Document:

Unassociated Document

    Guarantee
006

     

    Guarantee
Contract

     

    China
Construction Bank

     

    Zhejiang
Branch

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Contract
No.: 647200923020100381

     

    Guarantor
(Party A): Xu Ke
Cheng              Identity
Card no. 330522196208244514

     

    Domicile:
Changxing           
 Zip Code: 313100

     

    Tel.:

     

    Lender
(Party B): China Construction Bank Corporation Longxing Sub-branch

     

    Domicile:
No. 18,       
 Street,      
Township, Longxing              
  Zip Code: 313100

     

    Person in
Charge: WANG Wei

     

    Facsimile:       
                                          
          Tel.:
6024028

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    In order
to guarantee the fulfillment of Bank Acceptance Agreement, No.
64720092302010038, (“Master Contract) of Changxing Chisen Electric co., Ltd
(hereinafter referred as Borrower). In order to protect the realization of
Lender’s right of Lender, the Guarantor is willing to provide guarantee to
Lender. Both Parties hereby agree as follows through negotiations on the basis
of equality.

     

    Article 1 Scope of
Guarantee                                                                

     

    1. The
scope of guarantee hereof is:

     

    1.1 All
liabilities of the debt. Including but not limited to principle, the interest
(including the compound interest and penalty interest), liquidated damage,
damages, other amount that Borrower shall pay to Party B (including but not
limited to the related handling charge, communication fee, miscellaneous fees
and the related bank fees that the foreign beneficiary under refuses to
undertake), any and all the fees incurred to Party B arising from the
realization of Lender’s right and guarantee right (including but not limited to
litigation fees, arbitration fees, fees for preservation of properties,
travelling expenses, enforcement fees, appraisal fees, auction fees, public
notarization fees, service fees, public announcement fees and attorney’s
fees).

     

    Article 2 Method of
Guarantee

     

    The
guarantee provided by Party A hereunder shall be the guarantee with several and
joint liability.

     

    Article 3 Term of
Guarantee

     

    The Term
of Guarantee hereunder shall be two years as from the effectiveness date of this
Contract until the expiration date of the term for fulfilling the debt under the
Master Contract. Where the term of the debt is extended, subject to the consent
of Guarantor, the Term of Guarantee shall last for the two years as from the
expiration date of the term for fulfilling the debt as stipulated in the
extension agreement. Provided that Party B announces to advance the maturity of
the debt pursuant to the Master Contract, the Term of Guarantee shall last for
the two years as from the date of the earlier maturity of the debt announced by
Party B. In the event that the debt under the Master Contract is fulfilled on
installments, then with respect to each debt, the Term of Guarantee shall be two
years as from the expiration date of the term for fulfilling the last
debt.

     

    Article 4 Independence of the
Guarantee Contract

     

    The
validity of this Contract is independent from the Master Contract. Failure of
the Master Contract to be established or effective or invalidity, partial
invalidity or revocation or rescission thereof shall not affect the
effectiveness of this Contract. If the Master Contract is determined as not
established or effective, invalid or partially invalid, or revoked or rescinded,
Party A shall be jointly and severally liable for the debts arising from
Borrower returning the property or compensating the losses.

     

    Article 5 Amendment of the
Master Contract

     

    1 If
party B and borrower agreed to amend the main agreement terms (including but not
limited to payment method, loan account no., repayment account no., loan plan,
repayment loan, value date, interest settlement date), Party A shall still
undertake guarantee liabilities

    

    2 The
guarantee liabilities of Party A shall not be mitigated due to any one of the
following events:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (1)   Restructuring,
consolidation, merger, division, increase or decrease of the registered capital,
joint venture, joint operation, change of the name of Party B or
Borrower;

     

    (2)   Party
B entrusts a third party to fulfill its obligations under the Master
Contract.

     

    3. Where
the Lender’s rights under the Master Contract are transferred, the guarantee
hereunder shall be transferred therewith.

