Document:

Exhibit 10.26

 

This is an English Translation

 

Guaranty Contract

 

 

(Executed by and Applicable to Guarantor as Entity)

 

Number: MSFL-2011-1287-S-HZ-BZ

 

 

Minsheng Financial Leasing Co., Ltd.

 

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Guarantor: Legend Holdings Limited

Domicile: 10th Floor, Block A, Rongkezixun Center, No. 2 Kexueyuan South Road, Haidiian District, Beijing

Legal Representative: Chuanzhi Liu

Post Code: 100190

Tel: 010-62509121

Fax: 010-62509165

 

Creditor: Minsheng Financial Leasing Co., Ltd.

Domicile Place: No. 3 Building, Financial Center, No. 158 Xisan Avenue, Port Free Trade Zone, Tianjin

Office: Jiabing Building, Beijing Friendship Hotel, No. 1 Zhongguancun South Street, Haidian District, Beijing

Legal Representative: Linshan Kong

Tel: 010-68940066

Fax: 010-68940066-9800

 

Whereas:

 

The Creditor, acting as the Lessor, has entered in to a “Financial Lease Contract” (Contract No.MSFL-2011-1287-S-HZ, hereafter referred to as the “Master Contract”) with the Lessee Beijing China Auto Rental Co., Ltd. In order to ensure the performance of the Master Contract, and upon the application of the Lessee, the Guarantor agrees to provide this Maximum Amount Guaranty in relation to the obligation to the Creditor assumed by the Lessee under the Master Contract (hereinafter referred to as the “Guaranty”).

 

In order to clarify the rights and obligations of the Guarantor and the Creditor, and in accordance with the relevant provisions of the “Security Law of the People’s Republic of China” and other laws and regulations, the Guarantor and the Creditor hereby enter into this Contract through equal consultation.

 

Definition

 

The Guaranty up to a Maximum Amount is referred to as an agreement of a guaranty provided by the Guaranty to the Creditor in respect of the entire obligation (including but not limited to the principal obligation as defined in Article 2) formed up to a

 

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maximum amount. Such maximum amount is determined by the Creditor and the Guarantor with respect to the debtor’s obligation.

 

Article 1 Representations and Warranties of Guarantor

 

1.1 The Guarantor is a PRC duly registered legal person with the qualification and capacity to provide this Guaranty.

 

1.2 The Guarantor’s provision of this guaranty is in compliance with the procedures provided in the Creditor’s article of association, and has arranged all requisite procedures.

 

1.3 The Guarantor undertakes that it shall provide all the certificate documents to the Creditor in relation to the execution and performance of this Contract, and shall be responsible for the authenticity, legality and integrity of such documents.

 

1.4 This Guaranty shall be in compliance with State laws, regulations and provisions of relevant departments.

 

1.5 In the event of any losses of the Creditor incurred from any flaws in respect of the Guarantor’s qualification and guaranty approval procedures, the Guarantor shall be liable for such losses.

 

Article 2 Principal Obligatory Right

 

2.1 The principal obligatory right secured by the guaranty under this Contract shall be the obligatory right enjoyed by the Creditor against the Lessee under the Master Contract. The maximum amount of principal of the said obligatory right is (Amount) RMB Two Hundred Million (¥200,000,000.00). The Guarantor agrees to provide joint and several liability security with respect to the obligations borne by the Lessee under the Master Contract. The Master Contract shall be an integral part of this Contract.

 

Article 3 Term of Lessee’s Performance of Obligation

 

3.1 The term of the Lessee’s performance of obligation shall be: two years after the complete performance of the Master Contract. If the Creditor claims the obligation due in advance, the date due in advance shall be the expiration date of performance of the obligation.

 

Article 4 Form of Guaranty

 

4.1 The Guarantor confirms that the Guaranty shall be an irrevocable joint and several liability guaranty, and the Guarantor shall bear joint and several guaranty liability for all the obligation of the Lessee under the Master Contract.

 

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4.2 Where the Lessee fails to timely perform or perform in full at the expiration of the term of performance of the obligation as provided in the Master Contract, the Creditor has the right to directly require the Guarantor to bear guaranty liability.

 

Article 5 Scope of Guaranty

 

5.1 The scope of the Guaranty shall cover all leasing fees, liquidated damages, and damages for losses, various expenses paid for the realization of obligatory right by the Creditor (including, without limitation, litigation fee, arbitration fee, attorney’s fee, traveling expense, and auction and evaluation fee when the leased properties under the Mater Contract is withdrawn) and any other amount payable. In the event of any change of the interest rate as agreed in the Master Contract, the correspondingly amount adjusted due to such change shall be included.

