Document:

Exhibit 10.21

 

Maximum Guarantee Contract

 

(for natural person guarantor)

 

No.: fj1122019223

 

Guarantor: Liu Yongxu

 

Certificate
No.: ***************

 

Certificate Type: ID card

 

Address: ********************

 

Zip Code: 350001

 

Tel: **********

 

Fax: **********

 

Creditor: Bank of China Limited Fuzhou
Jin’an Sub-branch

 

Legal Representative / Person in Charge:
Li Jiyong

 

Address: Fusheng Qianlong international
annex building 1F-03, No.3 middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou City 

 

Zip Code: 350011

 

Tel: *************

 

Fax: *************

 

In order to guarantee the performance of the debts
under the main contract mentioned in Article 1 of this contract, the guarantor is willing to provide guarantee to the creditor. This contract
is signed by both parties through equal consultation. Unless otherwise agreed in this contract, the interpretation of words in this contract
shall be determined according to the main contract.

 

Article 1 Main Contract

 

The main contract is:

 

The Credit Line Agreement (No. fj1122019222)
signed between the creditor and the debtor Shengfeng Logistics Group Co., Ltd. and the single agreements that have been and will
be signed according to the credit line agreement, as well as its amendments or supplements.

 

     

     

    

 

Article 2 Principal Creditor’s Rights and the
Period of Occurrence

 

Unless otherwise determined or agreed in accordance
with the law, the creditor’s rights actually occur under the main contract within the following periods, as well as the creditor’s rights
already occurred between the debtor and the creditor before the contract takes effect, constitute the main creditor’s rights of the contract:

 

From the effective date of the credit line agreement
mentioned in Article 1 of this contract to the expiration date of the service life of the credit line specified in the agreement and its
amendments or supplements.

 

Article 3 Maximum Amount of Secured Claims

 

1. The maximum principal balance of the creditor’s
rights guaranteed by this contract is:

 

Currency: RMB.

 

Amount: ¥80000000.00.

 

2. On the expiration date defined in Article 2
of this contract, the interest (including legal interest, agreed interest, compound interest and penalty interest), liquidated damages,
damages, expenses for realizing the creditor’s right (including but not limited to litigation expenses, lawyer’s fees, notarization fees,
etc.) incurred on the principal of the principal creditor’s right shall be calculated. The specific amount of the secured claim is determined
when it is paid off.

 

The sum of the amount of creditor’s rights determined
according to the above two terms is the maximum amount of creditor’s rights guaranteed by this contract.

 

Article 4 Guarantee Types

 

The guarantee type of this contract is Item 1
as follows:

 

1. Joint liability guarantee.

 

2. General guarantee.

 

Article 5 The Occurrence of Guarantee Liability

 

If the debtor fails to pay off the debts to the
creditor on any normal repayment date or prepayment date under the main contract, the creditor has the right to require the guarantor
to bear the guarantee liability.

 

    2 

     

    

 

The normal repayment date mentioned in the preceding
paragraph refers to the principal repayment date, interest payment date or the date when the debtor shall pay any money to the creditor
according to the contract. The prepayment date mentioned in the preceding paragraph refers to the prepayment date proposed by the debtor
with the consent of the creditor and the date when the creditor requests the debtor to recover the principal and interest of the creditor’s
right and / or any other money in advance in accordance with the contract.

 

If the principal debt is guaranteed by other things
besides this contract, it will not affect any right of the creditor and the exercise under this contract. The creditor has the right to
determine the order of exercise of each guarantee right. The guarantor shall undertake the guarantee liability according to this contract,
and shall not defend the creditor by the existence of other guarantees and the order of exercise.

 

Article 6 Guarantee Period

 

The guarantee period under this contract shall
be two years from the date of expiration of the main creditor’s right period specified in Article 2 of this contract.

 

During the guarantee period, the creditor has
the right to require the guarantor to undertake the guaranteed liability for all or part of the principal creditor’s rights, in forms
of multiple or single claims.

 

Article 7 Limitation of Action of the Guaranteed
Liability

 

If the principal creditor’s right is not paid
off, in the case of joint and several liability guarantee, if the creditor requires the guarantor to undertake the guaranteed liability
before the expiration of the guarantee period specified in Article 6 of this contract, the guaranteed liability shall be calculated and
the limitation of action shall be applied from the date when the creditor requires the guarantor to undertake the guarantee liability.

