Document:

f10k2012ex10xxxxi_keyuan.htm

Exhibit 10.41

 

Bank of Shanghai

 

MAXIMUM GUARANTEED CONTRACT

(Applicable to Guarantee Provided by Units)

Contract No.: ZDB 301120479

 

	
Guarantor: Litong Petrochemical Co., Ltd. Ningbo.

	  
	
Registration Location: unable to identify Postcode:

	  
	
Principal business place:

	
Postcode:

	
Tel: 86152818

	
Fax:

	
Opening bank for basic bank accounts:

	
Account No.:

	
Legal representative (responsible person): Zhu Liangcai

	
Duty:

	
Agent:

	
Tel:

	
Person for contact:

	
Tel:

	
Email: Home page:

	  
	  	  
	
Creditor: Bank of Shanghai Ningbo Branch

	  
	
Principal business place: No.1, Zhaohui Road, Jiangdong District, Ningbo

	  
	
Postcode: 315040

	  
	
Tel: 87979876

	
Fax: 87979875

	
Legal representative (responsible person):Yegui Shen

	
Duty:

	
Agent:

	
Tel:

	
Person for contact:

	
Tel:

	
Email :

	
Home page:

 

  

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In order to clarify the rights and obligations of both parties, according to <the Property Law of the People’s Republic of China>, < the Guarantee Law of the People’s Republic of China> and other laws, regulations and financial regulations, the creditor and the guarantor make this contract for common abidance. (Caption: The in the contract indicate choice, the chosen one is indicated by , the unchosen one is indicated by .)

 

Article 1. The principal claims

 

The principal claims guaranteed in the contract is the debt principal (including loan principal, discount and money in advance) which happen due to a series of activities (one or the combination of many) listed during the claims period agreed in Term 2 in the contract made between the creditor and the debtor Ningbo Keyuan Plastics Co. Ltd., including comprehensive credit, loans, project financing, trade financing, discounting, overdrafts, factoring, v. letter and repurchase, loan commitments, guarantees, letters of credit, bill acceptance, and other services under the specific contract (hereinafter called "the main contract").

Article 2 Claims period

 

The claims period is from Nov. 28th, 2012 to Nov. 28th, 2013.

Article 3 Limit of maximum principal claims guaranteed

 

The maximum principal claims guaranteed in the contract are limited to:

(Currency type) RMB (Amount written in capitalization)  30 million RMB

(Currency type) (Amount written in capitalization)

(Currency type) (Amount written in capitalization)

Principal claims balance = Accumulated principal

Accumulated principal claims amount having been repaid

Article 4 Limit for the debtor to implement obligation

 

Limit for the debtor to implement obligation is the repayment limit agreed by the principal contract under Term 1 of the contract.

Article 5 Guarantee mode

 

The guarantor guarantees the guaranteed claims to the creditor by shouldering joint liability.

 

  

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Article 6 Scope of surety bond

 

6.1 Scope of surety bond includes: debt principal, interest, default interest, penalty, compensation; all the bank fees concerning principal claims (including not limited to issuing fees, fees charged for amending letters of credit, fees for lading endorsement, acceptance fees, risk fees, registration fees, notary fees and insurance fees); claims realization fees (including not limited to collection fees, court costs, security fees, implementation fees, attorney fees, collateral disposal fees, advertising fees, auction fees, transfer fees, travel expenses) and other damage on the creditor caused by the debtor (the above claims are collectively referred to as “secured claims”).

6.2 If the scope of surety bond goes beyond the limit of maximum principal claims specified in Term 3 in the contract, the guarantor should also shoulder the guarantee obligation.

6.3 If it has been agreed in the principal contract that the debtor should pay deposit, but the debtor does not pay or pay in less amount, the guarantor is obliged to pay instead.