 

5.2 The Guarantor fully acknowledges the Master Contract and hereby undertakes it shall not make any objection thereto.

 

Article 6 Term of Guaranty

 

6.1 The term of Guaranty shall be two years from the effective date hereof until the second anniversary of the expiration date hereof.

 

Article 7 Assumption of Guaranty Liability

 

7.1 Upon the occurrence of one of the following events, the Creditor is entitled to directly require the Guarantor to pay the Creditor all amounts payable to the Creditor by the Lessee, without first recovering from the Lessee:

 

7.1.1 The Lessee fails to pay the leasing fee and other amount payable in accordance with the term, amount and currency as provided in the Master Contract.

 

7.1.2 The Creditor decides to terminate the Master Contract due to the Lessee’s breach of the Master Contract.

 

7.1.3 During the performance term of the Master Contract, bankruptcy, closedown, cessation of production, merger, transference of production, reorganization and other events occur to the Lessee, which affect its payment of the leasing fee and other amount payable.

 

7.2 Upon the occurrence of the above events, the Creditor is entitled to send a payment notice to the Guarantor.

 

7.3 Within 10 days upon the receipt of the payment notice sent by the Creditor requiring the Guarantor to bear guaranty liability, the Guarantor shall unconditionally bear all the guaranty liability to the Creditor within the scope of guaranty.

 

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7.4 If the Guarantor fails to perform the said guaranty liability in accordance with the term provided in the preceding paragraph, the Guarantor shall compensate the Creditor economic loss incurred therefrom.

 

7.5 The Guarantor shall bear the guaranty liability in accordance with the currency used to pay the leasing fee provided in the “Financial Lease Contract” by the Lessee.

 

7.6 If the Guarantor knows that the Creditor has in any way entered into other guaranty contracts with any other guarantor (if available) of the Master Contract, the Guarantor shall still voluntarily bear guaranty liability in accordance with this Contract, and the Guarantor undertakes that regardless of any events that may affect the Creditor’s preemption right, the Guaranty will not claim a discharge of guaranty liability within the scope of the Creditor’s preemption right eliminated.

 

Article 8 Amendment of Master Contract and Assignment of Obligatory Right

 

8.1 During the term of the Guaranty, in the event of any amendment of the Master Contract agreed by the parties thereof, which adds guaranty liability to the Guarantor, such amendment shall be subject to the Guarantor’s prior written consent; otherwise the Guarantor will not bear guaranty liability added.

 

8.2 In the event of any adjustment of the leasing fee under the provisions hereof due to adjustment of interest rate, the Guarantor hereby acknowledges that it shall still bear joint and several liability to the leasing fee adjusted, without issuing any written consent.

 

8.3 During the term of guaranty, if the Creditor assigns to a third party all or part of the right under the Master Contract, the Guarantor shall still bear joint and several liability to the assignee of the Creditor in accordance with the provisions hereof.

 

Article 9 Financial Supervision over the Guarantor

 

9.1 During the term of this Guaranty, the Creditor is entitled to exercise supervision over the Guarantor’s financial and assets position, and require the Guarantor to provide its financial statements (balance sheets, income statements, and cash flow statements, etc.) or other documentation. The Guarantor shall provide the foregoing in a timely manner.

 

9.2 During the term of this Guaranty, the Guarantor shall provide the Creditor with annual financial reports within 90 days after the end of each financial year.

 

9.3 During the term of this Guaranty, the Guarantor allows the Creditor to inspect the financial books and financial position in its company and affiliates or domiciles at any time, and fulfils necessary inspection requirements.

 

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Article 10 Effectiveness of Guaranty

 

10.1 This Guaranty is an irrevocable guaranty in favor of the Creditor and successors and assignees of the Creditor, or other successors and assignees of rights and obligations.

 

10.2 This Guaranty is unconditional and its validity is not affected by the following events or any other events that are not attributable to the Creditor:

 

10.2.1 changes of the Parties under this Guaranty including names, domiciles and articles of association, legal representatives, business scopes and corporate nature;

 

10.2.2 merger, division, closure, revocation, dissolution, bankruptcy etc., relating to the Lessee and Guarantor;

 

10.2.3 the Lessee or Guarantor implements any directives and regulations issued by the regulatory authorities in charge. The Lessee or Guarantor enters into any contracts, agreements and other documents with any other entities.

