Document:

Exhibit 10.44

 

Working Capital Loan Contract

Reference No. : 2018nianzhenzhongyinbujiezi
No.0108

 

Party A: Icon Energy System (Shenzhen) Co.,
Ltd.

Business License: **

Legal Representative: Dangyu Pan

Address: 4/f, Building A East, Jinmeiwei Industrial
Park, High Technology Park, Shangkeng Community, Guanlan Street, Baoan District, Shenzhen

Postal code: 518000

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen, **

Telephone: 0755-89686236 ; Facsimile: 0755-89686298

 

Party B: Bank of China, Buji Sub-branch.

Legal Representative: ZHENG XIAOCHUAN

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen;

Postal code: 518000

Telephone: 0755-22337156 ; Facsimile: 0755-28772290

 

The borrower and lender conclude the contract
for the loan of party A to Party B through equal consultation.

This contract is the affiliated specific credit
contract under the “Comprehensive Credit Line Contract” (Reference No.: 2018zhenzhongyinebuxiezi No. 00030), which
is signed by Icon Energy System (Shenzhen) Co., Ltd. and Bank of China, Buji Sub-branch.

 

Clause 1 Amount

Party B agrees to provide the following loan:

Currency in: RMB

Amount: ten millions only

RMB 10,000,000.00

 

Clause 2 Period of the loan

The period of the loan is 12 months starting
from the first withdrawal date in part or in whole.

It is Party A’s obligation to withdraw
funds on the date as agreed. Any late withdrawal will not result in delay/extension of repayment.

 

Clause 3 Use of loan

Purpose of loan: Purchase of raw materials

Party A is prohibited from changing the use
of loan without Party B’s written approval. The restrictions include but are not limited to changing the use of loan to fixed
assets or equity investments, as well as production activities prohibited by the central governments.

 

     

     

    

 

Clause 4 lending rate and interest calculations

1. Lending rate is floating rate, which is
reset every 6 months starting from the first withdrawal date. The rate resetting date is the first day of each floating period.

For each withdrawal in installments:

 

■ RMB floating rate

A. First withdrawal (during the first floating
period) interest rate is the six-month benchmark lending interest rate, set by Interbank rates, plus 221.5;

B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by Interbank rates, plus 221.5 on all outstanding loan amounts.

2. Interest calculation

Interest is calculated starting from the actual
withdrawal date on the actual amount of money withdrawn and the number of days outstanding.

Interest calculation formula: Interest = Principal
× actual number of days × daily rate.

Daily rate calculation is: daily rate = APR
/ 360.

3. The method of interest settlement

Interest settlement takes place on the 20th
of each month, the 21st is the interest payment date.

If the final loan principal payment date is
different from the interest payment date, the borrower should pay off all interest on the principal payment date.

4. Penalty interest

(1) For the loan overdue or violated use the
loan purpose, penalty interest rate will apply to the loan amount that is overdue or misappropriated from the date of overdue or
misappropriation until the principal and interest are paid off.

On both overdue and misappropriation of loans,
a higher penalty interest rate shall be charged.

(2) If the borrower does not pay interest
and/or penalty interest by the interest payment date, the interest is calculated based on Clause 3 and 4.

(3) Penalty rate

■ The penalty interest rate on floating-rate
loans

According to the floating period and the method
of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus 50%, and
the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 50%;

 

Clause 5 Withdrawal Conditions

Withdrawal must meet the following conditions:

1. This contract and its attachments have
become effective.

2. Party A has provided guarantees requested
by Party B, and the guarantee contract has become effective and has accomplished legal procedures of approval and registration.

3. Party A has provided Party B with loan
documents, seals, personnel list, specimen signature, and complete the relevant evidence.

4. Party A has opened the account for fulfilling
this contract requested by Party B.

5. Party A should submit written withdrawal
application, documentary proof for using of loans and complete the relevant formalities for withdrawal before 5 banking days.

6. Party A has submitted resolution books
and power of attorney signed by the board or other authorities to Party B.

 

     

     

    

 

Withdrawal can be refused by Party B if Party
A has not met the above conditions, but agreed by Party B.

