) and (3) of this paragraph as
evidenced by a Board Resolution promptly delivered to the Trustee, and 
 (c) if such Affiliate Transaction involves
aggregate payments or value in excess of $10.0 million, the Company obtains a written opinion from an Independent Financial Advisor to the effect that the consideration to be paid or received in connection with such Affiliate Transaction is fair,
from a financial point of view, to the Company and its Subsidiaries. 
 Notwithstanding the foregoing limitation, the Company or any of its
Subsidiaries may enter into or suffer to exist the following: 
 (a) any transaction or series of transactions between the
Company and one or more of its Wholly-Owned Subsidiaries or between two or more of its Wholly-Owned Subsidiaries in the ordinary course of business; 
 (b) any Restricted Payment permitted to be made pursuant to Section 4.10 or any Permitted Investment; 
 (c) the payment of compensation (including amounts paid pursuant to employee benefit plans) for the personal services of officers, directors and employees of the Company or any of its Subsidiaries, so long as the
Board of Directors in good faith shall have approved the terms thereof and deemed the services theretofore or thereafter to be performed for such compensation to be fair consideration therefor and the payments made in the ordinary course of business
and consistent with past practices of the Company or such Subsidiary; and 
 (d) loans and advances to employees made in the
ordinary course of business and consistent with the past practices of the Company or such Subsidiary, as the case may be, provided that such loans and advances do not exceed $500,000 in the aggregate at any one time outstanding.

 Section 4.15. Issuance or Sale of Capital Stock of Subsidiaries. 
 The Company shall not, and shall not permit any of its Subsidiaries to: 
 (a) sell, pledge, hypothecate or otherwise dispose of any shares of Capital Stock of any of its Subsidiaries, or 
  

 48 

 (b) permit any Subsidiary of the Company to, directly or indirectly, issue or sell
or otherwise dispose of any shares of its Capital Stock, 
 other than, in the case of either (a) or (b): 
 (1) directors’ qualifying shares or Capital Stock which is required by applicable law to be held by a Person other than the
Company or a Wholly Owned Subsidiary, 
 (2) to the Company or a Wholly Owned Subsidiary, or 
 (3) a disposition of 100% of the shares of Capital Stock of such Subsidiary; provided, however, that, in the case of this clause (3),

 (A) such disposition is effected in compliance with Section 4.12, and 
 (B) upon consummation of such disposition and execution and delivery of a supplemental indenture in form satisfactory to the Trustee,
such Subsidiary shall be released from any Guarantee previously made by such Subsidiary. 
 Section 4.16. Maintenance of Consolidated
Tangible Net Worth. 
 The Company shall not, on the Issue Date (after giving effect to the issuance of the Notes) or at any time,
permit its Consolidated Tangible Net Worth to be less than the Consolidated Tangible Net Worth Threshold. The “Consolidated Tangible Net Worth Threshold” shall be equal to $60.0 million from the Issue Date through December 31, 2007;
$95.0 million from January 1, 2008 through December 31, 2008; $145.0 million from January 1, 2009 through December 31, 2009; and $195.0 million thereafter. 
 Section 4.17. Repurchase at the Option of Holders Following a Change of Control. 
 (a) Upon the occurrence of a Change of Control, the Company shall, within 7 days thereafter notify the Trustee and the Holders of such Change of Control, and within 30 days of a Change of Control, make an offer (the
“Change of Control Offer”) pursuant to the procedures set forth in Section 3.09. Each Holder shall have the right to accept such offer and require the Company to repurchase all or any portion (equal to $100,000 or
an integral multiple thereof) of such Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash equal to (x) 105% of the then outstanding principal amount of the Notes, plus accrued and unpaid interest, if any, on
the Notes repurchased, to the Purchase Date if such Change of Control occurs prior to the Qualifying IPO or (y) 101% of the then outstanding principal amount of the Notes, plus accrued and unpaid interest, if any, on the Notes repurchased, to
the Purchase Date if such Change of Control occurs after the Qualifying IPO. 
 (b) The Company shall not be required to make
a Change of Control Offer following a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control
Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 
 Section 4.18.
Future Guarantors. 
 The Company shall cause each Person that becomes a Subsidiary following the Issue Date to execute and
deliver to the Trustee a Guarantee at the time such Person becomes a Subsidiary; provided that no PRC Subsidiary shall be required to execute a Guarantee unless there has been after the Issue Date a change in PRC law or interpretation in PRC
law that permits such Guarantees without any approval from the PRC Governmental Authority, and provided further that the refusal of any PRC Governmental Authority, acting solely in its own discretion, to register or approve such Guarantee (if
required by PRC law) shall not be deemed as a Default or Event of Default hereunder. 
  

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 Section 4.19. Business Activities. 
 The Company shall not, and the Company shall not permit any of its Subsidiaries to, directly or indirectly, engage in any business other than a Related
Business. 
 Section 4.20. Sale and Leaseback Transactions. 
 The Company shall not, and shall not permit any of its Subsidiaries to, enter into any Sale and Leaseback Transaction with respect to any Property unless:

 (a) the Company or such Subsidiary would be entitled to: 
 (1) Incur Debt in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction pursuant to
Section 4.09 and 
 (2) create a Lien on such Property securing such Attributable Debt without also securing
the Notes or the applicable Guarantee pursuant to Section 4.11 and 
 (b) such Sale and Leaseback Transaction is
effected in compliance with Section 4.12. 
 Section 4.21. Impairment of Security Interest. 
 The Company shall not, and shall not permit any of its Subsidiaries to, take or omit to take any action that might or would have the result of impairing
the security interest with respect to the Collateral for the benefit of the Trustee and the holders of the Notes, and the Company shall not, and shall not permit any of its Subsidiaries to, grant to any Person other than the Collateral Agent, for
the benefit of the Trustee, the holders of the Notes, the trustee for the Convertible Notes, the holders of the Convertible Notes and the other beneficiaries described in the Security Documents, any interest whatsoever in any of the Collateral.

 Section 4.22. Amendments to Security Documents. 
 The Company shall not, and shall not permit any of its Subsidiaries to, amend, waive or otherwise modify, or permit or consent to any amendment, waiver or other modification, the Security Documents in any way that
would be adverse to the holders of the Notes. 
 Section 4.23. Use of Proceeds. 
 The Company will use the net proceeds from the sale of the Notes to (i) repay to (x) Blue Ridge China Partners, L.P. and (y) EI Fund II
China, LLC the Shareholders’ Loan in its entirety and (ii) after giving effect to the application of such net proceeds, the Company will use the remaining net proceeds from the sale of the Notes to be paid to the account of Xinyuan Real
Estate for further credit to the account of the WFOE to be used for (A) Capital Expenditures, in particular, the acquisition of land-use rights in the cities of Suzhou, Hefei, Jinan and Zhengzhou in the PRC, and other cities in the PRC
consistent with the Company’s development strategy and that is suitable for residential development comparable in nature to residential development that has been completed by the Company prior to the Issue Date, (B) working capital and
(C) general corporate purposes, all in accordance with and subject to the Account Agreement and pending the application of all of such net proceeds in such manner, to invest the portion of such net proceeds not yet so applied in Cash
Equivalents. Following the application of net proceeds in such manner, any remaining net proceeds may be applied for general corporate purposes not otherwise prohibited by the terms of this Indenture. 
 Section 4.24. Maintenance of Insurance. 
 The Company shall, and shall cause its Subsidiaries to, maintain insurance policies covering such risks, in such amounts and with such terms as are normally carried by similar companies engaged in a similar business to the Related Business
in the PRC. 
  

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 Section 4.25. Qualifying IPO. 
 The Company shall make such filings, registrations or qualifications and take all other necessary action and will use its commercially reasonable efforts
to obtain such consents, approvals and authorizations, if any, and satisfy all conditions that may be required in connection with listing the Company’s Common Shares in a Qualifying IPO and shall use its commercially reasonable efforts to
complete a Qualifying IPO by no later than October 15, 2009 and maintain such listing continuously thereafter. 
 Section 4.26.
Enforcement of Loan Rights. 
 If at any time there has been and is existing an Event of Default, the Company shall cause
Xinyuan Real Estate to immediately exercise all of its rights to require immediate repayment of all amounts outstanding pursuant to that certain loan agreement between Xinyuan Real Estate and the WFOE, whether pursuant to contract or statute.

 Section 4.27. Government Approvals and Licenses; Compliance with Law. 
 The Company shall, and shall cause its Subsidiaries to, (a) obtain and maintain in full force and effect all Governmental Approvals, authorizations,
consents, permits, concessions and licenses as are necessary to engage in a Related Business, (b) preserve and maintain good and valid title to its properties and assets (including land-use rights) free and clear of any Liens other than
Permitted Liens and (c) comply with all laws, regulations, orders, judgments and decrees of any Governmental Authority, except to the extent that failure so to obtain, maintain, preserve and comply would reasonably not be expected to have a
Material Adverse Effect. 
 Section 4.28. Maintenance of Financial Ratios. 
 The Company shall: 
 (a)
maintain an average daily Cash Balance of no less than (x) $10.0 million during the last 30 days of each Fiscal Quarter in the fiscal year ending December 31, 2007, (y) $20.0 million during the last 30 days of each Fiscal Quarter in
the fiscal year ending December 31, 2008 and (z) $30.0 million during (1) the last 30 days of each Fiscal Quarter thereafter and (2) the fifteen calendar days preceding Stated Maturity of the Notes. 
 (b) maintain at all times a Consolidated Subsidiary Debt to Consolidated Total Tangible Asset Ratio of no more than 0.25 to 1.00.

 (c) maintain at all times a Working Capital Ratio of no less than 1.20 to 1.00 before the date of initial receipt by the
Company of proceeds from the sale of Common Shares in the Qualifying IPO, and 1.33 to 1.00 thereafter. 
 Section 4.29. Notes to Rank
Senior. 
 The Notes and all other obligations of the Company and the Guarantors under this Indenture are and at all times shall
remain direct and first-priority secured obligations of the Company and each Guarantor ranking pari passu as against the assets of the Company and each Guarantor with all other Notes from time to time issued and outstanding hereunder, without
any preference among themselves and senior in right and priority of payment to all other present and future unsecured Indebtedness (actual or contingent) of the Company and each Guarantor (except as otherwise required by law) as well as all
Subordinated Obligations, including the Convertible Notes and the Convertible Note Guarantees. 
  

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 Section 4.30. Capital Expenditure. 
 The Company shall not make or Incur, or permit to be made or incurred, Capital Expenditure during each of the fiscal years set forth below, in aggregate,
in excess of the maximum amount set forth for such fiscal year: 
  

			
	 Fiscal Year Ending
	  	Maximum Capital Expenditures ($ in millions)
	2007	  	1.5
	2008	  	1.5
	2009	  	1.5
	2010	  	1.5

 Section 4.31. Additional Amounts. 
 All payments of principal of, and premium (if any) and interest on the Notes or under the Guarantees will be made without withholding or
deduction for, or on account of, any present or future Taxes, unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so
required, the Company or the applicable Guarantor, as the case may be, will pay such withholding or deduction which is required by law or by regulation or governmental policy having the force of law, and will pay additional amounts
(“Additional Amounts”) as will result in receipt by the holder of each Note or the Guarantees, as the case may be, of such amounts as would have been received by such holder had no such withholding or deduction been required, except
that no Additional Amounts shall be payable: 
 (a) for or on account of: 
 (i) any Tax that would not have been imposed but for: 
 (A) the existence of any present or former connection between the holder or beneficial owner of such Note or Guarantee, as the case may
be, and the Governmental Authority imposing the Tax other than merely holding such Note or the receipt of payments thereunder or under a Guarantee, including, without limitation, such holder or beneficial owner being or having been a national,
domiciliary or resident of the jurisdiction of such Governmental Authority or treated as a resident thereof or being or having been physically present or engaged in a business therein or having or having had a permanent establishment therein;

 (B) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the
date on which the payment of the principal of, premium, if any, and interest on, such Note became due and payable pursuant to the terms thereof or was made or duly provided for, except to the extent that the holder thereof would have been entitled
to such Additional Amounts if it had presented such Note for payment on any date within such 30-day period; 
 (C) the failure
of the holder or beneficial owner to comply with a timely request of the Company or any Guarantor addressed to the holder or beneficial owner, as the case may be, to provide information concerning such 

  

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holder’s or beneficial owner’s nationality, residence, identity or connection with any Governmental Authority, if and to the extent that due and
timely compliance with such request would have reduced or eliminated any withholding or deduction as to which Additional Amounts would have otherwise been payable to such holder; 
 (D) the presentation of such Note (in cases in which presentation is required) for payment in a jurisdiction in which the Company, a
Surviving Person, or a Guarantor is resident for tax purposes, unless such Note could not have been presented for payment elsewhere; 
 (ii) any estate, inheritance, gift, sale, transfer, personal property or similar Tax; 
 (iii) any withholding or
deduction that is imposed or levied on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to
conform to, such Directive; or 
 (iv) any combination of Taxes referred to in the preceding clauses (i) and (ii); or

 (b) with respect to any payment of the principal of, or premium, if any, or interest on, such Note or any payment under any
Guarantee to a holder, if the holder is a fiduciary, partnership or person other than the sole beneficial owner of any payment to the extent that the beneficiary or settlor with respect to the fiduciary, or a member of the partnership, or the
beneficial owner would not have been entitled to such Additional Amounts had that beneficiary, settler, partner or beneficial owner been the holder thereof. 
 Whenever there is mentioned in any context the payment of principal of, and any premium or interest on, any Note or under any Guarantee, such mention shall be deemed to include payment of Additional Amounts provided
for in this Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 Section 4.32.
Additional Interest and Delivery of WFOE Share Pledge. 
 The Company shall use its reasonable best efforts to deliver to
the Collateral Agent (i) within 30 days after the WFOE’s obtaining the extension of its business license but in no event shall be later than October 30, 2007, an Officers’ Certificate attaching thereto written evidence that the
Company or its agent has submitted the WFOE Share Pledge to the local counterpart of the MOFCOM for the Province of Henan in the PRC and (ii) within fifteen calendar days following the receipt of MOFCOM approval as described in the foregoing
clause (i), an Officers’ Certificate attaching thereto written evidence that the Company or its agent has submitted the WFOE Share Pledge to the local counterpart of the SAFE for approval (if required) and the SAIC for registration with the
SAIC. If the Company fails to deliver to the Collateral Agent the above-mentioned Officer’s Certificate with the required written evidence attached thereto, the Company is required to pay Additional Interest to holders of Notes, and the Company
will provide written notice (“Additional Interest Notice”) to the Trustee and the holders of the Company’s obligation to pay Additional Interest no later than fifteen (15) days prior to the proposed payment date for
the payment of the Additional Interest, and the Additional Interest Notice shall set forth the amount of Additional Interest to be paid by the Company on such payment date and manner of calculation thereof. The Trustee shall not at any time be under
any duty or responsibility to any holder of Notes to determine the Additional Interest, or with respect to the nature, extent or calculation of the amount of Additional Interest when made, or with respect to the method employed in such calculation
of the Additional Interest. 
 Section 4.33. Cash Management. 
 The Company shall cause each of its PRC Subsidiaries (other than the WFOE), to the extent
permissible under applicable laws or regulations, to maintain only a minimum level of Cash Balance for its respective operations that is appropriate and desirable in accordance with good business practice in maximizing the interests of the Company,
as shareholder of the WFOE, and shall transfer any cash and Cash Equivalents in excess of such amounts to the WFOE on the 30th day of each month. 

  

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 ARTICLE 5. 
 SUCCESSORS 
 Section 5.01. Merger, Consolidation and Sale of Assets. 
 (a) The Company shall not merge, consolidate or amalgamate with or into any other Person (other than a merger of a Wholly Owned Subsidiary
into the Company) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its Property in any one transaction or series of transactions unless: 
 (i) the Company shall be the Surviving Person in such merger, consolidation or amalgamation, or the Surviving Person (if other than the
Company) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation organized and existing under the laws of the United States of America, any
State thereof or the District of Columbia or the Cayman Islands; 
 (ii) the Surviving Person (if other than the Company)
expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, Additional Amounts and interest
on, all the Notes, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company; 
 (iii) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all of the Property of
the Company, such Property shall have been transferred as an entirety or virtually as an entirety to one Person; 
 (iv)
immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for purposes of this clause (iv) and clauses (v) and (vi) below, any Debt that becomes, or is anticipated to
become, an obligation of the Surviving Person or any Subsidiary of the Company as a result of such transaction or series of transactions as having been Incurred by the Surviving Person or such Subsidiary at the time of such transaction or series of
transactions), no Default or Event of Default shall have occurred and be continuing; 
 (v) immediately after giving effect to
such transaction or series of transactions on a pro forma basis: 
 (1) the Company or the Surviving Person, as the case may be, would be in
compliance with the Minimum Consolidated Interest Expense Coverage Ratio; and 
 (2) the Company or the Surviving Person, as the case may be,
would have a Consolidated Interest Expense Coverage Ratio that is not lower than the Consolidated Interest Expense Coverage Ratio of the Company immediately prior to such transaction; 
 (vi) immediately after giving effect to such transaction or series of transactions on a pro forma basis, the Surviving Person shall have a
Consolidated Net Worth in an amount which is not less than the Consolidated Net Worth of the Company immediately prior to such transaction or series of transactions; 
 (vii) the Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each
stating that such transaction or series of transactions and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction or series of transactions
have been satisfied; and 
  

 54 

 (viii) the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the holders will not recognize income, gain or loss for federal income tax purposes as a result of such transaction and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such transaction had not occurred. 
 The foregoing provisions (other than clause (iv)) shall not apply to any transaction or series of
transactions which constitute an Asset Sale if the Company has complied with Section 4.12. 
 (b) The Company shall not
permit any Guarantor to merge, consolidate or amalgamate with or into any other Person (other than a merger of a Wholly Owned Subsidiary into the Company or such Guarantor) or sell, transfer, assign, lease, convey or otherwise dispose of all or
substantially all its Property in any one transaction or series of transactions unless: 
 (i) the Surviving Person (if not
such Guarantor) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, company (including a limited liability company) or partnership
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia or the Cayman Islands; 
 (ii) the Surviving Person (if other than such Guarantor) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and
punctual performance and observance of all the obligations of such Guarantor under its Guarantee; 
 (iii) in the case of a
sale, transfer, assignment, lease, conveyance or other disposition of all or a substantial part of all the Property of such Guarantor, such Property shall have been transferred as an entirety or virtually as an entirety to one Person; 
 (iv) immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for
purposes of this clause (iv) and clauses (v) and (vi) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person, the Company or any of its Subsidiaries as a result of such transaction or series
of transactions as having been Incurred by the Surviving Person, the Company or such Subsidiary at the time of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing; 
 (v) immediately after giving effect to such transaction or series of transactions on a pro forma basis: 
 (1) the Company would be in compliance with the Minimum Consolidated Interest Expense Coverage Ratio, and 
 (2) the Company would have a Consolidated Interest Expense Coverage Ratio which is not lower than the Consolidated Interest Expense Coverage Ratio
of the Company immediately prior to such transaction; and 
 (vi) immediately after giving effect to such transaction or
series of transactions on a pro forma basis, the Company shall have a Consolidated Net Worth in an amount which is not less than the Consolidated Net Worth of the Company immediately prior to such transaction or series of transactions; 

(vii) the Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel,
each stating that such transaction or series of transactions and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction or series of
transactions have been satisfied; and 
  

 55 

 (viii) the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the holders will not recognize income, gain or loss for federal income tax purposes as a result of such transaction and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such transaction had not occurred. 
 The foregoing provisions (other than clause (iv)) shall not apply to any
transaction or series of transactions which constitute an Asset Sale if the Company has complied with Section 4.12. 
 Section 5.02. Successor Corporation Substituted. 
 The Surviving Person shall succeed to, and be
substituted for, and may exercise every right and power of the Company or a Guarantor, as applicable, under this Indenture; provided, however, that the predecessor entity shall not be released from any of the obligations or covenants
under this Indenture, including with respect to the payment of the Notes and obligations under the Guarantee, as the case may be, in the case of: 
 (a) a sale, transfer, assignment, conveyance or other disposition (unless such sale, transfer, assignment, conveyance or other disposition is of all or substantially all of the assets of the Company, taken as a whole
or, in the case of a Guarantor, such sale, transfer, assignment, conveyance or other disposition is of (i) all or substantially all of the assets of such Guarantor to a Person that is not (either before or after giving effect to such
transaction) a Subsidiary of the Company, or (ii) such portion of the Capital Stock of such Guarantor such that it ceases to be a Subsidiary of the Company), or 
 (b) a lease. 
 ARTICLE
6. 
 DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. 
 Each of the following constitutes an “Event of Default” with
respect to the Notes: 
 (a) failure to make the payment of any interest on the Notes when the same becomes due and payable,
and such failure continues for a period of 15 days; provided that if such payment is not made by reason of having been prohibited by PRC Governmental Authorities, then such failure to make such payment shall be an Event of Default only if
such failure continues for a period of 30 days; 
 (b) failure to make the payment of any principal of, or premium, if any,
on, any of the Notes when the same becomes due and payable at its Stated Maturity, upon acceleration, mandatory redemption, optional redemption, required repurchase or otherwise; 
 (c) failure to comply with Sections 4.09, 4.10, 4.12, 4.17 or 5.01; 
 (d) failure to comply with any other covenant or agreement in the Notes or in this Indenture (other than a failure that is the subject of
the foregoing clause (a), (b) or (c)), and such failure continues for 45 days after written notice is given to the Company by the Trustee (upon the instruction of the Holders in accordance with Section 6.02) or the Holders of
not less than 10% in aggregate principal amount of the Notes then outstanding specifying the default, demanding that it be remedied and stating that such notice is a “Notice of Default;” 
 (e) a default under any Debt by the Company or any of its Subsidiaries that results in acceleration of the maturity of such Debt, or
failure to pay any such Debt when due, in an aggregate amount greater than $3.0 million or its foreign currency equivalent at the time; 
  

 56 

 (f) one or more final judgments or orders for the payment of money are rendered against
the Company or any Subsidiary and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final judgment or order and the aggregate amount of all such final judgments or orders outstanding and not paid or
discharged against all such Persons exceed $3.0 million (or its foreign currency equivalent at the time) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 
 (g) any Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Guarantee) or any Guarantor or a
group of Guarantors that, taken as a whole, would constitute a Significant Subsidiary denies or disaffirms its obligations under its Guarantee; 
 (h) the Company, any of its Significant Subsidiaries (or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary) pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case or gives notice of intention to make a proposal under any Bankruptcy Law; 
 (B) consents to the entry of an order for relief against it in an involuntary case or consents to its dissolution or winding up;

 (C) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of
it or for all or substantially all of its property; 
 (D) makes a general assignment for the benefit of its creditors; or

