Exhibit 10.1





 


 


 


 


 


Circulating Fund Loan Contract


 


 


 


Bank of Ningbo


Circulating Fund
Loan Contract


 


Code No: 05302LK20148092



 


 


Lender: Baizhang Branch, Bank of Ningbo


Borrower: Ningbo Keyuan Plastic Co., Ltd.


 


According to relevant laws,
regulations and rules of People’s Republic of China, Borrower, and Lender, after reaching agreement through negotiations,
hereby enter into this contract and Borrower, Lender herein shall abide by this contract.


 


Article 1 Credit Matters


 


1.1 Lender shall agree
to grant the loan to Borrower after examination according to the application of Borrower, and the sort of loan is short-term
(Rong Chu Ying) loan .


 


1.2 The intended use of
the loan is to purchase commodities . Borrower shall not alter the intended use of loan confirmed hereto without Lender’s
written consent.


 


1.3 The currency type and
amount of loan: Twenty Two Million U.S. Dollars ONLY (in words)


 


1.4 The loan period is
from August 28, 2014 to August 28, 20154.During the period of contract, any lending date, or expiration date shall
be prolonged into the next banking day if the lending date or expiration date is not on banking days.


 



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1.5 In case that a lending
date, amount of borrowing, the interest of loan and expiration date hereto differs with that in the loan certificate, those of
the loan certificate and appendix hereto (if any) shall prevail. And Lender has no objection towards it. The loan certificate is
an indispensable part hereof.


 


1.6 Interest Rate and Readjustment


 


1.6.1 Interest Rate of
Loan


 


1.6.1.1 The RMB Interest
Rate: the benchmark interest rate shall accord to what People’s Bank of China published of the same period and level,        /       
(increased/decreased) by       /         %.
Hereby the annual interest rate is        /     %. Hereby the conversion
equation is that monthly interest rate= annual interest rate/12, and daily interest rate= annual interest rate/360.


 


1.6.1.2 Foreign Currency
Loan Rate:                         /                   .


 


1.6.2 Loan interest shall
be calculated daily from the date when loan is transferred into Borrower’s appointed account by Lender.


 


1.6.3 Before releasing
the loan, in case of adjustment in benchmark interest rate applicable to the loan under the contract, the new benchmark interest
rate shall apply and the new loan interest rate shall be recalculated according to Clause 1.6.1 and applied to the contract.


 


1.6.4 After releasing
the loan, In case that the adjustment of benchmark interest rate is applicable to the loan herein and the period of loan is less
than one year (included one year), the loan interest shall be readjusted through the measures below:


 


(1) Continue to carry out
the interest rate recorded in the loan certificate, and the interest rate shall not be calculated by period.


 


(2) New loan interest
rate shall be confirmed and applied on condition that it is readjusted      
(monthly/quarterly) on the corresponding date in every month/quarter (the last day of month/quarter In case that there is no
corresponding date) and according to the benchmark interest rate readjusted at this time (In case that the interest rate has
been readjusted for twice or more than twice during the period, the last readjustment shall apply) and fluctuation rate in
Clause 1.6.1 hereto.


 


In case that the period of loan exceeds one year,
the loan interest rate shall be readjusted by measures __ below.


 


(1) Since January 1th of
next year from the date of benchmark interest rate readjustment, new loan interest rate shall be confirmed and applied in accordance
with the benchmark interest rate this time (In the even that benchmark interest rate has been readjusted twice or more than twice
in one year, the last interest rate shall apply) and the fluctuation rate in Clause 1.6.1 hereto;


 


(2) New loan interest
rate shall be confirmed and applied on condition that it is readjusted ___ (monthly/quarterly/yearly) on the corresponding
date in every month/quarter/year (the last day of month/quarter/year In case that there is no corresponding date) and
according to the benchmark interest rate this time (In case that the interest rate has been readjusted for twice or more than
twice during the period of Article herein, the last readjustment shall apply ) and fluctuation rate in Clause 1.6.1
hereto;


 



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(3) Continue to carry out
the interest rate recorded in the loan certificate, and the interest rate shall not be calculated by period;


 


(4) From the date when
the benchmark interest rate is readjusted, new loan interest rate shall be confirmed and applied in accordance with readjusted
benchmark interest rate this time and fluctuation rate in Clause 1.6.1 hereto;


 


(5) Other measures:
                                                                               ;





 





1.7
The type of interest settlement: ______(Monthly/quarterly/annually/finally with principal clear). In case that interest
settlement accords with (Monthly/quarterly/annually), hereby the expiry date for interest is 20th in  (month/last month
of quarter/last month of year) and the interest payment date is the next day of the expiry date; when the loan becomes due, the
interest shall be paid with the principal.


