Document:

Renminbi
      Loan Contract

    

    (Loanee)
      Party A: Changxing Chisen Electric Co., Ltd.

    Address:
      Jingyi Road, Changxing Economic Development Zone

    Legal
      Representative: Xu Kecheng 

    Zip
      Code:
      313100

    

    Loaner
      (Party B): China Construction Bank Corporation Changxing Branch

    Address:
      Huaicheng Road, Changxing 

    Zip
      Code:
      313100

    

    WHEREAS, 

    

    Party
      A
      applies to Party B for a loan and Party B agrees such loan to Party A, and
      in
      accordance with the relevant laws and regulations and after friendly
      consultation, both parties hereby agree to enter into this Contract to evidence
      the aforesaid.

    

    NOW
      IT IS agreed
      as
      follows: 

    

    Article
      1 Loan
      Amount 

    

    The
      loan
      amount under this Contract shall be twenty-three million Yuan Renminbi.

    

    Article
      2 Loan
      Purpose 

    

    Party
      A
      shall use the loan to purchase raw
      materials,
      and may
      not change such loan purpose without the written consent of the loaner.

    

    Article
      3 Loan
      Period

    

    The
      loan
      period under this Contract shall be one
      year
      commencing from April
      11, 2008
      and
      ending on April
      10, 2009.

    

    Article
      4 Loan
      Rate, Penalty Rate, Interest Charge and Interest Settlement 

    

    
      	
              (1)

            	
              The
                loan rate under this Contract shall be annual interest rate of
                7.8435%
                that keeps constant within the loan period.

            

    

    
      	
              (2)

            	
              Provided
                that Party A fails to use the loan according to the purpose of this
                Contract, the penalty rate shall be 100%
                raised loan rate. 

            

    

    
      	
              (3)

            	
              The
                penalty rate on overdue repayment shall be 50%
                raised loan rate.

            

    

    
      	
              (4)

            	
              The
                interest date herein shall refer to the date of first offering of
                loan to
                the account designated by Party A.

            

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              (5)

            	
              The
                loan interest shall start since the date on which the loan is transferred
                to the account designated by Party A. The loan shall be calculated
                interest per day, daily interest = annual interest date/360. Provided
                that
                Party A fails to pay the interest according to the expiry date of
                interest, double interest will be collected since the pursuing date
                thereof. 

            

    

    
      	
              (6)

            	
              The
                interest under this Contract shall be settled by month, the expiry
                date
                for interest shall be the 20th
                day of each month.

            

    

    

    Article
      5 Offer
      and
      Use of Loan

    

    
      	
              (1)

            	
              Premises

            

    

    On
      the
      premises that the following conditions are satisfied one after another, Party
      B
      shall be amenable to offer the loan thereto except its waiver in whole or in
      part,

    

    
      	 	
              1)

            	
              Party
                A has completed all approvals, registrations, deliveries, insurance
                and
                other legal procedures in connection with the loan under this
                Contract;

            

    

    
      	 	
              2)

            	
              The
                guarantee, if any under this Contract, has taken effect and continue
                to be
                effective;

            

    

    
      	 	
              3)

            	
              Party
                A has opened the account to draw and repay money pursuant
                hereto;

            

    

    
      	 	
              4)

            	
              Party
                A has no any one of breach of this Contract or any situation possibly
                to
                damage Party B’s creditor’s right as have been specified herein.
                

            

    

    

    (2) Use
      of
      fund 

    The
      loan
      under this Contract shall be offered in full and at one time.

    

    Article
      6 Repayment
      

    

    (1) Principal
      of repayment 

    Party
      B
      shall be entitled to use Party A’s repayment to repay the expenses that should
      be paid by Party A but has been paid by Party B in advance and the balance
      shall
      be recovered in accordance with the principle firstly interest, then principal,
      settlement of interest with pricipal.

    (2) Interest
      

    Party
      A
      shall pay Party B the expired interest at the expiry date for interest. The
      first date to pay interest shall be the first expiry date for interest after
      the
      offer of loan.

    (3) Principal
      recovery plan 

    The
      principal shall be paid off in full at the expiry date. 

    (4) Recovery
      method 

    By
      automatic transfer to Party B’s account, also, Party B shall be entitled to
      transfer the fund from Party A’s account.

