Document:

Form of Pledge Contract

 Exhibit 10.33 
 English Translation 
 Annex 4 
 Contract No.:              
 Commodity
Financing Pledge Contract 
 Pledgor (Party A): CEEG (Nanjing) PV-tech Co., Ltd. 
 Domicile (address): 123 Focheng West Road, Jiangning Economic & Technological Development Zone, Nanjing 
 Legal
representative: Lu Tingxiu 
 Pledgee (Party B): Industrial and Commercial Bank of China Co., Ltd. Nanjing Hanfu Branch 
 Domicile (address): 404 Zhongshan East Road 
 Legal representative
(responsible person): Wang Xing 

 Contents 
 Article 1 Party A’s Representations and Warranties 
 Article 2 Types and Amount of Principal Claim Secured 
 Article 3 Time Limit for the Debtor under the Master Contract to Perform its Debts 
 Article 4 Scope of Guaranty of Pledge 
 Article 5 Pledged Property 
 Article 6 Handover and Supervision of Pledged Property 
 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 
 Article 14 Settlement of Disputes 
 Article 15 Other Matters Stipulated by the Parties 
 Article 16 Annexes

 Article 17 Supplementary Provisions 

 In order to ensure that the Debtor’s (as defined below) obligations under the No.
                     Working Capital Borrowing Contract (hereinafter referred to as “Master Contract”) signed by and between CEEG
(Nanjing) PV-Tech Co., Ltd. (“Debtor”) and Party B (“Creditor”) on and as of                      are effectively
performed, Party A is willing to provide guaranty of pledge for 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, on and subject to the terms and conditions as set forth
below. 
 Article 1 Party A’s Representations and Warranties 
 1.1 Party A is the full, valid and lawful owners of the pledged property under this Contract and the pledged property is free of title or management right disputes. 
 1.2 The rendering of guaranty of pledge by Party A is of its own accord and all declarations of intention under this Contract are true. 
 1.3 The pledged property under this Contract can be pledged without any restriction in accordance with law. 
 1.4 Party A has made an adequate and reasonable written description of the defects of the pledged property under this Contract. 
 1.5 No disposal (e.g. mortgage, pledge, donation or transfer) has been set for the pledged property under this Contract before this Contract is signed. 
 1.6 When the Debtor fails to perform its debts in according with the provisions of the Master Contract, whether Party B has other guaranties (including, but not limited
to, guarantee, mortgage, pledge, bank letter of guarantee, standby L/C, etc) over the claims under the Master Contract or not, Party B is entitled to directly request Party A to undertake the guaranty liability within its guaranty scope, and Party A
waives right of defense in connection therewith. 
 Article 2 Types and Amount of Principal Claim Secured 
 2.1 The principal claim secured under this Contract is the financing amount under the Master Contract less the security deposit for Party B paid by the Debtor, with an
amount of (currency and amount in words) (hereinafter referred to as “the Principal”). 
 Article 3 Time Limit for the Debtor
under the Master Contract to Perform its Debts 
 3.1 The time limit for the Debtor under the Master Contract to perform its debts is from
January 26, 2007 to January 25, 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: financing principal, interest, penalty interest, compound interest, liquidated
damages, compensation, custody expenses, lawyer’s expenses occurring to Party B in realizing creditor’s right and right of pledge and all other expenses payable under the Master Contract. 

 Article 5 Pledged Property 
 5.1 Both parties agree that the pledged property under this Contract is entrusted to Jiangsu Yuanli Ruide Assets Supervision Co., Ltd. (hereinafter referred to as “Supervisor”) for supervision and the
Supervisor issues relevant custody voucher. The information on the pledged property is detailed in the “Warehouse Receipt Special for Personal Property Pledge” (or “List of Pledged Property”) in the “Commodity Financing
Pledge Supervision Agreement”). 
 5.2 At pledging, both parties agree upon the value of the pledged property according to market situation. This
provision is used to calculate the pledge ratio of pledged warehouse receipt, not used as the valuation basis for the disposal of pledged property by Party B and does not constitute any limitation on Party B’s exercise of right of pledge.

 5.3 Pledge ratio of pledged warehouse receipt = total financing principal and interest/market value of pledged property (if security deposit is paid, it
is deducted from total financing principal and interest when pledge ratio is calculated). The pledge ratio when the pledged property under this Contract is pledged is             %.

