Document:

Exhibit
4.45

 

English Translation for Reference Only

 

Maximum
Guarantee Contract

 

	
        Important Notes

         

        The Guarantor shall carefully read the
        whole text of the contract. In case of any doubts, please submit them to the Creditor in time for explanations.

 

	Guarantor: Jiangsu Xinde Asset Management Co., Ltd.
	 
	Legal address: No.6, Shuige Road, Jiangning Economic & Technological Development Zone
	 
	Legal representative: Lu Tingxiu	 
	 	 
	Correspondence address: the same as above	Post code: 210000
	 	 
	Contact Tel: 83275358	Fax:                         

 

	Creditor: Nanjing Branch of Evergrowing Bank Co., Ltd.
	 
	Principal: Yang Qiang	 
	 	 
	Correspondence address: No. 188, Changjiang Road	Post code: 210018
	 	 
	Contact Tel: 86827888	Fax: 86827555

 

    	 

    	 

    

 

To assure all debts
within valid period of guarantee line stipulated in this contract between the Creditor and the Debtor China Sunergy (Nanjing)
Co., Ltd. are paid off, the Guarantor is willing to assume joint and several liability to the Creditor.
To confirm responsibilities and keep business creditability, both parties hereto conclude and sign the contract on the basis of
related laws and regulations for mutual compliance. 

 

Article One Definition
and Interpretation 

 

Unless it is otherwise
stipulated by the contract,

 

		1.	“Claims incurred between the Creditor and the Debtor” include claims (including principal,
interest, interest penalty, compound interest, default fine, compensation for damage and expenses for enforcing claims, etc) incurred
to the Creditor and the Debtor from financing business such as loan of domestic and foreign currency, inter-bank lending, trade
financing, (L/C opening, trust receipt, packing loan, outward documentary bills, acceptance, discount, buy-back of bills, guaranty,
etc.

 

		2.	“Valid period of guarantee line” refers to a consecutive period that is clearly agreed
by both parties hereto in order to define the scope of guaranteed claims hereunder. Claims incurred in this period, not matter
if its term of single debt exceeds the period, the Guarantor shall assume joint and several liability of guarantee for balances
of all claims under maximum principal quota guaranteed by it.

 

		3.	“Principal” refers to debt principal incurred when the Debtor transacts business, including
but not limited to loan principal of domestic and foreign currency which the Debtor shall pay off, trade financing principal, bank
acceptance payment, note discount fund, advances under letter of credit, debt principal the Creditor assumes the responsibility
of guaranty for the Debtor, etc.

 

		4.	“Guaranteed maximum principal quota” refers to the maximum principal limit that is
clearly agreed by both parties hereto in order to define the scope of guaranteed claims hereunder. Under this principal quota,
regardless of times claims incur and the amount at every time between the Creditor and the Debtor, the Guarantor shall assume joint
and several liability of guarantee for balances of all claims(including principal, interest, interest penalty, compound interest,
default fine, compensation for damage and expenses for enforcing claims, etc) under the guaranteed maximum principal quota.

 

		5.	The expenses for enforcing claims include but are not limited to collection fee, lawsuit fee (or
arbitration fee), maintenance cost, execution fee, attorney agent fee, fee for handling cases, announcement fee, evaluation fee,
auction fee, etc.

 

		6.	The Creditor implements control of balances to claims of the Debtor. Balances refer to the total
of balances of claims the Creditor has to the Debtor which incur within the valid period of guarantee line, including undue balances
and due and unpaid balances.

 

		(1)	Undue balances refer to all balances of debts to be paid off, whose terms have not matured.

 

		(2)	Due and unpaid balances refer to all balances of debts whose terms are matured and the Guarantor
has not performed obligation of paying off them.

 

		7.	“Master contract” refers to, within valid period of guarantee line, the contract signed
by the Creditor and the Debtor, which specifies every debt amount, term of debt, and other rights and obligations.

 

    	 

    	 

    

 

Article Two Creditor’s
Right to be Secured 

 

Creditor’s right
to be secured hereunder shall be all claims under guaranteed maximum principal quota of the Creditor and the Debtor, which incur
within valid period of guarantee line.

