Common use of Steps for Exercise Clause in Contracts

Steps for Exercise. Subject to the provisions of the laws and regulations of the PRC, Party A may exercise the Equity Interest Purchase Option at any time according to section 1.1 by giving a written notice (the “Equity Interest Purchase Option Notice”) to Party B specifying the portion of the Equity Interest to be purchased from Party B (the “Optioned Equity Interest”), the method of purchase and the transfer date of the Optioned Equity Interest. Party A has no limit on the times of exercise of options. Within seven (7) Business Days after the receipt of the Equity Interest Purchase Option Notice, Party B shall enter into an equity transfer agreement with Party A and/or the Designee (s) satisfactory to Party A, to ensure the transfer of the Optioned Equity Interest to Party A and/or the Designee (s) as soon as possible and take all necessary actions to ensure the completion of the filing procedures with the relevant administration for industry and commerce as soon as possible. Subject to the provisions of the laws and regulations of the PRC, Party A may exercise the Asset Purchase Option at any time by giving a written notice (the “Asset Purchase Notice”) to Party C specifying the Assets to be purchased from Party C (the “Optioned Assets”), the method of purchase and the transfer date of the Optioned Equity Interest. Party A has no limit on the times of exercise of options. Within seven (7) Business Days after the receipt of the Asset Purchase Notice, Party C shall enter into an asset transfer agreement with Party A and/or the Designee (s) satisfactory to Party A, to ensure the transfer of the Optioned Assets to Party A and/or the Designee (s) as soon as possible and take all necessary actions to ensure the completion of the relevant asset title transfer registration procedures, if required.