 Within the duration of right of pledge, Party B is entitled to change the market value of pledged property depending on the market price change of pledged
property. If pledge ratio rises to 70%, Party A shall, within five (5) workdays after receiving Party B’s written notice, provide additional pledged property or pay security deposit so that pledge ratio is restored to the pledge
ratio at pledging. Otherwise, Party B is entitled to dispose of pledged property according to the provisions of the Master Contract and be first compensated with the proceeds from such disposal, or deposit the proceeds as the security deposit for
the debts under the Master Contract. If pledge ratio reaches 80%, Party B is entitled to directly dispose of pledged property and be first compensated with the proceeds from such disposal, or deposit the proceeds as the security deposit for
the debts under the Master Contract. 
 Article 6 Handover and Supervision of Pledged Property 
 6.1 The handover procedures of the pledged property under this Contract shall be specified in the “Commodity Financing Pledge Supervision Agreement” signed by
and among Party A, Party B and the Supervisor. Party A and Party B shall jointly issue a “Pledge Notice” to the Supervisor and the Supervisor issues relevant custody voucher after confirming consistency with physical goods. The expenses
arising from the warehousing and supervision of pledged property as well as method of payment are specified in the “Commodity Financing Pledge Supervision Agreement”. 
 6.2 The “Warehouse Receipt Special for Personal Property Pledge” (or “List of Pledged Property”) of the pledged property under this Contract will be issued by the Supervisor directly to Party B.
The ownership certificate, invoice and other relevant materials of pledged property will be kept by Party B upon confirmation by Party A and Party B. 

 6.3 When the Debtor 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 inform the Supervisor in writing to discharge supervision of pledge. The Supervisor shall return the pledged property to Party A in accordance with the “Commodity Financing Pledge
Supervision Agreement”. 
 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 according to the provisions of the Master Contract or this Contract, Party B is entitled to
directly auction or sell the pledged property and be first compensated with the proceeds from such disposal, or through negotiations with Party A, convert pledged property into money at discount to cover the outstanding debts of the Debtor under the
Master Contract. Party A waives right of defense in connection therewith. 
 7.2 When Party B disposes of pledged property according to the provisions of
this Contract, Party A shall render its coordination and not set any barrier. 
 7.3 The effect of right of pledge under this Contract shall be extended to
fruits from pledged property as well as insurance compensation, compensation and indemnity arising from the damage, loss or expropriation of pledged property. 
 Article 8 Custody and Depositing 
 8.1 If Party B fails to put pledged property under good custody, thus resulting in
loss or damage to pledged property, Party A may request Party B to place pledged property in escrow, with expenses to be borne by Party A. 
 8.2 If it is
possible that the pledged property provided by Party A is damaged or devaluated considerably, to the extent being sufficient to jeopardize Party B’s rights, and Party A refuses to provide a corresponding guaranty, Party B is entitled to auction
or sell pledged property to realize all the claims secured under the Master Contract with the proceeds from such disposal in advance, or have pledged property deposited with a third party as agreed upon by both parties, with depositing expenses to
be borne by Party A. 
 Article 9 Insurance 
 9.1 Before pledged property is handed over to the Supervisor and the “Warehouse Receipt Special for Personal Property Pledge” (or “List of Pledged Property”) is issued, Party A shall handle the basic insurance and
additional ____ insurance procedures of the property insurance of pledged property with relevant insurance institution. The term of insurance shall not be shorter than the expiry date of principal debts and amount of insurance shall not be less than
the debt principal and interest under the Master Contract. 
 9.2 Party A shall expressly indicate in insurance policy: when an insured accident occurs,
Party B shall be the first beneficiary. Insurance policy shall not contain the clauses limiting Party B’s rights and interests. Insurance policy shall be kept by Party B. Once an insured accident occurs, the insurer shall directly pay insurance
compensation to the account designated by Party B. Where the Debtor has performed the debts under the Master Contract before an insurance accident occurs, Party B shall return such insurance policy to Party A. 

 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 handle insurance procedures on behalf of Party A, with any and all expenses arising therefrom to be borne by Party A. 
 9.4 As for insurance compensation, Party A agrees that Party B is entitled to adopt any of the following ways, and Party A shall assist Party B in handling relevant procedures: 
 1) Liquidate or prematurely liquidate the debt principal, interest and relevant expenses under the Master Contract; 
 2) Convert insurance compensation into time deposit, with certificate of deposit to be used for pledge purpose; 
 3) With Party B’s consent, use insurance compensation to repair pledged property so as to restore the value of pledged property; 
 4) Have insurance compensation deposited with the third party designated by Party B; 
 5) After Party A provides the new guaranty meeting Party B’s requirements, Party B can dispose of insurance compensation at its own discretion. 
 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 pledged property; 
 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 3 days thereafter. 
 10.3 Within the valid term of this Contract, Party A shall not donate, transfer or otherwise dispose of the pledged property under this Contract. 