 

10.3 The Guarantor’s successors, receivers, assignees or other successors and assignees of rights and obligations are bound by this Contract and assume all liabilities of guaranty under this Contract. Except as otherwise permitted in writing by the Creditor, transfer of any obligations under this Contract by the Guarantor is invalid.

 

10.4 Any change, invalidity or rescission of the Master Contract does not affect the validity of guaranty under this Contract. The Guarantor shall continue to assume the liability of guaranty for the Creditor within the guaranty scope under this Contract.

 

Article 11 Liability for Breach of Contract

 

11.1 In the case that the Guarantor violates the agreements under this Contract, and fails to repay debts due by the scheduled time on behalf of the Debtor, it shall pay liquidated damages to the Creditor based on five per ten thousand of the outstanding debts per day.

 

Article 12 Governing Law and Dispute Resolution

 

12.1 This Contract and the rights and obligations of both Parties under this Contract are governed by applicable laws of the People’s Republic of China, and interpreted in accordance with the laws of the People’s Republic of China.

 

12.2 Any disputes relating to this Contract shall be resolved through friendly consultation by both Parties as agreed upon in this Contract. In case no settlement can be reached, clause (1) of the following ways shall be applied for resolution:

 

(1) Any Party may file a lawsuit to the People’s Court with jurisdiction in Tianjin;

 

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(2) Arbitrated by /

 

(3) Other: /

 

Article 13 Communication

 

13.1 Any notices, requests or other communication under this Agreement shall be made in writing and sent to the following addresses or telex or fax numbers of relevant Parties (or other addresses or telex or fax numbers notified by such recipients to the other Party 10 days in advance):

 

The Creditor: Minsheng Financial Leasing Co., Ltd.

Attention: Gaoqian Qu

Address: 3F, Jiabin Building, Beijing Friendship Hotel, No. 1, Zhongguancun South Street Haidian District, Beijing

Tel: 010-68940066 ext: 9932

Fax: 010-68486546

 

The Guarantor: Legend Holdings Limited

Attention: Zhenxing Shao

Address: 10F, Building A, Raycom InfoTech Park, No.2, Kexueyuan South Road, Haidian District, Beijing

Tel: 010-62509121

Fax: 010-62509165

 

13.2 Any notices, requests or other communication under this Agreement sent to the relevant Parties at the above addresses shall be deemed served:

 

(1) if delivered by letter, the actual arrival at the relevant addresses shall be deemed as being served;

 

(2) if sent by telex, the time of receipt of a confirmation receipt after sending shall be deemed as being served;

 

(3) if sent by fax, the time of sending shall be deemed as being served.

 

Article 14 Contract Execution Location

 

14.1 This Contract is signed in Haidian District, Beijing.

 

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Article 15 Miscellaneous

 

15.1 This Contract comes into effect as of the date signed by both Parties’ legal representatives or authorized representatives and affixed with official seals.

 

15.2 The original copy of this Contract shall be made in quadruplicate with the Guarantor holding two copies and the Creditor holding two copies. Each copy has the same legal effect.

 

Article 16 Other Agreements

 

The Lessee shall pay the leasing fee to the Creditor on the 15th day of each month as agreed upon in the abovementioned Financial Leasing Contract. In the case that the Lessee is unable to pay the full amount of leasing fee and other payments, the Guarantor shall unconditionally pay the overdue leasing fee on behalf of the Lessee. Once the overdue payment of the Lessee occurs, the Guarantor shall directly pay the outstanding overdue leasing fee that the Lessee fails to pay before the 16th day of the month. The Guarantor shall directly make the payment to the Creditor after receipt of notice from the Creditor. The Creditor’s account for receivables is as follows:

 

Bank: Tianjin Haihe Branch, China Minsheng Banking Corp. Ltd.

 

Account Name: Minsheng Financial Leasing Co., Ltd.

 

Account Number: 2106014040000068

 

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(This Page is for signature only, without context)

 

 

	
The Guarantor:   Legend Holdings Limited
    	
 
    	
(Seal)
    
	
 
    	
 
    	
 
    
	
[Company’s   seal affixed]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Legal   Representative (or Authorized Agent):
    	
 
    	
(Signature or   Seal)
    
	
 
    	
 
    	
 
    
	
/s/ Chuanzhi   Liu
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:   April 14, 2011
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
The Creditor:   Minsheng Financial Leasing Co., Ltd.
    	
