Document:

Loan Contract

 Exhibit 10.27 
 English Translation 
 Borrower (“Party A”): CEEG Nanjing PV-Tech Co., Ltd. 
 Lender (“Party B”): Nanjing City Commercial Bank Huaqiao Road Sub-branch 
 Party A applies to Party B for borrowing money and Party B agrees to grant the loan. To specify the rights and obligations and maintain the legal rights and interests of the Parties, in accordance with the relevant
laws, statutes and regulations, the Parties enter into and abide by this contract upon consultation. 
 Article 1 Amount of the Loan

 Party A borrows RMB (word) sixty million (Arabic numerals) 60,000,000 from Party B. (In the event of any discrepancy between
the word and Arabic numerals amount, the word shall prevail. The same below.) 
 Article 2 Purpose of the Loan 
 Party A borrows the loan for the purpose of working capital. 
 Article 3 Term of the Loan 
 Term of the loan stipulated herein is one year, commencing from
February 7, 2007 to February 6, 2008. 
 If the starting date of the period of the loan hereunder is inconsistent
with that indicated in the indebtedness certificate, the date on the indebtedness certificate for the first grant of the loan shall prevail, and the termination date will be adjusted accordingly. The indebtedness certificate is an integral part of
this contract and has equal legal effect with this contract. 
 Article 4 Interest Rate of the Loan, Penalty Rate, Calculation and Settlement
of Interest 
 I. Interest Rate of the Loan 
 Interest rate of the loan hereunder is monthly (annual/monthly) interest rate of the second category of the following: 
 (I) Fixed interest rate, namely,   /    . The interest rate will remain unchanged during the period of the loan; 
 Floating interest rate, i.e., the rate of 15% upward the base interest rate. Base interest rate refers to the loan interest rate of the same grade promulgated by the People’s Bank of China. During the
period of the loan, if the People’s Bank of China adjusts the loan interest rate of the same grade, the floating interesting rate shall be adjusted on the corresponding date of the month following such adjustment. 

 II. Penalty Rate 
 (I) If
Party A fails to use the loan according to the stipulated purpose, penalty rate shall be the second category of the following: 
 1. Fixed interest
rate, that is   /    . 
 2. Floating interest rate, i.e., the rate of 100% upward the original interest rate hereunder.

 (II) Penalty rate for the overdue repayment of the loan hereunder shall be the second category of the following: 
 1 Fixed interest rate, or,   /    . 
 2
Floating interest rate, or, the rate 50% upward the original interest rate. 
 (III) In the event of overdue repayment or failure to use the loan according
to the purpose as stipulated herein, the interest will be calculated and charged at penalty rate from the date of overdue repayment or failure to use the loan according to the purpose as stipulated herein till the day when the principal and interest
are repaid in full. Compound interest will accrue at penalty rate if the interest is not be paid on schedule. 
 III. Interest on the loan shall accrue from
the date the loan is transferred into the account of Party A. Interest accrues upon the loan hereunder on a daily basis. Daily interest rate =monthly interest rate/30=annual interest rate/360. If Party A fails to pay the interest on schedule,
compound interest shall accrue from the next day. 
 IV. Settlement of Interest 
 (I) In case of fixed interest rate applicable to this loan, the interest will be settled at the stipulated interest rate. In case of a floating interest rate, interest will be calculated at the interest rate
applicable to each floating period. If there are several times of interest floating in a single interest settlement period, interest accrued in such interest settlement period shall be a total of respective interests in each floating period.

 (II) Interest on the loan hereunder will be settled on a quarterly basis (monthly/quarterly). Interest settlement day is fixed at the twentieth day
of the last month of a quarter (month/end of quarter). 
 Article 5 Grant and Use of the Loan 
 I. Precedent Conditions of Grant of the Loan 
 (I) Unless wholly or partially
waived by Party B, Party B shall be obliged to grant the loan only after the following precedent conditions are met: 
 1 Party A has properly handled the
approval, registration, delivery and other legal formalities relating to the loan hereunder in accordance with the relevant laws and regulations; 

 2 If there is security for this contract, the security contract or other security method conforming to the requirements
of Party B has taken into effect; 
 3 Party A does not incur any event of default as stipulated herein; 
 4 Other precedent conditions as stipulated by the Parties: 
             / 
 (II) Party B will commence with granting the loan within
2 banking days after Party A has satisfied the above precedent conditions. 
 II. Using Plan of the Loan 
  