Article 7 Guarantee Period

 

7.1 The guarantor’s obligation period is 2 years from the fulfillment expiry date of each debt in the principal contract. If the debt in the principal contract is divided in to many parts (such as installment), and each part’s fulfillment period is different, the guarantee period is 2 years from the fulfillment expiry date of the last principal debt. If the creditor recovers claims in advance because of the debtor’s default, the guarantor should shoulder the guarantee obligation in advance.

 

7.1.1 The principal debt’s fulfillment expiry date for loans, project financing, discounting, over draft and lending is the payment due date agreed in the principal contract.

 

7.1.2 The principal debt’s fulfillment expiry date for credit certificate and insurance is the payment date regulated in the payment note offered by the creditor.

 

7.1.3 The principal debt’s fulfillment expiry date for import and export letters of credit, export collection financing, export invoice discounting and packing loan is the financing due date agreed in the principal contract.

 

7.1.4 If the creditor and the debtor consult to extend the debt, the principal debt’s fulfillment expiry date is the extended due date; if the creditor declares early due date, the fulfillment expiry date is the declared early due date.

 

  

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7.2 The period for the guarantor to pay the margin and pay the added margin to shoulder the guarantee obligation to the debtor is 2 years since the date the creditor requires the debtor to pay; if the creditor requires the payment separately, the period is 2 year from each date of the separate payment and added payment required.

 

7.3 If the creditor does not get the pay off when the fulfillment period for part or all the claims has been due, the creditor has the right to require the guarantor to shoulder the guarantee Obligation.

 

Article 8 Debt settlement order

 

Unless otherwise agreed, the below orders are abided when the guarantor’s any payment for fulfilling the guarantee obligation to the creditor happens: (1) pay the payable fees and taxes of the debtor in the contract; (2) damages; (3) liquidated damages; (4) overdue interest and penalty interest in the principal contract; (5) interest in the contract; (6) the principal and other payment in the principal contract.

Article 9 Declaration and commitment

 

9.1 Guarantor’s declaration:

 

9.1.1 Guarantor is a legally established and validly existing independent civil subject, has all the essential civil rights and civil capacity required, and is able to sign the contract in its own name and perform the civil liability of the contract.

 

9.1.2 The guarantor’s making the contract and fulfilling the obligation of the contract is totally out of true intention, and in accordance with company’s regulation; the signature personal representative of the guarantor has got all the essential legal authorization and violates no regulation and laws.

 

9.1.3 The fulfillment and enforcement of the contract will not conflict any laws and regulations that the guarantor must abide, neither will it violate any paper that the guarantor has signed.

 

9.1.4 The guarantor does not hide any events involved that may endanger the creditor’s interests such as regulation, arbitration, litigation, enforcement, claims event and others. Any of the guarantor’s property is under the situation of attachment, seizure, freezing, and other enforcement measures.

 

  

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9.1.5 All the data and certificating papers provided by the guarantor to the creditor are true, legal and effective.

9.2 Guarantor’s commitment

 

9.2.1 The guarantor will accept the creditor’s checking about security qualifications, privileges, credit status and the truth nature of the consent to provide writing papers for guarantee.

 

9.2.2 The guarantor has known that the scope of guarantee obligation may exceed the maximum of the claims.

 

9.2.3 If there is any other property security under the claims, the creditor has the right to choose to exercise other property security or require the guarantor to shoulder guarantee obligation, and the guarantor gives up the defense right on other property security, security sequence, changes of guarantee objects and the fulfillment order of the guarantee obligation.

 

9.2.4 The guarantor will timely provide according to the creditors requirement financial accounting reports and financial statements, and all the financial accounting reports should be signed and sealed by the legal representative or person authorized.

 

9.2.5 Names and numbers in all the banks should be provided.

 

9.2.6 Within the contract’s valid period, if the following significant situations on the guarantor’s side happen such as changes in management mechanism, changes in registered capital, changes in ownership, bankruptcy, dissolution, liquidation, revocation of business licenses and etc., the guarantor must notify the creditor 30days in advance. If the guarantor changes address, name, legal representative and etc., the guarantor should notify the creditor within 3 days afterwards.