 10.4 Party A shall bear the relevant expenses under this Contract, including, without limitation, lawyer’s service,
appraisal, inspection, valuation, warehousing, supervision, transaction and legal expenses. 
 10.5 Where Party A’s behavior suffices to devaluating
pledged property, Party A shall stop such behavior. Where pledged property is devaluated, Party A is obliged to restore the value of pledged property, or provide a guaranty corresponding to value reduction. 
 10.6 Within the duration of right of pledge, if the pledged property is devaluated, damaged or lost due to the behavior of a third person, the compensation thus obtained
shall be deposited at the account designated by Party B. In the event that Party A fails to provide the new guaranty acceptable to Party A, Party A agrees that Party B uses such compensation to guarantee the performance of the principal claim. In
addition, the portion of pledged property which is not devaluated is still used as the guaranty for claim. Where Party A provides the new guaranty acceptable to Party B, Party B shall refund the compensation to Party A. 
 10.7 When Party B’s right of pledge is infringed or likely to be infringed by any third party, Party A is obliged to forthwith inform Party B and assist Party B in
escaping from such infringement. 
 10.8 Where Party B and the Debtor 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 of financing amount. Party A still undertakes the guaranty responsibility within the scope of guaranty of pledge 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 Debtor under the Master Contract liquidates all its debts under the Master
Contract, Party A will not undertake the guaranty responsibility. Where the liquidation by the Debtor under the Master Contract is held to be invalid by the judicial body, Party A shall continue to undertake the guaranty responsibility within the
original scope of guaranty of pledge. 
 10.11 Without Party B’s written consent, Party A shall not transfer all or part of its rights or obligations
under this Contract. 
 Article 11 Party B’s Rights and Obligations 
 11.1 Should any of the following situations occur, Party B is entitled to dispose of pledged property in advance and be first compensated with the proceeds resulting therefrom: 
 11.1.1 Under the premise that the principal debts under the pledge contract have occurred in part or in whole and not been fully performed, the Master Contract is
terminated according to its provisions or the stipulations of laws; 
 11.1.2 If financing is recalled in advance on the basis of the other circumstances as
specified in the Master Contract, Party B’s claim under the Master Contract is not realized or not fully realized. 

 11.1.3 The situations as stated in Articles 10.5 and 10.6 hereof occur. Party A fails to provide a corresponding
guaranty. 
 11.1.4 Other situations under this Contract, which serve as the basis for Party B to realize right of pledge ahead of time. 
 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 pledged property. 
 11.4
Party B is obliged to put pledged property under good custody. The provisions concerning the custody of the pledged property are specified in the “Commodity Financing Pledge Supervision Agreement” signed by and among Party A, Party B and
the Supervisor. 
 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 Party B shall keep confidential the information of the relevant documents, financial statements and other relevant materials submitted by Party
A to perform the obligations under this Contract that are not made available to the public, unless otherwise specified by laws, regulations and financial rules. 
 11.7 After the proceeds from disposal of the pledged property under this Contract are used to repay 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, and thus causing losses to Party B, Party A shall make compensation 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 for the losses thus incurred to the other party. 
 12.3 Where Party A’s fault invalidates this Contract, Party A
shall compensate all Party B’s losses within the scope of guaranty of pledge. 
 Article 13 Effectiveness, Change, Rescission and
Termination 
 13.1 This Contract is concluded after it is signed and sealed by Party A and Party B, becomes effective when pledged property is handed
over to the Supervisor and warehoused after inspection and the Supervisor issues relevant voucher to Party B and is terminated when all Party B’s claims in Article 4 hereof are discharged. 
 13.2 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 in whole or in part, the validity of this Contract shall not be thus affected and Party A shall still bear its responsibility for guaranty of pledge under this Contract. 