							
	(I)	 	    2    M    7    D    2007    Y	  	Amount	 	    6,000,000    ;
				
	(II)	 	    /    M    /    D    /    Y	  	Amount	 	                        ;
				
	(III)	 	    /    M    /    D    /    Y	  	Amount	 	                        ;
				
	(IV)	 	    /    M    /    D    /    Y	  	Amount	 	                        ;
				
	(V)	 	    /    M    /    D    /    Y	  	Amount	 	                        ;
				
	(VI)	 	    /    M    /    D    /    Y	  	Amount	 	                        ;

 Article 6 Repayment 
 I. Principle of Repayment 
 Except as otherwise agreed by Party B, any repayment by Party A hereunder shall be made based on the
principle that repayment of interest shall be prior to repayment of principal. 
 II. Payment of Interest 
 Party A shall pay Party B the interest due on interest settlement day. The first date for paying interest is the first interest settlement day after the
loan is granted. Upon the last installment of repayment, the interest shall be paid off together with the principal. 

 III. Plan of Repayment of Principal 
 Party A shall repay the principal of the loan according to the following plan: 
  

							
	 (I)
	 	    2    M    6    D    2008    Y	  	Amount	 	    6,000,000    ;
	 (II)
	 	    /    M    /    D    /    Y	  	Amount	 	            /            ;
				
	 (III)
	 	    /    M    /    D    /    Y	  	Amount	 	            /            ;
				
	 (IV)
	 	    /    M    /    D    /    Y	  	Amount	 	            /            ;
				
	 (V)
	 	    /    M    /    D    /    Y	  	Amount	 	            /            ;
				
	 (VI)
	 	    /    M    /    D    /    Y	  	Amount	 	            /            ;

 IV. Source of Funds for Repayment and Method of Repayment 
 (I) The sources of funds of Party A for repaying the principal and interest of the loan hereunder include but not limited to: 
 1 Sales Revenue; 
 2 Listing proceeds. 
 (II) Notwithstanding any stipulation regarding the sources of funds of Party A for repayment under any other contract to which Party A is a party, such stipulation shall
not influence the performance by Party A of its obligation of repayment hereunder. In no event shall Party A rely on the foregoing clause to reject to perform its obligation of repayment hereunder. 
 (III) Party A shall pay interest in full and repay the principle of the loan on schedule as stipulated herein. 
 (IV) Party A shall deposit sufficient funds in the account it has maintained with Party B before the repayment date, which will be automatically used for repayment, or
transfer funds from other accounts for such repayment on the prescribed repayment date. If Party A fails to made repayment on schedule, Party B shall be entitled to transfer the corresponding money out of Party A’s account. 
 V. Early Repayment 
 (I) Party A only needs notifying Party B in advance for
early repayment of interest. 
 (II) For early repayment of principal, Party A shall apply to Party B 30 banking days in advance in writing and may
early repay partial or all principal with the consent of Party B. 
 When Party A early repays principal, interest will be calculated at the
interest rate of the loan as determined according to Article 4 hereof for the actual number of days during which the loan is used. 
 If
Party A early repays principal, it agrees to pay Party B compensation. Amount of the compensation=early repaid principle×1/10,000×number of days of early repayment. 

 If Party A makes repayment in installments, in the event of early repayment of partial principal of the loan, the
repayment shall be made in the reversed order of the repayment plan. Upon early repayment, the loan interest rate stipulated herein shall still be applicable to the outstanding loan. 
 Article 7 Security for the Loan 
 If the loan hereunder is a secured loan, the security method is
pledge (guarantee, mortgage, pledge, standby letter of credit, credit insurance, others). 
 Party A shall be obliged to actively
assist Party B and procure Party B to enter into the security contract numbering Ning Shang Yin Qiao Zhi Zi 06 Di 03 Hao with the guarantor, to specify the detailed matters. 
 In the event of any change in the security hereunder adverse to the claim of Party B, upon notified by Party B, Party A shall provide Party B with
security satisfactory to Party B as required by Party B. 
 Article 8 Rights and Obligations of Party A 
 I. Rights of Party A 
 (I) Party A has right to require Party B to grant the
loan as stipulated herein. 
 (II) Party A has right to use the loan for the purpose as stipulated herein. 
 (III) Party A has right to reject additional terms other than those stipulated herein. 
 (IV) Party A has right to require Party B to keep secret the relevant financial information and trade secret relating to production and operation provided by Party A, unless otherwise provided by laws, statutes and
regulations. 
 II. Obligations of Party A 
 (I) Party A shall
provide the relevant financial accounting information and information on a monthly basis regarding its production and operation conditions, as required by Party B, including but not limited to providing the balance sheet and income statement (income
and expenditure statement of public service unit) for the last quarter within the first 10 working days of the first month of each quarter, and providing the cash flow statement of each year by the end of such year, and shall be responsible
for the trueness, completeness and validity of the information provided by it. 
 (II) Party A shall use the loan for the purpose contemplated hereunder and
shall not use the loan for other purpose; 

