Document:

EXHIBIT 10.3

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

	Executive Name:  	Douglas R. Johnson
	Title(s):  	 Chief Operating Officer 
	Effective Date:  	April 1, 2012

 

 

For good consideration, the Company employs Douglas R. Johnson on the following terms
and conditions (the “Agreement”) as of the above date between TransGlobal Assets, Inc., a Nevada corporation (the “Company”),
and the above named executive (“Executive”).

 

	 	1. EMPLOYMENT AGREEMENT

 

1.1. Employment, Duties, and Responsibilities. The Company hereby employs Executive as
its Chief Operating Officer and Executive accepts such employment on the terms contained in this Agreement. Within limitations
established by the Bylaws of the Company, Executive shall have each and all of the duties, responsibilities and authorities that
are consistent with his title. The Board of Directors shall retain full direction and control of the manner, means and methods
by which Executive performs the services for which he is employed hereunder and of the place or places at which such services shall
be rendered. Executive shall report to the President and Chief Executive Officer of the Company.

 

1.2. Term. This Agreement shall commence as of the date hereof and shall continue hereafter,
unless terminated pursuant to Section 3, until March 31, 2015.

1.3. Time and Effort. Executive shall use his best efforts to carry out the duties and
responsibilities that are consistent with his title and devote the substantial portion of his entire business time, attention,
and energy exclusively to the business and affairs of the Company. During Executive’s employment, Executive shall not engage
in any business activities outside those of the Company to the extent that such activities would interfere with or prejudice Executive’s
obligations to the Company. Executive may serve as a member of the Board of Directors of other organizations that do not compete
with the Company, and may participate in other professional, civic, governmental organizations and activities that do not materially
affect his ability to carry out his duties.

 

1.4. Service to the Board of Directors. The executive will provide information and services
to the Board of Directors and its Committees as needed to support the Company’s business.  During
the Term of employment, the Company shall use its reasonable, good faith efforts to cause Executive to be re-elected as a member
of the Board of Directors. The termination of Executive’s employment with the Company for any reason, and regardless of whether
such termination is initiated by Executive or by Company, shall be considered a contemporaneous resignation by the Executive from
all positions at the Company held by the Executive, including but not limited to the positions of President, Chief Executive Officer
and member of the Board of Directors and any positions held by the Executive at the any of subsidiary of the Company and shall
be deemed a termination from employment with all such affiliated entities.

 

	 	2. COMPENSATION

 

2.1. Base Salary. As compensation for performing services for the Company, Executive
shall be entitled to an annual salary of $ 180,000.00, payable in bi-weekly installments consistent with the Company’s payroll
practices. The annual base salary will be reviewed annually by the Compensation Committee.

 

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2.2. Bonus.

 

		(a)	The
                                                                Board of Directors or Compensation Committee of the Board of Directors
                                                                may provide Executive with a bonus from time to time at their
                                                                discretion.

		(b)	Commitment
                                                                Bonus. To induce a commitment of the next 12 months, Executive
                                                                shall by approved by the Board of Directors issued a Commitment
                                                                Bonus of 10,000,000 shares of the Company’s Common Stock
                                                                immediately.

 

2.3. Time Off. Executive shall accrue personal time off for sick leave, personal reasons,
and holidays according to applicable company policy, except that Executive shall accrue personal time off for vacation in accordance
with the Executive’s accrual rate of 30 days per each calendar year, with a maximum of 45 days of unused vacation rolled
over to the subsequent year in addition to each calendar’s year accrual. The limits for accrual and rollover of personal
time, other than vacation policy specified herein, shall be pursuant to Company policy, as may be modified company-wide from time
to time.  

 

2.4. Benefit Plans. During Executive’s employment, Executive shall be entitled
to participate, to the extent of Executive’s eligibility, in employee fringe benefits made available by the Company to its
employees. Nothing in this Agreement shall preclude the Company from terminating or amending any employee benefit plan or program
as a whole from time to time. 

 

2.5. Business Expenses. Upon submission of itemized expense statements in the manner
specified by the Company’s Travel and Expense Policy, Executive shall be entitled to reimbursement for reasonable travel,
relocation, and other reasonable business expenses incurred by the Executive in the performance of his duties under this Agreement,
or as agreed to by the Board of Directors.

 

2.6. Stock Options and Grants. The Board may at its discretion approve Stock Options
and Grants.

 

 

	 	3. TERMINATION OF EMPLOYMENT

 

3.1. Voluntary. If Executive voluntarily terminates Executive’s employment with
the Company, other than for Good Reason as defined in Section 3.5 herein, Executive shall cease to accrue salary, personal time
off, benefits and other compensation on the date of such voluntary termination. Accrued benefits, if any, will be payable in accordance
with applicable benefit plan provisions.

 

3.2. With Cause. Notwithstanding anything herein to the contrary, the Company may terminate
Executive’s employment hereunder for Cause for any one of the following reasons: (a) failure to devote substantially all
of Executive’s full professional time, attention, energies, and abilities to Executive’s employment duties for the
Company, which failure is not cured within two weeks after the Company gives Executive written notice of the failure; (b) inducement
of any customer, consultant, employee, or supplier of the Company to unreasonably breach any contract with the Company or cease
its business relationship with the Company; (c) willful, deliberate, and persistent failure by Executive to reasonably perform
the duties and obligations of Executive’s employment which are not remedied in a 90 day period of time after receipt of written
notice from the Company; (d) an act or acts of dishonesty undertaken by Executive resulting in substantial personal gain by the
Executive at the expense of the Company; (e) Executive’s material breach of a fiduciary or contractual duty to the Company;
(f) conviction of a felony, or (g) commission of an act that results in material long term harm to the goodwill or reputation of
the Company. To be deemed terminated for Cause, the Company shall have given Executive written notice stating the alleged Cause
and shall have provided Executive an opportunity to present evidence to the Board of Directors, at the Company’s offices
on a date and time mutually convenient to the Board of Directors, no sooner than one and not later than two weeks after the foregoing
notice, to refute the claim of Cause. Executive shall cease to accrue salary, personal time off, benefits and other compensation
on the date of “with cause” termination by the Company. Accrued benefits, if any, will be payable in accordance with
applicable benefit plan provisions of the Company.