 

Clause 6 Date and method of withdrawal

1. All loans should be withdrawn in 30 days
from 10th Oct 2018.

2. Party B has the right to refuse the withdrawal
application of unused loan which is over the date of withdrawal.

 

Clause 7 Payment of the loan

1. The account

The loan should be granted and paid through
the account opened by Party A:

Account Name: Icon Energy System (Shenzhen)
Co., Ltd.

Account number: **

2. The way of payment

(1) The way of payment should be in accordance
with laws and regulations, regulatory requirements and the contract. The way of single payment of the Loan should be approved in
written withdrawal application. Party B has the right to change the way of payment or stop providing the loan if the way of payment
in the application doesn’t meet the requirement.

(3) Borrower makes the payment on its own.

(4) The change of payment. The way of payment
should be changed when the payment, credit rating or other conditions of Party A has changed after submitting withdrawal application.
Party A should provide the written change application, should resubmit the withdrawal application and documentary proof for using
of loans if the sum, payment object or the use of loans has changed.

3. The specific requirements of entrusted
payment

(1) Entrusted payment. Party B pay to the
specified account directly which is written in this contract, including the name of account, account number and the sum of payment.

(2) To provide the transaction information.
Party A should provide the account of loans, the account information of counterparty and relevant documents when entrusted payment.
All document provided to Party B should be true, integral and effective, or Party B does not assume any responsibility for failed
transaction, and occurred repayment obligations do not be affected.

(3) Party B’s obligations under the
entrusted payment

A. Party B pay to the specified account after
examination and approval of Party A’s commission books and other related transaction information when entrusted payment.

B. If Party B found that the proof materials
and other related trading purposes material provided by Party A does not comply with this contract or the presence of other defects,
Party B has the right to require Party A to supplement, replace, description or re-submit the relevant materials. Before these
materials are submitted, Party B has the right to refuse the issuance and payment of the relevant amounts.

C. Party B will assume no responsibility and
the generated obligations of Party A will be not affected if Party B cannot pay the loan to the counterparty in time in accordance
with payment order of Party A because of the refund by opening bank of the counterparty. Party A hereby authorizes Party B to freeze
the fund returned by opening bank of the counterparty. In this case, Party A shall resubmit the payment order and use proven materials
and other related transaction materials.

(4) Party A shall not piecemeal way to circumvent
the trustee to pay Party B.

 

     

     

    

 

5. Party B has right to redefine the terms
of payment and loan disbursement or stop the loan if the following situations occurred:

(1) Party A violates the contract to circumvent
entrusted payment of Party B by piecemeal way.

(2) Party A's credit status drops or main
business profitability is not good.

(3) The use of loan is abnormal.

(4) Party A fails to provide the records and
information of the loan requested by Party B timely.

(5) Party A contravenes this section to use
the loan.

 

Clause 8 Repayment

1. Party A shall specify the following account
as capital recovery account and provide the information of this account. Party B has the right to ask Party A to explain inflows
and outflows of large-sum and abnormal capital, as well as monitor capital recovery account.

Account Name: Icon Energy System (Shenzhen)
Co., Ltd.

Account number: **

2. Except otherwise agreed, on the expiry
date, Party A must repay all the loans under this contract.

If Party A wants to change the plan of repayment,
a written application confirmed in writing by both parties jointly should be submitted in 10 banking days before the loans maturity.

3. Unless otherwise agreed, Party A has the
right to decide repayment order of the principal or interest. If there are several expiring loans or overdue loans which are repaid
in installment way under this contract, Party B has the right to decide the liquidation sequence of a repayment. Party B has the
right to decide the priority of the repayment order if multiple contracts expire at the same time.

4. Unless otherwise agreed, Party A can repay
in advance, but Party A should notice Party B in written 15 banking days advance. The amount of the first advance payment used
to repay the final maturity of the loan, in reverse order to repay the loans.

5. Party A must deposit funds in the following
account three banking days advance of every expiring principle with interest. Party B has the right to take the funds from the
account on the expiry date.

