质押合同模板（AGREEMENT OF SECURITIES PLEDGE）

SECURITIES PLEDGE

质押条约 AGREEMENT OF SECURITIES PLEDGE

目录

SECTION 1 第一条 DEFINITION 定义SECTION 2 第二条 PLEDGE 质押SECTION 3 NATURE OF LOAN AND PLEDGE第三条贷款和抵押的性子SECTION 4 SCOPE OF PLEDGE ANDREDELIVERY OF THE PLEDGED COLLATERAL第四条承诺抵押品的抵押范围及重新发运SECTION 5 REPRESENTATIONS ANDWARRANTIES 第五条陈述与担保SECTION 6 AFFIRMATIVE COVENANTS 第六条肯定性条款SECTION 7 APPOINTMENT OF AGENTS ANDACTIONS BY LENDER第七条代理人指定及贷方行为SECTION 8 SALE AND TREATMENT OFPLEDGED COLLATERAL第八条承诺抵押品的出售及处理SECTION 9 DIVIDENDS AND VOTING RIGHTS第九条股息及表决权SECTION 10 RIGHTS AND REMEDIES 第十条权利及赔偿SECTION11 APPLICATION OF PROCEEDS OF PLEDGED COLLATERAL IN EVENT OF DEFAULT第十一条违约情形下承诺抵押品的收益运用SECTION 12 COMPLIANCE WITH SECURITIESLAWS第十二条有价证券法律的遵守SECTION 13 MONETARY RELIEF 第十三条货币补偿

SECTION 14 MISCELLANEOUS 第十四条其他款项

SECTION 1 第一条 DEFINITION 定义

1.1 Use of Defined Terms. Unless otherwise expresslyspecified herein, defined terms denoting the singular number shall, when in theplural form, denote the plural number of the matter or item to which suchdefined terms refer, and vice-versa. The Section, Schedule and Exhibit headingsused in this Pledge Agreement are descriptive only and shall not affect theconstruction or meaning of any provision of this Agreement. Unless otherwisespecified, the words “hereof,” “herein,” “hereunder” and other similar wordsrefer to this Pledge Agreement as a whole and not just to the Section,subsection or clause in which they are used; and the words “this Agreement”refer to this Pledge Agreement. Unless otherwise specified, references toSections, Recitals, Schedules and Exhibits are references to Sections of, andRecitals, Schedules and Exhibits to this Agreement.

定义术语的利用。
除非在此另作明确详细解释，表示单数的定义术语，如果以复数形式涌现，则表示此定义术语所指的事宜或事变的复数，反之亦然。
本抵押协议中利用的条，附件以及附件标题仅具有描述性，不得对本协议中任何条款的构建和意义造成影响。
除非另作解释，“本协议中”，“依据本协议”，“在本协议内”这样的词以及其他类似的词语系指此质押协议的整体，而不仅仅是利用这些词语的节，小节或条；“本协议”这些词系指本抵押协议。
除非明确表示另有所指，本协议中在利用节、陈述、附表及证明时，所指涉的均系本协议之节、陈述、附表及证明。

1.2 Statements as to Knowledge. Any statements,representations or warranties which are based upon the knowledge of the Pledgorshall be deemed to have been made after due inquiry with respect to the matterin question.

认知声明。
在抵押人认知根本上的任何声明，陈述或担保均应被视为在对所涉及事宜进行正当讯问之后做出。

SECTION 2 第二条 PLEDGE 质押

2.1 Pledge by Pledgor. The Pledgor hereby pledges, andassigns to the Lender, and hereby transfers to the Lender all right, title,ownership and interest in and to (all the foregoing herein called the“Pledge”), the following described property hereinafter called the “Pledged Collateral”:the ______ shares of ______ ( ), together with any certificates, whetherphysical or electronic, evidencing such shares (collectively, the “PledgedShares”) and all cash, instruments, securities or other property representing adividend or other distribution on any of the Pledged Shares, or representing adistribution or return of capital upon or in respect of the Pledged Shares, orresulting from a split-up, revision, reclassification or other like change ofthe Pledged Shares or otherwise received in exchange therefore, and anywarrants, rights or options issued to the holders of, or otherwise in respectof, the Pledged Shares, and all proceeds thereof (collectively, the “PledgedCollateral”).

抵押人的抵押。
抵押人在此向贷方抵押，转让，转移所有权利，所有权和利息（本协议中所有前述事变均称为“抵押”），以下描述的财产简称为“承诺抵押品”：______的股份，连同任何证明这种股份的物质或电子凭据（统称为“抵押股份”）以及所有现金，工具，有价证券，或者其他代表股息或其他抵押股份任何分配的财产，或者代表根据或有关抵押股份的资金分配或返回，或者由于对抵押股份进行股本分割，改动，重新分类或其他类似改变，或者相反，因此作为交流而吸收，以及对持有人发放的任何抵押股份或反之与其有关的担保，权利，或选择，以及本协议中的所有收益（统称“承诺抵押品”）。

SECTION 3 NATURE OF LOAN AND PLEDGE第三条贷款和抵押的性子

3.1 Non-Recourse Loan and Pledge. The Lender agrees, foritself, its representatives, successors and assigns that: (i) neither thePledgor, nor any representative, successor, assign or affiliate of the Pledgor,shall be personally liable for the Principal Loan Amount; and (ii) the Lender,and any such representative, successor or assignee, shall look only to theproperty identified in this Pledge Agreement for payment of the Obligations andwill not make any claim or institute any action or proceeding against thePledgor, or any representatives, successors, assigns or affiliate of thePledgor, for any deficiency remaining after collection upon the PledgedCollateral, except as provided below.