 
    	
(Seal)
    
	
 
    	
 
    	
 
    
	
[Company’s   seal affixed]
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Legal   Representative (or Authorized Agent):
    	
 
    	
(Signature or   Seal)
    
	
 
    	
 
    	
 
    
	
/s/ Wei Zhou
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:   April 14, 2011
    	
 
    	
 
    

 

9Exhibit 10.27

 

This is an English Translation

 

Guarantee Contract

 

No.: 2011074RGB001

 

Guarantor: Legend Holdings Limited

Business License No.: 110000004205071

Legal Representative/Responsible Person: Chuanzhi Liu

Address: 10/F, Tower A, Raycom Info Tech Park, No.2 Ke Xue Yuan Nan Lu, Zhongguancun, 

Haidian District, Beijing

Deposit Financial Institution and Account Number: Operation Department of Beijing Haidian 

Branch of Bank of China Limited/0100434772

Telephone: 62509461 Fax: 62509165

 

Creditor: Bank of China Limited, Beijing Dongcheng Branch

Legal Representative/Responsible Person: Xuefei Yao

Address: No. 81, Dong Da Street, Jiao Dao Kou, Dong Cheng District, Beijing

Zip code: 100007

Telephone: 64068216 Fax: 64065584

 

In order to guarantee the performance of debt under the “Principal Contract” provided in Article 1 of this Contract, Guarantor agrees to provide guarantee to Creditor.  Bothe parties enter into this Contract through consultation.  Unless otherwise provided in this Contract, the interpretations of terms under this Contract shall be subject to interpretations of such terms determined in the Principal Contract.

 

Article 1 Principal Contract

 

The Principal Contract of this Contract is:

 

Fixed Assets Loan Contract (No. Q110 2011074RG001) and its amendments or supplements entered into by and between the Creditor and Beijing China Auto Rental Co., Ltd.

 

Article 2 Principal Creditor’s Right

 

The creditor’s right under the provisions of the Principal Contract shall be the principal creditor’s right of this Contract, including principal, interest (including statutory interest, contracted interest, compound interest and default interest), liquidated damages, compensation, expenses for realizing the creditor’s right (including but not limited to litigation fees, attorney fees, notary fees and enforcement fees), Creditor’s costs incurred by Debtor’s default and all other payable costs.

 

 

Article 3 Mode of Guarantee

 

The mode of guarantee under this Contract shall be item 1 set forth below:

 

1.             Guarantee of joint and several liability;

 

2.             General guarantee.

 

Article 4 Performance of Guarantee Liability

 

If Debtor fails to perform its obligation to pay the debts on any regular repayment day or advanced repayment day as agreed, Creditor has the right to demand the Guarantor to undertake its guarantee liability.

 

The aforementioned regular repayment day shall be the principal repayment day, interest payment day, or any other day on which Debtor shall pay any amount to Creditor as determined in the Principal Contract.  The aforementioned advanced repayment day shall be the advanced repayment day proposed by the Debtor and consented by the Creditor and the day that the Creditor demands the Debtor to repay principal and interest of the creditor’s right and/or any other amounts according to the provisions in the Principal Contract.

 

Other than this Contract, if the Principal creditor’s right is also guaranteed by other property or other security, it shall not affect any rights or exercise thereof under this Contract. The Creditor shall have its sole direction to determine the priority for respective security. The Guarantor shall undertake the guarantee liability as determined in this Contract and shall not take the existence of other security or the priority for exercise of guaranties as a defense.

 

Article 5 Term of Guarantee

 

The term of the guarantee shall be two years from the date of maturity of the principal creditor’s right for repayment.

 

In the event the principal creditor’s right shall be repaid in installments, the term of the guarantee shall commence from the effective date of this Contract until be two years from the date of maturity of the last installment of the creditor’s right.

 

Article 6 Limitation of Action of Debt Guaranteed

 

In the event of joint and several guarantee liability, if the principal creditor’s right has not been paid off and the Creditor demands the Debtor to undertake the guarantee liability prior to the expiration date of the term of the guarantee according to Article 5 of this Contract, limitation of action shall be calculated and applied to the guarantee liability from the date on which the Creditor demands the Debtor to undertake such guarantee liability.

