Common use of VIE Clause in Contracts

VIE. (a) The Company has made available to the Investors all material information in relation to the VIE Structure of the Company, including true and complete copies of each of the material contracts made between the VIE Entities on the one hand, and the wholly-owned Subsidiaries of the Company that are not VIE Entities on the other hand (the “VIE Contracts”). Each VIE Contract is valid, in full force and effect, and constitutes the legal, valid and binding obligations of the contracting party, enforceable against such party in accordance with its terms, subject to the Enforceability Carveouts. (b) The financial statements of each VIE Entity are consolidated into the Financial Statements of the Company. (c) There has been no material breach of the terms of any VIE Contracts. (d) All material Authorizations necessary for the conduct of the business, trade and ordinary activities of each VIE Entity have been obtained or effected and are in full force and effect. (e) Each Subsidiary under any VIE Structure has been conducting its business within its approved business scope in all material respects.