 

Article Three Valid
Period of Guarantee line 

 

		1.	The valid period of guarantee line shall be from January 4, 2011 to January 4, 2012.

 

		2.	The date of occurrence of debts hereunder must be within valid period of guarantee line. The maturity
date of every debt may exceed the maturity date of valid period of guarantee line, namely, no matter if the maturity date of single
debt of the Debtor exceeds the maturity date of valid period of guarantee line the Guarantor shall assume joint and several liability
of guarantee to guaranteed claims.

 

Article Four Guaranteed
Maximum Principal Quota 

 

		1.	The guaranteed maximum principal quota hereunder is (currency type: RMB) ninety million
yuan only.

 

		2.	Within the maximum principal quota, regardless of times claims incur and the amount at every time
between the Creditor and the Debtor, the Guarantor shall assume joint and several liability of guarantee for balances of all claims
(including principal, interest, interest penalty, compound interest, default fine, compensation for damage and expenses for enforcing
claims, etc) under the maximum principal quota.

 

Article Five Form
of Guarantee 

 

The Guarantor shall
assume joint and several liability of guarantee hereunder. Whatever reason the Debtor does not perform its obligation of paying
off due debts (including debts withdrawn ahead of schedule by the Creditor due to breach of the Debtor or the Guarantor) as stipulated
by master contract, the Guarantor shall assume joint and several liability as stipulated hereunder.

 

Article Six Scope
of Guarantee

 

The scope of guarantee
hereunder shall be balances of all claims (including principal, interest, interest penalty, compound interest, default fine, compensation
for damage and expenses for enforcing claims, etc) under guaranteed maximum principal quota which incur within valid period of
guarantee line.

 

Article Seven Term
of guarantee 

 

		1.	The term of guarantee of every debt hereunder shall be two years, from maturity date of every main
debt.

 

    	 

    	 

    

 

		2.	Where the financing confirmed by single master contract is matured in batches or by stages, the
period of guarantee in every batch or at every stage shall be two years, from the maturity date of main debt in every batch or
at every stage.

 

		3.	When the Creditor withdraws debts ahead of schedule, it shall be deemed that the term of main debt
is matured ahead of schedule and the period of guarantee of this debt shall be brought forward correspondingly.

 

The maturity date of
debts under opening bank acceptance, opening L/C and opening security bond shall be the date of advances by the Creditor.

 

Where the Creditor announces
the main debt is matured ahead of schedule, the maturity date ahead of schedule announced by the Creditor shall be maturity date
of debts.

 

Article Eight Payment
upon Claim

 

The debts hereunder
shall be of payment upon claim, namely, only if the Creditor submits debt collection notice indicated with guarantee contract No.
and debt balance to the Guarantor, the Guarantor shall immediately pay it off after receiving the notice.

 

Article Nine Representations
and Warranties 

 

		1.	Statement of Guarantor:

 

		(1)	The guarantee commitment of the Guarantor hereunder shall be effective to all debts within maximum
principal quota and valid period of guarantee line. Unless it is required by the Creditor, the Guarantor does not handle guarantee
formalities one by one.

 

		(2)	The Guarantor hereby irrevocably authorizes the Creditor to deduct money from any of its accounts
in any business institution of the Creditor for paying off debts and other expenses the Guarantor shall assume, which does not
need legal procedures.

 

		(3)	The Guarantor does not hide any of following events which has happened or is going to happen and
may make the Creditor not accept it as the Guarantor:

 

		(a)	The Guarantor or its main leader is involved with major violation against discipline, laws or is
filed a claim against;

 

		(b)	Unsettled lawsuit, arbitration event;

 

		(c)	Various debts, possible liabilities the Guarantor assumes, or guarantee, mortgage (pledge) guaranty
the Guarantor provides to the third person;

 

		(d)	Breach events of the Guarantor taking place under other contracts;

 

		(e)	Other circumstances affecting financial status or guaranty capability of the Guarantor.

 

		(4)	Documents, data, statements and vouchers, etc the Guarantor provides to the Creditor shall be true
and effective.

 

		(5)	The Guarantor knows clearly the business scope and extent of authorization of the Creditor.

 

    	 

    	 

    

 

		(6)	The Guarantor has fully read all articles hereunder. At the request of the Guarantor, the Creditor
has made corresponding article explanations for the contract. The Guarantor has known and fully understood all meaning of articles
hereunder and related legal consequence.

 

		(7)	The Guarantor shall be entitled to sign this contract.