 

9.2.7 If any of the events listed below happens, the guarantor must immediately notify the creditor in writing:

 

9.2.7.1 The guarantor has been or will be involved in significantly negative events, such as litigation, arbitration, administrative or other judicial proceedings.

 

9.2.7.2 The guarantor receives any notice, order or instruction from any government agencies that have great negative influence on the fulfillment of the obligation of the contract.

 

  

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9.2.7.3 The guarantor has learned other events that may have significantly negative influence on the fulfillment of the obligation of the contract.

 

Article 10 The realization of security rights

 

10.1 If any of the situation below listed happens, the creditor has the right to send the guarantor written notices and require the guarantor to liquidate the guaranteed claims within 10 days after receiving the notices. The contents of the notices should include the total amount of the guaranteed claims and the details of each claim in the scope of the guaranteed claims (including amount, period and types etc.). The notices should have the same binding force to both parties unless there are obvious errors between the creditor’s corresponding calculation and the contents of the notices.

 

10.1.1 The debtor does not fulfill any debt in the principal contract stated in Term 1 of this contract when the time is due.

 

10.1.2 The creditor requires the guarantor shoulder the guarantee obligation in advance when it happens that the debtor in the principal contract defaults or the guarantor default in terms of this contract.

 

10.1.3 It happens that the debtor or the guarantor has the following situations that may influence the creditor’s claims realization: bankruptcy, dissolution, liquidation, revocation of business licenses, encounters of serious illness, accident, involvement in significant civil and criminal litigations, arbitration and etc.

 

10.1.4 The margin should be submitted (or submitted later) according to the contract, but the debtor does not fulfill the corresponding obligation, and the guarantor refuses to submit instead.

 

10.1.5 The guarantor violates the declaration and commitment or does not fulfill the other obligations of the contract.

 

10.1.6 Other situations that influencing the creditor to fulfill the claims realization.

Article 11 Rights and obligations of both parties

 

11.1. Guarantor’s rights and obligations

 

11.1.1 The guarantor is obliged to pay to the creditor the guaranteed claims defined by the contract and clearly recorded in the written notices within 10 days after receiving as specified in 10.1.

 

  

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11.1.2 The guarantee offered by the guarantor is independent, if there is a third party also providing guarantee for the debtor to fulfill the contract, the guarantor still should shoulder the whole guarantee obligation unless the creditor has agreed.

 

11.1.3 The guarantor’s rights and obligations in the contract are not able to be removed or influenced for the following situations:

 

11.1.3.1 The creditor offers grace for debtor’s repayment or negotiates debt reconciliation with the debtor.

 

11.1.3.2 The creditor sets up, changes or remove any rights in debtor’s respect.

 

11.1.3.3 Other guarantees under the guaranteed claims have been changed, delayed in fulfillment, removed, and lose partially or wholly.

 

11.1.3.4 The debtor’s obligations in the contract are affected because of the debtor’s bankruptcy, liquidation, dissolution or other events due to any law, regulation or administrative order.

 

11.1.4 In case that the creditor and the debtor change the principal contact, if the guarantor’s obligations are not increased, the guarantor’s agreement about the change needs not to be drawn, and the joint guarantee obligations are not able to be relieved because of this.

 

11.1.5 Within the valid period of the contract, the guarantor is not allowed to guarantee for the third party without the creditor’s permission.

 

11.2 Creditor’s rights and obligations

 

11.2.1 The creditor has the rights to require at any time the debtor to provide financial reports and financial statement or other data that reflect the guarantor’s business condition.

 

11.2.2 If the guarantor does not fulfill the guarantee obligations as agreed in the contract, the creditor has the rights to directly deduct the guarantor’s money in the accounts opened at Shanghai Bank Ltd (including any level of branches) in order to liquidate the claims guaranteed by the guarantor.

