Common use of Granting of Rights Clause in Contracts

Granting of Rights. Party B hereby exclusively, irrevocably and unconditionally grants Party A an irrevocable and exclusive right to purchase or designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B or assets from Party C, at once or in multiple times and at any time, in part or in whole, at Party A’s sole and absolute discretion to the extent permitted by the laws of China, according to the steps determined by Party A, and at the price described in Section 1.3 herein (such right being the “Equity Interest/Assets Purchase Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests held by Party B or assets of Party C. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein shall refer to an individual person, corporation, joint venture, partnership, enterprise, trust or a non-corporate organization.