 

In the case of general guarantee, if the creditor
brings a lawsuit or applies for arbitration against the debtor before the expiration of the guarantee period specified in Article 6 of
this contract, the guaranteed liability shall be counted and the limitation of action shall apply from the effective date of the judgment
or arbitration award.

 

Article 8 Relationship Between this Contract
and the Main Contract

 

If the main contract includes the credit line
agreement / general agreement on credit business, written consent of the guarantor is required to extend the credit line term / business
cooperation term. Without the guarantor’s consent or refusal, the guarantor shall only undertake the guaranteed liability for the
principal creditor’s rights that occur during the service life of the original credit line / business cooperation period within the maximum
amount of the guaranteed creditor’s rights specified in Article 3 of this contract, and the guarantee period shall still be the original
period.

 

    3 

     

    

 

For the change of other contents or matters in
the credit line agreement / general agreement on credit business, the single agreements, and the single main contract, it is not necessary
to obtain the consent of the guarantor. The guarantor shall still bear the guarantee responsibility for the changed main contract within
the maximum amount of guaranteed creditor’s rights specified in Article 3 of this contract.

 

After the creditor and the guarantor reach an
agreement through consultation, they may change the maximum amount of the secured creditor’s right stipulated in Article 3 of this contract
in writing.

 

Article 9 Declaration and Commitment

 

The guarantor represents and undertakes as follows:

 

1. The guarantor has the capacity of civil rights
required to sign and perform the contract; The guarantor has the financial ability to perform the guarantee responsibilities under the
contract;

 

2. The guarantor fully understands the contents
of the main contract, and the signing and performance of this contract is based on the guarantor’s true intention;

 

3. The execution and performance of this contract
will not violate any contract, agreement or other legal document binding on the guarantor;

 

4. All documents and information provided by the
guarantor to the creditor are accurate, true, complete and effective;

 

5. The guarantor accepts the supervision and inspection
of its financial condition by the creditor, and is willing to provide assistance and cooperation;

 

6. The guarantor has not concealed any major liabilities
from the creditor that have been undertaken as of the date of signing the contract;

 

7. If any circumstance may affect the guarantor’s
financial condition and performance capability, including but not limited to property reduction, transfer, gift, debt bearing, major disease,
etc., or involving in major litigation or arbitration cases, the guarantor shall notify the creditor in time.

 

Article 10 Authorization of Personal Credit
Information

 

Guarantor authorization: in case of the following
circumstances related to the guarantor, the creditor may request the guarantor’s personal credit report through the basic personal credit
information database of the people’s Bank of China.

 

1. To review the personal credit application of
the guarantor;

 

2. To examine and verify the guarantor’s application
for personal guarantee;

 

    4 

     

    

 

3. To conduct post-loan management of personal
credit or personal guarantee under the name of guarantor;

 

4. To inquire about the credit status of the guarantor
as the legal person or as an investor;

 

At the same time, the creditor is authorized to
submit the guarantor’s personal credit information to the basic personal credit information database of the people’s Bank of China.

 

Article 11 Breach of Contract 

 

Any of the following circumstances shall constitute
or be deemed as the guarantor’s breach of this contract:

 

1. Failure to perform the guarantee responsibility
in time as agreed in this contract;

 

2. The statement made in this contract is not
true or violates the commitments made in this contract;

 

3. The events mentioned in article 9.7 of the
contract seriously affect the financial status and performance ability of the guarantor;

 

4. Violation of other provisions on the rights
and obligations of the parties in this contract;

 

5. The guarantor breaches the contract with the
creditor or other institutions of Bank of China Limited.

 

In the event of the guarantor breaching the contract
as mentioned in the preceding paragraph, the creditor has the right to take the following measures respectively or at the same time according
to the specific circumstances:

 

1. Require the guarantor to correct his or her
breach of the contract within a time limit;

 

2. Reduce, suspend or terminate the credit line
to the guarantor in whole or in part;

 

3. Suspend or terminate the business application
of the guarantor for other contracts and loans and trade financing that have not yet been granted or handled in whole or in part;

 

4. Declare all or part of the principal and interest
of the outstanding loan / trade financing funds and other accounts payable of the guarantor under other contracts due immediately;

 

