Common use of Term of the Pledge Clause in Contracts

Term of the Pledge. 3.1 The pledge shall take effect from the date of registration of the pledge of the Equity Interest under this Agreement at the registration of the industrial and commercial administration department (hereinafter referred to as the “Registration Authority”) of the locality of Party C. The validity period of the pledge (hereinafter referred to as the “Term of the Pledge”) is from the effective date mentioned above until (a) the last Secured Indebtedness and Contract Obligations guaranteed by the Pledge are fully paid and fulfilled; or(b) the Pledgee and/or the Designee shall, subject to the PRC laws, decide to purchase the entire Equity Interest of Party C held by the Pledgors in accordance with the Exclusive Option Agreement, and the Equity Interest of Party C has been transferred to the Pledgee and/or the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C; or(c) The Pledgee and/or the Designee decides to purchase all the assets of Party C in accordance with the Exclusive Option Agreement subject to the PRC laws, and all the assets of Party C have been transferred to the Pledgee and/or the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C using the above assets; or(d) The Pledgee unilaterally requests termination of this Agreement (the right of the Pledgee to terminate this Agreement is the right without any restrictive conditions, and the right is only enjoyed by the Pledgee. The Pledgors or Party C does not have the right to terminate this Agreement unilaterally); or(e) Termination in accordance with the requirements of applicable PRC laws and regulations.

Term of the Pledge. 3.1 The pledge shall take effect from the date of registration of the pledge of the Equity Interest under this Agreement at the registration of the industrial and commercial administration department (hereinafter referred to as the “Registration Authority”) of the locality of Party C. The validity period of the pledge (hereinafter referred to as the “Term of the Pledge”) is from the effective date mentioned above until (a) the last Secured Indebtedness and Contract Obligations guaranteed by the Pledge are fully paid and fulfilled; or(b) the Pledgee and/or the Designee shall, subject to the PRC laws, decide to purchase the entire Equity Interest of Party C held by the Pledgors in accordance with the Exclusive Option Agreement, and the Equity Interest of Party C has been transferred to the Pledgee and/or the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C; or(c) The Pledgee and/or the Designee decides to purchase all the assets of Party C in accordance with the Exclusive Option Agreement subject to the PRC laws, and all the assets of Party C have been transferred to the Pledgee and/or the Designee in accordance with the laws, and the Pledgee and the Designee can legally engage in the business of Party C using the above assets; or(d) The Pledgee unilaterally requests termination of this Agreement (the right of the Pledgee to terminate this Agreement is the right without any restrictive conditions, and the right is only enjoyed by the Pledgee. The Pledgors or Party C does not have the right to terminate this Agreement unilaterally); or(e) Termination in accordance with the requirements of applicable PRC laws and regulations.

Term of the Pledge. 3.1 The pledge right shall take come into effect from the date of registration of when the equity pledge of the Equity Interest under this Agreement at is registered with the registration of the industrial and commercial administration for market regulation department (hereinafter referred to as the “Registration Authority”) of where Party C is located, and the locality of Party C. The validity period of the pledge (hereinafter referred to as the “Term term of the Pledgepledge”) is shall be from the above effective date mentioned above until until: (a) the last Secured Indebtedness secured obligation and Contract Obligations guaranteed contractual obligations secured by the Pledge pledge right are fully paid and fulfilled; or(bor (b) the Pledgee and/or the Designee shall, subject to the PRC laws, decide to purchase all the entire Equity Interest equities of Party C held by the Pledgors in accordance with Pledgor according to the Exclusive Option AgreementAgreement under the premise of PRC laws, and all the Equity Interest equities of Party C has have been transferred to the Pledgee and/or the Designee in accordance with the lawsDesignee, and the Pledgee and the Designee can legally engage in the business of Party C; or(cor (c) The the Pledgee and/or the Designee decides decide to purchase all the assets of Party C in accordance with according to the Exclusive Option Agreement subject to under the premise of PRC laws, and all the assets of Party C have been transferred to the Pledgee and/or the Designee in accordance with the lawsDesignee, and the Pledgee and the Designee can legally engage in the business of Party C by using the above assets; or(dor (d) The the Pledgee unilaterally requests termination of to terminate this Agreement (the Pledgee's right of the Pledgee to terminate this Agreement is the right without any has no restrictive conditions, and the this right is only enjoyed by the Pledgee. The Pledgors , and the Pledgor or Party C does not have the right to unilaterally terminate this Agreement unilaterallyAgreement); or(eor (e) Termination it terminates in accordance with the requirements of relevant applicable PRC laws and regulations.