 (III) Party A shall actively cooperate with Party B and voluntarily accept the inspection and supervision by Party B of
its production, operation and financial activity and the use of the loan hereunder; 
 (IV) Party A shall repay the principal and interest of the loan on
schedule; 
 (V) Party A and its investors shall not withdraw capital or transfer assets to evade their debts owing to Party B; 
 (VI) Before repaying in full the principal and interest of the loan owing to Party B, Party A shall not use the assets deriving from the loan hereunder to provide
security to any third party without the consent of Party B; 
 (VII) During the term of this contract, if Party A provides security for the debts of other
person, which may affect Party A’s ability of repayment hereunder, Party A shall notify and acquire the consent of Party B in advance; 
 (VIII) In the
event the guarantor hereunder winds up, goes out of business, cancels the registration or its business license is revoked, becomes bankrupt, is dismissed or suffers operating loss or partially or completely loses the ability of security
corresponding to the loan hereunder, or the value of the collateral hereunder is decreased or damaged or lost by accident, Party A shall timely provide other security acceptable to Party B; 
 (IX) During the term of this contract, in the event of any change in the name, legal representative (responsible person), domicile, business scope, registered capital of
Party A, Party A shall notify Party B in time; 
 (X) During the term of this contract, in the event of contracting, leasing, shareholding system rebuilding,
pooling, consolidation, merger, division, establishing a joint venture, application for closing business for reorganization, application for dissolution, application for bankruptcy on the part of Party A, which is sufficient to affect the
realization of Party B’s rights with respect to the loan, Party A shall notify in writing and acquire the written consent of Party B at least thirty days in advance, and ensure the repayment and security hereunder as required by Party B,
otherwise, Party B shall be entitled to stop granting the loan and early withdraw the loan or rescind this contract; 
 (XI) During the term of this
contract, in the event of such conditions as ceasing to product, going out of business, canceling the registration or revocation of business license, involvement in illegal activity or material litigation of the legal representative or main
responsible person, serious difficulty in production and operation, deterioration of financial condition on the part of Party A which may have material adverse influence upon the performance by Party A of its obligation of repayment hereunder, Party
A shall promptly notify Party B in writing and implement the satisfaction and security of the debts hereunder as required by Party B, otherwise, Party B shall be entitled to stop granting the loan and early withdraw the loan or rescind this
contract; 

 (XII) Party A shall assume the expenses of legal service, insurance, appraisal, registration, custody, verification and
notarization relating to this contract and the security hereunder. 
 Article 9 Rights and Obligations of Party B 
 I. Rights of Party B 
 (I) Party B has right to learn of the production,
operation and financial activities of Party A and request Party A to provide such documents and materials as the relevant plans, statistics, financial statements and so on; 
 (II) Party B has right to deduct and transfer any amount in any currency from Party A’s account maintained with Party B with respect to any amount payable by Party A to Party B based on this contract; 

(III) Party B has right to cease granting the loan which has not been used by Party A and early withdraw the principal and interest of the granted loan according to
the stipulations of this Contract; 
 (IV) If Party A evades the supervision of Party B, delays the repayment of the principal and interest or commits other
material breaches of contract, Party B shall be entitled to implement credit sanction, report such situation to the relevant authority or organization and publicly claim for the repayment through media. 
 II. Obligations of Party B 
 (I) Party B shall grant in full the loan on
schedule as stipulated herein except the delay is caused by Party A; 
 (II) Party B shall keep secret the relevant financial information and trade secret
relating to production and operation provided by Party A, unless otherwise provided by laws, statutes and regulations. 
 Article 10 Liabilities for Breach
of Contract 
 I. Breach 
 (I) Breach by Party A 
 1 Party A fails to provide true, complete and valid financial information, information of production and operation condition and other relevant information as required by
Party B; 
 2 Party A fails to use the loan for the purpose prescribed hereunder; 