    

    Article 6 Responsibility of
Guarantee

     

    
      	
              1.

            	
              If
      the debts under the Master Contract matures or Party B announces the debts
      to be mature in advance pursuant to the provisions of the Master Contract
      or the law, where Borrower fails to fully repay the debts on time or
      Borrower violates other provisions of the Master Contract, Party A shall
      immediately undertake the guarantee liability within the Scope of
      Guarantee. Notwithstanding the foregoing, without the prior consent of
      Party A, where Party B and Borrower agree to extend the term for
      fulfilling the debt or increase the principal of the Lender’s right, Party
      A shall only be jointly and severally liable, pursuant to this Contract,
      for the debt under the Master Contract that has not been
      changed.

            

    

     

    
      	
              2.

            	
              No
      matter whether Party B has other guarantee for the debts under the Master
      Contract (including but not limited to such guarantee modes: guarantee,
      mortgage, pledge, letter of guarantee or standby letter of credit), no
      matter when it is established, whether it is valid, whether Party B files
      a claim against other guarantors, whether a third party agrees to
      undertake the whole or partial debts under the Master Contract, or whether
      other guarantee is provided by Borrower itself, the guarantee liability of
      Party A hereunder shall not be mitigated or exempted, Party B may directly
      require Party A to undertake the guarantee liability within its scope of
      guarantee as stipulated herein and Party A shall not raise any
      objection.

            

    

     

    
      	
              3.

            	
              In
      the event that Party A only provides the guarantee for the partial debt
      under the Master Contract, Party A agrees that, even if the debt under the
      Master Contract is partially discharged due to the settlement of Borrower,
      Party B’s fulfillment of other guarantee right or for any other reason,
      Party A shall still undertake the guarantee liability for the debt that is
      not discharged within the scope of the guarantee pursuant to this
      Contract.

            

    

     

    
      	
              4.

            	
              Provided
      that Party A only provides the guarantee for the partial debt under the
      Master Contract, and the debt under the Master Contract fails to be fully
      settled after Party A undertakes the guarantee liability, Party A
      undertakes that, its claims to the right of subrogation or the right to
      seek compensation (including the advance exercise) against other borrower
      or guarantor shall not cause any harm to the interest of Party B and
      agrees that the settlement of the debts under the Master Contract is
      superior to the fulfillment of Party A’s right of subrogation or the right
      to seek compensation.

            

    

     

    To be
more specific, prior to the full settlement of Party B’s Lender’s
rights:

     

    (1) Party
A agrees not to claim for the right of subrogation or the right to seek
compensation against other borrower or guarantor; if for any reason whatsoever,
Party A fulfils the above rights, the amount it obtains shall be first used to
settle the outstanding Lender’s right of Party B;

     

    (2)
Provided that the debts under the Master Contract has a security for things,
Party A agrees not to file any claim for the security thing or the amount
obtained from the disposal thereof, which shall be first used to settle the
outstanding Lender’s right of Party B;

     

    (3)
Provided that Borrower or other guarantor provides counter-guarantee for Party
A, the amount that Party A obtains based on the above counter-guarantee shall be
first used to settle the outstanding Lender’s right of Party B.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              Party
      A has been fully aware of the interest rate risks. Provided that Party B
      adjusts the interest rate level, the method of calculating or settling the
      interests pursuant to the provisions of the Master Contract or the change
      to the interest policy of the State, which results in the increase of the
      interest, penalty interest or compound interest that Borrower shall repay,
      Party A shall be jointly and severally liable for the increased part.

            

    

     

    
      Article 7 Other Obligations of
Party A

    

     

    
      	
              1.

            	
              Party
      A shall supervise the use of the loan by Borrower (including the
      purposes)

            

    

     

    
      	
              2.

            	
              Party
      A shall provide information regarding the personal financial status and
      credit information to Party B according to the request of Party B and
      ensure its accuracy, authenticity, integrity and validity thereof. Without
      the written consent of Party B, Party A shall not provide guarantee for a
      third party that is beyond its
capacity

            

    

     

    
      	
              3.

