Document:

Exhibit 10.18

 

Confidential

 

 

SHAREHOLDERS’ VOTING RIGHTS ENTRUSTMENT 

 

AGREEMENT

 

Regarding

 

BEIJING HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD.

 

 

By and among

 

BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD.

 

BEIJING HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD.

 

HAIYAN GONG

 

And

 

XU LIU

 

And Others

 

February 17, 2011

 

1

 

SHAREHOLDERS’ VOTING RIGHTS ENTRUSTMENT AGREEMENT

 

This SHAREHOLDERS’ VOTING RIGHTS ENTRUSTMENT AGREEMENT (the “Agreement”) is made on February 17, 2011 in Beijing, the People’s Republic of China (“China” or “PRC”) by and among the following Parties:

 

	
(1)
    	
BEIJING   MIYUAN INFORMATION TECHNOLOGY CO., LTD. (“Beijing Miyuan”)
    
	
 
    	
 
    
	
 
    	
Registered address:   Room 408-409, Floor 4, 39 Anding Road, Chaoyang District, Beijing;
    
	
 
    	
 
    
	
 
    	
Legal representative:   Haiyan Gong
    
	
 
    	
 
    
	
(2)
    	
BEIJING   HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD. (“Beijing Huaqianshu”)
    
	
 
    	
 
    
	
 
    	
Registered address:   Room 6552, Building No. 3, 3 Xijing Road, High Tech Park,   Shijingshan District Badachu, Beijing
    
	
 
    	
 
    
	
 
    	
Legal representative:   Haiyan Gong
    
	
 
    	
 
    
	
(3)
    	
HAIYAN   GONG
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
(4)
    	
XU   LIU
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
(5)
    	
YONGQIANG   QIAN
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
(6)
    	
CHENG   LI
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
(7)
    	
FUPING   YU
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
(8)
    	
QINGJUN   ZHU
    
	
 
    	
Chinese ID No.:   [*****************]*
    
	
 
    	
 
    
	
 
    	
(Above individuals   are hereinafter collectively referred to as the “Shareholders” and individually as a “Shareholder”.)
    

 

 

WHEREAS:

 

	
1.
    	
The Shareholders are   the entire existing shareholders of Beijing Huaqianshu, and legally hold all   the equity interests in Beijing Huaqianshu;
    

 

*  This portion has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 406 under the Securities Act of 1933, as amended.

 

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2.                                       The Shareholders respectively intend to grant the person designated by Beijing Miyuan the authority to exercise the voting rights enjoyed by them in Beijing Huaqianshu, and Beijing Miyuan agrees to designate the relevant person to accept such authorization.

 

NOW, THEREFORE, the Parties agree as follows:

 

ARTICLE I. ENTRUSTMENT OF VOTING RIGHTS

 

1.1                     The Shareholders hereby irrevocably warrant that, after the execution of this Agreement, he/she will execute a power of attorney respectively to authorize Haiyan Gong (ID No. [*****************]* the “Authorized Person”) to exercise the following rights enjoyed by each of the Shareholders as the shareholders of Beijing Huaqianshu as granted by the articles of association of Beijing Huaqianshu then in effect (collectively the “Authorized Rights”):

 

(1)                      attending the shareholders’ meeting of Beijing Huaqianshu as the representative of each Shareholder;

 

(2)                      representing each Shareholder to vote for all the matters that shall be discussed and resolved by the shareholders’ meeting (including but not limited to appointment and election of senior management of Beijing Huaqianshu such as directors, general manager and so on);

 

(3)                      proposing the convention of the extraordinary shareholders’ meeting;

 

(4)                      any shareholders’ rights as specified by laws; and

 

(5)                      other shareholders’ voting rights under the articles of association of Beijing Huaqianshu (including any other shareholders’ voting rights as provided in such amended articles of association).

