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EXECUTION COPY
签署版
PURCHASE AND SALE AGREEMENT
《收购与出售协议》
by and among
签订方：
RIDER UNIVERSITY
瑞德大学
AND
与
BEIJING WENHUAXUEXIN
EDUCATION INVESTMENT LIMITED COMPANY
北京文华学信教育投资有限公司
PRINCETON WESTMINSTER INTERNATIONAL, LLC
普林斯顿威斯敏斯特国际有限责任公司
WESTMINSTER CHOIR COLLEGE ACQUISITION CORPORATION, A NEW JERSEY
NON-PROFIT CORPORATION
威斯敏斯特合唱学院公司，一家位于新泽西州的非营利性公司
dated as of June _____, 2018
签订日期：2018 年 6 月_____日
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TABLE OF CONTENTS
目录
Page
页次
ARTICLE 1 Definitions .................................................................................................................. 2
第 1条 定义 .................................................................................................................................... 2
Section 1.1. Defined Terms ............................................................................................ 2
第1.1节 定义术语............................................................................................................. 2
Section 1.2. Construction of Certain Terms and Phrases .............................................. 13
第1.2.节 特定术语和词组的解释........................................................................... 13
ARTICLE 2 Purchase and Sale of the Business ........................................................................... 14
第 2条 企业的收购与出售 .......................................................................................................... 14
Section 2.1. Purchase and Sale of the Business ............................................................ 14
第 2.1.节 企业的收购与出售................................................................................... 14
Section 2.2. Retained Assets ......................................................................................... 16
第2.2.节 保留资产................................................................................................... 16
Section 2.3. Endowment Transfer ................................................................................. 18
第2.3.节 捐赠的转让............................................................................................... 18
Section 2.4. Assumption of Assumed Liabilities .......................................................... 19
第2.4.节 盘入负债的承担....................................................................................... 19
ARTICLE 3 Purchase Price and Payment .................................................................................... 20
第3条 收购价格和支付................................................................................................................ 20
Section 3.1. Purchase Price at the Closing .................................................................... 20
第3.1.节 交割时的收购价格................................................................................... 20
Section 3.2. Investment Commitment ........................................................................... 21
第3.2.节 投资承诺................................................................................................... 21
Section 3.3. Payment of Operating Support.................................................................. 21
第3.3.节 营运扶助款的支付................................................................................... 21
Section 3.4. Enrollment Adjustment ............................................................................. 21
第3.4.节 注册调整................................................................................................... 21
Section 3.5. Tuition Adjustments.................................................................................. 23
第3.5.节 学费调整................................................................................................... 24
Section 3.6. Endowment Adjustment............................................................................ 24
第3.6.节 捐赠调整................................................................................................... 25
Section 3.7. Other Adjustments .................................................................................... 25
第3.7.节 其他调整................................................................................................... 25
ARTICLE 4 Closing ..................................................................................................................... 25
第 4条 交割 .................................................................................................................................. 25
Section 4.1. Time and Place of Transfer ....................................................................... 25
第4.1.节 转让时间和地点....................................................................................... 26
Section 4.2. Conditions of Closing ............................................................................... 26
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第4.2.节 交割条件................................................................................................... 26
Section 4.3. Buyer Parties’ Conditions of Closing ....................................................... 27
第4.3.节 买方交割条件........................................................................................... 28
Section 4.4. Extension Periods...................................................................................... 30
第4.4.节 延长期限................................................................................................... 31
Section 4.5. Deliveries at Closing ................................................................................. 34
第4.5.节 交割时的交接........................................................................................... 34
Section 4.6. Post-Closing Purchase Price Release ........................................................ 39
第4.6.节 交割后收购价款的释放........................................................................... 39
ARTICLE 5 Representations and Warranties of Seller ................................................................ 40
第5条 卖方陈述与担保................................................................................................................ 40
Section 5.1. Organization .............................................................................................. 40
第5.1.节 组织........................................................................................................... 40
Section 5.2. Authority of Seller .................................................................................... 40
第5.2.节 卖方权限................................................................................................... 41
Section 5.3. Consents and Approvals ........................................................................... 41
第5.3.节 许可与批准............................................................................................... 41
Section 5.4. Non-Contravention ................................................................................... 41
第5.4.节 不抵触....................................................................................................... 42
Section 5.5. Financial Statements; Absence of Certain Changes, Events and
Conditions ............................................................................................... 42
第5.5.节 财务报表；不存在特定变更、事件和条件........................................... 42
Section 5.6. Taxes ......................................................................................................... 44
第5.6.节 税务........................................................................................................... 44
Section 5.7. Certain Contracts ...................................................................................... 45
第5.7.节 特殊合同................................................................................................... 45
Section 5.8. Title to and Condition of Assets ............................................................... 45
第5.8.节 资产所有权和状况................................................................................... 45
Section 5.9. Environmental Matters.............................................................................. 48
第5.9.节 环境问题................................................................................................... 48
Section 5.10. Litigation ................................................................................................... 49
第5.10.节 诉讼........................................................................................................... 49
Section 5.11. Compliance with Laws ............................................................................. 49
第5.11.节 遵守法律................................................................................................... 49
Section 5.12. Students ..................................................................................................... 50
第5.12.节 学生........................................................................................................... 50
Section 5.13. Undisclosed Liabilities.............................................................................. 50
第5.13.节 未披露负债............................................................................................... 50
Section 5.14. Insurance ................................................................................................... 51
第5.14.节 保险........................................................................................................... 51
ARTICLE 6 Representations and Warranties of Buyer ................................................................ 51
第6条 买方陈述与担保................................................................................................................ 51
Section 6.1. Corporate Organization ............................................................................. 51
第6.1.节 企业组织。............................................................................................... 51
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Section 6.2. Authority of Buyer and Affiliates ............................................................. 52
第6.2.节 买方及其关联方权限............................................................................... 52
Section 6.3. Non-Contravention ................................................................................... 52
第6.3.节 不抵触....................................................................................................... 52
Section 6.4. Litigation ................................................................................................... 53
第 6.4.节 诉讼........................................................................................................... 53
ARTICLE 7 Covenants and Agreements of the Parties................................................................ 53
第7条 各方承诺和约定................................................................................................................ 53
Section 7.1. Operations of the Business Prior to Closing ............................................. 53
第 7.1.节 交割前企业运营....................................................................................... 53
Section 7.2. Lease of Campus Buildings ...................................................................... 53
第7.2.节 校园建筑物的租赁................................................................................... 54
Section 7.3. Intellectual Property License .................................................................... 54
第7.3.节 知识产权许可........................................................................................... 54
Section 7.4. Title ........................................................................................................... 54
第7.4.节 产权........................................................................................................... 54
Section 7.5. Employment Matters ................................................................................. 55
第7.5.节 雇佣事宜................................................................................................... 55
Section 7.6. Governmental Approvals/Accreditation ................................................... 58
第7.6.节 政府批准/认证 ......................................................................................... 58
Section 7.7. Reasonable Best Efforts ............................................................................ 59
第7.7.节 合理最大努力........................................................................................... 59
Section 7.8. Required Consents .................................................................................... 59
第7.8.节 必要许可................................................................................................... 60
Section 7.9. Cooperation ............................................................................................... 60
第7.9.节 合作........................................................................................................... 60
Section 7.10. Confidentiality; Public Announcements; Meetings .................................. 60
第7.10.节 保密条款；公告；会议........................................................................... 61
Section 7.11. Collection of Accounts Receivable ........................................................... 62
第 7.11.节 应收账款的回收....................................................................................... 62
Section 7.12. Tax Matters ............................................................................................... 62
第7.12.节 税务事宜................................................................................................... 62
Section 7.13. Continue Operations ................................................................................. 62
第7.13.节 持续运营................................................................................................... 62
Section 7.14. Continuation of WCC Programs ............................................................... 63
第7.14.节 WCC课程的延续 ..................................................................................... 63
Section 7.15. Limitations on Restrictions ....................................................................... 63
第 7.15.节 限制条件的限制....................................................................................... 63
Section 7.16. Continuation of Student Aid ..................................................................... 63
第7.16.节 助学金的延续........................................................................................... 63
Section 7.17. Future Collaboration ................................................................................. 63
第7.17.节 未来合作................................................................................................... 64
Section 7.18. Transitional Services ................................................................................. 64
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第7.18.节 过渡服务................................................................................................... 64
Section 7.19. Transition Plan/Shared Services ............................................................... 64
第7.19.节 过渡计划/共享服务 ................................................................................. 64
Section 7.20. Restrictive Covenants ............................................................................... 64
第7.20.节 限制性条款............................................................................................... 64
Section 7.21. Non-Compete ............................................................................................ 65
第7.21.节 竞业禁止................................................................................................... 65
Section 7.22. Non-Solicitation of Employees ................................................................. 65
第7.22.节 不招揽员工............................................................................................... 65
Section 7.23. Use of Intellectual Property ...................................................................... 65
第7.23.节 知识产权的使用....................................................................................... 66
Section 7.24. Financial Statements ................................................................................. 66
第7.24.节 财务报表................................................................................................... 66
Section 7.25. Diploma for PRC Students........................................................................ 66
第7.25.节 中国学生文凭........................................................................................... 66
Section 7.26. Brokers ...................................................................................................... 66
第 7.26.节 经纪人....................................................................................................... 66
Section 7.27. Exclusivity ................................................................................................ 66
第 7.27.节 排他性....................................................................................................... 67
Section 7.28. Further Assurances.................................................................................... 67
第7.28.节 进一步保证............................................................................................... 67
ARTICLE 8 Indemnification ........................................................................................................ 68
第8条 赔偿.................................................................................................................................... 68
Section 8.1. Survival of Representations, Warranties, Etc. .......................................... 68
第8.1.节 陈述与担保等条款的存续....................................................................... 68
Section 8.2. Indemnification Procedure ........................................................................ 71
第8.2.节 赔偿程序................................................................................................... 71
Section 8.3. Direct Claims ............................................................................................ 73
第8.3.节 直接索赔................................................................................................... 74
Section 8.4. Limitations on Indemnities ....................................................................... 74
第8.4.节 赔偿金的限制........................................................................................... 74
ARTICLE 9 Miscellaneous........................................................................................................... 75
第 9条 其他条款 .......................................................................................................................... 75
Section 9.1. Notices ...................................................................................................... 75
第9.1.节 通知........................................................................................................... 75
Section 9.2. Expenses ................................................................................................... 78
第9.2.节 费用........................................................................................................... 78
Section 9.3. Entire Agreement ...................................................................................... 78
第9.3.节 完整协议................................................................................................... 78
Section 9.4. Waiver ....................................................................................................... 78
第9.4.节 弃权........................................................................................................... 78
Section 9.5. Amendment ............................................................................................... 79
第9.5.节 修订........................................................................................................... 79
Section 9.6. Third Party Beneficiaries .......................................................................... 79
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第9.6.节 第三方受益人........................................................................................... 79
Section 9.7. Assignment; Binding Effect ...................................................................... 79
第9.7.节 转让；约束力........................................................................................... 79
Section 9.8. Headings ................................................................................................... 79
第9.8.节 标题........................................................................................................... 80
Section 9.9. Severability ............................................................................................... 80
第9.9.节 可分割性................................................................................................... 80
Section 9.10. Breach; Remedies ..................................................................................... 80
第9.10.节 违反；补救措施....................................................................................... 80
Section 9.11. Seller Disclosure Schedule ....................................................................... 82
第9.11.节 卖方披露附表........................................................................................... 82
Section 9.12. Updates ..................................................................................................... 82
第9.12.节 更新........................................................................................................... 82
Section 9.13. Update Not a Cure .................................................................................... 83
第9.13.节 更新并非补救........................................................................................... 83
Section 9.14. Governing Law ......................................................................................... 83
第9.14.节 适用法律................................................................................................... 83
Section 9.15. Consent to Jurisdiction and Forum Selection ........................................... 83
第9.15.节 对管辖权和管辖法院的同意................................................................... 84
Section 9.16. Languages ................................................................................................. 84
第9.16.节 语言........................................................................................................... 84
Section 9.17. Waiver of Jury Trial .................................................................................. 84
第9.17.节 放弃陪审团审理....................................................................................... 85
Section 9.18. Expenses ................................................................................................... 85
第9.18.节 费用........................................................................................................... 85
Section 9.19. Counterparts .............................................................................................. 85
第9.19.节 副本........................................................................................................... 85
EXHIBITS AND SCHEDULES
附件和附表
Exhibits
附件
Exhibit A – Campus Description
附件 A – 校园描述
Exhibit B – Bill of Sale
附件 B – 卖契
Exhibit C – Assignment and Assumption Agreement
附件 C – 转让和承担协议
Exhibit D – Escrow Agreement
附件 D – 托管协议
Exhibit E – Calculation of WCC Operating Support
附件 E – WCC 运营资助款的计算
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General Schedules
一般附表
Seller Disclosure Schedule
卖方披露附表
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PURCHASE AND SALE AGREEMENT
收购与出售协议
This Purchase and Sale Agreement (this “Agreement”) is made and entered into this ____
day of June 2018, (the “Effective Date”) by and among Beijing Wenhuaxuexin Education
Investment Limited Company, a company organized in the People’s Republic of China (the
“Parent”), Princeton Westminster International, LLC, a New Jersey for profit limited liability
company (the “Buyer”), Westminster Choir College Acquisition Corporation, a New Jersey non-
profit corporation (the “NFP Entity”), and Rider University, a New Jersey non-profit corporation
(the “Seller”). (Buyer and the NFP Entity, along with the Campus Holding Entity, are collectively
referred to herein as the “Buyer Parties”).
本收购与出售协议（以下简称“本协议”）由以下各方于 2018 年 6 月 日（以下简称
“生效日期”）签订：北京文华学信教育投资有限公司，一家在中华人民共和国组建的公
司（以下简称“母公司”）；普林斯顿威斯敏斯特国际有限责任公司，一家位于新泽西州
的营利性有限公司（以下简称“买方”）；威斯敏斯特合唱学院公司，一家位于新泽西州
的非营利性公司（以下简称“NFP实体”）以及瑞德大学，一家位于新泽西州的非营利性
组织（以下简称“卖方”）。（买方与 NFP 实体以及校园控股实体以下合称“买方”）。
RECITALS
引言
WHEREAS, Seller is the owner of Westminster Choir College (“WCC”), a division of the
Seller engaged in the business (the “WCC Business”) of undergraduate and graduate education
and degree programs (the “WCC Programs”) in choral conducting, music, music composition,
music education, musicology, music theory, organ, piano, sacred music, voice and voice pedagogy,
along with the Westminster Conservatory of Music (“WCM”), a division engaged in community
music instruction, and Westminster Continuing Education (“WCE”), a division engaged in the
business of non-degree music education (collectively with the WCC Business, the “Business”)
(collectively, WCM, WCE and WCC referred to herein as the “College”); and
鉴于，卖方拥有以下学院：威斯敏斯特合唱学院公司（以下简称
“WCC”），专门开展合唱指挥、音乐、音乐创作、音乐教育、音乐学、音乐理论、风
琴、钢琴、宗教音乐、声乐和声乐教学的本科和研究生教育和学位课程（“WCC 课
程”）；威斯敏斯特音乐学院（以下简称“WCM”），开展社区音乐课指导；威斯敏斯
特继续教育学院（以下简称“WCE”），开展非学位音乐教育（与 WCC 企业合称“企
业”，WCM、WCE 和 WCC 在本协议中合称“学院”）；以及
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WHEREAS, subject to the terms and conditions of this Agreement, Seller desires to sell to
the Buyer Parties and Buyer Parties desire to purchase from Seller all of the Business, including
all tangible and intangible assets and goodwill associated with the Business other than Retained
Assets and assume certain Assumed Liabilities;
鉴于，根据本协议条款和条件，卖方欲向买方出售而买方欲向卖方购买该企业，包括
该企业相关的一切有形和无形资产以及商誉（保留资产除外），同时承担一定的盘入负债；
WHEREAS, subject to the terms and conditions of this Agreement, the NFP Entity shall own
and operate the WCC Business and operate the WCC Programs and Seller intends to transfer the
Endowment to the NFP Entity and the Buyer intends to own and operate WCM and WCE; and
鉴于，根据本协议条款和条件，NFP 实体将拥有和运营 WCC 企业和 WCC 课程，同
时卖方欲将捐赠转让给 NFP 实体，而买方欲拥有和运营 WCM 和 WCE；以及
WHEREAS, the Buyer Parties intend that the Campus shall be owned by a newly formed
Affiliate of Buyer (the “Campus Holding Entity”), which shall become a party to this Agreement
prior to Closing by joinder, once it is formed.
鉴于，卖方拟将校园交由新组建的买方关联方（以下简称“校园控股实体”）持有，
一经组建，该关联方将在交割之前共同成为本协议的一方。
AGREEMENT
约定
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
promises contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, the Parties agree as follows:
因此，鉴于本协议所载的前提条件以及共同约定和承诺，同时基于其他业已足额收讫
的有效对价，现本协议各方达成一致并立约如下：
ARTICLE 1
Definitions
第 1 条
定义
Section 1.1. Defined Terms. As used in this Agreement, the following defined terms
have the meanings described below:
第 1.1 节 定义术语。在本协议中，以下定义术语具有下列含义：
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1.1.1. “Accounts Receivable” means all tuition, room charges or food service/board due
from students, or third parties; trade accounts and other miscellaneous receivables of the Business,
including those that are not evidenced by instruments or invoices.
1.1.1. “应收账款”是指应从学生或第三方收取的一切学费、住宿费或餐饮服务/
膳食费；该企业的贸易账款和其他杂项应收款，包括无票据或发票证明的款项。
1.1.2. “Acquired Students” means those students of the College existing as of the Closing
Date, which continue to remain as students of the College after the Closing Date.
1.1.2. “已获得学生”是指交割日之前已有的学院学生，交割日后将继续作为该学
院的学生。
1.1.3. “Action” means any action, claim, suit, proceeding, arbitration, Order, inquiry,
hearing or assessment, whether civil, criminal, administrative, investigative or informal,
commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental
Authority.
1.1.3. “法律行动”是指由或在任何政府主管机关的启动、提起、展开或听证的或
以其他形式牵涉任何政府主管机关的任何民事、刑事、行政、调查或非正式行动、索赔、
诉讼、法律程序、仲裁、命令、质询、听证或评估。
1.1.4. “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls, is controlled by or is under common
Control with such Person.
1.1.4. “关联方”是指就任何个人而言，该个人直接或通过一个或多个中间方间接
控制、受控或处于共同控制下的另一个人。
1.1.5. “Approvals” means all third party approvals listed in Schedule 1.1.5 which are
stated in this Agreement to be conditions of Closing (subject to the receipt of the Remaining
Approvals), including such approvals which are from Governmental Authorities and third parties
unrelated to any Party.
1.1.5. “批准”是指本协议述明作为交割条件的、附表 1.1.5 内列明的所有第三方
批准（以获得余下批准为准），包括与本协议任何一方无关但须从政府机关和第三方获得
的批准。
1.1.6. “Assets” of any Person means all assets, whether real, personal or mixed, tangible
or intangible, absolute, accrued, contingent, fixed or otherwise, and wherever situated, including
the goodwill related thereto, owned, assigned to or leased by such Person.
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1.1.6. 任何个人的“资产”是指该个人拥有、受让或租赁的一切资产，包括实物、
私人或混合资产，有形或无形资产，绝对、应计、或有、固定或其他资产，无论资产位于
何处，包括相关商誉。
1.1.7. “Assumed Contracts” means those Material Contracts which are exclusive to WCC,
WCM and WCE, or the operation of the Campus, to be assumed by the various Buyer Parties, and
which are specifically identified in Schedule 1.1.7 attached hereto, which shall be updated as of
Closing with any changes to the Material Contracts resulting from the graduation or withdrawal
of students and any new Material Contracts related to financial aid provided to newly admitted
students.
1.1.7. “盘入合约”是指将由各买方承担责任的、专属于 WCC、WCM 和 WCE 或
涉及校园运营的重大合约，详见本协议附件 1.1.7，交割日之前将予以更新，更新内容涉
及学生毕业或退学造成的任何重大合约变动以及资助新入学学生相关的任何新重大合约变
动。
1.1.8. “Assumed Liabilities” means the specifically identified leases, contracts, endowed
scholarships and grants, tuition discounts and performance of any obligations thereunder, from
and after the Closing, as set forth in Schedule 1.1.8, (to be updated on the Closing Date with
liabilities related to the Assumed Contracts), including any obligations of Seller to conduct the
Business and any liability for payments for such Assumed Liabilities arising in the ordinary course
of business consistent with past practice, which are not delinquent and are due after the Closing.
1.1.8. “盘入负债”是指交割日起及之后的经确认租赁、合约、奖学金和助学金、
学费折扣和任何债务的履行，详见附件 1.1.8（于交割日针对盘入合约相关的负债进行更
新），包括卖方开展业务的任何义务以及支付此类盘入负债的任何责任，该等义务和责任
在正常业务过程中产生，与过去惯例一致，且在交割日后到期但未被拖欠。
1.1.9. “Campus” means the land and all improvements, and rights therein located at 101
Walnut Lane, Princeton, Mercer County, New Jersey, consisting of approximately 23 acres,
consisting of the current WCC main campus property designated as Block 7301, Lot 1 and Block
31.01, Lot 105 on the Tax Map of the Municipality of Princeton and as more particularly described
in Exhibit A.
1.1.9. “校园”是指位于 101 Walnut Lane, Princeton, Mercer County, New Jersey 的
土地及其所有改良物和权利，土地面积约为 23英亩，包括目前 WCC主校园房产，在普林
斯顿市税务地图上标为 1 号地块 7301 街区和 105 号地块 31.01 街区，更多细节详见附件
A。
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1.1.10. “Code” means the Internal Revenue Code of 1986 and the rules and regulations
promulgated thereunder, as amended and supplemented from time to time.
1.1.10. “法典”是指经不时修订和补充的 1986 年美国国内税收法，以及按照该法
颁布的规则和条例。
1.1.11. “Contract” means any and all legally binding commitments, contracts, purchase
orders, leases, instruments, undertakings, or other agreements, whether written or oral.
1.1.11. “合约”是指任何和所有具有法律约束力的书面或口头承诺、合约、采购订
单、租赁、文书、保证或其他协议。
1.1.12. “Control” with correlative meanings, the terms “controlled by” and “under
common control with” means the power to direct or cause the direction of the management or
policies of a Person, whether through the ownership of more than 50% of voting securities, by
contract, resolution, regulation, control of appointment of the initial board of directors or
otherwise.
1.1.12. “控制”（包括 “受控于”及“处于共同控制下”等相关含义）是指拥有
指挥或引导一个人的管理或政策的权力，控制方式包括持有百分之五十（50%）及以上有
表决权的证券，或通过合约、决议、规定、控制首届董事会任命或其他方式。
1.1.13. “Copyrights” means registered copyrights, copyright applications, mask works and
unregistered copyrights.
1.1.13. “版权”是指已登记版权、版权申请、掩膜作品和未登记版权。
1.1.14. “Deposit Escrow Account” means the account established and maintained by the
Escrow Agent pursuant to the Deposit Escrow Agreement.
1.1.14. “押金托管账户”是指托管代理人按照《押金托管协议》设立和维持的账户。
1.1.15. “Deposit Escrow Agreement” means the Deposit Escrow Agreement, in the form
of Exhibit D, to be executed and delivered by the Escrow Agent, Seller and Buyer at the Closing,
as amended by such changes as may be mutually agreed by Seller and Buyer.
1.1.15. “《押金托管协议》”是指格式为附件D由托管代理人、卖方和买方在交割
时签订的《押金托管协议》，经买卖双方一致同意后可修订该协议。
1.1.16. “Environmental Laws” means all applicable foreign, federal, state, and local laws,
all rules or regulations promulgated thereunder, and all orders, consent orders, judgments, or
permits issued, promulgated or entered pursuant thereto, relating to pollution or protection of the
environment (including ambient air, surface water, groundwater, land, or surface or subsurface
strata) including Laws relating to emissions, discharges, releases or threatened releases of
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pollutants, contaminants, chemicals, petroleum, or industrial, toxic or Hazardous Substances or
wastes into the environment and Laws relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of any of the foregoing including the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et.
seq. (CERCLA), the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et. seq., and the
rules and regulations promulgated under any of the foregoing, all as amended and supplemented
from time to time, and together with any successors thereto.
1.1.16. “环境法”是指与环境（包括大气、地表水、地下水、土地或地表或地下岩
层）污染或保护相关的一切适用外国、联邦、州和地方法律，根据相关法律颁布的一切规
则或条例，以及按照相关法律签发、颁布或达成一切命令、同意令、判决或许可证，包括
涉及污染物、化学品、石油或工业有毒有害物质或废物向环境的排放、倾倒、释放或潜在
释放的法律，以及涉及上述任何物质的制造、加工、分发、适用、处理、储藏、处置、运
输或装卸的法律，包括《综合环境反应、赔偿和责任法》（美国法律第 42 章第 9601 节等，
简称 CERCLA）、《资源保护和恢复法》（美国法律第 42章第 6901 节等）以及按照前述
任何法律颁布的规则和条例，以上所有法律均包括经不时修订和补充的版本以及其任何接
替法律。
1.1.17. “Escrow Accounts” means (i) the Deposit Escrow Account, (ii) the Purchase Price
Escrow Account (iii) the Indemnification Escrow Account and (iv) the Endowment Escrow
Account.
1.1.17. “托管账户”是指：(i)押金托管账户；(ii)收购价款托管账户；(iii)赔偿金托
管账户以及(iv)养老金托管账户。
1.1.18. “Escrow Agent” means Peapack Gladstone Bank, or such other escrow agent that
is mutually designated by Seller and Buyer between the date of this Agreement and Closing.
1.1.18. “托管代理人”是指 Peapack Gladstone Bank，或者买卖双方在本协议日期
至交割日期间共同指定的此类其他托管代理人。
1.1.19. “Final Closing Date” shall have the meaning set forth in Section 4.6.1.
1.1.19. “最终交割日”应具有第 4.6.1.节规定的含义。
1.1.20. “Financial Statements” means the carve out financial statements of each of WCC,
WCM and WCE, (following the methodology previously used by Seller and previously provided
to Buyer, on a consistent basis), and the consolidated financial statements of Rider University as
of and for each fiscal years ending June 30, 2015, June 30, 2016 and June 30, 2017.
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1.1.20. “财务报表”是指截至 2015 年 6 月 30 日、2016 年 6 月 30 日和 2017 年 6 月
30 日止及各财政年度内，WCC、WCM 和 WCE 的各自分拆财务报表（在一致的基础上，
遵照卖方之前采用并向买方提供的方法），以及瑞德大学的合并财务报表。
1.1.21. “First Extension Period” shall have the meaning set forth in Section 4.4.
1.1.21. “首次延长期限”应具有第 4.4.节规定的含义。
1.1.22. “Governmental Authority” means any court, tribunal, arbitrator, authority, agency,
attorney general, commission, official or instrumentality of the United States or any state, county,
municipality, city or other political subdivision.
1.1.22. “政府机关”是指美国或任何州、县、直辖市、市或其他政治分区的任何法
院、特别法庭、仲裁庭、当局、机构、总检察长、委员会、官员或政府机构。
1.1.23. “Hazardous Substances” means all explosive or regulated radioactive materials or
substances, hazardous or toxic substances, reactive, corrosive, carcinogenic, flammable or
hazardous pollutant or other substance, hazardous wastes or chemicals, petroleum or petroleum
distillates, natural gas or synthetic gas, asbestos or asbestos containing materials and all other
materials or chemicals regulated pursuant to any Environmental Laws, including those materials
defined as “hazardous substances,” “pollutants,” “contaminants,” “petroleum” or “natural gas
liquids” as those terms are defined or used in Section 101 of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, special nuclear or by-product
material, as defined by the Atomic Energy Act of 1954, 42 U.S.C.A. §3011 et seq. and the rules
and regulations promulgated thereunder.