 13.3 After this Contract becomes effective, neither party shall change or rescind this Contract. If change or rescission
is indeed required, both parties shall reach a written agreement through negotiations, which shall be an integral part of this Contract. This Contract shall remain valid before such written agreement is concluded. 
 13.4 The change or rescission of this Contract shall not affect each contracting party’s right of claim for compensation. The rescission of this Contract shall not
affect the validity of the provisions about settlement of disputes in this Contract. 
 13.5 The invalidity or unenforceability of any provision of this
Contract shall not affect the validity or enforceability of the remaining provisions or the validity of the whole contract. 
 13.6 No failure on the part of
Party B to exercise, partial exercise of or delay in exercising any right under this Contract shall constitute as a waiver or change thereof or of any other right or preclude its further exercise thereof or of any other right. 
 Article 14 Settlement of Disputes 
 14.1 Any dispute
arising from or out of the performance of or in connection with this Contract shall be first 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 people’s court in the place where Party B is located. 
 14.2 During lawsuit or arbitration proceedings, both parties shall continue to perform this Contract except for the provisions in dispute. 
 Article 15 Other Matters Stipulated by the Parties 
 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: 
 “Pledge Notice”

 Article 17 Supplementary Provisions 
 17.1 This Contract is executed in four 4 originals, with each party hereto holding one 1 original. All originals have the same legal effect. 

							
	 Party A (seal): CEEG (Nanjing) PV-tech Co., Ltd.
	 	Party B (seal): Industrial and Commercial Bank of China Co., Ltd. Nanjing Hanfu Branch
				
	Legal representative or proxy:	 	 /s/ Lu Tingxiu
	 	Legal representative or proxy:	 	 /s/ Wang Xing

							
	Date:	 	                     	 	Date:	 	                     

												
	No.	  	 Contract No.
	  	 Date of Agreement
	  	 Main Contract No.
	  	 Term of Loan
	  	Pledge ratio	 
	1	  	43010158-2007 Haifu (Zhi) Zi No.0005	  	January 26, 2007	  	43010158 - 2007 Year Hanfu Zi No. 0007	  	January 26, 2007 to January 25, 2008	  	49.13	%
						
	2	  	43010158-2007 Haifu (Zhi) Zi No.0013	  	February 15, 2007	  	43010158 - 2007 Year Hanfu Zi No. 0017	  	February 15, 2007 to February 14, 2008	  	48.24	%
						
	3	  	43010158-2007 Haifu (Zhi) Zi No. 20	  	March 20, 2007	  	43010158 - 2007 Year Hanfu Zi No. 0024	  	March 20, 2007 to March 19, 2008	  	48.26	%Form of Commodity Financing Pledge Supervision Agreement

 Exhibit 10.34 
 English Translation 
 Agreement No.:
                     
 Commodity Financing Pledge Supervision Agreement 
 (For rolling pledge) 
 Industrial and Commercial Bank of China Co., Ltd. 
 Jiangsu Yuanli Ruide Assets Supervision Co., Ltd. 

 Party A (pledgee): Industrial and Commercial Bank of China Co., Ltd. Nanjing Hanfu Branch 
 Address: 404 Zhongshan East Road 
 Party B (pledgor): CEEG (Nanjing)
PV-tech Co., Ltd. 
 Domicile (address): 123 Focheng West Road, Jiangning Economic & Technological Development Zone, Nanjing 
 Party C (supervisor): Jiangsu Yuanli Ruide Assets Supervision Co., Ltd. 
 Address: Suite C, 18F, Chunfeng Building, 37 Huaqiao Road, Nanjing 
 WHEREAS: 
 Party A and Party B have signed the No.                      “Commodity Financing Pledge Contract”
(hereinafter referred to as “Pledge Contract”). In order to ensure the performance of the Pledge Contract and the guaranteed Master Contract, Party B agrees that the goods it has ownership over are pledged to Party A, Party A and Party B
agree that the pledged property is entrusted to Party C for supervision and Party C agrees to accept Party A’s entrustment and supervise the pledged property as per Party A’s instructions. 
 In accordance with the “Contract Law of the People’s Republic of China”, “Guaranty Law of the People’s Republic of China” and other related
laws and regulations, Party A, Party B and Party C, abiding by the principle of credibility and mutual benefit and through friendly negotiations, hereby enter into this Agreement so as to define their respective rights and obligations, on and
subject to the terms and conditions as set forth below. 
 Article 1 Legal Relations 
 1.1 During supervision term, Party A is a pledgee, Party B is a pledgor and Party C serves as an agent of Party A to supervise the pledged property. The supervision mentioned under this Agreement means that Party C
serves as an agent of Party A to possess the pledged property and performs the responsibility for supervising pledged property according to the provisions of this Agreement. 
 Article 2 Pledged Property 
 2.1 Pledged property is object of pledge, i.e. the goods provided by Party B to Party A
as guaranty of pledge according to the provisions of the Pledge Contract signed by Party A and Party B and delivered to Party C for storage and supervision. The name, specifications & model, manufacturer (place of origin), quantity, weight
and place of storage of pledged property are subject to the list of pledged property issued by Party C according to Article 4 below. 
 2.2 Party B shall
ensure that the name, specifications, model, manufacturer (place of origin), quantity, quality, package, number of packages and mark of the pledged property is consistent with the provisions as agreed upon with Party A as well as the goods declared
and delivered to Party C. Party B shall be legally responsible for the truthfulness of all the foregoing facts. 
 2.3 Party B shall guarantee that it has
the ownership and full right of disposal over pledged property. Party B shall provide relevant ownership and quality certificates to Party A and Party C. 