5. Terminate or rescind this contract or other
contracts between the guarantor and the creditor in whole or in part;

 

    5 

     

    

 

6. Ask the guarantor to compensate the creditor
for the loss caused by the breach of contract;

 

7. Deduct the money balance from the account opened
by the guarantor to pay off all or part of the debts to the creditor. The unexpired amount in the account shall be regarded as early maturity.
If the account currency is different from the creditor’s business valuation currency, it shall be converted according to the foreign exchange
rate applicable to the creditor at the time of deduction;

 

8. Other measures regarded necessary by the creditor.

 

Article 12 Rights Reserved

 

If one party fails to exercise part or all of
its rights under this contract, or fails to require the other party to perform or assume part or all of its obligations and liabilities,
it shall not constitute a waiver of such rights or an exemption from such obligations and liabilities.

 

Any tolerance, extension or delay offered from
one party to the other in exercising its rights under this contract shall not affect any rights the first party owns under this contract,
laws and regulations, nor shall it be deemed as a waiver of such rights.

 

Article 13 Change, Modification and Termination
of the Contract

 

This contract can be changed or modified in written
form by both parties through negotiation. Any change or modification shall constitute an integral part of this contract.

 

Unless otherwise stipulated by laws and regulations,
or agreed by both parties, this contract shall not be terminated until all the rights and obligations under it have been fulfilled.

 

Unless otherwise stipulated by laws and regulations
or agreed by both parties, the invalidity of any provision of this contract shall not affect the legal effect of other provisions.

 

Article 14 Application of Law and Dispute Settlement

 

This contract shall be governed by the laws of
the people’s Republic of China.

 

All disputes arising from the performance of this
contract can be settled by both parties through negotiation. If the negotiation fails, both parties agree to adopt the same dispute settlement
method as agreed in the main contract.

 

During the dispute settlement period, if the dispute
does not affect the performance of other terms of the contract, the other terms shall continue to be performed.

 

    6 

     

    

 

Article 15 Appendix

 

The following attachments and other attachments
confirmed by both parties constitute an integral part of this contract and have the same legal effect as this contract.

 

1. Consent letter (if any).

 

Article 16 Other Agreements

 

1. The guarantor shall not transfer any rights
and obligations under this contract to a third party without the creditor’s written consent.

 

2. If the creditor has to entrust other institutions
of Bank of China Limited to perform the rights and obligations under this contract due to business needs, the guarantor shall recognize
it. Other institutions of Bank of China Limited authorized by the creditor have the right to exercise all rights under this contract,
and have the right to bring a lawsuit to the court or submit to the arbitration institution for adjudication on the disputes under this
contract.

 

3. Without affecting other provisions of this
contract, this contract shall be legally binding on both parties and their respective successors and transferees.

 

4. Unless otherwise agreed, both parties shall
designate the place of residence specified in this contract as the contact address, and promise to notify the other party in written form
in time in case of any changes.

 

5. The title and business name in this contract
are only used for the convenience of reference, and shall not be used for the interpretation of the terms and the rights and obligations
of the parties.

 

Article 17 Effectiveness of the Contract

 

This contract shall come into force on the date
when it is signed by the guarantor and the creditor and is stamped with the official seal.

 

This contract is made in triplicate, one for each
party and one for the debtor. All three have the same legal effect.

 

Guarantor: Liu Yongxu

 

May 31, 2019

 

Creditor: Bank of China Limited Fuzhou
Jin’an Sub-branch

 

Authorized signature: Chen Yan

 

May 31, 2019

 

 

7Exhibit 10.22

 

Credit Line Agreement

 

No.fj1122020113

 

Party A: Shengfeng Logistics Group Co.,
Ltd

 

Unified social credit Code: **************

 

Legal Representative / Person in Charge:
Liu Yongxu

 

Address: No.478, Fuxin East Road, Jin’an
District, Fuzhou City Zip Code: 350011

 

Financial Institution and Account Number:
Bank of China Limited Fuzhou Jin’an Sub-branch Business department ***********

 

Tel: ***********                Fax:
***********

 

Party B: Bank of China Limited Fuzhou Jin’an
Sub-branch

 

Legal Representative / Person in Charge:
Chen Yan

 

Address: Fusheng Qianlong international
annex building, 1F No.3, Middle Changle Road, Wangzhuang Street, Jin’an District, Fuzhou City

 

Zip Code: 350011

 

Tel: ***********               Fax: ***********

 

To develop a friendly and mutually beneficial
cooperative relationship, this Agreement is signed by Party A and Party B through equal and genuine consultation.