 

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3.3. Without Cause. The Company may terminate the employment of Executive at any time
without notice and without cause (as defined in Section 3.2) In such event, Executive shall, at the Company’s sole discretion,
be entitled to the lesser of (i) the total amount of the Executive’s base salary that remains unpaid under this Agreement,
which shall be paid monthly or (ii) monthly salary payments for twelve (12) months, based on Executive’s monthly rate of
base salary at the date of such termination, provided, however in lieu of the aforementioned monthly payments, the Company may
in its sole discretion pay such payments in a lump-sum. Executive shall also be entitled to receive (i) payment for accrued and
unpaid vacation pay and (ii) all bonuses that have accrued during the term of the Agreement, but not been paid. If the Executive
is terminated without Cause, any non-vested Options granted pursuant to Section 2.6 of this Agreement shall vest immediately. Furthermore,
shares of any of the Executive’s stock subject to any lockups will be immediately released from such restrictions and registered
by the company within 30 days of termination without cause. Upon termination, Executive cease to accrue salary and other benefits,
other than the Company’s normal insurance policies for terminated employees.

 

Upon the termination of Executive’s employment with the Company for any reason,
Executive shall within one calendar week of such termination return to the Company all electronic equipment, media, and supplies
provided by the Company to the Executive. Further, within one calendar week of Executive’s termination of employment with
the Company, Executive shall also return to the Company, all Company files used by the Executive and shall not retain any copies
of such files. 

 

3.4. Effect of Termination without “Cause” on Employee Stock Options. The
Company hereby irrevocably offers to amend any stock options granted to Executive to permit the full exercise thereof following
termination of Executive’s employment without Cause (as defined in Section 3.3) or because of death or disability. The Company
hereby also irrevocably offers to amend any stock options granted to Executive to permit the immediate full vesting and exercise
thereof at any time after termination of Executive’s employment without Cause or because of death or Disability to the same
extent as if Executive’s employment had not terminated. Executive or Executive’s personal representative may accept
either or both of such offers at any time before such options otherwise expire by giving written notice to the Company. To the
extent that any options held by Executive are not incentive stock options within the meaning of Section 422 of the Internal Revenue
Code, Executive hereby accepts both such offers.

 

3.5. Termination for Good Reason. If Executive terminates his employment with the Company
for Good Reason (as hereinafter defined), such termination will be considered to be effectively the same as termination without
cause; he shall be entitled to the severance and vesting benefits set forth in Section 3.3. For purposes of this Agreement,
“Good Reason” shall mean any of the following unless such change was initiated by or voluntarily agreed to by Executive:
(a) any significant change in the Executive’s title, or position, or duties and responsibilities not voluntarily made; (b)
any involuntary decrease in base salary (other than any which may be assessed on a percentage basis to the Company as a whole);
or (c) any material breach by the Company of this Agreement.

 

3.6. RESERVED.

 

3.7. Disability. The Company may terminate this Agreement without liability if Executive
shall be permanently prevented from properly performing his essential duties with reasonable accommodation by reason of illness
or other physical or mental incapacity for a period of more than 60 consecutive days. Upon such termination, Executive shall be
entitled to all accrued but unpaid base salary, accrued bonus (if any), and accrued but unused paid time off. In the event Executive’s
employment terminates under this Section 3.7, Executive may pursue long term disability benefits, if eligible, under any plan which
the Company has provided for Executive.

 

3.8. Death. In the event of the death of Executive, the Company’s obligations hereunder
shall automatically cease and terminate; provided, however, that within 15 days of the Company’s notice of such death, the
Company shall pay to Executive’s heirs or personal representatives Executive’s base salary and accrued but unused vacation
pay to the date of death. All other amounts due Executive, including bonuses, shall be paid to Executive’s estate in accordance
with the full term of this Agreement.

 

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	 	4. NON COMPETITION, NON SOLICITATION, BANKRUPTCY

 

4.1. Non Competition. The Executive hereby covenants and agrees that during the term
of this Agreement and for a period of one year following the end of the employment term, the Executive will not, without the prior
written consent of the Company, indirectly or directly, on his own behalf or in the service or on behalf of others, whether or
not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through
a subsidiary or parent entity or other entity (whether as a shareholder, agent, joint venture, security holder, trustee, partner,
consultant, creditor lending credit or money for the purpose of establishing or operating any such business, partner or otherwise)
with any Competing Business of the Company in the Covered Area. For purposes of this Section 4.1 “Competing Business”
means any company engaging in products competing with TransGlobal Assets Inc. For purposes of this Section 4.1 “Covered Area”
means all geographical areas of the United States and other Foreign jurisdictions where the Company has offices, manufactures or
may contemplate offices or manufacturing of related products and/or sells its products directly or in-directly through distributors
and/or other sales agents.

 

4.2. Non Solicitation. The Executive further agrees that the Executive will not divert any business
of the Company and/or its affiliates or any customers or suppliers of the Company and/or the Company’s and/or its affiliates’
business to any other person, entity or competitor, or induce or attempt to induce, directly or indirectly, any person to leave
his or her employment with the Company.

 

4.3. Bankruptcy. In the event that the Company voluntarily or involuntary files for bankruptcy under
the Bankruptcy Code, the Executive shall use his best efforts in keeping the Company solvent and in assisting the Company emerge
from bankruptcy as a reorganized entity, unless the Company is liquidated.

 

4.4. Remedies. The Executive acknowledges and agrees that his obligations provided herein are necessary
and reasonable in order to protect the Company and its affiliates and their respective business and the Executive expressly agrees
that monetary damages would be inadequate to compensate the Company and/or its affiliates for any breach by the Executive of his
covenants and agreements set forth herein. Accordingly, the Executive agrees and acknowledges that any such violation or threatened
violation of this Section 4 will cause irreparable injury to the Company and that in addition to any other remedies that may be
available, in law, in equity or otherwise, the Company and its affiliates shall be entitled to obtain injunctive relief against
the threatened breach of this Section 4 or the continuation of any such breach by the Executive without the necessity of proving
actual damages.

 

	 	5. GENERAL PROVISIONS

 

5.1. Modification: No Waiver. No modification, amendment or discharge of this Agreement
shall be valid unless the same is in writing and signed by all parties hereto. Failure of any party at any time to enforce any
provisions of this Agreement or any rights or to exercise any elections hall in no way be considered to be a waiver of such provisions,
rights or elections and shall in no way affect the validity of this Agreement. The exercise by any party of any of its rights or
any of this elections under this Agreement shall not preclude or prejudice such party from exercising the same or any other right
it may have under this Agreement irrespective of any previous action taken.

 

5.2. Notices. All notices and other communications required or permitted hereunder or
necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or
mailed by registered or certified mail as follows (provided that notice of change of address shall be deemed given only when received):

 

If to the Company, to:

TransGlobal Assets, Inc.

4800 Meadows Road, Suite 300

Lake Oswego, OR 9703

If to Executive, to:

Douglas R. Johnson

PO Box 1684

Prineville, OR 97754

 

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Or to such other names or addresses as the Company or Executive, as the case
may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section.

 

5.3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof or to the actual domicile
of the parties.