Account Name: Icon Energy System (Shenzhen)
Co., Ltd.

Account number: **

 

Clause 9 Guarantee

1.       To
ensure that borrowing under this agreement is repaid, the guarantees shall be adopted by guarantees and Party B.

2.       Under
certain circumstance, Party B believes that will affect the capacity for fulfilling the contract of Party A or Guarantor, or Guarantee
Contracts are invalid, revoked or dissolved, or the financial position of Party A/Guarantor deteriorate or Party A/Guarantor involved
in litigation issues, or other factors which might affect its repayment ability, or guarantors were found default in other contracts
with Party B, or devaluation, dismiss or damage of collaterals which might cause the value of the collaterals slaked or losses,
Party B reserves the right to request Party A and Party A has the obligation to add or replace the guarantor.

 

Clause 10 Statement and Commitment

1.       Party
A’s statement:

1)       Party
A is legally register and exist with full capacity for civil rights and civil conduct;

 

     

     

    

 

2)       Signing
and performing the contract is the true will of Party A, Party A has been granted all legal and valid authorizations before signing
the contract. The contract does not form a default for other contracts signed and performed by Party A and other legal documents.
It is Party A’s responsibility to complete all required approvals, registrations, permits and filings.

3)       All
document and information, financial statement, certificates and other materials provided by Party A to Party B are true, complete,
accurate and effective.

4)       All
the transactions mentioned by Party A for apply specific credit line should be real and not for illegal purposes such as: money
laundry.

5)       No
hidden events regarding Party A and guarantor’s financial and repayment abilities.

6)       Party
A and the loan project reach the national environmental standards, not in the list of the enterprises which have problems of energy
consumption and pollution, don’t have the risk of energy consumption and pollution.

2.       Party
A’s commitment:

1)       Party
A shall submit the financial statements and other relevant information regularly, including but not limited to annual, quarterly
and monthly financial reports.

2)       Any
counter-guarantee agreement between the guarantors and Party A will not affect the Party B’s underlying rights under this
contract.

3)       Cooperated
in Party B’s exam and inspection on the utilization of the loan as well as Party A’s financials and operations.

4)       Under
circumstances Party A or Guarantor’s capability of performing the contract might be affected, Party A should notify Party
B in written in time. Those circumstances included but not limited to merger, division, decrease of capital, equity transfer, investment,
a substantial increase of debt financing, a major asset and credit assignment.

Party A should notify Party B in time, when
the following things occurred:

A. changes of articles of association, the
scope of business, registered capital and legal representative of Party A or Guarantor.

B. Any form of management mode change, including
joint operation, invest and cooperate with foreigners, contract management, reorganization, restructuring, listing plan.

C. Party A is involved in major litigation
or arbitration, or property or collateral is seized, detained or regulated, or set new guarantee in collateral.

D. Out of business, dissolution, liquidation,
suspend business for rectification, cancellation, revocation of the business license or (be) filed for bankruptcy.

E. Shareholders, directors and senior management
personnel suspected of serious cases or economic disputes.

F. Default events in other contracts.

G. Operating difficulties and financial situation
has deteriorated.

(5) The repayment to Party B prior to shareholders,
and is comparable to other creditors of the same kind debts.

Party A is prohibited to repay the loan to
shareholders before paying off the principal and interests under the contract.

(6) If Party A fails to pay principal, interests
and fees on time in the fiscal year, any form of dividends is forbidden.

(7) Party A cannot dispose of assets to reduce
its debt paying ability and promises the total amount of external guarantee is not 1 time higher than its net assets, and the total
amount of external guarantee and the amount of single guarantee shall not exceed the limitation set by the articles of association.

 

     

     

    

 

(8) Except the use agreed in this contract
or agreed by Party B, Party A is prohibited to transfer the loans to other accounts or related accounts.

Party A should provide documentary proof when
the loan is transferred to other accounts or related accounts.

(9) Party B has the right to call the loan
advanced according to the situation of capital return of Party A.