 

1.2                     The precondition for the above authorization and entrustment is that the Authorized Person shall be a Chinese citizen and that Beijing Miyuan consents to the above authorization and entrustment.  Only when Beijing Miyuan delivers written notice to the Shareholders requiring replacement of the Authorized Person, shall the Shareholders promptly revoke the authorization to the existing Authorized Person hereunder and authorize the Chinese citizen otherwise designated by Beijing Miyuan to exercise the Authorized Rights according to this Agreement, and the new authorization and entrustment, once made, shall supersede the original authorization and entrustment; except for the above circumstance, the Shareholders shall not revoke the authorization and entrustment granted to the Authorized Person.

 

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1.3                     The Authorized Person shall perform the entrusted obligations within the scope of the authorization under this Agreement in a prudent and diligent manner.  The Shareholders shall acknowledge and be liable for any legal consequences arising from the exercise of any of the Authorized Rights by the Authorized Person.

 

1.4                     The Shareholders hereby confirm that the Authorized Person does not need to seek the opinion from the Shareholders before exercising the above Authorized Rights.  However, after each resolution is adopted or the proposal for convention of extraordinary shareholders’ meeting is made, the Authorized Person shall notify the Shareholders regarding such promptly.

 

ARTICLE II. RIGHT TO INFORMATION

 

For the purpose of exercising the Authorized Rights hereunder, the Authorized Person shall be entitled to have access to various information of Beijing Huaqianshu such as the operation, business, clients, finance, employees of the company, and the relevant materials of Beijing Huaqianshu (including but not limited to any accounts, financial statements, contracts, internal correspondences, meeting minutes of board of directors and other documents related to the finance, business and operation), and Beijing Huaqianshu shall fully cooperate with the exercising of the above rights by the Authorized Person.

 

ARTICLE III. EXERCISE OF THE AUTHORIZED RIGHTS

 

3.1                     The Shareholders shall provide full assistance to the exercise of the Authorized Rights by the Authorized Person, including promptly executing the shareholders’ resolution of Beijing Huaqianshu as adopted by the Authorized Person or other relevant legal documents when necessary (including for satisfying the documentation requirements for government approvals, registrations and filings).

 

3.2                     In case at any time during the term of this Agreement, the grant or exercise of the Authorized Rights hereunder cannot be realized for any reason (except for default by the Shareholders or Beijing Huaqianshu), the Parties shall promptly seek the alternative arrangement most similar to the provision that cannot be realized, and execute a supplementary agreement amending or adjusting the provisions of this Agreement when necessary, so as to ensure the sustainable realization of the purpose of this Agreement.

 

ARTICLE IV. EXEMPTION AND INDEMNITY

 

4.1                     The Parties acknowledge that Beijing Miyuan shall not be required to be liable to or make any economic or other indemnity to other Parties or any third party due to the exercise of the Authorized Rights by the Authorized Person under this Agreement.

 

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4.2                     Beijing Huaqianshu and the Shareholders agree to indemnify and hold harmless Beijing Miyuan and the Authorized Person from all losses incurred or may be incurred due to the exercise of the Authorized Rights by the Authorized Person, including but not limited to any losses caused by lawsuits, demands, arbitrations, claims initiated by any third parties or administrative investigations initiated and penalties imposed by government agencies.  If such losses are due to Beijing Miyuan’s deliberate action or gross negligence, such losses shall be excluded from such indemnity.

 

ARTICLE V.  REPRESENTATIONS AND WARRANTIES

 

5.1                     The Shareholders hereby severally and jointly represent and warrant as follows:

 

5.1.1                        Each of the Shareholders is a Chinese citizen with full civil capacity, full and independent legal status and legal capacity, and may act as an eligible party to litigation independently.

 

5.1.2                        The Shareholders have the full power and authorization to execute and deliver this Agreement and all other documents relevant to the contemplated transaction hereunder to be executed by them, and to consummate the contemplated transaction hereunder.