 3 Party A fails to repay the principal and interest of the loan on schedule; 
 4 Party A rejects or prevents Party B from inspecting and supervising the use of the loan; 
 5 Party A transfers assets and withdraws capital to evade the debts; 
 6 Party A’s operation and financial condition
deteriorates, Party A fails to discharge the debts due or Party A is or will be involved in material litigation or arbitration proceedings and other legal disputes, where Party B considers it may or has caused to an adverse effect or impair on the
rights and interests of Party B hereunder; 
 7 Any other debt undertaken by Party A has affected or may affect the performance of Party A of its obligations
hereunder; 
 8 Party A fails to perform other due indebtedness owing to Party B; 
 9 During the term of this Contract, Party A incurs changes in operation method or conversion of operational mechanism us as contracting, leasing, consolidation, merger, establishing a joint venture, division, pooling,
shareholding system restructuring, where Party B considers it may or has caused to an adverse effect or impair on the rights and interests of Party B hereunder; 
 10 Other condition which Party B considers sufficient to affect the exercise of Party B’s rights; 
 11 Party A breaches other obligations as
stipulated herein. 
 (II) If the guarantor is involved in the following circumstances and Party A fails to provide new security as required by Party B, it
shall be deemed that Party A has breached this contract: 
 1 The guarantor is involved in such circumstances as contracting, leasing, consolidation, merger,
establishing a joint venture, division, pooling, shareholding system rebuilding, bankruptcy, cancellation which is sufficient to affect the guarantor’s capacity of undertaking the joint and several guarantee liability; 
 2 The guarantor provides any third party with security beyond its capacity; 
 3 The guarantor loses or may lose its ability of security; 
 4 Other breaches by the guarantor as stipulated in the guarantee contract. 

(III) If the mortgagor is involved in the following circumstances and Party A fails to provide new security as required by Party B, it shall be deemed that Party A
has breached this contract: 
 1 The mortgagor fails to purchase insurance for the mortgaged property as required by Party B, or fails to dispose of the
insurance compensation as stipulated in the mortgage contract after the occurrence of the insurance accident; 

 2 In the event of damage, loss, devaluation of the collateral caused by the behavior of any third party, the mortgagor
fails to dispose of the damages as stipulated in the mortgage contract; 
 3 The mortgagor donates, transfers, leases, re-mortgages, moves or otherwise
disposes of the collateral without written consent of Party B; 
 4 The mortgagor disposes of the collateral with the consent of Party B but fails to dispose
of the proceeds therefrom as stipulated in the mortgage contract; 
 5 In the event of the damage, loss or devaluation of collateral which is sufficient to
affect discharging of the debts hereunder, the mortgagor fails to reinstate the value of collateral or provide other security as acceptable by Party B; 
 6
Other breaches by the mortgagor as stipulated in the mortgage contract. 
 (IV) If the pledgor is involved in the following circumstances and Party A fails
to provide new security as required by Party B, it shall be deemed that Party A has breached this contract: 
 1 The pledgor fails to purchase insurance for
the pledged property as required by Party B, or fails to dispose of the insurance compensation as stipulated in the pledge contract after the occurrence of the insurance accident; 
 2 In the event of damage, loss, devaluation of pledged property caused by the behavior of any third party, the pledgor fails to dispose of the damages as stipulated in the pledge contract; 
 3 The pledgor disposes of the pledged property with the consent of Party B but fails to dispose of the proceeds therefrom as stipulated in the pledge contract;

 4 In the event of the damage, loss or devaluation of pledged property which is sufficient to affect the repayment of the principal and interest, the
pledgor fails to reinstate the value of pledged property or provide other security acceptable to Party B; 
 5 Other breaches by the pledgor as stipulated in
the pledge contract. 
 (V) In the event the security contract or other security does not take effect, is valid or rescinded, or the guarantor is involved in
other circumstances of partially or completely losing the ability of guarantee or rejects to performance the obligations of security, and Party A fails to provide new security as required by Party B, it shall be deemed that Party A has breached this
contract. 

