Document:

posama3ex10lxv_keyuan.htm

Exhibit 10.65

 

Contract No.: G9110-2012-004

Guarantor (Party A): Ningbo Pacific Ocean Shipping Co., Ltd

Domicile: No.388 Pinghai Road Zhenhai, Ningbo

Postal Code:315200

Legal Representative (Principal):Jichun Wang

FAX: 86290099                     Telephone No.:86292777

Loaner (Party B): China Construction Bank Inc, Beilun Branch

Domicile: No.251, Xinda Road, Beilun   Postal Code: 315800

Principal: Jiangen Han

FAX: 86882154                    Telephone No.:86884361

  

 

  

 

In view of Party B handled Ningbo Keyuan Plastics Co., Ltd. as (called “loanee”) the following FIRST , THIRD ,Fifth credit business continually and it will or it has signed the RMB Fund Loan Contract, the Foreign Exchange Fund Loan Contract, the Bank Accepts Agreement, the Credit Card Contract, the Issue Guarantee Agreement and/or other legal documents (the above-mentioned signed contracts, agreements and/or other legal documents in debt to determine period are called “main contract”) with the loanee from 26/10/2011 to 25/10/2013(called “loaner’s rights determined period”):

	
(1)  

	
Issuing RMB/Foreign Currency Loan

	
(2)  

	
Honoring Commercial Bill

	
(3)  

	
Opening the Letter of Credit

	
(4)  

	
Issuing Guarantee

	
(5)  

	
Other Credit Business (blank)Trade Financing like Refinancing .

Party A is willing to provide the maximum guarantee for a series of loanee’s debts under the contract. According to the related laws, regulations and rules, both sides conclude this contract by consensus in order to abide with law enforcement.

Article 1 Guaranty of Scope

	
1.  

	
The guaranty of scope as following :

(1) Under the main contract, loan principal is not greater (Currency) RMB (Amount in Words) 220 million; and

(2) Interests (including compound interests and default interests), liquidated damages, compensations, other funds (including but not limiting the related poundage, telecommunication charges, incidentals, letter of credit under that the related bank charges which the beneficiary refuses to bear and the like) the loanee pays for party B, the expenses of party B realizing loaner’s rights and guaranteeing rights (including but not limiting costs, arbitration fees, property preservation fees, travel expenses, execution fees, valuation fees, auctioneers fees, notarial fees, service fees, advertising fees, counsel fees and the like).

	
2.  

	
If the Party A takes the guaranty responsibility according to the contract , Party B will make some discount for the maximum based on the paid loan principal.

	
3.  

	
Under the main contract, credits, advances, interests, expenses or the real formation time of any other debts of party B’s even if it is out of debt determined period are still belong to the scope of guaranty of the maximum amount. The expiration of the time limit for paying debts under the main contract is not confined to the last day of the period debts determined.

 

  

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Article 2 Guarantee Way

Guarantee provided by Party A under the contract is guarantee of joint responsibility.

Article 3 Guarantee Period

	
(1)  

	
The guarantee periods under the contract are respectively calculated according to the single active business handled by Party B as the loanee, namely two years, starting from the date of signing of the main contract of single active business, after the expiration date of deadline for performance of debt of the loanee under the main contract.

	
(2)  

	
If Party B and loanee conclude the agreement period extending on the deadline for performance of debt under the main contract, the guarantee period will be effective for two years after the expiration date of deadline for performance of debt agreed by the contract of period extending once again. The extending of period needs no approval of the guarantor, however, the guarantor has to assume the joint guarantee responsibility.

	
(3)  

	
If there arise laws and regulations or arranged items in the main contract, party B declares the contract terminates after two years from maturity of debts in advance in the guarantee period to the day of maturity of debts in advance.

Article 4  The Independence of the Guaranty Contract

The validity of the contract is separated from the main contract. It will not affect the validity of this contract when the main contract is inexistent, ineffective, invalid, part invalid or canceled, terminated. If the main contract is notarized inexistent, ineffective, invalid, part invalid or canceled, terminated, party A will also bear joint responsibility for the debts formed by the loanee because of restitution of property or compensation of loss.