 

5.1.3                        This Agreement shall be legally and duly executed and delivered by the Shareholders.  This Agreement shall constitute legal and binding obligation upon the Shareholders, and can be enforced against the Shareholders in accordance with this Agreement.

 

5.1.4                        The Shareholders are the registered legal shareholders of Beijing Huaqianshu when this Agreement comes into effect.  Except for the rights created under this Agreement, the Equity Pledge Agreement by and among the Shareholders and Beijing Miyuan, and the Exclusive Purchase Option Agreement by and among the Shareholders, Beijing Huaqianshu and Beijing Miyuan, the Authorized Rights shall be free of any third party rights.  Pursuant to this Agreement, the Authorized Person may completely and fully exercise the Authorized Rights in accordance with the articles of association of Beijing Huaqianshu then in effect.

 

5.2                     Beijing Miyuan and Beijing Huaqianshu hereby respectively represent and warrant as follows:

 

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5.2.1                        Each of Beijing Miyuan and Beijing Huaqianshu is a limited liability company duly registered and existing under the PRC Laws with independent legal person status.  Each of Beijing Miyuan and Beijing Huaqianshu has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an eligible party to litigation independently.

 

5.2.2                        Each of Beijing Miyuan and Beijing Huaqianshu has the full internal corporate power and authorization to execute and deliver this Agreement and all other documents relevant to the contemplated transaction to be executed by it, and to consummate the contemplated transaction.

 

5.3                     Beijing Huaqianshu further represents and warrants that the Shareholders are the entire registered and legal shareholders of Beijing Huaqianshu when this Agreement comes into effect.  Pursuant to this Agreement, the Authorized Person may completely and fully exercise the Authorized Rights in accordance with the articles of association of Beijing Huaqianshu then in effect.

 

ARTICLE VI. TERM OF THE AGREEMENT

 

6.1                     This Agreement shall become effective upon the execution by the Parties and shall be valid until February 16, 2021; unless terminated earlier pursuant to the Parties’ written agreement, or in accordance with Article 8.1 of this Agreement. Prior to the expiration of this Agreement, if any Party requests for an extension of this Agreement, the Parties shall conduct negotiation in good faith. If a mutual agreement is reached, the Parties shall enter into a separate Shareholders’ Voting Rights Entrustment Agreement in accordance with the agreed terms, otherwise the term of this Agreement shall automatically be extended for ten years and the Parties shall continue with the performance of this Agreement.

 

6.2                     In the event any Shareholder transfers all of his/her equity interests in Beijing Huaqianshu upon prior consent of Beijing Miyuan, such Shareholder shall no longer be a Party to this Agreement, but the obligations and warrants of the other Parties hereunder shall not be so adversely affected.

 

ARTICLE VII. NOTICE

 

7.1                     All notices, requests, demands and other correspondences required by or in accordance with this Agreement shall be delivered to the relevant Party in writing.

 

7.2                     The above notices or other correspondences shall be deemed to be properly delivered upon sending when delivered through fax or telegraph, upon delivered

 

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in person when personally delivered, or at the fifth (5th) day of mailing if sent by mail.

 

ARTICLE VIII. DEFAULT LIABILITIES

 

8.1                     The Parties agree and acknowledge that, in the event that a Party (the “Defaulting Party”) substantially violates any of the agreements hereunder or fails to perform any of its obligations hereunder substantially, it shall constitute a default under this Agreement (the “Default”).  Any of the non-defaulting parties (the “Non-defaulting Party”) shall be entitled to request the Defaulting Party to rectify the Default or take remedial measures within a reasonable period.  In the event that the Defaulting Party fails to rectify the Default or take remedial measures within a reasonable period or within ten (10) days after a written notice sent by the Non-defaulting Party to the Defaulting Party requesting for the rectification, and if the Defaulting Party is any of the Shareholders or Beijing Huaqianshu, the Non-defaulting Party shall be entitled to determine, at its sole discretion, to: (1) terminate this Agreement and request the Defaulting Party to indemnify all losses incurred by the Non-defaulting Party, or (2) request the Defaulting Party to continue to perform its obligations hereunder and indemnify all losses incurred by the Non-defaulting Party; if the Defaulting Party is Beijing Miyuan, the Non-defaulting Party shall be entitled to request the Defaulting Party to continue to perform its obligations hereunder and to indemnify all losses incurred by the Non-defaulting Party.

