Exhibit 10.5(d)


 


REF:GB78191612003-4


 


Guaranteed Maximum Contract


Natural person as a guarantor


 


CHINA EVERBRIGHT BANK


 




     

     


    

 


Directory


 


	Chapter one	General
	Chapter two	Definition
	Chapter three  	The principal debt secured by
	Chapter four	Guaranteed way
	Chapter five	Warranty
	Chapter six	Warranty period
	Chapter seven 	The documents the guarantor shoud submit
	Chapter eight  	Representations and Warranties of guarantor
	Chapter nine  	Guarantor’s commitment
	Chapter ten	The nature and effectiveness of security
	Chapter eleven  	Events of default
	Chapter twelve  	others
	Chapter thirteen	Applicable Law and Dispute Resolution
	Chapter fourteen 	Effectiveness ,change and release of the contract
	Chapter fifteen  	Attachment
	Chapter sixteen	Supplementary


 




     

     


    

 


Guaranteed Maximum Contract


Natural person as a guarantor


 


	Guarantor:  	PanDangyu
	ID number:  	
	Address:	 





Living Address: No 68, xinxia road, Pinghu
Street, Longgang District, shenzhen


	Zip code:	518111
	TEL:	
	FAX:	


Attorney: 
(Required to provide a power of attorney signed by the guarantor)


ID number:


Address: 


Living Address:


Zip code:


TEL:


FAX: 


 


	Creditor:	China everbright bank CO.,LTD Shenzhen Branch
	Address:  	No.26 of 7th zizhu road Zhuzilin, Futian district, shenzhen
     518000





Legal representative/Person in charge:
Peng Jianping


	Managers:	Yang Xiaolin
	TEL:	
	FAX:	


 


Chapter one      
General


 


To ensure the fulfillment that, 28th
Dec, 2016, SPRIINGPOWER TECHNOLOGY (SHENZHEN) CO., LTD. (hereinafter referred to as "fiduciary") signed with the creditor
numbered ZH78191612003 "Comprehensive Credit Agreement" (hereinafter referred to as " Comprehensive Credit Agreement
") ,guarantor is willing to provide the maximum amount of credit joint liability guarantee to secure fiduciary will pay off
the entire debt under its "comprehensive credit agreement" timely and fully.


 


After reviewing , the creditor agreed to accept
a guarantee provided by the guarantor. In order to clarify both the guarantor and the creditor rights and obligations We formulated
this contract guided by the principles of equality and mutual benefit, in accordance with the provisions of relevant laws and


regulations.


 






     

     


    

 


Chapter two        
Definition


 


Article 1 Unless the context requires or the
Contract requires , in this Contract:


 


Master contract: refers to creditor and fiduciary
signed the "Comprehensive Credit Agreement" as well as the creditor and fiduciary signed a specific credit business contract
or agreement under "comprehensive credit agreement" for each credit business.


Specific credit business contract or
agreement refers to the creditor guided by "comprehensive credit agreement" provide the single specific credit
business contract or agreement to the fiduciary, which is signed with the fiduciary including the local currency and the
foreign currency loans, trade finance, discount, acceptances, letters of credit, guarantees, factoring, guarantees and other
off-balance sheet credit payment form (collectively, "specific credit business").


 


Chapter three      The principal debt secured
by


 


Article 2 The principal debt secured by the
guarantor is all the specific credit business incurred under the contract or agreement signed by creditor and fiduciary based
on the master "comprehensive credit agreement" .The guaranteed maximum principal debt for "Comprehensive Credit
Agreement" is RMB twenty million.


Of the following cases, the main contract
claims to determine:

(One) identify expiry of the period of the main contract;

(Two) the new creditor can not happen;

(Three) the creditor and the fiduciary terminate the contract or the creditor and the guarantor terminate the contract;

(Four) the fiduciary or the guarantor is declared bankrupt or is revoked, suspended, canceled or dissolution;

(Five) other cases law claimed.


 


Chapter four       
Guaranteed way


 


Article 3 Guarantor provided the joint and
several liability guarantee under the contract


 


Chapter five           
Warranty


 


Article 4 Guaranteed under this contract include:
a fiduciary under the contract shall repay or pay the debt principal to the main creditor, interest (including statutory interest,
agreed interest and penalty interest), compound interest, fees, liquidated damages, compensation, the cost of the claim, (including,
but not limited to, litigation costs, attorneys' fees, notary fees, implementation costs, etc.) and all other fees payable (above
together referred to as "collateralized debt obligations").