 

11.2.3 The guarantee in the contract is independent of any guarantee rights that the creditor obtains now or will obtain in future. The creditor is allowed to directly carry out the guarantee rights in the contract without carrying out other guarantee rights firstly.

 

  

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11.2.4 Unless the creditor expresses to give up the rights in the contract in writing, the creditor’s not carrying out and delaying to carry out the whole or partial right, and the creditor’s agreement for the debtor to repay later are not able to be taken as giving up the rights.

Article 12. The contract’s effectiveness, change and termination

 

12.1 The contract takes effect after the signature and seal of the legal representatives (responsible person) or agents of both parties.

 

12.2 After the contract has taken effect, any party can not change or terminate the contract unauthorized. If changes or termination needed, the two parties shall negotiate an agreement and make a written contract. Term 13. The independency of the contract

 

13.1 The contract is independent of the principal contract, the invalidation or the ceasing of the invalidation of the principal contract does not affect the effectiveness of the contract. The guarantee shall shoulder the guarantee obligation of the civil obligation caused of the debtor to the creditor because of the invalidation of the whole contract or part of the contract.

 

13.2 The invalidation of part of the items in the contract does not affect the validation of other items; neither does it affect the creditor’s rights.

Article 13, the independent of contract

 

13.1 the contract is independent from principal contract, the ineffectiveness of the contract will not impact the contract’s effectiveness, the guarantor should make the guarantee for the debtor ‘s civil duty due to the invalid of contract in part or whole.

 

13.2 the invalid of some clauses on the contract will not impact the other clause’s effectiveness, and will not also impact the right of creditor.

Article 14 Breach of contract

 

After the contract has taken effect, both parties should fulfill the obligations agreed in the contract, any party that does not fulfill or does not full fulfill should shoulder corresponding breach of the contract, and compensates the loss so caused to the other party.

 

  

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Article 15 Applicable law and dispute resolution

 

15.1 The contract is applicable to laws in china and is explainable accordingly. 

 

15.2 If disputes appear in the fulfillment of the contract between the two parties, they can negotiate a solution, or directly submit litigation to the people’s court in the creditor’s location.

 

15.3 If the contract has been enforced arbitration, when the debt fulfillment term ends, the debtor does not fulfill or does not fully fulfill the debt or the creditor realizes the claim in advance because the debtor has violates the contract, enforced implementation can be directly applied according to law.

Article 16 Force majeure

 

If one party is not able to fulfill the obligation of the contract because of the force majeure, the party should notify the other party in writing within 10 days after the occurring of the force majeure, and provides the written data issued by related agencies to certify the occurring of the force majeure.

 

Article 17 Notice form and delivery

 

17.1 Notice about related subjects of the two parties should be in written form and delivered to the corresponding party according to the principal business addresses listed in the contract.

 

17.2 When notices are delivered according to the address above, delivery date is: for delivery on a special trip, the date the recipient signed; for telegram and fax, the time fax and telegram arrived at the corresponding party; for post, postmark date for registered letter.

 

Article 18 Outstanding issues

 

The outstanding issues of the contract are implemented according to the related laws, regulations and financial regulations of the nation.

Article 19Indication and specification

 

19.1 When the contract is made, the creditor has stated and explained the item in the contract in detail to the guarantor, there is no disagreement about the contract items between both parties, and both parties have a correct understanding on the legal significance of related rights, obligations, limits on responsibilities and the disclaimer.

 

19.2 The creditor’s rights and obligations in the contract are able to be enjoyed and fulfilled by the creditor of the contract, or by the upper agencies the creditor belongs to.