 

Article 1 Business Scope

 

According to this Agreement, Party B shall provide
credit lines to Party A. Complying with other relevant single agreements, Party A may apply to Party B for circulation, adjustment or
one-time use for short-term loans, overdraft of corporate account, bank acceptance, trade financing, letter of guarantee, capital business
and other credit business (collectively referred to as “single credit business”).

 

The trade financing business mentioned in this
Agreement includes the opening of domestic and international letter of guarantee, import documentary, delivery guarantee, packaged loans,
outward documentary, outward bill discount, buyer’s documentary of domestic letter of credit, seller’s documentary of domestic
letter of credit, negotiation of domestic letter of credit and other international and domestic trade financing business.

 

     

     

    

 

The guarantee business mentioned in this agreement
includes various international and domestic guarantee businesses such as issuing guarantee and standby letter of credit.

 

Article 2 Type and Amount of Credit Lines

 

Party B agrees to provide Party A with the following
credit line:

 

Currency: RMB.

 

Amount:¥100,000,000.00.

 

The specific loan amount is ¥100,000,000.00,
including special loan amount of ¥20,000,000.00 for epidemic prevention and control .

 

Article 3 Use of the Credit Line

 

1. Within the service life of the credit line
agreed in this Agreement, Party A may use the corresponding credit line in the following way (1) within the limit of each single
credit business agreed in this Agreement:

 

(1) Recycling. The specific type is: short-term
working capital loans.

 

(2) One time use. The specific types of quotas
are: ///.

 

If Party A needs to adjust the credit line agreed
in Article 2, Party A shall submit an application to Party B in writing, and Party B shall decide whether to adjust with specific adjustment
method, and notify Party A in writing.

 

2. Credit gained by Party A from Party B before
the effective date of this Agreement in previously valid or similar credit line and single agreements will be deemed as using the credit
in this Agreement.

 

Article 4 Agreements to be Signed for Single
Credit Business

 

If Party A applies to Party B for other single
credit business under this Agreement, Party A shall submit an application form and/or sign the corresponding contract or agreement with
Party B (collectively referred to as the single agreements).

 

Article 5 Term of Use of the Credit Line

 

The term of use of the credit line specified in
Article 2 in this Agreement shall be from the effective date of this Agreement to March 10, 2021.

 

    2 

     

    

 

At the expiration of the credit line, Party B
can continue to provide Party A with a new credit line by both parties signing a supplementary agreement in writing to specify the new
credit line and its term of use. The supplementary agreement constitutes an integral part of this Agreement, and the provisions of this
Agreement shall apply to the matters not agreed in the supplementary agreement. The supplementary agreement has the same legal effect
as this Agreement.

 

The expiration of the credit line does not affect
the legal effect of this Agreement and does not lead to the termination of this agreement. All signed single business agreements under
this Agreement between Party A and Party B shall continue to be valid and all rights and obligations shall be fulfilled.

 

Article 6 Preconditions for Single Credit Business

 

To apply for other single credit business, Party
A must:

 

1. Reserve relevant company documents, bills,
seals, relevant personnel list and signature samples for signing this and the single agreements, and fill in corresponding vouchers;

 

2. Have accounts necessary for single credit business
opened;

 

3. Have guarantee needed in this Agreement and
the single agreements effectively set;

 

4. Meet other preconditions as agreed in the single
agreements;

 

5. Meet other conditions as required by Party
B.

 

Article 7 Guarantee 

 

For liabilities of Party A to Party B occurring
in this Agreement and the single agreements, both parties agree with the following guarantee types:

 

Maximum Guarantee:

 

Liu Yongxu shall provide the maximum amount
guarantee and sign the corresponding contract, No. fj1122020114, which constitutes the main guarantee contract.

 

Maximum Mortgage:

 

Suzhou Shengfeng Logistics Co., Ltd. shall
provide the maximum amount of mortgage and sign the corresponding contract, No. fj1122020115, which constitutes the main guarantee
contract.