 

5.4. Further Assurances. Each party to this Agreement shall execute all instruments
and documents and take all actions as may be reasonably required to effectuate this Agreement.

 

5.5. Severability. Should any one or more of the provisions of this Agreement
or of any agreement entered into pursuant to this Agreement be determined to be illegal or unenforceable, then such illegal or
unenforceable provision shall be modified by the proper court or arbitrator to the extent necessary and possible to make such provision
enforceable, and such modified provision and all other provisions of this Agreement and of each other agreement entered into pursuant
to this Agreement shall be given effect separately from the provisions or portion thereof determined to be illegal or unenforceable
and shall not be affected thereby.

 

5.6. Successors and Assigns. Executive may not assign this Agreement without
the prior written consent of the Company. The Company may assign its rights without the written consent of the executive, so long
as the Company or its assignee complies with the other material terms of this Agreement. The rights and obligations of the Company
under this Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company, and
the Executive's rights under this Agreement shall inure to the benefit of and be binding upon his heirs and executors. The Company's
subsidiaries and controlled affiliates shall be express third party beneficiaries of this Agreement.

 

5.7. Entire Agreement. This Agreement supersedes all prior agreements and
understandings between the parties, oral or written. No modification, termination or attempted waiver shall be valid unless in
writing, signed by the party against whom such modification, termination or waiver is sought to be enforced.

 

5.8. Counterparts; Facsimile. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original, and all of which taken together shall constitute
one and the same instrument. This Agreement may be executed by facsimile with original signatures to follow.

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed
this Agreement as of the date first written above.

 

 

TransGlobal Assets, Inc.

 

/s/ Douglas R. Johnson

 

By: Douglas R. Johnson

 

 

 

 

Accepted By:

 

 

s/ Kent A. Strickler

 

By: Kent A StricklerExhibit 4.33

 

English Translation

 

BANK OF COMMUNICATIONS

 

	
 
    	
Version   1
    
	
 
    	
No.:   Dai Zi 0110311
    

 

FIXED ASSETS LOAN AGREEMENT

 

 

BANK OF COMMUNICATIONS CO., LTD.

 

 

	
 
    	
No.:   Dai Zi 0110311
    

 

FIXED ASSETS LOAN AGREEMENT

 

Important Note

To the Borrower:  please read the full text of this Agreement carefully, especially the terms marked with **. If you have any questions, please promptly request the Lender to provide an explanation.

 

Borrower:                                                                                            Yingli Energy (China) Company Limited (the “Borrower”)

Legal Representative (Responsible Person): Liansheng Miao

Legal Address:                                                               3399 North Chaoyang Avenue, Baoding, Heibei

Mailing Address:                                                   3399 North Chaoyang Avenue, Baoding, Heibei

 

Lender:                                                                                                        Bank of Communications Co., Ltd., Hebei Branch (the “Lender”)

Responsible Person:                                   Chunjie Wu

Mailing Address:                                                   22 Ziqiang Road, Shijiazhuang

 

WHEREAS:

The Borrower has submitted an application to the Lender for a fixed asset loan facility. In order to define the rights and obligations of the parties, the Borrower and the Lender hereby agree to enter into this agreement (this “Agreement”) upon consultation.

 

Article 1                                 Loan Facility

 

1.1                                 Currency: Renminbi

1.2                                 Amount (in words): One Billion Yuan

1.3                                 The loan hereunder shall only be used to fund the construction of the 300 MW monocrystalline project.

1.4                                 Loan Term: From March 21, 2011 to December 10, 2014.

 

Article 2                                 Interest Rate and Interest Calculation and Payment

 

2.1                                 If the loan is made in RMB, the floating interest rate of RMB shall apply. The specific interest rate shall be determined as follows:

2.1.1                        The contract interest rate shall be the

o benchmark interest rate x 5% above the benchmark interest rate o below the benchmark interest rate x upon effectiveness of this Agreement o on the first disbursement date for 3 — 5 years (including 5 years)(Time).

2.1.2                        In the event of any adjustment to the benchmark interest rate by the People’s Bank of China during the term of this Agreement, the interest rate adjustment date of this Agreement shall be determined in accordance with item (i) as set forth below. From the adjustment date of the contract interest rate, the adjusted interest rate of the corresponding interest rate category as of such adjustment date shall apply with no change in the upward (downward) adjustment.

(i)                                     The contract interest rate adjustment date shall be the date on which the People’s Bank of China has adjusted the interest rate.

2.1.3                        If as adjusted by the People’s Bank of China, the benchmark interest rate has been changed to a floating interest rate or become cancelled, the parties shall separately negotiate and adjust the loan interest rate of this Agreement, provided that the adjusted interest rate shall not be lower than the then applicable interest rate. If after more than 1 month from the adjustment date of the People’s Bank of China, the parties have not agreed on the adjusted interest rate, the Lender shall have the right to declare the loan hereunder to be due and payable in whole prior to the maturity date.

2.2                                 If the loan is made in foreign currency, the interest rate shall be agreed upon as follows:

(n/a — struck out) (Foreign Currency)                                     Interest Rate shall be (n/a — struck out).

2.3                                 Daily Interest Rate = Monthly Interest Rate/30;

Monthly Interest Rate= Annual Interest Rate/12

2.4                                 Interest Calculation

2.4.1                        Normal Interest = Interest Rate set forth herein X Amount Disbursed X number of days of borrowing. The number of days of borrowing shall be calculated from the disbursement date to the maturity date.

 

1

 

2.4.2                        The default interest for any overdue or misappropriated loan shall be calculated based on the amount and actual number of days for which the loan has been overdue or misappropriated. If the loan is RMB denominated, the default interest rate shall be 50% above the interest rate set forth herein should the loan be overdue and 100% should the loan be misappropriated. In the event of any adjustment in the benchmark interest rate by the People’s Bank of China after the loan with floating interest rate has become overdue or misappropriated, the Lender shall have the right to adjust the default interest rate hereunder, and the new default interest rate shall apply from the date on which the People’s Bank of China has adjusted the interest rate. If the loan is foreign currency denominated, the default interest rate shall be  (n/a — struck out) above the interest rate set forth herein (n/a — struck out).

2.5                                 The interest on the loan hereunder shall be settled in accordance with item (i) as set forth below, and upon maturity of the loan, shall be paid in full together with the principal. The interest settlement date shall be the interest payment date:

(i)                                     The interest shall be settled on the 20th of the last month of each quarter;

2.6                                 Other agreements with respect to the interest rate

(n/a — struck out).