 

		2.	Warranties of Guarantor

 

		(1)	Within valid period of the contract, the Guarantor must not reach the goal of damaging interests
of Creditor or escaping from liabilities by transferring assets, waiving assets or negatively performing claims or any other way.

 

		(2)	If the Debtor faces recourse of the Guarantor and any payment demand under master contract from
the Creditor at the same time, the Guarantor shall agree the Debtor pays off debts it owes the Creditor preferentially.

 

		(3)	If the Debtor and the Guarantor have signed or will sign counter guarantee contract over guaranty
obligations hereunder, the counter guarantee contract must not damage any right the Creditor is entitled to hereunder by law or
in fact.

 

		(4)	Before all obligations hereunder are performed, if the Guarantor changes any property right or
adjust operation mode (including but not limited to signing joint venture or cooperation contract with foreign, Hong Kong, Macao
or Taiwan businessmen; cancellation, shutdown, suspense from production, change of the line of production, alteration; separation,
consolidation, merging, being merged; restructuring, building or transformation of joint-stock company, investment of company;
buying shares or investing joint-stock company with fixed assets such as house, machine and equipment or intangible assets such
as trademark, patent, exclusive technology, land use right; transaction of property right, operation right by leasing, contracting,
joint operation, trusteeship, etc; alteration of any other institution or change of operation nature, it shall notify the Creditor
in writing in advance.

 

		(5)	(5) Before performance of obligations hereunder is finished, if the Creditor demands addition or
replacement of the mode and main part of guaranty, the Guarantor shall guarantee it would provide new mode and main part of guaranty
acceptable to the Creditor.

 

		(6)	The Guarantor shall guarantee it would notify the Creditor in writing immediately in case of breach
event which occurs hereunder, and under contract, guarantee contract or other contract it signs with any department or institution
of the Creditor, other bank, non-bank financial institution or unit.

 

		(7)	If the Guarantor makes any registration of setup, alteration or cancellation in national administration
for industry and commerce or other related department of the state, it would notify the Creditor before application and deliver
related registration copy to the Creditor immediately after registration.

 

Article Ten Modification
of Guaranteed Master Contract 

 

The Guarantor shall
confirm, if the Creditor and the Debtor alters master contract through agreement, it shall be deemed that it has got approval of
the Guarantor in advance. There is no need to notify the Guarantor, and the guarantee liability of the Guarantor would not be reduced
and exempted hereby.

 

    	 

    	 

    

 

Article Eleven Liability
for Breach of Contract

 

		1.	In any of following circumstance, it shall be breach of the Guarantor:

 

		(1)	The Guarantor does not perform statement and guarantee made in Article Nine hereunder;

 

		(2)	Credit status of the Guarantor worsens or other event weakening guaranty capability occurs;

 

		(3)	The Guarantor violates other obligations stipulated hereunder.

 

		2.	When the Guarantor breaches the contract, the Creditor shall be entitled to adopt one or multiple
measures as follows, meanwhile the Guarantor irrevocably authorizes the Creditor to exercise measures in (7) of this article without
legal procedures:

 

		(1)	Rectifying breach within a stipulated term;

 

		(2)	Requiring the Guarantor to provide new and effective guaranty;

 

		(3)	Announcing the term of main debt is matured ahead of schedule and requiring the Guarantor to assume
joint and several liability of guarantee;

 

		(4)	Requiring the Guarantor to pay default fine of 5% of guaranteed maximum principal quota;

 

		(5)	Requiring the Guarantor to compensate for economic loss which the default fine is not enough to
compensate for;

 

		(6)	Canceling the act the Guarantor damages the interests of the Creditor by law;

 

		(7)	Deducting money from any account of the Guarantor to pay off the debts within the scope of guarantee;

 

		(8)	Taking legal measures to investigate for joint and several liability of guarantee, liability for
breach and related compensation liability the Guarantor shall assume within guarantee scope.

 

Twelve Independence
of Contract Effectiveness 

 

The effectiveness hereof
shall be independent from master contract. All or part of invalidity of the master contract does not affect effectiveness of this
contract. If the master contract is confirmed invalid, the Guarantor shall still assume joint and several liability of guarantee
for debts which are incurred by the Debtor for restitution of property or compensation for loss. 

 

Article Thirteen
Notice 

 

		1.	Any notice or all communication and contact information of either party hereunder shall be delivered
to the other party in writing according to the address or other contact way indicated hereunder.

