Common use of ASSET CALL OPTION Clause in Contracts

ASSET CALL OPTION. YUZHI and the Personal Shareholders hereby further undertake to grant YIGO irrevocably an option to purchase assets within the term of this Agreement: to the extent not violating the mandatory requirements under PRC Law, YUZHI will transfer all of its assets and liabilities to YIGO and/or other entity or individual designated by it when required by YIGO. In case of the YIGO exercising the Asset Call Option in its sole discretion upon the occurrence of the situation in which such call option exercise become feasible under the relevant laws in PRC, any additional consideration paid other than the $1.00 which may be required under the laws of China to effect such purchase to comply with such legal formalities shall be either cancelled or returned to the company immediately with no additional compensation to the YUZHI and Shareholders. YUZHI and Shareholders hereby acknowledge the purpose of such provisions and hereby agrees and authorizes the company to take any and all actions to effect such transaction and agrees irrevocably to execute any and all documents and instruments and authorize the company's relevant officers to sign on his or her behalf and hereby gives the company and any of its relevant officers a proxy to execute and deliver such documents and instruments to effect the purpose of this provision and hereby waives any defense or claim of causes of action to challenge or defeat this provision.

ASSET CALL OPTION. YUZHI HEZL and the Personal Shareholders Shareholder hereby further undertake to grant YIGO CETL irrevocably an option to purchase assets within the term of this Agreement: to the extent not violating the mandatory requirements under PRC LawLaws of China, YUZHI HEZL will transfer all of its assets and liabilities to YIGO CETL and/or other entity or individual designated by it when required by YIGOCETL. In case of the YIGO CETL exercising the Asset Call Option in its sole discretion upon the occurrence of the situation in which such call option exercise become feasible under the relevant laws in PRCChina, any additional consideration paid other than the $RMB 1.00 which may be required under the laws of China to effect such purchase to comply with such legal formalities shall be either cancelled or returned to the company immediately with no additional compensation to the YUZHI HEZL and ShareholdersShareholder. YUZHI HEZL and Shareholders Shareholder hereby acknowledge the purpose of such provisions and hereby agrees agree and authorizes authorize the company to take any and all actions to effect such transaction and agrees irrevocably to execute any and all documents and instruments and authorize the company's relevant officers to sign on his or her his behalf and hereby gives the company and any of its relevant officers a proxy to execute and deliver such documents and instruments to effect the purpose of this provision and hereby waives any defense or claim of causes of action to challenge or defeat this provision.