Common use of Assignment of Share Clause in Contracts

Assignment of Share. Within ten (10) business days from the date when the Principals receive the Exercise Notice that has been sent by Party A for each exercise in accordance with Section 2.4: 2.5.1 The Principals shall cause Party D to convene the general meeting, in which the resolution on the assignment of the Share of the Principals to Party A and/or the third party designated by it shall be passed; 2.5.2 The Principals shall enter into a transfer agreement substantially consistent with the Share Transfer Agreement specified in Appendix 1 hereto with Party A (or a third party designated by it, if applicable); 2.5.3 Party B and Party C shall enter into all other necessary contracts, agreements or documents, obtain all necessary governmental approvals and consents, take all actions necessary to assign the ownership of the purchased Share to Party A and/or a third party designated by it without any additional secured rights and benefits over such Share, and make Party A and/or a third party designated by it become the registered owner of the purchased Share with the Administration for Industry and Commerce, and submit Party A and/or a third party designated by it with the updated business license, articles of association, approval certificates (if any) and other relevant documents issued or recorded by relevant competent authorities of the PRC, and such documents shall show the changes of the Share, directors and legal representative of Party D.