 II. Remedies for Breach of Contract 
 In the event of the breaches in above 10.1.1-5, Party B shall be entitled to exercise one or more of the following rights: 
 (I) Stop granting the loan, accelerate the maturity immediately and require Party A to promptly repay the principal, interest and expenses of all the mature or immature debts hereunder. 
 (II) Charge liquidated damages against Party A at [            ]% of the principal of the loan.

 (III) In the event Party A fails to use the loan for the purpose as stipulated herein, interest and compound interest shall accrue at penalty rate
according to the interest settlement method hereunder from the date of violation to the date on which the principal and interest are repaid in full. 
 (IV)
Before maturity date, compound interest will be calculated and payable upon the interest not repaid by Party A on schedule according to the rate and settlement method as stipulated in Article 4 hereof. 
 (V) For the overdue repayment, interest and compound interest shall accrue on the repayment in arrears and any principal and interest wholly or partially declared early
maturity by Party B, pursuant to the interest settlement method, for a period commencing from the overdue date to the date when the principal and interest are repaid in full. Delay in the repayment of the loan means Party A fails to satisfy the loan
on schedule or repays the loan exceeding the prescribed installments. 
 (VI) Transfer any amount in any currency out of Party A’s account maintained
with Party B. 
 (VII) Request Party A to provide new security at the requirements of Party B for all the debts hereunder. 
 (VIII) Rescind this contract. 
 Article 11 Other Stipulations 
 11.1 1. If the pledge ratio reaches 50%, Party A shall increase the raw material pledge immediately or repay the loan. If Party A fails to take effective measures
within 3 working days, Party B shall report this as a risk event to the credit management department; If the pledge ratio reaches 60% (include) and the client have received the notice from Party B for increasing the raw materials or repaying the
loan but fails to meet Party B’s requirement within 3 working days, Party B may sell the inventory at hand; if the price decreasing rate exceeds 10% (include) within one month, Party B shall also ask Party A to take effective measures so as to
decrease the pledge ratio. For detailed requirements please refer to the above Section 2. 

 11.2     /        ; 
 11.3     /        ; 
 11.4     /        . 
 Article 12 Dispute
Settlement 
 Any dispute arising during the performance of this contract may be settled through consultation. If the consultation fails, it
shall be settled through the first of the following methods: 
 I. Bring a suit before the court in the place of Party B. 
 II. File the dispute to   /     arbitration commission for arbitration (Arbitration place is
  /    .) in accordance with the effective arbitration rules of the arbitration commission at the time of applying for arbitration. Arbitration award is will be final and bind the Parties. 
 During the suit or arbitration, the provisions in this contract which are not in dispute shall still be performed. 
 Article 13 Effectiveness, Modification and Rescission of the Contract 
  

	I.	This contract will take into effect upon execution of the legal representatives (persons in-charge) or authorized representatives of the parties, affixed with the official seals of
both parties. If the loan is secured hereunder, the Contract shall take into effect after the security contract takes into effect. 

 II. Upon
effectiveness of this Contract, either Party shall not modify and rescind the contract without the consent of the other Party. If it is necessary to modify or rescind the Contract, the Parties shall consult with each other and conclude a written
agreement, and the terms and conditions of the Contract shall still be effective before the execution of such written agreement. 
 III. If Party A intends
to extend the period of the loan, it shall apply to Party B thirty days prior to the maturity of the loan. Party B will review and determine whether to extend the period. If Party B agrees to extend the period, the Parties shall enter into an
agreement about the extension of the period for repayment. 
 IV. Party B may transfer its rights and obligations hereunder to any third party without the
consent of Party A. If Party A intends to transfer its rights and obligations hereunder to any third party, it shall submit to Party B the written certification of the consent from the guarantor or provide new security in advance and obtain the
written consent of Party B. 

 Article 14 This contract is made in duplicate, with each Party holding one. 
 Article 15 Representations 
 I. Party A is clearly aware of the business
scope and authority of Party B. 
 II. Party A has read all the terms and conditions of this Contract. Party B has made the corresponding interpretation of
the terms and conditions of this Contract as requested by Party A. Party A has fully learned and understood the meaning and the corresponding legal consequence of the terms and conditions of this Contract. 
 III. Party A has right to enter into this Contract. 
 Party A (Seal): (Seal)

 Legal representative (person in-charge) or authorized representative (Signature): 
  

	
	 /s/ Lu Tingxiu

	February 5, 2007

 Party B (Seal): (Seal) 
 Person in-charge or authorized representative (Signature): 
  