 

In the event of general guarantee liability, if the Creditor has filed a suit or arbitration against the Debtor prior to the expiration date of the term of the guarantee according to Article 5 of this Contract, limitation of action shall be calculated and applied to the guarantee liability from the date on which the verdict of the suit or the award of the arbitration has become effective.

 

 

Article 7 Relationship between this Contract and Principal Contract

 

In the event that the parties of the Principal Contract terminate the Principal Contract or mature the Principal Contract in advance, the Guarantor shall undertake the guarantee liability on the creditor’s right that has already vested.

 

In the event that the parties of the Principal Contract modify the Principal Contract through consultation, such modification shall not be subject to the Guarantor’s consent unless it concerns currency, interest rate, amount, term, changes that results in additional amount of the principal creditor’s right or other situations that postpones the maturity date of the Principal Contract. The Guarantor shall undertake the guarantee liability under the modified Principal Contract.

 

In the event that a consent from the Guarantor is required, and the written consent from the Guarantor is not obtained or the Guarantor refuses to issue such consent where such consent is necessary, the Guarantor shall not take any guarantee liability on the additional amount of the principal creditor’s right, and the term of the guarantee shall be the original term, in the case of postponement of the maturity of the Principal Contract.

 

In the event that Creditor issues sight credit to Debtor and then both parties undertake import bill advance business, or issues usance credit and then both parties undertake import bill advance business providing that the term of the documentary bills is no later than that the valid term of the credit, no consent from the Guarantor is required. The Guarantor shall undertake joint and several guarantee liability on Debtor’s import bill advance finance or other forms of follow-up finance provided by the Creditor. The term of guarantee shall commence from the effective date of the import bill advance agreement until two years from the maturity date of the creditor’s right.

 

Article 8 Representations and Warranties

 

The Guarantor represents and warrants as follows:

 

1.             The Guarantor has been duly incorporated and is validly existing, and has full capacity for civil rights and capacity for civil conduct to execute and perform this Contract;

2.             The Guarantor is fully aware of the content of the Principal Contract, and the execution and performance of this Contract is based on its true intent indication, and it has obtained all legal and effective authorization as required by its articles of association and other internal constitutional documents.

 

In the event that the Guarantor is a corporation, such guarantee has been passed by the resolution of board of directors or shareholders meeting as required by its articles of association; in the event that its articles of association provides the amount limitations on the total amount of guarantee aggregately or amount per guarantee, the guarantee amount under this Contract has not exceeded such limitation.

 

The signature of the legal representative or authorized signatory representing the Guarantor signing this Contract has been duly and validly authorized; the execution and performance of this Contract shall not breach any contract, agreement or other instrument which is binding to the Guarantor;

 

 

3.             The documents and materials provided by the Guarantor to the Creditor is accurate, true, complete and valid;

4.             The Guarantor accepts Creditor’s supervision and examination on the Guarantor’s operation and financial conditions, and offers assistance and cooperation;

5.             The Guarantor does not conceal any material liabilities that have occurred prior to the execution date of this Contract;

6.             In the event that any situation that may affects Guarantor’s financial condition or performance capacity, including but not limited to any changes regarding the operation mode, such as split-up, merger, co-operation, equity/contractual joint venture with foreign investment, contracted management, restructure, transformation or initial public offering plan, decreasing registered capital, material assets or share transfer, undertaking material liability, winding up, liquidation or bankruptcy, or any material suit or arbitration, the Guarantor shall notify the Creditor promptly.

 

Article 9 Default and Resolution

 

The following events shall be deemed as default by the Guarantor under this Contract:

 

1.             the Guarantor fails to perform its guarantee liability according to the provisions of this Contract;

2.             the representation made by the Guarantor in this Contract is not true or the Guarantor breaches its undertakings under this Contract;

3.             the occurrence of events stated in Clause 6 Article 8 of this Contract, which adversely affects Guarantor’s financial condition and its performance capacity;

4.             the Guarantor terminates its operation or is wound up, liquidated, or bankrupt;

5.             the Guarantor breaches other provisions regarding rights and obligation under this Contract;

6.             the Guarantor defaults under other contracts entered into with the Creditor or other institutions of Bank of China Limited.