 

Article 3                                 Disbursement and Repayment of the Loan

 

**3.1                   The loan hereunder may be drawn in installments, provided that the total amount of all drawdowns by the Borrower shall not exceed the amount set forth in Article 1. In the event of any drawdown by the Borrower in any other currency (other than the currency set forth in Article 1.1) pursuant to Article 9 hereof, for the sole purpose of determining the remaining amount that may be drawn down, the exchange rate published by the Bank of Communications at the beginning of each day shall be used for conversion. If there is no exchange rate directly available, the exchange rate reasonably determined by the Bank of Communications shall be used for conversion.

3.2                                 With respect to the first drawdown made by the Borrower, prior to the satisfaction of all conditions set forth below, the Lender shall have the right to refuse the disbursement:

	
(i)
    	
 
    	
The   Borrower has completed the procedures required by law as well as other   procedures required by the Lender with respect to the loan project and   borrowing matters, such as government licenses, approvals, verifications,   filings and registrations, and such license, approval, verifications,   filings, registrations and procedures remain effective;
    
	
(ii)
    	
 
    	
The   guarantee contract under this Agreement (if any) has become and remains   effective, and if such guarantee contract is a mortgage contract and/or   pledge contract, the security interest has been created and remains   effective;
    
	
(iii)
    	
 
    	
The   Borrower has opened a special loan disbursement account, a repayment reserve   account and a project revenue account with the Lender as required by the   Lender (if any);
    
	
(iv)
    	
 
    	
There   has been no material adverse effect on the operation and financial condition   of the Borrower;
    
	
(v)
    	
 
    	
The   Borrower has provided the relevant documentation acceptable to the Lender,   proving that the equity capital in the same proportion to the loan has been   in place in full and the actual progress of the project has matched the   amount invested;
    
	
(vi)
    	
 
    	
The   payment method of the loan is in compliance with this Agreement, and in the   case of entrusted payment by the Lender, the Lender has agreed to make such   payment;
    
	
(vii)
    	
 
    	
In   the event of any drawdown of the loan in foreign currency, the Borrower has   provided the documentation proving that the loan has been in compliance with   the relevant foreign exchange administration policies, including, but not   limited to, effective foreign exchange utilization certificates or   registration documents;
    
	
(viii)
    	
 
    	
The   first drawdown date shall be no later than May 27, 2011;
    
	
(ix)
    	
 
    	
The   Lender believes that the there has been no adverse change in the main   economic and technical parameters of the loan project and the loan project is   progressing normally;
    
	
(x)
    	
 
    	
No   “Acceleration Event” hereunder has occurred.
    

3.3                                 With respect to each subsequent drawdown made by the Borrower, prior to the satisfaction of all conditions set forth below, the Lender shall have the right to refuse the disbursement:

	
(i)
    	
 
    	
The   matters and documents set forth in Article 3.2 (i), (ii) and   (vii) remain effective;
    
	
(ii)
    	
 
    	
The   Borrower has provided the relevant documentation acceptable to the Lender,   proving that the equity capital in the same proportion to the loan has been   in place in full and the actual progress of the project has matched the   amount invested;
    
	
(iii)
    	
 
    	
The   payment method of the loan is in compliance with this Agreement, and in the   case of
    

 

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entrusted   payment by the Lender, the Lender has agreed to make such payment;
    
	
(iv)
    	
 
    	
There   has been no material adverse effect on the operation and financial condition   of the Borrower;
    
	
(v)
    	
 
    	
The   drawdown date shall be no later than (n/a   — struck out) ;
    
	
(vi)
    	
 
    	
The   Lender believes that there has been no adverse change in the main economic   and technical parameters of the loan project and the loan project is   progressing normally;
    
	
(vii)
    	
 
    	
No   “Acceleration Event” hereunder has occurred;
    
	
(viii)
    	
 
    	
Other:
    

(n/a — struck out).

3.4                                 The Borrower has designated the account set forth below as the disbursement account, which is o is not x the special loan disbursement account opened by the Borrower with the Lender.

Account Name: Yingli Energy (China) Company Limited

Account Number: 131080270018010008875

Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie Subranch

If a special loan disbursement account has been opened, the disbursement and payment of the loan shall be processed through such account. Such account shall only be used for the disbursement and outward payment of the loan (for which only “Settlement Business Notice” certificate will be issued), nor shall it be used to process checks, drafts, bank acceptance drafts or any other settlements. In the event that any transfer of loan funds is processed by the Borrower directly, the Borrower must process it at a counter of the office where the account was opened. The interest on the deposit in such account shall be included in the loan repayment settlement account.

3.5                                 Prior to each drawdown, the Borrower shall initiate the relevant drawdown procedure at least 5 bank business days in advance, and indicate the payment method (entrusted payment by the Lender or direct payment by the Borrower). For each drawdown, only one payment method may be used.

Entrusted payment by the Lender shall be used for any single payment of loan fund exceeding RMB 5 Million (the lowest of (i) 5% of the total investment amount in the project, (ii) RMB 5 Million or (iii) any other amount as required by the Lender). Direct payment by the Borrower shall be used for any payment of loan fund not exceeding the foregoing threshold.

3.6                                 Entrusted payment shall mean the direct payment of the loan fund by the Lender pursuant to the Borrower’s entrusted payment authorization letter through the Borrower’s account to the Borrower’s transaction counterpart in compliance with the purpose set forth herein upon disbursement of the loan hereunder.

In the event of any entrusted payment by the Lender, the Borrower shall submit to the Lender the drawdown request, entrusted payment authorization letter in the form prescribed by the Lender, borrowing certificate, the relevant settlement business application letter/check/credit certificate and other information required by the Lender, indicating the loan drawdown amount as well as the recipient and amount of the payment. The loan drawdown amount shall be the same as the amount of the payment.

The Lender shall have the right to request the Borrower, independent intermediaries and contractors to jointly inspect the equipment construction or engineering construction progress, and shall make loan disbursements based on a joint verification certificate issued and indicating that the conditions set forth herein have been satisfied. The relevant conditions are as follows:

(n/a — struck out).

If any payment proposed by the Borrower is not in compliance with this Agreement, the Lender shall have the right to reject such payment and return the entrustment payment authorization letter submitted by the Borrower.

If the Lender has agreed to make the payment, in the event of any failure to make the outward payment or any return of payment due to any incorrect information provided by the Borrower, the Borrower shall resubmit the relevant certificates and materials with correct information within the period of time prescribed by the Lender.

3.7                                 Direct payment by the Borrower shall mean the direct payment of the loan fund by the Borrower to its counterpart in compliance with the purpose set forth herein upon disbursement of the loan by the Lender to the Borrower’s account pursuant to this Agreement.