无追索权贷款及抵押。
贷方为自己，其代表，继续人及受让人，赞许：（1）抵押人，或者抵押人的任何代表，继续人，受让人或附属者中任何一方不得个人对紧张贷款金额卖力；（2）贷方，以及任何代表，继续人或受托人仅能将本抵押协议中定义的财产作为支付债务，不得以得到承诺抵押品后仍有任何丢失为由向抵押人，或者抵押人的任何代表，继续人，受让人或附属者提出任何索赔，采纳任何行动或起诉，除非有下述情形。

Provided, however, notwithstanding the foregoing, the Pledgoris and will remain personally liable for any deficiency remaining aftercollection of the Pledges Collateral to the extent of any loss suffered byLender, or its representatives, successors, endorsees or assigns, is caused byPledgor based in whole or in part upon damages arising from any fraud, misrepresentationsor the breach of any representation, warranty or agreement in the LoanDocuments.

只管如前述事变，但如果抵押人个人正在并保持对得到承诺抵押品之后依然存在的任何贷方，或者其代表，继续人，被背书人或受让人遭受的任何程度的丢失卖力，及任何由抵押人对陈述，担保或贷款文件中的协议进行任何欺骗，歪曲引起的整体或部分丢失。

SECTION 4 SCOPE OF PLEDGE ANDREDELIVERY OF THE PLEDGED COLLATERAL

第四条承诺抵押品的抵押范围及重新发运

4.1 Pledge Absolute. The Pledgor hereby agrees that thisPledge Agreement shall be binding upon the Pledgor and that the Pledge of thePledged Collateral hereunder shall be binding upon the Pledgor and that thePledge of the Pledged Collateral hereunder shall be irrevocable andunconditional, irrespective of the validity, legality or enforceability of theLoan Agreement and any other Loan Document, even in the absence of any actionto enforce the same, the waiver or consent by the Lender with respect to anyprovision thereof, or any action to enforce the same or any other similarcircumstances. The Pledgor hereby waives diligence, presentment, demand ofpayment, filing of claims with a court in the event of merger or bankruptcy ofthe Pledgor, any notice to require a proceeding first against the Pledgor orany other Person, protest or notice with respect to indebtedness evidencedhereby and all demands whatsoever, and covenants that this Agreement willremain in full force and effect so long as any Obligations under the LoanAgreement remains unpaid.

绝对承诺。
抵押人在此赞许本抵押协议对抵押人构成约束，在本协议内对抵押品的承诺应对抵押人构成约束，本协议内对抵押品的承诺应为不可撤销，无条件的，不论贷款协议或者其他贷款文件的有效性，合法性和逼迫性，乃至无论任何相同行为的实行，贷方有关协议中的任何条款的弃权或赞许，或者实行任何相同或类似情形的行为。
在此，如果抵押人面对并购和破产，对抵押人或者其他人首先提出诉讼哀求的任何关照，与协议中证明的债务干系的声明及关照，以所有哀求，将放弃在法庭上的把稳程度，陈述，支付索取和索赔的提出，担保本协议保持完备有效，并且在贷款协议下尚有任何未偿还债务时均保持有效。

4.2 Termination and Redelivery of the Pledged Collateral.This Agreement shall terminate when all of the Pledgor’s Obligations have beenpaid in full. Within five business days of the Pledgor’s satisfaction of theObligations, the Lender shall reassign all right, title, ownership and interestin identical securities, as described in IRC 1058 to the Pledgor andredeliver the Pledged Collateral, without recourse or warranty, at the soleexpense of the Lender. The Lender shall also deliver appropriate instruments ofreassignment and release. Provided, however, that this Agreement shall bereinstated if any payment in respect of the Obligations is rescinded,invalidated, declared to be fraudulent or preferential or otherwise required tobe restored or returned by the Lender for any reason, including withoutlimitation by reason of the insolvency or bankruptcy of the Pledgor or anyother person. For the purpose of this Pledge Agreement and the Loan Documents,a return of identical securities means a return of the Pledged Shares asmodified as a result of any split-up, revision, reclassification or other likechange of the Pledged Shares. Any cash or shares tendered to buy down the Loandue to the occurrence of an Event of Default are not subject to redelivery anddo not become part of the Pledged Collateral.

协议终止及承诺抵押品的重新发运。
本协议于抵押人所有债务完备付清之后终止。
在抵押人付清债务的五个事情日内，贷方应如IRC 1058中的描述向抵押人重新分配相同有价证券中的统统权利，所有权亲睦处，无追索权或担保的情形下重新运送承诺抵押品，用度仅由贷方支付。
贷方也应采纳适当方法，重新转让和让与。
然而，如任何有关债务的支付被撤销，失落效，发布具有欺骗性，偏颇或相反被贷方以任何情由哀求规复或退回，包括抵押人因资不抵债或破产或其他无限制的任何缘故原由，则本协议应得到重申。
在本抵押协议及贷款文件中，相同有价证券的退回意味着以抵押股份的任何股本分割，重新修正，重新分类或其他类似改变为由依照修正退回抵押股份。
任何购买因发生违约贷款偿付的现金或股份均不受制于重新发运，也不会变成承诺抵押品的一部分。

4.3 Risk of Loss. This Pledge Agreement and the LoanDocuments are not intended to, nor do they, reduce the risk of loss oropportunity for gain for either the Pledgor or Lender, as transferor of theshares, at any given time, in the securities transferred. See, IRC 1058(b)(3). The Pledgor, as transferor of the securities (specifically, the PledgedCollateral), retains all opportunity for gain or loss on the securities overthe term of the Agreement and at its maturity and termination.