 

  

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Article 20 Consultation supplementary

Article 21 Contract copies

 

The contract has 2 duplicates, the creditor holds one, the guarantor holds one, and the arbitration agency holds one. The number of the duplicates is decided by needs and has the same legal force with the original one.

	pledgee: shenye gui 	 	Guarantor: zhu liang cai	 
	(Seal)	 	(Seal)	 
	
Legal representative (responsible person)

	 	
Legal representative (responsible person)

	 
	or agency:	 	or agency: 	 
	(Signature & seal) (Signature & seal)	 	 	 
	 	 	 	 
	2012.11.28	 	 	 
	Signing location: Bank of Shanghai, Ningbo branch.	 	 

 

10f10k2012ex10xxxxii_keyuan.htm

Exhibit 10.42

 

China merchant bank

 

Pledge contract

No 6201121207

 

Pledgee:  China merchant bank Beilun branch

 

Party A

 

Person in charge : lu li jun

Pledgor : Ningbo Keyuan plastic co.ltd

 

Party B

 

Person in charge: Tao chun feng

 

  

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1 In consideration of the party B to apply for the loan/ commercial draft discount/ acceptance draft for the amount of (currency) $6.5 million, and party A agrees to provide the loan/ commercial draft discount/ acceptance draft to party B, and both parties signed the loan contract with number of 6201121207. (principal contract), or

 

2 the debtor____to apply for the loan/ commercial draft discount/ acceptance draft for the amount of (currency) ____, and party A agrees to provide the loan/ commercial draft discount/ acceptance draft to debtor, and both parties signed the loan contract with number of    (principal contract)

 

In order to ensure that the debtor completely and timely performs every obligation in the principal and that the pledgee’s rights are achieved, after party A 's complete inspection, agree to take party B’s property or right as pledge, the pledgor volunteers to undertake liability of all the debt in the principal contact for the pledgee and draw up this contact specially.

1. the pledge from party B

 

	
●

	
Time deposit slip

 

	
●

	
Copy: 1

 

	
●

	
Value: 42million RMB

 

	
●

	
Duration: 2012.12.19-2013 6.19

 

	
●

	
Source: company’s own money

 

	
●

	
No: 0004908127/57490319518000279

 

  

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The method of pledge

 

1. when the debt due under the main contract, all the unreturned loan, advanced payment, discount payment from party A to party B, should be paid by the pledge under the contract, and if party A to ask a earlier cash back, party B should also take the pledge as the paymenet.

 

2. The both parties have reached the agreements for the interest, amount and the duration, or if party A need to adjust the interest rate during the contract period,  do not need to ask the approval from party B, and party B shall all agree with the change, and will not affect the party B’s pledge obligation under the contract.

 

3. The warranty scope

 

The debts of the contract, the scope should include the loan principal , penalty interest and compound interest, liquidated damage,proceed fee, and other related fees, and also the fees arising from the pledgor to achieve its rights ( include but not limited to litigation fee, lawyer fee and travel fee etc)

 

  

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Details as follows:

 

1. Party A to issue to party B principal fee, the resultant interest , penalty interest and compound interest, liquidated damage,proceed fee, and other related fees based on the contract,

 

2. The acceptance bill and the principal paid by party A to party B and compound interest, liquidated damage,proceed fee, and other related fees to perform the payment obligation for commercial draft under the contract,

 

3. Party A’s discount of amout for  draft payment and compound interest, liquidated damage, proceed fee, and other related fees under the contract,

 

4. The fee for party to execute the pledge, include but not limited to litigation fee, lawyer fee and travel fee etc.

Article 4  The pledge property’s handover

 

1. The pledge’s property’s handover (registration) and keeping

 

4.1 if the pledge is movable property, party B should handover the pledge upon the date of signing the contract.

 

if the pledge is kept in third party's disposition, party B should give a notice to third party upon signing the contract, the arrival date of notice to third party will be deemed as the completion of delivery of pledge to party A.

 

if the party B to take the capital as the guaranty, party B should save the capital into the account which party A appointed at party A's bank, the capital account no should be the account no which automatically shown while the saving occured, which will be deemed as the party B to transfer the pledge to party A as the guarantee.

 

  

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4.2 if the pledge is a kind of right, party B should transfer the right of certificate to party A upon the date of signing the contract, and also did the recording on the certicificates, party A should keep the certificates properly and be responsbile for the loss.