 

		2.	If above-mentioned contact way of either party hereunder changes, it shall notify the other party
immediately.

 

    	 

    	 

    

 

		3.	Any notice or communication and contact, only if it is sent to above-mentioned address (altered
address if the address is altered), shall be deemed as received on following dates:

 

		(1)	If it is letter, it shall be 5 working days from the date it is sent by registered mail;

 

		(2)	If it is express mail, it shall be 3 working days after it is sent;

 

		(3)	If it is fax, it shall be the date of sending;

 

		(4)	If it is sent by courier, it shall be the date the recipient signs for receiving it.

 

Article Fourteen
Mode of Dispute Solution 

 

The contract’s
conclusion, effectiveness, interpretation, performance and dispute solution shall be all subject to laws of the People’s
Republic of China.

 

If any dispute comes
out in the course of performing the contract, it may be solved through negotiation; if negotiation does not work, it shall be solved
in following mode 1.

 

		1.	Filing a lawsuit to People’s Court in the place where the Creditor is;

 

		2.	Submitting it to                   Arbitration Commission to be arbitrated according to arbitration rules of the
commission which are effective when it is arbitrated. The arbitration judgment shall be final and binding upon both parties.

 

During the period of
lawsuit or arbitration, articles hereunder not involved with the part of dispute shall be still performed.

 

Article Fifteen Effectiveness
of Contract 

 

		1.	The contract shall take effect from the date it is signed by both parties.

 

		2.	After the contract takes effect, with regard to master contracts signed by the Creditor and above-mentioned
Debtor, the Guarantor does not need to confirm them one by one unless it is required by the Creditor.

 

Article Sixteen Contract
Text

 

The contract shall
be in______original copies, parties hereto and_______shall hold one respectively.

 

Article Seventeen
Miscellaneous

 

		1.	Within the period stipulated by Article Three 1., series of contracts, agreements and other legal
documents signed when the Creditor and the Debtor form the relationship of claims and debts, shall be confirmed in related contracts,
agreements and other legal documents, if this contract does not provide guarantee to them.

 

		2.	The Guarantor agrees, if the discount business (including rediscount) of trade acceptance that
is accepted or endorsed by the Debtor is handled in the Creditor’s through the bearer within the valid period of guarantee
line, the discount agreement between the bearer and the Creditor shall be deemed as master contract guaranteed by this contract
and in the guarantee scope of this contract. The Guarantor agrees to assume joint and several liability of guarantee according
to provision of this contract.

 

    	 

    	 

    

 

		3.	Application of letter of credit (namely, irrevocable documentary credit application) and letter
of credit opened under it and its modification, which the Debtor submits to the Creditor within valid period of the guarantee line,
shall be master contract of this contract and in the guarantee scope of this contract. The Guarantor agrees to assume joint and
several liability of guarantee according to provision of this contract.

 

		4.	The Guarantor shall promise: when the Debtor does not perform debts as stipulated, not matter if
the Creditor has other guaranty (including but not limited to guarantee, mortgage, pledge, letter of guarantee, standby letter
of credit and other guarantee mode) to claims under master contract, the Creditor shall be entitled to directly require the Guarantor
to assume all guarantee responsibility hereunder, without exercise of other guaranty right in advance.

 

Article Eighteen
Other Provisions 

 

(No text below the page)

 

    	 

    	 

    

 

	   The Guarantor has read through foregoing articles and the Creditor has make related explanations at the request of the Guarantor who has no objection to all content.

 

	Guarantor (official seal/signature)	 	Creditor (unit/seal)
	 	 	 
	/seal/ Jiangsu Xinde Asset Management Co., Ltd.	 	/seal/ Nanjing Branch of Evergrowing Bank Co., Ltd.

 

	Legal representative (principal) or authorized representative	 	Principal or authorized representative
	(signature or seal)	 	(signature or seal)
	 	 	 
	/seal/ Lu Tingxiu	 	/seal/ Yang Qiang

 

	Signature date: January 4, 2011	 	Signature date: January 4, 2011Exhibit 4.46

 

English Translation for Reference Only

 

No. 2012 Heng Yin Gao Bao Zi No. 0210228048

 

Maximum Guarantee Contract

 

(Applicable
to Unlimited Guarantee Amount Contract)

  

		EVERGROWING BANK
	 	 
	Signature place: ______, China

   

    	 

    	 

    

 

No.