In the event of any direct payment by the Borrower, the Borrower shall submit to the Lender the drawdown request, borrowing certificate, explanation of the fund utilization and other information required by the Lender. The Borrower shall summarize and report to the Lender the loan fund payment information by (n/a — struck out) (Date). The Lender shall have the right to check whether the loan disbursed has been used for

 

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the purpose set forth herein by way of account analysis, certificate verification and on-site investigation, etc., and the Borrower shall cooperate with such checks.

3.8                                 The actual disbursement date and disbursed amount shall be as set forth in the borrowing certificate.

 

Article 4                                 Repayment of the Loan

 

4.1                                 The fund sources for loan repayment shall include, but is not limited to, the sales revenue generated from the loan project, subsidies, depreciation and other revenues of the Borrower. In no event shall the agreement on the fund sources for loan repayment set forth herein have any effect on the obligation of the Borrower to repay the principal of and interest on the loan pursuant to this Agreement.

4.2                                 The Borrower shall repay the principal of and interest on the loan on the maturity date set forth in Article 1.4 hereof and according to the following provision. In the event of any inconsistency between the maturity date set forth in the borrowing certificate and that set forth herein, the borrowing certificate shall prevail:

 

	
Time of Repayment
    	
 
    	
Currency
    	
 
    	
Amount of Repayment
    	
 
    	
 
    
	
December 10,   2011
    	
 
    	
RMB
    	
 
    	
One   Hundred and Thirty Million
    	
 
    	
(in   words)
    
	
December 10,   2012
    	
 
    	
RMB
    	
 
    	
Two   Hundred and Sixty Million
    	
 
    	
(in   words)
    
	
December 10,   2013
    	
 
    	
RMB
    	
 
    	
Three   Hundred and Thirty Million
    	
 
    	
(in   words)
    
	
December 10,   2014
    	
 
    	
RMB
    	
 
    	
Two   Hundred and Eighty Million
    	
 
    	
(in   words)
    

 

**4.3                   Without the written consent of the Lender, the Borrower shall not make any prepayment for the loan.

4.4                                 If a special loan disbursement account has been opened, the Borrower hereby designates the following account as the repayment settlement account for handling the settlement of the loan repayment and transfer expenses of the loan funds.

Account Name:             Yingli Energy (China) Company Limited

Account Number: 131080270018010008875

Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie Sub-branch

4.5                                 The Borrower has o has not x opened a special repayment reserve account with the Lender.

Account Name:             (n/a — struck out)

Account Number: (n/a — struck out)

Bank: (n/a — struck out)

The Borrower warrants that, prior to the repayment in full of the principal and interest, without the Lender’s written consent, the Borrower shall not change or cancel the special repayment reserve account, and shall be in accordance with the following:

o (n/a — struck out)% of the cash flow revenue of the fixed assets investment project shall be deposited into the aforementioned account;

o (n/a — struck out)% of the Borrower’s cash flow revenue shall be deposited into the aforementioned account;

o the capital remaining in the aforementioned account should not be lower tha an daily average of (n/a — struck out).

4.6                                 The Borrower has x has not o opened a special project revenue account with the Lender. Prior to repayment of principal of and interest on the loan in whole, all project revenue shall be deposited into such account, and all settlement business relating to the project shall be handled at the Bank of Communications.

Account Name:             Yingli Energy (China) Company Limited

Account Number: 131080270018010008875

Bank: Bank of Communications Co., Ltd., Hebei Branch, Beianjie Subranch

The terms and conditions for any outward payment from such account shall be as follows:

The Borrower must obtain the Lender’s consent to any outward payment from such account for salaries, taxes and any other amounts as required by laws and regulations.

 

**  Article 5             Representations and Warranties of the Borrower

 

5.1                                 The Borrower is an entity duly established and validly existing under law, has all necessary power and capacity to perform the obligations under this Agreement in its own name and bear civil liability, and has met the investment entity qualification and operation qualification requirements for the loan project.

5.2                                 Execution and performance of this Agreement is a true expression of intent of the Borrower and all

 

4

 

required consent, approval and authorization has been obtained without any legal defect.

5.3                                 All documents, statements, materials (including the transaction materials of its counterpart) and information provided by the Borrower to the Lender in the course of loan application and execution and performance of this Agreement are true, accurate, complete and valid. No information has been omitted or concealed that could have an effect on the assessment by the Lender of the Borrower’s financial condition, repayment capability and the project situation.

5.4                                 The loan project is in compliance with the State’s industry, land and environmental protection policies, and has gone through the legal administration procedures for fixed assets investment project as required.

5.5                                 Upon execution of this Agreement, the Borrower is not a shareholder or the “actual controlling person” (within the meaning of the Company Law) of the guarantor, nor does it intend to become a shareholder or actual controlling person of the guarantor.

 

Article 6                                               Rights of the Lender

 

6.1                                 The Lender shall have the right, in accordance with this Agreement, to recover the principal of and interest on the loan (including compound interest, default interest on overdue and misappropriated loan), collect the sums payable by the Borrower, and exercise other rights required by law or under this Agreement.

6.2                                 The Lender shall have the right to manage and control the payment of the loan funds in accordance with the relevant regulatory provisions and this Agreement, and monitor the relevant accounts in accordance with this Agreement.

 

Article 7                                               Obligations of the Borrower

 

7.1                                 The Borrower shall repay the principal of and interest on the loan hereunder in accordance with the time, amount and currency for loan drawdown as provided herein.

7.2                                 The Borrower shall use the loan for the purpose set forth herein, and shall not misappropriate the loan hereunder for any other purpose. The Borrower shall utilize the loan funds as provided herein, and shall not divide it into smaller amounts in order to avoid entrusted payment by the Lender; and in the case of direct payment by the Borrower, no single payment of loan fund shall exceed the threshold set forth herein.

**7.3                   The Borrower shall bear the costs and expenses hereunder, including, but not limited to, notarization fees, appraisal fees, evaluation fees and registration fees.

The Borrower shall bear the settlement expenses related to the payment of the loan funds (including entrusted payment by the Lender and direct payment by the Borrower itself) and shall timely and fully pay applicable expenses in accordance with the scope, rate and time prescribed by the Lender.

Where a special loan disbursement account is opened, payment of loan funds (including entrusted payment by the Lender and direct payment by the Borrower itself) will be processed through the payment system of the People’s Bank of China if the relevant payee account is not maintained with the Bank of Communications.

If the loan disbursement account is not a special loan disbursement account, payment of loan funds (including entrusted payment by the Lender and direct payment by the Borrower itself) will be processed through the payment system of the People’s Bank of China if the relevant payee account is maintained with a different bank in a different city.

**7.4                   The Borrower shall comply with the business rules and operating practices of the Lender with respect to processing business related to the loan and shall, among others, cooperate with the supervision and control by the Lender with respect to the use of the loan use and operating conditions of the Borrower, timely provide all such financial statements and other materials and information as required by the Lender and ensure the truthfulness, completeness and accuracy of such documents, material and information.