 

If Party A or the guarantor has an event that
Party B thinks that an event happened to Party A or the guarantor may affect its performance capability, the guarantee contract becomes
invalid, canceled or terminated, the financial situation of Party A or the guarantor deteriorates, Party A or the guarantor is involved
in a major lawsuit or arbitration case, the guarantor breaches the guarantee contract or other contracts with Party B, or the collateral
is devalued, damaged or lost, Party B has the right to request Party A to provide a new guarantee, as well as the right to replace
the guarantor, etc.

 

    3 

     

    

 

Article 8 Declaration and Commitment

 

Party A declares as follows:

 

1. Party A exists and is legally registered. Party
A has full capacity and civil rights to conduct the signing and performing of this Agreement;

 

2. The signing and performance of this Agreement
and single agreements is based on the true intention of Party A. Party A will not violate any agreement, contract or other legal documents
with its obligations in. Party A has obtained or will obtain all relevant approvals, licenses, records or registration required for signing
and performing this Agreement;

 

3. All documents, financial statements, vouchers
and other information provided by Party A to Party B for this Agreement and the single agreements are true, complete, accurate and valid;

 

4. The transaction background provided by Party
A in the application is true and legal, and no money laundering or other illegal activities are involved;

 

5. Party A has not concealed any events that may
affect the financial status and performance ability of Party A and the guarantor from Party B.

 

Party A promises as follows:

 

1. Party A is going to provide its financial statements
(including but not limited to annual report, quarterly report and monthly report) and other relevant information to Party B on a regular
basis or timely as required by Party B;

 

2. Party A will accept and cooperate with Party
B’s inspection and supervision on the use of the credit line, and on Party A’s related production, operation and financial activities;

 

3. If Party A and the guarantor of this Agreement
sign a counter guarantee contract or a similar contract, the contract will not damage any rights of Party B in this Agreement;

 

4. In case of any circumstances that may affect
the financial status and performance ability of Party A or the guarantor, including but not limited to any form of separation, merger,
joint venture, joint venture with foreign investors, cooperation, contracted operation, reorganization, restructuring, planned listing
and other changes in business methods, reduction of registered capital, transfer of major assets or equity, and assumption of major liabilities,
setting up new guarantee on the collateral, sealing up, dissolution, cancellation, application for bankruptcy, or involving in major litigation
or arbitration cases, Party A shall inform Party B in time;

 

    4 

     

    

 

5. Party A shall submit its environmental and
social risk report to Party B. Party A declares and guarantees to strengthen the environmental and social risk management, and undertakes
to accept the supervision of Party B. Party A’s violation of the above agreement shall constitute or be deemed as an event of default
under this agreement, and Party B may take remedial measures for breach of contract in accordance with this agreement.

 

6. If Party A has plans to increase external financing,
provide external guarantee (including guarantee, mortgage, etc.), or carry out shareholders’ dividends and repay shareholders’ loans,
party A must inform Party B in advance and obtain Party B’s consent, otherwise Party B has the right to request to recover the loan in
advance.

 

7. The purpose of the credit is limited to Party
A’s daily operation, payment of fuel fee, road and bridge fee, combined transportation fee, vehicle maintenance fee, etc. If it is used
to pay for combined transportation fee to Party A’s subsidiaries, the transaction counter parties are limited to the five subsidiaries
in Suzhou, Guangdong, Hangzhou, Xiamen and Hubei and meanwhile, the following requirements shall be implemented:

 

(1) The amount of loans used under related party
transactions shall not exceed 50 million yuan, and the accumulated use shall not exceed 70% of the income of corresponding subsidiaries
in the same period or the same period of last year;

 

(2) When drawing the loan, Party A shall provide
Party B with the combined transport contract signed with the subsidiary, the VAT invoice, and relevant supporting materials for the purpose
of external payment of the subsidiary;

 

(3) When Party A’s subsidiary receives the loan
funds, it shall use the funds on the purpose that was notified to Party B in advance. The purpose is limited to daily operation, payment
of fuel, road and bridge fees, combined transport fees, vehicle maintenance fees, etc. Party A shall provide Party B with the corresponding
payment voucher on the next day;

 

(4) Within 2 months after the loan is granted,
Party A shall provide Party B with the invoice related to the use of the subsidiary’s funds as evidence;

 

8. Party A’s total short-term financing in all
financial institutions shall not exceed 25% of its annual income, otherwise Party B has the right to reduce the credit line.