Article 5 Modification of the Main Contract

	
1.  

	
Party A agrees that party B signs the main contract with the loanee or modifies any items in the main contract (including but not limiting extension of time for fulfilling obligation or increased capital of loaner’s rights) without noticing party A, but party A still bear Guaranty liability within the maximum amount of this contract and the agreed scope of guaranty.

 

  

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2.  

	
 Party A’s guarantee liability will not be abated when it emerges any situations following:

(1) The situation that party B or the loanee make restructuring of enterprise, merge, acquisition, separation, capital changes, joint venture, joint operation, name changes and so on.

(2) Party B entrusts the third party to fulfill the obligations under the main contract.

3 When the obligatory rights under the main contract are transferred, the Guaranty of this contract shall be transferred concurrently.

4 If the transference of the obligatory rights or the debts under the main contract is not going into effect, or is invalid, or is revoked or terminated, party A still bear joint guarantee liability in accordance with this contract.

Article 6 Guarantee Liability

1 If debts under the main contract fall due or party B declares that debts expires in advance according to agreements of the main contract or laws and regulations and the loanee is late with full payment or violates other agreements of the main contract, party A shall bear the guarantee liability within the scope of the guarantee.

2 No matter whether party B has other guarantees (including but not limiting the way of guarantee: pledge, mortgage, hypothecation, letter of guarantee, standby letter of credit, etc.) of the loaner’s rights under the main contract, and no matter when the above mentioned other guarantees establish, whether they are effective, whether party B presents assertion of rights to other guarantors, and no matter whether there is the third party who agrees to take responsibility for the whole or part debts under the main contract; and no matter the loanee provides other guarantees by self, all of party A’s guarantee liability of this contract will not be abated for these reasons and party B has the right to require party A to bear the guarantee liability within the agreed scope of guarantee according to this contract but party A will not raise an objection.

3.If after party A bearing the guarantee liability but it has not paid off debts under the main contract yet, party A will promise to offer other loanees or guarantors (including exercise in advance) subrogation or indemnity in order to guarantee party B’s benefits, and agree that liquidation of debts of the main contract is prior to the subrogation or indemnity of party A.

Specifically, before all debts of party B being paid off,

(1) Party A agrees that he will not ask the loanees or other guarantors for subrogation or indemnity: if party A enforces these rights, he should take the gained money to clear off the debts which party B has not obtained indemnity;

 

  

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(2) If debts under the main contract have security for thing, party A agrees that will not propose the assertion of rights for the guaranty or its cost after sanction for the reason of subrogation or any other reasons and this guaranty and its cost should give priority to clear off the debts which party B has not obtained indemnity;

	
(4)  

	
If the loanees or other guarantors provide the counter guarantee to party A, party A gets the money from the counter guarantee should give priority to clear off the debts which party B has not obtained indemnity.

	
3.  

	
Party A has fully realized the interest rate risk. If party B adjusts interest rates, interest accruals or clearing forms according to agreements of the main contract or changes of national interest rate policy and leads interests, default interests and compound interests which loanees should repay to increase, party A also should bear joint guarantee liability for the increased part.

	
4.  

	
If the loanee has any other due debt owing to Party B, except the debt under the main contract, Party B has the right to use the RMB or other currency in the account opened by the loanee in the system of Construction Bank of China to pay off the first due debt, and the guarantee responsibility of Party A has no remission because of it.

Article 7 Other Obligations of Party A

1 Party A shall monitor the use condition (including usage) of loan of the loanee, and receive the monitoring of Party A’s funds, assets and operation condition by Party B, provide the related information, document and data of the financial statement according to the requirement of Party B, and ensure its accuracy, truthfulness, completeness and effectiveness. Without the written approval of Party B, Party A shall not provide the guarantee that is beyond its own affordability to a third party.