 

2012 Heng Yin Gao Bao Zi No.

 

0210228048

 

Maximum Guarantee Contract

 

	
        Important Notes

        The
        Guarantor shall carefully read the whole text of the contract, especially articles indicated with the mark■■.
        In case of any doubts, please submit them to the Creditor in time for explanations. 

 

Guarantor: Jiangsu Xinde Asset Management
Co., Ltd.

 

Legal representative (principal): Lu
Tingxiu

 

Certificate type:_________Certificate
No.:

 

Legal (household register) address:
No.6, Shuige Road, Jiangning Economic & Technological Development Zone 

 

Correspondence address: the same as
above______________________Post code: 

 

Contact Tel: 

 

Creditor: Nanjing Branch of Evergrowing
Bank Co., Ltd.

 

Principal:  Yang Qiang 

 

Correspondence address: No. 188, Changjiang
Road_______Post code: 210018 

 

Contact Tel: 025-86807639___________________________
Fax: 

 

    	 

    	 

    

 

Whereas: the Creditor
has provided or will provide a series of credit granting to (hereinafter referred to as “the Debtor”) to China Sunergy
(Nanjing) Co., Ltd., in order to guarantee enforcement of claims of the Creditor to the Debtor on the basis of this credit
granting, the Guarantor is wiling to provide maximum amount of Guarantee guaranty.

 

To define rights and
obligations of both parties, on the basis of related laws and regulations such as Contract Law of the People’s Republic
of China and Guaranty Law of the People’s Republic of China, the Guarantor and the Creditor hereby conclude this
contract through negotiation on the basis of willingness and equality.

 

Article 1 Principal Claim Guaranteed

 

The Guarantor provides
maximum amount of Guarantee for the claims under all credit granting business contracts (hereinafter referred to as “Master
Contract”) the Creditor and the Debtor executed in the period from February 28, 2012 to February 28, 2013 for
the purpose of comprehensive credit granting from the Creditor to the Debtor for purchasing raw materials. 

 

The currency type, principal
amount and interest rate of Creditor’s claim, term of debts of the Debtor, etc are subject to provisions of master contract.

 

Article
2 Maximum Claim Principal of Guarantee 

 

The maximum balance
of principal claim guaranteed by the Guarantor hereunder is (currency type and amount in capital) Renminbi one hundred and ten
million yuan only.

 

“Principal”
refers to debt principal incurred when the Debtor transacts business, including but not limited to loan principal of domestic and
foreign currency which the Debtor shall pay off, trade financing principal, bank acceptance payment, note discount fund, advances
under letter of credit, debt principal the Creditor assumes the responsibility of guaranty for the Debtor, etc.

 

Article
3 Scope of Guarantee 

 

The scope of Guarantee
shall be principal and interest, compound interest, interest penalty, default fine, compensation for damage and expenses for enforcing
claim. The expenses for enforcing claim include but are not limited to collection fee, lawsuit fee (or arbitration fee), maintenance
cost, announcement fee, execution fee, attorney fee, business trip fee and other expenses.

 

Article
4 Form of Guarantee

 

The Guarantee hereunder
represents a joint and several liability.

 

Article
5 Debt 

 

		5.1	When any of following events happens, the Creditor may directly propose all claims under master
contract to the Guarantor:

 

		(1)	The last principal claim under master contract is matured;

 

		(2)	The Creditor and the Guarantor are declared bankrupt or cancelled;

 

		(3)	Other circumstances the Creditor thinks it may enforce claim.

 

    	 

    	 

    

 

		5.2	The principal claim incurred before the Creditor proposes claims to the Guarantor on the basis
of Article 5.1 hereunder and on that very day, and interest, compounded interest, interest penalty, and expenses the Creditor enforces
claims and other related expenses incurred consecutively until the Guarantor assumes responsibility shall be all deemed in the
scope of contract guaranty.

 

The occurrence of principal
claim refers to the Creditor issuing loans, financing fund or opening bank acceptance, letter of credit (including domestic letter
of credit ) or security bond (including standby letter of credit), etc.

 

Article
6 Term of Guarantee

 

		6.1	Term of Guarantee is respectively calculated on the basis of the term of debts stipulated by every
master contract. The term of Guarantee under opening bank acceptance, letter of credit and security bond shall be calculated on
the basis of the date of advances by the Creditor.