 

8.2                     The Parties agree and acknowledge that the Shareholders or Beijing Huaqianshu shall not request to early terminate this Agreement for any reason under any circumstances, except otherwise required under the law or under this Agreement.

 

8.3                     Notwithstanding any other provisions hereunder, this Article shall survive the suspension or termination of this Agreement.

 

ARTICLE IX. MISCELLANEOUS

 

9.1                     This Agreement shall be signed in eight (8) originals in Chinese. Each original shall have equal legal force, and each Party shall retain one (1) original of this Agreement in each language.

 

9.2                     The conclusion, validity, performance, amendment, interpretation and termination of this Agreement shall be governed by the laws of the People’s Republic of China.

 

9.3                    Any dispute arising out of or relating to this Agreement shall be settled by the disputing Parties through consultation. In case the disputing Parties fail to reach an agreement within thirty (30) days of the dispute, such dispute shall be submitted to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in Beijing in accordance with the

 

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arbitration rules of CIETAC then in effect.  The arbitration award shall be final and binding upon the disputing Parties.

 

9.4                     Any right, power and remedy granted to a Party under any provision of this Agreement shall not preclude any other right, power or remedy such Party is entitled to under any laws or regulations or any other provision of this Agreement.  The exercise of its right, power and remedy by a Party shall not preclude the exercise of any other right, power and remedy that such Party is entitled to.

 

9.5                     Any Party’s failure or delay in exercising any of its right, power and remedy (“Such Rights”) under this Agreement or laws shall not result in a waiver of Such Rights, nor shall any single or partial waiver of any Such Right preclude any exercise of Such Right in other manner or the exercise of any other Such Rights by such Party.

 

9.6                     The headings in this Agreement shall be for reference purpose only and shall not be used for or affect the construction of the Agreement in any event.

 

9.7                     Each provision of this Agreement shall be severable and independent of each of the other provision.  In the event that one or several provisions of this Agreement become invalid, illegal or unenforceable at any time, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected.

 

9.8                     Any amendment or supplement to this Agreement shall be made in writing, and shall take effect after duly executed by the Parties.

 

9.9                     Without prior written consent of the other Parties, any Party shall not transfer any of its rights and/or obligations under this Agreement to any third party.

 

9.10               This Agreement shall be binding upon the legal successor of each Party.

 

[Remainder of this page is intentionally left blank]

 

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[Signature Page]

 

IN WITNESS WHEREOF, this Shareholders’ Voting Rights Entrustment Agreement has been duly executed by the Parties as of the date and at the place first above written.

 

 

	
BEIJING   MIYUAN INFORMATION TECHNOLOGY CO., LTD. 
    	
BEIJING   HUAQIANSHU INFORMATION TECHNOLOGY CO., LTD. 
    
	
 
    	
 
    
	
(Company Seal) [seal:   Beijing Miyuan Information Technology Co., Ltd.] 
    	
 
    	
(Company Seal) [seal:   Beijing Huaqianshu Information Technology Co., Ltd.]
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature: 
    	
/s/ Haiyan Gong
    	
 
    	
Signature: 
    	
/s/ Haiyan Gong
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
Name:
    	
 
    
	
Title:
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Haiyan GONG 
    	
Xu   LIU 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signature: 
    	
/s/ Haiyan Gong
    	
 
    	
Signature: 
    	
/s/ Xu Liu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Yongqiang QIAN 
    	
Qingjun   ZHU 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signature: 
    	
/s/ Yongqiang Qian
    	
 
    	
Signature: 
    	
/s/ Qingjun Zhu
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cheng LI 
    	
Fuping   YU 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signature: 
    	
/s/ Cheng Li
    	
 
    	
Signature: 
    	
/s/ Fuping Yu
    

 

9Exhibit 10.23

 

Confidential

 

 

LOAN AGREEMENT

 

 

By and among

 

HAIYAN GONG

 

YU ZHANG

 

And

 

BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD.

