Common use of Share Pledge Clause in Contracts

Share Pledge. 2.1 As a guarantee for the full and complete performance of the obligations under the Services Agreement, Party B hereby pledges to Party A and creates in favor of Party A first priority security rights and interest (“Security Rights”) in and to the Shares. 2.2 Party B shall immediately procure the Company to record the Security Rights created under this Agreement on the shareholders’ list of the Company and other official records, and then deliver the original Shareholder’s Certificate to Party A upon request by Party A. In addition, Party B shall, and shall procure the Company to duly complete the procedures for registering the Security Rights with the competent Administration for Industry and Commerce pursuant to the requirements under the laws of the People’s Republic of China (the “PRC Law”) within sixty (60) working days following the execution of this Agreement, and shall afterwards immediately provide to Party A with the proof evidencing the completion of the registration procedures. 2.3 The Security Rights created hereunder shall become effective and valid once they are registered with the competent Administration for Industry and Commerce. 2.4 Party A shall have the right to collect dividends generated by the Shares during the term of the Security Rights.