 (E) admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency; 
 (i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company, any of its Significant Subsidiaries (or any group of Subsidiaries that, when taken together, would
constitute a Significant Subsidiary) in an involuntary case; or 
 (B) appoints a receiver, interim receiver, receiver and
manager, liquidator, trustee or custodian of the Company, any of its Significant Subsidiaries (or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary) for all or substantially all of the property of the
Company, any of its Significant Subsidiaries (or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary); or 
 (C) orders the liquidation of the Company, any of its Significant Subsidiaries (or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary); 
 and such order or decree remains unstayed and in effect for 60 consecutive days; 
 (j) any default by the Company or Future Guarantor Pledgor or any other Person that pledges Collateral on behalf of the holders in any of
its obligations under the Security Documents; the security interest under the Security Documents shall, at any time, cease to be in full force and effect for any reason other than the satisfaction in full of all obligations under the Indenture and
discharge of the Indenture or any security interest created thereunder shall be declared invalid or unenforceable or the Company or any Guarantor shall assert that any such security interest is invalid or unenforceable; 
  

 57 

 (k) the Company or any Future Guarantor Pledgor or any other Person that pledges
Collateral on behalf of the holders denies or disaffirms its obligations under any Security Document or, other than in accordance with this Indenture and the Security Documents, any Security Document ceases to be or is not in full force and effect
or the Trustee ceases to have a first priority interest in the Collateral; 
 (l) the WFOE ceases to be a Wholly Owned
Subsidiary of the Company; or 
 (m)(i) the confiscation, expropriation or nationalization by any Governmental Authority of
any Property of the Company or any of its Subsidiaries that is material to the operation of the Related Business; or (ii) if such revocation or repudiation could reasonably be expected to have a Material Adverse Effect, the revocation or
repudiation by any Governmental Authority of any previously granted Governmental Approval to any PRC Subsidiary; or (iii) the imposition or introduction of material and discriminatory taxes, tariffs, royalties, customs or excise duties imposed
on any PRC Subsidiary, or the material and discriminatory withdrawal or suspension of privileges or specifically granted rights of a fiscal nature, or (iv) the Company or any of its Subsidiary is prevented from exercising normal control over
all or any material part of its property, assets or revenues. 
 Section 6.02. Acceleration. 
 If any Event of Default (other than those of the type described in Section 6.01(h) or (i)) occurs and is continuing, the Trustee may,
and the Trustee upon the request of Holders of 25% in principal amount of the outstanding Notes shall, or the Holders of at least 25% in principal amount of outstanding Notes may, declare the principal of all the Notes, together with all accrued and
unpaid interest, premium, if any, to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that such notice is a notice of acceleration (the “Acceleration
Notice”), and the same shall become immediately due and payable. 
 In the case of an Event of Default specified in
Section 6.01 (h) or (i) hereof, all outstanding Notes shall become due and payable immediately without any further declaration or other act on the part of the Trustee or the Holders. Holders may not enforce this
Indenture or the Notes except as provided in this Indenture. 
 In the case of an Event of Default with respect to the Notes occurring by
reason of any willful action or inaction taken or not taken by the Company or on the Company’s behalf with the intention or effect of avoiding payment of the premium that the Company would have been required to pay at maturity or if the Company
had then elected to redeem the Notes pursuant to Section 3.06 hereof, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
 Section 6.03. Other Remedies. 
 If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies shall be cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Defaults. 
 The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes, waive any existing Default or Event of Default, and its consequences, except a continuing Default or Event of Default (i) in the payment of the principal of, premium, if 

  

 58 

 
any, or interest, on the Notes and (ii) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the
consent of the Holder of each Note affected by such modification or amendment. In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences of that Event of Default, including without
limitation any acceleration or resulting payment default, shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if within 30 days after the Event of Default arose: 
 (a) the Debt that is the basis for the Event of Default has been discharged; 
 (b) the holders of such Debt have rescinded or waived the acceleration, notice or action, as the case may be, giving rise to the Event of
Default; or 
 (c) if the default that is the basis for such Event of Default has been cured. 
 Upon any waiver of a Default or Event of Default, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed cured for
every purpose of this Indenture but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
 Section 6.05. Control by Majority. 
 Subject to Section 7.01 and Section 7.07
hereof, in case an Event of Default shall occur and be continuing, the Holders of a majority in aggregate principal amount of the Notes then outstanding shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. 
 Section 6.06.
Limitation on Suits. 
 No Holder shall have any right to institute any proceeding with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any remedy thereunder, unless: 
 (a) such Holder has previously given to the
Trustee written notice of a continuing Event of Default or the Trustee receives the notice from the Company, 
 (b) Holders of
at least 25% in aggregate principal amount of the Notes then outstanding have made written request to the Trustee to institute such proceeding as trustee and have provided the Trustee security or indemnity satisfactory to the Trustee against any
loss, liability or expense but the Trustee has not complied with such request within 30 days after the receipt of the request and the security or indemnity satisfactory to the Trustee, and 
 (c) the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the Notes then outstanding a
direction inconsistent with such request and shall have failed to institute such proceeding within 30 days. 
 The preceding limitations
shall not apply to a suit instituted by a Holder for enforcement of payment of principal of, and premium, if any, or interest on, a Note on or after the respective due dates for such payments set forth in such Note. 
 A Holder may not use this Indenture to affect, disturb or prejudice the rights of another Holder or to obtain a preference or priority over another
Holder. 
 Section 6.07. Rights of Holders to Receive Payment. 
 Notwithstanding any other provision of this Indenture (including Section 6.06), the right of any Holder to receive payment of principal,
premium, if any, and interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
  

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 Section 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01 (h) or (i) occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest then due and owing (together with interest on overdue principal and, to the extent lawful, interest)
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09. Trustee May File Proofs of Claim. 
 The Trustee shall be authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and
empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, moneys, securities and any other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 Section 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, the Agents and their respective agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and
all advances made, by the Trustee and (where applicable), the Agents and the costs and expenses of collection in connection with this Indenture, the Security Documents or the Notes, including the collection or distribution of such amounts held or
realized or in connection with expenses incurred in enforcing its remedies under the Security Documents and preserving the Collateral and all amounts for which the Trustee is entitled to indemnification under the Security Documents; 
 Second: in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of Interest on the Notes in default
in the order of the maturity of the installments of such Interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of Interest at the rate specified in the Notes, such payments to be
made ratably to the Persons entitled thereto; 
 Third: in case the principal of the outstanding Notes shall have become due, by
declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for principal and Interest, with Interest on the overdue principal and (to the extent that such Interest has been collected by the
Trustee) upon overdue installments of Interest at the rate specified in the Notes, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and Interest
without preference or priority of principal over Interest, or of Interest over principal, or of any installment of Interest over any other installment of Interest, or of any Note over any other Note, ratably to the aggregate of such principal and
accrued and unpaid Interest; and 
  

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 Fourth: to the Company or the Guarantors or to such party as a court of competent jurisdiction
shall direct. 
 The Trustee may but is not obligated to fix a record date and payment date for any payment to Holders pursuant to this
Section. 
 Section 6.11. Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant. This Section shall not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders
of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7. 
 TRUSTEE 
 Section 7.01.
Duties of Trustee. 
 (a) The Trustee may at its discretion take proceedings against either or both the Company
or the Guarantor to enforce payment of the Notes after the Notes have become due and payable or to declare the Notes due and payable, provided that the Trustee shall not be under any obligation to do any of the foregoing unless it shall have
been so requested in writing by the holders of not less than 25% in principal amount of the Notes then outstanding and it shall have been indemnified to its satisfaction. 
 (b) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (c) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of fraud, willful misconduct or gross negligence on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. . 
 (d) The Trustee may not be relieved from liabilities for its own fraud, willful misconduct or gross negligence, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section; 
 (2) The Trustee shall not be liable for any error of judgment by any officer or employee of the Trustee assigned by the Trustee to
administer its corporate trust matters, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
  

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 (3) the Trustee shall not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (e) Whether or not
therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of Article 7 of this Indenture. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02. Rights of
Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document. The Trustee, however, in the case of any document which is specifically required to be furnished to the Trustee pursuant
to any provision hereof, shall examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculation or other facts stated therein). 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee shall be entitled to accept such opinion and certificate as sufficient and
conclusive evidence of the fulfillment of the applicable conditions precedent, in which event it shall be conclusive and binding on the Holders. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction
determines that the Trustee’s gross negligence or willful misconduct was the primary cause of any loss to the Holders. 
 (d) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (e) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Company or the Holders of
25% in aggregate principal amount of the outstanding Notes, and such notice references the specific Default or Event of Default, the Notes and this Indenture. 
 (f) The Trustee shall not be required to give any bond or surety in respect of the performance of its power and duties hereunder.

 (g) The Company and the Guarantor each covenant with the Trustee that each will comply with and perform and observe all the
provisions of this Indenture, the Notes, the Security Documents or any other document in connection with the sale of the Notes or pursuant to this Indenture which are expressed to be binding on either of the Company and the Guarantor. Until the
Trustee has actual knowledge or express notice to the contrary, the Trustee shall be entitled to assume no Event of Default and that each of the Company and the Guarantor are observing and performing all of their respective obligations. 

 

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 (h) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed and supervised with reasonable care by it hereunder. 

(i) Neither the Trustee nor any market or exchange on which the Notes are traded shall have any obligation or duty to monitor,
determine or inquire as to compliance, and shall not be responsible or liable for compliance, with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed hereunder or under applicable
law or regulation with respect of any transfer, exchange, redemption, purchase or repurchase, as applicable, of interest in any Note. 
 (j) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing less than a majority in aggregate principal amount of the Notes then
outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, will be taken. 
 (k) The permissive right of the Trustee to take the actions permitted hereby will not be construed as an obligation or duty to do so. 
 (l) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 (m) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (n) The Trustee is entitled to enter into business
transactions with the Company, its Affiliates or any entity related thereto without accounting for any profit. 
 (o) In
connection with the exercise of its functions (including but not limited to those in relation to any proposed modification, authorization, waiver or substitution), the Trustee will have regard to the interests of the Holders as a class, and will not
have regard to the consequences of such exercise for individual Holders. The Trustee will not be entitled to require, nor will any Holder be entitled to claim, from the Company or any Guarantor, any indemnification or payment in respect of any tax
consequences of any such exercise upon individual Holders. 
 (p) The Trustee may refrain from taking any action in any
jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, of the State of New York.
Furthermore, the Trustee may also refrain from taking such action if it would otherwise render it liable to any person in that jurisdiction or the State of New York or if, in its opinion based upon such legal advice, it would not have the power to
do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or in the State of New York or if it is determined by any court or other competent authority in that jurisdiction or in the State of New York that it
does not have such power. 
 (q) Each party shall be solely responsible for making and continuing to make its own independent
appraisal of and investigation into the financial condition, creditworthiness, condition, affairs, status and nature of the Company and the Guarantor, and the Trustee shall not at any time have any responsibility for the same and each party shall
not rely on the Trustee in respect thereof. 
 (r) No provision of these presents shall require the Trustee to do anything
which may: (i) be illegal or contrary to applicable law or regulation; (ii) cause it to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its own
rights or powers, if it shall have grounds for believing that repayment of such funds or satisfactory indemnity against such risk or the liability is not assured to it. 
  

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 (s) The Trustee shall not be responsible for any consolidation, amalgamation, merger,
reconstruction or scheme of the Company or any sale or transfer of all or substantially all of the assets of the Company or the Guarantor or the form or substance of any plan relating thereto or the consequences thereof to any Holder. 
 (t) Whenever in this Indenture or any other document in connection with the sale of the Notes or pursuant to this Indenture or by law, the
Trustee shall have discretion or permissive power it may decline to exercise the same in the absence of approval by the Holders. Save as expressly provided in this Indenture, the Trustee will have absolute and unfettered discretion as to the
exercise of its functions and will not be responsible for any loss, liability, cost, claim, action, demand, damages, expense or inconvenience which may result from their exercise or non–exercise, except to the extent that a court of competent
jurisdiction determines that the Trustee’s gross negligence or wilful misconduct was the primary cause of any loss to the Holders. 
 (u) The Trustee shall engage and consult, at the expense of the Company with any legal adviser and professional adviser selected by it and rely upon any advice so obtained and each of its respective directors,
officers, employees and duly appointed agents shall be protected and shall not be liable in respect of any action taken, or omitted to be done or suffered to be taken, in accordance with such advice. 
 (v) Any Trustee being a banker, lawyer, broker or other person engaged in any profession or business shall be entitled to charge and be
paid all usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with this Indenture, the Notes and the Security Documents and any incurred charges in addition to
disbursements for all other work and business done and all time spent by him or his partner or firm on matters arising in connection with this Indenture, the Notes and the Security Documents, including matters which might or should have been
attended to in person by a trustee not being a banker, lawyer, broker or other professional person. 
 Section 7.03. Individual Rights of
Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with
the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee shall also be subject to Section 7.10 hereof. 
 Section 7.04. Trustee’s Disclaimer. 
 The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction
under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement, recital, warranty or representation of
any party herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. 
 If the Trustee receives notice of any Default
or Event of Default from the Company, the Trustee shall notify the Holders of the Default or Event of Default as soon as possible and in any event within 30 days after receipt thereof in accordance with Section 12.01. Except in the case
of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice
is in the interests of the Holders. 
  

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 Section 7.06. Reports by Trustee to Holders. 
 Within 30 days after each May 15 beginning with the May 15 following the first anniversary of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred such date, no
report need be transmitted): 
 (a) the character and amount of any disbursements made by it, as the Trustee under this Indenture, which
remain unpaid for 90 days from the date of issuance of any such disbursement as at the date of such report, and for the reimbursement of which it has claimed in writing a lien or charge, prior to that of Notes, on property or funds held or collected
by it as the Trustee under this Indenture, if such disbursements so remaining unpaid, being in the aggregate more than US$375,000; 
 (b) any
release, or release and substitution, of property subject to the Lien under the Security Documents (and the consideration therefor, if any) which it has not previously notified to the Holders under this Indenture or the Security Documents; and

 (c) any action taken by it in the performance of its duties under this Indenture which it has not previously notified to the Holders under
this Indenture or the Security Documents and which in its opinion materially affects the Notes, except action in respect of a default, notice of which has been or is to be withheld by it in accordance with this Indenture. 
 A copy of each report at the time of its mailing to the Holders shall be mailed to the Company. The Company shall promptly notify the Trustee when
the Notes are listed on any stock exchange and any delisting thereof. 
 Section 7.07. Compensation and Indemnity. 
 Each of the Company and the Guarantor hereby jointly and severally, unconditionally and irrevocably covenants and undertakes to indemnify and hold
harmless the Trustee, its directors, officers, employees and agents (each an “indemnified party”) in full at all times against all losses, liabilities, actions, proceedings, claims, demands, penalties, damages, costs, expenses
disbursements, and other liabilities whatsoever (the “Losses”), including without limitation the costs and expenses of legal advisors and other experts, which may be incurred, suffered or brought against such indemnified party as a
result or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers or duties hereunder or the taking of any acts in accordance with the terms of this Indenture, the Notes and the Security
Documents or its usual practice; (b) this Indenture, the Notes and the Security Documents and any other documents in connection with the sale of the Notes or pursuant to this Indenture, or (c) any instruction or other direction upon which
the Trustee may rely under this Indenture, the Notes and the Security Documents, as well as the costs and expenses incurred by an indemnified party of defending itself against or investigating any claim or liability with respect of the foregoing
provided that this indemnity shall not apply in respect of an indemnified party to the extent but only to the extent that any such Losses incurred or suffered by or brought against such indemnified party arises directly from the fraud, willful
misconduct or gross negligence of such indemnified party. The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Trustee or the termination of this Indenture, the Notes and the Security
Documents. 
 Notwithstanding any other term or provision of this Indenture, the Notes and the Security Documents to the contrary, the
Trustee shall not be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits, whether or not foreseeable, and regardless of whether the claim for such loss or damage
is made in negligence, for breach of contract, breach of trust, breach of fiduciary obligation or otherwise. The provisions of this Section shall survive the termination or discharge of this Indenture, the Notes and the Security Documents or the
resignation or removal of the Trustee. 
  

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 The obligations of the Company under this Section shall survive the satisfaction and discharge of this
Indenture pursuant to Article 11 hereof, the termination of this Indenture and the Security Documents, the resignation or removal of the Trustee or payment in full of the Notes through the expiration of the applicable statute of limitations.

 To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or
property held or collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture pursuant to Article 11 hereof,
the termination of this Indenture and the Security Documents, the resignation or removal of the Trustee or payment in full of the Notes through the expiration of the applicable statute of limitations. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(h) or (i) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 Section 7.08. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign in writing at any time upon 45 days’ prior written notice to the Company and be discharged from the trust hereby created by
so notifying the Company, without assigning any reason and without being responsible for any costs, charges and expenses occasioned by such retirement. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove
the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (a) the Trustee
fails to comply with Section 7.10 hereof; 
 (b) the Trustee is adjudged bankrupt or insolvent or an order for
relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of
the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company. 
 If a successor Trustee does not take office within 30 days after the retiring
Trustee resigns or is removed, the Company hereby covenants that in the event of the Trustee giving notice under this Section it shall use its best endeavors to procure a trustee to be appointed and if the Company has not procured the appointment of
a new trustee within 30 days after the expiration of such written notice, the Trustee shall petition any court of competent jurisdiction for its resignation provided that it has notified the Company prior to it doing so. If such petition is
granted, the Trustee shall notify the Holders and the Company in writing of its resignation. 
 If the Trustee, after written request by any
Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the 

  

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successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. Subject to the Lien provided for in Section 7.07 hereof, the retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums
owing to the Trustee hereunder shall have been paid. Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee.

 In the case of an appointment hereunder of a separate or successor Trustee with respect to the Notes, the Company, the Guarantors, any
retiring Trustee and each successor or separate Trustee with respect to the Notes shall execute and deliver a supplemental indenture in form satisfactory to the Trustee (1) which shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Notes as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustee co-trustees of the same trust and that each such separate, retiring or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
any such other Trustee. 
 Section 7.09. Successor Trustee by Merger, etc. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor to the Trustee hereunder without the execution or filing
of any papers or any further act on the part of any of the parties hereto. 
 In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trust created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee. 
 Section 7.10. Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is authorized under the laws of its jurisdiction of incorporation to exercise corporate trustee
power, that is subject to supervision or examination by Governmental Authorities of its jurisdiction of incorporation and, in the case of any successor trustee, that has a combined capital and surplus of at least $50.0 million (or is a wholly-owned
subsidiary of a bank or trust company, or of a bank holding company, the principal subsidiary of which is a bank or trust company having a combined capital and surplus of at least $50.0 million) as set forth in its most recent published annual
report of condition. 
 Section 7.11. Certain Provisions. 
 Each Holder by accepting a Note authorizes and directs on his or her behalf the Trustee to enter into and to take such actions and to make such
acknowledgements as are set forth in this Indenture or other documents entered into in connection therewith. 
 The Trustee shall not be
responsible for the execution, legality, validity, effectiveness, genuineness, suitability, adequacy or enforceability or admissibility in evidence of any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture or of any of the Security Documents or any obligation or rights created or purported to be created thereby or pursuant thereto or any security or the priority thereof constituted or purported to be constituted thereby or
pursuant thereto, nor shall it be responsible or liable to any person because of any invalidity of any provision of such documents or the 

  

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unenforceability thereof, whether arising from statute, law or decision of any court. The Trustee shall be under no obligation to monitor or supervise the
functions of the Collateral Agent under the Security Documents and shall be entitled to assume that the Collateral Agent is properly performing its functions and obligations thereunder and the Trustee shall not be responsible for any diminution in
the value of or loss occasioned to the assets subject thereto by reason of the act or omission by the Collateral Agent in relation to its functions thereunder. The Trustee shall have no responsibility whatsoever to the Company, any Guarantor or any
Holder as regards any deficiency which might arise because the Trustee is subject to any tax in respect of the Security Documents, the security created thereby or any part thereof or any income therefrom or any proceeds thereof. 
 Section 7.12. Force Majeure 
 Notwithstanding anything to the contrary in this Indenture, the Notes or the Security Documents or in any other document in connection with the sale of the Notes pursuant to this Indenture, neither the Trustee nor any Agent shall in any
event be liable for any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any existing or future law or regulation, any existing or future act of governmental authority, Act of
God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other industrial action, general failure of electricity or other supply, aircraft collision, technical failure, accidental or mechanical or
electrical breakdown, computer failure or failure of any money transmission system or any reason which is beyond the control of the Trustee. 
 ARTICLE 8. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 8.01. Without Consent of Holders. 
 Notwithstanding Section 8.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture, the Security Documents or the Notes without consent of any Holder to: 
 (a) cure any ambiguity, omission, defect or inconsistency without adversely affecting the legal rights hereunder of any Holder;

 (b) provide for the assumption by a Surviving Person of the obligations of the Company under this Indenture; 
 (c) provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (d) add additional Guarantees or additional obligors with respect to the Notes or release Guarantors from guarantees as permitted by the
terms of this Indenture; 
 (e) further secure the Notes, or release all or any portion of the Collateral pursuant to the
terms of the Security Documents; 
 (f) add to the covenants of the Company for the benefit of the Holders or to surrender any
right or power conferred upon the Company; or 
 (g) make any other change that does not adversely affect the legal rights
hereunder of any such Holder. 
 Section 8.02. With Consent of Holders. 
 Except as provided below in this Section, the Company and the Trustee may amend or supplement this Indenture, the Security Documents and the Notes with
the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and,
subject to Sections 6.04 and 6.07, any 

  

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existing Default or Event of Default (except a continuing Default or Event of Default in (i) the payment of principal, premium, if any, or interest on
the Notes and (ii) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision of
this Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender
offer or exchange offer for the Notes). 
 Without the consent of each Holder, an amendment or waiver under this Section may not (with
respect to any Notes held by a non-consenting Holder): 
 (a) reduce the amount of Notes whose Holders must consent to an
amendment or waiver; 
 (b) reduce the rate of, or extend the time for payment of, interest, Additional Amount or default
interest, if any, on, any Note; 
 (c) reduce the principal of, or extend the Stated Maturity of, any Note; 
 (d) make any Note payable in money other than that stated in the Note; 
 (e) impair the right of any Holder to receive payment of principal of, premium, if any, Additional Amounts and interest, if any, on, such
Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or any Guarantee; 
 (f) subordinate the Notes or any Guarantee to any other obligation of the Company or the applicable Guarantor; 
 (g)(A) release the security interest granted in favor of the holders of the Notes in the Collateral other than pursuant to the terms
of the Security Documents, or 
 (B) release any other security interest that may have been granted in favor of the
holders of the Notes other than pursuant to the terms of such security interest; 
 (h) reduce the amount payable upon the
redemption of any Note or change the time at which any Note may be redeemed, as described under Section 3.06, Section 3.07, Section 4.12 or Section 4.17; 
 (i) reduce the premium payable upon a Change of Control or, at any time after a Change of Control has occurred, change the time at which
the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased pursuant to such Change of Control Offer; 
 (j) at any time after the Company is obligated to make an Asset Sale Offer with the Excess Proceeds from Asset Sales, change the time at which such Asset Sale Offer must be made or at which the Notes must be
repurchased pursuant thereto; or 
 (k) make any change in any Guarantee that would adversely affect the Holders. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any supplemental
indenture. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 120 days after such record date, any such consent previously given shall automatically
and without further action by any Holder be cancelled and of no further effect. 
 It shall not be necessary for the consent of the Holders
under this Section to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  