 

February 17, 2011

 

1

 

LOAN AGREEMENT

 

This LOAN AGREEMENT (this “Agreement”) is entered into on February 17, 2011 in [Beijing] by and among the following parties:

 

1.                                       HAIYAN GONG, a citizen of China (Chinese ID No.: [*****************]*)

 

2.                                       YU ZHANG, a citizen of China (Chinese ID No.: [*****************]*);

 

(Hereinafter individually referred to as a “Borrower”, and collectively as the “Borrowers”);

 

3.                                       BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD., a wholly foreign owned enterprise established under the laws of the PRC, with the registered address at Room 408-409, Level 4, 39 Anding Road, Chaoyang District, Beijing (the “Lender”).

 

(For the purpose of this Agreement, the above parties are hereinafter individually referred to as a “Party” and collectively as the “Parties”.)

 

WHEREAS:

 

1.                                       Beijing Huaqianshu Information Technology Co., Ltd. (“Beijing  Huaqianshu”) is a limited liability company established under the laws of the PRC, with the registered address at Room 6552, Building No. 3, 3 Xijing Road, High Tech Park, Shijingshan District Badachu, Beijing, with registered capital of RMB1 million and Haiyan Gong and Yu Zhang as the existing shareholders on the share register of Beijing Huaqianshu;

 

2.                                       There was an oral agreement by and among the shareholders of the Lender and the Borrowers on October 8, 2010 which provides: the shareholders of the Lender shall lend an amount equal to the RMB equivalent of the Loan (as defined below) to the Borrowers, and the entire amount shall be used by the Borrowers as contribution to the registered capital of Beijing Huaqianshu. Because the Lender was not incorporated at the time of the oral agreement, such Loan was not actually extended to the Borrowers but instead, the Borrowers paid the registered capital in advance out of their personal funds. In November 2010, the Borrowers made a lump sum payment of the registered capital of Beijing Huaqianshu in full totaling RMB1 million. At that time the Parties did not enter into any written agreement with regard to the aforesaid matters. To confirm the aforesaid matters and set forth the relevant rights and obligations of the Parties, the Parties hereby enter into this agreement and expressly agree as follows:

 

ARTICLE I   DEFINITION

 

1.1                                 In this Agreement,

 

*  This portion has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 406 under the Securities Act of 1933, as amended.

 

2

 

“Debt” means the outstanding amount under the Loan;

 

“Effective Date” means the execution date of this Agreement by the Parties;

 

“Loan” means the USD loan provided to the Borrowers by the Lender;

 

“PRC” or “China” means the People’s Republic of China, for purpose of this Agreement, excluding Hong Kong, Macau and Taiwan;

 

“Repayment Notice” has the meaning ascribed thereto in Article 3.1 hereof;

 

“Repayment Request” has the meaning ascribed thereto in Article 3.2 hereof;

 

“Such Rights” has the meaning ascribed thereto in Article 8.5 hereof.

 

1.2                                 Relevant terms referred to in this Agreement have the following meanings:

 

“Article” shall be construed as the articles of this Agreement, unless otherwise provided in the context of this Agreement;

 

“Tax” shall be construed as any tax, fees, tariff or other charges of same nature (including but not limited to any penalty or interest in respect to the non-payment or delayed payment of such Tax);

 

“Borrowers” and “Lender” shall be construed to include the successor and assignees permitted by the Parties for their own benefits.