1.1.23. “有害物质”是指所有爆炸性或受监管放射性材料或物质，有害有毒物质，
活性、腐蚀性、致癌性、易燃或有害污染物或其他物质，有害废物或化学品，石油或石油
馏出物，天然气或合成气，石棉或含有按照任何环境法进行监管的材料和所有其他材料或
化学品的石棉，包括那些被定义为“有害物质”、“污染物质”、“污染物”、“石油”
或“天然气凝液”的材料，这些术语定义或用法详见经修订的《1980 年综合环境反应、
赔偿和责任法》第 101 节，同时还包括特殊核或副产物材料，定义详见《原子能法》（美
国法律第 42 章第 3011 节）以及按照该法颁布的规则和条例。
1.1.24. “Intellectual Property” means, to the extent owned by Seller and used substantially
in the Business, (i) all inventions (whether patentable or unpatentable and whether or not reduced
to practice), all improvements thereto, and all patents; (ii) all Trademarks, fictitious names, brand
names, brand marks, and corporate names, together with all translations, adaptations, derivations,
and combinations thereof, and all applications, registrations, and renewals in connection therewith;
(iii) all copyrightable works, all Copyrights, and all applications, registrations, and renewals in
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connection therewith; (iv) all mask works and all applications, registrations, and renewals in
connection therewith; (v) all trade secrets and confidential business information (including ideas,
research and development, know how, formulas, compositions, manufacturing and production
processes and techniques, technical data, designs, drawings, specifications, customer and supplier
lists, pricing and cost information, and business and marketing plans and proposals); (vi) all other
proprietary rights; (vii) all copies and tangible embodiments of any of the foregoing (in whatever
form of medium); (viii) any and all rights to sue for Actions and remedies against past, present and
future infringement, dilution or misappropriations of any or all of the foregoing, and rights for
priority and protection of interests therein under the Laws of any jurisdiction; and (ix) goodwill
associated with any of the foregoing. Intellectual Property shall not include any intellectual
property personally owned by a member of the faculty or staff of Seller.
1.1.24. “知识产权”是指，在卖方拥有并主要用于该业务的范围内，（i）所有发
明（无论是否能够申请专利，亦无论是否可以付诸实践）、所有改善措施和所有专利；
（ii）所有商标、假名、品牌名称、品牌标志和企业名称，以及其所有翻译、改编、衍生
和结合版，和与之相关的所有申请、登记和续期；（iii）所有受版权保护的作品、所有版
权以及与之相关的所有申请、登记和续期；（iv）所有掩膜作品以及与之相关的所有申请、
登记和续期；（v）所有商业秘密和保密信息（包括创意、研发、技术诀窍、技术数据、
设计、图纸、说明书、客户与供应商名单、定价和成本信息以及商业和市场营销计划与提
案）；（vi）所有其他专属权利；（vii）以上各项的所有副本和有形载体（无论以何种媒
介形式）；（viii）针对以上各项的过去、当前和未来侵权、稀释或滥用而提起诉讼和要
求补救办法的任何和所有权利，以及根据任何管辖地法律提出利益优先权和保护的权利；
以及（ix）与以上各项相关的商誉。知识产权并不包括卖方教职员个人拥有的任何知识产
权。
1.1.25. “Indemnification Escrow Account” means the account established and maintained
by the Escrow Agent pursuant to the Indemnification Escrow Agreement.
1.1.25. “赔偿金托管账户”是指托管代理人按照《赔偿金托管协议》设立和维持的
账户。
1.1.26. “Indemnification Escrow Agreement” means the Indemnification Escrow
Agreement, in the form of Exhibit D, to be executed and delivered by the Escrow Agent, Seller
and Buyer at the Closing, as amended by such changes as may be mutually agreed by Seller and
Buyer.
1.1.26. “《赔偿金托管协议》”是指格式为附件D由托管代理人、卖方和买方在交
割时签订和交付的《赔偿金托管协议》，经买卖双方一致同意后可修订该协议。
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1.1.27. “Knowledge of the Seller” (and any derivation thereof, whether or not capitalized)
means the actual knowledge of Gregory G. Dell’Omo, Drew Aromando, Julie Karns, Michael
Reca, Mark Solomon, and Robert Stoto.
1.1.27. “据卖方所知”（以及其任何衍生，无论是否资本化）是指 Gregory G.
Dell’Omo、 Drew Aromando、 Julie Karns、 Michael Reca、 Mark Solomon 与 Robert Stoto
实际知晓的信息。
1.1.28. “Law” means any law, statute, treaty or ordinance, or any rule, regulation, Order,
published guidelines or administrative pronouncement or judicial or administrative decision
promulgated by any Governmental Authority.
1.1.28. “法律”是指任何法律、法令、条约或条例，或由任何政府机关颁布的任何
规则、条例、命令，发布的指导方针或行政公告，或司法或行政决定。
1.1.29. “Liability” or “Liabilities” means, without limitation, any direct or indirect liability,
indebtedness, guaranty, endorsement, Action, loss, damage, deficiency, cost, expense, obligation
or responsibility, whether known or unknown, secured or unsecured, asserted or unasserted,
absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and due or to become
due, including any liability for Taxes.
1.1.29. “负债”是指，包括但不仅限于任何直接或间接负债、债务、担保物、担保、
法律行动、损失、损害赔偿、金额不足、成本、花费、义务或责任，无论是已知还是未知、
担保还是未担保、确定或未确定、绝对或或有、应计或未实现、清算或未清算、到期或即
将到期的负债，包括任何税务负债。
1.1.30. “Lien” means any mortgage, pledge, charge, hypothecation, lien (statutory or
otherwise), security agreement, easement, covenant or contractual restriction in the nature of a
security interest or other encumbrance of any kind or nature whatsoever (including any conditional
sale or other title retention agreement and any lease having substantially the same effect as any of
the foregoing and any assignment or deposit arrangement in the nature of a security device).
1.1.30. “留置权”是指任何抵押、质押、押记、质押权、留置（法定或其他）、担
保协议、地役权、具有担保物权性质的契约或合约限制，或者其他任何种类或性质的产权
负担（包括任何附条件销售或其他所有权保留协议，以及与上述各项作用大体相似的任何
租赁，和具有担保性质的任何转让或存款安排）。
1.1.31. “Material Adverse Change” means a change, effect, or event that has, or could
reasonably be expected to have, individually or in the aggregate a material adverse effect on (a)
the Business, results of operations, prospects, condition (financial or otherwise) of the College or
its affiliates or the Acquired Business; or (b) the value of the Acquired Business but in both (a)
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and (b), excluding, any change, effect or event resulting or arising from (i) conditions affecting the
national, regional or world economies generally, but only to the extent that such conditions do not
have a materially disproportionate effect on the Purchased Business taken as a whole; (ii)
conditions affecting the higher education markets, but only to the extent that such conditions do
not have a materially disproportionate effect on the Purchased Business taken as a whole; (iii) the
financial performance as reflected in the current unrestricted fund, detailed final forecast for fiscal
years 2018 and 2019, previously provided to the Buyer; and (iv) any condition, effect or event
that existed prior to the Closing Date and was unknown to Seller. Without limiting the generality
of the foregoing, any decrease of more than 50% in WCC, WCM and WCE’s student enrollment,
individually but not collectively, from any immediate preceding school year shall be a Material
Adverse Change.
1.1.31. “重大不利变化”是指，对以下各项（单独或合并）产生或经合理预期可能
产生重大不利影响的变化、影响或事件：（a）企业、经营成果、前景、学院或其关联方
或收购企业的状况（财务或其他状况）；或者（b）收购企业的价值，但在（a）和（b）
两种情况下，不包括由以下原因导致或引起的任何变化、影响或事件：(i)整体上对国家、
地区或世界经济产生影响的各种状况，但仅限于该等状况没有对收购企业整体产生重大不
成比例影响的范围内；(ii)对高等教育市场产生影响的各种状况，但仅限于该等状况没有
对收购企业整体产生重大不成比例影响的范围内；(iii)之前向买方提供的当前非限定用途
基金、2018和 2019财年详细最终预测内反映的财务业绩；以及(iv)交割日之前存在但卖方
未知的任何状况、影响或事件。在不损害前述条文一般性的前提下，任何时候，WCC、
WCM 和 WCE 学生注册人数较前一学年减少 50%以上（单独但非总体），均构成重大不
利变化。
1.1.32. “Order” means any writ, judgment, decree, injunction, ward, ruling or similar
order or determination of any Governmental Authority whose finding, ruling or holding is legally
binding or is enforceable as a matter of right (in each such case whether preliminary or final).
1.1.32. “命令”是指任何政府机关的任何令状、判决、法令、禁令、裁决、裁定或
类似命令或决定，以上各项的裁决、裁定或判定均具有法律约束力且可予以强制执行（在
各种情况下，不论是初审还是最终命令）。
1.1.33. “Organizational Documents” means, with respect to a Person that is an entity, the
articles or certificate of incorporation or formation, certificate of partnership, bylaws, operating
agreement, partnership agreement or other governing or constituent documents of such Person.
1.1.33. “组织文件”是指，就身为一家实体的个人而言，该个人的组织章程或注册
成立证书、合伙证书、组织规章制度、经营协议、合伙协议或其他管制或组成文件。
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1.1.34. “Party” means each of Buyer, Parent the NFP Entity and Seller and “Parties” means
Buyer, Parent, the NFP Entity and Seller collectively.
1.1.34. “一方”是指买方、母公司、NFP实体和卖方中的一方，而“各方”是买方、
母公司、NFP 实体和卖方的合称。
1.1.35. “Person” means any natural person, corporation, general partnership, limited
partnership, limited liability company, proprietorship, other business organization, trust, union,
association, or Governmental Authority.
1.1.35. “人”是指任何自然人、法人、普通合伙企业、有限合伙企业、有限责任公
司、独资企业、其他商业组织、信托机构、联盟、组织或政府机关。
1.1.36. “Purchase Price Escrow Account” means the account established and maintained
by the Escrow Agent pursuant to the Purchase Price Escrow Agreement.
1.1.36. “收购价款托管账户”是指托管代理人按照《收购价款托管协议》设立和维
持的账户。
1.1.37. “Purchase Price Escrow Agreement” means the Purchase Price Escrow Agreement,
in the form of Exhibit D, to be executed and delivered by the Escrow Agent, Seller and Buyer at
the Closing, as amended by such changes as may be mutually agreed by Seller and Buyer.
1.1.37. “《收购价款托管协议》”是指格式为附件D由托管代理人、卖方和买方在
交割时签订和交付的《收购价款托管协议》，经买卖双方一致同意后可修订该协议。
1.1.38. “Release” means any releasing, spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, disposing or dumping, into or onto the environment,
as those terms are defined in any Environmental Law, including movement or migration through
or in the environment.
1.1.38. “释放”是指向或在环境内进行的任何释放、溢出、泄漏、抽送、倾泄、发
射、排空、排放、注射、漏气、处置或倾倒行为，定义详见任何环境法，包括在环境内移
动或迁移。
1.1.39. “Remaining Approvals” shall have the meaning set forth in Section 4.1.
1.1.39. “剩余批准”应具有第 4.1.节规定的含义。
1.1.40. “Retained Liabilities” means all Liabilities of Seller other than the Assumed
Liabilities.
1.1.40. “留存负债”是指除盘入负债之外的所有卖方负债。
1.1.41. “Second Extension Period” shall have the meaning set forth in Section 4.4.
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1.1.41. “第二次延长期限”应具有第 4.4.节规定的含义。
1.1.42. “Tax” or “Taxes” means: (i) all federal, state, local, or foreign net or gross income,
gross receipts, net proceeds, sales, use, ad valorem, value added, franchise, bank shares,
withholding, payroll, employment, excise, property, deed, stamp, alternative or add-on minimum,
environmental, profits, windfall profits, transaction, license, lease, service, use, occupation,
severance, energy, unemployment, social security, worker’s compensation, capital, premium, or
other taxes, assessments, customs, duties, fees, levies, or other governmental charges of any nature
whatsoever, whether disputed or not, together with any interest, penalties, additions to tax, or
additional amounts with respect thereto.
1.1.42. “税费”是指：（i）一切联邦、州、地方或国外净收入或毛收入税、总收
入税、净收益税、销售税、使用税、从价税、增值税、特许经营税、银行债券税、预扣税、
工资税、就业税、行权税、房地产税、契税、印花税、选择税或附加式最低税、环境税、
利润税、暴利税、交易税、许可税、租赁税、服务税、使用税、职业税、离职金、失业税、
社会保险金、员工补偿金、资本税、溢价税或其他税费、评税、海关税费、关税、费用、
赋税、或任何其他性质的政府收费，无论是否存在争议，同时还包括上述各项的任何利息、
违约金、附加税或附件金额。
1.1.43. “Tax Returns” shall mean, collectively, all reports, forms, declarations, estimates,
returns, information returns, statements, and other documents relating to, or filed or required to be
filed in respect of, any Taxes, including any schedule or attachment thereto and any amendment,
and the term “Tax Return” means any one of the foregoing Tax Returns.
1.1.43. “纳税申报表”在整体上应指就任何税费而涉及或备案或要求备案的所有报
告、表格、申报单、估计单、申报表、信息申报表、财务报表和其他文件，包括其任何附
表或附件以及任何修订本，而单数形式的“纳税申报表”是指上述纳税申报表中的任何一
个。
1.1.44. “Third Party Claims” means Actions, suits, claims or legal, administrative,
arbitration, mediation, governmental or other proceedings, or investigations, other than any
brought by a Party to this Agreement or an Affiliate of a Party to this Agreement.
1.1.44. “第三方索赔”是指由非本协议一方或本协议关联方提起的法律行动、诉讼、
索赔，或者法律、行政、仲裁、调解、政府或其他法律程序或调查。
1.1.45. “Trademarks” means registered and unregistered trademarks and service marks,
trademark and service mark applications, domain names, logos, trade names, and trade dress.
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1.1.45. “商标”是指已注册和未注册的商标和服务标志，商标和服务标志申请，域
名、标志、商号和商业外观。
1.1.46. “Transaction” means the purchase and sale of the Acquired Business, and the
assumption of the Assumed Liabilities, pursuant to the terms of this Agreement.
1.1.46. “交易”是指按照本协议条款，进行收购企业的购买与出售，同时承担盘入
负债。
1.1.47. “Transaction Documents” means this Agreement and each other agreement,
document, certificate or instrument delivered pursuant hereto or thereto.
1.1.47. “交易文件”是指本协议以及按照本协议交付的其他协议、文件、证书或文
书。
1.1.48. “United States” or “US” means the United States of America, its territories and
possessions, including the District of Columbia and Puerto Rico.
1.1.48. “美国”或“US”是指美利坚合众国、其所有领土和领地，包括哥伦比亚
地区和波多黎各自治邦。
Section 1.2. Construction of Certain Terms and Phrases. Unless the context of this
Agreement otherwise requires: (a) words of any gender include each other gender; (b) words using
the singular or plural number also include the plural or singular number, respectively; (c) the terms
“hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement,
including the Exhibits hereto; (d) the terms “Article” or “Section” refer to the specified Article or
Section of this Agreement; (e) the term “or” has, except where otherwise indicated, the inclusive
meaning represented by the phrase “and/or”; and (f) the term “including” or “includes” means
“including without limitation” or “includes without limitation.” Whenever this Agreement refers
to a number of days, such number shall refer to calendar days unless business days are specified.
References to “Dollars” or “$” refer to United States Dollars.
第 1.2.节 特定术语和词组的解释。除非本协议文意另有所指，否则（a）任何性别词
语均包括另一性别；（b）单数词语包括复数含义，反之亦然；（c）“本文”、“本协
议”、“本处”词语以及衍生或类似词语均指本协议整体，包括本协议附件；（d）“条”
或“节”等词是指本协议的指定条款或章节；（e）“或者”一词具有“和/或”字词代表
的包容性含义，另有说明的除外；以及（f）“包括”一词是指“包括但不仅限于”。本
协议在提及天数时，应指日历天数，除非明确规定为营业日。提及“美元”或“$”时，
均指美元。
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ARTICLE 2
Purchase and Sale of the Business
第 2 条
企业的收购与出售
Section 2.1. Purchase and Sale of the Business. On the basis of the representations,
warranties, covenants and agreements, and subject to the satisfaction or waiver of the conditions,
all as set forth in this Agreement, in consideration for the Purchase Price, at the Closing, and
subject to Section 4.1 and the Final Closing Date, Seller shall sell, convey, assign, transfer and
deliver to the Buyer Parties, and the Buyer Parties shall purchase and acquire from Seller, free and
clear of all Liens (other than Permitted Liens), all right, title and interest in and to the tangible and
intangible assets, properties and rights used or usable, primarily and substantially in connection
with the operation of the College and the Business excluding only the Retained Assets, including
the Campus (the “Acquired Business”) . Without limiting the generality of the foregoing, the
Acquired Business includes:
第 2.1.节 企业的收购与出售。基于本协议规定的各项陈述、担保、承诺和约定，以满
足或放弃本协议规定的各项条件为限，以收购价格为对价，同时遵守第 4.1 条和最终交割
日约定，在交割时，卖方将向各买方出售、转移、转让、出让和交付，而各买方将从卖方
收购和取得，与学院和企业运营主要或大体相关的有形资产、无形资产、房地产和已利用
或可用权利（不包括留存资产，但包括校园）中的一切权利、所有权和利益，不存在任何
留置权（许可留置权除外）（以下简称“收购企业”）。在不限制前述条文一般性的前
提下，收购企业包括：
2.1.1. all equipment;
2.1.1. 所有设备；
2.1.2. all Intellectual Property;
2.1.2. 所有知识产权；
2.1.3. all oral and written contracts, licenses, agreements and other instruments related to
the College and the Business, but excluding the Excluded Contracts;
2.1.3. 与学院和企业相关的一切口头和书面合同、许可证、协议和其他文书，但不
包括除外合约；
2.1.4. all business documents, files, books, records pertaining only to the College and any
other operating data and records if any, that are separately maintained, pertaining to the College
and the Business, including physical or digital formats and contents;
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2.1.4. 仅涉及学院的一切商业文件、档案、账簿和记录，以及涉及学院和企业且独
立保存的任何其他运营资料和记录，包括实物或数字格式和内容。
2.1.5. all Programs of the Business;
2.1.5. 该企业的所有课程；
2.1.6. Subject to Section 2.2, all receivables related to the College and the Business
(including the allocated portion of all revenue that Seller currently receives related to the College);
2.1.6. 以第 2.2 节为限，与学院和企业相关的所有应收款项（包括卖方当前收到的、
与学院相关的所有收入已分配部分）；
2.1.7. a portion or all tuition, third party or endowed grants or third party scholarships,
third party financial aid and fees paid and payable as allocated by the parties under the Agreement
for academic semesters prior to, during and following the Closing Date;
2.1.7. 交割日之前、期间和之后学期内，根据本协议应由各方分配的部分或全部已
付或未付、学费、第三方或捐赠助学金或第三方奖学金、第三方资助和费用；
2.1.8. allocated portion of any other revenue received by the College, not specified in
Section 2.1.7 above;
2.1.8. 学院收到的任何其他收入的已分配部分，非以上第 2.1.7 节说明的部分；
2.1.9. the Campus in its “As Is” condition;
2.1.9. 按“现状”条件的校园；
2.1.10. all furnishings, furniture and fixtures located on the Campus (excluding any
personal property owned by individual members of the faculty and staff);
2.1.10. 位于校园内的一切摆设、家具和固定装置（不包括教职工个人拥有的任何私
人财产）；
2.1.11. all office equipment, telecom equipment, computers and other electronic data
processing equipment located on the Campus;
2.1.11. 位于校园内的一切办公设备、通讯设备、计算机和其他电子数据加工设备；
2.1.12. all office supplies and similar materials, as well as outstanding orders for supplies
and similar materials;
2.1.12. 所有办公用品和类似材料，以及办公用品和类似材料的未完成订单；
2.1.13. all College’s Internet websites, domain names, owned contents, world wide web
uniform resource location addresses and electronic mail addresses, that are separable from those
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of Rider University, telephone (including facsimile) numbers, advertising related to the College,
and any College post office box numbers;
2.1.13. 独立于瑞德大学的、所有学院互联网站、域名、自有内容、万维网统一资源
定位地址和电子邮件地址，以及电话（包括传真）号码、学院相关广告和任何学院邮政编
码；
2.1.14. all College related brochures and other College related promotional and printed
materials, advertising and/or marketing materials;
2.1.14. 所有学院相关宣传册和其他学院相关宣传和印刷资料、广告和/或市场营销
资料；
2.1.15. all rights to insurance and condemnation proceeds relating to any damage,
destruction, taking or other impairment of the Acquired Business;
2.1.15. 涉及收购企业任何损害、损毁、占有或其他损害而享有保险和征用收益的一
切权利；
2.1.16. all of Seller’s rights under warranties, indemnities and all similar rights against third
parties to the extent related to any Acquired Business;
2.1.16. 在任何收购企业相关范围内，卖方在担保、赔偿和所有类似权利项下针对第
三方享有的一切权利；
2.1.17. all permits, other than the permits non-transferable by their terms or under
applicable Law, held by Seller and required for the conduct of the Acquired Business as currently
conducted or for the ownership and use of the Acquired Business, and
2.1.17. 卖方持有的且收购企业按当前状况开展业务或持有和使用收购企业所需的一
切许可，依据条款或适用法律不可转让的许可除外；以及
2.1.18. the goodwill of the Business.
2.1.18. 企业的商誉。
Section 2.2. Retained Assets. Notwithstanding anything to the contrary in Section 2.1,
Seller shall retain (and not sell, convey, assign, transfer or deliver to Buyer) the following assets,
properties or rights of Seller (the “Retained Assets”):
第 2.2.节 保留资产。尽管第 2.1 节内存在任何相反规定，卖方应保留（且不得向买方
出售、过渡、出让、转让或交付）以下资产、地产或卖方权利（以下简称“保留资产”）：
2.2.1. all cash and cash equivalents with a positive balance on the Unrestricted column of
WCC Consolidated carve-out balance sheet at Closing. However, Seller shall fund all cash and
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cash equivalents on the Unrestricted column of WCC Consolidated carve-out balance sheet to a
minimum of zero balance if all cash and cash equivalents have a negative balance prior to Closing;
2.2.1 交割日时，WCC 合并分拆资产负债表内未限定用途一栏的所有现金和现金
等价物正数结余。但是，如果所有现金和现金等价物在交割日之前的结余为负数，则卖方
应使 WCC 合并分拆资产负债表内未限定用途一栏的所有现金和现金等价物结余至少为零；
2.2.2. the adjusted portion of tuition, fees, third party and endowed grants and third party
financial aid, third party scholarships and receivables allocated to and to be retained by Seller
which are related or applicable to academic semesters or portions of academic semesters prior to
Closing, including all rights to any unpaid or past due tuition, fees, endowed and third party
scholarships, third party financial aid, grants and receivables; and
2.2.2 交割之前，涉及或适用于学期或部分学期的、分配予卖方且由卖方保留的学
费、费用、第三方和捐赠助学金和第三方补助金、第三方奖学金和应收账款的调整后部分，
包括在任何未付或逾期学费、费用、捐赠和第三方奖学金、第三方补助金、助学金和应收
账款中享有的权利；以及
2.2.3. any other Assets of Seller not used substantially by or on behalf of the College;
2.2.3 实质上非由学院或代表学院使用的任何其他卖方资产；
2.2.4. all contracts, leases, licenses and other instruments of Seller, not exclusive to nor
substantially related to the College and the Business and which are not included in the Assumed
Contracts (the “Excluded Contracts”);
2.2.4 非专属于或本质上非与学院和企业相关的且不在盘入合约范围之内的一切卖
方合约、租约、许可证和其他文书（“除外合约”）；
2.2.5. all refunds of any Taxes paid related to the Acquired Business attributable to
periods prior to June 30, 2018;
2.2.5 归属于 2018 年 6 余额 30 日之前期间的、与收购企业相关的任何已付税费的
所有退税；
2.2.6. Seller’s organizational documents, qualifications to conduct business,
arrangements with registered agents, taxpayer and other identification numbers, seals, minute
books, stock transfer books, blank stock certificates and other documents relating to the
organization, maintenance, and existence of Seller;
2.2.6 卖方组织文件、业务资格证、与注册代理人的协议、纳税人和其他身份证号
码、印章、会议记录、股权转让书、不记名股票证书以及与卖方组织、维持和存在相关的
其他文件；
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2.2.7. all of Seller’s rights under this Agreement, including the right to receive the
Purchase Price, and any applicable rights under the Transaction Agreements.
2.2.7 卖方在本协议项下的一切权利，包括收取收购价款的权利以及交易协议项下
的任何适用权利。
Section 2.3. Endowment Transfer. Seller shall transfer to the NFP Entity, the WCC
endowment currently valued at approximately $19 million, and all additional gifts received prior
to Closing (the “Endowment”), subject to receipt of all necessary approvals from all applicable
Governmental Authorities. The Endowment is currently invested together with the total
endowment of Seller and is comprised of marketable and unmarketable securities, including but
not limited to partnership interests, and cash and cash equivalent holdings, and therefore the total
value of the Endowment is approximate and subject to change. Seller shall exercise such fiduciary
duties as imposed by applicable laws and regulations and to transfer the Endowment to the NFP
Entity in an equitable and unprejudiced manner.
第 2.3.节 捐赠的转让。卖方应向 NFP 实体转让当前价值约为 1900 万美元的 WCC 捐
赠基金以及交割日之前收到的所有额外赠款（以下简称“捐赠”），以收到一切适用政府
机关的所有必要批准为准。捐赠目前与卖方捐赠总额一同投资，并由适于销售和不可销售
的证券组成，包括但不仅限于合伙权益以及现金和现金等价物持有，因此，捐赠总值为近
似值，可能随时变动。卖方应履行适用法律法规施加的信托义务，同时平等公正地向NFP
实体转让捐赠。
2.3.1. The Endowment shall be transferred by transferring to the NFP Entity, WCC’s total
endowment of Seller permitted to be transferred, as per 2.3.2 below. For any and all marketable
securities invested in funds for which the NFP Entity meets the fund investor eligibility
requirements, the transfer may be in the form of cash or securities at the NFP Entity’s discretion.
The transfer at Closing of any illiquid and non-marketable securities, or marketable securities for
which the NFP Entity does not meet the fund investor eligibility requirements, will be in the form
of cash representing the pro-rata fair value of the securities. The NFP Entity may liquidate and
exit from any securities or investments at any time post-Closing in order to comply with applicable
laws and regulations. The realized proceeds (if any), net of transaction costs, will be transferred
to the NFP Entity in an amount equal to its pro-rata fair share.
2.3.1 应向 NFP 实体转让捐赠，按照以下第 2.3.2 节，即为卖方获准转让的 WCC
捐赠总额。就投入基金的任何和所有可销售证券，其中 NFP 实体满足基金投资者资格要
求，凭 NFP 实体选择，转让形式可以是现金或证券。对于交割时任何非流动且非可销售
的证券，或者 NFP 实体不符合基金投资者资格要求的可销售证券，其转让方式为现金，
即该证券公允价值按比例计算的结果。交割后任何时候，NFP实体可清算并退出任何证券
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或投资，以遵守适用法律和法规。已实现收益（如有）减去交易费用后，将转让至 NFP
实体，金额等于其按比例计算的合理份额。
2.3.2. The transfer of any restricted portions of the Endowment shall be subject to the
terms imposed thereon and the terms of the individual endowment or gift agreements. The
procedure necessary to transfer the Endowment shall be subject to final approval by the New Jersey
Attorney General and/or the Superior Court of New Jersey.