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 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to
the Holder of each Note affected thereby to such Holder’s address appearing in the Security Register a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 
 Upon the request of the
Company, and upon receipt by the Trustee of the documents described in Section 12.03 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture or waiver authorized or permitted by the terms
of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture or waiver that affects its own rights, duties
or immunities under this Indenture or otherwise. 
 Section 8.03. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion thereof that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its
Note or portion thereof if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in accordance with its terms and thereafter
shall bind every Holder. 
 Section 8.04. Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 Section 8.05. Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amended or supplemental indenture (in form satisfactory to the Trustee) authorized pursuant to this Article 8 if the amendment or supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. None of the Company nor any Guarantor may sign an amendment or supplemental indenture until its board of directors (or committee serving a similar function) approves it. In executing any amended
or supplemental indenture or any amendment or supplement to the Security Documents or Notes, the Trustee shall be entitled to receive in addition to the documents required by Section 12.03, and (subject to Section 7.01
hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amended or
supplemental indenture is the legal, valid and binding obligations of the Company enforceable against it in accordance with its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the provisions
hereof. 
 ARTICLE 9. 
 GUARANTEES 
 Section 9.01. Guarantee. 
 Subject to this Article 9, each Guarantor hereby unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns: (a) the due and 

  

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punctual payment of the principal of, premium, if any, Additional Amounts and interest on the Notes, subject to any applicable grace period, whether at
Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and premium, if any, Additional Amounts and, to the extent permitted by law, interest, and the due and punctual
performance of all other obligations of the Company to the Holders or the Trustee under this Indenture or any other agreement with or for the benefit of the Holders or the Trustee, all in accordance with the terms hereof and thereof; and (b) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity,
by acceleration pursuant to Section 6.02, redemption or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay
the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 Each Guarantor hereby
agrees that its obligations with regard to its Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Notes or the obligations of the Company under this Indenture, the absence of any action to
enforce the same, the recovery of any judgment against the Company or any other obligor with respect to this Indenture, the Notes or the Obligations of the Company under this Indenture or the Notes, any action to enforce the same or any other
circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, waives and relinquishes all claims, rights and
remedies accorded by applicable law to guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (a) any right to require any of the Trustee, the Holders or the Company (each a
“Benefited Party”), as a condition of payment or performance by such Guarantor, to (1) proceed against the Company, any other guarantor (including any other Guarantor) of the Obligations under the Guarantees or any other
Person, (2) proceed against or exhaust any security held from the Company, any such other guarantor or any other Person, (3) proceed against or have resort to any balance of any deposit account or credit on the books of any Benefited Party
in favor of the Company or any other Person, or (4) pursue any other remedy in the power of any Benefited Party whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the
Company including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations under the Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the liability of the
Company from any cause other than payment in full of the Obligations under the Guarantees; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other
respects more burdensome than that of the principal; (d) any defense based upon any Benefited Party’s errors or omissions in the administration of the Obligations under the Guarantees, except behavior which amounts to bad faith; (e)(1) any
principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the Guarantees and any legal or equitable discharge of such Guarantor’s obligations hereunder, (2) the benefit of any statute of
limitations affecting such Guarantor’s liability hereunder or the enforcement hereof, (3) any rights to set-offs, recoupments and counterclaims and (4) promptness, diligence and any requirement that any Benefited Party protect,
secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the
Guarantees, notices of Default under the Notes or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Obligations under the Guarantees or any agreement related thereto, and notices of any extension
of credit to the Company and any right to consent to any thereof; (g) to the extent permitted under applicable law, the benefits of any “One Action” rule and (h) any defenses or benefits that may be derived from or afforded by
law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of the Guarantees. Except to the extent expressly provided herein, including Section 9.05, each Guarantor hereby covenants that
its Guarantee shall not be discharged except by complete performance of the obligations contained in its Guarantee and this Indenture. 
 If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by
either to the Trustee or such Holder, the Guarantee of such Guarantor, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.
Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on 

  

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the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.02 hereof for the purposes
of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the event of any declaration of acceleration of such Obligations as provided in
Section 6.02 hereof, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 
 Section 9.02.
Limitation on Guarantor Liability. 
 (a) Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law to the extent applicable to any guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that each Guarantor’s liability shall be that amount from
time to time equal to the aggregate liability of such Guarantor under the guarantee, but shall be limited to the lesser of (x) the aggregate amount of the Company’s obligations under the Notes and this Indenture or (y) the amount, if
any, which would not have (1) rendered the Guarantor “insolvent” (as such term is defined in Bankruptcy Law and in the Debtor and Creditor Law of the State of New York) or (2) left it with unreasonably small capital at the time
its guarantee with respect to the Notes was entered into, after giving effect to the incurrence of existing Debt immediately before such time; provided, however, it shall be a presumption in any lawsuit or proceeding in which a
Guarantor is a party that the amount guaranteed pursuant to the guarantee with respect to the Notes is the amount described in clause (x) above unless any creditor, or representative of creditors of the Guarantor, or debtor in possession
or trustee in bankruptcy of the Guarantor, otherwise proves in a lawsuit that the aggregate liability of the Guarantor is limited to the amount described in clause (y). 
 (b) In making any determination as to the solvency or sufficiency of capital of a Guarantor in accordance with the proviso of
Section 9.02(a), the right of each Guarantor to contribution from other Guarantors and any other rights such Guarantor may have, contractual or otherwise, shall be taken into account. 
 Section 9.03. Execution and Delivery of Guarantee. 
 To evidence its Guarantee set forth in Section 9.01, each Guarantor hereby agrees that a notation of such Guarantee in substantially the form included in Exhibit B attached hereto shall be endorsed
by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its President or one of its Vice Presidents. 
 Each Guarantor hereby agrees that its Guarantee set forth in Section 9.01 shall remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Guarantee. 
 If an Officer whose signature is on this Indenture or on the Guarantee no longer
holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 
 The Company hereby agrees that it shall cause each Person that becomes obligated to provide a Guarantee pursuant to Section 4.18 (each, a
“Future Guarantor”) to immediately execute a supplemental indenture in form and substance satisfactory to the Trustee, pursuant to which such Person provides the guarantee set forth in this Article 9 and otherwise
assumes the obligations and accepts the rights of a Guarantor under this Indenture, in each case with the same effect and to the same extent as if such Person had been named herein as a Guarantor. The Company also hereby agrees to immediately cause
each such new Guarantor to evidence its guarantee by endorsing a notation of such guarantee on each Note as provided in this Section. 
  

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 Section 9.04. Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in Section 9.05, no Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the
Surviving Person) another Person whether or not affiliated with such Guarantor unless: 
 (a) subject to
Section 9.05, the Person formed by or surviving any such consolidation or merger (if other than a Guarantor or the Company) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture in form and
substance satisfactory to the Trustee, under this Indenture, the Guarantee on the terms set forth herein or therein; and 
 (b) the Guarantor complies with the requirements of Article 5 hereof. 
 In case of any such consolidation, merger, sale or
conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form and substance to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.
Such successor Person thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Guarantees
so issued shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date
of the execution hereof. 
 Except as set forth in Articles 4 and 5, and notwithstanding clauses (a) and (b) above,
nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety
or substantially as an entirety to the Company or another Guarantor. 
 Section 9.05. Releases Following Merger, Consolidation or Sale of
Assets, Etc. 
 In the event of a sale or other disposition of all or substantially all of the assets of any Guarantor, by way of
merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Company or a Subsidiary of the
Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other
disposition of all or substantially all of the assets of such Guarantor) shall (subject to the other provisions of this Section 9.05) be released and relieved of any obligations under its Guarantee; provided that the net proceeds
of such sale or other disposition shall be applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.12. Upon delivery by the Company to the Trustee of an Officers’ Certificate
and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.12, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Guarantor from its obligations under its Guarantee. 
 Any Guarantor not released
from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 9. 
  

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 ARTICLE 10. 
 COLLATERAL AND SECURITY 
 Section 10.01. Security Documents. 
 (a) The due and punctual payment of the principal of and interest on the Notes when and as the same shall be due and payable, whether on an Interest
Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest on the Notes and performance of all other obligations of the Company to the Holders or the Trustee under this
Indenture and the Notes, according to the terms hereunder or thereunder, are secured as provided in the Security Documents which the Company has entered into simultaneously with the execution of this Indenture and which is attached as Exhibit
D hereto. Each Holder, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may
be amended from time to time in accordance with its terms and authorizes and directs the Trustee to enter into the Security Documents and to perform its obligations and exercise its rights thereunder as a Secured Party in accordance therewith. The
Company will do or cause to be done all such acts and things as may be required by applicable law or may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee the security
interest in the Collateral contemplated hereby, by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby,
according to the intent and purposes herein expressed. The Company will take, and will cause its Subsidiaries to take, upon request of the Trustee, any and all actions required to cause the Security Documents to create and maintain, as security for
the Obligations of the Company hereunder, a valid and enforceable perfected first priority Lien in and on all the Collateral, in favor of the Trustee, as Secured Party, for the benefit of the Holders, superior to and prior to the rights of all third
Persons and subject to no other Liens than Permitted Liens. 
 (b) So long as no Default or Event of Default has occurred and is continuing,
and subject to certain terms and conditions, the Company and the Guarantors will be entitled to receive all cash dividends, interest and other payments made upon or with respect to the Collateral pledged by them. 
 (c) So long as there has occurred no Event of Default, then the Company and the Guarantors shall have the right to exercise any voting and other
consensual rights pertaining to the Collateral pledged by them. 
 (d) Upon the occurrence and during the continuance of a Default or Event
of Default, all rights of the Company and the Guarantors to receive all cash dividends, interest and other payments made upon or with respect to the Collateral will cease and such cash dividends, interest and other payments will be paid to the
Collateral Agent; 
 (e) Upon the occurrence and during the continuance of an Event of Default: 
 (i) all rights of the Company and the Guarantors to exercise such voting or other consensual rights will cease, and all such rights will become vested in
the Collateral Agent, which, to the extent permitted by law, will have the sole right to exercise such voting and other consensual rights; and 
 (ii) the Collateral Agent may sell the Collateral or any part of the Collateral in accordance with the terms of the Security Documents. The Collateral Agent, in accordance with the provisions of this Indenture, will distribute all funds
distributed under the Security Documents and received by the Collateral Agent to the Trustee for the benefit of the holders of the Notes. 
 (f) If at any time after the Issue Date there is a change in PRC law or interpretation in PRC law that permits the encumbrance of the WFOE’s assets or Property by a Lien without the approval of any governmental body of the PRC, then
the Company shall cause the WFOE to, concurrently: 
  

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 (i) execute and deliver to the Trustee a Security Document upon substantially the same
terms granting a Lien upon such property to the Trustee for the benefit of the holders of Notes, which Lien shall be first priority if such assets or Property is not then encumbered by any other Lien (other than Liens required by law) or a second
priority Lien if such assets or Property is at that time so encumbered; 
 (ii) cause the Lien to be granted in such Security
Document to be duly perfected in any manner permitted by law; and 
 (iii) deliver to the Trustee an Opinion of Counsel
confirming as to such Security Document the matters set forth as to the Security Documents and Liens thereunder in the Opinions of Counsel delivered to holders on the Issue Date and, if the property subject to such Security Document is an interest
in real estate, such local counsel opinions, insurance policies, surveys and other supporting documents as the Trustee may reasonably request. 
 (g) Notwithstanding (i) anything to the contrary contained in this Indenture, the Security Documents, the Notes or any other instrument governing, evidencing or relating to any Debt, (ii) the time, order or method of attachment of
any Liens, (iii) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral, (iv) the time of taking possession or control over any Collateral or
(v) the rules for determining priority under any law of any relevant jurisdiction governing relative priorities of secured creditors: 
 (A) the Liens will rank at least equally and ratably with all valid, enforceable and perfected Liens, whenever granted upon any present or future Collateral, but only to the extent such Liens are permitted under this
Indenture to exist and to rank equally and ratably with the Notes and the Guarantees and senior to a Lien for a Subordinated Obligation, including the Convertible Notes; and 
 (B) all proceeds of the Collateral applied under the Security Documents shall be allocated and distributed as set forth in
Section 6.10. 
 Section 10.02. Future Guarantor Pledgors. 
 (a) The Company will use its commercially reasonable efforts promptly to obtain any necessary consents and waivers and to take all other actions necessary
to pledge and to cause each Future Guarantor to pledge (i) the Capital Stock of any future Subsidiary (other than any PRC Subsidiary unless there has been after the Issue Date a change in PRC law or interpretation in PRC law that permits such
pledges without approval of any Governmental Authority) in each case owned by the Company or such Future Guarantor and (ii) any loan or other extension of credit by such Future Guarantor or any other Guarantor to the WFOE, on a first priority
basis in order to secure the obligations of the Company under the Notes and this Indenture and of such Future Guarantor under its Guarantee; provided that in exercising such reasonable best efforts the Company shall not be required to take
any action that is commercially unreasonable. 
 (b) The Company will, for the benefit of the Holders of the Notes, pledge, or cause each
Guarantor to pledge, (i) the Capital Stock owned by the Company or such Guarantor of any Person that becomes a Subsidiary (other than any PRC Subsidiary unless there has been after the Issue Date a change in PRC law or interpretation in PRC law
that permits such pledges without approval of any Governmental Authority) after the Issue Date and (ii) any loan or other extension of credit by such Future Guarantor or any other Guarantor to the WFOE, immediately upon such Person becoming a
Subsidiary or a creditor of the WFOE, to secure the obligations of the Company under the Notes and this Indenture, and of such Guarantor under its Guarantee, in the manner described above. 
 (c) Each Guarantor that pledges Capital Stock of a Subsidiary or a loan or extension of credit to the WFOE after the Issue Date is referred to as a
“Future Guarantor Pledgor” and, upon giving such pledge, will be a “Guarantor Pledgor.” 
  

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 (d) Upon each pledge by a Future Guarantor of the Capital Stock of any Subsidiary that is not a Guarantor
or any future Subsidiary, or a loan or extension of credit to the WFOE, in accordance with Section 10.02(a) or Section 10.02(b), the Company will deliver to the Trustee an Officers’ Certificate stating that entry into
the applicable pledge agreement has been duly and validly authorized and an Opinion of Counsel to the effect that (i) in the opinion of such counsel, such action has been taken with respect to the recording, registering and filing of or with
respect to this Indenture and the applicable pledge agreement and all other instruments of further assurance as are necessary to make effective the lien created by such pledge agreement in the Capital Stock referenced in Section 10.02(a)
or Section 10.02(b), and referencing the details of such action; or (ii) in the opinion of such counsel, no such action is necessary to make such lien effective; provided that any such Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 (e) All Opinions of Counsel delivered
pursuant to Section 10.02(d) may contain assumptions, qualifications, exceptions and limitations as are appropriate and customary for similar opinions relating to the nature of the Capital Stock pledged. 
 (f) Upon each pledge by any Future Guarantor of the Capital Stock of any Subsidiary that is not a Guarantor or any future Subsidiary, or a loan or
extension of credit to the WFOE, in accordance with Section 10.02(a) or Section 10.02(b), the Company will give notice, file, register or record any supplemental indentures, financing statements, continuation statements,
pledge agreements, intercreditor agreement or other instruments or cause each such Future Guarantor Pledgor to give notice, file, register or record any supplemental indentures, financing statements, continuation statements, pledge agreements or
other instruments and take any other actions necessary in order to perfect and protect the first priority lien thereby created. 
 Section 10.03.
Recording and Opinions. 
 (a) The Company will furnish to the Trustee within three months after each anniversary of the Issue
Date, an Opinion of Counsel, dated as of such date, stating either that (i) in the opinion of such counsel, action has been taken with respect to the recording, registering, filing, re-recording, re-registering and re-filing of all supplemental
indentures, financing statements, continuation statements or other instruments of further assurance as is necessary to maintain the Lien of the Security Documents and reciting with respect to the security interest in the Collateral the details of
such action or referring to prior Opinions of Counsel in which such details are given, and stating that, in the opinion of such counsel, based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and
continuation statements have been executed and filed that are necessary as of such date and during the succeeding 12 months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the rights of the
Holders and the Trustee hereunder and under the Security Documents with respect to the security interest in the Collateral; or (ii) in the opinion of such counsel, no such action is necessary to maintain such Lien and assignment. 
 Section 10.04. Release of Collateral. 
 (a) Subject to subsections (b), (c) and (d) of this Section 10.04, Collateral may be released from the Lien and security interest created by the Security Documents at any time or from time to time in accordance with
the provisions of the Security Documents or as provided hereby. In addition, upon the request of the Company pursuant to an Officers’ Certificate certifying that all conditions precedent provided in the Security Documents or as provided hereby
have been met and stating whether or not such release is in connection with an Asset Sale and (at the sole cost and expense of the Company) the Trustee will release Collateral that is sold, conveyed or disposed of in compliance with the provisions
of this Indenture; provided, that if such sale, conveyance or disposition constitutes an Asset Sale, the Company will apply the Net Available Cash in accordance with Section 4.12 hereof. Upon receipt of such Officers’
Certificate the Trustee shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security
Documents. 
 (b) No Collateral may be released from the Lien and security interest created by the Security Documents pursuant to the
provisions of the Security Documents unless the certificate required by this Section has been delivered to the Trustee. 
  

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 (c) At any time when a Default or Event of Default has occurred and is continuing and the maturity of the
Notes has been accelerated (whether by declaration or otherwise), no release of Collateral pursuant to the provisions of the Security Documents will be effective as against the Holders. 
 (d) The release of any Collateral from the terms of this Indenture and the Security Documents will not be deemed to impair the security under this
Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Security Documents and hereof. 
 Section 10.05. Authorization of Actions to Be Taken by the Trustee Under the Security Documents. 
 Subject
to the provisions of Section 7.01 and 7.02 hereof, the Trustee may, but is not obligated to, in its sole discretion and without the consent of the Holders, take, on behalf of the Holders, all actions it deems necessary or
appropriate in order to: 
 (a) enforce any of its rights or any of the rights of the Holders of the Notes under the Security
Documents; and 
 (b) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder.

 The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the
Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the
enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Trustee). 
 Section 10.06. Authorization of Receipt of Funds by the Trustee Under the Security Documents. 
 The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of
this Indenture. 
 Section 10.07. Termination of Security Interest. 
 Upon the payment in full of all Obligations of the Company under this Indenture and the Notes, the Trustee will, at the request of the Company, release
the Liens pursuant to this Indenture and the Security Documents. 
 ARTICLE 11. 
 SATISFACTION AND DISCHARGE 
 Section 11.01. Satisfaction and Discharge. 
 This Indenture shall be discharged and shall cease to be of
further effect, except as to surviving rights of registration of transfer or exchange of the Notes, as to all Notes issued hereunder, when: 
 (a) either: 
 (i) all Notes that have been previously authenticated and delivered (except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and is thereafter repaid to the Company or discharged from the
trust) have been delivered to the Trustee for cancellation; or 
  

 77 

 (ii)(x) all Notes that have not been previously delivered to the Trustee for
cancellation, have become due and payable by their terms or have been called for redemption, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in
U.S. dollars in such amounts as shall be sufficient without consideration of any reinvestment of interest to pay and discharge the entire Debt on the Notes not previously delivered to the Trustee for cancellation or redemption for principal,
premium, if any, Additional Amounts and interest on the Notes to the date of deposit, in the case of Notes that have become due and payable, or to the Stated Maturity or redemption date, as the case may be; (y) the Company has paid all other
sums payable by the Company with respect to the Notes under this Indenture; and (z) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at Stated Maturity or on the
redemption date, as the case may be. 
 In the case of either clause (i) or (ii): 
 (x) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such
deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound; and 
 (y) the Company shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions
precedent relating to the satisfaction and discharge of this Indenture have been satisfied. 
 Section 11.02. Deposited Cash to be Held in
Trust; Other Miscellaneous Provisions. 
 Subject to Section 11.03, all cash deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section, the “Trustee”) pursuant to Section 11.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, Additional Amounts and interest but such cash and securities need not be segregated from other funds except to the extent required by law. 
 Section 11.03. Repayment to Company. 
 Any cash deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, Additional Amounts or interest on, any Note and remaining unclaimed for two years after
such principal, and premium, if any, Additional Amounts or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder shall thereafter, as an
unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal
(national edition), notice that such cash remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such cash then remaining shall
be repaid to the Company. 
 Section 11.04. Reinstatement. 
 If the Trustee or the paying agent is unable to apply any money in accordance with Section 11.02 by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to
Section 11.01 until such time as the Trustee or the paying agent is permitted to apply all such money in accordance with Section 11.02; provided that if the Company makes any payment of Interest on or principal of any
Note following the reinstatement of its obligations, then only 

  

 78 

 
following the payment and discharge of all amounts under the Notes and this Indenture the Company shall be subrogated to the rights of the holders of such
Notes to receive such payment from the money held by the Trustee or paying agent. 
 ARTICLE 12. 
 MISCELLANEOUS 
 Section 12.01.
Notices. 
 Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in
person or mailed by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next-day delivery, to the other’s address: 
 If to the Company: 
 No. 18, Xinyuan Road, 
 Zhengzhou City, Henan Province 
 PRC 
 Attention: Mr. Longgen Zhang 
 Facsimile No: +86 0371 6565 1168 
 With a copy to: 
 If to the Trustee: 
 The Hongkong and Shanghai Banking Corporation Limited 
 Level 30, HSBC Main Building 
 1 Queen’s Road, Central 
 Hong Kong 
 Attention: Corporate Trust and Loan Agency 
 Facsimile No: +852 2801 5586 
 The Company or the Trustee, by notice to the other, may designate additional
or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to the Trustee or
Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile
transmission; and the second Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery. All notices and communications to the Trustee or Holders shall be deemed duly given and effective only
upon receipt. 
 Any notice or communication mailed to a Noteholder shall be mailed to such holder by first class mail, postage prepaid, or
sent by express overnight air courier for next day delivery at his address as it appears on the Security Register and shall be sufficiently given to such holder if so mailed within the time prescribed. So long as the Notes are represented by a
Global Note which is held by the Common Depositary on behalf of Euroclear or Clearstream, notices to a Noteholder may be given by delivery of the relevant notice to Euroclear or Clearstream for communication by it entitled accountholders in
substitution for notification as required elsewhere in this Indenture. 
  