2 If there occurs contract, trusteeship (receivership), lease, shareholding reformation, decreasing of registered capital, investment, joint operation, mergence, consolidation, acquisition and reconstruction, separation, joint venture, application of suspending business to bring up to standard, application of dissolution, being revoked, application of bankruptcy, alteration of controlling shareholders/real controllers or transference of asset, cessation of production, closing a business, heavy fines by entitled institutions, cancellation of registration, revocation of the license, involving major legal disputes, exceptional hardship of operation or deterioration of financial position, incapable fulfillment of duties normally by legal representatives or principals, or full or partial incapacitation of guarantee liability for any reasons, party A should notice party B in written immediately and practice the commitment, transference or adoption of this contract’s guarantee liability according to party B’s requirement, or provide a new guarantee accepted by party B for the fulfillment of the main contract.

 

  

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3 If party A alters business registrations like name, legal representatives (principals), domicile, scope of business, registered capital or firm’s (enterprise’s) regulations, he should notice party B in written within 5 workdays and enclose the related materials after alteration.

Article 8 Other Clauses

1     Gathering Accrued Expenses

For all of party A’s accrued expenses of this contract, party B has the right to get relevant money of RMB or other currencies from the account in China Construction Bank from party A, and does not need to notice party A in advance. When party B needs to handle the foreign exchange, party A is in duty bound to assist party B and also bear the interest rate risks.

2     Making Use of Party A’s Information

Party A agrees that party B can query party A’s trustworthiness from PCR or units concerned or department concerned and party B provides party A’s information to PCRS, and party B can properly use and disclose party A’s information for business requirement.

3     Announcement Collection

For party A’s nonperformance, party B has the right to inform party A through units concerned or department concerned and announce collection through the news media.

4     The Efficacy of Evidence Recorded by Party B

Only when there are reliable and doubtless contrary evidences, party B’s recording interior accounts about capitals, interests, expenses and repayments, and the documents, made or reserved by party B during the loanee making transactions like drawing money, repaying, paying for interests and the records, vouchers during party B collecting credits, all efficiently prove the doubtless evidences of credit under the main contract. Party A cannot raise an objection only for these records, documents and vouchers are made or reserved by party B.

5     Reservation of Rights

Party B’s rights of this contract will not affect and exclude any rights shared by other contracts according laws and regulations. Any tolerance, grace and privilege is used for any nonperformance or delay, or delay to execute any rights of this contract, all of these will not regard as abandonment of rights and benefits or permission of any violation, and they also will not affect, deter and hinder the continual execution of this right or the execution of any other right. Moreover, they will not cause party B to bear obligation and responsibility for party A.

 

  

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If party B does not execute or delay to execute any rights of the main contract, or he does not use up any remedies of the main contract, party A’s guarantee liability of this contract will not be abated, but if party B abate debts of the main contract, party A’s guarantee liability of this contract will be abated accordingly.

 

6.     Disbandment or Bankruptcy of Loanees

When party A know the loanees turn into disbandment or bankruptcy, he should notice party B to apply for loaner’s rights immediately and join the procedure of disbandment or bankruptcy concurrently and execute the right of indemnity in advance. If party A has knew or should know the loanees turn into disbandment or bankruptcy but he has not executed the right of indemnity in advance immediately, losses are suffered by party A himself.

The second agreement of article 5 writes, during the procedure of bankruptcy of loanees, if party B comes to a settlement agreement with loanees or consents to a reforming plan, and party B’s rights are not damaged because of them, party A’s guarantee liability will not abated. What’s more, party A cannot withstand party B’s assertion of rights with a settlement agreement and a reforming plan as qualifications. During the settlement agreement and the reforming plan, part of debts which has not paid off when party B makes a concession to loanees, party B still has the right to require party A to pay off debts continually.