 

		6.2	The term of Guarantee under every master contract is: from maturity date of debts stipulated by
that master contract (or the date of advances by the Creditor) to two years after maturity date of debts stipulated by the master
contract which is finally matured among all master contracts (or the date of advances by the Creditor).

 

		6.3	Where master contract stipulates the Debtor may perform debts by stages, the term of Guarantee
of debts at every stage under that master contract shall be calculated respectively, from maturity date of debts at that stage
(or the date of advances by the Creditor) to two years after maturity date of debts at the last stage under that contract (or the
date of advances by Creditor).

 

		6.4	Where the Creditor announces the debts under any master contract are matured earlier, the earlier
maturity date announced by the Creditor shall be maturity date of debts.

 

■■Article
7 Representations and Warranties of Guarantor

 

		7.1	Where the Guarantor is not natural person, the Guarantor shall be established by law and existing
legally, have all necessary capacity for rights and could perform obligations hereof and assume civil responsibility individually.

 

		7.2	Where the Guarantor is natural person, the Guarantor shall have capacity for civil rights and full
civil capacity and could perform duties hereof and assume civil responsibility individually.

 

		7.3	All documents, data and information the Guarantor provides the Creditor with shall be true, complete
and effective.

 

		7.4	Signature and performance of the contract are true declaration of the intention of the Guarantor
and must pass through all necessary agreement, approval and authorization and have no flaw in any law.

 

		7.5	When the contract is signed, the Creditor is not or is not willing to become shareholder of the
Guarantor or “Actual Controller” defined by Company Law, or, if the Debtor is shareholder of the Guarantor or
“Actual Controller” defined by Company Law, the Guarantor has provided resolution of the board of shareholders
(or shareholder meeting) about offering for security which confirms to provisions of the lender.

 

    	 

    	 

    

 

■■Article
8 Obligations of Guarantor

 

		8.1	When the Debtor does not pay back all or part of loans, financing principal, advances of Creditor
or related interest under any master contract in full timely, the Guarantor shall pay all due payables of the Debtor to the Creditor
immediately and unconditionally.

 

		8.2	The Guarantor shall assist the Creditor in supervision and examination of operational status and
financial status (if the Guarantor is not natural person)/income and credit circumstance ( if the Guarantor is natural person),
and timely provide all financial statements, other information and data at the request of the Creditor, and guarantee the provided
data, documents and information are true, complete, correct and effective.

 

		8.3	Before claims under all master contracts are all paid off, when the Guarantor is in any of following
items, it shall notify the Creditor in writing at least 30 days in advance and must not take following actions without a written
approval of the Creditor:

 

		(1)	Disposing important assets, all or most of assets by leasing, lending, sales, transfer, bestowal,
mortgage, pledge or other way;

 

		(2)	Ownership organization or operation system takes major change, including but not limited to implementation
of joint operation, leasing, contract, reform of shareholding co-operative system, reform of corporate system, enterprise sales,
consolidation (merger), separation, establishment of branch, joint venture (cooperation), transfer of property rights, capital
reduction, etc.

 

		8.4	When any of following items may happen or happens, the Guarantor shall notify the Creditor in writing
within 7 days:

 

		(1)	Modification of articles of association, change of items of industry & commerce registration,
such as enterprise name, legal representative, address, correspondence address or business scope;

 

		(2)	The Creditor may apply or has applied or plans to apply for bankruptcy;

 

		(3)	Involving major lawsuit, arbitration or administrative measures;

 

		(4)	Property preservation or other compulsory measures have been taken to main assets;

 

		(5)	Suspended production, closing business, shutout for consolidation, dissolution, being cancelled
or business license being suspended;

 

		(6)	The Guarantor or its legal representative, principal, main managerial staff violates or gets involved
with violations against laws, regulations or applicable rules of the exchange;

 

		(7)	The Guarantor provides guaranty to the third party and therefore it has significant negative influence
on its operational status, financial status or capacity of performing obligations hereunder;

 

		(8)	Signing contracts which have significant influence on its operational status and financial status;

 

    	 

    	 

    

 

		(9)	Making decisions which have significant influence on finance and personnel;

 

		(10)	Operation runs into difficulty seriously, financial status worsens or other events which have negative
influence on operational status, financial status or solvency or economic status of the Guarantor happen;

 

		(11)	If the Guarantor is natural person, the work and income of the Guarantor take important change
or contact information like residence is altered.