 


1.8 Drawing Conditions. 


 


Unless Lender waives partially
or wholly, or Borrower conforms to the following conditions, Lender shall be entitled to reject the application of drawing from
Borrower.


 


1.8.1 The Lender continues
to be legal and valid, and abide by the promises hereto continually.


 


1.8.2 This contract has
come into force and the guarantee contract hereof has also come into force legally.


 


1.8.3 The obligations hereof
have been fully fulfilled without defaults.


 


1.8.4 Materials used to
loan and others have been provided in accordance with the requirements of Lender.


 


1.9 Payment of Loan


 


1.9.1 The loan hereto shall
be paid by measure NO.         


 


(1) Entrusted payment of
Lender, i.e., Lender shall pay loan to the transaction counterparty conformed to the intended use hereto through Borrower’s
account in accordance with the withdrawal application and payment entrustment by Borrower.


 


(2) Self payment of Borrower,
i.e., after Lender pays the loan to Borrower according to Borrower’s application to Borrower’s account, Borrower shall
pay the loan to the transaction counterparty conformed to the intended use hereto by self.


(3)                                                                                                                


 


Lender can determine
independently the payment of loan hereto in accordance with relevant materials and laws, regulations provided by Borrower. 


 


1.9.2 Borrower agrees that
in the event of entrusted payment, Lender may transfer the loan to the account of Borrower and transfer it to account of the transaction
counterparty directly from Borrower’s account.


 


Borrower shall not withdraw
when the loan is in Borrower’s account. Moreover, Borrower shall also be obliged to repay without Lender’s responsibility
In case that the fund is taken by coercive measures including but not limited to sealing up and deduction.


 



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1.9.3 Either Lender
choose to entrusted payment or self-payment, it shall be deemed that the Lender’s obligation of transferring the loan is
fulfilled and Lender shall repay the loan according to the terms hereof once the loan is transferred into Borrower’s account
according to its requirement. That’s to say Borrower drew loan successfully hereto.


 


1.9.4 Borrower,
choosing entrusted payment, shall provide contracts, certificates and pay warrant relevant to loan, Lender will make formal examination
and consent to fulfill the obligation of transferring the loan. Otherwise, Lender shall be entitled to reject to transfer loan
to Borrower. For self-payment, Borrower shall report payment of loan to Lender in each three months and provide record of loan
use, account information, payment document according to Lender’s requirements for Lender to check. Otherwise, Lender shall
be entitled to exercise one or all rights in Clause 2.3 hereto.


 


1.9.5 In the case that
conforms to self-payment, Lender consents to that Borrower can withdraw loans at Lender’s counter or E-bank (if applicable),
or by other approach approved by Lender. Borrower agrees to conduct the drawing of loan according to Lender’s requirement
and confirmed the loans withdrawn at Lender’s counter or E-bank or by other approach approved by Lender.


 


1.10 Account for fund return:
Borrower shall open an account for fund return, and the number of account is 53022027000000404 ; Borrower shall report
the fund information to Lender on time; Lender shall be entitled to withdraw the loan in advance according to fund information.



 


1.11 Account for repayment:
Borrower shall open an account with Lender, and the number is 53022027000000404. Borrower shall deposit fund with interest
fully into repayment account and authorize Lender to deduct. In the event of any loan principal or interest or other fees due,
Borrower shall deposit money into the repayment account on time and authorize Lender to deduct in anytime. If due to the readjustment
of the benchmark interest rate made by China People’s Bank in same level and time, Borrower shall deposit repayment fully
on time. Otherwise, all consequences involved including but not limited to extra interest for penalty and the adverse effect involved
with Borrower’s credit record shall be undertaken by Borrower, having no relation with Lender. In the event of any loss report,
freezing, stopping payment, or closing of the repayment account, or request to change the repayment account by Borrower, Borrower
shall conduct alteration formalities from Lender. Before the alteration formalities come into force, Borrower shall conduct repayment
at Lender’s counter In case that the fund in the former repayment account is insufficient for payment. In case that Borrower
fails to conduct an alteration formality or conduct repayment at Lender’s counter thereby and consequently fails to pay the
due principal and interested and other fees fully in time, Borrower shall undertake the liability for defaults.