    (5) Advance
      repayment 

    In
      the
      event of advance repayment, Party A shall submit a written application to Party
      B 30
      working
      days in advance and may repay, in whole or in part, the principal after Party
      B’s approval thereof.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Article
      7 Party
      A’s
      Right and Obligation 

    

    (1) Rights

    Party
      A
      shall be entitled 

    
      	 	
              1)

            	
              to
                require Party A to offer the loan pursuant to this
                Contract;

            

    

    
      	 	
              2)

            	
              to
                use the loan pursuant to this
                Contract;

            

    

    
      	 	
              3)

            	
              to
                apply to Party B for an extension of loan subject to the condition
                set
                forth thereby;

            

    

    
      	 	
              4)

            	
              to
                require Party B to keep Party A’s financial information and business
                secrete in confidence, unless there is otherwise requirement in
                law;

            

    

    
      	 	
              5)

            	
              to
                refuse Party B and its employee’s act of asking for
                bribes.

            

    

    

    (2) Obligations

    Party
      A
      shall 

    
      	 	
              1)

            	
              to
                draw the loan and repay the principal and interest thereof pursuant
                to
                this Contract and undertake the fees incurred
                thereby;

            

    

    
      	 	
              2)

            	
              to
                produce financial and accounting data and situation relating to production
                and operation;

            

    

    
      	 	
              3)

            	
              to
                use the loan according to the purpose specified herein, not to
                misappropriate the loan to illegal
                trading;

            

    

    
      	 	
              4)

            	
              not
                to use the assets formed by the loan under this Contract as guarantee
                for
                the third person without the consent of Party B before full repayment
                of
                the principal and interest of the
                loan.

            

    

    

    Article
      8 Party
      B’s
      Right and Obligation 

    

    (1) Party
      B
      shall be entitled to require Party A to repay the principal, interest and fees
      on time, exercise other rights as have been specified herein and require Party
      A
      to perform the obligations thereof under this Contract;

    (2) Party
      B
      shall offer the loan pursuant to this Contract, exclusive of the delay as a
      result of Party A’s mistake or other reasons unattributable to Party
      B;

    (3) Party
      B
      shall keep Party A’s financial information and business secrete in confidence,
      unless there is otherwise requirement in law;

    (4) Party
      B
      may not acquire or require bribes from Party A or the employees
      thereof;

    (5) Party
      B
      may not engage any act untruthful or harmful to Party A’s lawful
      interest.

    

    Article
      9
      Liability for Breach of Contract 

    

    
      	
              (1)

            	
              Party
                B’s breach of contract 

            

    

    
      	 	
              1)

            	
              Provided
                that Party B fails to offer the loan without good cause, Party A
                may
                require Party B to offer the loan pursuant to this
                Contract;

            

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              2)

            	
              Provided
                that Party B, in violation of the law or regulation, charges on Party
                A
                the interests and fees that shall not be collected, Party A shall
                be
                entitled to require the return thereof by Party
                B.

            

    

    

    (2)
      Party
      A’s breach of contract 

    
      	 	
              1)

            	
              Party
                A violates any provision set forth herein or any legal
                liability;

            

    

    
      	 	
              2)

            	
              Party
                A, expressly or by act, make clear not to perform any one of the
                obligations set forth herein.

            

    

    

    Article
      10 Miscellaneous
      

    

    (1)
      Dispute Resolution

    1)
      Any
      dispute arising from or in connection with the performance of this Contract
      shall preferable be settled through friendly consultation. If no settlement
      can
      be reached through such consultation, any party may refer such dispute to the
      court of the place in which Party B is located. 

    

    (2) Effectiveness
      

    This
      Contract shall come into effect since being signed and sealed by both
      parties.

    

    (3) Counterpart

    This
      Contract shall be executed in three
      copies,
      each of which shall be equally authentic. 

    

    Article
      11 Statement
      

    

    (1) Party
      A
      is clearly aware of Party B’s business scope and authorization limit.

    (2) Party
      A
      has read all provision of this Contract. Upon Party A’s request, Party B has
      made construction of relevant provision set forth herein and Party A has known
      well and fully understands the meanings of the provisions and relevant legal
      consequence. 