 

Article 5 The pledge property’s registration

 

1. if the pledge can only be valid after registered in the local registration authority under the contract, party B should cooperate with party A to provide the necessary documents to do the registration within the period requested by party A .

2. Party B should actively work with party A to do the registration, if the work is not done on time, then the party B should undertake the related fee if necessary.

Article 6 The duration of the pledge

 

It is from the effective date of contract to the debt due date.

 

  

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Article 7 The pledge’s keep and responsiblity

 

1. It is the party A’s duty to keep the pledge, and party A should take the related civil duty in case the pledge get damaged or lost.

 

2. In case the pledge lost or damaged, party B can ask party A to draw the pledge, or make debt paid off earlier to collect the pledge.

Article 8 The insurance of the pledge

 

Per the request of the pledgee, the pledgor should do the full insurance for the pledge under the contract and take the pledgee as the first beneficiary or insured., and give the insurance sheet to party A for keeping, and the insurance life should be longer than the pledge duration, the amount of premium should not be lower than the amount of pledge, the due date of insurance should be six month later than the due date of pledge right, but if the pledge is not paid off after the insurance date, the pledgee has the right to ask to continue the insurance until the debt is paid off.

 

before all the creditor’s right is paid off, if any accident happened during the contract period, all the rights under the contract should be pledgee’s disposal, the insurance premium and compensation should be saved into pledgee’s appointed account as pledge, and after the paid off, if there are any balance, then use be returned to pledgor after the paid off, if the pledge is damaged or the damage is not in the scope of insurance, then the pledgee has the right to ask the pledgor to pay the balance or insurance. the pledgor should give the insurance contact and other legal documents to pledgee for keeping, and pay the related fee in a timely manner, follow the requirement and other request of insurance contract, and to provide the last payment bill or all the related bills per pledgee’s request. the pledgee can buy the insurance instead of pledgor, but the pledgor should pay the insurance premium upon receiving the notice.

 

  

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Article 9 The compound interest

 

Party A has the right to collect the compound interest, and the compound interest should be used for compensating the fee of collecting the compound interest first.

Article 10 The expense

 

Party B to undertake the insurance, notarization, registration, and storage fee under the contract.

Article 11

 

During the contract period,  if there is a possibility for pledge to damage or value reduction, party A has the right to ask party B to provide warranty,  if party B does not do so, party A has the right to bid the pledge, and use the payment for principal and interest paid off under the contract,  or to draw with the third party.

 

If party B to suppress the truth that he does not has the ownership for the pledge, party A can ask party B to provide a new pledge, if party B can not do so, should undertake % of the loan and interest as the liquidated damages to party A, and if the above mentioned conducts cause the loss of party A, party B should be also responsible for the loss of party A .

 

  

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Article 12

 

If the pledge is the pledge right (include but not limited to bill, warrant, saving bill, storage bill etc) and there is a collection date for the pledge,  and the date is earlier than the due date of debt, party B has right to claim the pay off of collection before the due date of debt, the cash or property should be saved into the account or the place party B appointed, B has the right to handle the pledge based on the following procedure and party A should provide the assistance.

 

If the pledge is saving bill, when the bill expired, the bill should be automatically saved again and as a pledge for the contract, if there is the change of number or amount or duration, will not affect party B’s obligation.

 

If the pledge is storage bill or warehouse receipt, and the due date of bill is later than the pledge due date, then party A has the right to claim the pledge earlier than the storage bill due date, and the collected payment should be used to the debt under the contract.

 

  

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Article 13

 

If party B to use movable property or loan/ acceptance bill/discount as ledge, if there are value reduction drop to ___% of pledge value during the contract period, party B should to replace the pledge or get a new pledge to make up the insufficient part.

Article 14

 

During the contract period, if there are separation, dismiss, going to bankruptcy, be cancelled the registration, the certification,  the pledge right be damaged, lost, frozen or sealed, party A has the right to execute the pledge in advance.