 

7.     Disbandment or Bankruptcy of Party A

In case of disbandment or bankruptcy of Party A, though Party B’s obligatory right under the main contract is unmatured, Party B also has the right to participate in the liquidation or bankruptcy program of Party A and the right of declaration.

8 If the correspondence address or the contact method of Party A change, written notice shall be given to Party B immediately, and all the loss resulted from the delay of notice shall be assumed by Party A.

9 The Way of Settling Disputes

Disputes occur during the fulfillment of this contract can be settled by consulting, if consultation fails, solving the disputes in accordance with the first method:

 

(1) Sue in People’s Court of party B’s domicile.

 

  

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(2) Submit to Arbitration Committee (place of arbitration is ), according to the application of arbitration, the committee will arbitrate by actual and effective rules. The arbitration award is the final award and binding upon both.

During the lawsuit or arbitration, other parts excluding disputes of this contract still perform.

10 Conditions for Effect-Taking

This contract will take effect after the two parties sign or seal it.

11 The Contract is in Four Originals.

12 Other Agreed Items

The guarantee contract ( Maximum) signed on October 26, 2011 with reference No.G9110-2011-012 is waived ,the guarantee contract (Maximum) include financial claim under Refinancing item issued on December 9, 2011 and financial claim under sight letter of credit item issued on December 16, 2011.

Article 9 The Statement and Guaranty of Party A

1 Party A knows the scope of party B’s business and authorization exactly.

2 Party A has read all clauses of this contract and the main contract. At the request of party A, party B has done relevant explanations for this contract and the main contract. In addition, party A has thoroughly understood and fully comprehended the implications and relevant legal consequences of this contract and the main contract.

3 Party A is legally qualified to be a guarantor. And party A’s guarantee behavior of this contract is in conformity with laws, administrative regulations, rules and party A’s regulations or interior prescriptive documents, and he has obtained approval from the internal competent institutions of the company and/or national competent authorities. If party A has no right to sign this contract, all responsibilities, including but not limiting full payment for losses suffered by party B, should be undertaken by

party A.

4 Party A confirms that he has an adequate acquaintance with the loanee’s asset, debts, operation, credit, reputation and so on, and whether he has the main qualification and power of awarding the main contract, and he fully knows all contents of the main contract.

  

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Party A (common seal): Ningbo Pacific Ocean Shipping Co., Ltd

Legal Representative (principal) or Authorized Agent (sign):  

October 26, 2011

 

 

 

Party B (common seal): China Construction Bank Inc, Beilun Branch

 

Legal Representative (principal) or Authorized Agent (sign):  

October 26, 2011

 

9posama3ex10lxvi_keyuan.htm

Exhibit 10.66

 

 

 

 

 

 

 

 

 

Maximum Guarantee Contract

 

 

 

 

 

 

 

 

 

 

China Citic Bank Inc,

 

  

  

  

 

Maximum Guarantee Contract

 

Guarantor: Ningbo Litong Petrochemical Co., Ltd (hereinafter refereed to as the Party A)

Address: Room no 312, 12 building, Xifang area , Dagang, xonhuajiang road, Xinqi sub district, Beilun district, Ningbo city, Zhejiang province,

Post code: 315000

Tel: 86232616

Fax: 86232616

Legal representative: Liangcai Zhu

Opening bank and account no: Ningbo economical and development zone branch, agriculture bank, 39202001040007670

Creditor: China Citic Bank Ningbo branch, (hereinafter refereed to as the party B)

Address: no 36, zhengming road, Haishu district, Ningbo city, Zhejiang province

Post code: 315010

Tele: 0574-87731188

Fax:

Legal representative/ Principal : Nianlu Xia

The contract signing location: Beilun Ningbo

Signing date: 15th Apr, 2011

  

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Based on the provisions of the Guaranty Law , contract law of the Peoples Republic of China and other related applicable law and regulations. To make sure Party B will have several creditor’ right (hereinafter referred to as main creditor right)  with debtor--- Ningbo Keyuan Plastics Co., Ltd (hereinafter referred to as “contract debtor) continuously during the contract period in terms. Party A is willing to provide guarantee to Party B  the maximum guarantee amount, both parties signed the contract after mutual agreements as follows:

Article 1 Definition

1.1 The maximum guarantee: means party A and B to fix a maximum amount for the debtor ‘s many debts in a certain period, and party A will guarantee the Party B the debtor will perform the debt within maximum amount. The maximum is the total sum for all the debts( and potential debts) for debtor to take care.