	
	 /s/ Ren Pei

	February 5, 2007Pledge Contract

 Exhibit 10.28 
 English Translation 
 Movable Property Pledge Contract 
 Contract No.: 2007 Nian Ning Shang Yin Zhong 01 Zhi Zi No. 3 
 Signing date: February 5, 2007 

 Contents 
 Article 1 Party A’s Representations and Warranties 
 Article 2 Kind and Amount of Principal Claim Secured 
 Article 3 Time Limit for the Borrower under the Master Contract to Perform its Debts 
 Article 4 Scope of Guaranty of Pledge 
 Article 5 Pledged Properties 
 Article 6 Handover of Pledged Properties 
 Article 7 Realization of Right of
Pledge 
 Article 8 Custody and Depositing 
 Article 9 Insurance

 Article 10 Party A’s Rights and Obligations 
 Article 11
Party B’s Rights and Obligations 
 Article 12 Defaulting Liability 
 Article 13 Effectiveness, Change, Termination and Expiry of the Contract 
 Article 14 Settlement of Disputes 
 Article 15 Other Provisions 
 Article 16 Annexes 
 Article 17 Supplementary Provisions 

 Pledgor (Party A): CEEG (Nanjing) PV-Tech Co., Ltd. 
 Domicile (address): 123 West Focheng Road 
 Legal representative: Lu Tingxiu 
 Pledgee (Party B): Huaqiao Road Branch, Nanjing Commercial Bank 
 Domicile
(address): 26 Huaqiao Road 
 Legal representative (responsible person): Ren Pei 
 In order to ensure that the Borrower’s (as defined below) obligations under the Ning Shang Yin Zhong 01 Dai Zi (2007) No. 3 Loan Contract (hereinafter referred to as the “Master Contract”)
signed by and between CEEG (Nanjing) PV-Tech Co., Ltd. (the “Borrower”) and Party B (the “Lender”) on and as of February 5, 2007 are effectively performed, Party A is willing to provide guaranty of pledge to Party B. In
accordance with the Contract Law of the People’s Republic of China, Guaranty Law of the People’s Republic of China and other relevant laws and regulations, Party A and Party B, abiding by the principle of equality and through negotiations,
hereby enter into this Contract in order to define their respective rights and obligations. 
 Article 1 Party A’s Representations and
Warranties 
 1.1 Party A is the full, valid and lawful owner of the pledged properties under this Contract or an operation and management entity
authorized by the state and the pledged properties are free from ownership or management right disputes. 
 1.2 Party A fully knows the purpose of the
loan for the Borrower under the Master Contract. The rendering of guaranty of pledge by Party A for the Borrower under the Master Contract is of its own accord and all declarations of intention under this Contract are true. 
 1.3 The pledged properties under this Contract can be pledged without any restriction in accordance with law. 
 1.4 Party A has made an adequate and reasonable description of the defects of the pledged properties under this Contract. 
 1.5 No disposal such as mortgage, donation or transfer has been set for the pledged properties under this Contract before this Contract is signed. 
 Article 2 Kind and Amount of Principal Claim Secured 
 2.1 The principal claim secured under this Contract is the loan granted by Party B according to the Master Contract, with an amount of RMB sixty million. 
 Article 3 Time Limit for the Borrower under the Master Contract to Perform its Debts 
 3.1 The time limit for the
Borrower under the Master Contract to perform its debts is from February 7, 2007 to February 6, 2008. Any change, if any, is subject to the Mater Contract. 

 Article 4 Scope of Guaranty of Pledge 
 4.1 The scope of Party A’s guaranty of pledge includes: all the principals, interest, penalty interest, compound interest, liquidated damages, compensation, custody
expenses, expenses from realization of right of pledge and all other expenses payable of the loan under the Master Contract. 
 Article 5
Pledged Properties 
 5.1 The information on the pledged properties is set forth in the List of Pledged Properties. 
 5.2 The provision on the value of the pledged properties in the List of Pledged Properties is not used as the valuation basis for the disposal of the pledged
properties by Party B and does not constitute any limitation on Party B’s exercise of its right of pledge. 
 Article 6 Handover
of Pledged Properties 
 6.1 The pledged properties under this Contract shall be delivered to Party B before February 5, 2007 and Party A shall pay
a lump-sum custody fee to Party B at a (daily, monthly or annual) rate of RMB             . Party B shall inspect and accept the pledged properties according to Article 5.1 hereof
and issue the pledge receipt to Party A. 
 6.2 The ownership certificate, invoice and other relevant materials of the pledged properties under this
Contract will be kept by Party B after being confirmed and sealed by Party A and Party B. 
 6.3 When the Borrower under the Master Contract performs its
debts upon expiry of debt performance term or Party A liquidates the claim secured in advance, Party B shall timely return the pledged properties to Party A. 
 Article 7 Realization of Right of Pledge 
 7.1 Where debts are not repaid when principal debt performance term
expires or Party B declares that debts are due in advance, Party B is entitled to, through negotiations with Party A, convert the pledged properties into money to cover the outstanding debts of the Borrower under the Master Contract, or auction or
sell the pledged properties and be first compensated with the proceeds from such disposal. 
 7.2 When Party B disposes of the pledged properties according
to the provisions of this Contract, Party A shall render its coordination and not set any barrier. 
 Article 8 Custody and Depositing