2.3.2 任何受限制捐赠部分的转让，须以施加的条款和个人捐赠或赠与协议的条款
为准。转让捐赠的必要程序应以新泽西州总检察长和/或新泽西州最高法院的最终批准为
准。
2.3.3. In the event the Closing occurs, subject to receipt of the Remaining Approvals, the
Endowment shall not be transferred until the Remaining Approvals have been received and the
Purchase Price is released to Seller from the Purchase Price Escrow at the Final Closing Date. In
the interim between the Closing and the Final Closing, the Seller will continue to administer the
Endowment in a manner consistent with its fiduciary duties as imposed by applicable Laws and
regulations, and if not otherwise prohibited by Law, Seller shall make Endowment funds available
to the NFP Entity for purposes in its operation of WCC.
2.3.3 如果发生交割，以收到剩余批准为限，最终交割日时收到剩余批准且收购价
款托管向卖方释放收购价款之前，不得转让捐赠。交割和最终交割期间，卖方将继续以符
合适用法律法规施加的信托义务的方式管理捐赠，并且如果法律没有另行禁止，卖方应允
许 NFP 实体使用捐赠基金，用于 WCC 运营。
Section 2.4. Assumption of Assumed Liabilities. Subject to the terms and conditions of
this Agreement, as of the Closing Date and effective upon the Closing, the Buyer Parties agree to
jointly and severally assume, satisfy, perform, pay and discharge the Assumed Liabilities.
Notwithstanding anything contained in this Agreement to the contrary, Buyer Parties shall not
assume, and Seller shall retain and remain liable for, the Retained Liabilities.
第 2.4.节 盘入负债的承担。根据本协议条款和条件，截至交割日且在交割后生效，各
买方同意共同及个别承担、偿付、履行、支付和偿清盘入负债。尽管本协议含有任何相反
条文，各买方不对留存负债承担任何责任，而卖方应继续对留存负债承担责任。
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ARTICLE 3
Purchase Price and Payment
第 3 条
收购价格和支付
Section 3.1. Purchase Price at the Closing. The consideration for the Transaction (the
“Purchase Price”) shall be Forty Million and 00/100 Dollars ($40,000,000.00) in the aggregate,
subject to adjustments described in this Agreement. The Purchase Price shall be payable by Buyer
and the Parent, to Seller or to the Purchase Price Escrow, in cash, by wire transfer (or by any other
mode of payment typically acceptable in similar transactions), at Closing, subject to the funding
of the applicable Escrow Accounts. Buyer and Parent shall provide Seller with evidence of
availability of sufficient funds for Closing within five (5) days of Closing.
第 3.1.节 交割时的收购价格。交易对价（“收购价格”）合计为肆仟万美元
（$40,000,000.00），以本协议所述的各项调整为准。买方和母公司应在交割时通过电汇
（或通过类似交易中通常可接受的任何其他付款方式）以现金向卖方或收购价款托管方支
付收购价款，以适用托管账户的资金为准。同时，买方和母公司应在交割起五（5）日内
向卖方提供可用于交割的资金充足证据。
3.1.1. Deposits. Buyer has previously paid a deposit of One Hundred Thousand and
00/100 Dollars ($100,000.00) into escrow (the (“Initial Deposit”). Upon execution of this
Agreement, Buyer shall pay an additional deposit of Nine Hundred Thousand and 00/100 Dollars
($900,000.00) (together with the Initial Deposit, referred to as the “Deposits”). The Deposits shall
be held in escrow by the Escrow Agent pursuant to the Deposit Escrow Agreement. The Deposits
shall be credited against the Purchase Price at the Closing. Subject to Section 9.10 below, in the
event that the Transaction is terminated by either party, then upon the request of either party to the
Deposit Escrow Agent with a simultaneous copy to the non-requesting party, and in the absence
of a written objection received by Deposit Escrow Agent from the non-requesting party with a
simultaneous copy to the requesting party that the requesting party is in breach of the Agreement
or otherwise disputing the right of the requesting party to receive the Deposits, the Deposits shall
be paid to the requesting party within ten (10) business days after notice to Deposit Escrow Agent
and the non-requesting party, less any amounts, if any, owed by the Buyer, pursuant to Section
4.4.1 or as otherwise provided in this Agreement.
3.1.1 押金。买方之前已向托管账户预付一笔拾万美元（$100,000.00）的押金
（“初始押金”）。本协议签订之后，买方应支付第二笔押金，金额为玖拾万美元
（$900,000.00）（与初始押金合称“押金”）。押金应由托管代理人按照《押金托管协议》
进行托管。交割时押金应用于抵消收购价款。根据以下第 9.10 条规定，如果任何一方终
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止交易，经任何一方向押金托管代理人请求，同时向非请求方提供一份副本，并且如果押
金托管代理人没有收到非请求方的书面反对意见，同时向请求方发出一份副本，载明请求
方违反本协议或以其他形式反对请求方接收押金的权利，则按照第 4.4.1 节或本协议另行
规定，押金托管代理人和非请求方应在收到通知后十个营业日内向请求方支付押金，减去
买方拖欠的任何金额（如有）。
3.1.2. Allocation of Purchase Price. The Purchase Price shall be allocated among the
Acquired Business and the Campus by mutual agreement prior to or at the time of the Closing.
3.1.2 收购价款的分配。交割时或之前，在达成一致的基础上，收购价款应在收购
企业和校园之间分配。
Section 3.2. Investment Commitment. Parent and Buyer shall invest Sixteen Million
U.S. Dollars ($16,000,000.00) over the five (5) year period beginning on the Closing Date, to be
used for working capital and capital expenditures on the Acquired Business, the Campus, the
College, the business of the College or the College related entities, including the Campus Holding
Entity (the “Capital Investment”). Buyer shall provide Seller with a report in writing, annually, of
all amounts paid by Buyer towards the total Capital Investment commitment. Section 8.4.2 in this
Agreement shall not be construed as limiting Seller's rights to enforce Parent's and Buyer Parties'
obligations under this section 3.2.
第 3.2.节 投资承诺。母公司和买方应自交割日期起五年内投资壹仟陆佰万美元
（$16,000,000.00），用于收购企业、校园、学院、学院业务或包括校园控股实体在内的
学院相关实体的营运资金和资本支出（“资本投资”）。买方每年应向卖方提交一份报告，
涵盖买方支付、用于履行资本投资承诺总额的所有金额。本协议第 8.4.2 节不得被解读为
限制卖方强制执行母公司和买方在第 3.2 节项下义务的权利。
Section 3.3. Payment of Operating Support. Parent and Buyer agree to pay any
Operating Support, as defined in Section 4.4.2., for the transitional operation of the College during
the First Extension Period and the Second Extension Period if used.
第 3.3.节 营运扶助款的支付。母公司和买方同意支付任何营运扶助款（定义详见第
4.4.2 节），用于首次延长期和第二次延长期（如有）间的学院过渡运营。
Section 3.4. Enrollment Adjustment.
第 3.4.节 注册调整。
3.4.1. If at Closing, the total Fall Freshman undergraduate student actual enrollment for
academic year of 2018-2019 at WCC is less than 35 (the “Undergraduate Downward
Threshold”), then the Purchase Price shall be adjusted downward by the product of four times
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(4x) the total number of enrolled Fall Freshman undergraduate students for academic year of 2018-
2019 below the Undergraduate Downward Threshold, multiplied by $19,000 per student; If the
total first year Fall graduate student enrollment for academic year of 2018-2019 at WCC is below
27 (the “Graduate Downward Threshold”), then the Purchase Price shall be adjusted downward
by the product of two times (2x) the total number of enrolled first year Fall graduate students for
academic year of 2018-2019 below the Graduate Downward Threshold, multiplied by $26,000 per
student.
3.4.1 如果交割时，WCC 的 2018-2019 学年秋季学期本科新生实际注册人数少于
35 人（“本科学生下限”），则收购价格应予以相应调整，调整方法为低于本科学生下
限的 2018-2019 学年已注册秋季学期本科新生总人数的四倍（4x），乘以$19,000 美元，
再乘以学生人数；如果 2018-2019 学年 WCC 秋季学期研究生新生注册人数低于 27 人
（“研究生下限”），则收购价格应予以相应调整，调整方法为低于研究生下限的 2018-
2019 学年已注册秋季学期研究生新生总人数的两倍（2x），乘以$26,000 美元，再乘以学
生人数。
3.4.2. If at Closing, the total Fall Freshman undergraduate student actual enrollment for
academic year of 2018-2019 at WCC (the “Closing Undergraduate Class”) is more than 58
students (the “Undergraduate Upward Threshold”), but not more than 70 students (the
“Undergraduate Cap”), then the Purchase Price shall be adjusted upward by the total number of
enrolled Fall Freshman undergraduate students for academic year of 2018-2019 above the
Undergraduate Upward Threshold, up to the Undergraduate Cap, multiplied by $19,000 per
student. Thereafter, on September 1st of each of the next following three (3) academic years after
Closing, if the number of students retained from the Closing Undergraduate Class continues to
exceed the Undergraduate Upward Threshold, Buyer shall pay to Seller $19,000 per student
retained from the Closing Undergraduate Class (as it subsequently advances from a Freshman class
to a Sophomore class, and thereafter) above the Undergraduate Upward Threshold, up to the
Undergraduate Cap. The total enrollment in the second year following Closing shall be calculated
based on the number of retained students of the Sophomore class, the third year based on the
number of retained students of the Junior class and so on. If at Closing the total first year Fall
graduate student enrollment at WCC (the “Closing Graduate Class”) for academic year of 2018-
2019 is above 45 students (the “Graduate Upward Threshold”), but not more than 54 students (the
“Upward Graduate Cap”), then the Purchase Price shall be adjusted upward by the total number of
enrolled first year Fall graduate students for academic year of 2018-2019 above the Graduate
Upward Threshold, multiplied by $26,000 per student, up to the Graduate Cap. Thereafter, on
September 1st of the next following academic year after Closing, if the number of students retained
from the Closing Graduate Class continues to exceed the Graduate Upward Threshold, Buyer shall
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pay to Seller $26,000 per student above the Graduate Upward Threshold, up to the Graduate Cap
in the second year of such class.
3.4.2 如果交割时，WCC 的 2018-2019 学年秋季学期本科新生（“交割时本科班
级”）实际注册人数超过 58 人（“本科学生上限”），但不超过 70 人（“本科学生最高
上限”），则收购价格应向上调整，调整额度为：2018-2019 学年已注册秋季学期本科新
生总人数中超过本科学生上限但不超过最高上限的学生人数，乘以$19,000 美元。此后，
交割后未来三（3）个学年的每年 9 月 1 日，如果交割时本科班级保留的学生人数持续超
过本科学生上限，则买方应就交割时本科班级（随后从大一升到大二，以此类推）保留的
学生人数中超过本科学生上限但不超过最高上限的学生人数，向卖方支付每位学生 19,000
美元的费用。交割后第二年的注册总人数计算应当基于大二班级保留学生人数，而第三年
人数则基于大三班级保留学生人数，以此类推。如果交割时，WCC 的 2018-2019 学年秋
季学期研究生新生（“交割时研究生班级”）注册人数超过 45 人（“研究生上限”）但
不超过 54 人（“研究生最高上限”），则收购价格应向上调整，调整额度为：2018-2019
学年已注册秋季学期研究生总人数中超过研究生上限但不超过研究生最高上限的学生人数，
乘以$26,000 美元。此后，交割后下一学年的 9 月 1 日，如果交割时研究生班级保留的学
生人数持续超过研究生上限，则买方应就该班级第二年研究生人数中超过研究生上限但不
超过研究生最高上限的学生人数，向卖方支付每位学生 26,000 美元的费用。
3.4.3. Notwithstanding the foregoing, any Fall Freshman undergraduate student or Fall
graduate student who is accepted for admission to WCC for the academic year of 2018-2019 but
who notifies the Seller that they wish to defer their admission (“Deferred Students”), shall not be
considered enrolled as of the Closing Date for purposes of calculating any Undergraduate
Downward Threshold, Undergraduate Upward Threshold or any Graduate Downward or Upward
Thresholds. The Parties agree to adjust any Enrollment Adjustment payments as appropriate,
during the September next following the Closing Date in the event any Deferred Students do
actually enroll at that time.
3.4.3 尽管存在前述规定，如果任何 2018-2019 学年秋季学期本科新生或研究生新
生已被 WCC 录取，但通知卖方其欲推迟入学（“推迟学生”），则在计算任何本科学生
下限、本科学生上限或任何研究生上限或下限时，这些学生不得被视为于交割日之前注册。
本协议各方同意，如果任何推迟学生当时实际已注册入学，则交割日后下一个九月份期间，
应对任何注册调整付款作出适当调整。
Section 3.5. Tuition Adjustments. Tuition, fees, third party and endowed or other grants
and scholarships paid, payable and past due, third party financial aid received and receivable and
other amounts due, paid or payable for revenue and the Assumed Liabilities shall be adjusted in
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an equitable manner by the Parties for the period of ownership of the Acquired Business prior to
and subsequent to Closing. The tuition and other adjustments herein shall be based on the actual
cash amount of net tuition due, paid or payable, after consideration of any discounts provided by
Seller. Any cash amount of tuition, fees, third party financial assistance, third party or endowed
or other grants and other payments received by the parties after the Closing date for time periods
applicable to the other party’s ownership of the Acquired Business, shall be adjusted as applicable
and promptly paid to the appropriate party after Closing.
第 3.5.节 学费调整。应付、应收和逾期的学费、费用、第三方和捐赠或其他补助金和
奖学金，已收和应收的第三方助学金，以及针对其他收入或盘入负债的到期、已付或应付
款项，就交割前后拥有收购企业的期间，本协议各方应以公平的方式对此进行调整。本协
议内学费和其他调整基础为，到期、已付或应付学费净额的实际现金数额，减去卖方提供
的任何折扣对价。就适用于另一方拥有收购企业的期间，交割日后本协议各方收到的任何
学费、费用、第三方资助、第三方或捐赠或其他补助金或其他付款的任何现金数额，均应
作出适当调整，并在交割后及时付予相关方。
Section 3.6. Endowment Adjustment. The Purchase Price shall be subject to a
downward adjustment, dollar for dollar, if any portion of the Endowment is not permitted to be
transferred to the NFP Entity, unless the prohibition on transfer is a direct result of the NFP Entity’s
modifying or eliminating (or plan to modify or eliminate) a program at WCC. Notwithstanding
the foregoing, however, the dollar amount of any portion of the Endowment that is not transferred
to the NFP Entity at Closing shall be offset, dollar for dollar by the dollar amount of any
endowment gifts received or pledged to Seller from February 14, 2018 through June 30, 2018, and
by 50% of the dollar amount of any endowment gifts received or pledged (subject to the conditions
below) from July 1, 2018 until Closing, provided such endowment gifts or pledges are actually
transferred to the NFP Entity at Closing. Notwithstanding the above, if the Endowment
Adjustment, as calculated in accordance with the terms of this Section 3.6, is more than six million
dollars ($6,000,000), then Seller may terminate this Agreement unless the Buyer agrees to limit
the Endowment Adjustment against the Purchase Price to $6,000,000. No adjustment shall be
made to the Purchase Price, however, for any portion of the Endowment that represents gifts to the
College other than WCC, which are not transferred to the NFP Entity. The amount of any
reduction in the Purchase Price at Closing as provided herein, that would have been offset by the
value of any pledged gifts to the Endowment received by Closing, but which have not been
received by Seller by the Closing Date, shall be escrowed at Closing with the Escrow Agent (the
“Endowment Escrow Account”) pursuant to an escrow agreement (the “Endowment Escrow
Agreement”) and shall be released to Seller post-Closing when and if such pledged gifts are
received by the NFP Entity for the Endowment. A reduction or increase in the market value of the
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underlying securities and other investments in the Endowment, whether or not marked to market,
shall not result in an adjustment to the Purchase Price under this Section.
第 3.6.节 捐赠调整。如有任何部分捐赠款项禁止向 NFP 实体转让，除非转让禁止的
直接原因在于，NFP 实体修改或取消（或计划修改或取消）WCC 课程，否则，收购价格
应按等值的方式接受下调。尽管存在前述规定，交割时未向 NFP 实体转让的任何捐赠部
分美元金额应按等值的方式抵销，抵销对象为 2018年 7月 1日起至交割时收到或许诺（以
下列条件为准）的任何捐赠物品的美元金额，前提是该捐赠物品或承诺在交割时实际转让
至 NFP 实体。尽管存在前述规定，如果按照本第 3.6 节条款计算的捐赠调整超过六百万美
元（$6,000,000），除非买方同意针对收购价格的捐赠调整限额为 6,000,000 美元，否则买
方可终止本协议。但是，对于任何向学院而非 WCC 捐赠的赠款部分，该部分没有转让至
NFP实体，则不得对收购价格作出任何调整。交割时，收购价格按照本条规定降低的任何
金额，该金额本应由交割之前收到的任何承诺捐赠品价值抵销，但卖方在交割日之前并未
收到该捐赠，则该金额应按照托管协议（“捐赠托管协议”）在交割时由托管代理人托管
（“捐赠托管账户”），并在 NFP 实体收到该承诺捐赠品时，在交割之后向卖方发放。
捐赠中标的证券和其他投资的市场价值增减，无论是否按市值计价，均不得引起本节项下
收购价格的调整。
Section 3.7. Other Adjustments. Adjustments shall be made for any unpaid or overpaid
Operating Support real estate taxes and other charges typically adjusted in commercial real estate
transactions.
第 3.7.节 其他调整。应就任何未付或多付营运扶助款房地产税和商业房地产交易中通
常调整的其他费用作出调整。
ARTICLE 4
Closing
第 4 条
交割
Section 4.1. Time and Place of Transfer. The closing of the Transaction contemplated
by this Agreement, including the purchase and sale of the Acquired Business and the assumption
of the Assumed Liabilities (the “Closing”), shall take place within thirty (30) days after satisfaction
or waiver of all conditions of Closing except for such Approvals that may require or be conditioned
on the Closing taking place, and therefore cannot be satisfied until the Closing has occurred (the
“Remaining Approvals”). The Closing condition for receipt of such Remaining Approvals shall
be considered satisfied, and the Closing shall take place, when Buyer and Seller agree that such
condition or conditions have been satisfied, but for the occurrence of the Closing, but in no event
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later than July 1, 2019 (the “Closing Date”) subject to the provisions of Section 4.6.1 and Section
4.6.2. The Remaining Approvals shall be agreed and scheduled by the Parties on the Closing Date.
第 4.1.节 转让时间和地点。本协议所涵盖的交易的完成，包括收购企业的收购和出售
以及盘入负债的承担（以下简称“交割”），应在所有交割条件满足或放弃之后的三十
（30）天内进行，但交割发生时需获得批准或以之为条件的情形除外，该等条件仅在交割
发生时方可满足（“剩余批准”）。获得该等剩余批准的交割条件应被视为已经满足，且
当买卖双方同意该条件已获满足时，方可进行交割，但依照第 4.6.1 节和第 4.6.2 节规定，
在任何情况下均不得迟于 2019 年 7 月 1 日（“交割日期”）完成交割。本协议各方应在
交割日期约定和安排剩余批准事宜。
Section 4.2. Conditions of Closing. The Closing shall be subject to the satisfaction or
waiver of the following conditions:
第 4.2.节 交割条件.必须满足或放弃以下条件，方可进行交割：
4.2.1. New Jersey Approvals. Buyer’s receipt of all necessary and appropriate permits,
approvals, consents and licenses relating to the operation of the College and the closing of the
Transaction including without limitation. New Jersey Attorney General approval, New Jersey
Department of Education licensure, and the Superior Court of New Jersey;
4.2.1 新泽西州批准。买方收到学院运营和交易完成相关的一切必要和适当许可证、
批准、同意和执照，包括但不仅限于新泽西州总检察长批准、新泽西州教育部颁布的许可
证以及新泽西州最高法院批准；
4.2.2. IRS Determination. Receipt by Buyer of a determination letter from the Internal
Revenue Service (“IRS“) for the NFP Entity, indicating the NFP Entity is a charity under Internal
Revenue Code Section 501(c) (3). Buyer shall use reasonable best efforts to apply for such IRS
determinations as soon as practicable after the execution of the Agreement and shall provide Seller
with a copy of its applications to the IRS, and material correspondence from and to the IRS
associated with the application and determination, approvals or denials; provided however, that
the good faith failure to provide copies of correspondence shall not be a default under the
Agreement; and
4.2.2 美国国内税务局批文。买方收到有关 NFP 实体的美国国内税务局（“IRS”）
批文，表明 NFP实体是《美国国内税收法》第 501(c)节项下的慈善机构。买方应尽合理最
大努力，在本协议签订之后尽快申请该 IRS 批准，同时向卖方提供其向 IRS 递交的申请书
副本，以及与 IRS 就申请、决定、批准或拒绝事宜的实际往来信函副本，但是，未能善意
提供往来信函副本并不构成违反本协议；以及
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4.2.3. Corporate Authorization. Receipt by each Party of all necessary corporate or
company authorizations of the Transaction, including by applicable board of trustee, board of
directors, members, managers and/or stockholders as necessary;
4.2.3 企业授权。本协议各方均已收到交易所需的所有企业或公司授权，包括来自
适用理事会、董事会、成员、管理人和/或股东的授权（必要时）；
4.2.4. The Campus Holding Entity shall sign a joinder of this Agreement agreeing to be
bound by its terms.
4.2.4 校园控股实体应共同签署本协议，同意受本协议条款约束；
4.2.5. Proof of Insurance. The Buyer Parties shall demonstrate to Seller that, effective as
of the Closing Date, each Buyer Party has obtained insurances policies and coverage that may be
required by applicable Law or necessary for the operation of the Business and as reasonably
required by Seller, and with such policy limits as reasonably required by Seller, on the Closing
Date. Schedule 4.25 contains a list of all insurance policies that Buyer Parties shall have in place
at Closing. Copies of all declaration pages of all policies shall be provided to Seller prior to the
Closing Date. For the period from the Closing Date to the date of the Final Closing, all of policies
shall name Seller as an additional insured by endorsement to such policies as shown on the
declaration pages, and shall require such other terms, conditions and limitations as reasonably
required by Seller.
4.2.5 保险证明。买方应在交割日向卖方出示，各买方均已取得适用法律要求或企
业运营所需以及卖方合理要求的保险单和保险范围，保险单限额处于卖方合理要求的范围
之内，自交割日期起生效。附表 4.2.5 载明买方在交割时已经到位的所有保险单清单。交
割日之前应向卖方提供所有保险单的所有声明页副本。自交割日期起至最终交割日期间，
所有保险单均应在声明页显示的保险批单上，指定卖方为额外被保险人，同时规定卖方合
理要求的其他条款、条件和限制条件。
4.2.6. Other Terms. Compliance with all other terms and conditions for Closing under
the Agreement.
4.2.6 其他条款。遵守本协议项下所有其他交割条款和条件。
Section 4.3. Buyer Parties’ Conditions of Closing. In addition to the Conditions of
Closing set forth in Section 4.2 above, and subject to the receipt of the Remaining Approvals post-
Closing, the obligation of each of the Parent, Buyer, Campus Holding Entity and the NFP Entity
to consummate the transactions contemplated by this Agreement is subject to the satisfaction or
waiver of the following conditions as of immediately prior to the Closing.
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第 4.3.节 买方交割条件。除以上第 4.2 条规定的交割条件外，并以交割后收到剩余批
准为限，母公司、买方、校园控股实体和 NFP 实体在完成本协议拟议交易中的各自义务，
以交割之前满足或放弃以下条件为准：
4.3.1. Repayment of Indebtedness and Removal of Liens. The payment by Seller of all
indebtedness, judgments, orders or decrees affecting the Acquired Business or solely as a result of
the consummation of the Transaction, and the permanent removal of any and all Liens, including
the Princeton Theological Seminary mortgage, note and its claimed property reversion rights;
4.3.1 偿还债务和移除留置权。卖方付清所有影响收购企业的或仅仅因交易完成而
产生的债务、判决、命令或法令，并且永久移除任何和所有留置权，包括普林斯顿神学院
抵押、票据以及其声称的财产返还权；
4.3.2. Title Transfer. The transfer of good and marketable title to the Acquired Business,
free and clear of all encumbrances and Liens, other than the Permitted Liens and free of any
national or local historic or cultural landmark designation on the Campus. In the event the
Remaining Approvals have not been received on the Closing Date and the Purchase Price is paid
in to escrow, the condition set forth under this Section 4.3.2 shall be a closing condition on the
Final Closing Date.
4.3.2 产权转让。收购企业的良好且可销售产权的转让， 不附带一切产权负担和
留置权，许可留置权除外，并且，校园内不存在任何国家或地方级历史或文化标志性建筑
物. 如果交割当日并未收到剩余批准，且收购价款已交托管，此 4.3.2 条下的条件将在最终
交割日仍为交割条件。
4.3.3. Payment of Vacation Liability. Seller shall have paid all accrued and unpaid
vacation, and other time-off liabilities of faculty and staff as of the Closing Date, who will not
become employees of the College. For faculty and staff who will become employed by the
College, all accrued and unpaid vacation, and other time-off liabilities as of the Closing Date shall
be carried over by such employees and Seller shall make a separate payment to Buyer in such
amounts at Closing. Schedule 4.3.3 contains a list of all such accrued vacation and time off and
the related payment amount.
4.3.3 假期责任付款。卖方应已付清教职工在交割日之前的所有应计和未付假期和
其他补假责任费用。对于将由学院雇用的教职工，交割日之前的所有应计和未付假期和其
他补假责任费用应由该员工结转，而卖方应在交割时另行向买方支付相关金额。附表
4.3.3 列明所有此类应计假期和补假及其他付款金额。
4.3.4. Foreign Approvals. Receipt of approval from the P.R. China Governmental
Authorities, including but not limited to the approvals from the National Development and Reform
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Commission, the Ministry of Commerce and the State Administration of Foreign Exchange for the
Transaction and the remittance of the Purchase Price, not later than ten (10) days prior to Closing;
4.3.4 外国批准。收到中国政府机关的批准，包括但不仅限于中国国家发展和改革
委员会、商务部和国家外汇管理局针对该交易而签发的批准，并且汇出收购价款，时间不
迟于交割前十（10）天；
4.3.5. Endowment. Approvals necessary for the transfer of substantially all of the
Endowment to the NFP Entity, subject to the terms of this Agreement;
4.3.5 捐赠。向 NFP 实体转让大部分捐赠所需的批准，以本协议条款为准；
4.3.6. No Material Adverse Changes. There is no Material Adverse Change.
4.3.6 无重大不利变化。不存在任何重大不利变化。
4.3.7. No Litigation. No litigation shall be threatened or existing which will prevent the
consummation of the Transaction or which is likely to cause a Material Adverse Change to the
operations of the College after the Closing.
4.3.7 无诉讼。不存在任何潜在或现有诉讼，该等诉讼会阻碍交易的完成，或很可
能导致交割之后学院运营发生任何重大不利变化。
4.3.8. NFP Entity Board of Trustees. Buyer shall have established the NFP Entity, with
by-laws establishing a self-perpetuating board of trustees initially of not less than seven (7) and
not more than nine (9) trustees and cause the appointment of a board of trustees which shall include
at least one (1) trustee (if a seven member board) or two (2) trustees (if a nine member board)
recommended by Seller, representing the WCC community and approved by Buyer, with terms of
not less than four (4) years.
4.3.8 NFP 实体理事会。买方应已设立 NFP 实体，并按其章程规定设立一个自我
存续的理事会，理事会初始成员不少于七（7）名且不多于九（9）名理事，并且在理事会
任命中，至少由卖方推荐一（1）名理事（如果理事会共七名理事）或两名理事（如果理
事会共九名理事），代表 WCC 社区并经买方批准，理事任期不少于四（4）年。
4.3.9. Continuation of Faculty. Not less than forty-nine percent (49%) of the full time
WCC faculty and the priority adjunct faculty, as of December 31, 2017, shall agree to continue to
work for the Buyer Parties post-Closing. Two faculty members who are already on a phased
retirement plan as December 31, 2017, shall not be included in the calculation.