 


Article Two Obligations and Rights of Lender


 


2.1 Lender shall be entitled
to receive principal amount of loan, interest, compound interest, extra interest for penalty in accordance with this contract and
certificates hereto or to do so in advance.


 



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2.2 Lender shall be entitled
to know information concerning Borrower’s production and operation, financial operation, stock commodity and utilization
of loan, to inspect the use and management of the collateral, and to require Borrower to provide authentic, complete financial
statements such as document, material and information monthly. Lender shall be also entitled to inquire, print, keep and utilize
Borrower’s basic information and credit record through People’s Bank Credit System or other institute and system in
accordance with relevant regulations.


 


2.3 In case of any of
the following situation, Lender shall be entitled to identify Borrower’s all credits including but not limited to loan, discount,
bank acceptance bill, international trade finance, bank guarantee letter to expire in advance and take measures below.(1) To terminate
relevant contracts, agreements, including but not limited in this contract in advance; (2) To cease to transfer new loan to Borrower
and declare the advanced expiry of the Contract and withdraw all loans with interest and its expenses in advance; (3) To deduct
relevant funds from any Borrower’s account to repay loan, interest and other fees; (4) To require Borrower to add another
guarantee protection approved by Lender; (5) To bring a case to court and to take property preservation measures such as sealing
up, freezing and deducting; (6) To take other property preservation measures. All other branches of Bank of Ningbo shall be endowed
with the rights mentioned above for Borrower.


 


(1) Production halts,
shutdown, dismissal, being takeover, cancellation of registration, declaration of bankruptcy, suspension for internal rectification
of the Borrower, or cancelling or nullifying of its business license;


 


(2) Borrower conceals
material facts involved with formulation of this contract or provides fake materials, information cannot match the fact or materials
provided include fake information; Or provides fake report forms, certificates, documents and materials during the valid period;


 


(3) Borrower fails to
repay the loan and interest according to this contract and relevant provisions hereto (including declaration of advanced expiry
and the repayment after expiry);


 


(4) Borrower fails to
conform to intended use of loan settled hereto and relevant certificates;


 


(5) Borrower fails to
fulfill obligations agreed with Lender or a third party or specified by laws and regulations;


 


(6) Disposal of any
property by Borrower may influence or has influenced ability to repay the Lender before clearing off loan and debts (including
but not limited in donating, moving , transferring and selling in bargain);


 


(7) The credit of Borrower
is getting worse and its operation gets tough, financial operation declines or exceeds the financial index set by Lender or both
parties hereto;


 


(8) Borrower fails to
repay loan fund according to the mode agreed;


 


(9) Borrower gets involved
in economic dispute or lawsuit or any property of Borrower is taken by sealing up, freezing and deducting and other protection
measures;


 



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(10) Borrower gets involved
in crime and is charged, fined, or its legal representative or major person in charge gets involved in crime and is detained, arrested,
treated by impulsive measures, sued, sentenced or fined;


 


(11) Borrower fails
to fulfill any obligation hereto or of relevant certificates or violates Clause and promises hereto or of relevant certificates;


 


(12) The guarantee contract
becomes invalid or guarantor’s ability declines, or price decrease of commodities guaranteed affects the creditor’s
rights hereto;


 


(13) Guarantor violates
the regulations of the Guarantee Contract;


 


(14) Any matter other
than the matters mentioned above which may adversely affect the repayment obligation by Borrower under the Contract as judged by
the Lender. 


 


Lender shall be entitled
to judge whether above cases appeared independently.


 


2.4 During the process
of repayment, Lender shall be entitled to judge Borrower has one or more cases mentioned below by independent judgment and take
measures as below: (1) To alter the payment of loan fund from self-payment into entrusted payment (including partially entrusted
payment); (2) To cease grant and pay the loan fund;(3) To negotiate with Borrower to add conditions on granting and payment.


(1) Borrower’s credit
declines;


(2) Borrower’s main
business is not profitable enough;


(3) Exceptions occurred
during Borrower utilizing loan;


(4) ______________________________________ 


 


2.5 In case that Borrower
fails to repay due debts (including advanced expiry) such as principal of loan, interest, compound interest and penalty interest,
Lender shall be entitled to deduct corresponding amount to repay the debts from any branch of Bank of Ningbo. In the even that
Lender deducts unexpired fixed deposit from Borrower’s account, interest shall be paid according to the interest rate of
current deposit published in bulletin at the paying date if it is necessary to be wholly withdrawn in advance; if it is necessary
to withdraw part of unexpired deposit, interest of part deposit withdrawn shall be paid according to the interest rate of current
deposit published in bulletin at the paying date and interest of the rest shall be paid according to the rate of fixed deposit
by period from the date of opening account to expiring day. The loss from deduction shall be undertaken by Borrower. Borrower hereby
irrevocably authorizes Lender to deduct the amount mentioned above at any time. 