丢失风险。
本抵押协议以及所有贷款文件无打算，也并不会在任何特定时间作为股份转让人降落抵押人或贷方中任何一方在转移的有价证券中的丢失风险或者收益机会。
请见IRC 1058(b) (3)。
作为有价证券（特殊是承诺抵押品）的转移者，抵押人根据协议条款，以及在到期和终止时保留有价证券的统统收益或丢失的机会。

SECTION 5 REPRESENTATIONS AND WARRANTIES第五条陈述与担保

5.1 Representations and Warranties. The Pledgor herebyrepresents and warrants as follows:

陈述与担保。
抵押人在此做出如下陈述和担保：

(a) The Pledgor has legal title to the Pledged Shares and isthe sole record and beneficial owner of the Pledged Shares. The Pledgor hasgood and lawful authority to Pledge all of the Pledged Shares in the mannerhereby done or contemplated. The Pledged Shares are not now subject to anyLiens, security interests, charges or encumbrances of any kind or nature. ThePledged Shares are not subject to any contractual statutory or regulatory orother restriction upon the transfer thereof, and no right, warrant or option toacquire any of the Pledged Shares exists in favor of any other Person.

抵押人对抵押股份拥有法定权利，是抵押股份的唯一记录和收益所有人。
抵押人拥有良好及合法威信以协议内完成或预期的手段来担保所有抵押股份。
抵押股份目前不受制于任何扣留，抵押权柄，用度或任何性子或种类的财产留置权。
抵押股份不受制于任何左券的，法定或规定或协议中对转移的其他限定，不得存在有利于任何其他方的任何取得抵押股份的权利，担保或选择。

(b) The Pledged Shares are freely tradable and transferablesecurities and do not bear any restrictive legend. No authorizations, approvalsand consents, and no filings or registrations with any governmental orregulatory authority or agency or any other Person are necessary for theexecution, delivery or performance by the Pledgor of this Agreement or for thevalidity or enforceability hereof.

抵押股份系可以自由买卖和转让的有价证券，不具有任何限定性解释。
本协议中抵押人的实行，交付或行为或本协议的有效性或可实行性不须要任何授权，批准或赞许，不须要向任何政府或管理机构，代理或任何其他方存档或注册。

(c) The execution, delivery and performance of this Agreementby the Pledgor, the Pledge of the Pledged Collateral pursuant hereto and theincurrence and performance of the obligations provided for herein will not (1)violate any law or regulation applicable to the Pledgor or any of its assets,(2) violate or constitute (with due notice or lapse of time or both) a defaultunder any provision of any indenture, agreement, license or other instrument towhich the Pledgor is a party or by which he or any of his properties may bebound or affected, (3) violate any order of any court, tribunal or governmentalagency binding upon the Pledgor or any of its properties or (4) result in thecreation or imposition of any lien or encumbrance of any nature whatsoever uponany assets or revenues of the Pledgor.

抵押人对此协议的实行，交付或行为，根据本协议对抵押品的承诺以及本协议规定的责任履行将不会(1) 与适用于抵押人或其任何资产的法律或规定相悖，（2）触犯任何左券，协议，容许或其他抵押人作为一方的工具或者其或其任何财产可能受约束或影响下的任何条款或导致（得到到期关照或时效终止或双方）违约。
（3）与抵押人或其任何财产构成约束的任何法庭，裁决或政府机构的命令相悖，或者（4）导致对抵押人的任何资产或收益构成或施加任何性子的任何留置权。

(d) The Pledgor is not in violation of any applicable UnitedStates federal or state applicable law or regulation, or in default withrespect to any order, writ, injunction or decree of any court, or in defaultunder any order, license, regulation or demand of any governmental agency,which violation or default could affect the validity or enforceability of thisAgreement or any related document or prevent the Pledgor from performing any ofhis obligations hereunder or under any related documents.

抵押人不得违反任何适用与美国联邦或适用于州的法律或法规，或者对任何法庭的任何有关命令，法令，劝告或讯断构成违约，或者对任何政府机构下的命令，容许，法规或哀求构成违约，其违反或违约会对本协议或任何干系文件的有效性或可实行性造成影响，或对抵押人履行其在本协议或任何干系文件内的责任构成阻碍。

(e) if any additional item of collateral other than thePledged Shares is pledged hereunder, the Pledgor represents and warrants thatadditional collateral is subject to and conforms to the aforementionedrepresentations and warranties, 5.1(a)–(d) herein.

如果不包括抵押股份的抵押品的任何附加项在协议下做出承诺，则抵押人需表示及担保附加的抵押品受制于及遵照前述的声明及担保，见本协议的 5.1(a)–(d)。

(f) Any information, schedules, exhibits and reportsfurnished by the Pledgor to the Lender in connection with the negotiation andpreparation of this Agreement did not contain any omissions or misstatements offact which would make the statements contained therein misleading or incompletein any material respect.

任何由抵押人向贷方供应的与本协议的协商和准备有关的信息，附表，附件和报告不包含使对本协议内文件造成误导或不完全的事实省略和误述。

(g) This Agreement constitutes the legal, valid and bindingobligation of the Pledgor, enforceable against the Pledgor in accordance withits terms.

本协议对抵押人构成法定，有效，约束力的责任，可根据条款对抵押人进行实行。

SECTION 6 AFFIRMATIVE COVENANTS 第六条肯定性条款

6.1 Title and Liens. The Pledgor hereby agrees that, unlessthe Lender shall otherwise agree in writing, until the payment in full of theObligations the Pledgor (i) shall defend its title to the Pledged Collateralagainst all claims and demands whatsoever that are adverse to the Lender, (ii)shall not create, incur, assume or suffer to exist any Liens, securityinterests, charges or encumbrances of any kind or nature (other than thosecreated hereunder) in any Pledged Collateral and (iii) shall not sell, assign,transfer, exchange or otherwise dispose of, or grant any option or other rightwith respect to, any Pledged Shares. The Pledgor shall, upon demand of theLender, do the following: furnish further assurances of title, execute anywritten agreement or do any other act(s) necessary to effectuate the purposesand provisions of this Pledge Agreement, execute any instrument, document orstatement required by law or otherwise in order to perfect, continue orpreserve the interests of the Lender in the Pledged Collateral and pay allfiling or other costs incurred in connection therewith.