 8.1 If Party B is not able to put the pledged properties under good custody, thus resulting in the loss of or damage to the pledged
properties, Party A may request Party B to place the pledged properties in escrow, with expenses to be borne by Party A. 

 8.2 If it is possible that the pledged properties provided by Party A is to be damaged or devaluated
considerably, to the extent to jeopardize Party B’s rights, and Party A refuses to provide a corresponding guaranty, Party B is entitled to auction or sell the pledged properties to realize all the claims secured under the Master Contract with
the proceeds from such disposal in advance, or have the proceeds deposited with a third party as agreed upon by both parties, with the depositing expenses to be borne by Party A. 
 Article 9 Insurance 
 9.1 Within 15 days after this Contract is signed, Party A shall cover the
basic insurance and additional theft insurance of property insurance of the pledged properties with relevant insurance institution. The term of insurance shall not be shorter than the expiry date of the principal debts and the amount of insurance
shall not be lower than the principal and interest of the loan under the Master Contract. 
 9.2 Party A shall expressly indicate in the insurance policy:
when an insured accident occurs, Party B shall be the first beneficiary. The insurance policy shall not contain clauses limiting Party B’s rights and interests. 
 9.3 Within the valid term of this Contract, Party A shall not interrupt or withdraw insurance for whatever reason. In case of insurance interruption, Party B is entitled to cover insurance on behalf of Party A,
with any and all expenses arising therefrom to be borne by Party A. 
 9.4 Once an insured accident occurs to the pledged properties within the valid
term of this Contract, the insurance benefit shall be deposited into the account designated by Party B so as to guarantee the performance of principal claims. 
 Article 10 Party A’s Rights and Obligations 
 10.1 Should any of the following situations occur with Party A,
Party A shall give a written notice to Party B: 
 10.1.1 Party A’s operation mechanism changes, e.g. contracting, lease, pooling, merger, division,
joint-stock reorganization or establishment of an equity joint venture or a contractual joint venture with foreign party; 
 10.1.2 Party A’s business
scope, registered capital or equity changes; 
 10.1.3 Party A is involved in any significant economic dispute; 
 10.1.4 An ownership dispute occurs to the pledged properties; 
 10.1.5 Party
A goes bankrupt, is wound up or dissolved or its business is stopped for internal rectification or its business license is revoked; 
 10.1.6 Party A’s
domicile, telephone number, legal representative, etc. change. 
 10.2 In case the situations as set forth in Articles 10.1.1 and 10.1.2 occur with Party A,
Party A shall inform Party B no later than 30 days in advance; in case the other situations in Article 10.1 hereof occur with Party A, Party A shall inform Party B within 5 days thereafter. 

 10.3 Within the valid term of this Contract, Party A shall not donate, transfer or re-mortgage the pledged properties
under this Contract. 
 10.4 Party A shall bear the relevant expenses under this Contract, including but not limited to expenses for lawyer’s
service, property insurance, appraisal, valuation, registration, transfer, custody and litigation. 
 10.5 The insurance benefit from the damage to or loss
of the pledged properties shall be deposited into the account designated by Party B so as to guarantee the performance of principal claims. 
 10.6 Where the
pledged properties cause damages to Party B or any third person for the reasons of any party other than Party B, Party A shall be liable for compensation. 
 10.7 When Party B’s right of pledge is infringed upon or likely to be infringed upon by any third party, Party A is obligated to inform Party B and indemnify Party B from and against such infringement. 
 10.8 Where Party B and the Borrower under the Master Contract agree to change the Master Contract, Party A’s consent may not be obtained, unless the change
involves the extension of time limit or increase the amount of the loan. Party A still undertakes the guaranty responsibility within the scope of guaranty as set forth in this Contract. 
 10.9 After this Contract becomes effective, where Party B transfers the principal claim to any third person in accordance with law, Party A still undertakes the
guaranty responsibility within the original scope of guaranty of pledge. 
 10.10 After the Borrower under the Master Contract pays up all its debts
under the Master Contract, Party A will not undertake the guaranty responsibility. 
 Article 11 Party B’s Rights and Obligations