4.3.9 教师的延续。不少于百分之四十九（49%）的 WCC 全职教师和享有优先权
的兼职教师，在 2017 年 12 月 31 日之前，同意在交割后继续在买方工作。截至 2017 年 12
月 31 日，已有两名教师处于阶段性退休计划中，因此并未计入。
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4.3.10. Bulk Sales. Seller acknowledges that Buyer shall be entitled to file with the State
of New Jersey Division of Taxation (the “Division”), a Notification of Sale, Transfer or
Assignment in Bulk (Form C-9600) and an executed copy of the Agreement, enumerating the
purchase price and the terms and conditions thereof, as required by law and as necessary to obtain
a letter of clearance from the Division (“Tax Clearance Letter”). Buyer shall have the right to
deposit into escrow a portion of the Purchase Price (if any) required by the Division, which amount
shall be held in escrow by Buyer’s title company as escrow agent pursuant to the terms of a
mutually acceptable escrow agreement. Buyer shall file a complete application following the
Closing and within sufficient time as to not delay the Final Closing.
4.3.10 批量出售。卖方认可，买方有权向新泽西州税务部门（“税务部门”）提交
一份《批量出售、转让或出让通知》（表 C-9600）以及一份本协议经签署副本，载明收
购价格以及相关条款和条件，以便合法、必要地获得该部门的完税凭单（“完税凭单”）。
买方应有权将该税务部门要求的部分收购价款（如有）存入托管账户，该款项应由买方产
权公司作为托管代理人按照双方均可接受的托管协议条件进行托管。交割之后且在不延误
最终交割的充足时间内，买方应提交一份完整的申请表。
4.3.11. Other Terms. Compliance with all other terms and conditions for Closing under
the Agreement.
4.3.11 其他条款。遵守本协议项下所有其他交割条款和条件。
Section 4.4. Extension Periods. If the Closing does not occur by June 30, 2018 and
neither party is in breach of the Agreement, then the Closing shall be extended from July 1, 2018
for a period of no more than six (6) months, up to December 31, 2018 (the “First Extension
Period”), provided that Buyer is diligently pursuing receipt of its permits and approvals and
otherwise satisfying the conditions of Closing. The First Extension Period shall be acknowledged
by both Seller and Buyer in writing at least three (3) days prior to June 30, 2018. In the event
Closing has not taken place by December 31, 2018, then either Party may thereafter terminate the
Agreement, except that Buyer has the right to further extend the Closing for up to an additional six
(6) months to June 30, 2019, (the “Second Extension Period”) provided Buyer is not in default
under the Agreement and Buyer has continued to diligently pursue receipt of its permits and
approvals and otherwise is satisfying the conditions of Closing. The First Extension Period and
Second Extension Period are collectively referred to in this Agreement as the Extension Periods.
In the event the Second Extension Period is exercised by Buyer and Closing has not taken place
by July 1, 2019, then either Party may thereafter terminate the Agreement. In no event may a Party
terminate the Agreement as provided in this Section if the terminating Party is otherwise in breach
of this Agreement.
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第 4.4.节 延长期限。如果 2018 年 6 月 30 日之前没有进行交割，且任何一方均未违反
本协议，则交割日期应自 2018年 7月 1日起延长，延期不超过六（6）个月，即在 2018年
12 月 31 日（“首次延长期限”），前提是买方积极寻求获得许可和批准，并以其他方式
满足交割条件。买卖双方应在 2018 年 6 月 30 日之前至少三（3）天，以书面形式对首次
延长期限进行确认，除非买方有权再次延迟交割，另外延期六（6）个月，直至 2019 年 6
月 30 日（“第二次延长期限”），前提是买方并未违反本协议，且买方已继续积极寻求
获得许可和批准，并以其他方式满足交割条件。首次延长期限和第二次延长期限在本协议
中合称为延长期限。如果买方行使第二次延长期限，且 2019 年 7 月 1 日之前没有完成交
割，则任何一方可随之终止本协议。在任何情况下，如果终止方以其他形式违反本协议，
则任何一方均不得按本节规定终止本协议。
4.4.1. Transitional Operation. During the First Extension Period and the Second
Extension Period, a representative of Buyer shall be appointed to a non-compensated senior
management position of Seller to participate in all major management decisions for the operation
of the College, but without any authority to veto any decision or to bind Seller to any agreement,
whether in writing or otherwise. In addition, during the First Extension Period or the Second
Extension Period, Buyer shall have the right to designate and have present on the Campus, a
transition team of up to five (5) representatives, (with relevant higher education professional
experience and knowledge), at Buyer’s sole expense, to observe, learn and be prepared post-
Closing to assume the operations of the College. Seller shall cooperate with Buyer’s
representatives in the exercise of said rights in the form of interviews, questions & answers,
instructions and training, provided however that the presence of Buyer’s representatives shall not
disrupt Seller’s normal operations. As a condition to this Section, (i) the management appointee
and the 5 representatives shall be employees or consultants designated by Buyer and shall not be
considered as employees of Seller (ii) each of the 5 representatives shall sign Seller’s
confidentiality and non-disclosure agreement; and (iii) Buyer shall provide proof of liability
insurance, and naming Seller as an additional insured, along with proof of other insurance as
required by Law. Buyer shall provide Seller with a summary of the types and limits of its insurance
coverage and Seller and Buyer shall agree on the adequacy of such insurance. Nothing stated
herein provides for Buyer Parties’ representatives to, and they shall not, participate directly or
indirectly in any action which directs, affects, or immediately controls any employee of Seller.
4.4.1 过渡运营。首次延长期限和第二次延长期限之间，应任命一名买方代表担任
卖方的无偿高管职位，就学院运营事宜，参与所有重大管理决定，但没有权力否决任何决
定或以任何协议约束卖方，无论是以书面还是其他形式。此外，首次延长期间或第二次延
长期间，买方应有权在校园内指定一个最多五（5）名代表的过渡团队（拥有相关高等教
育职业经验和知识），费用由买方自行承担，该团队观察、学习和做好准备，在交割后负
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责学院的运营。卖方应与买方代表合作，行使上述权利，方式包括访谈、问答、指示和培
训，但是买方代表不得干扰卖方的正常运营。作为本节的条件之一：(i)管理层被任命人和
5 名代表应为买方指定的员工或顾问，不得被视为卖方员工；(ii)5 名代表应分别与卖方签
订保密协议；以及(iii)买方应提供责任险证明，指定卖方为额外被保险人，以及法律要求
的其他保险证明。买方应向卖方提供一份保险类型和限额总结，买卖双方应就该保险的充
足性达成一致。本协议任何内容均不要求买方代表且买方代表亦被禁止直接或间接参与指
示、影响或直接控制任何卖方员工的任何行动。
4.4.2. Operating Support.
4.4.2 营运资助款。
(a) During the First Extension Period and the Second Extension Period, Buyer shall
agree to contribute Operating Support to the College’s operations during the First Extension
Period, and the Second Extension Period provided that Seller continues to provide and conduct
normal maintenance and capital expenditures as planned and budgeted, consistent with its past
practice, for the College and the Campus during the First Extension Period and the Second
Extension Period. Buyer’s Operating Support shall initially be calculated using the reported
EBITDA loss incurred by the College during each of the First Extension Period and the Second
Extension Period, subject to a total operating support cap for the entire Extension Period from July
1, 2018 to June 30, 2019 (the “Operating Support Cap”) in the amount of one million and four
hundred thousand US dollars ($1,400,000). The Operating Support for the First Extension Period
shall be equal to the lesser of 50% of reported EBITDA loss for fiscal year 2018 ended June 30,
2018 or 50% of the Operating Support Cap. The Operating Support for the Second Extension
Period shall be equal to the lesser of 50% of reported EBITDA loss for fiscal year 2018 ended June
30, 2018 or 50% of the Operating Support Cap. Reported EBITDA loss shall mean the decrease
in net assets reported on the carve-out Financial Statements, plus any interest expenses recorded
on the carve-out Financial Statements, plus any Income tax expenses recorded on the carve-out
Financial Statements, plus any Depreciation expenses recorded on the carve-out Financial
Statements, plus any Amortization expenses recorded on the carve-out Financial Statements of
Financial Statements, plus any one-time non-cash expenses and charges of the type not previously
recorded on the carve-out Financial Statements (as illustrated in Exhibit E).
(a) 首次延长期限和第二次延长期限期间，买方应同意提供营运资助款，用于学
院在该期间的运营，前提是卖方在该期间继续按已计划、预算和符合过去惯例的方式提供
和开展正常维护和资本支出。买方资助款的初始计算方式为，学院在首次延长和第二次延
长期间分别招致的已报告税息折旧及摊销前利润损失，以 2018 年 7 月 1 日至 2019 年 6 月
30 日整个延长期间的营运资助款总额上限（“营运资助款上限”）为准，即总金额为壹
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佰肆拾万美元（$1,400,000）。首次延长期的营运资助款应等于截至 2018 年 6 月 30 日止
之财政年度的已报告税息折旧及摊销前利润损失的 50%或者营运资助款上限的 50%（以较
少者为准）。第二次延长期的营运资助款应等于截至 2018 年 6 月 30 日止之财政年度的已
报告税息折旧及摊销前利润损失的 50%或者营运资助款上限的 50%（以较少者为准）。已
报告税息折旧及摊销前利润损失应指，分拆财务报表上报告的资产净值，加上分拆财务报
表上记录的所得税费用，加上分拆财务报表或财务报表上记录的任何摊销费用，加上分拆
财务报表上之前未记录的任何类型的任何一次性非现金支出和费用（详见附件 E）。
(b) Buyer shall pay to Seller the estimated Operating Support for the First Extension
Period of $700,000 in total, in equal monthly installments of $116,667, to accrue beginning on
July 1, 2018, but with the first payment due on September 1, 2018 in the amount of $350,000,
covering the months of July, August and September of 2018, and then continuing on the first day
of each successive month of the First Extension Period (with a final payment on December 1,
2018). The estimated Operating Support payments shall thereafter continue during the Second
Extension Period of $700,000 in total, in equal monthly installments on the first day of each month
beginning on January 1, 2019 until the earlier of June 1, 2019 or the Closing. The total paid
Operating Support payments from July 1, 2018 to June 1, 2019 shall under no circumstances
exceed the Operating Support Cap and shall be non-refundable to Buyer, except as provided in
Section 4.4.2(c) and Section 9.10.2.
(b) 买方应就首次延长期向卖方支付估计营运资助款，合计 700,000 美元，按每
月$116,667美元的等额分期支付，自 2018年 7月 1日起计，但是首期付款$350,000在 2018
年 9 月 1 日到期应付，涵盖 2018 年 7 月、9 月和 9 月的分期付款，之后，分期款项应在首
次延长期间下一个月首日支付（末期付款日为 2018 年 12 月 1 日）。第二次延长期间，应
继续支付估计营运资助款，合计 700,000 美元，按每月等额分期支付，自 2019 年 1 月 1 日
至 2019 年 6 月 1 日或交割日（以较早发生者为准）在每月第一天支付。自 2018 年 7 月 1
日至 2019 年 6 月 1 日期间已付营运资助款合计金额，在任何情况下均不得超过营运资助
款上限，且不可向买方退还，按照第 4.4.2(c)节和第 9.10.2 节规定的除外。
(c) Promptly following the receipt of Seller’s audited financial statements for the fiscal
year 2018, and based on such audited financial statements, the Parties shall utilize the carve-out
financial statements and methodology reflected in Exhibit E to calculate the actual Operating
Support from the beginning of the First Extension Period to the end of the First Extension Period
or from the beginning of the Second Extension Period to the end of the Second Extension Period
or to and through Closing as the case may be, and the amount of any overpayment between the
paid Operating Support payments and the actual Operating Support as calculated, shall be settled
post-Closing and shall be paid promptly following the final calculation.
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(c) 收到卖方 2018 财年经审计财务报表后，基于该经审计财务报表，本协议各
方将利用分拆财务报表和附件 E所示的方法，计算首次延长期起止期间或第二次延长期起
止期间或交割之前期间（视情况而定）的实际运营资助款金额，同时，已付营运资助款与
实际营运资助款之间的任何超额支付金额，应在交割后进行结束，在最终计算后即时付清。
Section 4.5. Deliveries at Closing.
第 4.5.节 交割时的交接。
4.5.1. Closing Deliveries by Seller. At Closing, Seller shall deliver or cause to be
delivered to Buyer or a Buyer Party (or the Escrow Agent) as a condition of Closing:
4.5.1 交割时卖方交接。交割时，作为交割条件之一，卖方应向买方或买方之一
（或托管代理人）交接或促使交接：
(a) A duly executed Bill of Sale in substantially the form attached hereto as Exhibit B.
In the event the Remaining Approvals have not been received on the Closing Date and the Purchase
Price is paid into escrow, a bill of sale, similar to the Bill of Sale, but from Buyer back to Seller,
shall be executed by Buyer and held in the Purchase Price Escrow and delivered to the Escrow
Agent pursuant to the Purchase Price Escrow Agreement;
(d) 一份经妥当签署的卖契（大体格式详见附件 B）。如果交割当日并未收到剩
余批准，且收购价款已交托管，则按照《收购价款托管协议》，买方应签署和向托管代理
人交付一份由买方返还卖方的、与卖契类似的卖契，
(b) A duly executed Assignment and Assumption Agreement assigning and assuming
all Acquired Business and Assumed Liabilities, in substantially the form attached hereto as Exhibit
C. In the event the Remaining Approvals have not been received on the Closing Date and the
Purchase Price is paid into escrow, an assignment and assumption agreement identical to the
Assignment and Assumption Agreement shall be executed by the Buyer Parties and delivered to
the Escrow Agent pursuant to the Purchase Price Escrow Agreement;
(e) 一份经妥当签署的转让和承担协议，转让和承担所有收购企业和盘入负债，
大体格式详见附件 C。如果交割当日并未收到剩余批准，且收购价款已交托管，则买方应
按照《收购价格托管协议》，签署和向托管代理人交付一份与《转让和承担协议》类似的
转让和承担协议；
(c) A bargain and sale deed to the Owned Real Property with covenants against
grantor’s acts, in a recordable form reasonably satisfactory to Buyer (the “Deed”) and duly
executed and notarized by Seller conveying to title to the Campus, free and clear of any Liens
(other than Permitted Liens). In the event the Remaining Approvals have not been received on the
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Closing Date and the Purchase Price is paid into escrow, the Deed and all supporting certifications
and documents related to the transfer of the Campus, shall be delivered to the Escrow Agent
pursuant to the Purchase Price Escrow Agreement;
(f)一份针对自有不动产的不动产买卖契约，附带授予人行为的保证，格式为令买方合
理满意的可记录格式（“契约”），经卖方妥当签署和公证，用于过渡校园产权，且不附
带任何留置权（许可留置权除外）。如果交割当日并未收到剩余批准，且收购价款已交托
管，则应按照《收购价格托管协议》，向托管代理人交付一份契约以及与校园转让相关的
所有支持证明和文件；
(d) a standard owner’s affidavit with respect to the Campus, as requested by Buyer and
Buyer’s title insurer (if any) to the extent necessary to delete the so-called “standard exceptions”
from any title insurance policy issued to Buyer and such other standard documents required by
Buyer’s title insurance company (the “Title Company”) to issue an ALTA Owner’s title insurance
policy;
(g) 一份标准的有关校园的所有人宣誓书，经买方和买方产权保险公司（如有）
要求，以便将所谓的“标准例外情况”从签发给买方的任何产权保险单中剔除，以及买方
产权保险公司（“产权公司”）要求的其他标准文件，以便签发一份 ALTA所有人产权保
险单；
(e) an assignment in form and substance satisfactory to Buyer (the “Intellectual
Property Assignments”) and duly executed by Seller, transferring all of Seller’s right, title and
interest in and to the Intellectual Property to Buyer. In the event the Remaining Approvals have
not been received on the Closing Date and the Purchase Price is paid into escrow, the Intellectual
Property shall remain with Seller pursuant to Section 4.5.2(f) and the Intellectual Property
Assignments shall be delivered to the Escrow Agent pursuant to the Purchase Price Escrow
Agreement;
(h) 一份格式和内容均令买方满意的转让书（“知识产权转让书”），经卖方妥
当签署，向买方转让卖方在所有知识产权中的权利、所有权和利益。如果交割当日并未收
到剩余批准，且收购价款已交托管，则知识产权应按照第 4.5.2(f)节仍属于卖方所有，且
应按照《收购价格托管协议》，向托管代理人交付知识产权转让书；
(f)The duly executed Transition Plan/Shared Services Agreement resulting from efforts set
forth in Section 7.19;
(i) 按第 7.19 节规定努力后，经妥当签署的过渡计划/共享服务协议；
(g) Copies of all Required Consents;
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(j) 所有必要许可证副本；
(h) The Indemnification Escrow Agreement duly executed by Seller;
(k) 经卖方妥当签署的《赔偿金托管协议》；
(i) The Purchase Price Escrow Agreement duly executed by Seller;
(l) 经卖方妥当签署的《收购价款托管协议》；
(j) a certification, in form and substance reasonably satisfactory to Buyer, from each Seller
providing that such Seller is not a “foreign person,” for purposes of Section 1445 of the Internal
Revenue Code and related regulations;
(m) 一份格式和内容均令买方合理满意的卖方证明，证明就《美国国内税收法》
第 1445 节和相关规定而言，卖方非“外国人”；
(k) a certificate dated as of the Closing Date and signed on its behalf by each Seller’s
secretary or other authorized representative to the effect that the resolutions of the board of
directors, shareholders, managers, members or partners of such Seller, authorize the actions taken
in connection with the contemplated Transaction;
(n) 一份日期为交割日之前的且由卖方秘书或其他授权代表签署的证明，证明卖
方董事会决议、股东、管理人员、成员或合伙人授权就拟议交易采取行动；
(l) Releases and Lien discharges and any other documents reasonably requested by Buyer or
the Title Company to insure title to the Campus at the Final Closing, reflecting the release of any
Liens (other than Permitted Liens) encumbering the Acquired Business, except that if the Final
Closing has not taken place on the Closing Date, any releases or Lien discharges may not be
delivered by Seller until the Final Closing;
(o) 买方或产权公司合理要求的释放和留置权解除和任何其他文件，确保最终交
割时的校园产权，反映已解除收购企业负担的任何留置权（许可留置权除外），但是如果
交割日时没有进行最终交割，则卖方在最终交割之前无需交付任何释放令或留置权解除令；
(m) The Endowment Escrow Agreement duly executed and delivered by the Parties;
(p) 经本协议各方妥当签署和交付的《捐赠托管协议》；
(n) A statement signed by the Parties identifying the Remaining Approvals, if any: and
(q) 经本协议各方签署的载明剩余批准（如有）的声明；以及
(o) Such other documents, assignments and evidence of transfers and assumptions as
are necessary to effectuate the Transaction.
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(r)使交易生效所需的其他文件、转让或转让和承担证明。
4.5.2. Closing Deliveries by Buyer. At Closing, Buyer will deliver or cause to be
delivered to Seller (or to the Escrow Agent) as a condition of Closing:
4.5.2 交割时买方交接。交割时，作为交割条件之一，买方应向卖方（或托管代理
人）交接或促使交接：
(a) An amount equal to (i) the Purchase Price (subject to adjustment pursuant to Section
3.1), part of which shall be the Deposits being released from the Deposit Escrow Account, minus
(ii) the Indemnification Escrow Amount, to the Purchase Price Escrow Account. In the event the
Remaining Approvals have not been received on the Closing Date, the Purchase Price will be paid
to the Purchase Price Escrow Account pursuant to the Purchase Price Escrow Agreement;
(s) 一笔资金，金额等于（i）收购价格（以按照第 3.1 节进行的调整为准），部
分收购价款应为押金托管账户中释放的押金，减去（ii）存入赔偿金托管账户内的赔偿金
托管金额。如果没有在交割日期收到剩余批准，则应按照《收购价款托管协议》，将收购
价款存入收购价款托管账户；
(b) The Purchase Price Escrow Agreement duly executed by the Buyer Parties;
(t) 经买方妥当签署的《收购价款托管协议》；
(c) The Indemnification Escrow Amount to the Indemnification Escrow Account;
(u) 在赔偿金托管账户内存入的赔偿金托管金额；
(d) A duly executed Assignment and Assumption Agreement, in substantially the form
attached hereto as Exhibit C;
(v) 经妥当签署的《转让和承担协议》，大体格式详见附件 C；
(e) A duly executed Transition Plan/Shared Services Agreement resulting from efforts
set forth in Section 7.19, along with payment of the first monthly payment due under the Transition
Plan/Shared Services Agreement;
(w) 按照第 7.19 节产生的、经妥当签署的过渡计划/共享服务协议，以及根据过
渡计划/共享服务协议到期应付的每月分期付款；
(f)The Buyer shall execute and grant to the NFP Entity a perpetual, irrevocable License to
use the Intellectual Property, without charge. In the event the Remaining Approvals have not been
received on the Closing Date and the Purchase Price is paid into escrow, the Intellectual Property
License at Closing, which shall be approved by and consented to by Buyer, shall be between Seller
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as Licensor and the NFP Entity as the licensee and Seller shall assign the License to the Buyer
when the Purchase Price Escrow is released;
(x) 买方应免费签订和授予 NFO 实体一项永久、不可撤销的知识产权使用许可。
如果交割当日并未收到剩余批准，且收购价款已交托管，则交割时的知识产权应经买方批
准和同意，由卖方作为许可人和 NFP 作为被许可人进行许可，并且，卖方应在解除收购
价款托管时将许可让与买方；
(g) The Campus Holding Entity shall enter into the Lease with the NFP Entity. In the
event the Remaining Approvals have not been received on the Closing Date and the Purchase Price
is paid into escrow, the Lease at Closing, which shall be approved by and consented to by Buyer,
shall be between Seller as landlord and the NFP Entity as the tenant and Seller shall assign the
Lease to the Buyer when the Purchase Price Escrow is released;
(y) 校园控股实体应与 NFP 实体签订租约。如果交割当日并未收到剩余批准，
且收购价款已交托管，则交割时的租约应经买方批准和同意，由卖方作为业主和 NFP 作
为承租人进行租赁，并且，卖方应在收购价款托管解除时将租约让与买方；
(h) The Indemnification Escrow Agreement duly executed by Buyer;
(z) 经买方妥当签署的《赔偿金托管协议》；
(i) Such other documents, assignments and evidence of transfers and assumptions as are
necessary to effectuate the Transaction;
(aa) 使交易生效所需的其他文件、转让或转让和承担证明；
(j) The Endowment Escrow Agreement duly executed and delivered by the Parties;
(bb) 经本协议各方妥当签署和交付的《捐赠托管协议》；
(k) A statement signed by the Parties identifying the Remaining Approvals, if any; and
(cc) 经本协议各方签署的载明剩余批准（如有）的声明；以及
(l) Such instruments of assumption and other instruments or documents, in form and substance
reasonable acceptable to Seller and Buyer, as may be necessary to effect Buyer’s assumption of
the Assumed Liabilities.
(dd) 使买方承担盘入负债生效所需的此类承担文书和其他文书或文件，格式和内
容均令买卖双方合理接受。
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Section 4.6. Post-Closing Purchase Price Release .
第 4.6.节 交割后收购价款的释放 .
4.6.1. Upon, Buyer’s receipt in its reasonable discretion of all Remaining Approvals as
identified and scheduled at Closing, and notification thereof to the Escrow Agent and the Seller,
the Escrow Agent shall, upon joint notice to Buyer and Seller to the Escrow Agent, release (i) the
amount in the Purchase Price Escrow Account to Seller, (ii) the Deed and related documents to the
Campus Holding Entity and (iii) the Intellectual Property Assignments, the bill of sale from Buyer
to Seller, the assignment and assumption agreement from Buyer to Seller and all other agreements
and documents evidencing the transfer of ownership of the Acquired Business and Assets to Buyer.
The date of such release of the Purchase Price Escrow is referred to herein as the “Final Closing
Date”. The Parties agree that the only condition to the Final Closing Date and the release of the
Purchase Price Escrow and the Deed is the satisfaction of the Remaining Approvals and that the
obligation to release the Purchase Price Escrow and the Deed is independent from any other
covenants, terms or conditions set forth in this Agreement.
4.6.1 买方酌情在交割时收到已确定和计划的所有剩余批准，并通知托管代理人和
卖方后，托管代理人应根据买卖双方向其发出的联合通知， (i)向卖方释放收购价款托管
账户中的金额；(ii)向校园控股实体释放契约和相关文件，以及(iii)买方向卖方释放知识产
权转让书、卖契、转让和承担协议，以及证明向买方转让收购企业和资产所有权的所有其
他协议和文件。在本协议中，收购价款托管解除日期称为“最终交割日”。本协议各方同
意，最终交割日和收购价款托管和契约解除的唯一条件是满足剩余批准，并且，收购价款
托管和契约的解除义务独立于本协议规定的任何其他约定事项、条款或条件。
4.6.2. If Buyer fails to receive any of the Remaining Approvals prior to July 1, 2019 or
otherwise waive in writing any of the Remaining Approvals not yet obtained, Buyer or Seller shall
each have the option, exercisable in writing by notice to the Escrow Agent, to rescind and fully
unwind the Transaction, and the Escrow Agent and Buyer Parties shall immediately, upon the
completion of such rescission, assign and transfer back to Seller the Acquired Business and all
rights previously transferred and thereafter the Escrow Agent shall immediately release the amount
in the Purchase Price Escrow Account to Buyer and release to Seller, the Deed, the assignment
and assumption agreement from Buyer to Seller, and the bill of sale from Buyer to Seller, with the
intent that the Parties shall have all money as well as such ownership and control over the Acquired
Business, the Business, the Campus and the College as they each did immediately prior to the
Closing Date, and as the Parties intended in the event of a proper termination of this Agreement.
The Parties shall fully cooperate with each other in this regard, including but not limited to
executing any and all documents necessary to effect the purposes of this Section. Thereafter,
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neither Party shall have any rights or obligations under this Agreement, other than the rights and
obligations that explicitly survive the termination of this Agreement.
4.6.2 如果买方未能在 2019 年 7 月 1 日之前取得任何剩余批准，或另行以书面形
式放弃任何仍未获得的剩余批准，则买方或卖方分别有权选择书面通知托管代理人，撤销
和完全退出交易，而托管代理人和买方应在该撤销完成后，立即向卖方出让和转让收购企
业以及之前转让的所有权利，此后，托管代理人应立即向买方释放收购价款托管账户中的
金额，向卖方释放卖契、买方向卖方的转让和承担协议以及卖契，目的在于本协议各方的
所有款项以及针对收购企业、企业、校园和学院的所有权和控制权均恢复至交割日之前的
状况，以及本协议适当终止时本协议各方预期的状态。本协议各方应在该方面互相合作，
包括但不仅限于签署使本节目的生效的任何和所有必要文件。此后，任何一方均不就本协
议享有任何权利或承担任何义务，本协议终止后明确存续的权利和义务除外。
ARTICLE 5
Representations and Warranties of Seller
第 5 条
卖方陈述与担保
Seller represents and warrants to Buyer as of the Effective Date and as of the Closing, subject
to such exceptions as are specifically disclosed in the disclosure schedule (referencing the
appropriate Sections hereof) supplied by Seller to Buyer and dated as of the date hereof (the “Seller
Disclosure Schedule”), as follows:
生效日期和交割日之前，卖方向买方陈述和保证如下，该陈述和担保受卖方向买方提
供的、日期为本协议日期的披露清单（以下简称“卖方披露附表”）内明确披露的例外情
况（参考本协议适当章节）之规限：
Section 5.1. Organization. Seller is a non-profit corporation, duly organized, validly
existing and in good standing under the laws of the State of New Jersey and has all requisite power
and authority to own operate or lease the Business and the College, including the Acquired
Business, and carry on the Business as currently conducted.