 

Clause 11 disclosure of the affiliated transaction
inside Party A 's group

Party A is a Group customer confirmed by Party
B according to the "Commercial Bank Group guidelines for customer credit risk management business"(hereinafter referred
to as “guideline”). During the credit period, Party A shall promptly report to Party B about more than 10% of net assets
associated with the transaction, including but not limited to: the parties to the transaction of the association; trading program
and nature of the transaction; the amount of the transaction or the corresponding ratio; pricing policies (including no amount
or only nominal amounts of transactions).

 

Under any of the following circumstances,
Party B shall have the right to unilaterally decide to suspend the unused loan and recover part or all of the principal and interest
of the loan in advance: use the false contracts which are signed with affiliated parties to discount or pledge at bank and to obtain
bank funds or credit with notes receivable and accounts receivable without actual trade background; the occurrence of major mergers,
acquisitions and reorganization which are considered by Party B may affect the loan safety; evasion or discarding of bank debts
on purpose through affiliated transactions; other circumstances stipulated in article eighteenth of "guidelines".

 

Clause 12 Breach of Covenants

Each of the following events and issues constitute
Party A in the event of default under the contract:

1.       Party
A did not perform the repayment obligation under this contract;

2.       Party
A has not used the credit funds according to agreed purposes, or has not paid the loan by agreed way in this contract;

3.       Party
A’s statements in this contract are untrue or in violation with commitments made by Party A in this contract.

4.       Under
the circumstance defined in 2.(4) of Clause 10, Party A refused to provide additional guarantee or replacement of a new guarantor.

5.       Deterioration
of credit, or profitability, debt paying ability, operating ability, cash flow and other financial indicators of Party A deteriorate,
breaking the contract index constraint agreed or other financial covenants.

6.       Party
A breaches other contracts signed with Party B or other affiliated institutions of Bank of China.

7.       Guarantors
breach contracts, or have default events with Party B or other affiliated institutions of Bank of China.

8.       The
termination of business or dissolution, revocation or bankruptcy of Party A.

9.       Party
A is or may be involved in major economic disputes, litigation, arbitration, or its assets were seized, detained or enforced, or
investigated or punished by the judicial organ or taxation, industry and commerce administrative organs in accordance with the
law, has been or may affect its ability to fulfill the obligations under this contract.

 

     

     

    

 

10.     Abnormal
change, missing, legal restriction of personal liberty and investigation by judicial authorities of Party A’s major individual
investors, key management personnel, which have been or may affect Party A to fulfill the obligations under this contract.

11.     Party
B finds the problems which may affect the borrower or guarantor's financial situation and performance capabilities when reviewing
Party A’s financial condition and performance capabilities every year (every year from the effective date of the contract);

12.     Party
A cannot provide materials to Party B to explain large and abnormal capital inflow and outflow in the account.

13.     Party
A is in violation with other rights and obligations agreed in this contract.

 

When any of the above situations occurred,
Party B will perform the following in separate or all at the same time according to the specific situation:

1)       Require
Party A or Guarantor to rectify defaults within a definite time.

2)       Reduce
completely or partly, pause or terminate Party A’s Credit limit.

3)       Pause
or terminate completely or partly Party A’s business applications in this contract or in other contracts between Party A
and Party B specific credit line under this contract. Pause or terminate completely or partly, or cancel or stop offering, paying
and settling the unissued loans and unsettled trade financing.

4)       Announce
the immediate expiration on all or part of the outstanding loans, principle and interest of trade financing and other accounts
payable under this contract or other contracts between Party A and Party B.

5)       Terminate
or release this contract, terminate or release contracts between Party A and Party B completely or partly.

6)       Require
compensation from Party A on the losses caused by Party A to Party B.

7)       Deduct
the fund from Party A’s deposit accounts to pay off the debts to Party B under this contract. All the undue funds in the
accounts were considered as acceleration of maturity. If the currency in deposit account is different from the currency of Party
B’s loans, the exchange rate on the date of the hold in custody will be applied.

8)       Real
rights of pledge will be executed.

9)       Require
Guarantors assume liability of guaranty.