Article 2 The guaranteed main creditor’s right

2.1 The guaranteed main creditor’s right is a serial of creditor’s right happen after party B to credit to debtor since 15th of Apr of 2011 to 15th of Apr of 2014, including but not limited to all kinds of loans, bills, guarantee letter, credit care and other kinds of bank business.

2.2 The guaranteed main creditor’s right maximum amount is 220,000,000 RMB, if party A to perform the guarantee obligation based on this contract, the maximum amount will be deducted according to the performed amount.

2.3 Within the confirmed period and maximum amount, the contract, agreement and other legal documents between party B and debtor to form a debt and creditor’s right relationship will be the main contracts.

Article 3 Guarantee method

3.1 The guarantee method for party A is joint liability, if a single debt under the main contract is expired , but debtor did not perform the payment liability or partial liability, the Party B has the right to file a claim for recovery to Party A directly.

3.2 When the debtor does not perform the debt based on the main contract, no matter if the party B has other guarantee for the creditor’s right under the main contract( including but not limited to promise, mortgage, pledge, guarantee letter, the standby letter of credit etc), party B shall have the right to ask party A to take guarantee responsibility within the scope.

  

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Article 4 Guarantee period

4.1 The party A ‘s guarantee period is 2 years, means the two years after the expiry date of debtor’s debt period stipulated in the contract. Each detailed debt’s guarantee period will be calculated separately.

4.2 If the debt expired in advance based on the requirement of law, regulation or main contract or the stipulation of both party’s agreement, the date for expiry date in advance is the expiry date for debt period.

4.3 If the business under the contract is LC or acceptance bill or guarantee letter, the period is starting from two years since the advance payment, it is advance payment in several times, the period is starting from each date of advance payment.

Article 5 Scope for guarantee

5.1 Under the main contract, the guarantee’s scope for Party A is debt capital, interest, overdue interest, punitive interest, compound interest, liquidated damages, compensation for damages, the fees for party B to achieve the creditor’s right ( including but not limited to litigation fee, arbitration fee, attorney fee(within 10% of main creditor’s right amount) ,trip fee, , appraisal fee, assessment fee, auction fee, transfer fee, preservation fee, announcement fee, executive fee etc) and all due fee.

Article 6 Party A’s statement and guarantee

6.1 Party A is a legal person or other organization established according to the law of people republic of China, and have the capacity for civil rights and behavior ability to sign and perform contract, can solely take civil responsibility, and party A has obtained all approval and authorized to sign the contract.

6.2 Party A fully understand and agree all the clauses in the main contract, and willingly to  provide the guarantee for creditor, and all the expressed meaning under the contract is true.

6.3 The establishment of the guarantee will not get any restrict and cause any illegal situation.

6.4 All the documents, report and statement provided by party A shall be legal, true and accurate and complete, except the information expose to party B, party A does not hold other material debt( potential debt), breach, litigation, arbitration which may affect the contract or other big issue to influence the capital to party B.

Article 7 Party A’s right and obligation

7.1 Party A should provide party B with legal documents which can prove its legal identity.

 

  

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7.2 During the contract period, if party A changed its legal person name, legal representative, project manager, address, telephone, fax etc, should inform Party B in writing in 7 days after changing.

7.3 When the expiry of debt’s deadline or expiry in advance , if debtor did not pay the capital and interest under the contract provision, the party B has right to ask party A to pay off directly, party A will not have any reason to reject any claim from party B, and waive the right of defense in the article 22 of (law of warranty).