第 5.1.节 组织。卖方是一家依据新泽西州法律正式组建、有效存续且信誉良好的非营
利性组织，拥有运营或出租包括收购企业在内的企业和校园以及按目前方式从事业务的一
切必要权力和权限。
Section 5.2. Authority of Seller. Seller has all necessary corporate power and authority
and has taken all actions necessary to enter into each of the Transaction Documents and to carry
out the transactions contemplated thereby. Seller has taken all action required by Law, its
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Organizational Documents or otherwise to be taken by it to authorize the execution and delivery
of each of the Transaction Documents by Seller and the consummation of the transactions
contemplated thereby. Each of the Transaction Documents has been duly and validly executed
and delivered by Seller and, when executed and delivered by Buyer, will constitute the legal, valid
and binding obligations of Seller enforceable against Seller in accordance with its respective terms
except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited
by Laws relating to the availability of specific performance, injunctive relief or other equitable
remedies.
第 5.2.节 卖方权限。卖方拥有签订交易文件和开展拟议交易所需的一切必要企业权力
和权限，并已就此采取一切必要措施。卖方已采取法律、其组织文件或其他文件要求的一
切措施，以授权卖方签订和交付每份交易文件并完成拟议交易。每份交易文件均经卖方妥
当和有效签订及交付，并且，经买方签订和交付后，该交易文件将构成卖方的合法有效且
有约束力的义务，并可按照各自条款对卖方强制执行，除非(a)影响债权强制执行的适用
破产、资不抵债、重组、延期偿付和其他一般适用法律对此进行限制，以及(b)与具体履
行、禁令救济或其他衡平法下补救办法可用性相关的法律对此进行限制。
Section 5.3. Consents and Approvals. Section 5.3 of the Seller Disclosure Schedule sets
forth a complete and accurate list of all consents, waivers, approvals, or authorizations of, or
notices to, any third party, including any Governmental Authority, that are required by or with
respect to Seller in connection with the execution and delivery of this Agreement and other
Transaction Documents by Seller or the performance of their obligations hereunder and
thereunder, including the assignment of the Assumed Contracts and the Permits (the “Required
Consents”). Other than the Required Consents, no other consent is required for the execution,
delivery and performance by Seller of the Transaction Documents to which it is a Party.
第 5.3.节 许可与批准。《卖方披露附表》第 5.3 节陈列了一份完整准确的清单，涵盖
卖方在签订和交付本协议及其他交易文件时或者在履行卖方义务时，包括在转让已承担合
约和许可时，所需的包括任何政府机关在内的任何第三方许可、弃权、批准或授权或通知
（以下简称“必要许可”）。除必要许可外，卖方无须就其身为一方的交易文件的签订、
交付和履行而获得任何其他许可。
Section 5.4. Non-Contravention. The execution and delivery by Seller of this
Agreement and other Transaction Documents does not, and the performance by them of their
respective obligations under this Agreement and other Transaction Documents and the
consummation of the transactions contemplated hereby and thereby, will not:
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第 5.4.节 不抵触。卖方签订和交付本协议及其他交易文件，以及卖方履行其在本协议
和其他交易文件项下的各自义务和完成拟议交易，将不会：
5.4.1. Conflict with or result in a violation or breach of any of the terms, conditions or
provisions of the Organizational Documents of Seller;
5.4.1 与卖方组织文件的任何条款、条件或规定存在冲突或造成违反或侵犯事实；
5.4.2. assuming the receipt of all Required Consents, conflict with or result in a violation
or breach (or an event which, with notice or lapse of time or both, would constitute a breach or
violation) of any term or provision of any Law applicable to Seller, the Business, the Acquired
Business or any Assumed Contract;
5.4.2 假设已经取得一切必要许可，与适用于卖方、企业、收购企业或任何已承担
的任何法律条款或规定存在冲突或造成违反或侵犯事实（或因通知或时效消失而引起事件，
该事件构成违反或侵犯事实）；
5.4.3. assuming the receipt of all Required Consents, and the payment of all Liens other
than the Permitted Liens, at Closing, conflict with, result in a violation or breach of, constitute a
default or an event that, with or without notice or lapse of time or both, would constitute a default
under, result in the acceleration of or create in any party the right to accelerate, terminate, modify
or cancel any contract or Permit to which Seller is a party or by which Seller or the Business is
bound or to which any of the Acquired Business are subject (including any Assumed Contract)
which Seller is a party or by which it is bound, including any Assumed Contract; or
5.4.3 假设交割时已经取得一切必要许可并在交割时已付清除许可留置权之外的一
切留置权，与卖方身为其中一方、或卖方或企业受之约束、或任何收购企业受之规限或约
束的任何合同或许可证（包括任何盘入合约）存在冲突或造成违反或侵犯事实（或因通知
或时效消失而引起事件，该事件构成违反或侵犯事实），造成任何一方加快或有权加快、
终止、修改或取消该合同或许可证；或者
5.4.4. Assuming the receipt of all Required Consents, result in the creation or imposition
of any Liens on the Acquired Business.
5.4.4 假设已经取得一切必要许可，造成对收购企业创建或施加任何留置权。
Section 5.5. Financial Statements; Absence of Certain Changes, Events and Conditions.
第 5.5.节 财务报表；不存在特定变更、事件和条件.
5.5.1. Attached hereto as Section 5.5.1 of the Seller Disclosure Schedule are complete
copies of the Financial Statements. Seller shall continue to prepare and promptly provide Buyer
with the complete Financial Statements, supporting data and entries for each of WCC, WCM,
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WCE and the consolidated College for any complete fiscal years up to the Closing Date. Seller
shall engage the services of an independent professional accounting firm, to assist and advise in
the preparation of the Financial Statements. The Financial Statements are and shall be generally,
to Seller’s Knowledge, true and correct in all material respects and shall fairly present the financial
positions as of the dates indicated and the results of operations for the periods indicated. Further,
Seller represents that the books and accounts of WCC, WCM, and WCE are to the knowledge of
Seller, complete and correct in all material respects and fully and fairly reflect all material
transactions.
5.5.1 附件《卖方披露附表》第 5.6 节为财务报表的完整副本。卖方应继续就交割
日之前的任何完整财政年度，为 WCC、WCM、WCE 分别和为学院合并制作和及时向买
方提供完整的财务报表、证明数据和录入。卖方应聘请独立的专业会计师事务所服务，协
助制作财务报表并提供意见。财务报表是且据卖方所知在所有重大方面均为真实准确，公
允地反映了财务报表所示日期止的财务状况以及所示期间的营业成果。此外，卖方陈述，
据卖方所知，WCC、WCM、和 WCE 的账簿和账户在所有重大方面均为完整和准确的，
充分且公允地反映了所有重大交易。
5.5.2. Since June 30, 2017, and other than in the ordinary course of business consistent
with past practice, and except as otherwise disclosed in Section 5.5.2 of Seller’s Disclosure
Schedule, there has not been any:
5.5.2 自 2017 年 6 月 30 日起，符合过去惯例的正常业务过程除外，《卖方披露附
表》第 5.5.2 节另有披露的除外，过去并不存在任何：
(a) To Seller’s Knowledge, event, occurrence or development that has had, or could
reasonably be expected to have, individually or in the aggregate, a Material Adverse Change;
(ee) 据卖方所知，曾经或被合理预期可能会单独或合并造成重大不利变化的事件、
情况或进展；
(b) Entry into any Contract that would constitute a Material Contract (other than
financial aid agreements with students in the ordinary course of business consistent with past
practice and provided that, the undergraduate institutional financial aid for the Fall 2019 full-time
freshman undergraduate students produces an average per student net tuition revenue (tuition after
institutional financial aid and discounts) of not less than $17,900; and the Fall 2019 full-time
graduate students produces an average net tuition revenue of not less than the average net tuition
revenue produced in the Fall of 2018, without Buyer’s reasonable written consent;
(ff) 未经买方合理书面同意，签订会构成重大不利变化的任何合同（正常业务过
程中符合过去惯例的学生助学协议除外，前提是，2019 年秋季学期本科新生的本科机构
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性助学金产生的每位学生平均学费净收入（扣除机构助学金和折扣之后的学费）不低于
17,900 美元；以及，2019 年秋季学期全日制研究生学生产生的平均学费净收入不低于
2018 年秋季学期产生的平均学费净收入）；
(c) Transfer, assignment, sale or other disposition of any of the Assets used
substantially in the Business shown or reflected in the balance sheet as of June 30, 2017;
(gg) 截至 2017 年 6 月 30 日止的资产负债表上显示或反映的企业实质上使用的任
何资产的转让、出让、出售或其他处置；
(d) Cancellation of any debts owed to Seller related to the Acquired Business or claims
or amendment, termination or waiver of any rights related to the Acquired Business;
(hh) 就收购企业而亏欠卖方的任何债务的取消，或则收购企业相关的任何权利的
索赔、修订、终止或放弃；
(e) Outside the ordinary course of business, transfer or assignment of or grant of any
license or sublicense under or with respect to any Intellectual Property;
(ii) 正常业务过程之外，转让、出让或授予任何知识产权或相关的许可或分许可；
(f)Abandonment or lapse of or failure to maintain in full force and effect any Intellectual
Property Registration;
(jj) 任何知识产权登记的放弃或失效，或未能使之继续充分有效；
(g) Acceleration, termination, material modification to or cancellation of any Assumed
Contract or Permit; and
(kk) 任何盘入合约或许可证的加速、终止、重大修改或撤销；以及
(h) Material capital expenditures which would constitute an Assumed Liability.
(ll) 构成盘入负债的重大资本支出。
Section 5.6. Taxes. Except as otherwise set forth in Section 5.6 of the Seller Disclosure
Schedule, (i) all Tax Returns required to have been filed by or with respect to the Seller, the
Business or the Acquired Business have been duly filed or caused to be filed, on or before the due
date thereof (including any valid extensions); (ii) each such Tax Return (including any amendment
thereto) correctly and completely reflects Liability for Taxes and is true, correct, and complete in
all other material respects; (iii) all Taxes due and payable of or relating to Seller, the Business and
the Acquired Business, whether or not shown on any Tax Return, have been timely paid.
第 5.6.节 税务。除《卖方披露附表》第 5.6 节另有规定外，（i）卖方、企业或收购企
业应提交或相关的一切纳税申报表，均已于到期日或之前（包括任何有效延期）按规定提
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交或促使提交；（ii）每份纳税申报表（包括其任何修订本）均正确、完整地反映了纳税
责任，并且在所有其他重大方面均为真实、准确和完整；（iii）卖方、企业和收购企业到
期应付或相关的一切税费（无论任何纳税申报表上是否显示）均已及时付清。
Section 5.7. Certain Contracts. Section 5.7 of the Seller Disclosure Schedule lists each
of and all Contracts material to Seller’s conduct of the Business in the ordinary course of Business
(the “Material Contracts”). Complete and correct copies of each Material Contract (including all
modifications, amendments and supplements thereto and waivers thereunder) have been made
available to Buyer. Each of the Material Contracts is in effect and constitutes a legal, valid and
binding agreement, enforceable in accordance with its terms, of one or more Seller except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of
general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies.
Seller is not in violation or breach of or default under, any Material Contract; and to the Knowledge
of the Seller no other party to any Material Contract is in violation or breach of or default under
such Material Contract; and to the Knowledge of Seller no event or condition exists which would
cause acceleration of any obligation or loss of any rights of any party to any Material Contract or
give rise to right of termination or cancellation thereof.
第 5.7.节 特殊合同。《卖方披露附表》第 5.7 节列明了正常业务过程中，对卖方运营
行为来说十分重要的所有合同（“重大合同”）。已向买方提供各重大合同副本（包括所
有修改、修订和补充版本以及各项下的弃权声明书）。每份重大合同均为有效，构成合法
有效且有约束力的协议，可依据各自条款予以强制执行，卖方在以下一或多种情况下除外：
(i)影响债权强制执行的适用破产、资不抵债、重组、延期偿付和其他一般适用法律对此进
行限制，以及(ii)与具体履行、禁令救济或其他衡平法上补救办法可用性相关的法律对此
进行限制。卖方没有违反或侵犯或违约任何重大合同；以及，据卖方所知，任何重大合同
中的任何一方均没有违反或侵犯或违约该重大合同；并且，据卖方所知，不存在任何会导
致任何重大合同中任何一方的任何义务加速或权利丢失、或导致终止或撤销权利产生的事
件或情况。
Section 5.8. Title to and Condition of Assets.
第 5.8.节 资产所有权和状况。
5.8.1. Campus. Section 5.8.1 of the Seller Disclosure Schedule sets forth an accurate
description of the Campus, which is owned in fee simple by Seller and is included in the Acquired
Business. With respect to the Campus, except as set in Section 5.8.1 of the Seller Disclosure
Schedule: (i) to Seller’s Knowledge, there are no other claims, disputes or challenges against
Seller’s ownership rights of the Campus or any portion thereof; (ii) except for Permitted Liens and
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such Liens as shall be satisfied at Closing, Seller has not leased or otherwise granted to any Person
any Lien on the Campus or any other right to use or occupy the Campus or any portion thereof;
(iii) there are no outstanding options, rights of first offer or rights of first refusal to purchase the
Campus or any portion thereof or interest therein; (iv) the Seller has received no notice of any
pending condemnation proceeding and, to the Knowledge of the Seller, no condemnation
proceeding is threatened, which, in each case, would preclude or materially impair any use of the
Campus for the uses for the Business; (v) Seller has not received any notice of any pending or
contemplated special or added assessments against the Campus; (vi) Seller has received no notice
from any Governmental Authority as to the failure of Seller to satisfy the conditions to any and all
applicable site plan, subdivision or construction approvals obtained from any Governmental
Authority related to the Campus, (vii) Seller has not posted any bonds or deposits with any
Governmental Authority related to the Campus, which remain outstanding with such
Governmental Authority, and (viii) to Seller’s Knowledge and based solely on the letter from the
Municipality of Princeton as set forth in Section 5.8.1 of Seller’s Disclosure Schedule, the use of
the Campus, as presently used by the Business, does not violate any local zoning or similar land
use Laws.
5.8.1 校园。《卖方披露附表》第 5.8.1 节为校园的准确描述， 由卖方以无限定继
承的方式拥有，并纳入收购企业之中。关于校园，除《卖方披露附表》第 5.8.1 节规定之
外： (i)据卖方所知，对于卖方对校园或其任何部分的所有权，不存在任何其他索赔、争
议或质疑；(ii)除许可留置权和应在交割时满足的留置权外，卖方并未向任何人出租或以
其他形式授予任何校园留置权，或任何其他使用或占有校园或其任何部分的权利；(iii)不
存在有关校园或其任何部分或利益的未决选择权、优先报价权或优先购买权；(iv) 卖方并
未收到任何未决定罪程序的通知，以及据卖方所知，不存在任何潜在定罪程序，在各种情
况下，该定罪程序会妨碍或重大损害校园用于任何企业目的；(v)卖方并未收到任何针对
校园的未决或拟议特殊或附加评估通知；(vi) 卖方并未收到任何政府机关通知，通知内容
为卖方未能满足条件，以从任何政府机关取得与校园相关的任何和所有适用场地平面图、
分区或施工批准；(vii)据卖方所知，且仅仅基于《卖方披露附表》第 5.8.1节规定的普林斯
顿市信函，企业按目前情况使用校园不会违反任何地方分区或类似土地使用法律。
5.8.2. Title to Acquired Business. Seller has good and valid and marketable title to all of
the Acquired Business. Upon delivery of and payment for the Acquired Business in accordance
with the terms of this Agreement, Buyer will acquire good and valid and marketable title to all of
the Acquired Business, in each case free and clear of all Liens, other than Permitted Liens and any
Liens created by any actions of Buyer or its Affiliates. No Acquired Business used by Seller in
connection with the Business are held under any lease except as set forth in the Assumed Contracts.
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5.8.2 收购企业的产权。卖方对所有收购企业享有良好、有效且可出售的产权。按
照本协议条件交付和支付收购企业后，买方将获得所有收购企业的良好、有效且可出售产
权，在各种情况下均不附带各种留置权，经许可留置权和依据买方或其关联方任何行动而
设立的任何留置权除外。除盘入合约规定的之外，卖方就业务而使用的任何收购企业均没
有受任何租约的规限。
5.8.3. Intellectual Property. Except as set forth on Section 5.8.3 of the Seller Disclosure
Schedule, with respect to the Intellectual Property, Seller represents and warrants that:
5.8.3 知识产权。除《卖方披露附表》第 5.8.3 节规定的之外，卖方就知识产权陈
述和保证如下：
(a) Seller owns or has the valid and enforceable right to use, transfer, license and/or
assign any and all such Intellectual Property free and clear of any and all Liens under the terms of
this Agreement;
(mm) 根据本协议条款，卖方拥有使用、转让、许可和/或出让任何和所有知识产
权的有效且可实施权利，不附带任何及所有留置权。
(b) To Seller’s Knowledge, the conduct of the Business as currently and formerly
conducted (including Seller’s use of the Intellectual Property in the Business) has not infringed
upon, misappropriated or otherwise violated any intellectual property rights or other rights of any
third party;
(nn) 据卖方所知，企业按照目前和之前的运营方式继续运营（包括卖方在企业中
使用知识产权），没有侵犯、盗用或以其他形式违反任何知识产权或其他第三方权利；
(c) To Seller’s Knowledge, no person has infringed, misappropriated, or otherwise
violated any Intellectual Property;
(oo) 据卖方所知，没有任何人侵犯、盗用或以其他形式违反任何知识产权；
(d) Any and all of the Intellectual Property are valid and enforceable. Seller has taken
all reasonable and necessary steps to maintain and enforce the Intellectual Property;
(pp) 任何及所有知识产权均为有效且可实施的。卖方已采取一切合理必要的措施，
维护和实施知识产权；
(e) there are no Actions (including any opposition, cancellation, revocation, review, or
other proceeding) settled, pending or to Seller’s Knowledge, threatened (including in the form of
offers to obtain a license): (i) alleging any infringement, misappropriation, or other violation of
the intellectual property of any Person by Seller in the conduct of the Business; or (ii) challenging
the validity, enforceability, registrability, patentability, or ownership of any Intellectual Property.
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Seller is not aware of any facts or circumstances that could reasonably be expected to give rise to
any such Action. Seller is not subject to any outstanding or prospective governmental order
(including any motion or petition therefor) that does or could reasonably be expected to restrict or
impair the use of any Intellectual Property.
(qq) 不存在任何已解决、未决或（据卖方所知）潜在法律行动（包括任何反对、
取消、撤销、重审或其他程序，形式包括获得执照的要求）：（i）声称卖方在企业运营
过程中侵犯、盗用或以违反任何人的知识产权；或者（ii）质疑任何知识产权的有效性、
可实施性、可注册性、可获得专利性或所有权。卖方没有受到任何未决或预期政府命令
（包括任何动议或诉请）的规限，该命令会或者被合理认为会限制或损害任何知识产权的
使用。
Section 5.9. Environmental Matters. Except as set forth in Section 5.9 of the Seller
Disclosure Schedule:
第 5.9.节 环境问题。除《卖方披露附表》第 5.9 节规定的之外：
5.9.1. The Seller has not received any notice from any Governmental Authority stating
that the Acquired Business (including the Campus) is not in compliance with any applicable
Environmental Laws with respect to the Business and the Campus.
5.9.1 卖方并未收到任何政府机关的任何通知，载明收购企业（包括校园）没有遵
守任何适用环境法律。
5.9.2. To Seller’s Knowledge, there has been no Release of Hazardous Substances in
contravention of Environmental Laws with respect to the Acquired Business. There are no suits,
claims or Actions pending against Seller, nor have any of them received any notification of any
allegation of any actual or potential responsibility for (i) any alleged violation or failure to comply
with the applicable Environmental Laws, or (ii) any alleged Release or threatened Release of any
Hazardous Substance generated by Seller.
5.9.2 据卖方所知，就收购企业而言，并未存在任何违反环境法律的有害物质排放。
目前并不存在针对卖方的任何诉讼、索赔或法律行动，亦未收到有关任何实际或潜在责任
指控的任何通知，上述各项的缘由包括：(i)声称违反或未能遵守适用环境法律，或者（ii）
声称卖方排放或潜在排放任何有害物质。
5.9.3. There have been no consent decrees, consent orders, judgments or judicial or
administrative orders under Environmental Law issued by any Governmental Authority against
Seller.
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5.9.3 并未存在由任何政府机关签发的、不利于卖方的任何和解令、同意令、判决
或司法或行政命令。
5.9.4. Seller covenants that it shall not release any Hazardous Substances on the Campus
prior to Closing and agrees that it shall immediately notify Buyer if there is a release of Hazardous
Substances in violation of applicable Law.
5.9.4 卖方承诺，交割之前不得在校园内排放任何有害物质，并且卖方同意，若发
现违反适用法律的有害物质排放时，立即通知买方。
Section 5.10. Litigation. Except as set for in Section 5.10 of the Seller’s Disclosure
Schedule, there are no Actions pending or, to the Knowledge of Seller, threatened against, relating
to, affecting or arising in connection with (a) the Acquired Business or the Business; (b) this
Agreement or other Transaction Documents; (c) the transactions contemplated by this Agreement
or other Transaction Documents; or (d) the Assumed Liabilities.
第 5.10.节 诉讼。除《卖方披露附表》第5.10节规定的之外，目前不存在任何未
决法律行动，或者据卖方所知，不存在任何潜在法律行动，该等法律行动针对、涉及、影
响或由以下原因引起：(a)收购企业或企业；(b)本协议或其他交易文件；(c)本协议或其他
交易文件拟议交易；或者(d)盘入负债。
Section 5.11. Compliance with Laws.
第 5.11.节 遵守法律。
5.11.1. Except as set forth in Section 5.11 of the Seller Disclosure Schedule, Seller (i) to
its Knowledge, is operating the Business in compliance with all applicable Laws, and (ii) holds all
permits, licenses, exceptions, orders and approvals of all Governmental Authorities used or
necessary for the lawful conduct of the Business (the “Permits”). Seller has not received any notice
from any Governmental Authority or any other third party of unresolved violation or alleged
violation of any Laws or Orders applicable to the Acquired Business, the Business, or their
ownership or conduct thereof. No Action is pending or, to the Knowledge of Seller, threatened to
revoke, refuse to renew or modify any of the Permits. Notwithstanding the forgoing, the
representations and warranties contained in this Section 5.11 will not apply to the subject of the
representations and warranties set forth in Section 5.6 (Taxes), and Section 5.9 (Environmental
Matters).
5.11.1 除《卖方披露附表》第 5.11 节规定外，卖方（i）据其所知，遵照所有适用
法律运营企业；以及（ii）拥有企业合法经营所用或所需的一切许可证、执照、例外情况、
命令和批准（“许可证”）。卖方并未收到来自任何政府机关或任何其他第三方的任何通
知，该通知载明卖方在适用于收购企业、企业或其所有权或行为的任何法律或命令方面的
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未解决违反或声称违反。据卖方所知，目前不存在旨在撤销、拒绝续期或修改任何许可证
的任何未决或潜在法律行动。尽管存在前述规定，本第 5.11 节载明的各项陈述与保证将
不适用于第 5.6 节（税务）和第 5.9 节（环境问题）规定的陈述和担保主体。
Section 5.12. Students.
第 5.12.节 学生。
5.12.1. Student List. Section 5.12.1 of the Seller Disclosure Schedule (to be updated as of
the Closing Date) sets forth a list of the current students of the College and the currently admitted
students who have either accepted admission to the College for the next academic session or have
been accepted to the College but have not yet accepted such offer of admission. Seller has not
received any notices from any students listed on Section 5.12.1 of the Seller Disclosure Schedule,
terminating or materially and adversely modifying, or intending to terminate or materially and
adversely modify, its relationship with Seller.
5.12.1 学生名单。《卖方披露附表》第 5.12.1 节（交割日之前将会进行更新）为学
生名单，涵盖当前学院学生，以及学院目前已录取就读下一学期的学生，或者学院已录取
但未收到录取通知书的学生。卖方并未收到《卖方披露附表》第 5.12.1 节列示的任何学生
的任何通知，通知内容为终止或在重大不利方面修改其与卖方之间的关系，或者打算终止
或在重大不利方面修改其与卖方之间的关系。
5.12.2. Student Aid Agreements. Section 5.12.2 of the Seller Disclosure Schedule (to be
updated as of the Closing Date) lists all committed aid to students in the form of endowed
scholarships, tuition discounts and other grant obligations (the “Committed Student Aid”).
5.12.2 助学金协议。《卖方披露附表》第 5.12.2 节（交割日之前将会进行更新）列
明了所有已承诺的助学金，助学形式包括捐赠奖学金、学费折扣和其他补助金（“已承诺
助学金”）。
Section 5.13. Undisclosed Liabilities. To Seller’s Knowledge, Seller has no Liabilities
with respect to the Business which are material (individually or in the aggregate), except (a) those
which are adequately reflected or reserved in the Financial Statements; (b) those which have been
incurred in the ordinary course of business consistent with past practice; and (c) those which are
imposed on Seller as a matter of law, rule or regulation, and collective bargaining agreements.
第 5.13.节 未披露负债。据卖方所知，除以下各项外：（a）财务报表内充分反
映或保留的负债；（b）正常业务过程中招致的、与过去惯例相一致的负债；以及（c）法
律、法规或条例以及集体谈判协议施加于卖方的负债；卖方在企业相关方面不存在任何重
大负债（单独或合计）。
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Section 5.14. Insurance. Except as set forth on Section 5.14 of the Seller Disclosure
Schedules, there are no claims related to the College and the Acquired Business pending against
Seller as to which coverage has been questioned, denied or disputed or in respect of which there
is an outstanding reservation of rights. All premiums due on all Seller’s insurance policies have
either been paid or, if not yet due, accrued. All such insurance policies (a) are and enforceable in
accordance with their terms; (b) are provided by carriers who are financially solvent at the time of
purchase or renewal of such insurance; and (c) have not been subject to any lapse in coverage. To
Seller’s Knowledge, Seller is not in default under, or has otherwise failed to comply with, in any
material respect, any provision contained in any insurance policy.
第 5.14.节 保险。除《卖方披露附表》第5.14节规定的之外，就保险范围已被质
疑、否认或存在争议的索赔或者存在未决权利保留的索赔，任何此类针对卖方、与学院和
收购企业相关的未决索赔均不存在。卖方所有保险单项下到期应付的一切保险费业已付清，
或者若未到期，则已累积完毕。所有此类保险单(a)均可按照各自条款强制执行；(b)均由
投保或续保时具有经济偿付能力的保险商提供；以及(c)保险范围并未失效。据卖方所知，
卖方在任何重大方面均没有违反或以其他形式未能遵守任何保险单载明的任何条款。
ARTICLE 6
Representations and Warranties of Buyer
第 6 条
买方陈述与担保
The Buyer Parties and Parent represent and warrant to Seller as of the Effective Date and as
of the Closing as follows:
生效日期和交割日之前，买方和母公司向卖方陈述和担保如下：
Section 6.1. Corporate Organization. Buyer is a New Jersey corporation with all
requisite power and authority to own its Assets and carry on its business. All the Buyer Parties are
in good standing under the laws of the State of New Jersey. The NFP Entity is a New Jersey non-
profit corporation, the Campus Holding Entity is (or will be at Closing) a New Jersey limited
liability company. Each has all requisite power and authority to own its assets and carry on its
business.
第 6.1.节 企业组织。。买方是一家位于新泽西州的组织，拥有持有资产和开展业务的
一切必要权力和权限。各买方均依据新泽西州法律具有良好信誉。NFP实体是一家位于新
泽西州的非营利性组织，校园控股实体是（或在交割时将是）一家位于新泽西州的有限责
任公司。各方均拥有持有资产和开展业务的一切必要权力和权限。
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Section 6.2. Authority of Buyer and Affiliates. Each of Parent and the Buyer Parties
have all corporate or company power and authority and have taken all actions necessary to enter
into this Agreement and other Transaction Documents and to carry out the transactions
contemplated thereby. This Agreement and other Transaction Documents have been duly and
validly executed and delivered by Parent and each Buyer Party and, when executed and delivered
by Seller, will constitute a legal, valid and binding obligation of Parent and each Buyer Party
enforceable against them in accordance with their respective terms except (a) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally; and (b) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.