 

1.3                                 Unless otherwise provided, references to this Agreement or any other agreements or documents in this Agreement shall include any amendments, changes, replacement or supplements to this Agreement or such other agreements or documents that have been made or may be made from time to time (as the case may be).

 

1.4                                 The headings in this Agreement are for convenient reference only.

 

1.5                                 Unless otherwise provided in the context, plural shall include single and vice versa.

 

ARTICLE II   AMOUNT AND INTEREST OF THE LOAN

 

2.1                                 The Parties hereby acknowledge that the principal of the Loan that the Lender will provide to the Borrowers shall be RMB [one million] (RMB1,000,000) in aggregate, of which:

 

the principal provided to Haiyan Gong shall be RMB seven hundred thousand (RMB700,000);

 

the principal provided to Yu Zhang shall be RMB three hundred thousand (RMB300,000).

 

2.2                                 The interest rate of the Loan hereunder shall be zero, i.e., the Loan hereunder shall be interest-free.

 

3

 

ARTICLE III   REPAYMENT OF THE LOAN

 

3.1                                 The Lender may, at any time and at its absolute sole discretion, request either or both of the Borrowers to repay part or all of the Debt by delivering to the Borrowers a repayment notice (the “Repayment Notice”) thirty (30) days in advance.  In the event that the Lender requests either of the Borrowers to repay the Debt according to the preceding sentence, the Lender shall have the right to purchase or designate a third party to purchase from such Borrower their respective equity interests in Beijing Huaqianshu at a purchase price equivalent to the Debt that the Lender requests the Borrower to repay; provided that the ratio of such purchased equity interests in the total equity interests held by such Borrower in Beijing Huaqianshu shall be equivalent to the ratio of the Debt requested to be repaid in the Loan principal that such Borrower borrows hereunder.

 

3.2                                 Either Borrower may, at any time, request to repay part or all of the Debt by delivering to the Lender a repayment request (the “Repayment Request”) thirty (30) days in advance.  In such case, the Lender shall have the right to purchase or designate a third party to purchase from such Borrower their respective equity interests in Beijing Huaqianshu at a purchase price equivalent to the Debt that the Borrower intends to repay; provided that the ratio of such purchased equity interests in the total equity interests held by such Borrower in Beijing Huaqianshu shall be equivalent to the ratio of the Debt contemplated to be repaid in the Loan principal that such Borrower borrows hereunder.

 

3.3                                 Upon the expiration of such thirty (30)-day period of the Repayment Notice or the Repayment Request, the Borrower that is requested or requests for repayment shall pay off the Debt in cash or otherwise as determined by the board of the Lender through resolutions in accordance with the Lender’s articles of association and applicable laws and regulations.

 

3.4                                 When the Borrowers repay the Debt according to this Article II, the Parties shall complete the equity interests transfer simultaneously according to the above Article 3.1 or Article 3.2, to ensure that concurrently with the repayment of the Debt, the Lender or the third party designated by the Lender has legally and fully acquired the relevant equity interests in Beijing Huaqianshu in accordance with Article 3.1 or Article 3.2, free of any pledges or other encumbrances.

 

ARTICLE IV   TAX

 

All Tax in relation to the Loan shall be borne by the Lender.

 

ARTICLE V   CONFIDENTIALITY

 

5.1                                 Whether this Agreement is terminated or not, the Borrowers shall be obliged to keep confidential the following information (collectively the “Confidential Information”): (i) the execution, performance of this Agreement and the content hereof; and (ii) trade secret, proprietary information and client information of the Lender that are known to or received by the Borrowers as a result of execution and performance of this Agreement.  The Borrowers shall use such Confidential Information only for the purpose of performing its obligations hereunder.  Without written permit from the Lender, any of the

 

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Borrowers shall not disclose the above Confidential Information to any third party, otherwise he/she shall assume default liabilities and indemnify any losses incurred by the Lender.