10)     Other
necessary or probable procedures on Party B’s concern.

 

Clause 13 Rights reserved

One party does not perform part or all of
the rights under this contract, nor does not require the other party to perform, undertake part or all of the obligations and responsibilities,
which does not mean the abdication of the right or exemption of the obligation and responsibility.

 

Any tolerance, extension or delay from one
party to another party for exercising of rights under this contract does not affect the rights one party enjoys according to this
contract and laws and regulations, and does not mean the abdication of the right.

 

Clause 14 Changes, Modification, Termination

Upon negotiation and agreed by both parties,
this contract can be changed and modified by written. Any of the changes and modifications should form the inseparable part of
this contract.

 

     

     

    

 

Unless otherwise provided for in any law or
regulation or stipulated between the parties, this contract would not be terminated prior to all the rights and obligations are
fulfilled.

Unless otherwise provided for in any law or
regulation or stipulated between the parties, the invalidation of single terms under this contract should not affect the validation
of other terms under this contract.

 

Clause 15 Applicable Law and Resolution for
Dispute

1. This contract is applicable to the laws
of People’s Republic of China.

During the performance of this contract or
in connection with all disputes relating to this contract, the two parties settled through friendly consultations. If negotiation
cannot reach agreement, both parties can apply to the People's Court of Shenzhen.

 

Clause 16 Attachments

The Appendix hereof and the other appendix
confirmed by both parties shall form an integral part of this contract, and shall be of legally equal effect with this contract.

1.       Withdrawal
application;

 

Clause 17 Other terms and conditions

1.       Without
Party B’s written approval, Party A is not allowed to transfer the rights and obligations under this contract to the 3rd
Parties.

2.       Party
A should give the consent that Party B might somehow authorize other affiliated institution of Bank of China to perform the obligation.
The performing party entitles all the rights and obligations under this contract, the performing party reserves the rights to appeal
a resolution of dispute if necessary.

3.       The
contract has equivalent restrictions to the successors or inherits of both parties.

4.       Unless
otherwise agreed, the domicile addresses stated in this contract are for corresponding use; both parties should notify each other
in writing about any changes of its domicile addresses.

5.       The
transactions under the contract based on independent interests. According to relevant laws, regulations and regulatory requirements,
other parties of the transaction constitutes a connected party or associated persons, any party shall not seek to use this relationship
to affect the fair of transaction.

6.       The
title and name of business in this contract is only for business purposes, will not be used for interpretation of the contract
terms, the rights and obligations.

7.       In
accordance with the provisions of the relevant laws and regulations, supervision, Party B has the right to provide the information
of this contract and other relevant information to the credit system of the people's Bank of China and other legally established
credit information database, for organizations or individuals who have the appropriate qualifications to query and use.

8.       If
the drawdown date or the repayment date is in legal holidays, then it is delayed to the first working day after the holidays.

9.       If
required by the governing institutions, Party B might not be able to perform the obligations agreed in this contract, Party B has
the right to stop or change the contract or its clauses, and Party B is exempted from punishment under this circumstance.

 

     

     

    

 

Clause 18 Effective of the contract

This contract enters into force upon the date
when it is signed or sealed and affixed with official seals by the legal representatives or entrusted agents of Party A and Party
B.

This contract is signed in quadruplicate,
each party holds two copies, which have the equal legal effect.

 

	/s/ [Stamp of Party A]	 
	Signature	 
	 	 
	/s/ [Stamp of Party B]	 
	SignatureExhibit 10.45

 

Collateral Contract

Reference No. : 2018zhenzhongyinbudiezi
No.00028

 

Pledgor: Shenzhen Highpower Technology Co.,
Ltd

Business License: **

Legal Representative: Dangyu Pan

Address: Building 1, NO 68, Xinxia Road, Pinghu
Stereet, Longgang, Shenzhen

Postal code: 518000

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen, **

Telephone: 89686136 ; Facsimile:89686298

 

Pledgee: Bank of China, Buji Sub-branch.