 79 

 If a notice or communication is mailed in the manner provided above within the time prescribed, it is
duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time. 
 Section 12.02. Communication by Holders of Notes with Other Holders of Notes.

 Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes.
 Section 12.03. Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officers’ Certificate (which shall include the statements set forth in Section 12.04
hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel (which shall include the statements set forth in Section 12.04 hereof) stating that, in the opinion
of such counsel, all such conditions precedent and covenants have been complied with. 
 Section 12.04. Statements Required in Certificate
or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition;

 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made
such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 With respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate, certificates of public officials or reports or opinions of experts.

 Section 12.05. Legal Holidays. 
 In any case where any Interest Payment Date, Purchase Date or Stated Maturity of any Note is not a Business Day at the city in which the Corporate Trust Office of the Trustee is located, then (notwithstanding any
other provision of this Indenture or of the Notes) payment of Interest or principal (and premium, if any, and Additional Amounts) need not be made at such Corporate Trust Office of the Trustee on such date, but such payment may be made on the next
succeeding Business Day at such Corporate Trust Office of the Trustee with the same force 

  

 80 

 
and effect as if made on the Interest Payment Date or Purchase Date, or at the Stated Maturity and such extension of time shall in such case be included in
the computation of Interest accruing on such Note; provided, however, that if such extension would cause payment of Interest to be made in the next following calendar month, such payment shall be made on the next preceding Business
Day. 
 Section 12.06. Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, shall have any liability for
any obligations of the Company or of the Guarantors under the Notes, this Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver and release may not be effective to waive or release liabilities under the U.S. federal securities laws. 
 Section 12.08. Governing Law. 
 THIS INDENTURE, THE GUARANTEE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 Section 12.09. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10. Successors. 
 All
covenants and agreements of the Company and any Guarantor in this Indenture and the Notes shall bind their respective successors. All covenants and agreements of the Trustee in this Indenture shall bind its successors. 
 Section 12.11. Severability. 
 In
case any provision in this Indenture, the Guarantee or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions, to the fullest extent permitted by applicable law, shall not in
any way be affected or impaired thereby. 
 Section 12.12. Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 Section 12.13. Table of Contents, Headings, etc. 
 The Table of Contents and Headings in this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 81 

 SIGNATURES 
  

									
	Dated April 13, 2007	 		 		 	
				
		 		 		 	COMPANY:
				
		 		 		 	XINYUAN REAL ESTATE CO., LTD.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	GUARANTOR:
				
		 		 		 	XINYUAN REAL ESTATE LTD.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

 SIGNATURE PAGES TO THE SENIOR NOTE INDENTURE 

			
	TRUSTEE:
	
	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
	
	as Trustee and the Agents
		
	By:	 	  

	Name:	 	
	Title:	 	

 SIGNATURE PAGES TO THE SENIOR NOTE INDENTURE 

 EXHIBIT A 

 (Face of Note) 
 [GLOBAL NOTE LEGEND]

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”), OR CLEARSTREAM BANKING,
SOCIÉTÉ ANONYME (“CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF ITS AUTHORIZED NOMINEE OR SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY PAYMENT IS MADE TO ITS AUTHORIZED NOMINEE, OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ITS AUTHORIZED NOMINEE, HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [REGULATION
S LEGEND] 
 UNTIL 40 DAYS AFTER THE LATER OF THE DAY ON WHICH THE NOTES ARE FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION
S, AS DEFINED BELOW) AND THE DATE OF THE CLOSING OF THE OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES (AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A OR ANOTHER APPLICABLE EXEMPTION THEREUNDER. 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OR OTHER SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
U.S. SECURITIES ACT (“RULE 144A”)) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (“REGULATION S”),
(2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES THAT IT WILL NOT PRIOR TO (X) THE DATE WHICH IS 40 DAYS AFTER THE LATER OF THE DATE OF THE COMMENCEMENT OF THE OFFERING AND THE DATE
OF ORIGINAL ISSUANCE (OR OF ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER 

  

 A-1 

 
DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT
(A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE U.S. SECURITIES ACT, TO
A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE U.S. SECURITIES ACT, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE ISSUER, THE TRUSTEE, THE REGISTRAR AND THE TRANSFER AGENT SHALL
HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE TO REQUIRE THAT AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY, THE TRUSTEE, THE REGISTRAR AND THE TRANSFER AGENT IS COMPLETED AND DELIVERED BY THE TRANSFEROR. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S.

 THIS NOTE MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (I) AS PART OF THEIR DISTRIBUTION
AT ANY TIME OR (II) OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE DATE OF THE COMMENCEMENT OF THE OFFERING AND THE DATE OF ORIGINAL ISSUANCE, EXCEPT IN EITHER CASE IN ACCORDANCE WITH REGULATION S (OR RULE 144A, IF AVAILABLE) OR ANOTHER APPLICABLE
EXEMPTION UNDER THE SECURITIES ACT. 
 [IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]1

	1	To be added to Definitive Notes only. 

  

 A-2 

 GUARANTEED SENIOR SECURED FLOATING RATE NOTES DUE 2010 
 ISIN: XS0294703086 
 Common Code: 029470308

  

			
	No.     	 	$                    

 XINYUAN REAL ESTATE CO., LTD. 
 promises to pay to HSBC Nominees (Hong Kong) Limited, or registered assigns, as common depositary for Clearstream Banking, societe anonyme (“Clearstream”) and/or Euroclear Bank S.A./N.V.
(“Euroclear”), or registered assigns, on April 15, 2010, the principal sum of SEVENTY-FIVE MILLION Dollars ($75,000,000.—) [, or such greater or lesser principal amount at the Stated Maturity hereof as is indicated
in the records of the Registrar and the Common Depositary]2 if a Qualifying IPO has occurred on or before such date, or, if no Qualifying IPO has
occurred on or before such date, 112% of such amount. 
 Interest Payment
Dates:            April 15            October 15 
 Record Dates: April 1        October 1 
 Dated: April 13, 2007.

	2	To be added to Global Notes only. 

  

 A-3 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officer. 
  

			
	XINYUAN REAL ESTATE CO., LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 
 This is one of the [Global] 
 Notes referred to in the 
 within-mentioned Indenture: 
 The Hongkong and Shanghai 
 Banking Corporation Limited, 
 as Trustee and the Agents 
  

			
	By:	 	  

		 	Authorized Signatory

 Dated April 13, 2007 
  

 A-4 

 (Back of Note) 
 GUARANTEED SENIOR SECURED FLOATING RATE NOTES DUE 2010 
 Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. XINYUAN REAL
ESTATE CO., LTD., a company incorporated with limited liability in the Cayman Islands (the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum, reset semi-annually, equal to LIBOR
(as determined by the Calculation Agent from the Issue Date) plus the Margin until maturity. LIBOR will be used for all interest periods without interpolation, including the first interest period beginning on the Issue Date and ending on
October 15, 2007. The “Margin” shall be 6.80%. Promptly upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next interest period. The Company shall pay interest
semi-annually on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day with the same force and effect and such extension of time shall in such case be included in the
computation of interest accruing on such Note; provided, however, that if such extension would cause payment of Interest to be made in the next following calendar month, such payment shall be made on the next preceding Business Day
(each an “Interest Payment Date”). Interest shall accrue from and including the most recent date to which interest has been paid on the Notes (or one or more Predecessor Notes) or, if no interest has been paid, from the date
of issuance, to but excluding the following Interest Payment Date; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and
the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be October 15, 2007. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, and Additional Amounts from time to time at a rate that is 4.0% per annum in excess of the interest rate then in effect
under the Indenture and this Note; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time at the
same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed. The amount of interest for each day that the Notes are outstanding (the “Daily Interest
Amount”) will be calculated by dividing the interest rate in effect for such day by 360 and multiplying the result by the principal amount of the Notes. The amount of interest to be paid on the Notes for each Interest Period will be
calculated by adding the Daily Interest Amounts for each day in the Interest Period. All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one decimal place. The Company shall ensure that the
interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as such rate may be modified by United States law of general application. 
 2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest) to the Persons in whose name this Note
(or one or more Predecessor Notes) is registered at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, Additional Amounts and interest at the office or agency of the Company maintained
for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Security Register; provided, however, that payment by wire transfer of immediately
available funds shall be required with respect to principal of and interest and premium and Additional Amounts, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or
the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying Agent, Registrar and Calculation Agent. Initially, The Hongkong and Shanghai Banking Corporation Limited, the Trustee under
the Indenture, shall act as Paying Agent, Registrar and Calculation Agent. The Company may change any Paying Agent, Registrar or Calculation Agent without notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity as Paying Agent or Registrar 
  

 A-5 

 4. Indenture. The Company issued the Notes under an Indenture dated April 13, 2007
(“Indenture”) among the Company, the guarantor party thereto (the “Guarantor”) and the Trustee. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 5. Optional Redemption. 
 At any time and from time to time, the Company may redeem up to 100% of the aggregate principal amount of the Notes issued under this Indenture at a
redemption price (expressed as a percentage of principal amount) equal to 112% of the principal amount thereof, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant Regular Record Date to
receive interest due on the relevant Interest Payment Date) with the proceeds of Debt Incurred by the Company or any of its Subsidiaries for the bona fide intention of refinancing all, but not less than all, the Notes, or with the net cash proceeds
of a Qualifying IPO by the Company or any Person in which the Company owns, directly or indirectly, 100% of the Voting Stock; provided, however, that any such redemption shall be made contemporaneously with incurrence of such Debt or
within 60 days of receipt of proceeds from such Qualifying IPO, as the case may be. 
 Unless the Company defaults in the payment of the
redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 Any prepayment pursuant to this paragraph shall be made pursuant to the provisions of Sections 3.01 through 3.04 of the Indenture. 
 6. Tax Redemption. 
 (a) The Notes may be redeemed, at the option of the Company or a Surviving Person
with respect to the Company, as a whole but not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders and upon reasonable notice in advance of such notice to Holders to the Trustee (which notice shall be
irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest (including any Additional Amounts), if any, to the date fixed by the Company or the Surviving Person, as the case may be,
for redemption (the “Tax Redemption Date”) if, as a result of: 
 (i) any change in, or amendment to,
laws (or any regulations or rulings promulgated thereunder) affecting taxation; or 
 (ii) any change in the existing official
position or the stating of an official position regarding the application or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 
 which change or amendment becomes effective on or after (i) with respect to the Company or any Guarantor, the Issue Date, or (ii) with respect to any Future
Guarantor or Surviving Person, the date such Future Guarantor or Surviving Person becomes a Future Guarantor or Surviving Person, with respect to any payment due or to become due under the Notes, any Guarantee, or this Indenture, the Company, a
Surviving Person or a Guarantor, as the case may be, is, or on the next Interest Payment Date would be, required to pay Additional Amounts, and such requirement cannot be avoided by the taking of reasonable measures by the Company, a Surviving
Person or a Guarantor, as the case may be; provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company, a Surviving Person or a Guarantor, as the case may be, would be
obligated to pay such Additional Amounts if a payment in respect of the Notes were then due. 
 (b) Prior to the mailing of
any notice of redemption for Notes pursuant to the foregoing, the Company, a Surviving Person or a Guarantor, as the case may be, will deliver to the Trustee: 
 (i) an Officers’ Certificate stating that such change or amendment referred to in the prior paragraph has occurred, describing the
facts related thereto and stating that such requirement cannot be avoided by the Company, a Surviving Person or a Guarantor, as the case may be, taking reasonable measures available to it; and 
  

 A-6 

 (ii) an Opinion of Counsel or a written opinion of a tax consultant who is acceptable to
the Trustee, either of recognized standing, in form and substance satisfactory to the Trustee, stating that the requirement to pay such Additional Amounts results from such change or amendment referred to in the prior paragraph. 
 The Trustee shall accept such certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which
event it shall be conclusive and binding on the Holders. 
 (c) Any Notes that are redeemed will be cancelled. 
 7. Mandatory Redemption. 
 Except as set forth in Sections 4.12 and 4.17 of the Indenture, the Company shall not be required to make mandatory redemption or sinking fund payments with respect to, or offer to purchase, the Notes. 
 8. Repurchase at Option of Holder. 
 (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require the Company to repurchase all or any part (equal to $100,000 or an integral multiple of $100,000) of such Holder’s Notes (a “Change
of Control Offer”) at a purchase price in cash equal to (x) 105% of the then outstanding principal amount of the Notes, plus accrued and unpaid interest, if any, on the Notes repurchased, to the Purchase Date if such Change of
Control occurs prior to the Qualifying IPO or (y) 101% of the then outstanding principal amount of the Notes, plus accrued and unpaid interest, if any, on the Notes repurchased, to the Purchase Date if such Change of Control occurs after the
Qualifying IPO (subject to the right of Holders of record on the relevant record date to receive interest to, but excluding, the Purchase Date). 
 (b) If the Company or one of its Subsidiaries consummates any Asset Sales, they shall not be required to apply any Net Available Cash in accordance with the Indenture until the aggregate Net Available Cash from all Asset Sales following the
date the Notes are first issued exceeds $5.0 million. Thereafter, the Company shall, after application of the additional aggregate $5.0 million of Net Available Cash as provided in the second paragraph of Section 4.12 of the Indenture, commence
an offer for Notes pursuant to the Indenture by applying the Net Available Cash (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes that may be purchased
out of the Net Available Cash at an offer price in cash equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date fixed for the closing of such offer in accordance with the procedures set forth in the Indenture. To
the extent that the aggregate amount of Notes tendered pursuant to an Asset Sale Offer is less than the Net Available Cash, the Company (or such Subsidiary) may use such deficiency first to repay certain credit facilities or any other Senior Debt of
the Company or any Guarantor or Debt of any Subsidiary of the Company that is not a Guarantor (excluding, in any such case, any Debt owed to the Company or an Affiliate of the Company), and only thereafter, for any purpose not prohibited by the
Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof exceeds the amount of Net Available Cash, the Trustee shall select the Notes to be purchased on a pro rata basis. Holders of Notes that are the subject of an
offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the
Notes. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before
the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $100,000 may be redeemed in part but only in whole multiples of $100,000, unless all of the Notes held by a Holder
are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  

 A-7 

 10. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $100,000 and integral multiples of $100,000. [This Note shall represent the aggregate principal amount of outstanding Notes from time to time endorsed hereon and the aggregate principal amount of Notes represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.]1 The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 12. Amendment, Supplement and Waiver. Subject to certain exceptions, the Company and the Trustee may amend or supplement the Indenture
or the Notes with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes),
and, subject to Sections 6.04 and 6.07 of the Indenture, any existing Default or Event of Default (except a continuing Default or Event of Default in the payment of principal, premium, if any, Additional Amounts or interest on the Notes) or
compliance with any provision of the Indenture or the Notes (except for certain covenants and provisions of the Indenture which cannot be amended without the consent of each Holder) may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes). Without the consent of any Holder, the Company and the Trustee
may amend or supplement the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, to provide for the assumption by a successor corporation, partnership or limited liability company of the obligations of the Company under
the Indenture, to provide for uncertificated Notes in addition to or in place of certificated Notes, to add additional Guarantees or additional obligors with respect to the Notes, to secure the Notes, to add to the covenants of the Company for the
benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company, or to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights
under the Indenture of any such Holder. 
 13. Defaults and Remedies. Each of the following is an Event of Default under
the Indenture: 
 (a) failure to make the payment of any interest on the Notes when the same becomes due and payable, and such
failure continues for a period of 15 days; provided that if such payment is not made by reason of having been prohibited by PRC Governmental Authorities, then such failure to make such payment shall be an Event of Default only if such failure
continues for a period of 30 days; 
 (b) failure to make the payment of any principal of, or premium, if any, on, any of the
Notes when the same becomes due and payable at its Stated Maturity, upon acceleration, mandatory redemption, optional redemption, required repurchase or otherwise; 
 (c) failure to comply with Sections 4.09, 4.10, 4.12, 4.17 or 5.01 of the Indenture; 
 (d) failure to comply with any other covenant or agreement in the Notes or in the Indenture (other than a failure that is the subject of
the foregoing clause (a), (b) or (c)), and such failure continues for 45 days after written notice is given to the Company by the Trustee (upon the instruction of the Holders in accordance with Section 6.02) or the Holders of
not less than 10% in aggregate principal amount of the Notes then outstanding specifying the default, demanding that it be remedied and stating that such notice is a “Notice of Default;” 

	1	Include only if a Global Note. 

  

 A-8 

 (e) a default under any Debt by the Company or any of its Subsidiaries that results in
acceleration of the maturity of such Debt, or failure to pay any such Debt when due, in an aggregate amount greater than $3.0 million or its foreign currency equivalent at the time; 
 (f) one or more final judgments or orders for the payment of money are rendered against the Company or any Subsidiary and are not paid or
discharged, and there is a period of 60 consecutive days following entry of the final judgment or order and the aggregate amount of all such final judgments or orders outstanding and not paid or discharged against all such Persons exceed $3.0
million (or its foreign currency equivalent at the time) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 
 (g) any Guarantee ceases to be in full force and effect (other than in accordance with the terms of such Guarantee) or any Guarantor or a group of Guarantors that, taken as a whole, would constitute a Significant
Subsidiary denies or disaffirms its obligations under its Guarantee; 
 (h) certain events of bankruptcy or insolvency;

 (i) any default by the Company or Future Guarantor Pledgor or any other Person that pledges Collateral on behalf of the
holders in any of its obligations under the Security Documents; the security interest under the Security Documents shall, at any time, cease to be in full force and effect for any reason other than the satisfaction in full of all obligations under
the Indenture and discharge of the Indenture or any security interest created thereunder shall be declared invalid or unenforceable or the Company or any Guarantor shall assert that any such security interest is invalid or unenforceable; 

(j) the Company or any Future Guarantor Pledgor or any other Person that pledges Collateral on behalf of the holders denies or
disaffirms its obligations under any Security Document or, other than in accordance with the Indenture and the Security Documents, any Security Document ceases to be or is not in full force and effect or the Trustee ceases to have a first priority
interest in the Collateral; 
 (k) the WFOE ceases to be a Wholly Owned Subsidiary of the Company; or 
 (l)(i) the confiscation, expropriation or nationalization by any Governmental Authority of any Property of the Company or any of its
Subsidiaries that is material to the operation of the Related Business; or (ii) if such revocation or repudiation could reasonably be expected to have a Material Adverse Effect, the revocation or repudiation by any Governmental Authority of any
previously granted Governmental Approval to any PRC Subsidiary; or (iii) the imposition or introduction of material and discriminatory taxes, tariffs, royalties, customs or excise duties imposed on any PRC Subsidiary, or the material and
discriminatory withdrawal or suspension of privileges or specifically granted rights of a fiscal nature, or (iv) the Company or any of its Subsidiary is prevented from exercising normal control over all or any material part of its property,
assets or revenues. 
 If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 10% in principal amount of
the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency described in the Indenture, all outstanding Notes
shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  

 A-9 

 14. Trustee Dealings with Company. Subject to certain limitations, the Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 
 15. No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder of the Company or
of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Indenture, the Notes, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability.
 16. Authentication. This Note
shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 17.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and
not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 18. Governing Law. The
Indenture, the Guarantee and this Note shall be governed by and construed in accordance with the law of the state of New York. 
  

 A-10 

 Option of Holder to Elect Purchase 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.12 or 4.17 of the Indenture, check the box below: 
 Section 4.12                    Purchase
Date:                     
 Section 4.17 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.12 or 4.17 of the
Indenture, state the amount you elect to have purchased:
$                                     
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the Note)
					
		 		 		 	Tax Identification No.:	 	  

				
		 		 		 	SIGNATURE GUARANTEE:
				
		 		 		 	  

				
		 		 		 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP.

  

 A-11 

 Assignment Form 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to 
  

			
	  

	(Insert assignee’s social security or other tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)
		
	and irrevocably appoint	 	  

	as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.
	  

  

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the face of this Note)

									
					
		 		 		 	Signature Guarantee:	 	  

  

 A-12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of
 decrease in
 Principal Amount
 of this Global Note
	 	 Amount of increase
 in Principal Amount
 of this Global
Note
	 	 Principal Amount
 of this Global Note
 following
such
 decrease (or increase)
	 	 Signature of
 authorized signatory
 of Trustee

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 A-13 

 EXHIBIT B 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term includes any successor
Person under the Indenture), jointly and severally, unconditionally guarantees, to the extent set forth in the Indenture and subject to the provisions in the Indenture, dated April 13, 2007 (the “Indenture”), among
Xinyuan Real Estate Co., Ltd., as issuer (the “Company”), the Guarantor listed on the signature pages thereto and The Hongkong and Shanghai Banking Corporation Limited, as trustee (the “Trustee”),
(a) the due and punctual payment of the principal of, premium, if any, Additional Amounts and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal
and premium, if any, Additional Amounts and, to the extent permitted by law, interest and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and
(b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 9 of the Indenture and reference is hereby
made to the Indenture for the precise terms of the Guarantee. This Guarantee is subject to release as and to the extent set forth in Section 9.05 of the Indenture. Each Holder of a Note, by accepting the same agrees to and shall be bound by
such provisions. Capitalized terms used herein and not defined are used herein as so defined in the Indenture. 
  

			
	[GUARANTOR NAME]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-1 

 EXHIBIT C 
 FORM OF CERTIFICATE OF TRANSFER 
 Xinyuan Real Estate Co., Ltd. 
 No. 18, Xinyuan Road, 
 Zhengzhou City, Henan Province 
 PRC 
 Attention: Mr. Longgen Zhang 
 The Hongkong and Shanghai 
 Banking Corporation Limited 
 Level 30, HSBC Main Building 
 1 Queen’s Road, Central 
 Hong Kong 
 Attention: Corporate Trust and Loan Agency 
  

	 	Re:	SENIOR SECURED FLOATING RATE NOTES DUE 2010 

 Reference is hereby made to the Indenture, dated April 13, 2007 (the “Indenture”), among XINYUAN REAL ESTATE CO., LTD., as issuer (the “Company”), the Guarantors party thereto and The
Hongkong and Shanghai Banking Corporation Limited, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                                 , (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] in the principal amount of
$                    (the “Transfer”), to
                                (the “Transferee”). In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
  ̈ 1. Check if Transferee will take
delivery of a beneficial interest in the Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act of 1933, as amended (the
“Securities Act”) and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the
requirements of Rule 903(b) or Rule 904(a) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Distribution Compliance Period (as defined in Regulation S under the Securities Act), the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the legend printed on the Global Note and/or the Definitive Note
and in the Securities Act. 
  ̈ 2.
Check if Transferee will take delivery of a beneficial interest in the Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for
its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A and such Transfer 

  

 C-1 

 
is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the legend printed on the Global Note or the Definitive Note and in the Securities Act. 