 2.4 Party B shall guarantee that all documents relating to pledged property submitted by it to Party A and Party C are
true and valid. 
 2.5 Party A or Party C is entitled to engage a qualified inspection institution to inspect the pledged property before the transfer of
possession of pledged property, with inspection expenses to be borne by Party B. Party B shall render active assistance. 
 2.6 Transfer of possession of
pledged property means that Party A and Party B issue the “Type, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)” (whose format is set forth in Annex 2-2-1) to Party C according to the provisions of the Commodity
Financing Pledge Contract and Party C checks the goods delivered by Party B as well as Party B’s existing inventories according to the contents in the notice. If checking results show that the goods delivered by Party B or its actual
inventories are consistent with the records of the “Types, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”, Party C accepts Party B’s goods and transfer of possession of pledged property is fulfilled;
otherwise, Party C shall not accept the goods. 
 2.7 Upon completion of transfer of possession, Party C shall issue the “List of Pledged Property”
(whose format is set forth in Annex 2-2-2) to Party A. Pledged property is subject to the “List of Pledged Property”. If the “Commodity Financing Pledge Contract” or “List of Pledged Property” has indefinite provisions
on pledged property, or agreed-upon pledged property is inconsistent with actually handed-over pledged property, actually delivered pledged property shall prevail. If the three parties have no other written provisions, Party C will check the goods
delivered by Party B through surface examination, appearance inspection and document examination. 
 2.8 During supervision term, whether Party B picks up or
replaces goods, the pledged property in stock shall meet the requirements of the “Types, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”. The minimum value of inventories is equal to unit price X quantity (or
weight) of pledged property. The unit price of pledged property is subject to Party A’s written notice. 
 2.9 When Party C issues the “List of
Pledged Property”, it shall provide the goods location identification diagram to Party A. 
 2.10 Where Party C has managed such goods for Party B
before, Party B’s former inventory voucher (if any) and other documents (if any) shall be taken back and cancelled when Party C issues the “List of Pledged Property” to Party A. 
 Article 3 Supervision Term 
 3.1 Supervision term is a period of time
when Party C serves as agent of Party A to possess the pledged property and undertakes the supervision responsibility to Party A. 
 3.2 When Party C,
according to Article 2.6 hereof, receives the goods delivered by Party B according to this Agreement and transfer of possession is completed, supervision term begins. 
 3.3 Supervision term terminates when Party C discharges the goods to Party B according to the provisions of this Agreement. 
 3.4 When Party C receives the “Notice of Discharging Supervision of Pledge” from Party A, Party C’s supervision responsibility is discharged. 
 Article 4 Supervision of Pledged Property 
 4.1 During supervision term, Party C shall appropriately and cautiously
deal with the pledged property under supervision in accordance with the Contract Law and other relevant laws and regulations. 

 4.2 In the event that there is any special requirement for the custody of pledged property, Party B shall give a prior
written notice to Party C. 
 4.3 During supervision term, when the situations that may affect Party A’s rights and interests occur (e.g. shortage,
damage, destruction, deterioration, loss, etc of pledged property)for whatsoever reason, Party C shall notify Party A within 24 hours and take appropriate emergency measures. 
 4.4 During supervision term, where a state authority of competent jurisdiction requests Party C to assist in freezing, sequestrating or disposing of pledged property or a fourth party other than the three parties
claims any right with respect to pledged property, Party C shall forthwith inform Party A and Party B. 
 4.5 During supervision term, Party C shall accept
the queries of pledged property and relevant documents by Party A as well as the inspection of pledged property by Party A. Party C shall render necessary assistance. But the expenses thus incurred to Party C shall be borne by Party B. 