    (3) Party
      A’s
      signing on and performance of the obligations set forth in this Contract comply
      with the law, administrative rule, regulation and Party A’s articles of
      association or international file and have been approved by internal authority
      department and/or national competent department. 

    

    Party
      A:
      Changxing Chisen Electric Co., Ltd. (seal)

    Legal
      representative: /s/ Xu Kecheng (signature)

    Date:
      April 11, 2008

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Party
      B:
      China Construction Bank Corporation Changxing Branch (seal)

    Authorized
      representative: /s/ Wang Wei (signature)

    Date:
      April 11, 2008RENMINBI
      LOAN CONTRACT

    

    BY
      AND BETWEEN

    

    CHANGXING
      CHISEN ELECTRIC CO., LTD.

    

    AS
      LOANEE

    

    AND

    

    BANK
      OF CHINA (HONG KONG) LIMITED SHANGHAN BRANCH

    

    AS
      LOANER

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WHEREAS,

    

    
      	
              (1)

            	
              The
                Loanee submits loan application to the Loaner for the purpose as
                prescribed in Article 2 hereof;

            

    

    
      	
              (2)

            	
              Bank
                of China Limited Zhejiang Provincial Branch (BOC Zhejiang Branch)
                issues
                stand-by letter of credit to guarantee the
                loan;

            

    

    
      	
              (3)

            	
              The
                loanee, upon checking the loanee's application and the documents
                and
                materials related thereto, renders decision pursuant to the provisions
                hereof to offer the loanee the loan aggregately not exceeding RMB20
                million (say twenty million Yuan
                Renminbi);

            

    

    

    NOW,
      THEREFORE, the
      Loaner and the Loanee hereby enter into this Contract after full consultation.
      

    

    
      	Article
              1	
              Definition
                and Construction 

            

    

    

    Unless
      the context otherwise construes or the text otherwise requires, the following
      terms as used in this Contract shall have the meanings set forth
      below:

    

    
      	
            	Drawing
              Day	
              with
                respect to each sum of loan, means the date to actually offer such
                loan to
                the Loanee;

            

    

    

    
      	
            	Legal
              Interest Rate	
              means
                the reference loan rate of financial institution set forth and/or
                promulgated (as adjusted from time to time) by the Headquarters of
                the
                People's Bank of China. The Legal Interest Rate shall be the reference
                to
                determine the loan rate under this Contract that will change together
                with
                the adjustment thereof. 

            

    

    

    
      	
            	Arrears	
              means
                all expired and unexpired money owed by the Loanee to the Loaner
                under
                this Contract, including the loan principal and interests (including
                overdue interest, penalty interest and double interest), stamp tax,
                handling fee, attorney's fee and other reasonable taxes and fees
                (including the fees payable to the third party) arising from this
                Contract.

            

    

    

    
      	
            	Overdue
              Interest	
              means
                the interests collected by the Loaner on the aforesaid money at the
                overdue interest rate as prescribed in subsection 3.04 from the overdue
                date at the time of the Loanee's failure to repay the loan as scheduled
                (including, but not limited to, the loan principal and interest and
                other
                expenses payable).

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	Penalty
              Interest	
              means
                the penalty interest collected by the Loaner on the money used not
                pursuant to the purpose as set forth herein at the penalty interest
                rate
                as prescribed in subsection 3.05 at the time of the Loanee's failure
                to
                use the loan to the purpose as set forth
                herein.

            

    

    

    
      	
            	Double
              Interest	
              means
                the interests collected by the Loaner on the unpaid interests and/or
                the
                Penalty Interest at the penalty interest rate as set forth herein
                at the
                time of the Loanee's failure to pay relevant interests (including
                the
                Penalty Interest) as scheduled. 

            

    

    

    
      	
            	Tax	
              means
                the aggregate or portion of the taxes in connection with the execution,
                performance and dispute resolution of this Contract, including, but
                not
                limited to, stamp tax, withholding tax on interest and other taxes
                in
                relation to the loan under this Contract.

            

    

    

    
      	
            	Outlay	
              means
                the aggregate or portion of the taxes in connection with the execution,
                performance and dispute resolution of this Contract, including, but
                not
                limited to, premium, notarial fee, attorney's fee, legal cost and
                other
                fees in relation to the loan under this Contract.
                