            	
              The
      occurrence of change of nationality, change of address, change of marriage
      situation, suffer major diseases, suffer administrative or criminal
      penalties, involve in significant civil law disputes, financial
      deterioration, unable to perform the normal duties, or losing or probably
      losing the guarantee capacity for any reason, Party A shall immediately
      inform Party B in writing and carry out the undertaking, transfer or
      commitment of the guarantee liability hereunder or provide a new guarantee
      for the performance of the Master Contract to be acknowledged by Party
      B.

            

    

     

    
      	
              4.

            	
              As
      the major shareholder or the actual controlling party, Party A should
      notify Party B if its enterprise exercise merger, splitting of entity,
      change of shareholders, increase of registered capital, joint venture or
      associating operating.

            

    

     

    Article 8
Miscellaneous

     

    2. Use of
Party A’s Information

     

    Party A
agrees Party B to inquire about the credit status of Party A in the credit
database established under the approval of the People’s Bank of China or credit
competent authority or inquire the related entity or department and agrees Party
B to provide Party A’s information to the credit database established under the
approval of the People’s Bank of China or credit authority.

     

    3. Public
Announcement and Collection

     

    With
respect to the defaults of Party A, Party B shall be entitled to notify the
related department or entity and to make public announcements for collection
through the news media.

     

    4.
Evidence of Party A’s Records

     

    Unless
there is reliable and definite evidence to the contrary, the internal accounting
records of Party B regarding the principal, interest, fees and re-payment
records, documents, voucher prepared or kept by Party B that are generated
during such business procedures as withdrawal, re-payment, interest payment that
Borrower goes through and the records and vouchers of the loan-collection by
Party B shall all constitute the definite evidence to prove the Lender’s right
relationship under the Master Agreement. Party A shall not raise any objection
only on the ground that the aforesaid records, accounts, documents and vouchers
are unilaterally prepared or kept by Party B.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
Reservations of Rights

    Party B’s
rights hereunder shall not affect and exclude any other rights it shall be
entitled to pursuant to the laws, regulations and other contracts. Any
tolerance, grace for any default or delay, or preference or suspension in
exercising any right hereunder shall not be deemed as a waiver of the rights and
interests hereunder or permission or approval of any breaches, nor shall it
affect, prevent or obstruct continuous exercise of such right or any other right
or result in Party B’s assumption of obligations and responsibilities to Party
A.

     

    In the
event that Party B fails to or delays in exercising any right under the Master
Contract or fails to exhaust any remedy under the Master Contract, the guarantee
responsibility of Party A hereunder shall not be mitigated or exempted. However,
provided that Party B exempts the debts under the Master Contract, the guarantee
responsibility of Party A hereunder shall be mitigated or exempted
accordingly.

     

    6.
Dissolution or Bankruptcy of Borrower

     

    Where
Party A obtain the information that Borrower enters into dissolution or
bankruptcy procedure, Party A shall inform Party B to file claims. In the
meantime, it shall take part in the dissolution or bankruptcy procedure promptly
and exercise the right to recourse first. Provided that Party A knows or should
know Borrower enters into dissolution or bankruptcy procedures but fails to
first exercise the right to recourse promptly, the losses thereof shall be
solely undertaken by Party A.

     

    Notwithstanding
the provisions in the second sub-paragraph of the fifth paragraph of this
clause, during the bankruptcy procedure of Borrower, in the event that Party B
enters into a reconciliation agreement with Borrower or agrees to the
re-construction plan, Party B’s rights hereunder shall not be damaged due to the
reconciliation agreement or re-construction plan and the guarantee
responsibility of Party A shall not be mitigated or exempted. Party A shall not
use the conditions as stipulated in the reconciliation agreement or
reconstruction plan to oppose the rights and claims of Party B. With respect to
the part of the Lender’s rights that Party B makes compromises to Borrower in
the reconciliation agreement or the re-construction plan and hence is not
settled, Party B shall still be entitled to request Party A to continuously
settle.