 


2.6 In case that Borrower
defaults Clause hereto or evades Lender’s supervision, conceals essential fact involved with this contract or provides fake
materials and other violating behaviors, Lender shall be entitled to open violation information or provide information for reminding
repayment to News agent, Media and public announcement, or bulletin to department concerned and to prosecute responsibilities for
violation of Borrower according to laws, regulations and previsions hereto.


 






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2.7 Lender shall be entitled
to attend Borrower’s large amount financing, sale of property and its merge, separation, reform of shareholding and bankruptcy
liquidation activities.


 


2.8 Borrower and mortgagor
shall conduct legal formalities such as mortgage registration, property insurance according to Lender’s requirements. These
formalities shall be continuously valid and Lender shall be entitled to request to be the first holder to endow insurance fund
and get relevant duplicate copy of insurance contracts and certificates. Otherwise, Lender shall be entitled to reject to provide
loan hereto.


 


2.9 Lender shall be entitled
to request Borrower’s account reconciliation on time.


 


2.10 Under the prerequisite
that Borrower and guarantor hereto fulfill obligations herein and the obligations of the Guarantee Contract, Lender shall grant
the loan fund to Borrower according to this contract and provisions hereto.


 


2.11 Lender shall be
entitled to take measures in Article 2.3 hereto in case of any matter that poses a threat to normal operation of the guarantor
hereto or seriously and adversely affects the guarantor’s capacity hereto, including but not limited to production stop,
shutdown, cancellation or revoking of registration, bankruptcy, difficulties in operation, decline of financial operation, legal
representative or major person in charge getting involved in any illegal activity, proceeding, or major economic dispute, or the
property thereof being frozen, deducted or treated with other property protection measures, or the value decline of the collateral
used for guarantee under the Contract, or the same being frozen, deducted or treated with other property protection measures, and
that Borrower fails to provide guarantee according to Lender’s requirements.


 


Article Three Borrower’s Promises


 


3.1 To provide authentic,
complete and valid materials to Lender;


 


3.2 To cooperate with Lender
to conduct loan repayment, post-loan management and relevant check;


 


3.3 To avoid investing
loan into fixed assets, equity, the production or operation prohibited or restricted by competent authorities government, and not
to evade entrusted payments by Lender by breaking up the whole into parts;


 


3.4 Borrower promises to
completely fulfill all obligations hereto.


 


Article Four Borrower’s Rights and
Obligations 


 


4.1 Borrower shall be entitled
to get and utilize loan in accordance with this contract and provisions in relevant certificates.


 


4.2 Borrower shall pay
off principal of loan, interest, compound interest and penalty interest as well as legal fares, costs of preservation, execution
fees, lawyer’s fees, travel expenses according to the Contract and relevant loan certificates. Borrower hereby irrevocably
authorizes Lender to make deduction deduct according to Clause 2.5.


 


4.3 Borrower shall utilize
loan without occupation and appropriation according to provisions hereto.


 


4.4 Borrower shall provide
to Lender authentic, complete financial reports and other materials, information and actively cooperate with Lender for check of
operation, financial operation, and stock commodities according to provisions hereto.



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4.5 Borrower shall notice
Lender in writing 30 days in advance, identify the liability of repayment or make repayment in advance, and obtain a written consent
from Lender before conducting activities such as contracting, renting, reform of shareholding, joint operation, merging, separating,
joint venture, reducing capital, transferring assets, investing abroad, substantially increasing debt financing or applying to
cease business, dismissal, bankruptcy and other activities influential enough to alter debtor-creditor relationship or the realization
of Lender’s credit rights. Otherwise, Borrower shall not conduct activities above.


 


4.6 Borrower shall notice
Lender in writing within three days and provide repayment measures in case of any matter other than those mentioned above that
poses a threat to normal operation or seriously and adversely affects Borrower’s capacity to fulfill the repayment obligation
under the contract, including but not limited to all cases in Clause 2.3 hereto.


 


4.7 Before paying off the
debts under the Contract, Borrower shall notice Lender in writing and get Lender’s written consent before providing guarantee
for a third party’s debt or use its main property to set mortgage, pledge guarantee that may influence Borrower’s capacity
to repay debts hereto.