4.6 During supervision term, Party C shall establish pledged property registration statistics system, regularly check pledged property and the types, count the
quantity, inspect packaging and identification and record the inbound and outbound times and quantities, whereabouts and status of pledged property. 
 4.7
During supervision term, Party C shall manage pledged property according to the goods location identification diagram and separate Party B’s pledged goods from the goods of other customers. When pledged property is relocated, Party C shall
timely update goods location identification diagram. 
 4.8 During supervision term, Party C shall permit the pick-up or replacement of goods by Party B
according to Party A’s written instructions and the provisions of this Agreement. 
 4.9 During supervision term, Party C shall set up complete inbound
and outbound registration records, register and check pledged property (including inbound and outbound pledged property) and guarantee that the minimum value of the pledged property after pick-up and replacement meets the requirement in Article 2.8
above. 
 4.10 Party C shall send the inbound and outbound information and inventory information of the pledged property under its supervision to Party A by
fax (designated fax number: 84569254) or email (designated email address: hanfugongsi@yahoo.com.cn) before 10a.m. on each working day and make data backup. When supervision personnel change, Party C shall timely inform Party A.

 4.11 Party C shall set up pledge labels (whose format is set forth in Annex 2-2-6) for relevant pledged property by affixing pledge labels or setting up
signs. Whether Party C sets up pledge identifications for pledged property according to the provisions of this article does not affect the effectiveness of pledge. Even if Party C does not set up pledge identifications on pledged property, relevant
pledge shall also be effective. 
 Article 5 Pick-up of Pledged Property 
 5.1 Where the actual price of pledged property exceeds the minimum value required by Party A and Party B picks up or replaces the excess portion, Party B can directly handle pick-up or replacement with Party C without
needing to pay additional security deposit. Party C shall handle the procedure in full accordance with the provisions of this Agreement and guarantee that the value of the pledged property under the possession and supervision of Party C after
pick-up or replacement is not lower than the minimum value of pledged property as prescribed in the “Types, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”. 

 5.2 When the actual value of pledged property is equal to the minimum value required by Party A, Party B shall make an
application for pick-up to Party A in advance and pay additional security deposit (i.e. payment against redemption) or deliver the pledged property conformable to the requirements of the “Types, Price and Minimum Requirement Notice of Pledged
Property” to Party A in advance, which are handed over to Party C for possession and supervision (i.e. goods against goods). With Party A’s consent, Party B can handle pick-up with Party C depending on the “Goods Pick-up Notice”
(whose format is set forth in Annex 2-2-4) issued by Party A. 
 5.3 When the actual value of pledged property is equal to the minimum value of pledged
property, the “Goods Pick-up Notice” issued by Party A is the only valid voucher whereby Party B (including Party B’s designee, the same as below) handles the pick-up and outbound operation of pledged property. Without the “Goods
Pick-up Notice” issued by Party A, Party B shall not pick up goods and Party C shall not handle Party B’s pick-up. 
 5.4 The minimum value of
pledged property in the foregoing articles applies to the provisions in Article 2.8 hereof. 
 5.5 The valid signature and seal on the “Goods Pick-up
Notice” issued by Party A are reserved signature and seal plus designee’s personal signature. Format of specimen seal is set forth in Annex 2-2-5. Without the personal signature and specimen seal of the person designated by Party A,
pledged property shall not be sent out of warehouse. Where Party C handles pick-up for Party C in violation of the above provision, Party C shall bear the corresponding compensation liability. 
 5.6 After Party A issues the “Goods Pick-up Notice”, it shall provide the original or fax copy to Party C. If Party A sends the “Goods Pick-up
Notice” by fax, the fax number designated by Party A for the sending of this document is                      . Upon receipt of the fax
copy of the “Goods Pick-up Notice”, Party C shall check seal, signature and fax number and then the handling person signs it and faxes it back to the fax number designated by Party A and informs Party A’s designee by telephone
(telephone number:                     ). Upon receipt of the signed fax copy, Party A’s person shall sign it and fax it back to the fax
number designated by Party C. Then, Party B can handle the release of goods. Where Party A sends the “Goods Pick-up Notice” by fax, Party A shall provide the original to Party C within five (5) workdays thereafter. Upon receipt of the
“Goods Pick-up Notice” from Party A, Party C shall immediately handle accounting treatment of Party B’s inventories at Party C, reduce the quantity of the pledged property under the possession and supervision of Party C and increase
the quantity of Party B’s non-pledged goods. When Party B picks up goods from Party C, Party C shall deliver the goods whose pledge is discharged to Party B. Party C shall not deliver to Party B the remaining goods under Party C’s
possession and supervision, whose pledge is not discharged. 
 5.7 After Party C handles pick-up for Party B based on the “Goods Pick-up Notice”
from Party A, Party C shall issue the “Goods Pick-up Notice Receipt” (set forth in Annex 2-2-4) and send it to Party A. 
 Article 6 Price of
Pledged Property 
 6.1 The price of pledged property is determined according to the prices as listed in the “Types, Price and Minimum Requirement
Notice of Pledged Property (Pledge Notice)” and the “Price Adjustment Notice of Pledged Property” (set forth in Annex 2-2-7) sent by Party A and Party B to Party C. Party A is entitled to make corresponding adjustments based on the
change of market price and the provisions of this Agreement. 