 


Article 5 Creditor used to indicate any credit
secured debt under the contract or any proof payable ,unless there is manifest error, the two sides should be the conclusive evidence
of the relationship between credit and debt and is binding on the guarantor.


 




     

     


    

 


Chapter six       
Warranty period


 


Article 6 each specific credit business guarantee
period under "Comprehensive Credit Agreement" calculated separately since specific contract or agreement fiduciary obligations
to fulfill the expiration date (as required by law or agreement which led to the events specific credit business contract or agreement
early maturity, compared with earlier due date) two years.


 


Chapter 7      
The documents the guarantor shoud submit


 


1. The guarantor or agent valid original signed
copy of this contract;


 


2. Guarantor of identity documents;






3. Prove creditworthiness of guarantors proof
of assets or other information;






4. Guarantor reasonably required to provide
credit and other documents.



 


For a copy of the above documents, are subject to the guarantor or the authorized signatory signature confirmation that the copy
is true, complete and valid documents.


 


Chapter 8       
Representations and Warranties of guarantor


 


Article 8 Guarantor make the following representations
and warranties to the creditor here :






1. Guarantor is a full civil capacity of natural
persons, have full qualifications and authority to enter into and perform this contract, and can independently bear civil liability.






2. Guarantor has carefully read and fully
understood the contract and this contract to accept the Lord contents guarantor execution and performance of this contract is voluntary,
under this contract in the full meaning of true representation.






3. Guarantor to the creditor to provide all
the documents are accurate, true, complete and effective, and to provide a copy of the form of documents are consistent with the
original.






4. Guarantor signing and implementation
of the contract does not violate its position as a party to any other contract or agreement, and any laws or regulations
applicable thereto. Guaranteed under this contract will not be subject to any restrictions.
 



5. To ensure that the contract legality, validity
or enforceability of the guarantor has been completed or will complete all required registration, filing or notary procedures.






6. This contract is legally valid, on the
guarantor constitute a legally binding obligation






7. Do not currently exist and will be
anything involving guarantor or surety guarantor's financial position to meet its obligations under this contract and adversely
affect the ability of litigation, arbitration or administrative proceedings.





8. Guarantor did not occur or exist
any event of default.


Article 9 the representations and warranties of the guarantor in the life of the contract shall remain
correct and that the guarantor will be ready by the creditor's request for further documents.




Chapter nine        Guarantor’s commitment


 


Article 10 before all of the secured debt
repaid ,the guarantor shall comply with the following provisions:






1 The guarantor shall immediately notify the
creditor any of the following events:








     

     


    

 


(1) the occurrence of any event of default;

(2) relates to the guarantor or any major operating assets of litigation,arbitration or administrative proceedings;

(3) the guarantor income substantially reduced significantly, the loss of economic resources such as lost or may lose its ability
to perform the case;

(4) the guarantor change residential address and communication.


 


2. In the life of the contract, as long as
all of the secured debt is not repaid, except with the prior written consent of the creditor, the guarantor shall not sell, transfer,
split or otherwise dispose of any of its major assets in the form


 


3. In the life of the contract, before the
completion of the all the secured debt fully settled, guarantor will not be in respect of its generation of a fiduciary to the
creditor settlement of any sum or its fiduciary may be entitled to any other creditor, to the fiduciary recourse or claim right


 


4. If a fiduciary fails to pay the secured
debt timely, the guarantor shall, upon receipt of payment in writing to the creditor within seven working days of the creditor,
the creditor unconditionally in the manner required by a fiduciary on behalf of the creditor payment of such debts.


 


5. If the guarantor fails to credit the person's
request to timely payment of any sum under the contract, the creditor entitled to directly from the guarantor to the creditor or
credit to any other person within the system of opening branches directly deduct any account, without having to obtain the prior
consent of the guarantor.


 


6. Upon the request of the creditor, the guarantor
shall be required to pay immediately to the credit or compensation for costs and losses following:


 


(1) Credit artificially realize the rights
under this contract incurred all costs and expenses (including but not limited to attorney's fees, court costs, fees and all other
executive actual expenditure); and

(2) due to violation of the contract and the guarantor to the creditor liable for any other losses


 


Chapter ten           The nature and effectiveness of security


 


Article 11 This contract guarantees established
by independent credit secured debt artificially made ​​by any other guarantee. Credit to exercise rights under this
contract without first implementation of its former holdings of any other guarantees (whether material or human security guarantees),
and need not first to the fiduciary or any other third party to take any other relief measures.