第 6.2.节 买方及其关联方权限。母公司和各买方拥有签订本协议和交易文件以及开展
拟议交易所需的一切必要企业或公司权力和权限，并已就此采取一切必要措施。母公司和
各买方已妥当和有效签订及交付本协议和其他交易文件，并且，经买方签订和交付后，该
等文件将构成母公司和各买方的合法有效且有约束力的义务，并可按照各自条款对其强制
执行，除非(a)影响债权强制执行的适用破产、资不抵债、重组、延期偿付和其他一般适
用法律对此进行限制，以及(b)与具体履行、禁令救济或其他衡平法上补救办法可用性相
关的法律对此进行限制。
Section 6.3. Non-Contravention. The execution and delivery by Parent and the Buyer
Parties of this Agreement and other Transaction Documents does not, and the performance by
them of their respective obligations under this Agreement and other Transaction Documents and
the consummation of the transactions contemplated thereby, will not: (i) conflict with or result in
a violation or breach of any of the terms, conditions or provisions of the Organizational Documents
of Parent or any Buyer Party; or (ii) conflict with or result in a violation or breach of any term or
provision of any Law applicable to Parent or any Buyer Party, or conflict with or result in a breach
or default (or an event which, with notice or lapse of time or both, would constitute a breach or
default) under, or result in the termination or cancellation of, or accelerate the performance
required by, or result in the creation or imposition of any Lien, other than Permitted Lien upon any
Contract to which Parent or any Buyer Party is a party or by which Parent or any Buyer Party or
any of their assets are bound.
第 6.3.节 不抵触。母公司与买方签订和交付本协议及其他交易文件，履行各自在本协
议和其他交易文件项下的各自义务和完成拟议交易，将不会：（i）与母公司或任何买方
的组织文件的任何条款、条件或规定存在冲突或造成侵犯或违反事实；或者（ii）与适用
于母公司或任何买方的任何法律条款或规定存在冲突或造成侵犯或违反事实（或因通知或
时效消失而引起相关事件，该事件构成侵犯或违反事实），或者造成任何留置权的终止或
撤销或提前履行，或造成设立或施加任何留置权，许可留置权除外，后者的设立依据为母
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公司或任何买方身为其中一方的任何合同，或母公司或任何买方或其任何资产受之约束的
任何合同。
Section 6.4. Litigation. There are no Actions pending, or to the Knowledge of any Buyer
Party threatened, against, relating to, affecting or arising in connection with (a) this Agreement or
the other Transaction Documents or (b) the transactions contemplated by this Agreement or the
other Transaction Documents.
第 6.4.节 诉讼。目前不存在任何未决法律行动，或者据任何买方所知，不存在任何潜
在法律行动，该等法律行动针对、涉及、影响或由以下原因引起(a)本协议或其他交易文
件，或者(b)本协议或其他交易文件拟议交易。
ARTICLE 7
Covenants and Agreements of the Parties
第 7 条
各方承诺和约定
Section 7.1. Operations of the Business Prior to Closing. Seller shall (i) operate the
College and the Business in the ordinary course in a manner consistent with past practices, (ii)
continue to include the Business under the coverage of Seller’s insurance policies in place as of
the Effective Date of this Agreement through the Closing Date; (iii) maintain the Business in
working condition consistent with their current condition (normal wear and tear excepted); (iv)
use its reasonable commercial efforts to maintain the business of the College and its programs,
employees, students, customers, assets and operations as an ongoing concern, consistent with past
practice, and (v) continue to operate and maintain the Campus consistent with past practices.
第 7.1.节 交割前企业运营。卖方应（i）在正常业务过程中，采用与过去惯例一致的
方式运营学院和企业；（ii）自本协议日期起至交割日期止，继续将企业纳入卖方已有保
险单的覆盖范围之内；（iii）保持企业的工作条件与当前条件一致（正常磨损除外）；
（iv）尽合理商业努力，持续维持与过去惯例一致的学院业务及其课程、员工、学生、客
户、资产和运营；以及（v）继续按照过去惯例运营和维护校园。
Section 7.2. Lease of Campus Buildings. The Buyer Parties shall cause the Campus
Holding Entity to, and the Campus Holding Entity hereby agrees to enter into with the NFP Entity,
a long term lease of the Campus buildings currently being used by WCC (the “Lease”). The Lease
shall be effective as of the Closing Date and delivered in accordance with Section 4.5.2(g) as a
condition of Closing. The Lease shall provide for a term of fifteen (15) years at a commercially
reasonable rental rate consistent with the intended educational use. The Lease shall provide that
during the lease term, subject to Section 7.15, Buyer Parties shall not terminate the lease and shall
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not evict the NFP Entity solely upon NFP Entity’s non-payment of rent when the NFP Entity does
not have any financial capacity to make such rent payment.
第 7.2.节 校园建筑物的租赁。各买方应促使校园控股实体且校园控股实体特此同意与
NFP 实体达成 WCC 目前使用的校园建筑物的长期租约（“租约”）。该租约将自交割日
期起生效，并作为交割条件之一按照第 4.5.2(g)节交付。租期为十五（15）年，租金为符
合预期教育使用的商业合理租金。租约应规定，租赁期间且根据第 7.15 节，各买方不得
终止租约，且当 NFP 实体没有经济能力支付租金时，不得仅仅因为 NFP 实体未支付租金
而驱逐 NFP 实体。
Section 7.3. Intellectual Property License. Buyer shall grant a perpetual, irrevocable
license of the Intellectual Property currently owned by Seller and being used by WCC, to the NFP
Entity, free of licensing fees or charges (the “License”) The License shall be effective as of the
Closing Date as a condition of Closing and delivered in accordance with Section 4.5.2(f)
第 7.3.节 知识产权许可。买方应向 NFP 实体授予一项有关卖方目前所有且 WCC 正在
使用知识产权的永久和不可撤销许可，不收取许可费或其他费用（以下简称“许可”）。
该许可将作为交割条件之一自交割日期起生效，并按照第 4.5.2(f)节交付。
Section 7.4. Title. The Buyer Parties shall provide Seller with written objections to title
based on the title commitment issued by the Title Company, not more than twenty (20) business
days following the Effective Date (“Title Objections”). Title shall be insurable at standard rates
subject only to such Permitted Liens (“Permitted Liens”) as set forth on Schedule B to the title
commitment, such as utility easements, easements and restrictions that do not unreasonably
interfere with the permitted uses of the Campus; any items shown on an accurate survey of the
Campus not objected to by Buyer and any exceptions not timely objected to by the Buyer Parties.
In no event shall monetary liens be considered Permitted Liens.
第 7.4.节 产权。各买方应根据产权公司签发的产权承诺书，在生效日期起不超过二十
（20）个营业日内，向卖方提出有关产权的书面反对意见（“产权反对意见”）。只有附
件B规定的针对产权承诺书的许可留置权（“许可留置权”），例如公用设施地役权、地
役权和限制条件，不会无理干预校园的许可使用；并且只有买方没有就校园精确调查书上
显示的任何项目提出反对意见，且买方没有及时对任何不受保项目提出反对意见时，方可
按标准费率对产权进行投保。在任何情况下，金钱留置权均不被视为许可留置权。
7.4.1. Seller’s Option to Cure. If the Buyer Parties timely notifies Seller of a Title
Objection, Seller shall elect whether or not to cure such Title Objection by taking such action
necessary to deliver insurable title and cure such Title Objection by Closing, by notice to Buyer
within ten (10) days after receipt of Buyer Parties’ Objection Notice. If Seller does not elect to
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cure any Title Objection, the Buyer Parties may, upon written notice to Seller given within five (5)
business days of Seller’s election notice, either (i) terminate this Agreement in which event this
Agreement shall become void and of no further force and effect and the Deposit shall be returned
to the Buyer Parties; or (ii) accept such title as Seller can convey without a reduction of the
Purchase Price. Seller’s failure to timely respond to Buyer Parties’ Title Objection notice shall
constitute Seller’s election to not cure the Title Objections prior to Closing. The Buyer Parties’
failure to respond to Seller’s election not to cure (or failure to respond) shall constitute the Buyer
Parties’ election of (ii) above. If Seller shall elect to cure the Title Objections prior to Closing but
Seller is unable to do so in accordance with this Agreement at or prior to Closing (as same may
have been extended), Buyer Parties’ sole remedy shall be either to accept such title as Seller is
capable of conveying or to terminate this Agreement.
7.4.1 卖方的补救选择权。如果买方及时通知卖方有关产权反对意见，卖方应在收
到买方反对意见通知后十（10）日内，选择是否采取必要措施补救该产权反对意见，以便
交付可投保产权，并在通知买方后，于交割之前补救该产权反对意见。如果卖方没有选择
补救任何产权反对意见，在卖方选择通知的五（5）个营业日内，经书面通知卖方后，买
方可(i)终止本协议，在这种情况，本协议不再有效，且押金应退还买方；或者(ii)在不降
低收购价格的情况下，接受卖方能够转让的产权。若卖方未能及时对买方产权反对意见通
知作出回应，将构成卖方选择交割之前不补救产权反对意见。若买方未能对卖方的不补救
选择作出回应，将构成买方选择以上第(ii)项。如果卖方选择在交割之前补救产权反对意
见，但卖方未能按照本协议或于交割之前完成（可能会被延期），则买方的唯一补救办法
是接受卖方能够转让的产权或终止本协议。
Section 7.5. Employment Matters.
第 7.5.节 雇佣事宜。
7.5.1. Collective Bargaining. The Buyer Parties shall be responsible for complying with
all federal and state laws, rules and regulations applicable to Buyer and following the Closing of
this Transaction shall negotiate in good faith with any labor union that has majority support in a
bargaining unit with respect to terms and conditions of employment. During such negotiations, the
Buyer Parties shall maintain for that bargaining unit’s members compensation at levels not less
than the current levels of base salary/hourly pay, and the Buyer Parties shall provide employee
benefit plans comparable in the aggregate to those benefit plans presently received, as well as rank,
tenure and service credit reflecting employment with Seller. Any obligations of the Buyer Parties
as to existing collective bargaining agreements shall be in accordance with law.
7.5.1 集体谈判。买方有责任遵守适用的一切联邦和州法律、法规和条例，并在本
交易完成后，与任何工会（谈判单位得到其大多数支持）就雇佣条款和条件进行善意协商。
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协商期间，买方应确保，谈判单位成员的薪酬水平不低于当前基本薪资/时薪水平，同时，
买方应提供整体上可与目前福利计划相比的员工福利计划，以及反映与卖方雇佣关系的等
级、任期和服务信用。买方在现有集体谈判协议方面的任何义务均应符合法律规定。
7.5.2. The Buyer Parties shall offer employment to all of Seller’s employees listed on
Schedule 7.5.2 of Seller’s Disclosure Schedule, (the “Listed Employees” to be updated as of the
Closing Date), which offers shall be at comparable salaries and benefits as those currently provided
by Seller. All existing WCC full-time faculty and full-time staff, and priority adjunct faculty,
whose job is exclusively or substantially related to the operation of WCC shall receive offers for
a period of two (2) years. All existing part-time staff, whose job is exclusively or substantially
related to the operation of WCC, shall receive offers of employment for a period of one (1) year.
Seller will cooperate in identifying its employees as necessary to permit the Buyer Parties to offer
employment in accordance with this Section.
7.5.2 买方应向《卖方披露附表》第 7.5.2 节内列明的所有卖方员工提供就业
（“列名员工”，交割日期之前会进行更新），并提供与卖方当前薪资和福利相当的薪资
和福利。WCC 目前全体全职教职工和享有优先权的兼职教职工（其工作专门或实质上涉
及 WCC 的运营），应收到为期两（2）年的工作录取通知。专门或实质上涉及 WCC 运营
的现有全体兼职员工，应收到为期一（1）年的工作录取通知。卖方应在确定具体员工方
面提供合作，以允许买方按照本节规定提供就业岗位。
7.5.3. Employment of Faculty. In accordance with Section 7.5.1, the continued
employment, once hired, of all existing WCC faculty shall be subject to any applicable collective
bargaining agreement.
7.5.3 教职工的雇佣。根据第 7.5.1 节，一经录用，WCC 当前全体教职工的继续雇
佣应受任何适用的集体谈判协议的规限。
7.5.4. Termination by Seller. Effective as of the Closing, Seller shall have terminated the
employment of each Listed Employee who elects to accept employment with the Buyer Parties
(the “Hired Employees”), and the Buyer Parties shall hire at the Closing each Hired Employee,
contingent upon (i) receipt of appropriate documentation evidencing a right to work in the United
States; (ii) execution and timely submission to the Buyer Parties of the standard applications of
the Buyer Parties and other employment documents, all in a form to be provided by the Buyer
Parties, and (iii) a satisfactory criminal background check. Notwithstanding the foregoing, any
Listed Employee who is not actively employed as of the Closing Date due to short or long term
disability, workers’ compensation, leave under the Family & Medical Leave Act, New Jersey
Family Leave Act, or any other approved leave of absence (each an “Inactive Employee”) shall
remain in the employ of Seller until such time as the Inactive Employee is ready to return to active
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employment. When an Inactive Employee is ready to return to active employment, provided that
such date is within six (6) months of the Closing Date, if such person retains a right to re-
employment, either under a policy of Seller or applicable Law, the Buyer Parties shall then offer
employment to such person, or, if such person has no right to re-employment but the Buyer Parties
in its sole discretion elects to offer employment to such person, he or she will become a Hired
Employee upon the acceptance of such offer.
7.5.4 由卖方终止。自交割之日起生效，对于选择接受买方工作的各列名员工
（“雇用员工”），卖方应终止与该员工的雇佣关系，而买方应在交割时于以下时间（视
情况而定）录取雇用员工：（i）收到证明其有权在美国工作的适当文件后；（ii）签订和
及时向买方提交买方的标准申请表和其他就业文件，格式均以买方提供的为准；（iii）通
过犯罪背景调查。尽管存在前述规定，若任何列名员工根据《家庭和医疗休假法案》或
《新泽西州家庭休假法案》因短期或长期残疾、员工补偿、假期或任何其他经批准缺勤而
在交割日前没有积极就业（“不活跃员工”），则该员工应继续受雇于卖方，直至该不活
跃员工准备重返活跃就业状态为止。当一名不活跃员工准备重返活跃就业状态时，前提是
在交割日起六（6）个月以内，若该个人依据卖方政策或适用法律保留再就业权利，则卖
方应向该个人提供就业，或者，若该个人没有再就业权利，但卖方酌情决定向其提供就业，
则其将在接受该就业邀请后成为一名雇用员工。
7.5.5. Vacation and Other Benefits. Seller shall be responsible for and pay or otherwise
discharge, in accordance with Seller’s current policies and practices (i) all vacation pay, personal
days, sick leave and the like earned by any current or former employee of Seller in connection
with such employee’s services to Seller, (ii) any and all severance or other payments required to
be made to any current or former employee of Seller in connection with such employee’s services
to Seller (including any employment, severance, retention, change in control or similar agreement
or any arrangement relating to a sale of the Business or the Acquired Business), and (iii) if
applicable, any annual, retention, change in control or other bonuses payable to current or former,
employees of Seller and accrued through the Closing Date.
7.5.5 假期和其他福利。卖方应按照其当前政策和惯例，就以下各项承担责任并付
款或解除义务：（i），就卖方任何现任或前任员工向卖方提供的服务，该员工享有的所
有假期工资、个人事假、病假等等，（ii）就卖方任何现任或前任员工向卖方提供的服务，
该员工享有的任何和所有离职金或其他应付款项（包括任何就业金、离职金、保留金、控
制权变更或类似协议，或者涉及企业或收购企业出售的任何安排）；以及（iii）适用时，
应向卖方现任或前任员工支付且在交割日之前一直累积的任何年金、保留金、控制权变更
或其他奖金。
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7.5.6. COBRA Liabilities. The Buyer Parties and Seller acknowledge that, with respect
to the Hired Employees, the Hired Employees will, as a result of the transactions contemplated by
this Agreement, be deemed to have a termination of employment for purposes of the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”), and that any COBRA notices or coverages
required to be given or made available to any Hired Employee shall be given or made exclusively
by Seller. The Buyer Parties shall insure that all Hired Employees receive all health insurance
coverage without lapse following Closing. Seller shall retain or assume responsibility for all
employees of Seller, other than the Hired Employees, who experience a “qualifying event” within
the meaning of Section 4980B(f)(3) of the Code which occurs at any time following the Closing
Date.
7.5.6 COBRA 责任。买卖双方认可，就已雇用员工而言，雇用员工将因本协议拟
议交易而被视为按照《美国统一综合预算协调法》（以下简称“COBRA”）终止雇佣关
系，并且，COBRA 要求向任何雇用员工发出或提供的任何通知或保险，均应由卖方独家
发出或提供。买方应确保，所有已雇用员工在交割之后立即获得一切健康保险投保。卖方
应对所有卖方员工保留或承担责任，而非经历过“预选赛”的已雇用员工，“预选赛”定
义详见法典第 4980B(f)(3)节，发生在交割日期后的任何时间。
7.5.7. Other Notices. Seller shall provide any notices required under Law or collective
bargaining agreement, including but not limited to federal Workers Adjustment and Retraining
Notification (WARN) Act and New Jersey Millville Dallas Airmotive Plant Job Loss Notification
Act, have been given.
7.5.7 其他通知。卖方应确保，已经发出法律或集体谈判协议项下要求的任何通知，
包括但不仅限于联邦《劳动者调整与再培训通知法案》（WARN）和《新泽西州米尔维
尔达拉斯航空动力厂失业通知法案》要求的通知。
Section 7.6. Governmental Approvals/Accreditation. The Buyer Parties shall be solely
responsible for obtaining any and all required governmental Approvals and licenses for the
assumption of the operations of the College and its educational programs. Seller shall cooperate
with and provide reasonable assistance to the Buyer Parties in connection with the applications or
requests for such Approvals. Such Approvals shall include, without limitation, any academic
accreditations, New Jersey Attorney General approvals, State of New Jersey approvals, U.S.
Department of Education approvals for Title IV or other funding approvals, and Department of
Justice approvals for the issuance of I-20, J-1 and other visas.
第 7.6.节 政府批准/认证。为承担学院及其教育课程的运营，买方应自行负责取得任
何和所有必要政府批准。卖方应与买方合作并向其提供合理协助，申请或请求获得此类批
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准。此类批准应包括但不仅限于任何学术认证、新泽西州检察长审批、新泽西州审批、美
国教育部第四条计划或其他资金审批以及美国司法部签发 I-20、J-1 和其他签证的审批。
7.6.1. Applications. The Buyer Parties agree to use reasonable best efforts to make timely
applications for all accreditations and governmental consents and approvals which are conditions
to the Closing of the Transaction. The Buyer Parties shall provide Seller with a copy of the
applications for governmental and accreditation approvals and material correspondence from and
to the applicable governmental authorities and accrediting agency associated with the application
and the approvals, except that copies of the actual application for foreign government or other
foreign approvals shall not be provided to Seller, but the Buyer Parties shall provide Seller with
written notice of material events during the process. In all cases, the good faith failure to provide
copies of correspondence shall not be a default under the Agreement.
7.6.1 申请。买方同意，尽合理最大努力，及时申请作为交易交割条件的所有认证
和政府许可及批准。买方应向卖方提供政府认证批准申请副本，以及与适用政府机关和申
请与审批相关认证机构的往来信函副本，但是不得向卖方提供外国政府实际申请或其他外
国批准的副本，但买方须书面通知卖方，该过程中发生的重大事件。在各种情况下，未能
善意提供信函副本，不构成本协议项下的违约。
Section 7.7. Reasonable Best Efforts. Each of the Parties shall use its reasonable best
efforts to take, or cause to be taken, all action, or to do, or cause to be done, all things necessary,
proper or advisable under applicable Laws to consummate and make effective the transactions
contemplated by this Agreement and other Transaction Documents. Seller shall use their
reasonable best efforts to take, or cause to be taken, all actions, or to do, or cause to be done, all
things necessary, proper or advisable, including make necessary filings with relevant
Governmental Authorities for the transfer of Seller rights in water supply, telephone, gas and
electric connections, drainage and other public utilities necessary for the conduct of the Business,
to Buyer.
第 7.7.节 合理最大努力。本协议各方应尽合理最大努力，采取或促使采取一切措施，
或完成或促使完成适用法律项下的一切必要、适当或可取事宜，以完成本协议和其他交易
文件的拟议交易，并使之生效。卖方应尽合理最大努力，采取或促使采取一切措施，或完
成或促使完成一切必要、适当或可取事宜，包括在相关政府机关进行必要备案，以便向买
方转让卖方在供水、电话、天然气和电气连接、排水系统和企业行为所需的其他公共设施
中的权利。
Section 7.8. Required Consents. Seller shall obtain all consents required for it to transfer
the Acquired Business and the Campus, if any, including final approval of its Board of Trustees
and all consents necessary to assign and for Buyer to assume the material contracts and leases and
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other material agreements (as identified in the Agreement) being assigned by Seller and assumed
by Buyer. Buyer and Seller shall work collectively to obtain any required transfer approvals from
third parties.
第 7.8.节 必要许可。卖方应取得转让收购企业和校园所需的一切许可，包括其董事会
的最终批准（如有），以及转让所需且使买方承担重大合同和租约以及卖方出让且买方承
担的其他重大协议（详见本协议）所需的一切许可。买卖双方应共同努力，从第三方取得
任何必要的转让批准。
Section 7.9. Cooperation. Each Party shall cooperate fully and promptly with the other
Party in preparing and filing all notices, applications, submissions, reports and other instruments
and documents that are necessary, proper or advisable under applicable Laws to consummate and
make effective the transactions contemplated by this Agreement and other Transaction
Documents.
第 7.9.节合作。本协议各方应充分、及时、相互合作，准备和提交适用法律项下必要、
适当或可取的所有通知、申请、提交材料、报告和其他文书文件，从而完成本协议和其他
交易文件的拟议交易，并使之生效。
Section 7.10. Confidentiality; Public Announcements; Meetings. Seller and the Buyer
Parties acknowledge that the terms contained in this Agreement, and all other information or
documents, delivered in connection with this Agreement or prepared in connection with this
Agreement are confidential information, and the parties shall maintain the confidentiality thereof
pursuant to this Section. Confidential information refers to all terms, covenants and conditions,
all financial, technical or other information, and any and all other matters or information
concerning this Agreement, documents delivered in connection with the Agreement, the Business
and/or the Acquired Business that any Party has, or anytime hereafter furnish to or receive from
the other (collectively, the “Confidential Information”). In particular, Seller shall keep
confidential and not disclose any information regarding which employees of the College shall
receive employment offers from the Buyer Parties. If any such information is disclosed by Seller
is contrary to this Section, Seller shall immediately notify the Buyer Parties so that Buyer Parties
can clarify the accuracy of any such information. Confidential Information shall not include
information which (i) becomes generally available to the public (except as a result of the disclosure
by either party or its representatives in violation of this Section 7.10), or (ii) becomes available on
a non-confidential basis from a source other than the other party or representatives or advisors of
the other Party, unless the source thereof is known or should have been known by the Party to be
bound by confidentiality. The Parties may disclose Confidential Information to its counsel and
other consultants engaged with respect to the Transaction or as may be required by applicable Law,
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or to other third parties and Governmental Authorities as necessary or required to satisfy the
conditions of Closing.
第 7.10.节 保密条款；公告；会议。买卖双方认可，本协议载明的各项条款以及
与本协议相关而交付或制定的一切其他资料或文件均为保密信息，并且，本协议各方应按
照本节规定对此进行保密。保密信息是指所有条款、契约和条件，所有财务、技术或其他
信息，以及任何一方已经或未来任何时候向另一方提供或从另一方收到的、有关本协议的
任何和所有其他事项或信息，和与本协议、企业和/或收购企业相关而交付的文件（以下
合称“保密信息”）。尤其是，卖方应对哪些学院员工将收到买方的工作邀请进行保密，
不得泄露相关信息。如果卖方违反本节规定披露任何此类信息，则卖方应立即通知买方，
以使买方能够澄清该等信息的准确性。保密信息应不包括：(i)公众普遍可以获得的信息
（因任何一方或其代表人违反本第 7.10 节而披露的信息除外）；或者(ii) 非由另一方或另
一方代表或顾问提供，在非保密基础上可以获得的信息，除非该方知晓或原应知晓该信息
提供来源受到保密义务的约束。本协议各方可向其律师和参与交易的其他顾问披露保密信
息，或者在适用法律要求的情况下披露保密信息，或者在满足交割条件所需或要求时向其
他第三方和政府机关披露保密信息。
7.10.1. Meetings by the Buyer Parties. The Buyer Parties agree that no Buyer Party or their
representatives shall have any substantive meetings, discussions, or conversations, whether
officially or unofficially, with any members of the WCC faculty, staff or other employees, or with
any Princeton municipal officials, without the prior written consent of Seller, which consent shall
not be unreasonably withheld, conditioned or delayed, before Closing. If approved, Seller or its
representatives shall be given a reasonable opportunity, in advance, to attend and/or participate in
any such meetings or discussions.
7.10.1 买方会议。买方同意，交割前，未经卖方事先书面同意（该同意不得被无理
拒绝、附加条件或延期），任何买方或其代表均不得与 WCC 任何教职工或其他员工或任
何普林斯顿市官员举行任何正式或非正式的实质性会议、讨论或交谈。如经批准，卖方或
其代表应提前获得合理机会，出席和/或参与任何此类会议或讨论。
7.10.2. Public Announcements. Buyer and Seller shall agree on the content of any press
release, public announcement or other public disclosure (“Public Announcement”) following final
execution of this Agreement with respect to the Transaction prior to disclosure; provided however
that Buyer shall have the final sole discretion on the content and timing of any Public
Announcement in order to comply with any legal requirements, legal processes or governmental
orders in the P.R. China. Each party agrees to give notice to the other party no later than forty
eight (48) hours before making any Public Announcement. Nothing herein shall restrict Seller’s
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ability to make necessary disclosures related to this Agreement to designated bargaining
representatives of Seller’s employees, as may be required by applicable Law, rule or regulation.
7.10.2 公告。本协议最终签订之后，买卖双方应在披露之前，就交易相关事宜而进
行的任何新闻发布会、公告或其他公开披露（“公告”）的内容达成一致；但是买方就任
何公告的内容和时间拥有最终决定权，以便遵守任何中国法律要求、法律程序或政府命令。
本协议各方特此同意，在发出任何公告前不迟于四十八（48）小时向另一方发出通知。本
协议任何内容均不限制卖方按照适用法律、法规或条例要求向卖方员工的指定谈判代表披
露本协议相关事宜的能力。
Section 7.11. Collection of Accounts Receivable. From and after the Closing Date, all
payments or monies received by Buyer for amounts due to Seller for periods prior to Closing shall
be promptly paid to Seller. Any amounts received by Seller from monies due to Buyer for the
period after the Closing shall be promptly paid over to Buyer.
第 7.11.节 应收账款的回收。自交割日起及之后，所有交割之前应向卖方支付的、
由卖方接收的付款或款项，应立即付予卖方。所有交割之后应向买方支付的、由卖方代为
接收的任何款项，应立即付予买方。
Section 7.12. Tax Matters.
第 7.12.节 税务事宜.
7.12.1. Payment of Taxes. Seller shall be responsible for and shall promptly pay when due
all Taxes levied with respect to the Acquired Business or the Business attributable to the period
prior to Closing. The Buyer shall be responsible for and shall promptly pay when due all Taxed
levied with respect to the Acquired Business or the Business attributable to the post-Closing
period.