 6.2 Party C is not liable for all consequences caused to Party B by Party A’s price adjustment. 
 Article 7 Exercise of Right of Pledge 
 7.1 The method of Party
A’s exercise of right of pledge is to issue the pick-up notice with Party A as the person of picking up goods to Party C. 
 7.2 When Party A exercises
right of pledge according to the Pledge Contract, Party C shall render necessary coordination and assistance for Party A. 
 7.3 Party C can assist Party A
in exercising right of pledge without giving a prior notice to Party B or obtaining Party B’s consent. Party C undertakes no responsibility towards Party B. 
 Article 8 Expenses and Methods of Payment 
 8.1 Party A, Party B and Party C agree that the expenses arising from the warehousing and custody
of pledged property, such as supervision expenses, warehousing expenses, freight and miscellaneous charges, loading and unloading expenses, inspection expenses and stamp tax, are borne by Party B. 
 8.2 When Party C issues the Warehouse Receipt Special for Personal Property Pledge, it is deemed that Party A, Party B and Party C agree upon the expenses recorded in
relevant pledge notice as well as their methods of payment. 
 8.3 Party B shall deposit supervision and other expenses with an amount of RMB
                     into the pledged property supervision expense account designated by Party C at Party A (account No.:
                    ) before Party A and Party B issue the “Pledge Notice” to Party C. 
 8.4 Party C draws the actual supervision expenses and other expenses on a monthly basis. After this Supervision Agreement terminates, Party C shall refund the positive
balance of the supervision expenses pre-deposited by Party B within three days. Party A will make bank transfer as per Party C’s instructions. 
 8.5
Where Party B fails to pay relevant expenses according to the provisions of this Agreement, Party C shall give a written notice to Party A and Party B. 
 8.6 As for all expenses payable by Party B to Party C, Party C has the priority of compensation when Party A exercises right of pledge. 
 Article 9 Lien 
 9.1 Before fully receiving the relevant expenses as set out in Article 8 hereof, Party C has the lien on pledged property.

 Article 10 Insurance 
 10.1 Party B shall insure
pledged property with the insurer acceptable to Party A. The type, amount and term of insurance shall meet Party A’s requirements. The first beneficiary shall be Party A and the original of insurance policy shall be kept by Party A. 

10.2 When an insurance accident occurs, Party B and Party C shall assist the insurance company in handling accident investigation and settlement of claim. 

Article 11 Special Provisions 
 11.1 Any two parties of Party A,
Party B and Party C shall not refuse to perform the obligations under this Agreement by signing an agreement or a contract. 

 11.2 Other provisions as agreed upon by three parties (where the provisions of this article conflict with the other terms
of this Agreement, the latter shall prevail.) 
 Article 12 Correspondence and Contact 
 12.1 All notices, confirmations and other relevant documents required under this Agreement shall be delivered to the recipient in the form of originals, unless otherwise agreed upon herein. 
 12.2 If conditions permit, electronic data documents may be sent with the consent of the parties concerned. 
 Article 13 Defaulting Liability 
 13.1 Where loses are caused to Party
A and Party B for Party C’s following reasons, Party C shall be liable for compensating for the losses of goods, provided, however, that Party A has the priority of compensation with respect to its actual losses: 
 13.1.1 During supervision term, except for any event of force majeure, pledged property is damaged, destroyed or lost, deteriorates, is in shortage or contaminated due
to Party C’s undue performance of its custody responsibility; 
 13.l.2 Party C fails to discharge goods according to the provisions of this Agreement;

 13.1.3 For Party C’s reasons, limitations or prohibitions on the warehouse where pledged property is stored and warehoused are set by any judicial
body or competent institution; 
 13.1.4 In violation of the provisions in Article 4.3 hereof, Party C fails to timely inform Party A and Party B or fails to
take appropriate emergency measures; 
 13.1.5 Other situations in which Party C’s violations of this Agreement cause losses to Party A and Party B.