 


4.8 Borrower shall not
surreptitiously withdraw or transfer funds or sell properties at low price or as present or transfer shares without authorizations
to evade Lender’s debts or weaken its capacity to repay debts.


 


4.9 In case that Borrower
alters its name, legal representative, legal address, range of operation, contact way, contact number and so forth, Borrower shall
send a notice in written and documentary evidence concerning alteration authorized by competent authorities to Lender within 5
days after the alternation. Otherwise, all responsibilities and consequences thereof shall be undertaken by Borrower.


 


4.10 Borrower shall provide
other guaranteeing measures approved by Lender within ten days in case that production stop, shutdown, cancellation or revoking
of registration, bankruptcy, or loss in operation of the Guarantor under the contact causes loss of the guaranteeing capability
for the debt under the Contract in part or in full or the value of the collateral used for guarantee under the Contract declines
or is involved in a dispute of ownership.


 


4.11 Borrower is obliged
to cooperate with Lender to check account.


 


4.12 Borrower shall undertake
fares of lawyer service, insurance, transportation, assessment, registration, custody, verification, notarization, drawing, guarantee
according to this contract and provisions hereto.


 


4.13 Borrower shall immediately
sign for debt collection letter or documents of debt collection from Lender directly or by mail, and give the receipt to Lender
or resend the receipt to Lender within three days after sign-off.


 


Article Five Guarantee of Loan


 


The guarantee type for
the loan of this contract shall be Guarantee and Pledge, and guarantee contract shall be signed up separately. The contract
numbers are  0530213720148013, 0530213720148014, 053022720148002.


 



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Article Six Default Liability


 


6.1 After the Contract
cames into force, Parties hereto shall fulfill the obligations and promises in provisions hereto. Any party fails to fulfill the
obligations and promises in provisions hereto in part or in full shall undertake the default liability and compensate for the other
party.


 


6.2 Lender shall compensate
the damage caused by Lender’s default, to the extent of direct damage, excluding indirect damage and expected damage.


 


6.3 In case that loan
expires (including being declared to expire in advance) and Borrower fails to repay principal of loan in accordance with provisions
hereto, Lender shall add extra interest rate amounting to 50 % of the loan rate agreed in the Contract for penalty over
the actual days after the expiry date on the unpaid loan.


 


6.4 In case that Borrower
fails to utilize loan on intended purpose, Lender shall be entitled to add extra interest rate amounting to 80 % of the
loan rate agreed in the Contract for penalty over the actual days after the date that Borrower uses the loan in a way breaching
the Contract for the loan used therewith. 


 


6.5 In case that Borrower
fails to repay the due interest, Lender shall be entitled to add compound interest. In period of loan, compound interest shall
be added according to the rate and settlement under the Contract. In case that Borrower fails to repay the due interest after the
expiry date or to use the loan on intended purpose, the compound interest shall be calculated and added according to relevant rate
and settlement corresponding to interest rate for penalty.


 


6.6 In case that readjustment
of loan interest rate occurs, interest rate for penalty shall be readjusted on the basis of loan interest rate hereto according
to Article 6.3 and Article 6.4 and conform to the loan interest rate, calculated by stages.


 


6.7 In case that Borrower
intentionally conceals fake materials, information relevant to crucial fact for formulating contract, Lender shall be entitled
to collect default penalty, amounting to 10% of the loan being released according to provisions hereto.


 


6.8 Borrower shall undertake
fares including but not limited to legal fare, arbitration fees, costs of preservation, execution fees, lawyer’s fare, travel
expenses and other fares to realize creditor’s rights during the process of Lender realizing its creditor’s rights.


 


6.9 In case that Borrower
violates obligations hereto or the guarantor under the Contract violates the obligations thereof, Borrower shall undertake default
liability hereto, and the Lender shall be entitled to recognize advanced expiry of credits with Lender, including but not limited
to loan, discount, bank acceptance bill, international trade financing, bank guarantee letter and so forth. Lender shall also
be entitled to take all measures regulated in Article 2.3 hereto.


 



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Article Seven
Contract’s Coming into effect, Alteration, Assignment and rescission


 


7.1 The contract shall
go into effect after signed or sealed by responsible persons of Borrower and Lender. And it will be terminated on the day that
all debits under the Contract has been paid off.


 


7.2 With the permission
of Lender, Borrower can apply to repay in advance. At the same time, Lender shall be entitled to collect      /      
% of amount of money paid in advance as corresponding penalty.