**7.5                   In the event of any of the following, the Borrower shall give the Lender written notice no less than 30 days in advance, and shall not proceed with any such action before full settlement of the entirety of the loan principal and interest hereunder or receipt by the Lender of such repayment schedule and securities as are acceptable to the Lender:

(i)                                     sale, gifting, lease, lending, transfer, mortgage, pledge or other disposal of all or a substantial part of the assets or material assets of the Borrower; or

(ii)                                  any actual or potential material change in the operating system or the ownership structure or form of the Borrower, including without limitation the implementation of any contracting, leasing, joint operation with a third party, restructuring into the form of a company, restructuring into the form of a joint stock company, sale or consolidation (merger), equity or cooperative joint venture, spin-off, creation of a subsidiary, equity transfer, ownership assignment, or capital reduction.

 

5

 

	
 
    	
(iii)
    	
(n/a — struck out).
    
	
**7.6
    	
The   Borrower shall notify the Lender in writing within 7 days of the occurrence   or likely occurrence of any of the following:
    
	
 
    	
(i)
    	
amendment   of its articles of association; change of its corporate name, legal   representative (responsible person), domicile, postal address, scope of   business or other matters registered with the industry and commerce   administration; or the making of any decision having a material effect on its   finances or human resources;
    
	
 
    	
(ii)
    	
proposed   voluntary filing of bankruptcy of the Borrower or its guarantor, or likely or   actual involuntary filing (by creditors) of bankruptcy of the Borrower or its   guarantor;
    
	
 
    	
(iii)
    	
any   involvement in any material litigation, arbitration or administrative   measure, or, the taking of any conservatory measure or other enforcement   measures in respect of the principal assets of the Borrower, or assets of the   project financed by the loan, or any guarantee(s) under this Agreement;
    
	
 
    	
(iv)
    	
provision   of a guarantee to a third party, which results in a material adverse effect   on its economic or financial conditions or its ability to perform its   obligations hereunder;
    
	
 
    	
(v)
    	
entry   into any contract having a material effect on its operations and financial   conditions;
    
	
 
    	
(vi)
    	
the   Borrower or its guarantor becoming the subject of any cessation of   production, closing-down, dissolution, cessation of operations for   rectification, deregistration, or any revocation of business license;
    
	
 
    	
(vii)
    	
involvement   of the Borrower or its legal representative (responsible person) or key   executives in any breach of law or regulation or any applicable exchange   rules;
    
	
 
    	
(viii)
    	
occurrence   of serious difficulties in its business operations, or deterioration of its   financial conditions, or occurrence of any other event having an adverse   effect on the operations, financial condition, repayment ability or economic   condition of the Borrower;
    
	
 
    	
(ix)
    	
any   related party transaction of an amount equal to or greater than 10% of the   last audited net assets;
    
	
 
    	
(x)
    	
the   Borrower becomes or is likely to become the shareholder or the “actual   controlling person” (within the meaning of the Company Law) of the guarantor,   before full settlement of all indebtedness hereunder;
    
	
 
    	
(xi)
    	
occurrence   of any of the following to the project financed by the loan during the course   of its construction: progress falling behind schedule and suffering delay;   quality problems; or the exceeding of the total investment amount;
    
	
 
    	
(xii)
    	
occurrence   of any of the following to the project financed by the loan during the course   of its operation : operations failing to meet expected performance targets;   operating cashflow from the project failing to meet the requirements set out   in the project appraisal report; abnormality in the production, operation or sales   of the project; or
    
	
 
    	
(xiii)
    	
adverse   changes in the key economic and technological indicators of the project   financed by the loan.
    
	
**7.7
    	
If   the guarantee provided hereunder suffers any change adverse to the claims of   the Lender, the Borrower shall timely provide at the request of the Lender   other guarantee(s) acceptable to the Lender.

For   the purpose hereof, the term “change” includes without limitation: any   consolidation, spin-off, cessation of production, closing-down, cessation of   operations for rectification , or deregistration of the guarantor, or any   revocation of business license or any voluntary or involuntary filing of   bankruptcy of the guarantor; any material change in the operating or   financial conditions of the guarantor; involvement of the guarantor in any   material litigation, arbitration or administrative measure, or, the taking of   any conservatory measure or other enforcement measures in respect of its   principal assets; diminution or likely diminution in value of, or imposition   of conservatory measures on, the guarantee(s) hereunder; involvement of   the guarantor or its legal representative (responsible person) or key   executives in any breach of law or regulation or any applicable rules of   any exchange; the missing or death (declared death) of the guarantor (where   the guarantor is an individual); breach of the security contract by the   guarantor; occurrence of a dispute between the guarantor and the Borrower;   the request by the guarantor of terminating the guarantee contract; the   ineffectiveness, voidance or revocation of the guarantee contract; failure to   create, or invalidity of, the guarantee interest; or other events affecting   the safety of the claims of the Lender.
    
	
7.8
    	
The   Borrower warrants that from the date hereof until full settlement of the   entirety of the loan principal and interest and relevant expenses hereunder,   its financial indicators shall remain bound by the following:
    
	
 
    	
(i)
    	
(n/a — struck out)
    

 

6

 

	
 
    	
(ii)
    	
(n/a — struck out)
    
	
 
    	
(iii)
    	
(n/a — struck out).
    
	
7.9
    	
Before   full settlement of the entirety of the loan principal and interest, the   Borrower warrants that the project financed by the loan shall always satisfy   the following:
    
	
 
    	
(i)
    	
The   progress of the project will not fall behind the progress of fund   utilization;
    
	
 
    	
(ii)
    	
Other   funds arranged for the construction project will be timely and fully put in   place and will be utilized in the same proportion as the loan funds;
    
	
 
    	
(iii)
    	
The   environmental protection facilities of the project will be simultaneously   designed, constructed and put into production with the main body works of the   project;
    
	
 
    	
(iv)
    	
The   project complies with all relevant energy saving and emission reduction   requirements of the state;
    
	
 
    	
(v)
    	
Upon   its completion, the project will timely pass the completion environmental   appraisal review of the project.
    
	
 
    	
 
    	
 
    
	
Article 8
    	
 
    	
Insurance
    
	
 
    	
 
    	
 
    
	
8.1
    	
The Borrower shall in   accordance with the request of the Lender obtain commercial insurance for the   fixed assets of the project and shall name the Lender as a first order   insurance proceeds claimant in such commercial insurance. Upon completion of   the insurance procedures, the Borrower shall deliver the original policy to   the Lender for safekeeping.
    