权利及留置权。
抵押人在此赞许，除非贷方以书面形式其余表示赞许，在完备付清债务之前，抵押人（1）应掩护其对付承诺抵押品的权利，对反对贷方的任何索赔和哀求。
（2）不得制造，引起，假定或遭受以存在任何承诺抵押品中的任何留置权，抵押权柄，用度或任何种类或性子的财产留置权（不包括那些在本协议内制造的），(3) 不得出售，转让，转移，交流或其余处理或付与与任何抵押股份干系的任何选择或其他权利。
抵押人应该在贷方哀求下做出如下：供应权利的担保，实行任何书面协议或其他任何实施本抵押协议目的和条款的必要行为，利用任何法律或其余哀求的手段，文件或声明以完善，连续或保留贷方在承诺抵押品中的利益，支付随后所有干系的诉讼提出或其他用度。

6.2 Perfection of Interest. Upon the Lender’s request thePledgor will make, execute, acknowledge and deliver, and file and record in theproper filing and recording places, all such instruments (including, withoutlimitation, duly executed blank stock powers and other instruments of transferor assignment satisfactory in form and substance to the Lender), and take allsuch action, as the Lender may reasonably deem necessary or advisable to carryout the intent and purpose of this Pledge Agreement and to establish andmaintain in favor of the Lender a valid and enforceable interest in the PledgedCollateral and that are superior and prior to the rights and interests of allother persons or entities.

利益的完善。
在贷方提出哀求时，抵押人将在恰当的归档和记载地方制造，实行，承认，交付，归档和记载统统这种文件（包括无限制按时实行股票转让授权书及其他在形式和本色上让贷方满意的转移或转让工具），采纳所有诸如贷方合理视为必要或明智的行为将本抵押协议的意图和目的付诸行动，建立并保持承诺抵押品中有利于贷方的有效而可行，优胜于及优先于所有其他个人及实体权柄的利益。

SECTION 7 APPOINTMENT OF AGENTS ANDACTIONS BY LENDER

第七条代理人指定及贷方行为

7.1 Lender’s Appointment of Agent and Lender’s Rights. TheLender shall have the right to appoint one or more agents for the purpose ofreceiving possession of the certificates representing or evidencing the PledgedCollateral, which may be held in the name of the Lender or any nominee of theLender or any agent appointed by the Lender. In addition to all other rightspossessed by the Lender, the Lender may, at the Lender’s sole discretion andwithout notice to the Pledgor, take any or all of the following actions: (a)sell some or all of the Pledged Collateral and take control of any proceedsfrom the sale of the Pledged Collateral; and (b) exchange certificates orinstruments representing or evidencing Pledged Collateral for certificates orinstruments of smaller or larger denominations for any purpose consistent withits rights under this Pledge Agreement. All powers of the Lender under thisSection 7 shall be in addition to, and not supersede or replace, the rights ofthe Lender under Section 8 hereof and the rights of the Lender under the LoanDocuments.

贷方指定代理人及贷方的权利。
贷方应该有以吸收代表或证明承诺抵押品证件所有权为目的而指定一个及多个代理人的权利，将保留在贷方或贷方指定的任何人或贷方指定的任何代理的名义下。
除了贷方拥有的所有其他权利之外，贷方可以全权处理，在不通知抵押人的情形下采纳下述任何或全部行动：(1) 出售一些或全部承诺抵押品，节制承诺抵押品中得到的任何收益；(2) 以与本抵押协议中规定的权利同等的任何目的交流证件或代表或证明承诺抵押品的工具或者面值更小或更大的工具。
第七条规定下贷方的所有权利应补充，代替或取代本协议中第八条规定下贷方的权利，以及贷款文件下贷方的权利。

SECTION 8 SALE AND TREATMENT OFPLEDGED COLLATERAL

第八条承诺抵押品的出售及处理

8.1 Authority and Right to Sell and Buy Pledged Collateral.The Pledgor acknowledges that the Lender has the absolute right to sell and buyany or all of the Pledged Collateral during the term of the Loan and thisAgreement. However, the Lender shall be under no obligation to sell orotherwise dispose of any Pledged Collateral or to cause any Pledged Collateralto be sold or otherwise disposed of. In the event of a diminution in the fairmarket value of the Pledged Collateral, the failure of the Lender to dispose ofthe Collateral shall under no circumstances be deemed a failure to exercisereasonable care in the custody or preservation of the Pledged Collateral. Anysuch sale or other disposition of any Pledged Collateral shall be deemed to becommercially reasonable under the Uniform Commercial Code, fully authorized andapproved by the Pledgor pursuant to this Pledge Agreement and the LoanDocuments, and otherwise proper in all respects.

出售和购买承诺抵押品的威信和权利。
抵押人承认贷方有在贷款和协议期间出售和购买任意或所有承诺抵押品的绝对权利。
然而，贷方不得有责任出售或其余处理任何承诺抵押品或导致任何承诺抵押品被发卖或其余被处理。
如果涌现承诺抵押品的公正时价降落，贷方处理抵押品失落败在任何情形下不得被视为未对承诺抵押品进行合理精心的保管或保护。
任何这种出售或对任何承诺抵押品的其他处理应根据统一商法规定被视为商业上的合理，根据本抵押协议及其贷款文件完备被授权及批准，在各个方面另为适当。

8.2 Actions by Lender. Pledgor further acknowledges andagrees that as long as the Loan Principal Amount or the Obligations remain dueand outstanding, Lender may take any and all actions with respect to thePledged Collateral as the Lender, in its sole and absolute discretion, may deemto be advisable, including, without limitation, selling and buying some or allof the Pledged Collateral, utilizing the Pledged Collateral as a part ofhedging transactions, transferring the Pledged Collateral within or among oneor more depositary accounts, and creating and trading derivative instruments thatare backed, in whole or in part, by the Pledged Collateral. Lender is under noobligation to sequester, hold, retain or escrow the Pledged Collateral in anymanner, nor keep it apart from any other assets of Lender, and Lender maycombine the Pledged Collateral, in whole or in part, with any other assets.