            

    

    

    
      	
            	Notice
              of Drawing	
              means
                any notice of drawing signed by the Loanee bearing the substantial
                contents and in the form as prescribed in Attachment 3 of this
                Contract.

            

    

    

    
      	
            	Business
              Day	
              means
                the open days of the bank of the place in which the Loaner is located,
                other than Saturday, Sunday and other legal holidays defined by the
                Chinese government. 

            

    

    

    
      	
            	Year,
              Month, Day	
              mean
                the year, month and day of the calendar year.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	Chinese
              Law or Law	
              means
                the present, as amended from time to time, and the latest law, rule
                and
                regulation of the People's Republic of China (excluding Hong Kong,
                Macao,
                Taiwan).

            

    

    

    
      	Article
              2	
              Amount,
                Period and Purpose of Loan

            

    

    

    
      	2.01	
              Loan
                Amount 

            

    

    

    
      	 	
              The
                loan amount under this Contract shall be RMB20 million (say twenty
                million
                Yuan Renminbi) (called as the Loan Amount hereunder), the actual
                Loan
                Amount shall be subject to the aggregate loan actually offered by
                the
                Loaner. 

            

    

    

    
      	2.02	
              Loan
                Period 

            

    

    

    The
      loan
      period under this Contract shall be 12 months or the working days within one
      month prior to the expiry date of stand-by letter of credit (whichever is
      earlier), commencing from the date of drawing (first drawing) by the Loanee.
      

    

    Thee
      Loaner, if able to prove the Loanee has no ability to perform this Contract,
      shall unilaterally be entitled to adjust the loan period specified hereinbefore
      by sending a prior written notice to the Loanee. Provided that the Loanee fails
      to furnish a written evidence satisfactory to the Loaner to certify its
      repayment ability, the Loaner shall be entitled to require in writing the Loanee
      to pay off all Arrears within 30 days. 

    

    
      	2.03	
              Loan
                Purpose 

            

    

    

    The
      loan
      under this Contract shall be used to the Loanee's procurement of raw materials
      and daily operation. Without prior consent of the Loaner, the Loanee may not
      make any change of the loan purpose specified herein. 

    

    
      	
              2.04

            	
              Without
                prior written consent of the Loaner, the Loanee may not apply for
                cancellation, in whole or in part, of the loan under this Contract
                after
                signature hereon. 

            

    

    

    
      	Article
              3	
              Interest,
                Overdue Interest and Penalty Interest

            

    

    

    
      	
              3.01

            	
              The
                Loanee shall pay the Loaner the loan interest under this Contract
                according to the provisions set forth below:

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              (1)

            	
              Loan
                rate: 5% up from the Legal Interest
                Rate.

            

    

    
      	 	
              (2)

            	
              The
                loan under this Contract shall be levied interest pursuant to the
                preceding subsection hereof, and the Loaner shall notify the Loanee
                of the
                loan rate and the interest date in writing.

            

    

    

    
      	 	
              Within
                the validity period of this Contract, the loan shall be quarterly
                accumulatively levied interest and settled for interest quarterly,
                each
                360 days shall be calculating basis.

            

    

    

    
      	
              3.03

            	
              The
                Loanee shall pay the interest payable for current period pursuant
                hereto.
                If the payment day is not a business day, such payment shall be postponed
                to the succeeding business day, if adjacent month end, made on the
                business day prior to such date. 

            

    

    

    
      	
              3.04

            	
              Provided
                that the Loanee fails to repay the loan as scheduled, the Loaner
                shall be
                entitled to collect the Overdue Interest on such overdue loan and/or
                Arrears since such overdue date. 

            

    

    

    
      	
              3.05

            	
              Provided
                that the Loanee fails to use the loan to the purpose as specified
                herein,
                the Loaner shall be entitled to collect the Penalty Interest from
                the
                Loanee. 

            

    

    

    
      	
              3.06

            	
              The
                loan that is not paid on time or not used to the purpose as specified
                herein shall be imposed the Overdue Interest and the Penalty Interest
                respectively pursuant to this Contract since the overdue date or
                the date
                on which the loan is not used to the said purpose till the date of
                full
                repayment. 