 


Chapter eleven       
Events of default


 


Article 12 Each of the following events and
issues constitute Guarantor in the event of default under the contract:






1. Master contract any event of default occurs
under;






2. Guarantor under this contract made ​​representations,
warranties or undertakings are recognized as incorrect or untrue;






3. The main part of any contract for any reason
is no longer fully valid, or is terminated for any reason or restricted;








     

     


    

 


4. Occurred against the guarantor or a substantial
operating assets litigation, arbitration or administrative proceedings;






5. Guarantor is in breach of its
present obligations under the contract or the occurrence of other people think that credit will adversely affect the creditor
rights under this Contract other events.


 


Article 13 of the event of default has occurred,
as the case is entitled to take credit of any one or more of the following measures:






1. Exercise credit in the main contract and
enjoyed under this contract remedies for breach of contract;






2. Guarantor in accordance with the requirements
of the contract responsibility of guarantee;






3. Exercise of the creditor was secured debt
may have any other security interest.


 


Chapter twelve          
others


 


Article 14 Without the prior consent of the
creditor, the guarantor shall not transfer or otherwise dispose of their under this contract in whole or part of the obligations.


 


Article 15 of people give credit guarantors
any grace, discount or delay, shall not affect, damage or limit the creditor under this contract and the laws and regulations and
all the rights; no person should be treated as credit rights under this Contract and interest waiver, does not affect the guarantor
under this contract from any liability and obligations.






Article 16 If at any time any of the terms
of this contract are in any way or becomes illegal, invalid or unenforceable, the other provisions of this contract the legality,
validity or enforceability is not affected or impaired.





Article 17 of the contract, the guarantor
shall be guaranteed full payment of the debt, offset shall not make any claim, nor shall any conditions.






Article 18 The contract mutual issue relating
to this contract notice requirements should be made ​​in writing, sent to the home page of this contract the parties
listed in the address or fax. Any party to change its address or fax, the need for timely notice to the others.


Communications between the parties, such as
by hand, after delivery shall be deemed to be served; if sent by registered letter, and in three days after sending a registered
letter shall be deemed to be served; if sent by facsimile , shall be deemed to be served at the time of issue. However, given the
guarantor's credit file, you need to actually received before the creditor is deemed served


 


Chapter thirteen
Applicable Law and Dispute Resolution


 


Article 19 This contract and the contract
to any matters covered by applicable PRC laws (excluding Hong Kong, Macau and Taiwan law), and in accordance with laws of the PRC
(excluding Hong Kong, Macau and Taiwan law) explained.


 




     

     


    

 


Article 20 During the performance of this
contract or in connection with all disputes relating to this contract, the two parties settled through friendly consultations.
Negotiation can not reach agreement, either party may apply to the credit people local people's court.


 


Chapter fourteen   Effectiveness
,change and release of the contract


 


Article 21 This contract is signed by the
guarantor and the creditor or agent authorized representative / responsible person or agent or stamped signature and seal of the
date.


 


Article 22 After the commencement of
this contract, either party may change or premature termination of the contract. If we need to change or cancel the contract,
the guarantor and the creditor shall be approved by mutual agreement, and reach a written agreement. Prior written agreement
is reached, the provisions of this contract is still valid.


 


Chapter fifteen
       Attachment


 


Article 23 The matters covered in this contract,
the guarantor and the creditor both parties may otherwise agree in writing, as an annex to this contract. Hereto are an integral
part of this contract, this contract have the same legal effect.






Article 24 of the annex to the contract include:

1.

2.


Chapter sixteen
      Supplementary


 


Article 25 of the original contract a formula
2 copies guarantor holding 1 copies of credit people who 1 copies of the same legal effect.


 


Article 26 This Contract 28th
Dec, 2016 by the guarantor and the creditor in Shenzhen signed.







Article 27 The parties to the contract agree
to this contract notarized promise to give the contract unenforceable. When a fiduciary, the guarantor is not fulfilled, or if
the debt is not completely fulfill the laws and regulations, the implementation contract creditor claims, guarantees the right
circumstances, the creditor has the right to direct the people's court having jurisdiction for enforcement. Fiduciary, guarantor
loan made ​​under this contract enforcement application without any objection. (This section is optional terms, the
parties choose this contract [2]. 1, applies; 2, does not apply.


 




     

     


    

 


This page is page contract signed by both
parties, no text)






Guarantor or agent (Signature): 


Creditor (stamp):






Legal Representative / CEO:

(Or agent)