7.4 It is party A’s obligation to provide balance sheet and all report for external guarantee, and provide the party B with which really reflect the financial progress report and other documents in regular basis or any time per party B’s request.

7.5 During the contract period, the following things happened including but not limited to share transfer, reorganization, merger, separation, stock system reform, joint venture, cooperation, association, contracting, lease,  operation scope change and registered capital change, material capital transfer and other issues may cause or effect its ability to guarantee for party A, should inform the party B in writhing 30 days ahead.

7.6 During the contract period, if the following circumstance happen to party A (including but not limited to): closure, suspension, application or announce bankrupt, dissolve, the license was suspended , revoked, the financial situation deteriorate, or any issues about sue, arbitration, criminal and executive penalty, or other issue may effect party’s ability to guarantee, should inform Party B within 3 days if the above mentioned situation happened.

 

7.7 During the contract period, if party A intend to provide the guarantee to third party, can not damage party B’s interest.

7.8 During the contract period, if party A has the issues which stipulated in article 7.5 and 7.6, party A will promise to properly fulfill all the guarantee obligation under the contract and provide the detailed plan to perform the obligation,

7.9 If the debtor does not pay off the debt or partial debt under the contract( including the debt expired in advance based on the requirement of law, regulation or main contract or the stipulation of both party’s agreement),  and party B require party A to take the guarantee responsibility , once party A receiving the informing letter from party B, party A will make the payment based on party B’s requested amount and method to pay off the debt in the contract.

7.10 If the party A  fails to pay off the debt based on article 7.9, party A authorize party B to withdraw capital from the guarantor’s account at party B’s bank or party b can dispose the party’s property and property right which party B legally own and manage, to pay off the debt under the contract. While party B is withdraw the capital from party A’s account, if the currency is different with main contract’s creditor’s right currency, will be calculated based on party B’s listing foreign currency exchange rate.

  

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7.11 If there is third party to take the guarantee for debt under the contract, party A still need to take the guarantee responsibility based on article 3 in the contract.

Article 8 Party B’s right and obligation

8.1 If party B to transfer all the creditor’s right under the contract to third party , should inform party A in writing when transfer contract is signed.

8.2 If party B sign a detailed business contract for detailed credit under the main contract with debtor, no need to inform party A.

8.3 If the debtor does not pay off the debt or partial debt under the contract( including the debt expired in advance based on the requirement of law, regulation or main contract or the stipulation of both party’s agreement),it is party B’s right to ask party A to take the guarantee responsibility under the contract.

8.4 Party B should keep confidential for all party A’s data, file and information, but except those are required by law to expose.

Article 9 Liability for breach of contract

9.1 When the contract is valid, both party A and B should perform the obligation in the contract, if any one does not perform or only perform partial obligation in the contract, should take related liability for breach the contract, and make compensation for other party’s loss.

9.2 If the state and guarantee made by party A in article 6 of the contract is not real not accurate and incomplete, or make other party misunderstanding, thus cause party B’s loss, should make compensation for party B.

9.3 If the contract is invalid due to party A’s fault, party A should make the compensation for all party B’s loss within the guarantee scope.

9.4 During the contract period, if the one of the following happen, party B has the right to ask party A to take guarantee responsibility or take according legal measures to party A’s property or property’s right based on article 7.9 and 7.10:

9.4.1 Any one of main contracts expired but party B does not get paid off.

  

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9.4.2 Any debt expired in advance based on the requirement of law, regulation or main contract or the stipulation of both party’s agreement, but party B does not get paid off.

9.4.3 If party B has material finance loss, capital loss or capital loss due to guarantee, or other finance crisis, would not be able to provide guarantee or the guarantee provided can not satisfy party B.

9.4.4 There is crisis in operation and finance in the controlling share holder from party A’s side or other related companies, or there is material transaction between party A and controlling share holder and other related companies, therefore effect party A’s normal business, would not be able to provide guarantee or the guarantee provided can not satisfy party B.