 

In the event of the aforementioned defaults, the Creditor shall have the right to adopt the following measures, case by case, respectively or aggregately:

 

1.             to demand Debtor to cure its default and perform its guarantee liability on a timely manner;

2.             to wholly or partly decrease, suspend or terminate Debtor’s credit quota;

3.             to wholly or partly suspend or terminate the process for Creditor’s business application under other contracts; as to the unissued loans or un-handled trade financing, to wholly or partly suspend the issuance or handling;

4.             to announce all or part of Guarantor’s unpaid loans/ trade financing principal and interest and other payable amounts under other provisions of contracts due;

5.             to terminate or discharge this Contract or all or part of other contracts between the Guarantor and the Creditor;

6.             to demand the Debtor to compensate the Creditor for any loss arising from the 

 

 

Debtor’s default;

7.             to deduct the balance in Guarantor’s account opened in the Creditor to discharge all or part of the Guarantor’s liability against the Creditor.  The undue amount in the account shall be deemed as due in advance.  In the event that the currency in the account is different from the currency used by the Creditor for business, the applicable exchange rate for settlement of exchange used by the Creditor at the time of settlement shall apply.

8.             other measures that are deemed as proper by the Creditor.

 

Article 10 Rights Reserved

 

In the event that one party does not exercise part or all of its rights under this contract, or demand the other party to perform, undertake part or all of its obligations or liabilities, it shall not be deemed as a waiver to such right or the performance of such obligation or liability.

 

Any excuse, extension or deferment of exercising rights under this Contract by one party, shall not affect any of its right according to this Contract, laws or regulations, nor shall it be deemed as a waiver to such right.

 

Article 11 Modification, Amendment and Termination

 

Upon mutual agreement by both parties, this Contract can be modified or amended in writing.  Any modification or amendment shall be deemed as an integral part of this Contract.

 

Unless otherwise provided by laws, regulations or as agreed by parties, this Contract shall not be deemed as being terminated until all rights and obligations hereunder have been performed.

 

Unless otherwise provided by laws, regulations or agreed by parties, any invalidity of any provision of this Contract shall not affect validity of other provisions hereof.

 

Article 12 Governing Law and Resolutions of Disputes

 

This Contract shall be governed by the Laws of the People’s Republic of China.

 

Any disputes with respect to the performance of this Contract shall be resolved through consultation.  In the event that such consultation fails, both parties agree that it shall be resolved by the same resolution of disputes as determined in the Principal Contract.

 

During the resolution of disputes, in the event that such disputes do not affect the performance of other provisions of this Contract, such provisions shall be performed as agreed.

 

Article 13 Attachments

 

The attachments determined by both parties shall form an integral part of this Contract and have the same legal validity as this Contract.

 

 

Article 14 Miscellaneous

 

1.             The Guarantor shall not assign any right or obligation under this Contract to a third party without Creditor’s prior consent.

2.             In the event that the Creditor assigns any right or obligation under this Contract to other institutions of Bank of China Limited for the purpose of business, the Guarantor shall consent to such assignment. Any institution of Bank of China Limited authorized by the Creditor shall have the right to exercise all rights under this Contract and to file any dispute in a court or arbitration institution with respect to any disputes under this Contract.

3.             Without prejudice to other provisions of this Contract, this Contract shall be legally binding to the legal successors or assignees of both parties.

4.             Unless otherwise provided, both parties confirms that the addresses set forth in this Contract shall be the addresses for the purpose of notices, and in the event that the address of any party for notices changes, such notification shall be given to the other party in writing promptly.

5.             The headlines and business terms under this Contract are for the purpose of reference only, and shall not be deemed as interpretations to the contents of provisions or rights and obligations of both parties.

 

Article 15 Effectiveness

 

This Guarantee Contract shall become effective upon the execution by legal representatives, responsible persons or authorized signatories of both parties with official seals.

 

This Contract shall have four copies, among which, the Borrower shall hold one copy and the Lender shall hold three. Each copy shall have the same legal effect.

 

 

(This is a signature page)

 

 

	
Guarantor: Legend Holdings Limited
    	
Creditor: Beijing Dongcheng Branch of Bank of China   Limited
    
	
 
    	
 
    
	
[Company’s seal affixed]
    	
[Company’s seal affixed]
    
	
 
    	
 
    
	
 
    	
 
    
	
Authorized Signatory
    	
Authorized Signatory
    
	
 
    	
 
    
	
/s/ Chuanzhi Liu
    	
 
    	
/s/ Xuefei Yao
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signing Date: April 22, 2011
    	
 
    	
Signing Date: April 22, 2011

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