贷方的行动。
抵押人进一步承认并赞许只要贷款本金或债务依然搪塞且贷款未偿，则贷方可以采纳任何或所有关于承诺抵押品的行动，由于可以绝对全权处理的贷方可被视为适当的，包括无限制出售及购买一些或所有的承诺抵押品，将承诺抵押品用为难刁难冲交易的一部分，在一个或多个保管账户中转让承诺抵押品，创造或交易由承诺抵押品整体或部分包管的衍生工具。
贷方无责任以任何办法扣押，保留，留存或第三方托管承诺抵押品，也不得将其与贷方的其他任何资产分割开来，贷方可以将承诺抵押品与其他任何资产进行整体或部分合并。

8.3 No Obligation to Apply Money or Funds Received in Respectto the Use of Pledged Collateral. Notwithstanding Section 9-207 of the UCC,Lender has no obligation to apply money or funds received in respect of thesale, pledge, assignment, investment, use, or other disposition of any PledgedCollateral to reduce the Loan Principal Amount, the Obligations, or any otherobligation under the Loan Agreement.

无申请有关承诺抵押品利用的货币或资金吸收的责任。
虽有统一商法第9-207条的规定，贷方没有责任申请有关出售，抵押，转让，投资，利用或者对任何承诺抵押品的其他处理的货币或资金吸收，以降落贷款本金，债务或贷款协议规定的其他任何责任。

8.4 Rights Under Uniform Commercial Code. In addition to therights and remedies granted to the Lender in this Pledge Agreement and in anyother instrument or agreement securing, evidencing or relating to any of theObligations, the Lender shall have all the rights and remedies of a securedparty under the Uniform Commercial Code. The Lender shall have the right in itssole discretion to determine which rights, security, liens, guaranties orremedies it shall retain, pursue, release, subordinate, modify or enforce,without in any way modifying, affecting or diminishing any of the other of themor any of the Lender’s rights hereunder.

统一商法内规定的权利。
除了本抵押协议及任何其他保护，证明或与任何债务有关的工具内付与贷方的权利和补偿外，贷方应具有统一商法规定的有包管方的所有权利和补偿。
贷方应有全权处理并决定保留，追求，让与，服从，修正或实行何种权利，担保，留置权，包管或补偿的权利，而不以任何办法修正，影响或减少个中其他任何一项或者协议内贷方的任何权利。

SECTION 9 DIVIDENDS AND VOTING RIGHTS第九条股息及表决权

9.1 Dividends, Interest and Other Distributions. The Pledgor,as the transferor of the stock, shall receive from EFH a payment or creditagainst interest due of an amount equivalent to all interest dividends andother distributions which the beneficial owner of those securities is entitledto receive during the period of the loan which ends with the transfer ofidentical securities back to the Pledgor when all outstanding principal,interest and other amounts due under the Agreement are paid and all obligationsof the Pledgor are extinguished. See, IRC 1058(b)(2) (hereinafter referred toas the “Dividend Amount”).

股息，利息及其他分配。
作为股票转让者的抵押人，应该从EFH收到支付或对到期利息的贷款，数额与那些有价证券的受益所有人有权在贷款期间接管的所有股息利息和其他分配相等，当所有未偿付的成本，利息及其他在协议内的到期金额已经支付及抵押人所有债务付清时，贷款以将相同的有价证券转回抵押人告终。
请见See, IRC 1058(b)(2) （以下简称“股息数额”）

(a) The Dividend Amount shall be first credited against anyinterest due and unpaid for the quarter which is unpaid and accruing at thetime the Dividend Amount is actually paid out to shareholders. To the extentthe Dividend Amount is less than the quarterly interest payment owed by thePledgor, the Pledgor shall remain obligated to pay the net amount of interestdue to the Lender.

股息数额应首先对任何到期及本季度未付而股息数额被实际向股东支付时增长的利息放贷。
如股息数额少于抵押人所有的季度利息支付数额，则抵押人应连续有责任支付搪塞给贷方的净额利息。

(b) To the extent the Dividend Amount exceeds the quarterlyinterest payment owed by the Pledgor after first crediting the Dividend Amountagainst any interest due and unpaid for the quarter as described in Section9.1(a) above, the Lender shall so notify the Pledgor in writing and pay, in duecourse, any excess remaining after crediting the Dividend Amount to thePledgor.

如果如9.1(a)条中的描述，股息数额在首次对任何到期及季度未付利息放贷后超过抵押人所有的季度利息支付数额，贷方则应以书面关照抵押人，并及时向支付向抵押人股息数额放贷后剩余的任何逾额。

Voting Rights and Powers. All voting or other such consensualrights and powers transfer to the Lender. The Lender will not exercise anyvoting or other such consensual rights or powers under the terms of thisAgreement.

表决权利及权力。
所有表决或此种双方志愿的权利和权力均转移到贷方。
在本协议的条款下，贷方不得实行任何表决或其他这种双方志愿的权利或权力。

SECTION 10 RIGHTS AND REMEDIES 第十条权利及赔偿

10.1 Rights Upon Default. Upon the occurrence of an Event ofDefault under the Loan Agreement or under the Pledge Agreement which remainsuncured, the Obligations, together with any accrued and unpaid interestthereon, shall be immediately due and payable without notice or demand,presentment, or protest, all of which are hereby expressly waived.