 ̈ 3. Check if Transferee will take
delivery of a beneficial interest in the Global Note or a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Global Notes and Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that: 
 (i) such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or

 (ii) such Transfer is being effected to the Company or a subsidiary thereof; or 
 (iii) such Transfer is being effected pursuant to an effective registration statement under the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

 2 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1.
	  	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
			
	 Section 1.01.
	  	 Definitions.
	  	1
	 Section 1.02.
	  	 Other Definitions
	  	26
	 Section 1.03.
	  	 Rules of Construction
	  	27
			
	 ARTICLE 2.
	  	 THE NOTES
	  	28
			
	 Section 2.01.
	  	 Form and Denomination
	  	28
	 Section 2.02.
	  	 Execution and Authentication
	  	29
	 Section 2.03.
	  	 Registrar, Paying Agent and Calculation Agent
	  	29
	 Section 2.04.
	  	 Paying Agent to Hold Money in Trust
	  	32
	 Section 2.05.
	  	 Holder Lists
	  	32
	 Section 2.06.
	  	 Transfer and Exchange
	  	32
	 Section 2.07.
	  	 Replacement Notes
	  	34
	 Section 2.08.
	  	 Outstanding Notes
	  	34
	 Section 2.09.
	  	 Treasury Notes
	  	34
	 Section 2.10.
	  	 Temporary Notes
	  	34
	 Section 2.11.
	  	 Cancellation
	  	35
	 Section 2.12.
	  	 Payment of Interest; Defaulted Interest
	  	35
	 Section 2.13.
	  	 ISIN Numbers
	  	35
	 Section 2.14.
	  	 Record Date
	  	35
			
	 ARTICLE 3.
	  	 REDEMPTION AND PREPAYMENT
	  	36
			
	 Section 3.01.
	  	 Notices to Trustee
	  	36
	 Section 3.02.
	  	 Notice of Redemption
	  	36
	 Section 3.03.
	  	 Effect of Notice of Redemption
	  	36
	 Section 3.04.
	  	 Deposit of Redemption Price
	  	37
	 Section 3.05.
	  	 Notes Redeemed in Part
	  	37
	 Section 3.06.
	  	 Optional Redemption
	  	37
	 Section 3.07.
	  	 Tax Redemption
	  	37
	 Section 3.08.
	  	 Mandatory Redemption
	  	38
	 Section 3.09.
	  	 Offer To Purchase
	  	38
			
	 ARTICLE 4.
	  	 COVENANTS
	  	40
			
	 Section 4.01.
	  	 Payment of Notes
	  	40
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	41
	 Section 4.03.
	  	 Reports
	  	41
	 Section 4.04.
	  	 Compliance Certificate
	  	42
	 Section 4.05.
	  	 Taxes
	  	42
	 Section 4.06.
	  	 Stay, Extension and Usury Laws
	  	43
	 Section 4.07.
	  	 Corporate Existence
	  	43
	 Section 4.08.
	  	 Payments for Consent
	  	43
	 Section 4.09.
	  	 Incurrence of Additional Debt
	  	43
	 Section 4.10.
	  	 Restricted Payments
	  	44
	 Section 4.11.
	  	 Liens
	  	45
	 Section 4.12.
	  	 Asset Sales
	  	45
	 Section 4.13.
	  	 Limitation on Restrictions on Distributions from Subsidiaries
	  	46
	 Section 4.14.
	  	 Affiliate Transactions
	  	48
	 Section 4.15.
	  	 Issuance or Sale of Capital Stock of Subsidiaries
	  	48
	 Section 4.16.
	  	 Maintenance of Consolidated Tangible Net Worth
	  	49
	 Section 4.17.
	  	 Repurchase at the Option of Holders Following a Change of Control
	  	49

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 4.18.
	  	 Future Guarantors
	  	49
	 Section 4.19.
	  	 Business Activities
	  	50
	 Section 4.20.
	  	 Sale and Leaseback Transactions
	  	50
	 Section 4.21.
	  	 Impairment of Security Interest
	  	50
	 Section 4.22.
	  	 Amendments to Security Documents
	  	50
	 Section 4.23.
	  	 Use of Proceeds
	  	50
	 Section 4.24.
	  	 Maintenance of Insurance
	  	50
	 Section 4.25.
	  	 Qualifying IPO
	  	51
	 Section 4.26.
	  	 Enforcement of Loan Rights
	  	51
	 Section 4.27.
	  	 Government Approvals and Licenses; Compliance with Law
	  	51
	 Section 4.28.
	  	 Maintenance of Financial Ratios
	  	51
	 Section 4.29.
	  	 Notes to Rank Senior
	  	51
	 Section 4.30.
	  	 Capital Expenditure
	  	52
	 Section 4.31.
	  	 Additional Amounts
	  	52
	 Section 4.32.
	  	 Additional Interest and Delivery of WFOE Share Pledge
	  	53
	 Section 4.33.
	  	 Cash Management
	  	53
			
	 ARTICLE 5.
	  	 SUCCESSORS
	  	54
			
	 Section 5.01.
	  	 Merger, Consolidation and Sale of Assets
	  	54
	 Section 5.02.
	  	 Successor Corporation Substituted
	  	56
			
	 ARTICLE 6.
	  	 DEFAULTS AND REMEDIES
	  	56
			
	 Section 6.01.
	  	 Events of Default
	  	56
	 Section 6.02.
	  	 Acceleration
	  	58
	 Section 6.03.
	  	 Other Remedies
	  	58
	 Section 6.04.
	  	 Waiver of Defaults
	  	58
	 Section 6.05.
	  	 Control by Majority
	  	59
	 Section 6.06.
	  	 Limitation on Suits
	  	59
	 Section 6.07.
	  	 Rights of Holders to Receive Payment
	  	59
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	60
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	60
	 Section 6.10.
	  	 Priorities
	  	60
	 Section 6.11.
	  	 Undertaking for Costs
	  	61
			
	 ARTICLE 7.
	  	 TRUSTEE
	  	61
			
	 Section 7.01.
	  	 Duties of Trustee
	  	61
	 Section 7.02.
	  	 Rights of Trustee
	  	62
	 Section 7.03.
	  	 Individual Rights of Trustee
	  	64
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	64
	 Section 7.05.
	  	 Notice of Defaults
	  	64
	 Section 7.06.
	  	 Reports by Trustee to Holders
	  	65
	 Section 7.07.
	  	 Compensation and Indemnity
	  	65
	 Section 7.08.
	  	 Replacement of Trustee
	  	66
	 Section 7.09.
	  	 Successor Trustee by Merger, etc.
	  	67
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	67
	 Section 7.11.
	  	 Certain Provisions
	  	67
	 Section 7.12.
	  	 Force Majeure
	  	68
			
	 ARTICLE 8.
	  	 AMENDMENT, SUPPLEMENT AND WAIVER
	  	68
			
	 Section 8.01.
	  	 Without Consent of Holders
	  	68

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Section 8.02.
	  	 With Consent of Holders
	  	68
	 Section 8.03.
	  	 Revocation and Effect of Consents
	  	70
	 Section 8.04.
	  	 Notation on or Exchange of Notes
	  	70
	 Section 8.05.
	  	 Trustee to Sign Amendments, etc.
	  	70
			
	 ARTICLE 9.
	  	 GUARANTEES
	  	70
			
	 Section 9.01.
	  	 Guarantee
	  	70
	 Section 9.02.
	  	 Limitation on Guarantor Liability
	  	72
	 Section 9.03.
	  	 Execution and Delivery of Guarantee
	  	72
	 Section 9.04.
	  	 Guarantors May Consolidate, etc., on Certain Terms
	  	73
	 Section 9.05.
	  	 Releases Following Merger, Consolidation or Sale of Assets, Etc.
	  	73
			
	 ARTICLE 10.
	  	 COLLATERAL AND SECURITY
	  	74
			
	 Section 10.01.
	  	 Security Documents
	  	74
	 Section 10.02.
	  	 Future Guarantor Pledgors
	  	75
	 Section 10.03.
	  	 Recording and Opinions
	  	76
	 Section 10.04.
	  	 Release of Collateral
	  	76
	 Section 10.05.
	  	 Authorization of Actions to Be Taken by the Trustee Under the Security Documents
	  	77
	 Section 10.06.
	  	 Authorization of Receipt of Funds by the Trustee Under the Security Documents
	  	77
	 Section 10.07.
	  	 Termination of Security Interest
	  	77
			
	 ARTICLE 11.
	  	 SATISFACTION AND DISCHARGE
	  	77
			
	 Section 11.01.
	  	 Satisfaction and Discharge
	  	77
	 Section 11.02.
	  	 Deposited Cash to be Held in Trust; Other Miscellaneous Provisions
	  	78
	 Section 11.03.
	  	 Repayment to Company
	  	78
	 Section 11.04.
	  	 Reinstatement
	  	78
			
	 ARTICLE 12.
	  	 MISCELLANEOUS
	  	79
			
	 Section 12.01.
	  	 Notices
	  	79
	 Section 12.02.
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	80
	 Section 12.03.
	  	 Certificate and Opinion as to Conditions Precedent
	  	80
	 Section 12.04.
	  	 Statements Required in Certificate or Opinion
	  	80
	 Section 12.05.
	  	 Legal Holidays
	  	80
	 Section 12.06.
	  	 Rules by Trustee and Agents
	  	81
	 Section 12.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	81
	 Section 12.08.
	  	 Governing Law
	  	81
	 Section 12.09.
	  	 No Adverse Interpretation of Other Agreements
	  	81
	 Section 12.10.
	  	 Successors
	  	81
	 Section 12.11.
	  	 Severability
	  	81
	 Section 12.12.
	  	 Counterpart Originals
	  	81
	 Section 12.13.
	  	 Table of Contents, Headings, etc.
	  	81

  

 iiiWarrant agreement, dated as of April 13, 2007

 Exhibit 10.5 
 EXECUTION COPY 
  

 XINYUAN REAL ESTATE CO., LTD. 
 WARRANT AGREEMENT 
 DATED AS OF
APRIL 13, 2007 
 THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED 
 Warrant Agent 
  

 WARRANT AGREEMENT, dated as of April 13, 2007, between Xinyuan Real Estate Co., Ltd., a company
incorporated with limited liability in the Cayman Islands (the “Company”), and The Hongkong and Shanghai Banking Corporation Limited, as warrant agent (the “Warrant Agent”) (the
“Agreement”). 
 RECITALS 
 WHEREAS, the Company proposes to issue certain contingent warrants (each a “Warrant” and collectively, the “Warrants”) in connection with the offering by the Company of
750 Units (and subject to certain terms and conditions, the offering of an additional 250 Units), with each “Unit” consisting of (i) $100,000 principal amount of the Senior Secured Floating Rate Notes due 2010 of the
Company (each, a “Floating Rate Note”, and collectively, the “Floating Rate Notes”), and (ii) a Warrant. 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act in connection with the issuance of Warrant Certificates (as defined) and other matters as
provided herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 
 SECTION 1.
CERTAIN DEFINITIONS 
 As used in this Agreement, the following terms shall have the following respective meanings: 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Board of Directors” means the board of directors of the
corporation or any committee thereof duly authorized to act on behalf of such Board of Directors. 
 “Business Day”
means a day other than a Saturday or Sunday and means any day that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation (including any executive order) to close in the city of New York,
Hong Kong or London. 
 “Cashless Exercise Ratio” has the meaning set forth in Section 4(a). 

“Clearstream” means Clearstream Banking, societe anonyme, Luxembourg, and its successors. 

 “Commission” means the U.S. Securities and Exchange Commission. 
 “Common Depositary” means, with respect to the Warrants issuable or issued in whole or in part in global form, the Person
specified in Section 3.3 hereof as the Common Depositary with respect to the Warrants, and any and all successors thereto appointed as Common Depositary hereunder and having become such pursuant to the applicable provision of this
Warrant Agreement. 
 “Common Shares” means the Company’s common shares, par value $0.0001. 
 “Company” has the meaning set forth in the Recitals. 
 “Definitive Warrants” has the meaning specified in Section 3.5. 
 “Equity Registration Rights Agreement” means the registration rights agreement, dated as of April 13, 2007, by and among the
Company and the purchasers of the Warrants relating to the Warrant Shares. 
 “Euroclear” means Euroclear Bank
S.A./N.V., as operator of the Euroclear system, and its successors. 
 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended. 
 “Exercise Period” has the meaning set forth in Section 4(a).

 “Exercise Price” means, with respect to the exercise price for each Warrant Share, an amount equal to 80% of the
price per Common Share (rounded down to the nearest cent) at which Common Shares are sold to the public pursuant to a Qualifying IPO; provided the Exercise Price shall be subject to adjustment from time to time in accordance with
Section 8 below. 
 “Floating Rate Note” and “Floating Rate Notes” have the
meanings set forth in the Recitals. 
 “Global Warrants” has the meaning specified in Section 3.1.

 “Market Value” has the meaning set forth in Section 4(a). 
 “Officer” means, with respect to any Person, the Chief Executive Officer, the President, the Chief Financial Officer or any
executive officer of such Person. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Warrant Agent in form and substance reasonably acceptable to the Warrant Agent. The counsel may be an employee of or counsel to the Company, any subsidiary of the Company or the Warrant Agent. 
 “Participant” means, with respect to Euroclear or Clearstream, a Person who has an account with Euroclear or Clearstream.

  

 2 

 “Permitted Holders” means Mr. ZHANG Yong and Ms. YANG Yuyan, a resident
of Zhengzhou in Henan Province, PRC, and their respective estates, ancestors and lineal descendants, the legal representatives of any of the foregoing and the trustees of any bona fide trusts of which the foregoing are the sole beneficiaries or the
grantors, or any Person of which the foregoing “beneficially owns” (as defined in Rule 13d-3 under the Exchange Act), individually or collectively with any of the foregoing, at least 80% of the total voting power of the voting stock of
such Person. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Regulation
S” means Regulation S under the Securities Act. 
 “Rule 144A” means Rule 144A under the Securities Act.

 “Qualifying IPO” means a public offering of Common Shares of the Company that results in (i) at least 15% of
the Company’s issued and outstanding share capital being publicly held by Persons other than any Affiliate of the Company, the Permitted Holders or other Persons who, prior to the date of such public offering, held Common Shares of the Company,
(ii) the gross proceeds of which are not less than $80.0 million and (iii) listing of the Common Shares on Nasdaq’s Capital Market, Global Market or Global Select Market or any other internationally recognized market outside the PRC
other than in the Republic of Singapore. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended.

 “Transfer Agent” has the meaning set forth in Section 6(b). 
 “U.S.” means the United States of America, its states, territories and possessions. 
 “Warrant” and “Warrants” have the meanings set forth in the Recitals. 
 “Warrant Agent” has the meaning set forth in the Recitals. 
 “Warrant Certificate” has the meaning set forth in Section 3.1. 
 “Warrant Countersignature Order” has the meaning set forth in Section 3.2. 
 “Warrant Expiration Date” is the later of (x) the expiration of three years from the date hereof and (y) the expiration
of six months following the Qualifying IPO. 
 “Warrant Register” has the meaning set forth in
Section 3.3. 
 “Warrant Registrar” has the meaning set forth in Section 3.3. 
 “Warrant Shares” means, with respect to each Warrant, the number of Common Shares equal to the quotient obtained by dividing
(x) $40,000 by (y) the Exercise Price; provided that the number of Warrant Shares and Exercise Price shall be subject to adjustment from time to 

  

 3 

 
time in accordance with Section 8 below. The aggregate number of Warrant Shares issuable pursuant to the exercise of all Warrants is equal to the
quotient obtained by dividing (x) $30,000,000 by (y) the Exercise Price; provided that the aggregate number of Warrant Shares shall be subject to adjustment from time to time in accordance with Section 8 below;
provided further, that if, following the Company’s issuance and sale of 750 Units (consisting of $75,000,000 principal amount of Floating Rate Notes and 750 Warrants) on the date hereof, the Company issues and sells an additional 250
Units (consisting of $25,000,000 principal amount of Floating Rate Notes and 250 Warrants), the aggregate number of Warrant Shares issuable pursuant to the exercise of all Warrants shall be equal to the quotient obtained by dividing
(x) $40,000,000 by (y) the Exercise Price. 
 SECTION 2. APPOINTMENT OF WARRANT AGENT. 
 The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions set forth hereinafter in this Agreement
and the Warrant Agent hereby accepts such appointment. 
 SECTION 3. ISSUANCE OF WARRANTS; WARRANT CERTIFICATES 
 3.1 FORM AND DATING. 
 (a) General. 
 The Warrants and the Warrant Shares may have notations, legends or endorsements
required by law, stock exchange rule or usage. Each Warrant shall be dated the date of the countersignature. 
 The terms and provisions
contained in the Warrants shall constitute, and are hereby expressly made, a part of this Warrant Agreement. The Company and the Warrant Agent, by their execution and delivery of this Warrant Agreement, expressly agree to such terms and provisions
and to be bound thereby. However, to the extent any provision of any Warrant conflicts with the express provisions of this Warrant Agreement, the provisions of this Warrant Agreement shall govern and be controlling. 
 (b) Global Warrants. 
 The Warrants
shall be issued from time to time initially in the form of global warrants (each a “Global Warrant”). Global Warrants shall be substantially in the form of Exhibit A attached hereto (including the Global Warrant Legend
and the Regulation S Legend thereon and the “Schedule of Exchanges of Interests in the Global Warrant” attached thereto, each a “Warrant Certificate”). Definitive Warrants shall be substantially in the form of
Exhibit A attached hereto, but without the Global Warrant Legend thereon and without the “Schedule of Exchanges of Interests in the Global Warrant” attached thereto. Each Global Warrant shall represent such of the outstanding
Warrants as shall be specified therein and each shall provide that it shall represent the number of outstanding Warrants from time to time endorsed thereon and that the number of outstanding Warrants represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Warrant to reflect the amount of any increase or decrease in the 

  

 4 

 
number of outstanding Warrants represented thereby shall be made by the Warrant Agent in accordance with instructions given by the holder thereof as required
by Section 3.5 hereof. Each Global Warrant shall be deposited with the Common Depositary, which shall hold such Global Warrant in safe custody for the account of Euroclear and/or Clearstream and instruct Euroclear or Clearstream or both
of them, as the case may be, to credit the number of Warrants represented by such Global Warrant to the holder’s distribution account with Euroclear or Clearstream. 
 (c) Euroclear and Clearstream Procedures Applicable. 
 The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to
transfers of beneficial interests in the Global Warrants that are held by Participants through Euroclear or Clearstream. 
 3.2
EXECUTION 
 An Officer shall sign the Warrants on behalf of the Company by manual signature. 
 If the Officer whose signature is on a Warrant no longer holds that office at the time a Warrant is countersigned, the Warrant shall nevertheless be
valid. 
 A Warrant shall not be valid until countersigned by the manual signature of the Warrant Agent. The signature shall be conclusive
evidence that the Warrant has been properly issued under this Warrant Agreement. 
 The Warrant Agent shall, upon a written order of the
Company signed by an Officer (a “Warrant Countersignature Order”), countersign (i) one Global Warrant evidencing 750 Warrants issued as of the date hereof, and (ii) one Global Warrant evidencing any additional
Warrants issued by the Company after the date hereof pursuant to the next sentence of this paragraph. The Warrants need not be issued at one time and unless otherwise provided, the Warrants may also be issued by the Company and countersigned and
delivered under this Warrant Agreement after the date hereof on the same terms and conditions (other than the date of issue) and with the same ISIN number as the Warrants issued on the date hereof and in the aggregate amount, together with the 750
Warrants issued on the date hereof, not to exceed 1,000 Warrants. 
 The Warrant Agent may appoint an agent acceptable to the Company to
countersign Warrants. Such an agent may countersign Warrants whenever the Warrant Agent may do so. Each reference in this Warrant Agreement to a countersignature by the Warrant Agent includes a countersignature by such agent. Such an agent has the
same rights as the Warrant Agent to deal with the Company or an Affiliate of the Company. 
  