 

5.2                                 Upon the termination of this Agreement, upon the Lender’s request, each of the Borrowers shall return, destroy or otherwise dispose of all of the documents, materials or software containing the Confidential Information, and cease using such Confidential Information.

 

5.3                                 Notwithstanding any other provisions hereunder, this Article V shall survive the suspension or termination of this Agreement.

 

ARTICLE VI   NOTICE

 

6.1                                 All notices, requests, demands and other correspondences required by or in accordance with this Agreement shall be delivered to the relevant Party in writing.

 

6.2                                 The above notices or other correspondences shall be deemed to be properly delivered upon sending when delivered through fax or telegraph, upon delivered in person when personally delivered, or at the fifth (5th) day of mailing if sent by mail.

 

ARTICLE VII   DEFAULT LIABILITY

 

7.1                                 Each of the Borrowers covenants that if any lawsuits, claims, allegations, costs, damages, requests, expenses, liabilities, losses and proceedings are suffered by or caused to the Lender due to the breach of any obligations hereunder by the Borrower, the Borrower shall indemnify and hold harmless of the Lender.

 

7.2                                 Notwithstanding any other provisions hereunder, this Article shall survive the suspension or termination of this Agreement.

 

ARTICLE VIII   MISCELLANEOUS

 

8.1                                 This Agreement shall be signed in Chinese with three (3) originals. Each original shall have equal legal force.  Each Party shall retain one (1) original of this Agreement in each language.

 

8.2                                 The conclusion, validity, performance, amendment, interpretation and termination of this Agreement shall be governed by the laws of the People’s Republic of China.

 

8.3                                 Any dispute arising out of or relating to this Agreement shall be settled by the disputing Parties through consultation. In case the disputing Parties fail to reach an agreement within thirty (30) days of the dispute, such dispute shall be submitted to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in Beijing in accordance with the arbitration rules of CIETAC then in effect.  The arbitration award shall be final and binding upon the disputing Parties.

 

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8.4                                 Any right, power and remedy granted to a Party under any provision of this Agreement shall not preclude any other right, power or remedy such Party is entitled to under any laws or regulations or any other provision of this Agreement.  The exercise of its right, power and remedy by a Party shall not preclude the exercise of any other right, power and remedy that such Party is entitled to.

 

8.5                                 Any Party’s failure or delay in exercising any of its right, power and remedy (“Such Rights”) under this Agreement or laws shall not result in a waiver of Such Rights, nor shall any single or partial waiver of any Such Right preclude any exercise of Such Right in other manner or the exercise of any other Such Rights by such Party.

 

8.6                                 The headings in this Agreement shall be for reference purpose only and shall not be used for or affect the construction of the Agreement in any event.

 

8.7                                 Each provision of this Agreement shall be severable and independent of each of the other provision.  In the event that one or several provisions of this Agreement become invalid, illegal or unenforceable at any time, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected.

 

8.8                                 Any amendment or supplement to this Agreement shall be made in writing, and shall take effect after duly executed by the Parties.

 

8.9                                 Without prior written consent of the Lender, any of the Borrowers shall not transfer any of its rights and/or obligations hereunder to any third party.  The Lender shall be entitled to transfer any of its rights and/or obligations hereunder to any third party designated by it after notifying the other Parties.

 

8.10                           This Agreement shall be binding upon the legal successor of each Party.

 

[Remainder of this page is intentionally left blank]

 

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[Signature Page]

 

IN WITNESS WHEREOF, this Loan Agreement has been duly executed by the Parties as of the date and at the place first above written.

 

 

	
HAIYAN GONG
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Haiyan Gong
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
YU ZHANG
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/ Yu Zhang
    	
 
    

 

 

BEIJING MIYUAN INFORMATION TECHNOLOGY CO., LTD.

 

 

(Company Seal) [seal: Beijing Miyuan Information Technology Co., Ltd.]

 

	
Signature:
    	
/s/ Haiyan Gong
    	
 
    

 

Name:

 

Title:

 

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