 

9. Party A agrees Party B to set the financial
constraint indicators as: the asset-liability ratio shall not exceed 40%, the current ratio shall not be less than 1.2, and the current
assets deducting other receivables shall not be less than the current liabilities. If these indicators are triggered, Party A agrees that
Party B controls the credit line within the scope of full mortgage, and further reduces the credit line according to the situation.

 

    5 

     

    

 

10. According to the requirements of Party B,
Party A promises to transfer the funds from the payment collection account to the settlement account opened in Party B each week; Party
A agrees that the business volume of Party A’s settlement account opened in Party B shall be assessed quarterly from three months after
the activation of the credit. If the credit amount and deposit share of the settlement account opened in Party B do not match the credit
share, and if the credit balance exceeds 70% of the credit amount in the previous quarter, Party B has the right to recover the credit
funds or reduce the credit line.

 

11. The payment collected by Party A in Party
B’s settlement account can only be used for daily operating expenses. If it is transferred to other bank’s account with the same name
or related party, and if it makes payment to related party, Party A shall provide Party B with materials to prove the use of funds and
the necessity of payment.

 

12. For matters not mentioned in this Agreement
and the single agreements, Party A agrees to handle them in accordance with relevant regulations and business practices of Party B.

 

Article 9 Disclosure of Related Parties and
Related Transactions within Party A’s Group

 

Term 1 below is agreed by both parties:

 

1. Party A is not a group customer determined
by Party B according to the Guidelines on Risk Management of Group Customer Credit Business of Commercial Banks (hereinafter referred
to as the guidelines).

 

2. Party A belongs to the group customer determined
by Party B according to the guidelines. Party A shall, in accordance with Article 17 of the guidelines, timely report to Party B about
its related party transactions with more than 10% of the net assets, including the related party relationship, transaction items and trading
nature, transaction amount or corresponding proportion, and pricing policy (including transactions with no amount or only symbolic amount).

 

Article 10 The Breach of Contract

 

Any of the following shall constitute or be deemed
as an event of default of Party A under this Agreement and the single agreements:

 

1. Party A fails to perform the payment and discharge
obligations to Party B according to this Agreement and the single agreements;

 

2. Party A fails to use the funds obtained for
the agreed purpose in accordance with this Agreement and the single agreements;

 

3. The statements made by Party A in this agreement
or single agreements are untrue or violate its commitment in this agreement or single agreements;

 

    6 

     

    

 

4. In case of any circumstance specified in Item
4 of paragraph 2 of Article 8 of this agreement, if Party B thinks that it may affect the financial status and performance capability
of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor;

 

5. Party A’s termination of business, or dissolution,
cancellation and bankruptcy;

 

6. Party A violates other provisions on the rights
and obligations of the parties in this Agreement and the single agreements;

 

7. Party A breaches any other contract with Party
B or other institutions of Bank of China Limited;

 

8. The guarantor violates the provisions of the
guarantee contract, or defaults under other contracts with Party B or other institutions of Bank of China Limited.

 

In the event of breach of contract as mentioned
in the preceding paragraph, Party B has the right to take the following measures respectively or simultaneously according to the specific
circumstances:

 

1. Require Party A and the guarantor to correct
their breach of contract within a time limit;

 

2. Reduce, suspend or terminate the credit line
to Party A in whole or in part;

 

3. Suspend or terminate business applications
from Party A in whole or in part under this Agreement with the single agreements and other agreements between Party A and Party B; For
the loans that have not yet been issued, the trade financing and guarantee business that have not yet been handled, all or part of them
shall be suspended or terminated;

 

4. Declare that all or part of the outstanding
loans, trade financing funds, principal and interest of advance payment of letter of guarantee and other payable funds under this agreement,
single agreement or other agreements between Party A and Party B shall become due immediately;

 

5. Terminate or rescind this agreement, and the
single agreement and other agreements between Party A and Party B in whole or in part;

 

6. Ask Party A to compensate Party B for the loss
caused by its breach of contract, Including but not limited to the loss of litigation costs, lawyers’ fees, notarization fees, execution
fees and other related expenses caused by the realization of creditor’s rights;

 

7. Deduct the balance from the account opened
by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired amount in the account shall be regarded as early
maturity. If the account currency is different from Party B’s business valuation currency, it shall be converted according to the exchange
rate applicable to Party B at the time of deduction;

 

8. Exercise the security interest;

 

    7 

     

    

 

9. Require the guarantor to undertake the guarantee
responsibility;

 

10. Other measures that Party B considers necessary.

 

Article 11 Rights Reserved

 

If one party fails to exercise part or all of
its rights under this Agreement and the single agreements, or fails to require the other party to perform or assume part or all of its
obligations and liabilities, it shall not constitute a waiver of such rights or an exemption from such obligations and liabilities.