根据违约的权利。
在未生效的贷款协议或者抵押协议内发生违约情形，则债务以及随之而来的任何应计的未偿还利息应立即到期，无需关照或哀求，陈述，或者声明，这些在本协议中均可明确放弃。

At any time after the occurrence of an Event of Default whichremains uncured, Lender may exercise the rights and remedies afforded to itunder the Loan Agreement, which rights and remedies are herein incorporated byreference. To the extend the Lender has not already done so, under Section 8the Lender may sell or otherwise dispose of the Pledged Collateral as theLender’s own property. Pledgor agrees that Lender may or may not proceed, as itdetermines in its sole discretion, with any or all rights, benefits, andremedies which it may have against Pledgor and in regard to the PledgedCollateral.

任何时候如发生违约而尚未处理，贷方可行使贷款协议下授予其的权利及补偿，权利及补偿以引用办法包含在本协议内。
如贷方尚未做出如此行为，则根据第八条，贷方可出售或其余将承诺抵押品处理为贷方自己的财产。
抵押人赞许贷方有权全权决定连续或不连续对抵押人及有关承诺抵押品的任何或所有权利，利益及补偿。

SECTION 11 APPLICATION OF PROCEEDS OF PLEDGED COLLATERAL INEVENT OF DEFAULT

第十一条违约情形下承诺抵押品的收益运用

11.1 Application of Proceeds of Collateral Upon Sale. In theevent of a default, the Lender shall apply the proceeds of the sale of anyPledged Collateral held by the Lender at the time that the Lender chooses toexercise its rights in an event of default as follows:

申请抵押品出售的收益。
如有违约，贷方该当申请当时贷方持有的任何承诺抵押品的出售利益，如有违约则贷方选择做出如下行使权利的行为：

(i) first, if applicable, to the payment to or reimbursementof Lender for any fees and expenses for which it is entitled to be paid orreimbursed pursuant to the Loan Documents;

首先，如果根据贷款文件规定，适用于贷方有权被支付或偿还的任何用度和开销的支付或偿还

(ii) second, if applicable, to the interest compounding atthe Default Rate;

其次，如果适用于在违约日期的复利息；

(iii) third, to the payment of any accrued and unpaidinterest due under the Loan Agreement; and

第三，适用于贷款协议下的任何累积及未付的到期利息；

(iv) fourth, to such use as the Lender may elect (it beingunderstood that Lender shall have no obligation to credit such payment toprincipal except to the extent that principal is due).

第四，贷方可选择这种用场（被解读为贷方不得有责任对此成本付款进行放贷，除非成本已到期）。

This Section 11.1 does not modify or supersede the Lender’srights under Section 8 of this Pledge Agreement to sell any or all of thePledged Collateral during the term of the Loan or otherwise take actions withrespect to the Pledged Collateral nor does it require that the Lender apply theproceeds of the sale of any Pledged Collateral that may occur during the termof the Loan to reduce the Loan Principal Amount or any other Obligation.

第11.1条并不对本抵押协议中第八条内贷方在贷款期间出售任意或全部承诺抵押品或其余采纳有关承诺抵押品的行动的权利进行修正或取代，也并不哀求贷方申请在贷款期间出售任何承诺抵押品可能得到的收益，以减少贷款本金或任何其他债务。

SECTION 12 COMPLIANCE WITH SECURITIESLAWS

第十二条有价证券法律的遵守

12.1 Covenants by Pledgor. The Pledgor agrees to do or causeto be done all such other acts and things as may be necessary to make any saleor disposition of any portion or all of the Pledged Shares by the Lenderhereunder valid and binding and in compliance with any and all applicablesecurities laws and regulations, orders, writs, injunctions, decrees or awardsof any and all courts, arbitrators or governmental instrumentalities, domesticor foreign, having jurisdiction over any such sale or sales or dispositions,all at the Pledgor’s sole expense. The Pledgor further agrees that a breach ofany of the covenants contained in this Section 12 will cause irreparable injuryto the Lender, that the Lender has no adequate remedy at law in respect of suchbreach and agrees that each and every covenant contained in this Section 12shall be specifically enforceable against the Pledgor, and the Pledgor herebywaives and agrees not to assert any defenses against an action for specificperformance of such covenants, except for a defense that all of the Obligationshave been paid in full or that the Lender has released the Pledged Shares.

抵押人的条款。
抵押人赞许或接管做出因贷方据协议有效，有约束力，符合任何或所有国内外对任何此种出售或处置有法律权的法庭，仲裁人或政府机构的任何及所有可行的有价证券法律，法规，命令，法令，指令，讯断或任何出售或处置任何部分或全部抵押股份必要的其他行为或事宜，用度均由抵押人支付。
抵押人进一步赞许，如违反第十二条中所含的任何条款将对贷方造成不可挽回的丢失，由于贷方不享有法律上对此违反的足够补偿，并赞许第十二条中包含的每一条款均应对抵押人详细履行，抵押人在此放弃并赞许不对此条款详细履行的行为提出任何掩护，除非对债务完备还清行为的掩护，或者贷方发行抵押股份。

SECTION 13 MONETARY RELIEF 第十三条货币补偿

13.3 Arbitrations seeking monetary relief less than$100,000.00 in the aggregate will be held within the federal judicial districtencompassing the city where Pledgor resides or is located. Arbitrations seekingmonetary relief of $100,000.00 or more in the aggregate will be held inIndianapolis, Indiana.

寻求总额在100,000.00美元以下经济补偿的仲裁将在包括抵押人居住或所在城市的联邦法律区内举行。
寻求总额在100,000.00美元及以上经济补偿的仲裁将在印第安纳州的印第安纳波利斯（印第安纳州首府）举行。

13.4 Lender will pay up to $2,500.00 in fees charged by thearbitration administrator for Claim(s) asserted by Pledgor in the arbitration,after Pledgor has paid an amount equivalent to the fee, if any, had suchClaim(s) been filed in state or federal court (whichever is less) in thejudicial district in which Pledgor resides or is located.