Legal Representative: ZHENG XIAOCHUAN

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen;

Postal code: 518000

Telephone: 22337156 ; Facsimile: 28772290

 

To guarantee the performing of the principle
contract stated in Clause 1, both party agrees the following:

Clause 1 Principle Contract

1. The principle contract is “Comprehensive
credit contract (2018zhenzhongyinbuexiezi No 00028)” and its supplements signed between Creditor and Debtor, Shenzhen Highpower
Technology Co., Ltd

 

Clause 2 Principle Creditor’s rights
and the period

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitute
the principle creditor’s rights of this contract.

1.       The
creditor’s right occurred under comprehensive contract starting from the date of effectiveness, and end upon the expiration
of all the specific creditor’s rights.

 

Clause 3 The maximum amount guaranteed

1.       The
maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital letter): one hundred nineteen
million and nine hundred fifty three thousand and four hundred seventy nine only.

Amount (in numbers): 119,953,479.00

2.       The
principle creditor’s rights under the principle contract constitute the principle creditor’s rights under this contract,
which includes: loan principle, interest, compound interest, punitive interest, liquidated damage, the cost for realization of
the creditor’s right (includes but not limited to the announcement fee, delivery fees, appraisal fees, legal fees, travel
expenses, assessment fees, auction fees, the property preservation fee, compulsory execution fee and etc), as well as the Pledgee’s
loss due to the breach of covenants.

The sum of the above terms constitutes the
maximum amount of guaranteed for this contract.

 

     

     

    

 

Clause 4 The Collateral

For details of the collateral please refer
to the appendix” Details of the underlying assets”.

During the period of collateral, if the Collateral
is broken or damaged, Pledgee is entitled to the primary rights for compensation from insurance, compensation or subsidy, Pledgee
can withdraw the compensation amount even though the collateral period is undue

If the Collateral is buildings, Pledgor should
notify the Pledgee immediately after the Pledgor acknowledged the removal of the building. If the compensation of the removal is
through change of property, Pledgor should coordinate the paid off of the principle of creditor’s rights with debtor and
Pledgee per Pledgee’s request, or replace the Collateral with the new building or new collateral per Pledgee’s request.
After the original Collateral is lost and the new Collateral is not yet registered, Pledgor should provide additional guarantee
by qualified guarantor. For the compensation that is in the form of cash, Pledgee is entitled to the primary rights from compensation,
and entitled to the right to request the Pledgor to deposit the cash into the appointed custody accounts, and subsequent security
by deposit contract should be signed and effected.

 

Clause 5 The registration

With 15 days after the sign-off of this contract,
Pledgor and Pledgee should finish the registry in the authorities.

Pledgor and Pledgee should file a change in
registry with the authorities within 10 days after the change.

 

Clause 6 The possession and management of
the Collateral

The possession and management of the Collateral
will be on the Pledgor, however, the certifications of rights should be under the custody of the Pledgee. Pledgor should accept
the inspection and check from time to time.

Pledgor should properly maintain the Collateral
to ensure the safety and well-being of the Collaterals, Pledgor should take responsibility on daily maintenance and repairs.

Without the written consent of the Pledgee,
Pledgor is not allowed to transfer, lend, invest, or restructure the Collateral. With Pledgee’s written consent, the proceedings
of disposal should be deposited in the appointed accounts.

 

Clause 7 The circumstances that the value
of the Collaterals is diminished

Before the creditor’s rights has been
fully paid off, Pledgee is entitled to the right to stop Pledgor’s behavior, if such behavior is diminishing the value of
the underlying assets. Pledgee is entitled to the right to request Pledgor to recover the value of the asset or provide additional
guarantee to secure the proportion of lost.

If the Pledgor failed to recover the value
of the asset nor can it provide addition guarantee, Pledgee might request early pay-off of the creditor’s rights. Pledgee
might execute the rights to assume guarantee responsibility if the Pledgor refused the above.

If the diminished value is due to the irresistible
reason, Pledgor should take action to avoid further deteriorate and notify the Pledgee in writing immediately

 

Clause 8 Interest generated from the account
receivables

The interest generated from the pledged account
receivables should be assumed responsible to the creditor’s rights after the deduction of the cost of collecting those interests.