            

    

    

    
      	
              3.07

            	
              The
                Loaner shall be entitled to recover the Overdue Interest, Penalty
                Interest
                and Double Interest as separate financial
                claim.

            

    

    

    
      	
              3.08

            	
              The
                Overdue Interest and Penalty Interest shall commence from the date
                payable
                and end on the date of full payment.

            

    

    

    
      	Article
              4	
              Premises
                

            

    

    

    Prior
      to
      the drawing, the Loanee shall submit to the Loaner the following documents
      consistent with the following conditions, or the Loaner will not offer any
      loan
      thereto:

    

    
      	
              4.01

            	
              Approval
                for Establishment, business license, articles of association, joint
                venture/contractual joint venture contract, capital verification
                report
                and other hardcopies of documents as deemed necessary to the Loaner.
                

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              4.02

            	
              The
                latest and true list of members of board of directors and sample
                signatures thereof. 

            

    

    

    
      	
              4.03

            	
              The
                true resolution of the board of directors bearing the contents with
                respect to approval of execution of this Contract.
                

            

    

    

    
      	
              4.04

            	
              This
                Contract has been signed and sealed by authorized representatives
                of the
                parties hereto and has binding thereon.

            

    

    

    
      	
              4.05

            	
              The
                Loanee shall provides the Loaner with the true and effective “Credit Card”
                issued by the People’s Bank of China and the code
                thereof.

            

    

    

    
      	4.06	
              The
                Loanee has paid off all taxes and payables before the drawing.
                

            

    

    

    
      	4.07	
              Bank
                of China Zhejiang Branch has issued the stand-by letter of credit
                for this
                loan. 

            

    

    

    
      	4.08	
              Bank
                of China Changxing Branch has signed on supervisions agreement.
                

            

    

    

    
      	
              4.09

            	
              Other
                documents, documentary evidence and/or other necessary conditions
                on the
                reasonable ground. 

            

    

    

    
      	Article
              5	
              Others
                

            

    

    

    
      	
              5.01

            	
              During
                the period of validity of this Contract, without the written consent
                of
                the Loaner, the Loanee may not repay the loan to its shareholder
                prior to
                the loan under this Contract. 

            

    

    

    
      	
              5.02

            	
              During
                the period of validity of this Contract, without the written consent
                of
                the Loaner, the Loanee may not mark to the public or distribute
                dividend.

            

    

    

    
      	
              5.03

            	
              During
                the period of validity of this Contract, the Loanee shall in due
                time
                report to the Loaner the related transaction accounting for over
                10% of
                the net assets thereof. 

            

    

    

    
      	Article
              6	
              Drawing
                and Effective Period of
                Drawing

            

    

    

    
      	
              6.01

            	
              After
                this Contract takes effect, the Loanee shall produce the official
                and
                complete Notice of Drawing before the Loaner at least 3 days before
                the
                proposed drawing day. 

            

    

    

    
      	
              6.02

            	
              For
                installment drawing, the loan amount of each drawing by the Loanee
                may not
                be lower than RMB10 million. 

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              6.03

            	
              The
                preceding Notice of Drawing shall be irrevocable upon after
                issuance.

            

    

    

    
      	
              6.04

            	
              The
                effective period of drawing under this Contract shall be 3 months
                since
                the date on which this Contract is signed.

            

    

    

    
      	Article
              7	
              Repayment
                

            

    

    

    
      	
              7.01

            	
              Each
                loan to the Loanee may not exceed the loan period and shall be paid
                off in
                one lump sum at the time of expiry.

            

    

    

    
      	
              7.02

            	
              The
                Loanee shall repay all Arrears under this Contract in one lump sum
                on the
                final expiry date or prior thereto, including but not limited to
                the loan
                principal, interests (including but limited to Overdue Interest,
                Penalty
                Interest, Double Interest), tax, fees and other expenses. Provided
                that
                the Loanee has no enough money to repay all Arrears, the money shall
                be
                repaid in the order set forth
                below:

            

    

    

    
      	 	
              (1)

            	
              tax
                and other fees in relation to the
                loan;

            

    

    
      	 	
              (2)

            	
              Overdue
                Interest, Penalty Interest and Double Interest (if
                any);

            

    

    
      	 	
              (3)

            	
              Loan
                interest;

            

    

    
      	 	
              (4)

            	
              Loan
                principal.