贷方将向仲裁管理员支付2,500.00美元的抵押人索赔用度，在抵押人支付与用度相等的数额之后，如果有这些数额，并将这种索赔上诉到抵押人居住或所在法律区的州立或联邦法院（以较少者为准）。

13.5 THIS AGREEMENT IS FULLY BINDING IN THE EVENT THAT ACLASS ACTION OR SIMILAR LAWSUIT IS FILED IN WHICH PLEDGOR WOULD BE A CLASSREPRESENTATIVE OR MEMBER. PLEDGOR AND LENDER AGREE THAT THERE SHALL BE NO CLASSOR CONSOLIDATED ARBITRATION OF ANY CLAIM. FURTHERMORE, CLAIMS BROUGHT BY OR ONBEHALF OF OTHER PLEDGORS MAY NOT BE CONSOLIDATED WITH OR ARBITRATED IN ANYARBITRATION PROCEEDING THAT IS CONSIDERING PLEDGOR’S CLAIMS UNLESS SAID OTHERPLEDGORS ARE PARTIES TO THE SAME LOAN AGREEMENT. SIMILARLY, PLEDGOR MAY NOTJOIN WITH OTHER PLEDGORS TO BRING CLAIMS IN THE SAME ARBITRATION PROCEEDINGUNLESS ALL OF SUCH OTHER PLEDGORS ARE PARTY TO THE SAME LOAN TRANSACTION.

本协议对抵押人作为集体代表或成员的集体起诉或类似起诉完备有约束力。
抵押人和贷方赞许不得有对任何索赔进行团体仲裁或合并仲裁。
而且，其他抵押人哀求的或者代表其他抵押人的索赔不得合并入合并抵押人索赔的任何仲裁诉讼或在合并抵押人索赔的任何仲裁诉讼中得到仲裁，除非上述的其他抵押人为同一贷款协议的各方。
类似，抵押人不得参与其他抵押人在同一仲裁诉讼进行索赔，除非这些其他抵押人均为同一贷款交易的各方。

SECTION 14 MISCELLANEOUS 第十四条其他款项

14.1 No Subrogation. Notwithstanding any payment or paymentsmade by the Pledgor hereunder, the receipt of any amounts by the Lender withrespect to the Pledged Collateral or any setoff or application of funds of thePledgor by the Lender, the Pledgor shall not be entitled to be subrogated toany of the rights of the Lender.

无债权转移。
只管本协议内有的规定，只管协议中抵押人已做出任何支付或付款，贷方收据的有关承诺抵押品或贷方向抵押人提出的任何扣除或资金申请的任何数额，抵押人不得有权被转移贷方的任何权利。

14.2 No Waiver; Cumulative Remedies. No course of dealingbetween the Pledgor and the Lender, no failure on the part of the Lender toexercise, and no delay in exercising, any right, power or remedy hereundershall operate as a waiver thereof; nor shall any single or partial exercise ofany such right, power or remedy by the Lender preclude any other or furtherexercise thereof or the exercise of any other right, power or remedy. Allremedies hereunder are cumulative and not exclusive of any other remediesprovided by law, including without limitation the rights and remedies of a securedparty under the Uniform Commercial Code.

无弃权；累积补偿。
本协议中抵押人和贷方间的交易过程，贷方方面行使失落败，行使任何权利，权力或补偿的耽误均不得处理为放弃本协议；贷方的任何阻碍其他，单独或部分行使任何权利，权力或补偿或进一步辇儿使协议中的活任何其他权利，权力或补偿均不得视为放弃本协议。
所有协议内的补偿均为累积性，包括法律规定的其他任何补偿，包括统一商法规定的被包管方无限制的权利和补偿。

14.3 Addresses for Notices. All notices, requests, demands,instructions, directions and other communications provided for hereunder shallbe in writing and shall be mailed (by registered or certified mail, postageprepaid) or delivered to the applicable party at the address specified for suchparty on the first page of this Agreement or, as to any party, to such otheraddress as such party shall specify by a notice in writing to the other partyhereto. Each notice, request, demand, instruction, direction or othercommunication provided for hereunder shall be deemed delivered (i) if by mail,five business days after being deposited in the mail, addressed to theapplicable party at its address set forth above, (ii) if by hand or byovernight courier, when delivered to the applicable party at such address.

关照的地址。
本协议内供应的统统关照，要求，哀求，解释，指令及其他通信应以书面形式并被邮寄（用登记信或担保邮件，邮资预支）或邮寄到本协议第一页中此适用方的详细地址，或任何一方对付此方以书面形式关照本协议中的另一方的其他住址。
协议中供应的每份关照，要求，哀求，解释，指令及其他通信应被视为已经投递 (i) 如果用邮寄，则以按上述利用方地址投递到邮箱的五个事情日后为准，(ii) 如果人工或快递，则以寄送到利用方的上述地址为准。

14.4 Severability. Any provision of this Agreement that isprohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,be ineffective to the extent of such prohibition or unenforceability withoutinvalidating the remaining provisions hereof, and any such prohibition orunenforceability in any jurisdiction shall not invalidate or render suchprovision unenforceable in any other jurisdiction.

可分割性。
本协议内在任何法律权下被禁止或不可实行的任何条款将为无效，就其在这种法律权下的禁止和不可实行而言，不造本钱协议内剩余条款失落效。
任何法律权下引起的条款禁止和不可实行不得使这种条款在其他任何法律权下失落效或不可实行。

14.5 Further Assurances. The Pledgor agrees to do suchfurther reasonable acts and things, and to execute and deliver such additionalconveyances, assignments, agreements and instruments, as the Lender may at anytime request in connection with the administration or enforcement of thisPledge Agreement in order better to assure and confirm unto the Lender rights,powers and remedies hereunder. The Pledgor hereby consents and agrees that anyregistrar or transfer agent for any of the Pledged Collateral shall be entitledto accept the provisions hereof as conclusive evidence of the right of theLender to effect any sale or transfer notwithstanding any other notice ordirection to the contrary given by the Pledgor.