 5 

 3.3 WARRANT REGISTRAR AND COMMON
DEPOSITARY 
 The Company shall maintain an office or agency where Warrants may be presented for
registration of transfer or for exchange (“Warrant Registrar”). The Warrant Registrar shall keep a register of the Warrants and of their registration of transfer and exchange (the “Warrant Register”).
The Company may appoint one or more co-Warrant Registrars. The term “Warrant Registrar” includes any co-Warrant Registrar. The Company may change any Warrant Registrar without notice to any holder. The Company shall notify the Warrant
Agent in writing of the name and address of any agent not a party to this Warrant Agreement. If the Company fails to appoint or maintain another entity as Warrant Registrar, the Warrant Agent shall act as such. The Company or any of its subsidiaries
may act as Warrant Registrar. 
 The Company initially appoints the Warrant Agent to act as the Warrant Registrar with respect to the Global
Warrants. 
 The Company initially appoints the Warrant Agent to act as Common Depositary with respect to the Global Warrants. 
 3.4 HOLDER LISTS 
 The Warrant Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all holders of Warrants. If the Warrant Agent is not the
Warrant Registrar, the Company shall promptly furnish to the Warrant Agent at such times as the Warrant Agent may request in writing, a list in such form and as of such date as the Warrant Agent may reasonably require of the names and addresses of
the holders. 
 3.5 TRANSFER AND EXCHANGE 
 (a) In accordance with the terms of this Warrant Agreement, the Warrant Agent shall deliver at the cost of the Company, upon not less than 45 days’
notice to the Warrant Agent by Euroclear or Clearstream, the relevant Warrants in definitive form (“Definitive Warrants”) in exchange for interests in such Global Warrant. For this purpose, the Warrant Agent is authorized and
it shall (A) authenticate each such Definitive Warrant and (B) deliver each such Definitive Warrant to or to the order of Euroclear or Clearstream, in exchange for interests in such Global Warrant. The Warrant Agent shall promptly notify
the Company upon receipt of a request for issue of Definitive Warrants the aggregate number of Warrants represented by the relevant Global Warrant to be exchanged in connection therewith. The Company undertakes to deliver to, or to the order of, the
Warrant Agent sufficient numbers of duly executed Definitive Warrants to enable the Warrant Agent to comply with its obligations under this Section 3.5(a). Transfer of a Global Warrant by the Common Depositary to another shall be limited
to transfer of such Global Warrant in whole, but not in part, to nominees of Euroclear or Clearstream, to a successor of Euroclear or Clearstream, such successor’s nominee, or such depositary other than the Common Depositary (or its nominee) as
the Company may designate. Notwithstanding the above, interests in a Global Warrant shall be exchangeable in whole (but not in part) at the cost of the Company for Definitive Warrants if either Euroclear or Clearstream or any other relevant clearing
system ceases to operate as a clearing system for 14 

  

 6 

 
consecutive days (other than by reason of public holiday) or announces an intention to permanently cease business and it shall not be practicable to transfer
the relevant Warrants to another clearing system within 90 days. 
 (b) Upon any exchange of an interest in a Global Warrant for Definitive
Warrants, the relevant Global Warrant shall be endorsed by the Warrant Agent to reflect the reduction of the number of Warrants so exchanged. Until exchanged in full, the holder of any interest in any Global Warrant shall in all respects be entitled
to the same benefits under this Warrant Agreement as Definitive Warrants authenticated and delivered hereunder. Once exchanged in full, a Global Warrant shall be canceled and disposed of by the Warrant Agent in accordance with its customary
procedures. 
 (c) The Warrant Agent shall cause all Global Warrants and Definitive Warrants delivered to it and held by it hereunder to be
maintained in safe custody in accordance with this Section 3.5, and shall ensure that such Warrants are issued only in accordance with the provisions of this Warrant Agreement. 
 (d) The Warrant Agent shall be entitled to treat a facsimile communication from a person purporting to be (and who the Warrant Agent believes in good
faith to be) the authorized representative of the Company, named in a list furnished to the Warrant Agent from time to time, as sufficient instructions and authority of the Company for the Warrant Agent to act in accordance with this
Section 3.5. 
 (e) Title to the Definitive Warrants shall pass by notation on the Warrant Register. However, title to Warrants
issued in the form of Global Warrants held through Euroclear and Clearstream shall be transferable only in accordance with the rules and procedures of Euroclear and Clearstream, as appropriate. 
 (f) General Provisions Relating to Transfers and Exchanges 
 (1) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign Global Warrants
and Definitive Warrants upon the Company’s order or at the Warrant Registrar’s request. 
 (2) The Company hereby
agrees and instructs the Warrant Agent that the Warrant Registrar shall not register the proposed transfer of any beneficial interest in, or proposed exercise of any right in, any Warrant, unless the Warrant Registrar shall have first received
certification in the form of Exhibit B hereto that such transfer or exercise is made in accordance with the provisions of Regulation S. 
 (3) The Warrant Register shall be in written form in the English language and shall include a record of the certificate number of each Warrant issued, and shall show the number of Warrants, the date of issue, all
subsequent transfer and changes of ownership in respect thereof and the names, tax identifying numbers (if relevant to a specific holder) and addresses of the holders. 
 (4) The Warrant Registrar shall at all reasonable times during office hours make the Warrant Register available to the Company, the
Warrant Agent, the 

  

 7 

 
holders of Warrants or any person authorized by the Company in writing for inspection and for the taking of copies thereof or extracts therefrom, and at the
expense of the Company, the Warrant Registrar shall deliver to such persons all lists of holders of Warrants, their addresses, number of holdings and other details as they may request. 
 (5) The Warrant Registrar shall only register the transfer of an interest in a Warrant if the requested transfer is (i) to the
Company (including its affiliates); (ii) being made by a person who has provided the Warrant Registrar with a certification in the form of Exhibit B hereto; (iii) pursuant to an effective registration statement under the Securities
Act with certification to that effect from such holder; or (iv) being transferred in reliance on any other exemption from the registration requirements of the Securities Act (including Rule 904 thereunder), with a certification to that effect
from such holder and an opinion of counsel from such holder or the transferee reasonably acceptable to the Company and to the Warrant Registrar to the effect that such transfer is in compliance with the Securities Act. 
 (6) No service charge shall be made to a holder of a beneficial interest in a Global Warrant or to a holder of a Definitive Warrant for
any registration of transfer or exchange, but the Company or the Warrant Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith and may require that a Person receiving
Definitive Warrants must bear the cost of insurance, postage, transportation and the like in the event that such Person does not receive such Definitive Warrants in person at the offices of an Warrant Agent. 
 (7) All Global Warrants and Definitive Warrants issued upon any registration of transfer or exchange of Global Warrants or Definitive
Warrants shall be the duly authorized, executed and issued warrants for Common Shares of the Company, not subject to any preemptive rights, and entitled to the same benefits under this Warrant Agreement, as the Global Warrants or Definitive Warrants
surrendered upon such registration of transfer or exchange. 
 (8) Prior to due presentment for the registration of a transfer
of any Warrant, the Warrant Agent, and the Company may deem and treat the Person in whose name any Warrant is registered as the absolute owner of such Warrant for all purposes and none of the Warrant Agent, or the Company shall be affected by notice
to the contrary. 
 (9) The Warrant Agent shall countersign Global Warrants and Definitive Warrants in accordance with the
provisions of Section 3.2 hereof. 
 (g) Facsimile Submissions to Warrant Agent 
 All certifications, certificates and Opinions of Counsel required to be submitted to the Warrant Registrar pursuant to this Section 3.5 to
effect a registration of transfer or exchange may be submitted by facsimile. 
 Notwithstanding anything herein to the contrary, as to any
certificates and/or certifications delivered to the Warrant Registrar pursuant to this Section 3.5, the Warrant 

  

 8 

 
Registrar’s duties shall be limited to confirming that any such certifications and certificates delivered to it are in the form of Exhibit B
attached hereto. The Warrant Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such certifications or certificates. As to any Opinions of Counsel delivered pursuant to this
Section 3.5, the Warrant Registrar may rely upon, and be fully protected in relying upon, such opinions. 
 3.6
REPLACEMENT WARRANTS 
 If any mutilated Warrant is surrendered to the Warrant Agent or the
Company and the Warrant Agent receives evidence to its satisfaction of the destruction, loss or theft of any Warrant, the Company shall issue and the Warrant Agent, upon receipt of a Warrant Countersignature Order, shall countersign a replacement
Warrant if the Warrant Agent’s requirements are met. If required by the Warrant Agent or the Company, an indemnity bond must be supplied by the holder that is sufficient in the judgment of the Warrant Agent and the Company to protect the
Company, the Warrant Agent, any Agent and any agent for purposes of the countersignature from any loss that any of them may suffer if a Warrant is replaced. The Company may charge any holder of Warrants for the Company’s expenses in replacing a
Warrant. 
 Every replacement Warrant is an additional warrant of the Company and shall be entitled to all of the benefits of this Warrant
Agreement equally and proportionately with all other Warrants duly issued hereunder. 
 3.7 TEMPORARY
WARRANTS 
 Until certificates representing Warrants are ready for delivery, the Company may prepare and the
Warrant Agent, upon receipt of a Warrant Countersignature Order, shall issue temporary Warrants. Temporary Warrants shall be substantially in the form of certificated Warrants but may have variations that the Company considers appropriate for
temporary Warrants and as shall be reasonably acceptable to the Warrant Agent. Without unreasonable delay, the Company shall prepare and the Warrant Agent shall countersign Definitive Warrants in exchange for temporary Warrants. 
 Holders of temporary Warrants shall be entitled to all of the benefits of this Warrant Agreement. 
 3.8 CANCELLATION 
 The Company at any time may deliver Warrants to the Warrant Agent for cancellation. The Warrant Registrar and Warrant Agent shall forward to the Warrant Agent any Warrants surrendered to them for registration of
transfer, exchange or exercise. The Warrant Agent and no one else shall cancel all Warrants surrendered for registration of transfer, exchange, exercise, replacement or cancellation and shall destroy canceled Warrants (subject to the record
retention requirement of the Exchange Act). Upon the Company’s written request, certification of the destruction of all cancelled Warrants shall be delivered to the Company. The Company may not issue new Warrants to replace Warrants that have
been exercised or that have been delivered to the Warrant Agent for cancellation. 
  

 9 

 SECTION 4. SEPARATION OF WARRANTS; EXERCISE OF WARRANTS; TERMS OF WARRANTS 
 (a) The Floating Rate Notes and Warrants will be separately transferable from the date hereof. Subject to the terms of this Agreement, each holder of
Warrants shall have the right, which may be exercised during the period commencing at the date of the Qualifying IPO (which, for the avoidance of doubt, shall include the right of holders of Warrants to exercise their Warrants in order to sell
Warrant Shares in the Qualifying IPO) and until 5:00 p.m., Hong Kong time, on the Warrant Expiration Date (the “Exercise Period”), to receive from the Company the number of fully paid and nonassessable Warrant Shares which
the holder may at the time be entitled to receive on exercise of such Warrants and payment of the applicable Exercise Price (i) in cash, by wire transfer or by certified or official bank check payable to the order of the Company, (ii) by
tendering Floating Rate Notes having a principal amount of premium, interest, and other amounts actually outstanding at the time of tender equal to the applicable Exercise Price then in effect, (iii) by tendering Warrants as set forth below or
(iv) any combination of cash, Floating Rate Notes or Warrants. Each holder may elect, upon exercise of its Warrants during the applicable Exercise Period, to receive Warrant Shares on a net basis, such that, without the exchange of any funds
and in satisfaction of and without any obligation to pay the Exercise Price, the holder will receive such number of Warrant Shares as shall equal the product of (A) the number of Warrant Shares for which such Warrant is exercisable as of the
date of exercise (if the Exercise Price were being paid in cash) and (B) the Cashless Exercise Ratio. The “Cashless Exercise Ratio” shall be calculated by the Company and shall equal a fraction the numerator of which is
the Market Value (as defined below) per Common Share minus the applicable Exercise Price per share as of the date of exercise and the denominator of which is the Market Value per share on the date of exercise. Exercise of Warrants shall be for
delivery of Warrant Shares, and under no circumstance shall the Company be obligated to pay or settle exercise of Warrants in cash; provided, however, that the Company may pay cash for fractional interests as set forth in Section 9. Each
Warrant not exercised prior to 5:00 p.m., Hong Kong time, on the Warrant Expiration Date shall become void and all rights thereunder and all rights in respect thereof under this agreement shall cease as of such time. The Warrant Agent shall have
(y) no obligation to calculate the Cashless Exercise Ratio and (z) no responsibility for making any allocation between items (i) – (iii) above. No adjustments as to dividends will be made upon exercise of the Warrants.

 The “Market Value” per Common Share as of any date shall equal (i) if Common Shares are primarily traded on a
securities exchange, the last sale price on such securities exchange on the trading day immediately prior to the date of determination, or if no sale occurred on such day, the mean between the closing “bid” and “asked” prices on
such day, (ii) if the principal market for Common Shares is in the over-the-counter market, the closing sale price on the trading day immediately prior to the date of the determination, as published by the The Nasdaq Stock Market, Inc. or
similar organization, or if such price is not so published on such day, the mean between the closing “bid” and “asked” prices, if available, on such day, which prices may be obtained from any reputable pricing service, broker or
dealer, and (iii) if neither clause (i) nor clause (ii) is applicable, the fair market value on the date of determination of Common Shares, as determined in good faith by the Board of Directors of the Company based on a written
opinion of an internationally recognized investment banking, appraisal or valuation firm that is not an Affiliate of the Company. Notwithstanding the foregoing, if the Market 

  

 10 

 
Value per Common Share is calculated for the purpose of exercising a Warrant on the date of the Qualifying IPO, the Market Value shall be the actual offering
price per Common Share to the public in the Qualifying IPO. 
 (b) In order to exercise all or any of the Warrants represented by a Warrant
Certificate, (i) in the case of a Definitive Warrant, the holder thereof must surrender upon exercise the Warrant Certificate to the Company at the corporate trust office of the Warrant Agent at or before 5:00 p.m., Hong Kong time, on any
Business Day, set forth in Section 15 hereof, (ii) in the case of a book-entry interest in a Global Warrant, the exercising Participant whose name appears on a securities position listing of Euroclear or Clearstream as the holder of
such book-entry interest must comply with Euroclear or Clearstream’s procedures relating to the exercise of such book-entry interest in such Global Warrant and (iii) in the case of interests in both Global Warrants and Definitive Warrants,
the holder thereof or the Participant, as applicable, shall (x) deliver to the Company at the corporate trust office of the Warrant Agent the form of election to purchase on the reverse thereof duly completed and signed, and (y) make
payment to the account of the Company of the applicable Exercise Price in accordance with Section 4(a) hereof, for the number of Warrant Shares in respect of which such Warrants are then exercised and (z) in the event of an exercise
via tendering of Floating Rate Notes pursuant to Section 4(a)(ii) above, surrender the Floating Rate Note or send the relevant instructions to Euroclear or Clearstream, as the case may be. Upon receipt of the executed form of election to
purchase, the Warrant Agent shall promptly, but in no event later than two Business Days following receipt thereof, notify the Company and deliver a copy of such election to purchase form to the Company in accordance with Section 15
hereof. 
 (c) Subject to the provisions of Section 5 hereof, upon compliance with clause (b) above, the Company shall
deliver or cause to be delivered with all reasonable dispatch, to or to the written order of the holder and in such name or names as the holder may designate, a certificate or certificates for the number of whole Warrant Shares issuable upon the
exercise of such Warrants or other securities or property to which such holder is entitled hereunder, together with cash as provided in Section 9 hereof; provided that if any consolidation, merger or lease or sale of assets is
proposed to be effected by the Company or its subsidiaries as described in Section 8(k) hereof, or a tender offer or an exchange offer for Common Shares shall be made, upon such surrender of Warrants and payment of the applicable
Exercise Price in accordance with clause (b) above, the Company shall, as soon as possible, but in any event not later than two business days thereafter, deliver or cause to be delivered the full number of Warrant Shares issuable upon the
exercise of such Warrants in the manner described in this sentence or other securities or property to which such holder is entitled hereunder, together with cash as provided in Section 9 hereof and in accordance with the information
provided in the form of election to purchase. The Company shall notify the Warrant Agent the number of Warrant Shares that have been delivered to such holder. Such certificate or certificates shall be deemed to have been issued and any Person so
designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares as of the date of the surrender of such Warrants and payment of the applicable Exercise Price. 
 (d) The Warrants shall be exercisable, at the election of the holders thereof, either in full or in part from time to time during the Exercise Period. If
less than all the Warrants represented by a Warrant Certificate are exercised, such Warrant Certificate shall be 

  

 11 

 
surrendered and a new Warrant Certificate of the same tenor and for the number of Warrants which were not exercised shall be executed by the Company and
delivered to the Warrant Agent and the Warrant Agent shall countersign the new Warrant Certificate, registered in such name or names as may be directed in writing by the holder, and shall deliver or cause to be delivered the new Warrant Certificate
to the Person or Persons entitled to receive the same. 
 (e) All Warrant Certificates surrendered upon exercise of Warrants shall be
cancelled by the Warrant Agent. Such cancelled Warrant Certificates shall then be disposed of by the Warrant Agent in a manner satisfactory to the Company. The Warrant Agent shall report promptly to the Company with respect to Warrants exercised.

 (f) If the exercising holder fails to pay the applicable Exercise Price to the Company, the Company or the Warrant Agent, as the case may
be, shall be entitled to return or cause to be returned the relevant Warrant Certificates and the form of election to purchase at the expense of such holder. 
 (g) The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the holders which shall be allowed upon prior written request with reasonable notice
and during normal business hours at its office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request. 
 SECTION 5. PAYMENT OF TAXES 
 The Company shall pay
all securities transaction taxes and documentary stamp taxes attributable to the initial issuance of Warrant Shares upon the exercise of Warrants; provided that the Company shall not be required to pay any tax or taxes which may be payable in
respect of any transfer involved in the issue of any Warrant Certificates or any certificates for Warrant Shares in a name other than that of the registered holder of a Warrant Certificate surrendered upon the exercise of a Warrant, and the Company
shall not be required to issue or deliver such Warrant Certificates unless or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the
Company that such tax has been paid. This provision shall survive the resignation or removal of the Warrant Agent or the termination of this Agreement. 
 SECTION 6. RESERVATION OF WARRANT SHARES 
 (a) The Company shall at all times reserve and keep available, free and clear of
all liens, security interests, charges and other encumbrances or restrictions on sale, free from preemptive rights, out of the aggregate of its authorized but unissued Common Shares or the authorized and issued Common Shares held in its treasury,
for the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of Common Shares which may then be deliverable upon the exercise of all outstanding Warrants. 
 (b) The Company or, if appointed, the transfer agent for the Common Shares (the “Transfer Agent”) and every subsequent transfer
agent for any shares of the Company’s capital stock issuable upon the exercise of any of the rights of purchase aforesaid will be irrevocably authorized and directed at all times to reserve such number of authorized shares as 

  

 12 

 
shall be required for such purpose. The Company shall keep a copy of this Agreement on file with the Transfer Agent and with every subsequent transfer agent
for any shares of the Company’s capital stock issuable upon the exercise of the rights of purchase represented by the Warrants. The Warrant Agent is hereby irrevocably authorized to requisition from time to time from such Transfer Agent the
stock certificates required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement. The Company shall supply such Transfer Agent with duly executed certificates for such purposes and shall provide or
otherwise make available any cash which may be payable as provided in Section 9 hereof. The Company shall furnish such Transfer Agent with a copy of all notices of adjustments, and certificates related thereto, transmitted to each holder
pursuant to Section 10 hereof. 
 (c) Before taking any action which would cause an adjustment pursuant to Section 8
hereof to reduce the Exercise Price below the then par value (if any) of the Warrant Shares, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares at the Exercise Price as so adjusted. 
 (d) The Company covenants that all Warrant Shares which
may be issued upon exercise of Warrants shall, upon issue, be fully paid, nonassessable, free of preemptive rights and free from all taxes, liens, charges and security interests with respect to the issuance thereof. 
 SECTION 7. OBTAINING STOCK EXCHANGE LISTINGS. 
 The
Company shall from time to time take all action which may be necessary so that the Warrant Shares, immediately upon their issuance upon the exercise of Warrants, will be listed on a principal securities exchange, automated quotation system or other
internationally-recognized stock market on which other Common Shares are then listed, if any and will be freely transferable without any restrictions. 
 SECTION 8. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES ISSUABLE 
 The applicable Exercise Price and the number
of Warrant Shares issuable upon the exercise of each Warrant shall be subject to adjustment from time to time during the Exercise Period upon the occurrence of the events enumerated in this Section 8; provided that in no event
shall the applicable Exercise Price be less than $0.0001 per Common Share. The Company covenants that it will not take any actions that would otherwise result in an adjustment under this Section 8 unless the Warrants may be exercised at
such adjusted Price into legally issued, fully paid and nonassessable Common Shares under applicable law then in effect. For purposes of this Section 8, “Common Shares” includes shares now or hereafter authorized of any
class of common shares of the Company and any other stock of the Company, however designated, that has the right (subject to any prior rights of any class or series of preferred stock) to participate in any distribution of the assets or earnings of
the Company without limit as to per share amount. 
 In addition to the adjustments required under this Section 8, the Company
may, at any time, reduce the applicable Exercise Price to any amount greater than or equal to $0.0001 per share for any period of time (but not less than 20 Business Days if the Common Shares are listed in the U.S.) deemed appropriate by the Board
of Directors of the Company. 
  

 13 

 (a) Adjustment for Change in Capital Stock. 
 If the Company (i) pays a dividend or makes a distribution on its Common Shares payable in its Common Shares, (ii) subdivides its outstanding
Common Shares into a greater number of shares, (iii) combines its outstanding Common Shares into a smaller number of shares, (iv) makes a distribution on its Common Shares in shares of its capital stock other than Common Shares or
(v) issues by reclassification of its Common Shares any shares of its capital stock, then the applicable Exercise Price in effect immediately prior to such action shall, subject to the proviso to the first sentence of the first paragraph of
this Section 8, be proportionately adjusted so that the holder of any Warrant thereafter exercised may receive the aggregate number and kind of shares of capital stock of the Company which such holder would have owned immediately
following such action as if such Warrant had been exercised immediately prior to such action. 
 The adjustment shall become effective
immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination or reclassification. If, after an adjustment, a holder of a Warrant upon exercise of it
may receive shares of two or more classes of capital stock of the Company, the Company shall determine, in good faith, the allocation of the adjusted Exercise Price between the classes of capital stock. After such allocation, the exercise privilege
and the applicable Exercise Price of each class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to Common Shares in this Section 8. Such adjustment shall be made successively whenever
any event listed above shall occur. 
 (b) Adjustment for Rights Issue. 
 If the Company distributes any rights, options or warrants to all holders of its Common Shares entitling them for a period expiring within 45 days after
the record date set forth below to subscribe for Common Shares or securities convertible into, or exchangeable or exercisable for, Common Shares, in either case, at a price per share less than the Market Value per share on that record date, the
applicable Exercise Price shall be adjusted in accordance with the formula: 
  

															
		  		  		  	O	  	+	  	N x P	  		  	
	E’	  	=	  	E	  	x	  	 	  	M	  	 	  	
		  		  		  		  		  	O + N	  		  	

 where: 
  

					
	 E’
	  	=	  	the adjusted Exercise Price.
			
	 E
	  	=	  	the then current Exercise Price.

  

 14 

					
	 O
	  	=	  	the number of Common Shares outstanding on the record date.
			
	 N
	  	=	  	the number of additional Common Shares issued pursuant to such rights, options or warrants.
			
	 P
	  	=	  	the price per share of the additional Common Shares.
			
	 M
	  	=	  	the Market Value per Common Share on the record date.

 The adjustment shall be made successively whenever any such rights, options or warrants are issued
and shall become effective immediately after the record date for the determination of shareholders entitled to receive the rights, options or warrants. If at the end of the period during which such rights, options or warrants are exercisable, not
all rights, options or warrants shall have been exercised, the applicable Exercise Price shall be immediately readjusted to what it would have been if “N” in the above formula had been the number of shares actually issued. 
 (c) Adjustment for Other Distributions. 
 If the Company distributes to all holders of its Common Shares any of its assets (including cash), debt securities, preferred stock or any rights or warrants to purchase assets (including cash), debt securities, preferred stock or other
securities of the Company, the applicable Exercise Price shall be adjusted in accordance with the formula: 
  

											
	 E’
	  	=	  	E	  	x	  	M –F	  	
		  		  		  		  	M	  	

 where: 
  

					
	 E’
	  	=	  	the adjusted Exercise Price.
			
	 E
	  	=	  	the then current Exercise Price.
			
	 M
	  	=	  	the Market Value per Common Share on the record date mentioned below.
			
	 F
	  	=	  	the fair market value on the record date of the debt securities, preferred stock, assets (including cash), securities, rights or warrants to be distributed in respect of one Common Share as
determined in good faith by the Board of Directors of the Company based on a written opinion of an internationally recognized investment banking, appraisal or valuation firm that is not an Affiliate of the Company.

 The adjustment shall be made successively whenever any such distribution is made and shall become
effective immediately after the record date for the determination of shareholders entitled to receive the distribution. 
  