     

    7. Where
there is a change to the correspondence address or contact of Party A, Party A
shall immediately notify Party B. Any losses arising from failure to notify
Party B promptly shall be solely undertaken by Party A.

     

    8.
Settlement of Disputes

     

    Any
dispute arising from the performance of this Contract may be settled through
negotiations, failing which, it shall be settled in the 1st way as
follows.

     

    (1)   Bring
a lawsuit before the people’s court at Party B’s location.

     

    (2)   Submit
to intentionally left
blank Arbitration Commission (the place of arbitration is intentionally left
blank) for arbitration in accordance with rules in effect at the time of
applying for arbitration. The arbitration award shall be final and binding upon
both parties.

     

    During
the litigation or arbitration, the provisions of this Contract that are not in
dispute shall continue to be implemented.

     

    9.
Conditions for the Effectiveness of this Contract

     

    The
Contract shall come into force as soon as being signed or sealed by Party A or
Party’s authorized proxy and Party B’s principal or authorized
agent.

     

    10. This
Contract is in bipartite.

     

    11. Other
Provisions (Remain Blank)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article 9 Representation and
Warranty of Party A

     

    1. Party
A clearly knows the business scope and scope of authorization of Party
B.

     

    2. Party
A has already read all the clauses of this contract and the Master Contract.
Upon Party A’s request, Party B has already explained the clauses of this
Contract and the Master Contract. Party A is completely aware of and fully
understands the meaning and the corresponding legal consequences of the clauses
of this Contract and the Master Contract.

     

    3. Party
A has the legal qualification to be Guarantor.

     

    4. Party
A acknowledges that it fully understands the conditions of Borrower’s assets,
debts, operation, credit and credibility, whether Borrower has the subject
qualification and authority to sign the Master Contract and all the contents of
the Master Contract.

     

    Party A
or Authorized Proxy (Signature):Xu Kecheng and Zho Fangqin      
Nov 10, 2010

     

    Party B
(Company’s seal):

     

    Person in
Charge or Authorized Agent (Signature):                          
Nov 10, 2010Unassociated Document

     

    Contract
of Guarantee

     

    Contract
No.: [     ]

     

    Guarantor
(Party A): Xu Ke Cheng

     

    Domicile:
Changxing         
 Zip Code: 313100

     

    Identification
Number: 330522196208244514

     

    Tel.:
[05726320688]                                                                                 
 Facsimile: [05726011036]

     

    Lender
(Party B): CITIC Trust Co., Ltd.

     

    Domicile:
13/F Jingcheng Plaza Xinyuan South Road 6, Chaoyang Dist.,
Beijing   Zip Code: 100004

     

    Legal
Representative: JU Weimin

     

    Opening
Financial Institution: [Zhejiang Branch, Bank of China]

     

    Bank
Account No.: [800139424008027001]

     

    Tel.:
[010-84861065]                                                                                  Facsimile:
[010-84861856]

     

    In order
to ensure the performance of the Trust Loan Contract entered into by and between
[Changxing Chisen Electric Co., Ltd.] (hereinafter “Borrower”) and Party B with
the number [P2009M17ZJZH00012F14-0081-1, P2009M17ZJZH00012F14-0081-2]
(hereinafter the “Master Contract”) and guarantee the fulfillment of the
Lender’s right of Party B, Party A is willing to provide guarantee for the debts
of Borrower under the Master Contract. Party A and Party B hereby agree as
follows through negotiations for mutual compliance.