            

    

    

    
      	
              7.03

            	
              The
                loan principal and interest (including, but not limited to, Overdue
                Interest, Penalty Interest, Double Interest) shall be counted and
                repaid
                in the currency of the loan.

            

    

    

    
      	
              7.04

            	
              The
                loan that has been repaid by the Loanee may not be re-loaned
                thereto.

            

    

    

    
      	Article	
              Early
                Repayment 

            

    

    

    
      	
              8.01

            	
              The
                Loanee may repay the loan, in whole or in part, prior to the repayment
                date upon sending at least a ten-day's written notice to the Loaner.
                

            

    

    

    
      	
              8.02

            	
              The
                early repaid amount may not be less than RMB10 million and must be
                integer
                multiple of RMB5 million (exclusive of the final Arrears paid in
                advance).

            

    

    

    
      	
              8.03

            	
              The
                loan repaid in advanced may not be re-loaned except for a prior consent
                of
                the Loaner. 

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	Article
              9	
              Tax
                and Expense

            

    

    

    
      	
              9.01

            	
              The
                stamp tax, attorney's fee, registration fee, premium and other fees
                in
                relation to or collected by the guarantee, government, insurance
                company
                and any other third party shall be paid by the Loanee and/or the
                Guarantor. The Loaner shall be under no liability for the preceding
                expenses (including any fees incurred by the guarantee in relating
                to this
                Contract). 

            

    

    

    
      	
              9.02

            	
              The
                Loanee shall pay the Loaner the following fees according to the
                requirement set forth thereby:

            

    

    

    
      	 	
              (1)

            	
              Attorney’s
                fees and other expenses incurred by the consultation, document processing
                in relation to the loan, or the cost, expense and fee arising from
                the
                amendment, modification, revision or waiver of this Contract;
                and

            

    

    
      	 	
              (2)

            	
              All
                costs, fees and expenses arising from maintenance or performance
                of this
                Contract or prevention of the overdue limitation of action.
                

            

    

    

    
      	
              9.03

            	
              The
                fees recovered by the Loaner to the Loanee shall not be levied interests.
                

            

    

    

    
      	
              9.04

            	
              After
                this Contract comes into effect, upon occurrence of any one of the
                following circumstances arising from the change or enactment of any
                law or
                regulation, the Loanee shall, upon the requirement by the Loaner,
                forthwith compensate the Loaner the relevant tax, fee, increased
                cost or
                reduced benefit:

            

    

    

    
      	 	
              (1)

            	
              any
                tax or fee that should be paid, or has been paid, by the
                Loanee;

            

    

    
      	 	
              (2)

            	
              cost
                increased for execution of this Contract or assumption of liability
                under
                this Contract; or

            

    

    
      	 	
              (3)

            	
              reduction
                of benefit or actual benefit earned by the
                Loaner.

            

    

    

    
      	Article
              10	
              Guarantee
                Measure 

            

    

    

    
      	
              10.01

            	
              The
                Loanee undertakes to use the following equity as the guarantee for
                this
                Contract:

            

    

    

    Stand-by
      letter of credit opened by Bank of China Zhejiang Branch

    

    
      	
              10.02

            	
              Provided
                that the Guarantor is involved in financial decline or falls in capacity
                in repayment due to other reasons, the Loaner shall be entitled to
                require
                the Loanee to replace the Guarantor or provide new
                pledge.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	Article
              11	
              Statement
                and Commitment of the Loaner

            

    

    

    
      	
              11.01

            	
              The
                Loanee shall assume the duty to repay the loan pursuant to this Contract.
                

            

    

    

    
      	
              11.02

            	
              The
                Loanee shall irrevocably authorize the Loaner to deduct the expired
                arrears from the account designated thereby.

            

    

    

    
      	
              11.03

            	
              The
                Loanee shall, within 90 days after expiration of each fiscal year,
                submit
                the financial statement, contemporaneously with international finance
                data
                of each half year, operating situation, financial report and annually
                audited loan card, to the Loaner for examination.
                