 

Any tolerance, extension or delay by one party
to the other party in exercising its rights under this Agreement and the single agreements shall not affect any rights it has under this
Agreement and the single agreements, laws and regulations, nor shall it be deemed as a waiver of such rights.

 

Article 12 Change, Modification, Termination
and Partial Invalidity

 

This agreement can be changed or modified in written
form by both parties through negotiation. Any change or modification shall constitute an integral part of this agreement.

 

Unless otherwise stipulated by laws and other
regulations or agreed by both parties, this Agreement shall not be terminated until all rights and obligations have been fulfilled.

 

Unless otherwise stipulated by laws and regulations
or agreed by both parties, the invalidity of any provision of this Agreement shall not affect the legal effect of other provisions.

 

Article 13 Applications of Law and Settlement
of Disputes

 

Unless otherwise agreed by both parties, this
Agreement and the agreements shall be governed by the laws of the people’s Republic of China.

 

When this Agreement and the single agreements
take effect, unless otherwise agreed by both parties, all disputes arising from the conclusion and performance of this Agreement and the
single agreements may be settled by both parties through negotiation. If the negotiation fails, either party may adopt the way 2
as follows:

 

1. Submit an application to the Arbitration Commission
for arbitration.

 

2. Bring a lawsuit to the People’s Court of the
place where Party B or other institutions of Bank of China limited exercise their rights and obligations.

 

3. Bring a suit to the People’s Court with jurisdiction
according to law.

 

    8 

     

    

 

During the dispute settlement period, if the dispute
does not affect the performance of other provisions of this Agreement and the single agreements, the other provisions shall continue to
be performed.

 

Article 14 Appendixes

 

The following attachment and other attachments
and individual agreements confirmed by both parties constitute an integral part of this Agreement and have the same legal effect as this
Agreement.

 

Attachment: credit agreement / contract related
to working capital loan.

 

Article 15 Other Agreements

 

1. Without the written consent of Party B, Party
A shall not transfer any rights and obligations under this Agreement and single agreements to a third party.

 

2. If Party B has to entrust other institutions
of Bank of China Limited to perform the rights and obligations under this Agreement and the single agreements due to business needs, Party
A shall recognize it; Other institutions of Bank of China Limited authorized by Party B have the right to exercise all the rights under
this Agreement and the single agreements, and have the right to bring a lawsuit to the court or submit to the arbitration organization
for adjudication on the disputes under this Agreement and the single agreements.

 

3. Without affecting other provisions of this
Agreement and the single agreements, this Agreement shall be legally binding on both parties and their respective successors and transferees.

 

4. Unless otherwise agreed, both parties shall
designate the place of residence specified in this Agreement as the contact address, and promise to notify the other party in written
form in time of any changes.

 

5. The title and business name in this Agreement
are only used for the convenience of reference, and shall not be used for the interpretation of the terms and the rights and obligations
of the parties.

 

6. If Party B is unable to perform the agreement
due to changes in laws, regulations and regulatory provisions or other requirements of regulatory authorities, Party B has the right to
terminate or change the performance of this Agreement and the single agreements. In case of termination or change of the agreement due
to such reasons, Party B shall be exempted from liabilities.

 

Article 16 Effectiveness of the Agreement

 

This Agreement shall come into force on the date
when it is signed and sealed by the legal representatives, responsible persons or authorized signers of both parties.

 

    9 

     

    

 

This agreement is made in quintuplicate, one for
each party the guarantors. All of five copies have the same legal effect.

 

Party A: Shengfeng Logistics Group Co., Ltd.

 

Authorized signature: Liu Yongxu

 

June 22, 2020

 

Party B: Bank of China Limited Fuzhou Jin’an
sub branch

 

Authorized signature: Zhang Changkai

 

June 22, 2020

 

 

10

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