	
8.2
    	
During the term of this   Agreement the Borrower shall timely pay all insurance premiums and shall   fulfill other obligations necessary for such insurance to remain in effect.
    
	
8.3
    	
If the Borrower fails   to take out or renew such insurance, the Lender shall be entitled to obtain   or renew the same on its own and pay the premium or obtain other insurance   maintenance measures in lieu of the Borrower, provided that the Borrower   shall provide necessary assistance and shall assume the insurance costs and   relevant expenses incurred by the Lender in connection therewith.
    
	
 
    	
 
    	
 
    
	
Article 9
    	
 
    	
Other Agreements
    
	
 
    	
 
    	
 
    
	
 
    	
The   Borrower warrants that:
    
	
 
    	
(i)
    	
all   settlement operations related to the project shall be handled through the   Bank of Communications;
    
	
 
    	
(ii)
    	
upon   completion of the project, the assets of the project will be mortgaged to the   Lender; and
    
	
 
    	
(iii)
    	
the   accounts covered by Article 4.6 hereof shall also include (without   limitation) US/Euro accounts; the conditions for external payment from such   foreign currency accounts shall be determined in accordance with the same   external payment conditions and method applicable to the account set out in   Article 4.6.
    
	
 
    	
 
    	
 
    
	
**Article 10
    	
Loan Acceleration
    
	
 
    	
 
    
	
10.1
    	
Any   of the following will be deemed an “Acceleration Event” hereunder:
    
	
 
    	
(i)
    	
The   representations and warranties of the Borrower set out in Article 5 are   untrue;
    
	
 
    	
(ii)
    	
Any   of the notifiable events set out in Article 7.6 has actually occurred,   which, in the opinion of the Lender, will affect the safety of its claims;
    
	
 
    	
(iii)
    	
the   Borrower breaches the provisions of this Agreement;
    
	
 
    	
(iv)
    	
The   Borrower is in breach with respect to the performance of another contract   entered into with the Lender or any contract entered into with a third party,   or its debts under such contract are likely to be declared or have been   declared accelerated.
    
	
10.2
    	
In   the event of any “Acceleration Event,” the Lender shall be entitled to take   any, a combination of, or all of the following actions:
    
	
 
    	
(i)
    	
to   cease the disbursement of any loan not yet drawn-down by the Borrower;
    
	
 
    	
(ii)
    	
to   cease processing the payment of any loan already drawn-down but not yet   utilized by the Borrower;
    
	
 
    	
(iii)
    	
to   demand the Borrower to discuss with the Lender within a set period of time   additional conditions for loan disbursement and payment;
    
	
 
    	
(iv)
    	
to   demand the Borrower to change the payment method as required by the Lender   and open a special loan disbursement account; and
    
	
 
    	
(v)
    	
to   unilaterally declare all loan principal disbursed under the Agreement   accelerated and demand the Borrower to immediately repay all matured loan   principal together with accrued interest.
    

 

7

 

	
**Article 11
    	
Breach
    
	
 
    	
 
    
	
11.1
    	
If   the Borrower fails to timely and fully repay any principal or interest of the   loan or to utilize the loan in accordance with the purpose set out herein,   the Lender shall charge interest at the default interest rate applicable to   the defaulted loan or at the default interest rate applicable to the   misappropriated loan, and all due but unpaid interest will accrue on a   compound basis.
    
	
11.2
    	
If   the Borrower fails to timely and fully repay the principal or interest of the   loan, the Borrower shall assume the costs for repayment request(s),   litigation costs (or arbitration costs), expenses for conservatory measures,   expenses for public announcements, expenses for enforcement, attorney’s fees,   travel and accommodation costs and other costs and expenses incurred by the   Lender for the purpose of realizing its claims.
    
	
11.3
    	
If   the Borrower evades the supervision of the Lender, or defaults on the   repayment of loan principal and interest, or avoids or disowns debts in bad   faith or is otherwise guilty of similar actions, the Lender shall be entitled   to report such actions of the Borrower to relevant authorities and publish   the same in the news media.
    
	
 
    	
 
    
	
** Article 12
    	
Provisions on Fund Deduction and Transfer
    
	
 
    
	
12.1
    	
The   Borrower hereby authorizes the Lender to deduct and transfer from any account   opened by the Borrower with the Bank of Communications funds equal to any due   and payable loan principal or interest or any default interest, compound   interest or other expense in connection therewith.
    
	
12.2
    	
Upon   such deduction and transfer, the Lender shall notify the Borrower of the   account number(s), the loan contract number(s) and the Borrowing Certificate   number(s) related to such deduction or transfer, the amount deducted or   transferred as well as the balance of the relevant debt.
    
	
12.3
    	
If   the amount deducted or transferred is not sufficient to settle all of the   debt of the Borrower, such amount shall first be applied towards the payment   of due but unpaid expenses. Afterwards, the remaining amount after such   expense payment shall: (a) first be applied towards the payment of due   but unpaid interest , default interest, or compound interest, and then towards   the payment of due but unpaid principal, if default on the principal and   interest payments has been for a period of less than 90 days; or   (b) first be applied towards the payment of due but unpaid principal,   and then towards the payment of due but unpaid interest, default interest, or   compound interest, if default on the principal and interest has been for a   period of 90 days or more.
    
	
12.4
    	
If   the amount deducted or transferred is denominated in a different currency   from that of the debt subject to such set-off, it shall be converted into an   amount denominated in the currency of such debt at the exchange rate   published by the Bank of Communications at the time of such deduction or   transfer.
    
	
 
    	
 
    
	
Article 13 
    	
Notice
    
	
 
    	
 
    
	
13.1
    	
The   contact details provided by the Borrower herein (including the postal   address, phone number, fax number, etc.) are true and valid. The   Borrower will immediately notify the Lender in writing of any change of any   such contact detail by mailing or delivering the changed information to the   postal address of the Lender set forth herein. Such change to such   information will become effective only upon actual receipt by the Lender of   such change notice and revision by the Lender of relevant records.
    
	
13.2
    	
Unless   otherwise expressly stated herein, the Lender shall be entitled to give any   of its notices to the Borrower in any of the following manners. The Lender   shall have the right to select any means of notification as it deems fit and   shall in no event be held liable in whatsoever manner for any transmission   error, omission or delay with the postal service, fax, telephone or any other   communication system. Where the Lender uses at the same time more than one   means of notification, the Borrower shall be deemed to have been notified by   the means of communication through which the notice first reaches the   Borrower. A notice will be deemed to have been given to the Borrower at the   following times:
    
	
 
    	
(i)
    	
if   delivered by means of an announcement, on the date the Lender publishes the   announcement on its website, or its online bank facility or its telephone   bank facility, or at its business offices;
    
	
 
    	
(ii)
    	
if   delivered in person, on the date the Borrower affixes its signature in   acknowledgement of receipt;
    
	
 
    	
(iii)
    	
if   delivered by post (including express mail service, ordinary mail and   registered mail) to the postal address of the Borrower last known by the   Lender, on the 3rd day (intracity) or 5th day (intercity) after the mailing   date (regardless of the possibility that such mail may be returned to
    

 

8

 

	
 
    	
 
    	
sender);
    
	
 
    	
(iv)
    	
if   delivered by fax or other means of electronic communication to the fax number   or electronic communication address of the Borrower last known by the Lender,   on the date of the transmission.
    