            

    

    

    
      	
              11.04

            	
              Without
                the written consent of the Loaner, the Loaner may not take the following
                actions:

            

    

    

    
      	 	
              (1)

            	
              to
                sell, assign, lease, lend, transfer, mortgage, pledge, or dispose
                in other
                ways, the important assets in whole or in
                part;

            

    

    
      	 	
              (2)

            	
              change,
                or intend to change, the operating system or property form, including,
                but
                not limited to, lease on contract, joint management, reform pursuant
                to
                company law, reform under stock system, sales of company, merger,
                joint
                venture, split, establishment of subsidiary, property transfer,
                application for bankruptcy, reduction of registered
                capital;

            

    

    
      	 	
              (3)

            	
              change
                main officers;

            

    

    
      	 	
              (4)

            	
              provide
                guarantee to other debts;

            

    

    
      	 	
              (5)

            	
              change
                equity composition/shareholder, or transfer or pledge the equity
                interest;

            

    

    
      	 	
              (6)

            	
              return
                the loan to shareholder and/or distribute dividend; or
                

            

    

    
      	 	
              (7)

            	
              apply
                to other financial institution for loan, other than the loan that
                has been
                known to the Loaner at the time of approval of the loan under this
                Contract. 

            

    

    

    
      
        	Article
                12	
                Breach
                  of Contract and Responsibility

              

      

    

    

    
      
        	12.01	
                The
                  following circumstances shall be deemed breach of
                  contract:

              

      

    

    

    
      	 	
              (1)

            	
              The
                Loanee (and or the Guarantor) violates any provisions set forth in
                this
                Contract and/or the guarantee contract related hereto or violates
                any
                provision set forth in the documents related
                hereto;

            

    

    
      	 	
              (2)

            	
              Any
                party participating in signature of any document in relation to the
                loan
                under this Contract violates any provision set forth
                therein;

            

    

    
    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	
              (3)

            	
              The
                statement and promise made by the Loanee in this Contract is false,
                untrue, inaccurate or misleading;

            

    

    
      	 	
              (4)

            	
              Any
                approval or consent in relation to this Contract is certified invalid,
                out
                of legal force or is cancelled;

            

    

    
      	 	
              (5)

            	
              The
                Loanee, after entering into this Contract, refuses to signed or provide
                any document or situation in relation hereto or is in arrears of
                any fee
                payable thereby related hereto;

            

    

    
      	 	
              (6)

            	
              The
                Loanee refuses the supervision and examination by the Loaner of the
                use of
                the loan and the operating situation and financial condition
                thereof;

            

    

    
      	 	
              (7)

            	
              The
                Loanee, without authority, changes the original purpose of the loan,
                misappropriates the loan or applies the loan to illegal
                act;

            

    

    
      	 	
              (8)

            	
              The
                Loanee fails to repay the loan pursuant to the written notice sent
                by the
                Loner pursuant hereto;

            

    

    
      	 	
              (9)

            	
              The
                Loanee violates any provision of this Contract.

            

    

    

    
      	
              12.02

            	
              Upon
                occurrence of any one of the following circumstances with
                the Loanee, the Loaner shall entitled to suspend the offer of loan
                still
                not used by the Loanee and recover the principal and interests in
                whole or
                in part in advance: 

            

    

    

    
      	 	
              (1)

            	
              to
                provide false material or conceal material financial
                situation;

            

    

    
      	 	
              (2)

            	
              without
                the authorization by the Loaner, to change the original purpose of
                the
                loan, misappropriate the loan or apply the loan to illegal
                transaction;

            

    

    
      	 	
              (3)

            	
              to
                refuses the supervision and examination by the Loaner of the use
                of the
                loan and the operating situation and financial condition of the
                Loanee;

            

    

    
      	 	
              (4)

            	
              to
                violate any other provision set forth in this Contract.
                

            

    

    

    
      	Article
              13	
              Liability
                of the Loaner 

            

    

    

    
      	 	
              The
                Loaner shall, pursuant to this Contract, offer the loan to the account
                designated by the Loanee. 

            

    

    

    
      	Article
              14	
              Recovery
                Cost 

            

    

    

    
      	 	
              Any
                fee arising from the Loaner's recovery of loan from the Loanee shall
                be
                paid and undertaken by the Loanee. 