     

    Article
1 Basics of the Principal Lender’s Rights

     

    The
guaranteed lender right are all the lender right in Trust Loan Contract number
[P2009M17ZJZH00012F14-0081-1, P2009M17ZJZH00012F14-0081-2]

     

    Article
2 Scope of Guarantee

     

    The scope
of guarantee herein is [all the debts under the Master Contract, including, but
not limited to, all the principal, the interest (including the compound interest
and penalty interest), liquidated damage, damages, other amount that Borrower
shall pay to Party B (including, but not limited to, the related handling
charge, communication fee, miscellaneous fees, etc.), the fees incurred to Party
B arising from the fulfillment of the Lender’s right and guarantee right
(including, but not limited to, litigation fees, arbitration fees, fees for
preservation of properties, travelling expenses, enforcement fees, appraisal
fees, auction fees, public notarization fees, service fees, public announcement
fees and attorney’s fees).

     

    Article3
Modes of Guarantee

     

    The
guarantee provided by Party A hereunder shall be a guarantee with the joint and
several liabilities.

     

    Article
4 Term of Guarantee

     

    The Term
of Guarantee hereunder shall be two years as from the effectiveness date of this
Contract until the expiration date of the term for fulfilling the debt under the
Master Contract. Where the term of the debt is extended, subject to the consent
of Guarantor, the Term of Guarantee shall last for the two years as from the
expiration date of the term for fulfilling the debt as stipulated in the
extension agreement. Provided that Party B announces to advance the maturity of
the debt pursuant to the Master Contract, the Term of Guarantee shall last for
the two years as from the date of the earlier maturity of the debt announced by
Party B. In the event that the debt under the Master Contract is fulfilled on
installments, then with respect to each debt, the Term of Guarantee shall be two
years as from the expiration date of the term for fulfilling the last
debt.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Article
5 Independence of the Guarantee Contract

     

    The
validity of this Contract is independent from the Master Contract. Failure of
the Master Contract to be established or effective or invalidity, partial
invalidity or revocation or rescission thereof shall not affect the
effectiveness of this Contract. If the Master Contract is determined as not
established or effective, invalid or partially invalid, or revoked or rescinded,
Party A shall be jointly and severally liable for the debts arising from
Borrower returning the property or compensating the losses.

     

    Provided
that any clause hereof or part of the contents thereof becomes or will become
invalid, such invalid clause or part shall not affect the validity of this
Contract, other clauses hereof or other contents of this clause.

     

    Article
6 Change of the Master Contract

     

    6.1 If
Party B and the Borrower agree to modify the clauses of the Master Contract
(including but not limited to the change to the currency of repayment, repayment
method, loan bank account number, repayment bank account number, plan of using
the loan, date of commencing the interest, date of ending the interest, change
to the starting date and the ending date of the debt fulfillment term without
extending the term for fulfilling the debt), Party A agrees to hold a joint and
several liability for the changed debt under the Master Contract, without
separate consent of Party A.

     

    Notwithstanding
the foregoing, without the prior consent of Party A, where Party B and Borrower
agree to extend the term for fulfilling the debt or increase the principal of
the Lender’s right, Party A shall only be jointly and severally liable, pursuant
to this Contract, for the debt under the Master Contract that has not been
changed.

     

    6.2 The
guarantee liabilities of Party A shall not be mitigated or exempted due to any
one of the following events:

     

    (1) 
Restructuring, consolidation, merger, division, increase or decrease of the
registered capital, joint venture, joint operation, change of the name of Party
B or Borrower;

     

    (2) 
Party B entrusts a third party to fulfill its obligations under the Master
Contract.

     

    6.3 Where
the transfer of Lender’s rights or debts under the Master Contract is
ineffective, invalid, revoked or rescinded, Party A shall still undertake a
joint and several guarantee liability to Party B as specified
herein.

     

    6.4 Where
Party A fully transfers the debts under the Master Contract to a third party, it
shall inform Party A in writing immediately when the Lender’s right transfer
contract is entered into.

     

    Article
7 Responsibility of Guarantee

     

    7.1 If
the debts under the Master Contract matures or Party B announces the debts to be
mature in advance pursuant to the provisions of the Master Contract or the law,
where Borrower fails to fully repay the debts on time or Borrower violates other
provisions of the Master Contract, Party A shall immediately undertake the
guarantee liability within the Scope of Guarantee.