9.4.5 There is harmful change in the party A’s industry, would not be able to provide guarantee or the guarantee provided can not satisfy party B.

9.4.6 The managing staff from party A are suspected corruption, bribe, fraud or illegally running business, would not be able to provide guarantee or the guarantee provided can not satisfy party B.

9.4.7 Party A did breach the contract with other creditors, would not be able to provide guarantee or the guarantee provided can not satisfy party B.

9.4.8 Party A has business closure, suspension, application or announce bankrupt, dissolve, the license was suspended , revoked.

9.4.9 Party A to breach the article 7.8 of the contract, fail to take all guarantee responsibility, or the plan to take the obligation can not satisfy party B;

9.4.10  Other issues from party A to harm, damage or potentially harm and damage party B’s interest.

Article 10 The right’s accumulation

10.1 The right for party B under the contract is accumulative, will not affect and exclude party B’s other right to party A based on law and other contract. Unless party B’s written confirmation, party B does not exercise, or exercise partially or delay to exercise, does not mean to give up or partially give up the right, and will not effect and stop party B to carry on exercising and to exercise other rights.

  

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Article 11 The continuity of the obligation

11.1 Under the contract, party A’s all obligation and joint responsibility is continuous, will have the same constrain for it successor, receiver, assignee, and the organization after merger, reorganization and title changed, will be free from the impact of any dispute, claim, and order from authority and any contract or files signed between main creditor and any natural person or legal person, and will not be changed due to debtor’s bankruptcy, insolvent, disqualification, constitution reforming and any other material changes.

Article 12 Miscellaneous clauses

If any conflict, will be subject to this clause

Article 13 Applicable law

13.1 The contract is governed by law of people republic of china.

Section fourteen, the settlement of dispute

14.1 If any dispute for the contract or regarding to contract, both party should try to settle by negotiation, if failed, both parties agree to use the 2nd way to revolve.

1. Apply arbitration to committee

2. Sue to the court at party B’s domicile.

Article 15 Effectiveness of the contract

15.1 The effectiveness of the contract is independent with main contract, will not be invalid while main contract become invalid, party A’s joint responsibility will still remain if the main contract is confirmed to be invalid, (including but not limited to return and compensate the loss).

15.2 If some article of contract or some content of article is or will be invalid, the invalid article or the invalid part will not affect the effectiveness of the contract and other article or other content of article.

Article 16 The contract’s effectiveness, change and termination

16.1 The contract will take effect after the legal representative of  party A or agent with party B’s legal representative or person in charge or legal agent to stamp(sign or stamp name seal) and stamp the official seal /contract special seal.

16.2 When the contract is valid, except as otherwise noted, both parties can not change or terminate the contract without authorization, if do need to change or terminate, the mutual consent and written agreement is needed.

  

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Article17  Others

 

17.1 Party A and B can have a written proposal separately for all unaccomplished matters as the attachment of contract, all the attachment, revision and supplement will be regarded as a part of contract, sharing the same legal right with contract.

17.2 For all the notice, request and other communication sent from party B to party A concerning the contract, including but not limited to telex, telegraph and fax, once sent will be regarded as to be delivered to party A, third day of mailing the registered letter will be deemed as delivered to party A, if it is sent by a specific man, the date of signing by receiver will be deemed as delivered.

17.3 4 Copies for contract, party A takes one copy, and party B takes three copies.

17.4 party B has taken reasonable method to remind party A all the responsibility waiving and restricting clauses, and fully explaining the related clauses per party A’s request, there is no conflicts in both parties’ understanding in this contract.

 

Party A: Ningbo Litong Petrochemical Co., Ltd  ( Common Seal or Special Seal)

 

Legal Representative ( seal ) Liangcai Zhu

(or Entrusted Agent)

 

Party B: China Citic Bank Ningbo branch ( Common Seal or Special Seal)

Legal Representative (seal) Nianlu Xia

(or Entrusted Agent)

 

 

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