            

    

    

    
      	Article
              15	
              Tolerance
                and Division of Contract 

            

    

    

    
      
        
          
            	15.02	
                    All
                      rights, benefits and remedies specified herein are accumulative,
                      may be
                      adopted simultaneously or separately, no exclusion of any other
                      rights,
                      benefits or remedies set forth by the laws and regulations.
                      

                  

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              15.02

            	
              The
                invalidity or failure of any provision hereof shall not have effect
                on the
                validity hereof and the guarantee contract related
                hereto.

            

    

    

    
      	Article
              16	
              Transfer
                and Inheritance/Success

            

    

    

    
      	16.01	
              Transfer
                

            

    

    

    
      	 	
              (1)

            	
              The
                Loaner shall be entitled to transfer any right thereof under this
                Contract
                upon sending a written notice to the Loanee who shall assume to the
                transferee all liabilities and responsibilities thereof to the Loaner
                under this Contract. 

            

    

    
      	 	
              (2)

            	
              Without
                the prior written consent of the Loaner, the Loanee may not transfer
                any
                right or liability thereof under this Contract.

            

    

    

    
      	16.02	
              Inheritance/Success

            

    

    

    Provided
      that the Loanee is involved in the inheritance/success, such inheritor/successor
      shall assume to the Loaner all liabilities and responsibilities of the Loanee
      under this Contract. 

    

    
      	Article
              17	
              Communications
                

            

    

    

    
      	
              17.01

            	
              Unless
                this Contract otherwise requires, all communications and legal documents
                under this Contract or in connection therewith shall be sent in writing
                (including facsimile, telegram, telex and letter) to the address
                designated by the recipient for the last time to the
                sender.

            

    

    

    
      	
              17.02

            	
              If
                any party hereto changes the address, such changing party shall notify
                the
                other party thereof in due time. 

            

    

    

    
      	
              17.03

            	
              Any
                communication sent by the Loaner, the Loanee by facsimile, telegram,
                telex
                and hand deliveryshall be deemed service to the other party, upon
                being
                sent, if by mail, shall be deemed service 7 days later.
                

            

    

    

    
      	Article
              18	
              Miscellaneous
                

            

    

    

    
      	
              18.01

            	
              The
                title of this Contract is set only for convenience and has no any
                legal
                force at the time of construction of this Contract.
                

            

    

    

    
      	
              18.02

            	
              The
                attachments hereto are integral part hereof and shall be equally
                authentic
                with this Contract. 

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              18.03

            	
              Unless
                this Contract otherwise specifies, any amendment hereto shall be
                approved
                by both parties hereto in writing.

            

    

    

    
      	
              18.04

            	
              This
                Contract shall become effect since being signed and sealed by both
                parties
                hereto. 

            

    

    

    
      	
              18.05

            	
              This
                Contract shall be executed in two copies, one for each party, each
                of
                which shall be equally authentic. 

            

    

    

    
      	Article
              19	
              Applicable
                Law and Governance 

            

    

    

    
      	
              19.01

            	
              The
                execution, construction and any dispute arising from or in connection
                with
                this Contract shall be governed by the Chinese Laws, if not applicable,
                subject to the practices set forth by the International Commercial
                Bank.

            

    

    

    
      	
              19.02

            	
              For
                any dispute arising from or in connection with this Contract, any
                party
                hereto shall be entitled to refer to the court of the place in which
                the
                Loaner is located. Both parties hereto shall irrevocably accept the
                jurisdiction of the court of the place in which the Loaner is
                located.

            

    

    

    
      	
              19.03

            	
              During
                the period of dispute, except the provisions under dispute, other
                provisions under this Contract shall continue to be effective.
                

            

    

    

    
      	Article
              20	
              Other
                Matters 

            

    

    

    
      	21.01	
              Absent
                temporarily. 

            

    

    

    (NO
      TEXT
      HEREUNDER)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Loaner:
      Bank of China Limited Zhejiang Provincial Branch (seal)

    Signature
      by authorized representative: /s/ Sun Keping

    

    Loanee:
      Changxing Chisen Electric Co., Ltd.

    Signature
      by authorized representative: /s/ Xu Kecheng

    

    Date:
      March 31, 2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]