 

     

     

    

 

Clause 9 Insurance of the underlying assets
(Optional)

The mortgagor shall apply to insurance companies
and the mortgagee shall be negotiated and insurance time limit according to the both sides talks things over certain risks insured,
the insured amount shall not be less than the mortgaged property assessment value, the policy content shall comply with the requirements
of the mortgagee, shall not do harm to the mortgagee rights restrictive conditions. Before the principal claim this contract fully
pay off, the mortgagor shall not be any reason to interrupt, terminate, modify or change the policy, and shall take all reasonable
and necessary measures to ensure the insurance stipulated in this article remain valid. If the mortgagor is not insured, or in
violation of the agreement, the mortgagee has the right to determine insurance or continue to insure the mortgaged property, insurance
fee shall be borne by the mortgagor, and can and therefore may give the loss caused by the mortgagee shall be recorded in the balance
of creditor's rights. / days after signing this contract, the mortgagor shall be submitted to the mortgagee, the mortgaged property
insurance policy original will because of insurance events and enjoys insurance gold to request authority transferred to the mortgagee.
Pay off before the main creditor's rights in this contract. The insurance policy original by the mortgagee of the tube.

 

Clause 10 The guarantee responsibilities

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the pledge is
assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

 

Clause 11 The way and period of the pledgee’s
rights

Once guarantee responsibility established,
Pledgee is entitled to the right to request the execution of the assumption of the guarantee ‘s responsibility in accordance
to law and regulation.

Pledgee should execute the rights within the
duration of action.

 

Clause 12 The realization of the pledgee’s
rights

Once guarantee responsibility is assumed,
Pledgee is entitled to the right to request the execution immediately. The execution action includes but is not limited to compromise
for discount, sale the assets through auction, etc. Pledgor should cooperate on the above mentioned actions. The proceeds received
after the cost of execution, should be use to pay off the principle creditor’s rights under the principle contracts.

Under the circumstance that, the expiration
of account receivables is earlier than the expiration of the principle creditor’s rights, the amount collected from the pledged
account receivables by Pledgor should be deposited in the appointed account. And the deposit should still assume the guarantee
responsibility for the undue principle creditor’s rights.

Pledgor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Pledgor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 13 The relationship between this contract
and the principle contract

Upon the termination or early termination
of the principle contract, Pledgor assumed guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Pledgor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Pledgor remains to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Pledgor’s consent is required, Pledgor is entitled to the right to reject the assumption of the guarantee responsibility
on the incremental portion.

Under the circumstances that, Pledgee provide
the letter of credit, trade financing services to debtor under the principle contract, Pledgor won’t be notified but assumed
guarantee responsibility. It is the Pledgee’s responsibility to register for the incremental business contract.

 

     

     

    

 

Clause 14 Statements and Commitments

Pledgor’s statement:

1.       Pledgor
is legally registry and operating, and owning the full civil rights required by this contract.

2.       Pledgor
committed that no joint owner attached on the Collateral, or if any, written consents has been obtained. Pledgor agreed to hand
over the written consent to Pledgee for custody.

3.       Signing
and performing the contract is the true will of Pledgor, Pledgor has been granted all necessary authorizations in effect before
signing the contract. The contract does not form a default for other contracts signed and performed by Pledgor. It is Pledgor’s
responsibility to complete all required approvals, registrations, permits and filings.

4.       All
documents and information provided by Pledgor to Pledgee are true, complete, accurate and effective.

5.       Pledgor
did not conceal all the other creditor’s rights, factoring and financing attached to the underlying assets.

6.       Under
the circumstances that new creditor’s rights are attached on the underlying assets or significant argue and dispute on the
underlying contracts, Pledgor should notify Pledgee immediately.

7.       If
the Collateral is construction in process, Pledgor committed that no other creditor’s rights is attached, if any, a written
consent of abortion is obtained. Pledgor agreed to hand over the written consent to Pledgee for custody.