 15 

 This Section 8(c) shall not apply to rights, options or warrants referred to in
Section 8(b) hereof. 
 (d) Adjustment for Common Share Issue. 
 If the Company issues Common Shares for a consideration per share less than the Market Value per share on the date the Company fixes the offering price of
such additional shares, the applicable Exercise Price shall be adjusted in accordance with the formula: 
  

															
		  		  		  		  		  		  	P	  	
	 E’
	  	=	  	E	  	x	  	O	  	+	  	M	  	
		  		  		  		  	A	  		  		  	

 where: 
  

					
	 E’
	  	=	  	the adjusted Exercise Price.
			
	 E
	  	=	  	the then current Exercise Price.
			
	 O
	  	=	  	the number of Common Shares outstanding immediately prior to the issuance of such additional shares.
			
	 P
	  	=	  	the aggregate consideration received for the issuance of such additional shares.
			
	 M
	  	=	  	the Market Value per Common Share on the date of issuance of such additional Common Shares.
			
	 A
	  	=	  	the number of shares outstanding of Common Shares immediately after the issuance of such additional Common Shares.

 The adjustment shall be made successively whenever any such issuance is made, and shall become
effective immediately after such issuance. 
 This subsection (d) shall not apply to: 
 (1) any of the transactions described in subsections (a), (b) or (c) of this Section 8, including, without
limitation, the Common Shares issuable upon the exercise thereof, 
 (2) the exercise of Warrants, or the conversion, exchange
or exercise of other securities convertible into or exchangeable or exercisable for Common Shares the issuance of which requires an adjustment to be made under Section 8(e), 
 (3) the issuance of Common Shares to employees, officers or directors of the Company or its subsidiaries under bona fide employee benefit
plans adopted by the Board of Directors and approved by the holders of Common Shares when required by law, 

  

 16 

 
if such Common Shares would otherwise be covered by this subsection (d) (but only to the extent that the aggregate number of shares excluded hereby and
issued after the date of this Warrant Agreement shall not, together with options exercisable for Common Shares issued under the employee benefit plans referred to Section 8(e)(2), exceed 6,802,495 Common Shares (as adjusted
proportionally for stock dividends, stock splits, combinations, recapitalizations and the like), or 
 (4) the issuance of
Common Shares issuable upon the conversion, exchange or exercise of other securities, warrants, options or similar rights if the conversion, exchange or exercise price is not less than the Market Value per Common Share at the time the security,
warrant, option or right so converted, exchanged or exercised was issued or granted, 
 (5) the issuance of Common Shares in
connection with the exercise by each of Burnhan Securities Inc. and Mr. Joel B. Gardner of those certain warrants to purchase common shares, dated August 25, 2006, or 
 (6) the conversion of the Company’s currently issued and outstanding Series A Preferred Shares into Common Shares. 
 (e) Adjustment for Convertible Securities Issue. 
 If the Company issues any securities convertible into or exchangeable or exercisable for Common Shares (other than securities issued in transactions described in subsections (a), (b) or (c) of this
Section 8) for a consideration per Common Share initially deliverable upon conversion, exchange or exercise of such securities less than the Market Value per share on the date of issuance of such securities or on the date the Company
fixes the offering price of such securities, the applicable Exercise Price shall be adjusted in accordance with the formula: 
  

															
		  		  		  		  		  		  	P	  	
	 E’
	  	=	  	E	  	x	  	O	  	+	  	M	  	
		  		  		  		  	O	  	+	  	D	  	

 where: 
  

					
	E’	  	=	  	the adjusted Exercise Price.
			
	E	  	=	  	the then current Exercise Price.
			
	O	  	=	  	the number of Common Shares outstanding immediately prior to the issuance of such securities.
			
	P	  	=	  	the aggregate consideration received for the issuance of such securities.
			
	 M
	  	=	  	the Market Value per Common Share on the date of issuance of such securities.
			
	 D
	  	=	  	the maximum number of Common Shares deliverable upon conversion or in exchange for such securities at the initial conversion, exchange or exercise rate.

  

 17 

 The adjustment shall be made successively whenever any such issuance is made, and shall become effective
immediately after such issuance. 
 If all of the Common Shares deliverable upon conversion, exchange or exercise of such securities have not
been issued when such securities are no longer outstanding, then the applicable Exercise Price shall promptly be readjusted to the applicable Exercise Price which would then be in effect had the adjustment upon the issuance of such securities been
made on the basis of the actual number of Common Shares issued upon conversion, exchange or exercise of such securities. 
 This subsection
(e) shall not apply to: 
 (1) convertible securities issued to shareholders of any Person which merges into the Company, or with a
subsidiary of the Company, in proportion to their stock holdings of such person immediately prior to such merger, upon such merger, provided that if such Person is an Affiliate of the Company, the Board of Directors shall have obtained a
fairness opinion from a internationally recognized investment banking, appraisal or valuation firm, which is not an Affiliate of the Company, stating that the consideration received in such merger is fair to the Company from a financial point of
view, or 
 (2) the issuance of options exercisable for Common Shares to employees, officers or directors of the Company or its subsidiaries
under bona fide employee benefit plans adopted by the Board of Directors and approved by the holders of Common Shares when required by law, if such Common Shares would otherwise be covered by this subsection (e) (but only to the extent that the
aggregate number of shares excluded hereby and issued after the date of this Warrant Agreement shall not, together with Common Shares issued under the employee benefit plans referred to Section 8(d)(3), exceed 6,802,495 Common Shares (as
adjusted proportionally for stock dividends, stock splits, combinations, recapitalizations and the like). 
 (f) Consideration
Received. 
 For purposes of any computation respecting consideration received pursuant to subsections (d) and (e) of this
Section 8, the following shall apply: 
 (1) in the case of the issuance of Common Shares for cash, the
consideration shall be the amount of such cash, provided that in no case shall any deduction be made for any commissions, discounts or other expenses incurred by the Company for any underwriting of the issue or otherwise in connection
therewith; 
 (2) in the case of the issuance of Common Shares for a consideration in whole or in part other than cash, the
consideration other than cash shall be deemed to 

  

 18 

 
be the fair market value thereof as determined in good faith by the Board of Directors based on a written opinion of an internationally recognized investment
banking, appraisal or valuation firm that is not an Affiliate of the Company (irrespective of the accounting treatment thereof), whose determination shall be conclusive, and described in a Board resolution which shall be filed with the Warrant
Agent; 
 (3) in the case of the issuance of securities convertible into or exchangeable or exercisable for Common Shares, the
aggregate consideration received therefor shall be deemed to be the consideration received by the Company for the issuance of such securities plus the additional minimum consideration, if any, to be received by the Company upon the conversion,
exchange or exercise thereof (the consideration in each case to be determined in the same manner as provided in clauses (1) and (2) of this subsection (f)); and 
 (4) in the case of the issuance of Common Shares pursuant to rights, options or warrants which rights, options or warrants were originally
issued together with one or more other securities as part of a unit at a price per unit, the consideration shall be deemed to be the fair value of such rights, options or warrants at the time of issuance thereof as determined in good faith by the
Board of Directors based on a written opinion of an internationally recognized investment banking, appraisal or valuation firm that is not an Affiliate of the Company and in accordance with GAAP whose determination shall be conclusive and described
in a Board resolution, which shall be filed with the Warrant Agent, plus the additional minimum consideration, if any, to be received by the Company upon the exercise, conversion or exchange thereof (as determined in the same manner as provided in
clauses (1) and (2) of this subsection (f)). 
 (g) When De Minimis Adjustment May Be Deferred. 
 No adjustment in the applicable Exercise Price need be made unless the adjustment would require an increase or decrease of at least 1% in the applicable
Exercise Price. Any adjustments that are not made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Section 8 shall be made by the Company to the nearest cent or to the nearest
1/100th of a share, as the case may be, it being understood that no such rounding shall be made under subsection (o). 
 (h) When No
Adjustment Required. 
 No adjustment need be made for (i) rights to purchase Common Shares pursuant to a Company plan for
reinvestment of dividends or interest or (ii) a change in the par value or no par value of the Common Shares. 
 (i) Notice of
Adjustment. 
 Whenever the applicable Exercise Price is adjusted, the Company shall provide the notices required by
Section 10 hereof. 
  

 19 

 (j) Reorganization of Company. 
 (1) If the Company consolidates or merges with or into, or transfers or leases all or substantially all its assets to, any Person, upon
consummation of such transaction the Warrants shall automatically become exercisable for the kind and amount of securities, cash or other assets which the holder of a Warrant would have owned immediately after the consolidation, merger, transfer or
lease if the holder had exercised the Warrant immediately before the effective date of the transaction. Concurrently with the consummation of such transaction, the corporation formed by or surviving any such consolidation or merger if other than the
Company, or the Person to which such sale or conveyance shall have been made, shall enter into (i) a supplemental Warrant Agreement so providing and further providing for adjustments which shall be as nearly equivalent as may be practical to
the adjustments provided for in this Section 8 and (ii) a supplement to the Equity Registration Rights Agreement providing for the assumption of the Company’s obligations thereunder. The successor company shall mail to Warrant
holders a notice describing the supplemental Warrant Agreement and Equity Registration Rights Agreement. If the issuer of securities deliverable upon exercise of Warrants under the supplemental Warrant Agreement is an Affiliate of the formed,
surviving, transferee or lessee corporation, such issuer shall join in the supplemental Warrant Agreement and Equity Registration Rights Agreement. If this Section 8(j) shall be applicable, Sections 8(a), (b), (c),
(d), (e) and (f) hereof shall not be applicable to such consolidation, merger, transfer or lease. 
 (2) Notwithstanding subclause (1) above, if (A) the Company consolidates or merges with or into, or sells, transfers or leases all or substantially all its assets to, any Person and in connection therewith, the consideration
payable to holders of Common Shares in exchange for their Common Shares is payable solely in cash or (B) proceedings commence for the voluntary or involuntary dissolution, liquidation or winding up of the Company, then the Warrants shall
automatically be exercised into such number of Warrant Shares as is determined pursuant to the provisions of Section 4(a), and the Warrant certificate representing such Warrants shall be deemed cancelled. As a result of such conversion,
each holder of Warrant Shares shall be entitled to receive distributions on an equal basis with the holders of the Common Shares. If this Section 8(j) applies to a transaction, Sections 8(a), (b), (c),
(d) and (e) hereof do not apply to such transaction. 
 (3) This Section 8(j) shall not
apply in the event that the Company merges with another Person and the holders of the Common Shares immediately prior to such merger hold at least a majority of the voting stock of the surviving corporation immediately following the consummation of
such merger. 
 (k) Company Determination Final. 
 Any determination that the Company or the Board of Directors must make pursuant to Section 8(a), (b), (c), (d), (e), (f), (g), or (h) hereof, if made
in good faith, is conclusive. 
  

 20 

 (l) When Issuance or Payment May Be Deferred. 
 In any case in which this Section 8 shall require that an adjustment in the applicable Exercise Price be made effective as of a record date
for a specified event, the Company may elect to defer until the occurrence of such event (i) issuing to the holder of any Warrant exercised after such record date the Warrant Shares and other capital stock of the Company, if any, issuable upon
such exercise over and above the Warrant Shares and other capital stock of the Company, if any, issuable upon such exercise on the basis of the applicable Exercise Price and (ii) paying to such holder any amount in cash in lieu of a fractional
share pursuant to Section 9 hereof; provided that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional Warrant Shares, other capital
stock and cash upon the occurrence of the event requiring such adjustment. 
 (m) Adjustment in Number of Shares. 
 Upon each adjustment of the applicable Exercise Price pursuant to this Section 8, each Warrant outstanding prior to the making of the
adjustment in the applicable Exercise Price shall thereafter evidence the right to receive upon payment of the adjusted Exercise Price that number of Common Shares (calculated to the nearest hundredth) obtained from the following formula:

  

											
	 N’
	  	=	  	N	  	x	  	E	  	
		  		  		  		  	E’	  	

 where: 
  

					
	 N’
	  	=	  	the adjusted number of Warrant Shares issuable upon exercise of a Warrant by payment of the adjusted Exercise Price.
			
	 N
	  	=	  	the number or Warrant Shares previously issuable upon exercise of a Warrant by payment of the Exercise Price prior to adjustment.
			
	 E’
	  	=	  	the adjusted Exercise Price.
			
	 E
	  	=	  	the Exercise Price prior to adjustment.

 (n) Form of Warrants. 
 Irrespective of any adjustments in the applicable Exercise Price or the number or kind of shares purchasable upon the exercise of the Warrants, Warrants
theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated in the Warrants initially issuable pursuant to this Agreement. 
 (o) No Impairment. If any event shall occur as to which the provisions of Section 8 are not strictly applicable but the failure to
make any adjustment would adversely affect the purchase rights represented by the Warrants in accordance with the essential intent and principles of such Section, then, in each such case, the Company shall appoint an investment banking firm of
recognized international standing, or any other financial expert that does not (or whose directors, officers, employees, or affiliates do not) have a direct or material indirect 

  

 21 

 
financial interest in the Company or any of its subsidiaries, who has not been, and, at the time it is called upon to given independent financial advice to
the Company, is not (and none of its directors, officers, employees or affiliates) are a promoter, director or officer of the Company or any of its subsidiaries, which shall give their opinion upon the adjustment, if any, on a basis consistent with
the essential intent and principles established in Section 8 necessary to preserve, without dilution, the purchase rights represented by the Warrants. Upon receipt of such opinion, the Company will promptly deliver a copy thereof to the
Warrant Agent and shall make the adjustments described therein. 
 SECTION 9. FRACTIONAL INTERESTS 
 The Company shall not be required to issue fractional Warrant Shares on the exercise of Warrants. If more than one Warrant shall be presented for exercise
in full at the same time by the same holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of the Warrants so
presented. If any fraction of a Warrant Share would, except for the provisions of this Section 9, be issuable on the exercise of any Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the Fair Value
per Warrant Share, as determined on the day immediately preceding the date the Warrant is presented for exercise, multiplied by such fraction, computed to the nearest whole U.S. cent. 
 SECTION 10. NOTICES TO WARRANT HOLDERS 
 (a) Upon any adjustment of the applicable Exercise Price
pursuant to Section 8 hereof, the Company shall promptly thereafter (i) cause to be filed with the Warrant Agent a certificate of a firm of independent public accountants of recognized standing selected by the Board of Directors of
the Company (who may be the regular auditors of the Company) setting forth the applicable Exercise Price after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based and
setting forth the number of Warrant Shares (or portion thereof) issuable after such adjustment in the applicable Exercise Price, upon exercise of a Warrant and payment of the adjusted Exercise Price, which certificate shall be conclusive evidence of
the correctness of the matters set forth therein, and (ii) cause to be given to each of the registered holders of Warrants at the address appearing on the Warrant register for each such registered holder written notice of such adjustments by
first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as a part of the notice required to be mailed under the other provisions of this Section 10. 
 (b) In the event: 
 (i) that
the Company shall authorize the issuance to all holders of Common Shares of rights, options or warrants to subscribe for or purchase Common Shares or of any other subscription rights or warrants; 
 (ii) that the Company shall authorize the distribution to all holders of Common Shares of evidences of its indebtedness or assets (other
than dividends payable in Common Shares or distributions referred to in Section 8(a) hereof); 
  

 22 

 (iii) of any consolidation or merger to which the Company is a party and for which
approval of any shareholders of the Company is required, or of the conveyance, lease or transfer of all or substantially all of the Company’s properties and assets, or of any reclassification or change of Common Shares issuable upon exercise of
the Warrants (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer for Common Shares; 
 (iv) of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or 
 (v) that the Company proposes to take any action which would require an adjustment of the applicable Exercise Price pursuant to
Section 8 hereof; 
 then the Company shall cause to be filed with the Warrant Agent and shall cause to be given to each of the registered
holders of Warrants at his address appearing on the Warrant register, at least 20 days (or 10 days in any case specified in clauses (i) or (ii) above) prior to the applicable record date hereinafter specified, or promptly in the case of
events for which there is no record date, by first-class mail, postage prepaid, a written notice stating (x) the date as of which the holders of record of Common Shares to be entitled to receive any such rights, options, warrants or
distribution are to be determined, (y) the initial expiration date set forth in any tender offer or exchange offer for Common Shares, or (z) the date on which any such consolidation, merger, conveyance, transfer, dissolution, liquidation
or winding up is expected to become effective or consummated, and the date as of which it is expected that holders of record of Common Shares shall be entitled to exchange such shares for securities or other property, if any, deliverable upon such
reclassification, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The failure to give the notice required by this Section 10 or any defect therein shall not affect the legality or validity of any
distribution, right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 
 (c) Nothing contained in this Agreement or in any of the Warrant Certificates shall be construed as conferring upon the holders of Warrants the right to vote or to consent or to receive notice as shareholders in
respect of the meetings of shareholders or the election of directors of the Company or any other matter, or any rights whatsoever as shareholders of the Company. 
 SECTION 11. MERGER, CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT 
 (a) Any corporation into which the Warrant Agent may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Warrant Agent, shall be the successor to such Warrant Agent hereunder without the execution or filing of any papers or any further act on the part of any of the parties hereto; provided that such corporation
would have a combined capital and surplus of at least $50.0 million (or would be a wholly-owned subsidiary of a bank or trust company, or of a bank holding company, the principal subsidiary of which is a bank or trust company having a combined
capital and surplus of at least $50.0 million) as set forth in its most recent published annual report of condition. 
  

 23 

 (b) In case at any time the name of the Warrant Agent shall be changed and at such time any of the
Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent whose name has been changed may adopt the countersignature under its prior name, and in case at that time any of the Warrant Certificates shall not have been
countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name, and in all such cases such Warrant Certificates shall have the full force and effect provided in the Warrant Certificates and
in this Agreement. 
 SECTION 12. WARRANT AGENT 
 The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company and the holders of Warrants, by their acceptance thereof, shall be bound: 
 (a) The Warrant Agent shall be obligated to perform such duties and only such duties as are set out in this Agreement and no implied duties or obligations
shall be read into this Agreement against the Warrant Agent. Notwithstanding anything to the contrary contained in this Agreement, the Warrant Agent shall not be obliged to act or omit to act in accordance with any instruction, direction or request
delivered to it by the Company unless such instruction, direction or request is delivered to the Warrant Agent in writing. The Warrant Agent may, in connection with its services hereunder rely upon the terms of any notice, communication or other
document believed by it to be genuine. 
 (b) The Warrant Agent may rely upon and shall not be liable for acting or refraining from acting
upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties. The Warrant Agent shall be under no duty to inquire into or investigate
the validity, accuracy or content of any such document. 
 (c) The Warrant Agent shall not be responsible for any failure of the Company to
comply with any of the covenants contained in this Agreement or in the Warrant Certificates to be complied with by the Company. 
 (d) The
Warrant Agent may engage and consult at the expense of the Company with any legal adviser and professional adviser selected by it and rely upon any advice so obtained and the Warrant Agent and its respective directors, officers, employees and duly
appointed agents shall be protected and shall not be liable in respect of any action taken, or omitted to be done or suffered to be taken, in accordance with such advice. 
 (e) The Warrant Agent shall incur no liability or responsibility to the Company or to any holder of any Warrant Certificate for any action taken in reliance on any Warrant Certificate, certificate of shares, notice,
resolution, waiver, consent, order, certificate, or other paper, document or instrument believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. 
  

 24 

 (f) The Company agrees to pay to the Warrant Agent compensation for all services rendered by the Warrant
Agent in the execution of this Agreement, to reimburse the Warrant Agent for all expenses, taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in the execution of this Agreement. At the request of
the Warrant Agent, parties to this Agreement may from time to time during the continuance of this Agreement review the commissions agreed initially with a view to determining whether the parties can mutually agree upon any changes to the
commissions. The Company hereby unconditionally and irrevocably covenants and undertakes to indemnify and hold harmless the Warrant Agent, its directors, officers, employees and agents (each an “indemnified party”) in full at
all times against all losses, liabilities, actions, proceedings, claims, demands, penalties, damages, costs, expenses disbursements, and other liabilities whatsoever (the “Losses”), including without limitation the costs and
expenses of legal advisors and other experts, which may be incurred, suffered or brought against such indemnified party as a result or in connection with (a) their appointment or involvement hereunder or the exercise of any of their powers or
duties hereunder or the taking of any acts in accordance with the terms of this Agreement or its usual practice; (b) this Agreement and any other documents in connection with the sale of the Warrants or pursuant to this Agreement, or
(c) any instruction or other direction upon which the Warrant Agent may rely under this Agreement, as well as the costs and expenses incurred by an indemnified party of defending itself against or investigating any claim or liability with
respect of the foregoing provided that this indemnity shall not apply in respect of an indemnified party to the extent but only to the extent that any such Losses incurred or suffered by or brought against such indemnified party arises directly from
the fraud, wilful misconduct or gross negligence of such indemnified party. The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Warrant Agent or the termination of this Agreement. 

(g) In the event that the Warrant Agent shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands from
the Company, in its opinion, conflict with any of the provisions of this Agreement, it shall be entitled to refrain from taking any action until it is directed in writing by a final order or judgment of a court of competent jurisdiction. In
addition, the Warrant Agent shall be under no obligation to institute any action, suit or legal proceeding or to take any other action likely to involve expense unless the Company or one or more registered holders of Warrants shall furnish the
Warrant Agent with reasonable security and indemnity for any costs and expenses which may be incurred, but this provision shall not affect the power of the Warrant Agent to take such action as it may consider proper, whether with or without any such
security or indemnity. All rights of action under this Agreement or under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrant Certificates or the production thereof at any trial or other proceeding
relative thereto, and any such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as Warrant Agent and any recovery of judgment shall be for the ratable benefit of the registered holders of the Warrants, as their
respective rights or interests may appear. 
 (h) The Warrant Agent, and any shareholder, director, officer or employee of it, may buy, sell
or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as
though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
  

 25 

 (i) The Warrant Agent shall not be liable for any action taken or omitted by it except to the extent that
a court of competent jurisdiction determines that the Warrant Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Company. 
 (j) The Warrant Agent shall not at any time be under any duty or responsibility to any holder of any Warrant Certificate to make or cause to be made any adjustment of the applicable Exercise Price or number of the
Warrant Shares or other securities or property deliverable as provided in this Agreement, or to determine whether any facts exist which may require any of such adjustments, or with respect to the nature or extent of any such adjustments, when made,
or with respect to the method employed in making the same. The Warrant Agent shall not be accountable with respect to the validity or value or the kind or amount of any Warrant Shares or of any securities or property which may at any time be issued
or delivered upon the exercise of any Warrant or with respect to whether any such Warrant Shares or other securities will when issued be validly issued and fully paid and nonassessable, and makes no representation with respect thereto. 