 13.2 Where losses are caused to Party A and Party C for Party B’s following reasons, Party B shall be liable for all compensations: 
 13.2.1 Pledged property is mixed with flammable, explosive, leakage-prone, poisonous and perishable goods, which damage warehoused goods or warehouse or result in
personal injury; 
 13.2.2 Party B fails to insure pledged property in time. During supervision term, pledged property is damaged, destroyed or lost,
deteriorates, is in shortage or contaminated owing to force majeure events; 
 13.2.3 Party B fails to package the pledged property in accordance with state
or professional standards and regulations; 
 13.2.4 For Party B’s reasons, limitations or prohibitions on pledged property are set by the judicial
body, the government or any other competent institution; 
 13.2.5 Other situations in which Party B’s violations of this Agreement cause losses to
Party A and Party C. 
 13.3 Where Party A is in breach of this Agreement, thus causing losses to Party B and Party C, Party A shall be liable for
compensating for the actual losses of Party B and Party C. 

 Article 14 Effect of Agreement 
 14.1 No matter whether this Agreement is terminated or invalidated, once Party C issues the list of pledged property according to Article 2.6 hereof and the supervision of the goods under this list of pledged property
is not discharged, the pledged property under the list of pledged property shall continue to apply to this Agreement. 
 14.2 Where all or part of the Master
Contract, Pledge Contract and other relevant formal contracts or auxiliary documents signed by and between Party A and Party B are held to be invalid by the judicial body, the validity of this Agreement shall not be thus affected. 
 14.3 Should any provision of this Agreement be held to be invalid by the judicial body, this invalid provision shall not affect the validity of other provisions and
whole agreement. 
 Article 15 Settlement of Disputes 
 15.1 Any dispute arising from this Agreement shall be settled through the way in Item 1 below. During dispute settlement, both parties shall continue to perform this Agreement except for the provisions in dispute. 
  

	(1)	Bring a lawsuit with the court of competent jurisdiction in the place where Party C is located; 

 (2) Submit to                      Arbitration Commission for arbitration in accordance with its arbitration
rules then in effect. Arbitral award shall be final and binding upon both parties. 
 Article 16 Miscellaneous 
 16.1 The annexes attached hereto are an integral part of this Agreement. 
 Annex 2-2-1 Types, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice) 
 Annex 2-2-2 List of Pledged Property (Pledge
Confirmation Receipt) 
 Annex 2-2-3 Goods Pick-up Application 
 Annex 2-2-4 Goods Pick-up Notice (including Goods Pick-up Notice Receipt) 
 Annex 2-2-5 Specimen Seal 
 Annex 2-2-6 Pledge Label 
 Annex 2-2-7 Price Adjustment Notice of Pledged
Property 
 16.2 This Contract is becomes effective after it is signed by the legal representative/ responsible person or authorized signatory of each party
and chopped with the company seal of each party. 
 16.2 This Contract is executed in three (3) originals, with each party hereto holding one
(1) original. All originals have the same legal effect. 

 Party A (seal): Industrial and Commercial Bank of China Co., Ltd. Nanjing Hanfu Branch 
 Legal representative/responsible person or authorized signatory (signature): /s/ Wang Xing 
 Party B (seal): CEEG (Nanjing) PV-tech Co., Ltd. 
 Legal representative/responsible person or authorized signatory
(signature): /s/ Lu Tingxiu 
 Party C (seal): Jiangsu Yuanli Ruide Assets Supervision Co., Ltd. 
 Legal representative/responsible person or authorized signatory (signature): /s/ Jin Daming 
                      in Nanjing 

											
	 No.
	  	Agreement No.	  	Pledge Contract
No.	 	Article 5.6
Fax No.	  	Article 5.6
Telephone No.	  	 Date of
 Agreement

	1	  	20070001	  	43010158-2007
Haifu (Zhi) Zi
No.0005	 	84569254	  	84569240	  	January 26, 2007
	2	  	Hanfu 0070002	  	43010158-2007
Haifu (Zhi) Zi
No.0013	 	84702682	  	84702682	  	February 15, 2007
	3	  	2007003	  	43010158-2007
Haifu (Zhi) Zi
No.0020	 	84569254	  	84569240	  	March 20, 2007

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