7.12.1 税费支付。有关收购企业或业务且归属于交割之前期间的所有到期应付税费，
应由卖方承担和及时支付。有关收购企业或业务且归属于交割之后期间的所有到期应付税
费，应由买方承担和及时支付。
Section 7.13. Continue Operations. The NFP Entity agrees to operate WCC at the
Campus for not less than ten (10) years from the Closing Date, and, subject to the terms of this
Agreement, the other Buyer Parties recognize and will not act or take any action inconsistent with
this obligation.
第 7.13.节 持续运营。NFP实体同意，自交割日起至少十（10）年内在校园运营
WCC，同时，根据本协议条款，其他买方认可且不采取任何与本条义务不一致的行动或
措施。
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Section 7.14. Continuation of WCC Programs. the Buyer Parties hereby agree that for a
period of not less than five (5) years from the Closing Date, the NFP Entity shall substantially
maintain the current academic program offerings of WCC, subject to Buyer’s and the NFP Entity’s
specific plans, including but not limited to, any plans to modify, expand or incorporate WCC into
the NFP Entity’s new programs and new program portfolio.
第 7.14.节 WCC 课程的延续。买方特此同意，自交割日起至少五（5）年内，
NFP 实体应在实质上维持 WCC 当前学术课程供应，以买方和 NFP 实体的特定计划为准，
包括但不仅限于任何修改、扩大或将 WCC 纳入 NFP 实体新课程和新课程组合的计划。
Section 7.15. Limitations on Restrictions. Notwithstanding Section 7.13 and Section
7.14, Buyer Parties shall not be obligated to continue any specific programs or the Programs of
WCC, or to continue to operate or to maintain the College, if the affected Buyer Party determines,
in good faith, that such continued action would be substantially impracticable, economically
infeasible or would substantially adversely affect WCC, its business, operations and/or the
Acquired Business.
第 7.15.节 限制条件的限制。尽管存在第 7.13 节和第 7.14 节规定，如果受影响
买方善意决定，有关延续行为在实质上不可实施、经济上不可行，或者会对 WCC、其业
务、运营和/或收购企业产生重大负面影响，则买方没有义务延续任何特定课程或 WCC 课
程，或继续运营或维持该学院。
Section 7.16. Continuation of Student Aid. The Buyer Parties understand and
acknowledge that Seller has made and will make contractual commitments to both existing
students and newly admitted students at or prior to the time of Closing, to provide financial aid
packages that include a combination of endowed scholarships, tuition discounts and other grant
obligations. The NFP Entity hereby agrees to provide such Committed Student Aid in the form of
endowed scholarships, tuition discounts and other grant obligations, in such combination to be
determined by the NFP Entity in its discretion.
第 7.16.节 助学金的延续。买方理解并认可，交割日或之前，卖方已经且即将向
现有学生和新录取学生做出合约性承诺，提供助学金套餐，包括捐赠奖学金、学费折扣和
其他补助金的组合。NFP实体特此同意，以捐赠奖学金、学费折扣和其他补助金的形式，
按 NFP 实体酌情决定的组合提供此类承诺助学金。
Section 7.17. Future Collaboration. The Buyer Parties and Seller agree to act in good
faith to identify areas of cooperation and collaboration between programs and campuses and to
work together to their mutual benefit.
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第 7.17.节 未来合作。买卖双方同意善意行事，确定双方在课程与校园之间的合
作领域，共同努力实现互惠互利。
Section 7.18. Transitional Services. If requested by the Buyer Parties, Seller shall agree
to negotiate with the Buyer Parties on providing transition and support services to the Buyer Parties
(not included within the Transition Plan/Shared Services Agreement) on a contract basis for an
interim period following the Closing subject to the terms of a separate agreement.
第 7.18.节 过渡服务。如经买方要求，卖方应同意与买方协商，在达成合约的基
础上，于交割日后暂时向买方提供过渡和支持服务（非过渡计划/共享服务协议内载明的
服务），服务内容以独立协议内的条款为限。
Section 7.19. Transition Plan/Shared Services. Seller and Buyer Parties shall each provide
certain services as set forth in detail in the Transition Plan/Shared Services Agreement resulting
from efforts set forth in Section 7.19 and delivered at Closing. Promptly following the execution
of this Agreement, the Parties agree to engage a mutually agreeable consultant, the cost of which
shall be shared equally, to assist the Parties with creating a transition plan and allocation of
responsibilities for necessary post-Closing services and shall designate representatives with
relevant professional or higher educational experience to develop and negotiate the transition plan.
第 7.19.节 过渡计划/共享服务。买卖各方应提供按照第 7.19 条所述努力产生并
在交割时交付的过渡计划/共享服务协议内详细规定的具体服务。签订本协议之后，各方
应同意立即聘用一名双方均可接受的顾问，顾问费用平均分摊，以便协助各方建立过渡计
划和就必要的交割后服务分配职责，同时，买卖各方应指派具有相关专业或高等教育经验
的代表，开发和商议过渡计划。
Section 7.20. Restrictive Covenants. The Buyer Parties, the Parent and their Affiliates
agree not to directly or indirectly compete with Rider University for a period of five (5) years after
the Closing with respect to non-music programs offering undergraduate or graduate degrees, as
operated or conducted by Seller as of the Closing Date, within 20 miles of the Lawrenceville
campus of Seller. For the avoidance of doubt, the Buyer Parties shall be under no restriction from
offering and operating any music or music-related businesses and programs, except the Buyer
Parties shall not offer or operate any degree programs in dramatic theatre, dance or musical theatre
for three (3) years from the Closing, except where such degree program is operated jointly in
cooperation between the College and Seller.
第 7.20.节 限制性条款。买方、母公司及其关联方同意，交割日后五（5）年内，
不得在卖方劳伦斯维尔校园方圆 20 公里内，在卖方于交割日期之前运营或展开的、提供
本科或硕士学业的非音乐课程方面，与瑞德大学直接或间接竞争。为免除疑义，除买方自
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交割日起三年内不得提供或运营任何戏剧、舞蹈或音乐剧方面的任何学位课程外（除非该
学位课程由学院和卖方合作共同运营），在提供和运营任何音乐或音乐相关业务和课程方
面，买方不受任何限制。
Section 7.21. Non-Compete. With the exception of Seller’s degree programs in dramatic
theatre, dance, and musical theatre, Seller and its affiliates shall not directly or indirectly compete
with the Business of WCC, WCM and WCE, as operated or conducted as of the Closing Date, for
a period of five (5) years after the Closing Date.
第 7.21.节 竞业禁止。除卖方在戏剧、舞蹈和音乐剧方面的学位课程外，卖方及
其关联方不得直接或间接与 WCC、WCM 和 WCE 业务存在竞争关系，该业务按照交割日
期之前的方式运营或展开，竞业禁止期限为交割日后五（5）年。
Section 7.22. Non-Solicitation of Employees. With respect to full time Hired Employees
at Closing, Seller shall not solicit, employ or otherwise encourage any such Hired Employee to
leave such employment for a period of ten (10) years after the Closing without the affected Buyer
Parties’ prior written consent. Nothing herein shall be construed as limiting the rights of current
faculty employees to be employed by Seller so long as Seller must hire them pursuant to any such
right determined to exist under any applicable AAUP collective bargaining agreement. Nothing
herein shall prohibit Seller from hiring Marshall Onofrio. Each of the Buyer Parties and Seller
acknowledges that the length of time and geographic restriction pertaining to all prohibitions in
this Section 7.22 both are reasonable and necessary for the legitimate protection of their respective
business interests.
第 7.22.节 不招揽员工。就交割时雇用的全职员工，未经受影响方的事先书面同
意，卖方不得招揽、雇用或以其他形式鼓励任何雇员离职，禁止招揽期限为自交割日后十
（10）年。本协议任何内容均不得被理解为限制当前教职员工受雇于卖方的权利，只要卖
方须按照任何适用AAUP集体劳资协议项下存在的任何权利雇用这些教职员工。本协议任
何条文均不禁止卖方雇用 Marshall Onofrio。各买方和卖方特此认可，本第 7.22 节内一切
禁止相关的时间期限和地理限制，就合法保护各自商业利益而言均为合理且必要的。
Section 7.23. Use of Intellectual Property. Seller shall discontinue all use of trademarks
of the College (including the trademark of Westminster College of Arts) and any other Intellectual
Property of the College immediately after the Closing. For purpose of performing the
transition/shared services under the Transition Plan/Shared Services Agreement, Seller may use
WCC’s trademarks subject to Buyer’s prior written consents. Further, while Seller shall cease
using “Westminster College of the Arts” as of the Closing Date, the Buyer Parties and the Parent
hereby agree to not use in the United States the Trademark “Westminster College of the Arts” in
commerce or in connection with the Business, for four (4) years after the Closing Date.
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第 7.23.节 知识产权的使用。交割后，卖方应立即停止使用学院的商标（包括威
斯敏斯特艺术学院的商标）以及学院的其他任何知识产权。就履行过渡计划/共享服务协
议项下的过渡/共享服务而言，经买方事先书面同意，卖方可使用 WCC 的商标。此外，卖
方在交割日之前停止使用“威斯敏斯特艺术学院”商标时，买方和母公司特此同意，不得
在美国境内将“威斯敏斯特艺术学院”商标用于商业或企业相关用途，禁用期限为交割日
期起四（4）年。
Section 7.24. Financial Statements. If required as a condition to the NFP Entity receiving
accreditation approval, Seller shall continue to promptly prepare and provide Buyer with the
complete Financial Statements, for any complete fiscal years up to the Closing Date, prepared by
an independent professional accounting firm and the cost of preparing such Financial Statements
shall be split equally with the Buyer Parties
第 7.24.节 财务报表。如果相关条件满足后，NFP实体方可获得认证批准，则卖
方应继续及时制作和向买方提供完整的财务报表，报表期间为交割日之前的任何完整财政
年度，该财务报表由独立专业的会计师事务所制定，费用由各买方平均分摊。
Section 7.25. Diploma for PRC Students. Upon the NFP Entity receiving accreditation
Approvals in the United States, to the extent permitted and all necessary approvals can be obtained,
Seller and the NFP Entity shall negotiate an articulation agreement for a dual degree in accordance
with this Section. The dual degree shall allow P.R China students to receive diplomas upon their
satisfaction of the NFP Entities’ graduation and diploma requirements during the period until the
NFP Entity obtains accreditations from the Ministry of Education of P.R China.
第 7.25.节 中国学生文凭。NFP实体在美国获得认证批准后，在容许的范围内且
一切必要批准均可取得的情况下，卖方和 NFP 实体应按照本节规定就双学位事宜协商达
成学分连接协议。双学位规定应允许中国学生在该期间满足 NFP 实体的毕业和文凭要求
时获得文凭，直至 NFP 实体通过中国教育部的认证。
Section 7.26. Brokers. The Parties shall be responsible to compensate any finders,
investment bankers, financial advisors or similar consultants which the Parties have individually
retained in connection with the transactions contemplated under the Transaction Documents.
第 7.26.节 经纪人。本协议各方就交易文件项下拟议交易而单独聘用的任何中介、
投资银行家、金融顾问或类似顾问的报酬，由本协议各方自行承担。
Section 7.27. Exclusivity. From the date of this Agreement until the Closing, Seller shall
not, and shall cause all of its subsidiaries and Affiliates and all of their respective officers,
employees, directors, trustees, agents, stockholders, or representatives (the “Seller Group”) not to,
initiate, solicit, entertain, negotiate, accept, directly or indirectly, any proposal or offer (an
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“Acquisition Proposal”) from any person or group of persons, other than the Buyer Parties, to
acquire all or any portion of the Assets, Campus, the College or the Business, whether by merger,
transfer, purchase of stock, purchase of assets, tender offer or otherwise, or provide any non-public
information to any third party in connection with an Acquisition Proposal or enter into any
agreement, arrangement or understanding requiring it to abandon, terminate or fail to consummate
the Transaction with the Buyer Parties. Seller shall, and shall cause the Seller Group to, terminate
any and all existing contacts, discussions or negotiations and not to engage in any future contacts,
discussions or negotiations with any person or group of persons other than the Buyer Parties and
its affiliates regarding an Acquisition Proposal. Seller represents that no member of the Seller
Group is party to or bound by any agreement with respect to an Acquisition Proposal other than
under this Agreement. Section 8.4.1 and Section 9.10.2 in this Agreement shall not, under any
circumstance, be construed as limiting Buyer Parties’ rights to enforce Seller’s obligations under
this Section 7.27.
第 7.27.节 排他性。自本协议日期起至交割日止，卖方不得，且应促使其所有附
属机构和关联方以及各自所有管理人员、员工、董事、受托人、代理人、股东或代表（以
下简称“卖方群体”）不得，直接或间接启动、招揽、招待、谈判、接受除买方外的任何
人或群体的任何提案或报价（“收购提案”），以收购所有或任何部分资产、校园、学院
或企业，无论是通过合并、转让、股份收购、资产收购、要约收购还是其他方式，亦不得
向任何第三方提供与收购提案相关的任何非公开信息，或达成任何要求其放弃、终止或无
法完成交易的任何与买方签订的协议、安排或谅解。卖方应且应促使卖方集团，终止任何
和所有现有合约、讨论或谈判，不得与买方及其关联方之外的任何人或群体就收购提案达
成任何未来合约、进行讨论或谈判。卖方陈述，卖方群体的任何成员，就收购提案而言，
均非任何协议的一方或受任何协议约束，本协议除外。在任何情况下，本协议第 8.4.1 节
和第 9.10.2 节均不得被解读为限制买方强制执行卖方在第 7.27 节项下义务的权利。
Section 7.28. Further Assurances. On and after the Closing Date, Seller and Buyer shall
from time to time, at the request of the other Party, execute and deliver, or cause to be executed
and delivered, such other instruments of conveyance and transfer and take any other actions as
the Party may reasonably request, to consummate the transactions contemplated by the Transaction
Documents.
第 7.28.节 进一步保证。交割日及之后，买卖双方应不时或应另一方请求时，签
署和交付或促使签署和交付其他转让和出让文书，同时采取一方可能合理要求的其他任何
措施，以完成交易文件拟议的交易。
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ARTICLE 8
Indemnification
第 8 条
赔偿
Section 8.1. Survival of Representations, Warranties, Etc.. Representations and
warranties made by the Parties in the Agreement shall survive for a period of eighteen (18) months
following the Closing Date (the “Survival Period”). The obligations of a Party to perform the
covenants to be performed post-Closing, shall expire on the Covenants Expiration Date as defined
below.
第 8.1.节 陈述与担保等条款的存续。本协议各方在本协议内作出的各项陈述与担保应
在交割日期后的十八（18）个月内继续有效（“存续期”），一方履行交割日后应履行契
约的义务，应在下文定义的契约到期日期满。
8.1.1. Indemnification by Seller. Seller shall indemnify and hold harmless Buyer Parties
and their Affiliates from and against any and all actions, claims, liabilities, obligations, damages,
losses, taxes, penalties, costs or expenses (including reasonable attorney’s fees) in connection with
any action or threatened action (each, a “Loss” and collectively, “Losses”) that the Buyer Parties
may incur or suffer, or to which it may become subject, arising out of, resulting from or relating
to:
8.1.1. 卖方赔偿。针对由以下原因产生、引起或相关的且买方可能因此招致或蒙受
或遭受的任何法律行动或潜在法律行动相关的任何和所有诉讼、索赔、负债、义务、损害
赔偿金、损失、税费、违约金、费用或花费（包括合理律师费）（简称“损失”），卖方
应赔偿买方及其关联方，并使之免受损害：
(a) Any misrepresentation by Seller contained in this Agreement and the Transaction
Documents;
(rr) 卖方在本协议和交易文件中作出任何虚假陈述；
(b) Any breach of any covenant of Seller contained in this Agreement; and
(ss) 卖方违反本协议载明的任何承诺；以及
(c) Any debt, liability or obligation of Seller, other than the Assumed Liabilities,
resulting from operations of the College, the Acquired Business or the Business prior to the
Closing Date. However, nothing herein shall obligate Seller to indemnify Buyer for any Losses
arising out of or associated with Seller’s collective bargaining agreements which may be imposed
on Buyer as a matter of law, rule or regulation or as a result of Buyer’s actions or inactions.
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(tt) 卖方在交割日期之前承担因学院、收购企业或业务运营而产生的任何债务、
负债或义务，已承担负债除外。但是，本协议任何内容均没有使卖方有义务赔偿买方因卖
方集体交涉协议而产生或相关的任何损失，该等损失可能按照法律、法规或条例或因买方
作为或不作为而强加于买方。
8.1.2. Indemnification by Buyer Indemnifying Parties. The Buyer, the NFP Entity and
the Campus Holding Entity (the “Buyer Indemnifying Parties”) hereby agree to jointly and
severally indemnify and hold harmless Seller and its Affiliates, from and against any and all Losses
that Seller may incur or may suffer, or to which it may become subject, arising out of, resulting
from or relating to:
8.1.2. 买方赔偿方的赔偿。针对由以下原因产生、引起或相关的且卖方可能因此招
致或蒙受或遭受的任何和所有损失，买方、NFP实体和校园控股实体（“买方赔偿方”）
特此同意共同又独立地赔偿卖方及其关联方，并使之免受损害：
(a) Any misrepresentation of Buyer or any of the Buyer Parties contained in this
Agreement;
(uu) 买方或任何买方在本协议中作出任何虚假陈述；
(b) Any breach of any covenant of any of the Buyer Parties contained in this
Agreement;
(vv) 任何买方违反本协议载明的任何承诺；
(c) Any of the Assumed Liabilities under this Agreement; and
(ww) 本协议项下的任何已承担负债；以及
(d) The use or operation of the College, the Campus, and/or the Acquired Business
after the Closing Date.
(xx) 交割日期后利用或运营学院、校园和/或收购企业。
8.1.3. Indemnification Escrow. At Closing, Seller shall fund an Indemnification Escrow
Account from the Purchase Price proceeds, in the amount of seven hundred fifty thousand dollars
($750,000.00) (the “Indemnification Escrow Amount”) to be held by the Escrow Agent pursuant
to the Indemnification Escrow Agreement to secure Seller’s indemnification obligations for the
Survival Period, subject to the limitations of Section 8.1 and this Article 8. Provided that no timely
notice of a claim for indemnification under this Article has been received by the Indemnification
Escrow Agent and the Seller prior to the expiration of the Survival Period, the Indemnification
Escrow Agent shall hereby by authorized to release to Seller all remaining amounts in the
Indemnification Escrow Account on the third (3rd) business day next following the receipt by
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Escrow Agent of written notice from any Party following the expiration of the Survival Period,
requesting release of the monies held in the Indemnification Escrow. The other Party shall receive
a copy of such notice to the Escrow Agent and if the Escrow Agent does not receive a written
notice from the other Party within the three (3) business day period specifying the reasons for its
objection to such release, then the Escrow Agent shall immediately thereafter, release the
Indemnification Escrow to the Seller without further written request or further action of the Parties.
8.1.3. 赔偿金托管。交割时，卖方应向从收购价款所得中拨出一笔款项存入赔偿金
托管账户，金额为柒拾伍万美元（$750,000.00）（“赔偿金账户金额”），由托管代理人
按照《赔偿金托管协议》持有，用于保障卖方在存续期内的赔偿义务，但以第 8.1 节和本
第 8 条的限制条件为准。倘若存续期届满之前，赔偿金托管代理人和卖方没有及时收到任
何根据本条规定提出的赔偿金索赔通知，则赔偿金托管代理人特此获得授权，托管代理人
在存续期届满时收到任何一方发出的要求释放赔偿金托管持有款项的书面通知后第三（3）
个营业日，向卖方释放赔偿金托管账户内所有剩余款额。而另一方将收到向托管代理人发
出的有关通知副本，如果托管代理人没有在三个营业日内收到另一方的书面通知，载明反
对该资金发放的理由，则托管代理人将立即向卖方解除赔偿金托管，无需另行获得其他各
方的书面要求或进一步行动。
8.1.4. Survival of Covenants. The covenants and agreements of the Parties hereto
contained herein which are intended to be performed at or prior to Closing shall not survive the
Closing and the covenants and agreements of the Parties hereto contained herein which are
intended to be performed after Closing, or which requires continued compliance post-Closing,
shall survive the Closing and continue in full force and effect until the completion of the
obligations applicable to such covenant or agreement or expiration of any specific time period in
this Agreement for the performance of such covenant or restriction, unless as specifically provided
otherwise in this Agreement (the “Covenants Expiration Date,” and together with the end of the
Survival Period, the “Expiration Date”). So long as an Indemnified Party gives a notice under
Section 8.2 or Section 8.3 for such indemnification claim on or before the applicable Expiration
Date, such Indemnified Party shall be entitled to pursue its rights to indemnification as applicable,
with respect to the claim included in such notice. In the event notice of any claim for
indemnification shall have been given on or prior to the applicable Expiration Date, and such claim
has not been finally resolved on or prior to such Expiration Date, the representations and warranties
and covenants that are the subject of such claim shall survive the Expiration Date of such
representations or warranties or covenants until such claim is finally resolved, but such
representations and warranties and covenants shall only survive with respect to such asserted
claim.
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8.1.4. 契约的存续。本协议内，由本协议各方作出的、应在交割时或之前履行的契
约和约定，在交割之后不再存续；而本协议内由各方作出的、应在交割后履行或要求在交
割后继续遵守的契约和约定，将在交割之后存续且一直充分有效，直至适用于该契约或约
定的义务履行完毕或本协议内就该契约或限制的任何履行期限届满，本协议另有明确规定
的除外（“契约到期日”，以及存续期届满简称“到期日”）。只要受偿方按照第 8.2 节
或第 8.3 节在适用到期日或之前发出索赔通知，该受偿方将有权就该通知载明的索赔，争
取获得适用赔偿的权利。如果在适用到期日或之前已经发出任何索赔通知，但该索赔在到
期日或之前没有获得最终解决，则构成该索赔主题的各项陈述、担保和契约将在该等陈述、
担保或契约到期日后继续有效，直至该索赔获得最终解决，但是相关陈述、担保和契约的
存续仅限于已提出的相关索赔。
Section 8.2. Indemnification Procedure.
第 8.2.节 赔偿程序.
8.2.1. If, subsequent to the Closing, any Party entitled to indemnification under this
Agreement (the “Indemnified Party”) asserts a claim for indemnification for, or receives notice of
the assertion or commencement of any Third Party Claim as to which such Indemnified Party
intends to seek indemnification under this Agreement for a Loss, such Indemnified Party shall give
prompt written notice of such claim to the Party from whom indemnification is to be sought (the
“Indemnifying Party”), together with a statement of any reasonably available information
regarding such claim. The failure to timely provide a notice of indemnification claim shall not
relieve any Indemnifying Party of the obligation to indemnify the Indemnified Party except to the
extent that such failure to promptly notify the Indemnifying Party can reasonably be deemed to
materially prejudice the Indemnifying Party, in which case, the Indemnifying Party shall not be
obligated to indemnify the Indemnified Party to the extent that the defense of such claim is
materially prejudiced as a result thereof. The Indemnifying Party shall have the right, upon written
notice to the Indemnified Party (the “Defense Notice”) within thirty (30) days after receipt from
the Indemnified Party of notice of such claim, by which notice the Indemnifying Party shall specify
the counsel it will appoint to defend such claim, to conduct at its expense the defense against such
Third Party Claim in its own name, or if necessary in the name of the Indemnified Party. The
Parties agree to cooperate fully with each other in connection with the defense, negotiation or
settlement of any Third Party Claim. If the Indemnifying Party delivers a Defense Notice to the
Indemnified Party, the Indemnified Party will reasonably cooperate with and make available to the
Indemnifying Party such assistance and materials as may be reasonably requested by the
Indemnifying Party.
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8.2.1 如果交割之后，根据本协议有权提出赔偿的任何一方（以下简称“受偿
方”），提出索赔或收到任何第三方索赔主张或启动通知，其中该受偿方打算根据本协议
寻求损失赔偿，则该受偿方应及时向另一方（“赔偿方”）发出有关索赔的书面通知，同
时附带一份有关该索赔任何合理可用信息的声明。未能及时发出索赔通知，并不解除任何
赔偿方向受偿方进行赔偿的义务，但是，如果未能及时通知赔偿方被合理认为给赔偿方造
成重大损害，在这种情况下，在因此给该索赔辩护造成重大损害的程度上，赔偿方没有义
务向受偿方赔偿。赔偿方在收到受偿方有关索赔通知后三（30）十日内，经书面通知受偿
方（赔偿方应在通知内载明其将聘用的有关索赔辩护律师，以下简称“辩护通知”），赔
偿方将有权以自身名义或（必要时）以受偿方名义对该第三方索赔进行辩护，费用由赔偿
方自行承担。本协议各方同意，就任何第三方索赔的辩护、谈判或和解进行充分合作。如
果赔偿方向受偿方发出辩护通知，则受偿方将向赔偿方提供合理合作以及赔偿方合理要求
的可用协助和资料。
8.2.2. If the Indemnifying Party shall fail to give a Defense Notice, it shall be deemed to
have elected not to conduct the defense of the subject Third Party Claim, and in such event the
Indemnified Party shall have the right to conduct such defense in good faith. If the Indemnified
Party defends any Third Party Claim, then the Indemnifying Party shall reimburse the Indemnified
Party for the reasonable costs and expenses, including attorney fees, of defending such Third Party
Claim upon submission of periodic bills. If the Indemnifying Party elects to conduct the defense
of the subject Third Party Claim, the Indemnified Party shall be entitled to participate in any such
defense with separate counsel at the reasonable expense of the Indemnifying Party if (a) so
requested by the Indemnifying Party to participate or (b) in the reasonable opinion of counsel to
the Indemnifying Party, a conflict or potential conflict exists between the Indemnified Party and
the Indemnifying Party that would make such separate representation ethically advisable or
required under the applicable rules governing professional conduct of attorneys; and provided,
further, that the Indemnifying Party shall not be required to pay for more than one counsel for all
Indemnified Parties in connection with any Third Party Claim. The Indemnifying Party if it
conducts the defense of the Third Party Claim, or the Indemnified Party if it conducts the defense
of the Third Party Claim, shall not compromise or settle the Third Party Claim without the prior
written consent of the other Party, which consent shall not be unreasonably withheld, conditioned
or delayed.
8.2.2 如果赔偿方未能发出辩护通知，将被视为其选择不就该第三方索赔进行辩护，
在这种情况下，受偿方应有权就此进行善意辩护。如果受偿方对任何第三方索赔进行辩护，
则受偿方在辩护该第三方索赔中产生的包括律师费在内的合理费用和花费，赔偿方将根据
定期账单对此进行报销。如果赔偿方选择对该第三方索赔进行辩护，若（a）赔偿方要求
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受偿方参与，或者（b）赔偿方律师合理认为，受偿方与赔偿方之间存在任何冲突或潜在
冲突，使该独立代理在道德上可行或在管辖律师职业行为的适用规则下是必要的，则受偿
方将有权聘用独立律师参与任何相关辩护，费用由赔偿方合理承担；但是，赔偿方无须就
任何第三方索赔，为超过一名的所有受偿方律师付费。未经另一方事先书面同意（该同意
不得被无理拒绝、附加条件或延迟），赔偿方（若其就第三方索赔进行辩护）或受偿方
（若其就第三方索赔进行辩护）不得对第三方索赔妥协或达成和解。
8.2.3. Regardless of which Party defends a Third Party Claim, the other Party shall have
the right, at its expense, to participate in the defense of such Third Party Claim, assisted by counsel
of its own choosing.