 

Clause 15 Default of the contract

Pledgor’s absent or delay in the registration
procedure will be considered the event of default. Pledgee’s loss from the default should be compensated by Pledgor.

 

Clause 16 Breach of covenants

Any of the following situations would be considered
as breach of contract covenant:

1.       Pledgor
is in violation with the previous terms of the contract, transferred or disposed all or part of the assets.

2.       Pledgor
impeded in any form Pledgee’s execution the rights.

3.       Under
the clause 7 of this contract that diminished of the value of the accounts receivables, and Pledgor cannot provide additional guarantee.

4.       The
statements of the Pledgor are untrue or in violation with its commitments

5.       Pledgor
is in violation with other rights and obligations agreed in this contract.

6.       Pledgor
is or will be under significant business changes such as termination of operation, dismissal or bankruptcy.

7.       Pledgor
breaches the covenants on other credit line contracts with Party B or other affiliated institutions of Bank of China.

When any of the above mentioned situations
noticed, Pledgee will perform the following in separate or all at the same time:

1)       Request
Pledgor to rectify within a definite time.

2)       Reduce,
temporarily pause or permanently terminate Pledgor’s Credit limit in part or in all

3)       Temporarily
pause or permanently terminate in part or in all of Pledgor’s application on specific credit line under this contract.

4)       Announce
the immediate expiration on all the credit lines granted under this contract and affiliated specific credit line contracts.

5)       Terminate
or release this contract, terminate or release in part or in all of the affiliated specific credit line contracts as well as the
other contracts signed between Pledgor and Pledgee

6)       Request
compensation from Pledgor on the losses thereafter caused.

7)       Assume
the guarantee responsibility on Guarantors.

8)       Other
necessary procedures on Party B’s concern

 

     

     

    

 

Clause 17 Rights reserved

Either party might reserve part of or all
of the rights under this contract and the affiliated specific credit line contracts, this does not imply the party has surrendered
or remitted the unperformed rights and obligations.

Either party might sometimes tolerate, extend
or delay the execution of certain rights, this does not deem as the party has surrendered or remitted the rights.

 

Clause 18 Change, Modification, Termination
and Partial invalid

Upon negotiation and agreed by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 19 Applicable Law and Resolution for
Dispute

1. This contract entered into according with
the People’s Republic of China, and applicable to the law of the People’s Republic of China.

2. The resolution of dispute should be appealed
in Party B or other Bank of China subsidiaries defined in this contract or other affiliated contracts

 

Clause 20 Attachments

Details of underlying assets.

 

Clause 21 Other terms and conditions

1. Without Pledgee’s prior written approval,
Pledgor is not allowed to transfer the rights and obligations under this contract to 3rd Parties.

2. Pledgor should give the consent that, Pledgee
might somehow authorize other affiliated institutions of Bank of China to perform the obligation. The performing party is entitled
to all the rights and obligations under this contract and the affiliated credit line contracts, the performing party reserves the
rights to appeal a resolution of dispute if necessary.

3. The contract has equivalent restrictions
to the successors or inherits of both parties.

4. Unless otherwise agreed, the domicile addresses
stated in this contract are for corresponding use; both parties should notify each other in writing about any changes of its domicile
addresses.

5. The title and name of business product
is for business purposes, will not used for interpretation of the contract terms and the rights and obligations.

6. Special agreements between Pledgor and
Pledgee, If the realization value of the underlying assets excesses the maximum amount of guarantee specified in Clause 3, Pledgor
agree that the primary compensation to Pledgee will not restricted to the amount defined in Clause 3 and Clause 10.Pledgee entitled
the compensation from the full proceeds from disposal.

 

     

     

    

 

Clause 22 Effectiveness of the contract

This contract is established and enters into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Pledgor and Pledgee or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
six copies, Pledgor and the debtor hold one copy each, Pledgee holds three copies, the registration authority holds one copy, each
copy has the same legal effect

 

Stamp of Pledgor

Signature of director or authorized representative

/s/ [COMPANY SEAL]

Stamp of Pledgee (if Pledgee is a corporation)

Signature of legal representative or authorized
representative

Attachment:

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