进一步担保。
抵押人赞许在贷方为更好担保，确认协议内贷方的权利，权力和补偿而在任何韶光对本协议的施事和实行提出干系哀求时进一步做出合理行为和事变，行使并投递附加的财产转让证书，转让，协议或工具。
抵押人在此附和并赞许任何承诺抵押品的任何登记员或转让登记代理人应有权接管作为贷方权利决定性证据的本协议内的条款以实行任何出售或转让，只管抵押人另作其他任何关照或指示。

14.6 Binding Agreement; Assignment. This Agreement shall bebinding upon and inure to the benefit of the parties hereto and their respectivesuccessors and assigns, except that the Pledgor may not and shall not assignthis Agreement or any interest herein or in the Pledged Collateral or any partthereof, or otherwise pledge, encumber or grant any option with respect to thePledged Collateral or any part thereof, without the prior written consent ofthe Lender. The Lender may assign this Agreement and its rights and remedieshereunder in whole or in part to any assignee of the Obligations or any portionthereof.

具约束力的协议；转让。
本协议应对协议中各方利益及各自的继续人及受让人构成约束和保障，除非抵押人不转让本协议或者协议中或承诺抵押品或其任何一部分的任何利益，或者在贷方做出书面赞许之前其余担保，产权包袱或付与与承诺抵押品干系的或其任何部分的任何选择。
贷方可以签署这项协议，则协议下的权利及补偿全部或部分归债务的任何受让人或其任何部分。

14.7 Governing Law. This Agreement shall be governed by, andshall be construed in accordance with, the laws of the State of Indiana withoutreference to its principles of Conflicts of Law.

适用法律。
本协议的统领和解读应根据印第安纳州法律，不需引用法律抵触法则。

14.8 Consent to Jurisdiction: Venue; Jury Trial Waiver.Subject to Section 14 of this Agreement, Pledgor hereby consents to thejurisdiction of all the courts of the State of Indiana, including FederalCourts, for the purpose of any suit, action or other proceeding arising out ofany of Pledgor’s obligations under or with respect to this Agreement, andexpressly waives any and all objections Pledgor may have as to venue in any ofsuch courts. In addition, Pledgor consents to the service of process by UnitedStates certified or registered mail, return receipt request, addressed toPledgor at the address provided herein. Pledgor also, to the extent permittedby law, waives trial by jury in any action brought on or with respect to thisAgreement and agrees that in the event this Agreement shall be successfullyenforced by suit or otherwise, Pledgor will reimburse the holder or holders ofthe Obligations, upon demand, for all reasonable expenses incurred inconnection therewith, including, without limitation, reasonable attorneys’ feesand expenses.

赞许法律权：审判地；放弃陪审团审判。
受制于本协议的第十四条，对协议内及协议干系的任何抵押人债务引起的任何诉讼，行为或其他诉讼，抵押人在此赞许印第安纳州所有法庭的法律权，包括联邦法院，明确放弃任何及所有抵押人享有的任意法庭审判地方面的责任。
此外，抵押人赞许以美国登记信，回执哀求的办法将法律程序文件送达到本协议中供应的抵押人住址处。
抵押人还在法律许可范围内，放弃对本协议引起及与之干系的任何行为的陪审团审判，并赞许如本协议的诉讼或其他成功实行，抵押人将在所有与协议干系的合理开销方面的哀求下，包括无限制的合理的状师用度和开销，偿还债务的一方或多方持有者。

14.9 Amendments. No provision of this Agreement may beamended, waived or modified, and (unless otherwise provided herein) no item ofPledged Collateral may be released, except in a writing signed by the Pledgorand the Lender.

改动。
本协议内条款不得被修订，放弃或修正，（除非在本协议内另作规定）承诺抵押品任何款项不得让与，除非有抵押人和贷方签署的书面协议。

14.10 Expenses. The Pledgor hereby agrees to reimburse theLender for the enforcement of the Lender’s rights under this Agreement, thesale of the Pledged Collateral or any part thereof and the collection ofpayments due under or in respect of the Pledged Collateral and all amounts dueunder this Agreement.

用度。
抵押人在此赞许为行使本协议下贷方的权利而偿还贷方，本协议内承诺抵押品或其任何部分的出售以及承诺抵押品下应支付或与之有关及本协议内所有搪塞金额的收取。

14.11 Waiver of Notice of Acceptance. The Pledgor herebywaives notice of the making of any Loan or the issuance of the Note and noticefrom the Lender of its acceptance of and reliance upon this Agreement.

承诺关照的放弃。
抵押人在此放弃贷方指定任何贷款的关照，或接管及依赖本协议的便条或关照的发布。

14.12 Execution in Counterparts. This Agreement may beexecuted in any number of counterparts and by different parties on separatecounterparts, all of which when taken together shall constitute but one and thesame agreement.

副本的实行。
本协议任何数量的副本及单独副本的各方都可实行，所有放在一起应构成唯一一个相同协议。

14.13 Translations of Agreement. In the event that thisAgreement is translated into a language other than English, such translation isintended to assist the Borrower in understanding the terms and conditions ofthis Agreement and is not intended, and shall not comprise, an enforceableAgreement. To the extent that any conflict exists between a translation of thisAgreement and the English language version of this Agreement, the Englishlanguage version shall prevail and be conclusive. All notices, communicationsor documents exchanged under this Agreement or delivered under it shall be inthe English language or accompanied by an English translation of it.

协议的翻译。
如果本协议被翻译成除英语外的其他语种，此种翻译旨在帮忙借款人理解本协议的条款和条件，而不打算，也不得构成可实行协议。
如果对本协议的翻译与本协议的英文版本之间存在任何抵牾，则以英文版本为准，以之为决定。
所有本协议内交流或根据协议递送的关照，通信或文件运用英文书写或伴有英文的翻译。

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