8.2.3 无论哪一方对第三方索赔进行辩护，另一方均有权在自行选择的律师协助下，
参与辩护该第三方索赔，费用自行承担。
8.2.4. Subject to this Article 8, once all disputes concerning the Indemnifying Parties’
indemnification obligations as to a particular claim or amount has been resolved by a final decision,
judgment or award rendered by a Governmental Authority of competent jurisdiction and the
expiration of the time in which to appeal therefrom, or the Indemnified Party and the Indemnifying
Party shall have arrived at a mutually binding agreement with respect to an indemnification claim
hereunder, the Indemnifying Party shall be required to pay, if not paid earlier, all indemnification
amounts so due and owing to the Indemnified Party of immediately available funds within ten (10)
business days after the date of such notice.
8.2.4 根据本第 8 条，有关赔偿方在特定索赔或金额中赔偿义务的一切争议，一旦
有管辖权的政府机关已出具最终决定、判决或裁决，且上诉期限已届满，或者受偿方与赔
偿方就本协议项下的索赔事宜达成对双方均有约束力的协议，则若未提前付清，自有关通
知日期起十（10）个营业日内，赔偿方必须以即时可用资金支付到期应付与受偿方的所有
赔偿金额。
Section 8.3. Direct Claims. It is the intent of the Parties that all direct claims by an
Indemnified Party against a Party not arising out of Third Party Claims shall be subject to and
benefit from the terms of this Article 8. Any claim under this Article 8 by an Indemnified Party
for indemnification other than indemnification against a Third Party Claim (the “Direct Claim”)
will be asserted by giving the Indemnifying Party prompt written notice thereof, together with a
statement of information reasonably supporting such claim, prior to the applicable Expiration Date,
and the Indemnifying Party will have a period of 30 days within which to satisfy such Direct Claim.
If the Indemnifying Party does not so respond within such 30-day period, the Indemnifying Party
will be deemed to have rejected such claim, in which event the Indemnified Party will be free to
pursue such remedies as may be available to the Indemnified Party at Law or in equity.
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第 8.3.节 直接索赔。本协议各方同意，针对非因第三方索赔而向另一方提出的所有直
接索赔，受偿方应受本第 8 条条款的约束并从中受益。受偿方根据第 8 条提出的任何索赔
（除针对第三方索赔的赔偿外，以下简称“直接索赔”），应在适用到期日之前，经提前
书面通知赔偿方而提出，同时附带一份合理支持该索赔的信息声明，而赔偿方将在 30 天
内解决该直接索赔。如果赔偿方没有在上述 30 天期限内对此作出回应，则赔偿方被视为
已拒绝该索赔，在这种情况下，受偿方可自由采取其在法律或衡平法上可用的有关补救措
施。
Section 8.4. Limitations on Indemnities.
第 8.4.节 赔偿金的限制。
8.4.1. Seller’s Indemnity Threshold and Cap. Seller shall not have any indemnification
obligations pursuant to Section 8.1.1, except to the extent that the aggregate amount of Losses
incurred or suffered by Buyer that Seller is otherwise responsible for under Section 8.1.1 hereof
exceeds twenty five thousand dollars ($25,000) (the “Seller’s Indemnity Threshold”), at which
time Buyer shall be entitled to assert claims against Seller for all Losses in excess of the Seller’s
Indemnity Threshold; and the maximum aggregate liability of Seller for all claims by Buyer for
any Losses under Section 8.1.1 shall not exceed three million dollars ($3,000,000) (the “Seller’s
Indemnity Cap”).
8.4.1 卖方赔偿金的上下限。除非买方招致或蒙受的且须由卖方根据本协议第
8.1.1 条承担责任的损失总额超过贰万伍仟美元（$25,000）（以下简称“卖方赔偿金下
限”），否则卖方无须按照第 8.1.1 条承担任何赔偿义务，而买方应有权向卖方申索超出
卖方赔偿金下限的一切损失；并且，对于买方在第 8.1.1 条项下任何损失而提出的一切索
赔，卖方的最高责任限额不得超过叁佰万美元（$3,000,000）（以下简称“卖方赔偿金上
限”）。
8.4.2. Buyer’s Indemnity Threshold and Cap. Buyer shall not have any indemnification
obligations pursuant to Section 8.1.2 and Section 8.1.3, except to the extent that the aggregate
amount of Losses incurred or suffered by Seller that Buyer is otherwise responsible for under
Section 8.1.2 and Section 8.1.3 hereof exceeds twenty five thousand dollars ($25,000) (the
“Buyer’s Indemnity Threshold”), at which time Seller shall be entitled to assert claims against
Buyer for all Losses in excess of the Buyer’s Indemnity Threshold; and the maximum aggregate
liability of Buyer for all claims by Seller for any Losses under Section 8.1.2 and Section 8.1.3 shall
not exceed three million dollars ($3,000,000) (the “Buyer’s Indemnity Cap”).
8.4.2 买方赔偿金的上下限。除非卖方招致或蒙受的且须由买方根据本协议第
8.1.2 条承担责任的损失总额超过贰万伍仟美元（$25,000）（以下简称“买方赔偿金下
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限”），否则买方无须按照第 8.1.2 条承担任何赔偿义务，而卖方应有权向买方申索超出
买方赔偿金下限的一切损失；并且，对于卖方在第 8.1.2 节和第 8.1.3 节项下任何损失而提
出的一切索赔，买方的最高责任限额不得超过叁佰万美元（$3,000,000）（以下简称“买
方赔偿金上限”）。
ARTICLE 9
Miscellaneous
第 9 条
其他条款
Section 9.1. Notices. All notices, requests and other communications hereunder must
be in writing and will be deemed to have been duly given only if delivered personally, or by
facsimile transmission with answer back confirmation, or by email, or mailed (postage prepaid by
certified or registered mail, return receipt requested), or by nationally recognized overnight courier
that maintains records of delivery to the Parties, at the following addresses or facsimile numbers:
第 9.1.节 通知。本协议项下的一切通知、请求和其他通信必须采用书面形式，并且如
经专人递送、或通过带有回执的传真或电子邮件发送、或通过邮递（邮资预付且要求回执
的注册或挂号邮件）或通过国家认可且保留快递记录的隔夜快递发送至以下地址或传真号
码时，应视为正式送达：
If to any and all of the Buyer Parties to:
致任何和所有买方：
Attn.: DONG, Qi
30 Anli Road, Building #5,
Yangshan Park, Chaoyang District,
Beijing China 100101
Telephone: 86-10-59217800
Facsimile: 86-10-5921-7828
email:[email protected]
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收件人： DONG, Qi
中国北京市朝阳区
安立路 30 号仰山公园 5 号楼
邮编 100101
电话： 86-10-59217800
传真： 86-10-5921-7828
电子邮件：[email protected]
With copies to:
抄送副本至：
Jun He Law Offices LLC
45 Rockefeller Plaza, Suite 1919
New York, NY 10111
Attn.: Lan Lou, Esq.
Telephone: 646.367.1744
Facsimile: 212.703.8720
email:[email protected]
君合律师事务所
美国纽约市第五大道 630 号
洛克菲勒大厦 45 号 1919 室
邮编 NY 10111
收件人： Lan Lou, Esq.
电话： 646.367.1744
传真： 212.703.8720
电子邮件：[email protected]
If to Seller to:
致卖方：
Rider University
Lawrenceville Road
Lawrenceville, N.J. 08648
Attn: Office of the President
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Telephone: 609.896.5001
Facsimile:
email: [email protected]
With copies to:
瑞德大学
Lawrenceville Road
Lawrenceville, N.J. 08648
收件人：校长办公室
电话： 609.896.5001
传真：
电子邮件： [email protected]
抄送副本至：
Pepper Hamilton LLP
301 Carnegie Center, Suite 400
Princeton, New Jersey
Attn.: Michael J. Mann, Esq.
Telephone: 609.951.4174
Facsimile: 866.422.4230
email: [email protected]
Pepper Hamilton LLP
301 Carnegie Center, Suite 400
Princeton, New Jersey
收件人： Michael J. Mann, Esq.
电话： 609.951.4174
传真： 866.422.4230
电子邮件： [email protected]
All such notices, requests and other communications will (a) if delivered personally to the
address as provided in this Section, be deemed given upon receipt, (b) if delivered by facsimile to
the facsimile number as provided in this Section or by email, be deemed given upon receipt by the
sender of the response or confirmation of receipt and (c) if delivered by mail in the manner
described above or by overnight courier to the address as provided in this Section, be deemed given
upon receipt, or rejection by the address. Any Party from time to time may change its addressee,
address, facsimile number, email address or other information for the purpose of notices to that
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Party by giving written notice specifying such change to the other Parties hereto in accordance
with the terms of this Section.
所有此类通知、请求和其他通信，（a）如经专人递送至本节规定的地址，则在实际
收到时视为送达；（b）如经传真发送至本节提供的传真号码或经电子邮件发送，则在发
送方收到回应或回执时视为送达；或者（c）如经上述邮递或隔夜快递服务递送至本节提
供的地址时，则在该地址收到或拒收时视为送达。任何乙方可按照本节条款向本协议其他
各方发出载明地址变更详情的书面通知，从而不时变更其用于接收通知的收件人、地址、
传真号码、电子邮件地址或其他信息。
Section 9.2. Expenses. Except as otherwise set forth herein, each party shall be
responsible for its own expenses, including professional fees, incurred in connection with the
proposed transaction. Seller and Buyer shall equally split the expense incurred by the Escrow
Agent.
第 9.2.节 费用。除非另有规定，各方应自行承担与拟议交易相关的各自费用，包括专
业费用。买卖双方应平均分摊托管代理人产生的费用。
Section 9.3. Entire Agreement. This Agreement (and all Exhibits and Schedules
attached hereto, the Transaction Documents and all other documents delivered in connection
herewith) supersedes all prior discussions and agreements among the Parties with respect to the
subject matter hereof and contains the sole and entire agreement among the Parties hereto with
respect to the subject matter hereof.
第 9.3.节 完整协议。本协议（以及本协议所有附件和附表、与此相关而递送的交易文
件和其他所有文件）取代本协议各方之前就本协议标的而达成的一切讨论和约定，并构成
本协议各方就本协议标的而达成的唯一和完整协议。
Section 9.4. Waiver. Any term or condition of this Agreement may be waived at any
time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the Party waiving such term or
condition. No waiver by any Party hereto of any term or condition of this Agreement, in any one
or more instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under this Agreement or
by law or otherwise afforded, will be cumulative and not alternative.
第 9.4.节 弃权。享有利益的一方可随时放弃本协议任何条款或条件，但是该弃权仅可
在放弃该条款或条件的一方或代表该方正式签署书面文件时方可生效。本协议任何一方在
任何一种或多种情况下放弃本协议的任何条款或条件，并不构成放弃将来在任何此类情况
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下执行该条款或条件或任何其他条款或条件的权利。本协议项下或按照法律或通过其他方
式保障的一切补救措施均为累积性的，而非替代性的补救措施。
Section 9.5. Amendment. This Agreement may be amended, supplemented or modified
only by a written instrument duly executed by each Party hereto.
第 9.5.节修订。本协议任何一方须正式签署书面文件，方可修订、补充或修改本协议。
Section 9.6. Third Party Beneficiaries. The terms and provisions of this Agreement are
intended solely for the benefit of each Party hereto and their respective successors or permitted
assigns and it is not the intention of the Parties to, and this Agreement does not, confer third-party
beneficiary rights upon any other Person.
第 9.6.节 第三方受益人。本协议条款和条件仅为本协议各方以及各自继任人或许可受
让人的利益而制定，本协议各方无意且本协议并不向任何其他个人授予第三方受益人权利。
Section 9.7. Assignment; Binding Effect. From the Effective Date to the Closing,
neither this Agreement nor any right, interest or obligation hereunder may be assigned by any
Buyer Party without the prior written consent of Seller, and any attempt to do so will be void;
provided, however, that notwithstanding the foregoing, this Agreement, and all rights, interests
and obligations hereunder, may be assigned in whole or in part, subject to compliance with the
other terms and conditions of this Agreement, by Buyer to: (i) the NFP Entity that shall own and
operate WCC Programs and the Endowment, at and following the Closing or the Final Closing
Date as the case may be; (ii) the Campus Holding Entity that shall own and operate the Campus,
at and following the Closing or the Final Closing as the case may be, provided that no such
assignment shall relieve Buyer from its obligations under this Agreement. This Agreement is
binding upon, inures to the benefit of, and is enforceable by the Parties hereto and their respective
successors and permitted assigns.
第 9.7.节 转让；约束力。自生效日期起至交割日，未经卖方事先书面同意，任何买方
均不得转让本协议或其在本协议项下的任何权利、利益或义务，并且任何此类企图的行为
均为无效；但是，尽管存在前述规定，以遵守本协议其他条款和条件为限，买方可在下列
情况下向以下各方全部或部分转让本协议以及其所有权利、利益和义务：(i)交割日或最终
交割日当天及之后（视情况而定），向即将持有和运营 WCC 课程和捐赠的 NFP 实体转让；
(ii)交割日或最终交割日当天及之后（视情况而定），向即将持有和运营校园的校园控股
实体转让，但是，任何此类转让均不得免除买方在本协议项下的义务。本协议对本协议各
方以及各自继任人和许可受让人均具有约束力，符合各方利益，并可由各方强制执行。
Section 9.8. Headings. The headings used in this Agreement have been inserted for
convenience of reference only and do not define or limit the provisions hereof.
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第 9.8.节标题。本协议中采用的标题仅为参考方便而设，并不界定或限制本协议条款。
Section 9.9. Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable under any present or future law, and if the rights or obligations of any Party
hereto under this Agreement will not be materially and adversely affected thereby, (a) such
provision will be fully severable, (b) this Agreement will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining
provisions of this Agreement will remain in full force and effect and will not be affected by the
illegal, invalid or unenforceable provision or by its severance herefrom, and (d) in lieu of such
illegal, invalid or unenforceable provision, there will be added automatically as a part of this
Agreement a legal, valid and enforceable provision as similar to terms to such illegal, invalid or
unenforceable provision as may be possible and reasonably acceptable to the Parties herein.
第 9.9.节 可分割性。如果本协议任何条款根据任何当前或未来法律被判定为非法、无
效或不可实施，并且如果本协议任何一方在本协议项下的权利或异物没有因此受到重大负
面影响，则(a)该条款将可完全分割；(b)本协议将继续解读和实施，犹如该非法、无效或
不可实施条款从未构成本协议一部分；(c) 本协议剩余条款将继续充分有效，不受该非法、
无效或不可实施条款或其分割的影响；以及(d)为取代该非法、无效或不可实施条款，应
自动添加与该非法、无效或不可实施条款相似的且本协议各方可能合理接受的合法、有效
或可实施条款，作为本协议的一部分。
Section 9.10. Breach; Remedies.
第 9.10.节 违反；补救措施。
9.10.1. Buyer Breach. If any Buyer Party breaches any covenant, term or condition of the
Agreement, after written notice from Seller and not less than ten (10) days to cure, then, provided
Seller is not otherwise in default under any covenant, term or condition of the Agreement, after
the expiration of any applicable notice and/or cure periods, Seller may terminate the Agreement,
the Deposit Escrow Agent shall be instructed to pay to Seller from the Deposits, five hundred
thousand dollars ($500,000.00) as liquidated damages, plus the total amount of any unpaid
payment obligations owed by the Buyer Parties to Seller, including but not limited to payments for
unpaid Operating Support through the date of termination, which shall be Seller’s sole and
exclusive remedy with respect to a Buyer Partys’ breach prior to Closing. Thereafter, the balance
of the Deposits shall be promptly returned to Buyer. If the breach by a Buyer Party occurs after
the Closing, then Seller shall have all rights and remedies against the Buyer Parties and its
successors and assigns, at law or in equity, including the right to seek monetary damages or
injunctive relief.
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9.10.1. 买方违反。若任何买方违反本协议任何约定、条款或条件，经卖方书面通知
且在不少于十（10）天的补救期限后，如果卖方在其他方面没有违反本协议项下的任何约
定、条款或条件，则在任何适用通知和/或补救期限届满后，卖方可终止本协议，而押金
托管代理人将收到指示，从押金中向卖方支付伍拾万美元（$500,000.00）作为损害赔偿金，
同时向卖方支付各买方拖欠的任何未付债务总额，包括但不仅限于终止日期之前未付营运
扶助款的支付，对于买方在交割日之前的任何违约行为，这是卖方的唯一及专属补救措施。
此后，押金余额应及时返还买方。如果买方在交割日之后违反本协议，则卖方应享有法律
或衡平法上针对买方及其继任人和受让人的一切权利和补救措施，包括寻求金钱赔偿或禁
令救济的权利。
9.10.2. Seller Breach. If Seller breaches any covenant, term or condition of the Agreement,
after written notice from Buyer and not less than ten (10) days to cure, then, provided Buyer is not
otherwise in default under any covenant, term or condition of the Agreement, after the expiration
of any applicable notice and/or cure periods, Buyer may terminate the Agreement, the full Deposits
shall be returned to Buyer and Seller shall pay to Buyer five hundred thousand dollars
($500,000.00) as liquidated damages, plus the total amount of any Operating Support paid to
Seller, which shall be Buyer’s sole and exclusive remedy with respect to Seller’s breach prior to
Closing, except that in the case of Seller’s breach under Section 7.27 in this Agreement, this
Section 9.10.2 shall not, under any circumstance, be construed as limiting Buyer Parties’ rights to
enforce Seller’s obligations under Section 7.27. If the breach by Seller occurs after the Closing,
then Buyer shall have all rights and remedies against Seller and its successors and assigns, at law
or in equity, including the right to seek monetary damages or injunctions, subject to Section 8.1
and Section 8.4.
9.10.2. 卖方违反。若卖方违反本协议任何约定、条款或条件，经买方书面通知且在
不少于十（10）天的补救期限后，如果买方在其他方面没有违反本协议项下的任何约定、
条款或条件，则在任何适用通知和/或补救期限届满后，买方可终止本协议，押金将全额
退还买方，而卖方另须向买方支付伍拾万美元（$500,000.00）的损害赔偿金，同时退还任
何已付予卖方的营运扶助款总额，对于卖方在交割日之前的违约行为，这是买方的唯一及
专属补救措施，但是以下情况除外，即如果卖方违反本协议第 7.27 节规定，则本第 9.10.2
节在任何情况下均不得被解读为限制买方强制执行卖方在第 7.27 节项下义务的权利。如
果卖方在交割日之后违反本协议，则买方应享有法律或衡平法上针对卖方及其继任人和受
让人的一切权利和补救措施，包括寻求金钱赔偿或禁令救济的权利，以第 8.1 节和第 8.4
节规定为限。
9.10.3. Breach of Post-Closing Covenants. Notwithstanding the foregoing, each Party
expressly agrees and understands that the remedy at law for any breach by the other Party or its
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Affiliates, successors or assigns of this Agreement following the Closing, will be inadequate and
that the damages flowing from such breach may not be readily susceptible to being measured in
monetary terms. Accordingly, it is acknowledged and agreed that upon adequate proof of a Parties’
violation of any covenant or agreement contained Article 7 (or elsewhere in this Agreement),
which by its terms or context is intended to be performed after Closing, or which requires
continued compliance post-Closing, then in that case, the non-breaching Party will be entitled to
seek any remedy at law or in equity including an award for payment of attorneys’ fees and costs
incurred in such action.
9.10.3. 关于交割后违反的约定。尽管存在前述规定，本协议各方明确同意和理解，
如果另一方或其关联方、继任人或受让人在交割日后违反本协议，则法律上可用的补救措
施并不足够，由该违反导致的损害并不能轻易以金钱衡量。因此，本协议各方认可并同意，
如有充分证据证明一方违反第 7 条（或本协议其他条款）所载的任何承诺或约定，该等约
定本应在交割后按照条款或情况履行，或需要在交割后继续遵守，则在这种情况下，守约
方将有权寻求法律或衡平法上的任何补救办法，包括申请裁决由违约方支付相关法律行动
产生的律师费和其他费用。
Section 9.11. Seller Disclosure Schedule. Every matter, document or item referred to, set
forth or described in one section of the Seller Disclosure Schedule shall be deemed to be disclosed
under each and every part, category or heading of the Seller Disclosure Schedule and all other
schedules contained therein, and shall be deemed to be part of the representations and warranties
in this Agreement.
第 9.11.节 卖方披露附表。《卖方披露附表》内任何一节所指、规定或描述的各
个事项、文件或项目均应被视为按照《卖方披露附表》以及其他一切附表项下的每一部分、
类别或标题披露，且应被视为本协议陈述和担保条款的一部分。
Section 9.12. Updates. Seller shall promptly supplement or amend the Seller Disclosures
Schedules (the “Updated Schedules”) with respect to (i) any matter that existed as of the date of
this Agreement and should have been set forth or described in the Disclosure Schedules
(“Corrected Items”); (ii) any matter arising after the date of this Agreement which would have
been required to be set forth or described in the Seller Disclosure Schedules as of the date of this
Agreement or the Closing Date in order that the representations and warranties of Seller would be
true and correct (“New Items”) and (iii) any Seller Disclosure Schedule which by the terms of this
Agreement are required to be updated at Closing.
第 9.12.节 更新。卖方应及时补充或修订《卖方披露附表》（“更新后清单”），
内容包括：(i)本协议日期之前已经存在的且应在披露清单内规定或描述的任何事项（“修
正事项”）； (ii)本协议日期后产生的、本应于本协议日期或交割日之前在《卖方披露附
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表》内规定或描述的任何事项，以确保卖方陈述和担保真实准确（“新事项”），以及
(iii)按照本协议条款须在交割日进行更新的任何《卖方披露附表》。
Section 9.13. Update Not a Cure. In no event shall any Corrected Item disclosed on the
Updated Schedules, or any New Item disclosed on the Updated Schedules be deemed to cure, or
be taken into account for the purpose of determining whether there has been, any breach of any
representation or warranty, as of the date of this Agreement, of Seller contained in or made
pursuant to this Agreement or in any certificate or schedule required to be delivered by Seller under
this Agreement.
第 9.13.节 更新并非补救。在任何情况下，在本协议日期之前，更新后清单披露
的任何修正事项或任何新事项，均不得被视为补救或被认为是确定卖方是否违反本协议或
根据本协议须由卖方提交的任何证书或附件中载明或作出的任何陈述或担保。
Section 9.14. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the Laws (procedural and substantive) of the State of New Jersey, regardless of
the Laws that might otherwise govern under applicable principles of conflicts of law.
第 9.14.节 适用法律。本协议应受新泽西州法律（程序法与实体法）管辖并按其
解释，而不考虑适用法律冲突原则项下以其他方式管辖的法律。
Section 9.15. Consent to Jurisdiction and Forum Selection. The parties agree to the
exclusive jurisdiction of the state or federal courts located in New Jersey for adjudication of any
dispute under this Agreement. Each party agrees to personal jurisdiction in the state and federal
Courts in New Jersey. The Parties hereto agree that all actions or proceedings arising in connection
with this Agreement shall be initiated and tried exclusively in the state or federal courts located in
the State of New Jersey. The aforementioned choice of venue is intended by the Parties to be
mandatory and not permissive in nature, thereby precluding the possibility of litigation between
the Parties with respect to or arising out of this Agreement in any jurisdiction other than that
specified in this section. Each Party hereby waives any right it may have to assert the doctrine of
forum non conveniens or similar doctrine; or under any international treaty, to object to venue with
respect to any proceeding brought in accordance with this Section, and stipulates that the
aforementioned state and federal courts located in the State of New Jersey shall have personal
jurisdiction and venue over each of them for purposes of litigating any dispute, controversy or
proceeding arising out of or related to this Agreement. Each party hereby authorizes and agrees
to accept service of process sufficient for personal jurisdiction in any action against it as
contemplated by this section by registered or certified mail, return receipt requested, postage
prepaid to its address for the giving of notices as set forth in this Agreement, or in the manner set
forth in Section 9.1 for the giving of notice. Any final judgment received against a Party in any
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action or proceeding shall be conclusive as to the subject of such final judgment and may be
enforced in other jurisdictions in any manner provided by law.
第 9.15.节 对管辖权和管辖法院的同意。本协议各方同意，位于新泽西州的州或
联邦法院对本协议项下任何争议的判决享有专属管辖权。本协议各方同意新泽西州和联邦
法院的属人管辖权。本协议各方同意，由本协议引起或相关的一切法律行动或法律程序均
应在位于新泽西州的州或联邦法院启动和审理。本协议各方确定，上述管辖地的选择在本
质上为强制性且非许可性的选择，因此排除了本协议各方在本节规定管辖地之外的任何其
他管辖地就或因本协议而提起诉讼的可能性。本协议各方特此放弃其可能拥有的主张不方
便法院原则或类似原则的权利；或根据任何国际条约，就依据本节规定提起的任何法律程
序所在地提出反对的权利。同时，本协议各方特此说明，就本协议引起或相关的任何争议、
异议或法律程序的诉讼，上述位于新泽西州的州和联邦法院应拥有属人管辖权和管辖地。
本协议各方特此授权和同意，接受任何法律行动中按本节规定的具有充分属人管辖权的法
律程序文件，该文件经需要回执且邮资预付的挂号或注册邮件送达至本协议规定的通知接
收地址，或经第 9.1.节规定的通知接收方式送达。任何法律行动或法律程序中针对一方而
收到的任何最终判决，就该判决标的而言属最终且不可推翻的判决，并且可按法律规定的
任何方式在其他管辖地强制执行。
Section 9.16. Languages. This Agreement is made in the English language and the
Chinese language. In the event of any conflict or inconsistency between the languages, the English
version shall in all cases prevail over the Chinese version.
第 9.16.节 语言。本协议语言采用英文和中文。如果两种语言之间存在任何冲突
或不一致之处，则在任何情况下均以英文版本为准。
Section 9.17. Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH
HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO
JURY TRIAL OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING
UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE
WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT,
TORT, EQUITY, OR OTHERWISE. EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR
CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND
THAT ANY OF THE PARTIES TO THIS AGREEMENT MAY FILE A COPY OF THIS
AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
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第 9.17.节 放弃陪审团审理。在法律允许的最大范围内，本协议各方特此放弃关
于本协议或任何相关交易的任何索赔、要求、诉讼或诉讼案由而享有的任何陪审团审理权
利，该等索赔、要求、诉讼或诉讼案由：(i)由本协议引起，或(ii)以任何方式与本协议各
方的交易相关或存在附带关系，并且，在各种情况下均不论其是否目前存在或之后产生，
亦不论是否涉及合同、侵权、权益或其他。本协议各方特此同意和许可，任何此类索赔、
要求、诉讼或诉讼案由均应由无陪审团的法院进行审理和判决，并且，本协议任何一方均
可向任何法院提交本协议副本，作为本协议各方同意放弃其陪审团审理之权利的书面证据。
Section 9.18. Expenses. Except as otherwise provided in this Agreement, each Party
hereto shall pay its own expenses and costs incidental to the preparation of this Agreement and to
the consummation of the transactions contemplated by this Agreement and other Transaction
Documents.
第 9.18.节 费用。除非本协议另有规定，否则本协议各方将自行承担由本协议的
制订以及本协议和其他交易文件中拟议交易的完成所附带的费用和花费。
Section 9.19. Counterparts. This Agreement may be executed in any number of
counterparts and by facsimile, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.
第 9.19.节 副本。本协议可签署多份副本并经传真签署，每份副本均被视为原件，
但所有副本将构成同一份文书。
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Rider 24-00092
CEO of Kaiwen Education US, Inc., Sole Member of Buyer
Rider 24-00093
Haibin Wang
Treasurer
Rider 24-00094
瑞德大学，
Rider 24-00095
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Exhibit A
附件 A
Campus Description
校园描述
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Exhibit B
附件 B
Bill of Sale
卖契
Rider 24-00097
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Exhibit C
附件 C
Assignment and Assumption Agreement
转让和承担协议
Rider 24-00098
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Exhibit D
附件 D
Escrow Agreement
托管协议
Rider 24-00099
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Exhibit E
附件 E
Calculation of WCC Operating Support
WCC 运营资助款的计算
Rider 24-00100