 11.1 Should any of the following situations occur, Party B is entitled to dispose of the pledged properties in advance and be first compensated with
the proceeds resulting therefrom: 
 11.1.1 The Master Contract is terminated according to its provisions or the stipulations of laws; 
 11.1.2 The loan is recalled in advance on the basis of the other circumstances as specified in the Master Contract. The claim under the Master Contract fails to be
realized or fully realized. 
 11.2 Party B is entitled to request Party A to assist in avoiding right of pledge from being infringed upon by any third
party. 
 11.3 Party B is entitled to obtain the fruits from the pledged properties. 
 11.4 Party B is obliged to put the pledged properties under good custody. 
 11.5 Within the valid term of this
Contract, when Party B transfers the principal claim in accordance with law, it shall inform Party A in time. 

 11.6 After the proceeds from disposal of the pledged properties under this Contract are used to compensate all debts
within the scope of guaranty of pledge under this Contract, the remaining portion, if any, shall be refunded to Party A. 
 Article 12
Defaulting Liability 
 12.1 Where Party A makes false representations and warranties in Article 1 hereof, thus causing losses to Party B, Party A shall
make compensations to Party B. 
 12.2 After this Contract becomes effective, Party A and Party B shall fully perform the obligations under this Contract.
Should either party not perform all or part of the obligations under this Contract, it shall bear the corresponding defaulting liability and compensate the losses thus incurred to the other party. 
 12.3 Where Party A’s fault invalidates this Contract, Party A shall compensate all losses of Party B within the scope of guaranty of pledge. 
 Article 13 Effectiveness, Change, Termination and Expiry of the Contract 
 13.1 This Contract is formed after it is signed and sealed by Party A and Party B and becomes effective when the pledged properties are handed over to Party B. 
 13.2 The valid term of this Contract: from the effective date of this Contract until all principals, interest, penalty interest, compound interest, liquidated damages,
compensation, expenses from realization of claim and all other expenses payable of the loan under the Master Contract are paid up. 
 13.3 This Contract
is independent of the Master Contract and shall not be invalidated due to the invalidation of the Master Contract. Should the Master Contract be null and void, Party A shall still bear its responsibility for guaranty of pledge under this
Contract. 
 13.4 After this Contract becomes effective, neither party shall change or terminate this Contract. If change or termination is indeed
required, both parties shall reach a written agreement through negotiations. This Contract shall remain valid before such written agreement is reached. 
 Article 14 Settlement of Disputes 
 14.1 Any dispute arising from or out of the performance of this Contract shall
first be settled by Party A and Party B through negotiations. In case no settlement can be reached, such dispute shall be settled through the way as set forth in Item 14.1.2 below. 
 14.1.1 Submit the dispute to              for arbitration; 
 14.1.2 Bring a lawsuit with the court where Party B is domiciled. 
 Article 15 Other Provisions 
 15.1                     . 
 15.2                     . 
 15.3                     . 

 Article 16 Annexes 
 16.1 The annexes attached hereto are an integral part of this Contract and have the same legal effect as this Contract. 
 16.2 The annexes to this Contract include: 
 Annex 1: List of Pledged Properties 
 Annex 2: 
 Article 17 Supplementary Provisions 
 17.1 This Contract is executed in two originals, with each party hereto holding one original. Two originals have the same legal effect. 
  

							
	 Party A (seal): CEEG (Nanjing) PV-Tech Co., Ltd.
	 	Party B (seal): Huaqiao Road Branch, Nanjing Commercial Bank
				
	 Legal representative (or proxy):
	 	 Lu Tingxiu (Seal)
	 	Legal representative (or proxy):	 	 /s/ Ren Pei

				
	 Date: February 5, 2007
	 		 	Date: February 5, 2007

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