	
 
    	
 
    	
 
    
	
Article 14
    	
Information Disclosure and Confidentiality
    
	
 
    	
 
    	
 
    
	
14.1
    	
The   Lender shall maintain in confidence the business secrets and other   information and materials of the Borrower marked in writing as confidential,   provided that the Lender may disclose the same if:
    
	
 
    	
(i)
    	
such   disclosure is required by applicable laws, regulations or listing rules;
    
	
 
    	
(ii)
    	
such   disclosure is required by a judicial authority or a governmental authority;
    
	
 
    	
(iii)
    	
such   disclosure is being made to outside professional advisors of the Lender; or
    
	
 
    	
(iv)
    	
such   disclosure has been agreed to or authorized by the Borrower.
    
	
14.2
    	
The   Borrower agrees that the Bank of Communications may use or disclose, in the   circumstances set forth below, any and all information and materials related   to the Borrower (including without limitation the basic information, loan   transaction information and other relevant information and materials of the   Borrower) and the Borrower will assume all consequences arising therefrom:
    
	
 
    	
(i)
    	
the   Lender discloses such information and materials to, or, permit such   information and materials to be used by, business outsourcing service   organizations, third-party service providers, other financial institutions or   other entities or individuals deemed necessary by the Lender, including   without limitation other branches, or fully or partially-owned subsidiaries   of the Bank of Communications, for the purposes of: (i) the carrying-out   of the loan business or matters related to the loan business, including the   promotion of the loan business of the Bank of Communications, the collection   of defaulted sums from the Borrower, assignment of loan claims, etc.,   (ii) provision or possible provision of new products or services to the   Borrower or further provision of services to the Borrower, and   (iii) improved maintenance, management and enhancement of customer   relationships;
    
	
 
    	
(ii)
    	
the   Lender submits such information and materials to the Credit Reference Center   of the People’s Bank of China or other credit reference entity or credit   information database that may be established upon approval by the People’s   Bank of China;
    
	
 
    	
(iii)
    	
the   Lender uses, or allows a third party to use, on a confidential basis, such   information or materials for the purpose of business operations, management,   statistics gathering, analysis and risk control.
    
	
 
    	
 
    	
 
    
	
Article 15
    	
Dispute Resolution
    
	
 
    	
 
    	
 
    
	
 
    	
This   Agreement is governed by the laws of the People’s Republic of China. Any   dispute arising hereunder shall be submitted to adjudication by the competent   court having jurisdiction over the district where the Lender is located.   While in dispute, the parties shall continue to perform all provisions not   affected by their dispute.
    
	
 
    	
 
    	
 
    
	
Article 16
    	
Miscellaneous
    
	
 
    	
 
    	
 
    
	
**16.1
    	
The   Borrower agrees that the Lender may search and retain its credit information   in connection with the loan application and post-lending management   processes.
    
	
 
    	
 
    
	
16.2
    	
The   drawdown request form hereunder, and any drawdown request, entrusted payment   authorization letter or borrowing certificate executed by the parties, and   relevant documents and materials mutually confirmed by the parties are all an   indivisible part of this Agreement.
    
	
 
    	
 
    
	
16.3
    	
This   Agreement shall become effective once it has been executed (or affixed with   the personal seal) and affixed with the corporate seals by the legal   representative (responsible person) or authorized representative of the   Borrower and the responsible person or authorized representative of the   Lender, respectively.
    
	
 
    	
 
    
	
16.4
    	
This   Agreement shall be made in five (5) originals. The two parties and the   guarantor (if any) shall each hold one original.
    

 

9

 

 

The Borrower has thoroughly read the foregoing provisions and the Lender has at the request of the Borrower provided relevant clarifications. The Borrower has no objection to the content of any of such provisions.

 

	
Borrower   (Corporate seal):
    	
 
    	
Lender (Corporate seal):
    
	
 
    	
 
    	
 
    
	
Yingli   Energy (China) Company
    	
 
    	
Bank   of Communications Co. Ltd
    
	
Limited
    	
 
    	
Hebei Branch
    
	
 
    	
 
    	
 
    
	
Legal   Representative
    	
 
    	
Responsible Person
    
	
(Responsible   Person)
    	
 
    	
Or
    
	
Or   Authorized Representative:
    	
 
    	
Authorized Representative:
    
	
(Signature   or seal)
    	
/s/ Liansheng Miao
    	
 
    	
(Signature or seal)
    	
/s/   [Signature illegible]
    
	
 
    	
 
    	
 
    
	
Date   of Execution:
    	
 
    	
Date of Execution:
    
	
March 17,   2011
    	
 
    	
March 17, 2011
    
					

 

10

 

No.:

 

Drawdown Request

 

Bank of Communications Co., Ltd.                   Branch (Sub-branch) (“Lender”):

Pursuant to the No.                 Fixed Assets Loan Agreement (“Agreement”) between the Borrower and the Lender, the Borrower hereby requests to draw down the loan under the Agreement. The details are as specified below:

 

1.  Loan Currency:              ;  Amount (in words) :

2.  Method of Payment:

o Entrusted Payment; or

Relevant details are specified in the No.         Entrusted Payment Authorization Letter.

o Direct Payment 

 

1. This request is a supplement to the Agreement. Unless otherwise stated herein, the respective rights and obligations of the Borrower and the Lender and relevant matters shall continue to be dealt with in accordance with the Agreement.

2. Where the Lender agrees to disburse the loan funds, the specific amount, date and maturity of such disbursement shall be as specified in the Borrower Certificate.

3. The Borrower warrants that the representations and warranties of the Borrower under the Agreement remain valid.

Borrower (Corporate seal):

 

Legal Representative

(Responsible Person)

Or Authorized Representative

(Signature or seal):

 

Date of Request:                  

 

The Lender agrees to disburse the loan funds pursuant to the above conditions within 3 business days of the execution date hereof.

Lender (Corporate seal):

 

Responsible Person

Or Authorized Representative

(Signature or seal):

 

Execution Date:                  

 

Note: This request in made in two copies. The Borrower and the Lender will each hold one copy.

 

11

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