Article 15

 

In case one of the following situations happen, pledgee has the right to handle the pledge to get the pledge right

 

1. Party B or debtor to violate the contrat.

 

2. Pledgor/other guarantee person to violate the contract, or pledgor not to perform the contract obligation.

 

3. Party B to use movable property or loan/ acceptance bill/discount as ledge, and there are value reduction drop to ___% of pledge value during the contract period.

 

  

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4. The pledgor is the natural person, death and not successor.

 

5. The pledgor is dead, the successor to give up the inherit and pay the deb.

 

6. The party B is legal person, there are separation, dismiss, going to bankruptcy, or cancelled the registration, the certification.

 

7. The other issues may seriously affect the contract.

Article 16 The contract’s independence

 

The effectiveness of this contact is independent from that of the principal contact, that means, this contact does not become invalid or be receded just because the principal contact becomes invalid or be receded. And the contract will not be affected if if there are separation, dismiss, going to bankruptcy, be cancelled the registration, the certification, if per the contract, the party A to stop issuing the unissued acceptance bill or the discount, or collect the issued loan , all of those will not affect the party B’s obligation.

Article17 The achieve of pledge

 

1. Party A does not perform the debt after the due date, or perform the debt which claim due, pledgee has the right to handle the pledge to get the pledge right.

 

  

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The value mutually agreed by both parties or listed in the registration are not the final value, should be decided by the net amount deducted by tax.

 

If the pledge value should be used to compensate the creditor’s right, then the mutually agreed value above mentioned should not used as judgment, the final value should be get by mutually discussed by both parties.

 

2. The pledgee has the right to handle the pledge by sale, bid, cash the pledge in advance, and get the paid based on the cash or to handle the payment by contract. after handled the pledge, the paid cash should be for all the creditor’s right, for the financing beside the loan, the remaining can be returned to party A.

 

 If the party A and debtor is the same person, the party B can apply for the enforce for the property beside the pledge, on the condition that not to give up the pledge.

Article 18 The change of contract

 

After the contract get effective, either party can not change the content of contract without other party’s consent.

Article 19

 

1. The applied laws

 

This contact applies to the Chinese (not including Hongkong, Macau Special Administrative, and Taiwan) laws.

 

  

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2. The dispute resolution

 

All the disputes of this contact can be solved through the friendly consultation. If the consultation falls, the People’s Court of the creditor’s domicile place enjoys the non-excludable right of jurisdiction. During the period of argument, every party should continue to perform the items which have not been argued.

 

Article 20 Informing

 

All the inform related to the contract should be written, and

 

The contract for party A is

 

For party B is

 

It is the signed letter, the date when the recipient sign is regarded as acceptance, For the fax or e-mail, it is the day when the fax or e-mail is sent out, if there are any changes for each party’s address should be informed on time, otherwise should take the potential risk.

Article 21 Terms

 

The terms in the contract has the same meaning with main contract unless otherwise stated.

 

  

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Article 22 Effectiveness

 

This contact is valid after it is stamped by the creditor’s and the debtor’s official seals and signed or stamped by their legal representatives/persons responsible or authorized attorneys (if the attorneys are natural men, they only need to sign this contact). It is ended when all the secured creditor’s rights are tendered.

Article 23 Other items, if any

Article 24 The contract is in 2 copies, each party took 1 copy

The contact is signed by the following pledgor and pledgee .The pledgor ensures that when signing this contact, both sides have been explained and discussed all the items in detail and have no questions for all the items, and have an accurate understanding the limitation or exempted items of the legal implications of the interested parties’ related obligations and liabilities.

 

	 	 		 
	The pledgee (official seal)  Party A	 	The pledgor (official seal) Party B	 
	The legal representative	 	The persons responsible or the authorized	 
	
or the authorized attorney notary

(signature or stamp of official seal)

	 	
(signature or stamp of official seal)

	 
	2012.12.19	 	2012.12.19	 

 

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