 

		8.5	Where there is real security for master contract provided by the Debtor or the third party at the
same time, the Guarantor agrees: the Creditor is entitled to decide the order of exercising rights by itself and the Debtor is
entitled to require the Guarantor to pay all due payables of the Debtor immediately under the condition it does not exercising
real right for security in advance; where the Creditor waives or alters real right for security or its right syn-position, the
Guarantor shall not be exempted from any responsibility and still assumes responsibility of Guarantee according to provisions hereunder.

 

		8.6	Before all claims of the Creditor under all master contracts are paid off in full, the Guarantor
does not exercise right of recourse it has due to performance of the contract to the Debtor or other guarantor.

 

		8.7	Before all claims of the Creditor under all master contracts are paid off in full, if the Debtor
becomes shareholder of the Guarantor or actual controller, the Guarantor would immediately notify the Creditor and provide resolution
of the board of shareholders (or shareholder meeting) about offering for security.

 

■■Article
9 Agreements on Deduction 

 

		9.1	The Guarantor authorizes, when the Debtor or the Guarantor has debts payable, the Creditor shall
be entitled to deduct the fund of any account opened in Evergrowing Bank for satisfaction. Under this article the authorization
is irrevocable.

 

		9.2	The deducted fund is used for satisfying following items in order:

 

		(1)	Due and unpaid expenses;

 

		(2)	Due and unpaid interest, compounded interest, interest penalty, default fine, and compensation
for damage.

 

		(3)	Due and unpaid debt principal.

 

		9.3	Where the currency of deducted fund is different from that of debts needed to be compensated for,
the amount of debts shall be converted and compensated for on the basis of exchange rate released by Evergrowing Bank when the
fund is deducted.

 

		9.4	After deduction, the Creditor shall notify the Guarantor of account No. related to deduction, master
contract No., Facility Application No., contract No., deducted amount and outstanding debts.

 

    	 

    	 

    

 

Article
10 Dispute Resolution 

 

Disputes hereunder shall
be filed to the court which has jurisdiction right in the residence of the Creditor. During the period of disputes, every party
shall still continue to perform articles not involved with disputes.

 

■■Article
11 Independence of Contract Effectiveness 

 

The effectiveness hereof
is independent from master contract. When master contract or its related articles are invalid, it does not affect effectiveness
of this contract. The Guarantor shall assume joint and several liability in respect of restitution responsibility or compensation
responsibility of the Debtor after master contract is invalid.

 

Article 12 Miscellaneous 

 

		12.1	The Guarantor has carefully read master contract and confirmed all articles.

 

		12.2	■■When the Guarantor
dodges supervision of Creditor, defaults guaranteed debts, viciously dodges and invalidate debts, etc, the Creditor shall be entitled
to report this kind of action to related unit and announce it in news media. 

 

		12.3	The Creditor does not bear any obligation of providing credit granting to the Debtor due to the
contract.

 

		12.4	The contract shall take effect from the date all following conditions are met: (1) if the Guarantor
is natural person, the Guarantor signs it; if the Guarantor is not natural person, legal representative (principal) or authorized
representative of the Guarantor signs (seals) it and annexes an official seal; (2) principal or authorized representative of the
Creditor signs (seals) it and annexes a unit seal.

 

		12.5	The original text of the contract shall be in three original copies, the Guarantor, the Creditor
and the Debtor shall hold one respectively.

 

Article 13 Other Provisions

	 	 
	 	 
	 	 
	
         

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	The Guarantor has read through foregoing articles and the Creditor has make related explanations at the request of the Guarantor who has no objection to all content.

 

	Guarantor (official seal/signature)	 	Creditor (unit/seal)
	 	 	 
	/seal/ Jiangsu Xinde Asset Management Co., Ltd.	 	/seal/ Nanjing Branch of Evergrowing Bank Co., Ltd.
	 	 	 
	Legal representative (principal) or authorized representative	 	Principal or authorized representative
	(signature or seal)	 	(signature or seal)
	 	 	 
	/seal/ Lu Tingxiu	 	/seal/ Yang Qiang
	 	 	 
	Signature date: February 28, 2012	 	Signature date: February 28, 2012

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