     

    7.2 No
matter whether Party B has other guarantee for the debts under the Master
Contract (including but not limited to such guarantee modes: guarantee,
mortgage, pledge, letter of guarantee or standby letter of credit), no matter
when it is established, whether it is valid, whether Party B files a claim
against other guarantors, whether a third party agrees to undertake the whole or
partial debts under the Master Contract, or whether other guarantee is provided
by Borrower itself, the guarantee liability of Party A hereunder shall not be
mitigated or exempted, Party B may directly require Party A to undertake the
guarantee liability within its scope of guarantee as stipulated herein and Party
A shall not raise any objection.

     

    7.3 In
the event that Party A only provides the guarantee for the partial debt under
the Master Contract, Party A agrees that, even if the debt under the Master
Contract is partially discharged due to the settlement of Borrower, Party B’s
fulfillment of other guarantee right or for any other reason, Party A shall
still undertake the guarantee liability for the debt that is not discharged
within the scope of the guarantee pursuant to this Contract.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.4
Provided that Party A only provides the guarantee for the partial debt under the
Master Contract, and the debt under the Master Contract fails to be fully
settled after Party A undertakes the guarantee liability, Party A undertakes
that, its claims to the right of subrogation or the right to seek compensation
(including the advance exercise) against other borrower or guarantor shall not
cause any harm to the interest of Party B and agrees that the settlement of the
debts under the Master Contract is superior to the fulfillment of Party A’s
right of subrogation or the right to seek compensation.

     

    To be
more specific, prior to the full settlement of Party B’s Lender’s
rights:

     

    (1) Party
A agrees not to claim for the right of subrogation or the right to seek
compensation against other borrower or guarantor; if for any reason whatsoever,
Party A fulfils the above rights, the amount it obtains shall be first used to
settle the outstanding Lender’s right of Party B;

     

    (2)
Provided that the debts under the Master Contract has a security for things,
Party A agrees not to file any claim for the security thing or the amount
obtained from the disposal thereof, which shall be first used to settle the
outstanding Lender’s right of Party B;

     

    (3)
Provided that Borrower or other guarantor provides counter-guarantee for Party
A, the amount that Party A obtains based on the above counter-guarantee shall be
first used to settle the outstanding Lender’s right of Party B.

     

    7.5 Party
A has been fully aware of the interest rate risks. Provided that Party B adjusts
the interest rate level, the method of calculating or settling the interests
pursuant to the provisions of the Master Contract or the change to the interest
policy of the State, which results in the increase of the interest, penalty
interest or compound interest that Borrower shall repay, Party A shall be
jointly and severally liable for the increased part.

     

    Article
8 Other Obligations of Party A

     

    8.1 Party
A shall supervise the use of the loan by Borrower (including the purposes), and
accept the supervision of Party B on the capital, property and operation status
of Party A, provide such information, documents and materials as the financial
statements according to the request of Party B and ensure its accuracy,
authenticity, integrity and validity thereof. Without the written consent of
Party B, Party A shall not provide guarantee for a third party that is beyond
its capacity;

     

    8.2 The
occurrence of change of nationality, change of address, change of marriage
situation, suffer major diseases, suffer administrative or criminal penalties,
involve in significant civil law disputes, financial deterioration, unable to
perform the normal duties, or losing or probably losing the guarantee capacity
for any reason, Party A shall immediately inform Party B in writing and carry
out the undertaking, transfer or commitment of the guarantee liability hereunder
or provide a new guarantee for the performance of the Master Contract to be
acknowledged by Party B.

     

    8.3 Party
A should provide legal document that can prove its identity to party B. If there
is any change for those documents, it should provide written notification and
changed documents to party B after the change.