(k) The Warrant Agent shall not be required to risk or expend its own funds on the performance of it obligations and duties hereunder. 
 (l) Notwithstanding any other term or provision of this Agreement to the contrary, the Warrant Agent shall not be liable under any circumstances for
special, punitive, indirect or consequential loss or damage of any kind whatsoever including but not limited to loss of profits, whether the claim for such loss or damage is made in negligence, for breach of contract, breach of trust, breach of
fiduciary obligation or otherwise. The provisions of this Section shall survive the termination or expiration of this Agreement or the resignation or removal of the Warrant Agent. 
 (m) The Warrant Agent may execute any of its powers and perform any of its duties hereunder directly or through delegates or attorneys and may consult
with counsel, accountants and other skilled persons to be reasonably selected and retained by it. The Warrant Agent shall not be liable for the acts of such delegates or attorneys, or for anything done, suffered or omitted by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons. 
 (n) The Warrant Agent may take and instruct any delegate
to take any action which it in its sole discretion considers appropriate so as to comply with any applicable law, regulation, request of a public or regulatory authority or any HSBC Group policy which relates to the prevention of fraud, money
laundering, terrorism or other criminal activities or the provision of financial and other services to sanctioned persons or entities. Such action may include but is not limited to the interception and investigation of transactions on the
depositor’s accounts (particularly those involving the international transfer of funds) including the source of the intended recipient of fund paid into or out of the depositor’s accounts. In certain circumstances, such action may delay or
prevent the processing of the depositor’s instructions, the settlement of transactions over the depositor’s accounts or the Warrant Agent’s performance 

  

 26 

 
of its obligations under this Agreement. Where possible, the Warrant Agent will endeavor to notify the depositor of the existence of such circumstances.
Neither the Warrant Agent nor any delegate will be liable for any loss (whether direct or consequential and including, without limitation, loss of profit or interest) caused in whole or in part by any actions which are taken by the Warrant Agent or
any delegate pursuant to this Section. For the purposes of this Section, the “HSBC Group” means HSBC Holdings plc its subsidiaries and associated companies.” 
 SECTION 13. CHANGE OF WARRANT AGENT 
 The Warrant Agent may retire at any time on giving not less than
30 days prior written notice to the Company without assigning any reason and without being responsible for any costs, charges and expenses occasioned by such retirement. The Company hereby covenants that in the event of the Warrant Agent giving
notice under this Section it shall use its best endeavors to procure a new Warrant Agent to be appointed and if the Company has not procured the appointment of a new Warrant Agent within 15 days after the expiration of such written notice, the
Warrant Agent shall petition any court of competent jurisdiction for its resignation provided that it has notified the Company prior to it doing so. If such petition is granted, the Warrant Agent shall notify all transaction parties in writing of
its resignation. 
 SECTION 14. REPORTS 
 (a) The Company agrees with each holder, for so long as any Warrants or Warrant Shares remain outstanding and during any period in which the Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available,
upon request of any holder, to such holder or beneficial owner of Warrants or Warrant Shares in connection with any sale thereof and any prospective purchaser of such Warrants or Warrant Shares designated by such holder or beneficial owner, the
information required by Rule 144(A)(d)(4) under the Securities Act in order to permit resales of such Warrants or Warrant Shares pursuant to Rule 144A, and (ii) is subject to Section 13 or 15(d) of the Exchange Act, to make all filings
required thereby in a timely manner in order to permit resales of such Warrants or Warrant Shares pursuant to Rule 144A. 
 (b) In addition,
so long as any Warrant remains outstanding and prior to a Qualifying IPO, the Company shall file with the Warrant Agent and, upon the request of the holders, furnish to the holders of the Warrants all of the following: 
 (1) As soon as they are available but in any event within 120 calendar days (or 90 calendar days if the Company’s Common Shares are
listed on any international securities exchange or are approved for quotation on any system for automated dissemination of securities prices, or if the Company is otherwise required by law or regulation to publicly file information on a periodical
basis with a securities regulatory authorities) after the end of the fiscal year of the Company, copies of its financial statements (on a consolidated basis) in respect of such fiscal year (including a statement of income, balance sheet and cash
flow statement) audited by a member firm of an internationally-recognized firm of independent accountants in accordance with GAAP; 
  

 27 

 (2) As soon as they are available, but in any event within 75 calendar days after the end
of each of the first, second and third fiscal quarters of the Company, copies of its unaudited financial statements (on a consolidated basis) in respect of the respective period (including a statement of income, balance sheet and cash flow
statement) prepared on a basis consistent with the audited financial statements of the Company; provided that the Company shall make commercially reasonable efforts to furnish such financial statements within 45 calendar days after the end of
each such fiscal quarter; and provided further that the financial statements delivered after the end of the second fiscal quarter shall cover the six-month period then ended; and 
 (3) All public filings with the relevant trading market and regulatory authorities in connection with the Qualifying IPO. 
 (c) The Company shall provide the Warrant Agent with a sufficient number of copies of all such reports that the Warrant Agent may be required to deliver
to the holders of the Warrants and the Warrant Shares under this Section 14. 
 (d) The Company shall notify the Warrant Agent in
writing within five (5) Business Days prior to filing a registration statement or other filing with any stock exchange for a Qualifying IPO, and shall notify the Warrant Agent of the consummation of the Qualifying IPO on the date that of
consummation thereof. 
 SECTION 15. NOTICES TO COMPANY AND WARRANT AGENT 
 Any notice or demand authorized by this Agreement to be given or made by the Warrant Agent or by the registered holder of any Warrant to or on the Company
shall be sufficiently given or made when received if deposited in the mail, first class or registered, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent) or delivered by facsimile as follows:

  

	
	 Xinyuan Real Estate Co., Ltd.
 PO Box 309GT
 Upland House
 South Church Street
 George
Town
 Grand Cayman, Cayman Islands

	 Facsimile No.: +86 371 6565 1168

	 Attention: Chief Financial Officer

	
	 With a copy to:

	
	 Baker & McKenzie LLP
 BCE Place
 181 Bay Street, Suite 211
 P.O. Box 874
 Toronto, Ontario M5J 2T3

 Canada

	 Facsimile No.: +1 416 863 6275

	 Attention: Omer Ozden

  

 28 

 In case the Company shall fail to maintain such office or agency or shall fail to give such notice of the
location or of any change in the location thereof, presentations may be made and notices and demands may be served at the corporate trust office of the Warrant Agent. 
 Any notice pursuant to this Agreement to be given by the Company or by the registered holder(s) of any Warrant to the Warrant Agent shall be sufficiently given when and if deposited in the mail, first-class or
registered, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), or delivered by facsimile, to and received by the Warrant Agent at its corporate trust office as follows: 
  

	
	 The Hongkong and Shanghai Banking Corporation Limited
 Level 30, HSBC Main Building
 1 Queen’s Road Central
 Hong Kong

	 Attention: Corporate Trust and Loan Agency

	 Facsimile No.: +852 2801 5586

 SECTION 16. SUPPLEMENTS AND AMENDMENTS 
 The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any holders of Warrants in order to
cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder which the
Company and the Warrant Agent may deem necessary or desirable and which shall not in any way materially adversely affect the interests of the holders of Warrants. 
 Any amendment or supplement to this Agreement that has an adverse effect on the interests of the holders of the Warrants shall require the written consent of the holders of a majority of the then outstanding Warrants
(excluding the Warrants held by the Company or any of its Affiliates). 
 The consent of each holder of Warrants affected shall be required
for any amendment pursuant to which the applicable Exercise Price would be increased or the number of Warrant Shares purchasable upon exercise of Warrants would be decreased (other than pursuant to adjustments provided in this Agreement). In
executing or accepting any supplement, modification or amendment to this Agreement, the Warrant Agent shall be entitled to receive, and shall be fully protected in relying upon, an opinion of counsel stating that the execution of such supplement,
modification or amendment is authorized or permitted by this Agreement and all conditions precedent herein have been complied with. The Warrant Agent may, but shall not be obligated to, enter into any such supplement, modification or amendment which
affects the Warrant Agent’s own rights, duties or immunities under this Agreement or otherwise. 
  

 29 

 SECTION 17. SUCCESSORS 
 All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 SECTION 18. TERMINATION 
 This Agreement shall
terminate at 5:00 p.m., Hong Kong time, on the Warrant Expiration Date. Notwithstanding the foregoing, this Agreement will terminate on any earlier date if all Warrants have been exercised. The provisions of Section 12 shall survive such
termination. 
 SECTION 19. GOVERNING LAW 
 This Agreement and each Warrant Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of said State.

 SECTION 20. JURISDICTION 
 The Company
agrees that any suit, action or proceeding against it arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company hereby appoints Law Debenture
Corporate Services Inc., 400 Madison Avenue, Suite 4D, New York, NY 10017, Facsimile No. +1 212 750 1361, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated herein. 
 SECTION 21. BENEFITS OF THIS AGREEMENT 
 Nothing in this Agreement shall be construed to give to any person or corporation other than the Company, the Warrant Agent and the registered holders of
Warrants any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered holders of Warrants. 
 SECTION 22. COUNTERPARTS 
 This Agreement may be
executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 [Signature Page Follows] 
  

 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of the day and
year first above written. 
  

			
	XINYUAN REAL ESTATE CO., LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, as Warrant
Agent
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [SIGNATURE PAGE TO WARRANT AGREEMENT] 

 EXHIBIT A 
 [Form of Warrant Certificate] 
 [Face] 
 [GLOBAL WARRANT LEGEND] 
 THIS GLOBAL WARRANT IS HELD BY THE COMMON DEPOSITARY
(AS DEFINED IN THE WARRANT AGREEMENT GOVERNING THIS WARRANT) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE WARRANT AGENT MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.5 OF THE WARRANT AGREEMENT, (II) THIS GLOBAL WARRANT MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.5 OF THE WARRANT AGREEMENT, (III) THIS GLOBAL WARRANT MAY BE
DELIVERED TO THE WARRANT AGENT FOR CANCELLATION PURSUANT TO SECTION 3.8 OF THE WARRANT AGREEMENT AND (IV) THIS GLOBAL WARRANT MAY BE TRANSFERRED TO A SUCCESSOR COMMON DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 [REGULATION S LEGEND] 
 THIS WARRANT
AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND THE WARRANT AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE MAY NOT BE OFFERED OR SOLD IN THE
UNITED STATES OR TO U.S. PERSONS BY OR ON BEHALF OF ANY U.S. PERSON, UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. IN ORDER TO TRANSFER OR EXERCISE ANY INTEREST IN THIS WARRANT, THE BENEFICIAL HOLDER
MUST FURNISH TO THE COMPANY AND THE WARRANT REGISTRAR EITHER (A) A WRITTEN CERTIFICATION THAT IT IS NOT A U.S. PERSON AND THE WARRANT IS NOT BEING EXERCISED ON BEHALF OF A U.S. PERSON OR (B) A WRITTEN OPINION OF COUNSEL TO THE EFFECT THAT
THE SECURITIES DELIVERED UPON EXERCISE OF THE WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR THAT THE DELIVERY OF SUCH SECURITIES IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH BENEFICIAL HOLDER BY ACCEPTING AN
INTEREST IN THIS WARRANT AGREES THAT ANY HEDGING TRANSACTION INVOLVING THIS WARRANT OR THE SECURITIES TO BE ISSUED UPON EXERCISE OF THIS WARRANT MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. TERMS IN THIS LEGEND HAVE THE
MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 
 No. 1 
 ISIN No. KYG9828W1116 
 Common Code: 029635307 

 Warrant Certificate 
 XINYUAN REAL ESTATE CO., LTD. 
 This Warrant Certificate certifies that HSBC Nominees (Hong Kong) Limited,
as nominee for the common depository for Clearstream Banking, societe anonyme (“Clearstream”) and/or Euroclear Bank S.A./N.V. as operator of the Euroclear System, (“Euroclear”), is the registered
holder of the Warrants to purchase certain Common Shares, par value $0.0001 (the “Common Shares”), of Xinyuan Real Estate Co., Ltd., a company incorporated under the laws of the Cayman Islands (the
“Company”). Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Warrant Agreement. 
 Each Warrant entitles the registered holder, upon exercise at any time during the Exercise Period, to receive from the Company the Warrant Shares at the Exercise Price per share payable upon surrender of this Warrant Certificate and payment
of the Exercise Price to the account of the Company, but only subject to the conditions set forth herein and in the Warrant Agreement referred to on the reverse hereof. The Exercise Price and number of Warrant Shares issuable upon exercise of the
Warrants are subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 No Warrant may be exercised
after 5:00 p.m., Hong Kong time, on the Warrant Expiration Date. To the extent not exercised by such time, any such Warrant shall become void. 
 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 
  

 A-2 

 IN WITNESS WHEREOF, Xinyuan Real Estate Co., Ltd. has caused this Warrant Certificate to be signed
below. 
 Dated:             , 2007 
  

			
	XINYUAN REAL ESTATE CO., LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Countersigned: 
 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 
 as Warrant Agent 
  

			
	 By:
	 	  

		 	 Authorized Signatory

 [SIGNATURE PAGE TO WARRANT AGREEMENT] 

 [Reverse of Warrant Certificate] 
 The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants expiring at 5:00 p.m., Hong Kong time, on the Warrant
Expiration Date entitling the holder on exercise to receive Common Shares, and are issued or to be issued pursuant to a Warrant Agreement dated as of April 13, 2007 (the “Warrant Agreement”), duly executed and delivered
by the Company to The Hongkong and Shanghai Banking Corporation Limited, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the registered holders or
registered holder) of the Warrants. Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Warrant Agreement. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the
Company. 
 Warrants may be exercised at any time during the Exercise Period. In order to exercise all or any of the Warrants represented by
this Warrant Certificate, the holder must deliver to the Warrant Agent at its corporate trust office set forth in Section 15 of the Warrant Agreement this Warrant Certificate and the form of election to purchase on the reverse hereof duly
completed and signed, and upon payment to the account of the Company of the Exercise Price, for the number of Warrant Shares in respect of which such Warrants are then exercised. No adjustment shall be made for any dividends on any Common Shares
issuable upon exercise of this Warrant. 
 The Warrant Agreement provides that upon the occurrence of certain events the Exercise Price set
forth on the face hereof may, subject to certain conditions, be adjusted. If the Exercise Price is adjusted, the Warrant Agreement provides that the number of Common Shares issuable upon the exercise of each Warrant shall be adjusted. No fractions
of an Common Share will be issued upon the exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
 The Company has agreed pursuant to an Equity Registration Rights Agreement dated as of April 13, 2007 to, as promptly as practicable upon the request of a certain number of holders of the Company’s
securities, file a registration statement on an appropriate form under the U.S. Securities Act of 1933 (the “Securities Act”) covering the resale of the Warrant Shares. The Company will use its reasonable efforts to cause any
such registration statement to be declared effective and to keep such registration statement continuously effective under the Securities Act in order to permit the resale of the Warrant Shares by the holders thereof until the Warrant Shares
(i) have been sold pursuant thereto or (ii) may be sold without volume limitations pursuant to Rule 144(k). 
 Warrant
Certificates, when surrendered at the corporate trust office of the Warrant Agent by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

 Upon due presentation for registration of transfer of this Warrant Certificate at the corporate trust
office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the
limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose
of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate
entitles any holder hereof to any rights of a shareholder of the Company. 
 This Agreement and each Warrant Certificate issued hereunder
shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the internal laws of said State. 
 The Company agrees that any suit, action or proceeding against it arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of
New York and County of New York, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding.

  

 A-2 

 FORM OF ELECTION TO PURCHASE 
 Xinyuan Real Estate Co Ltd 
 Transaction Details 
  

					
	To:	  	The Hongkong and Shanghai Banking Corporation Ltd
		  	Level 30, HSBC Main Building
1 Queen’s Road Central
Hong Kong
		  	Attention:	  	Corporate Trust and Loan Agency
		  	Fax No.	  	(852) 2801 5586

 IMPORTANT: PLEASE READ THE NOTES AT THE END OF THIS NOTICE BEFORE COMPLETING THIS NOTICE. 
 I/We hereby irrevocably elect to exercise the Warrants into the common shares (“Common Shares”) in accordance with Section 4 of the Warrant
Agreement. 
 Please enter the number of Warrants and serial or identifying numbers of Warrant Certificates to be exercised: 
  

					
	 Total number of Warrants:
	 	  
	 	
			
	 Serial or identifying number of Warrant Certificates*:
	 	  
	 	
			
	 ISIN number of Global Warrant:
	 	  
	 	

	*	Not required for Warrants represented by a Global Warrant. 

 Please tick
(ü) the box of the elected option. 
  

			
	  ̈
	 	Option 1: Cash Payment
		
		 	 I/We have arranged/will arrange payment of subscription moneys to the account of the Company.
  
 Cash Amount:
                    
  
 (please attach payment evidence)

		
	  ̈
	 	Option 2: Tender Notes
		
		 	 I/We elect to exercise the Warrants by delivery of the Floating Rate Notes (“Notes) in lieu of payment of the subscription
money

  

 A-3 

					
	 Total principal amount of Notes:
 (1 Unit = USD100,000 Notes)
	 	  
	 	
			
	 Serial or identifying number of Notes **
	 	  
	 	
			
	 ISIN number of Notes:
	 	  
	 	

	**	Not required for Notes represented by a Global Note. 

  

			
	  ̈
	 	Option 3: Tender Warrant
		
		 	 I/We elect to exercise the Warrants on a net basis without the exchange of funds

 If a holder wishes to elect in a combination of Option (1) and (2), please specify. 
  

 A-4 

 Please complete all remaining sections of this notice before delivering it to the Warrant Agent. 
  
  

					
	A. Exercising holder’s Information.	 	
			
	 Name of holder
	 	  
	 	
			
	 Address of holder:
	 	  
	 	
			
	 Telephone Number:
	 	  
	 	
			
	 Fax Number:
	 	  
	 	
			
	 Email Address:
	 	  
	 	
			
	 Contact Person:
	 	  
	 	
		
	B. Delivery of Common Shares	 	
		
	Please register the Common Shares in the name of the following person:	 	
	 Name:
	 	  
	 	
	 Address:
	 	  
	 	
		
	Please deliver certificate(s) representing the Common Shares issued in respect of the exercise of the Warrant to the following person (at our risk and, if we request that delivery by
mail, at our expense)	 	
			
	 Name:
	 	  
	 	
			
	 Address:
	 	  
	 	
			
	 Account Number with
Custodian (if applicable)
	 	  
	 	
			
	 Name and Telephone No of
Contact Person:
	 	  
	 	

 C. Fractional Interest 
 If the Company does not have sufficient Common Shares to deliver upon exercise, the amount to be paid must be paid to the person whose name is specified above to be registered in the following manner: 
  

 A-5 

					
	 Name:
	 	  
	 	
			
	 Paid by Check:
 (with details of address)
	 	  
	 	
			
	 Paid by Remittance:
 (with bank account details)
	 	  
	 	

  

			
	Signed:	 	  

	(Notice to be signed by an authorised signatory)
		
	Date:	 	  

  

 A-6 

 For Company’s use only: 
  

	1	Common Shares to be Issued Upon exercise. 

  

							
	(a)	  	Aggregate Warrants deposited for exercise	 	  
	  	
				
	(b)	  	Aggregate Exercise Price on Exercise Date:	 	  
	  	
				
	(c)	  	Cashless Exercise Ratio	 	  
	  	
				
	(d)	  	 Number of Common Shares deliverable:
 (Re: Option 1)
	 	
  
	  	
				
	(e)	  	 Number of Common Shares deliverable:
 (Re: Option 2)
	 	
  
	  	
				
	(f)	  	 Number of Common Shares deliverable:
 (Re: Option 3)
	 	
  
	  	
				
	(g)	  	Amount of cash payment due in respect
of fractions of Common Shares (if any and if
applicable):	 	  
	  	

 Note: The Company shall return a copy of this form to the Warrant Agent after completing the last section.

  

 A-7 

 WARRANTS 
  

	1	This notice will be void unless all relevant details are duly completed and deposited during the Exercise Period. 

  

	2	Your attention is particularly drawn to Section 4 of the Warrant Agreement relating to the exercise of the Warrants. 

  

	3	If a retroactive adjustment of the Exercise Price contemplated by the terms and conditions of the Warrants is required in respect of an exercise of Warrants, additional Common
Shares deliverable pursuant to such retroactive adjustment (together with any other securities, property or cash) shall be delivered or dispatched in accordance with the Warrant Agreement. 

  

	4	Despatch of share certificates or other securities or property will be made at the risk of the exercising holder and the exercising holder will be required to submit any necessary
documents required in order to effect, despatch in the manner specified. 

  

 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS OF GLOBAL WARRANTS 
 The following exchanges of a part of this Global Warrant have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Number of
warrants in this
Global Warrant	  	Amount of
increase in
Number of
Warrants in this
Global Warrant	  	Number of
Warrants in this
Global Warrant
following such
decrease or
increase	  	Signature of
authorized officer
of Warrant Agent

  

 A-9 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Xinyuan Real Estate Co., Ltd. 
 PO Box 309GT 
 Upland House 
 South Church Street 
 George Town 
 Grand Cayman, Cayman Islands 
 Facsimile No.: 
 Attention: 
 Re: Warrants 
 Reference is hereby made to the Warrant Agreement, dated as of April 13, 2007 (the “Warrant Agreement”), between Xinyuan
Real Estate Co., Ltd., as issuer (the “Company”), and The Hongkong and Shanghai Banking Corporation Limited, as warrant agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Warrant
Agreement. 
                                       
  , (the “Transferee”) proposes to acquire              number of Warrant[s] or interest in such Warrant[s] (the
“Transfer”). In connection with the Transfer, the Transferee hereby agrees (i) that any hedging transactions involving the Warrants or the securities issuable upon exercise thereof may not be conducted unless in
compliance with the Securities Act and (ii) such Transferee will only resell the Warrants or the securities issuable upon exercise of the Warrants in accordance with the provisions of Regulation S, pursuant to registration under the Securities
Act or pursuant to an available exemption from registration. The Transferee further certifies that: 
 [CHECK ALL THAT APPLY] 
 1.  ̈ Check if Transferee will take
delivery of a beneficial interest in the Global Warrant or a Definitive Warrant pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act of 1933 (the
“Securities Act”) and, accordingly, the Transferee hereby further certifies that (i) the Transferee is not a person in the United States and (x) at the time the buy order was originated, the Transferee was outside
the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and the Transfer was not prearranged with a buyer in the United States, (ii) no directed selling efforts have
been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and
(iv) if the proposed transfer is being made prior to the expiration of the Distribution Compliance Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed
Transfer in accordance with the terms of the Warrant Certificate, the transferred beneficial interest or Definitive Warrant will be subject to the restrictions on transfer printed on the Global Warrant and/or the Definitive Warrant and the
Securities Act. 

 2.  ̈ Check if Transfer is Pursuant to Other Exemption. The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act and in compliance with the transfer
restrictions contained in the Warrant Certificate and any applicable blue sky securities laws of any State of the United States. 
 This
certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	  

	[Insert Name of Transferee]
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:

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