 


7.3 In case that Borrower
request to renew loan time limit, Borrower shall send a written application and guarantee’s written consent for extended
guarantee to Lender seven days before the expiry date of the loan term. After Lender’s examination and singing a renewal
agreement, the loan under the Contract can be renewed.


 


7.4 After the Contract
comes into force, any party hereto shall not alter or cancel the Contract without authorization unless specified in the contract,
laws and regulations. In case that it is necessary to alter or cancel the contract, both Parties hereto shall negotiate and reach
an agreement in writing. Before the written agreement is reached, all terms herein are valid.


 


7.5 Lender may transfer
the right hereto to a third party without Borrower’s consent. The transferring notice thereof may be sent through a written
notice or published on open media as an announcement.


 


7.6 Borrower shall not
transfer any obligations under the Contract to a third party without Lender’s permission.


 


Article Eight Dispute
Settlement


 


8.1 Should any dispute happens in the process of performing the contract, all parties hereto shall resolve them
through consultations. If no settlement is reached, both parties hereto shall follow Measure (1) below:


(1) Both parties hereto
may file a lawsuit in the local People’s Court of the place where Lender is located.


(2) Both parties hereto
may file a lawsuit in the local People’s Court of the place the Contract is signed.


(3) Hand in to                       
Arbitration Commission for arbitration according to valid Arbitration regulations at that time.


8.2 During the consultation
or lawsuit, both Parties hereto shall continue to fulfill the obligations hereto not involved. Neither of party shall evade obligations
under the Contract by excuses of consultation and lawsuit.


 


Article Nine Other
Provisions


 


9.1 If part of terms under
provisions hereto becomes invalid or canceled, it shall not influence other term’s effect. Other terms are still valid.


 


9.2
Unless Borrower notices Lender in writing on alteration of address and contact way below, any notice sent by Lender shall be regarded
as being received after three days according to the address and contact way below. The notice sent on address and contact way
below shall be regarded as immediate arrival.


Borrower’s Tel. No.:
86232933  and Fax No.: 86232618 


Address:
Qingshi Industrial Zone of Ningbo Economic and Technological Development Zone


 



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9.3 Headings hereto are only for referring
conveniently, not a part of contract. Any terms hereto shall not be interpreted, comprehended or effected and limited by headings.


 


9.4
Unless agreed under the Contract or specified in relevant laws and regulations, or expressly represented by the observant party
in writing, no action, omission, delay in action or other measures by the observant party shall be deemed as waiving any right
under the Contract in case Default Party violates or default any provisions and obligations under the Contract at any time.


 


9.5 In case that any party hereto requests
a notarization, representatives of both parties hereto shall apply to notarization institution and make it clear that the Contract
is enforceable. Borrower shall undertake notarial fees and acknowledge that the Contract is enforceable after notarization. If
Borrower fails to fulfill obligations under the Contract, Lender shall be legally apply to People’s Court with jurisdiction
for enforcement.


 


9.6 Lender shall undertake no responsibilities
in case that the Contract cannot be fully performed on account of alteration of laws, regulations and emergency measure.


 


9.7 Matters have not settled in this contract
shall be conducted according to relevant provisions of laws, regulations, People’s Bank of China, China Banking Regulatory
Commission and Lender.


 


9.8 Supplementary terms:


 




 













 




 





Article Ten This contract shall be made
in duplicate, having the same legal effect.


 


Article Eleven This contract, supplemental
agreements, certificates, Borrower’s promises, entrusting letters of payment constitute the complete contract, of which parts
above may be formulated in paper, electronic manuscript and other ways authorized by Lender.


 


Article Twelve Presentments and Statements


 


Lender has required
Borrower to fully and completely understood the terms hereto, particularly the terms in bold and made explanation for corresponding
terms as required by Borrower. Parties signing contract have fully and completely understood the meanings and legal consequences
of terms hereto.


 


Borrower hereby declares
that the terms involving Borrower’s obligations and disadvantages have been noticed and accepted.


(The Remainder of this Page Intentionally
Left Blank)


 



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Page of Signatures and seals for Circulating
Fund Loan Contract:


 





	 	 



 


 











 


 


	
        Lender (common seal/special contract seal):

         
	
        Borrower (common seal):

        

	 	 
	Legal Representative (Person in Charge)	Legal Representative
	
        Authorized Agent:

         
	Authorized Agent:


 


 


 





 


 


Date of signing: August 28th, 2014



Place of signing: Bank of Ningbo