     

    8.4 For
the company which party A act as a holding share holder or actual controller;
when having merge, discrete, change of share holding, change of capital, joint
venture or co-operate certain situation; party A should notify party B in
time.

     

    8.5
Within the term of this Contract, in the event that Party A provides any other
form of guarantee for a third party, it shall not damage the interest of Party
B; without the written consent of Party B, Party A shall not provided a
guarantee to a third party beyond its capacity.

     

    Article
9 Representation and Warranty of Party A

     

    Party A
makes the following representation and warranty to Party B:

     

    9.1.
Guarantor has the full civil legal capacity and civil conduct capacity; Party A
fulfil to sign and carry out  the obligation under legal,
administration rules and regulation.

     

    9.2 Party
A acknowledges that it is fully aware of the status of Borrower’s assets, debts,
operation, credit and credibility.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.3. Any
and all the documents and materials provided by Guarantor A to Lender are
accurate, authentic, complete and valid;

     

    9.4 Apart
from the circumstances disclosed to Party B in writing, Party A fails to conceal
any event, already happened or bound to happen, that may result in the obvious
deterioration or loss of the guarantee capacity.

     

    9.5 No
matter whether Party A has already or will enter into a counter-guarantee
agreement or an agreement alike with the Borrower under the Master Contract or
other guarantee, such agreement will not damage, by law or in fact, any right
and interest of Party B under this Contract.

     

    9.6 Party
A agrees Party B to inquire about the credit status of Party A in the credit
database established under the approval of the People’s Bank of China or credit
competent authority or inquire the related entity or department and agrees Party
B to provide Party A’s information to the credit database established under the
approval of the People’s Bank of China or credit competent authority. Party A
further agrees that Party B may reasonably use or disclose Party A’s information
as required for the business needs.

     

    9.7 With
respect to the defaults of Party A, Party B shall be entitled to notify the
related department or entity and to make public announcements for collection
through the news media.

     

    9.8 Party
A has fully understood and agreed to all the clauses of the Master Contract and
is voluntarily willing to provide the guarantee for the Borrower of the Master
Contract and the meaning thereof under this Contract is true.

     

    Article
10 Liability for Breach of Contract

     

    10.1 In
the event that Party A violates any provision of this Contract or any statutory
obligation, or states, expressly or by its activities, that it fails to perform
any obligation hereunder, or any representation or warranty in Article 9 hereof
is untrue, inaccurate, complete or misleading, Party B may inform Party A to
rectify its breach in writing. In the event that Party A fails to rectify such
breaches within [5] working days as from the date that Party B sends the above
notice, Party A shall be entitled to exercise the following right, together or
separately:

     

    (1) to
require Party A to rectify the breaches within the specified time
limit;

     

    (2) to
require Party A to provide new guarantee;

     

    (3) to
require Party A to compensate the loss;

     

    (4) other
remedies allowable by the law.

     

    Because
Party A’s breach of this Contract results in the economic losses exceeding the
liquidated damages, Party A shall pay the damages to Party B with respect to the
exceeded part.

     

    10.2 If
this Contract is held invalid due to Party A’s fault, Party A shall compensate
all the losses of Party B within the scope of guarantee.

     

    10.3
Within the term of this Contract, in case of any of the following circumstances,
Party B shall be entitled to request Party A to undertake the guarantee
liability or take the corresponding legal measures against Party A, Party A’s
property or the property right of Party A:

     

    (1) Where
the term for fulfilling the debt under the Master Contract expires, or the debt
under the Master Contract matures in advance pursuant to the provisions of the
law and regulation or the Master Contract or as agreed by the parties to the
Master Contract, Party B has not obtained the settlement;

     

    (2) In
the event that a situation as specified in Article 8.2 occurs to Party A, Party
A fails to fulfill the assumption, transfer or success of the guarantee
liability under this Contract pursuant to the request of Party B or fails to
provide a new guarantee for the performance of the Master Contract that is
approved by Party B.

     

    Article
11 Applicable Law and Settlement of Dispute

     

    11.1 This
Contract shall be governed by and construed in accordance with the law of the
People’s Republic of China.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11.2 Any
dispute arising from the performance of this Contract may be settled through
negotiations, failing which, it shall be resolved in the following way: Either
of the Parties may bring a lawsuit before the People’s court at Party B’s
location.

     

    Article
12 Miscellaneous

     

    12.1
Reservations of Rights

     

    Party B’s
rights hereunder shall not affect and exclude any other rights it shall be
entitled to pursuant to the laws, regulations and other contracts. Any
tolerance, grace for any default or delay, or preference or suspension in
exercising any right hereunder shall not be deemed as a waiver of the rights and
interests hereunder or permission or approval of any breaches, nor shall it
affect, prevent or obstruct continuous exercise of such right or any other right
or result in Party B’s assumption of obligations and responsibilities to Party
A.

     

    In the
event that Party B fails to or delays in exercising any right under the Master
Contract or fails to exhaust any remedy under the Master Contract, the guarantee
responsibility of Party A hereunder shall not be mitigated or exempted. However,
provided that Party B exempts the debts under the Master Contract, the guarantee
responsibility of Party A hereunder shall be mitigated or exempted
accordingly.

     

    12.2
Dissolution or Bankruptcy of Borrower

     

    Where
Party A knows that Borrower enters into dissolution or bankruptcy procedure,
Party A shall inform Party B to file claims.

     

    Notwithstanding
the provision of the second paragraph of Article 13.1, during the bankruptcy
procedure of Borrower, in the event that Party B enters into a reconciliation
agreement with Borrower or agrees to the re-construction plan, Party B’s rights
hereunder shall not be damaged due to the reconciliation agreement or
re-construction plan and the guarantee responsibility of Party A shall not be
mitigated or exempted. Party A shall not use the conditions as stipulated in the
reconciliation agreement or reconstruction plan to oppose the rights and claims
of Party B. With respect to the part of the Lender’s rights that Party B makes
compromises to Borrower in the reconciliation agreement or the re-construction
plan and hence is not settled, Party B shall still be entitled to request Party
A to continuously settle.

     

    12.3
Notice

     

    (1)
unless otherwise specified herein, any notice hereunder between the Parties may
be served to the following addresses via [facsimile, mail, express mail or other
means as agreed by the Parties]:

     

     (2)
In case of any change to the correspondence address or contact means of either
of the Parties, it shall promptly inform the other in writing. Any losses caused
by failure to make such notification shall be solely undertaken by the Party
that changes the correspondence address or contact means.

     

    12.4 This
Contract shall come into effective when it is signed/stamped by the legal
representative of both Party A and Party B (person in charge) together with the
company’s seal being affixed onto it.

     

    12.5 With
respect to those uncovered in this Contract, Party A and Party B shall
separately enter into a written agreement as the appendix hereto. Any appendix,
amendment or supplement hereto shall be integral part of this Contract and have
the equal legal binding force to this Contract.

     

    12.6 This
Contract is in quadruplicate, with
each party retain 2 copies, and the remaining shall be used for going through
the related procedures.

     

    12.7
Party A has already read all the clauses of this Contract. Upon Party A’s
request, Party B has already explained the relevant clauses of this Contract.
Party A is completely aware of and fully understands the meaning and the
corresponding legal consequences of the clauses of this Contract.

     

    In case
of any discrepancy between the provision of this clause and those of other
provisions, this clause shall prevail.

     

    (The
remaining of this page is intentionally left blank)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (Signature
page for the Guarantee Contract)

     

    Party
A:   Xu Ke Cheng

     

       
 Xu Ke Cheng(signature)

     

    MM/DD/YY

     

    Party B:
CITIC Trust Co., Ltd. (Company’s seal)

     

    Legal
Representative (or Authorized Agent):        
 

     

       JU
Weimin            
  (signature)

     

    MM/DD/YY

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