Document:

Unassociated Document

    Exhibit
10.24

     

    Summary
of Line of Credit Loan Agreement

     

    [Unofficial
Translation]

     

    Parties:

     

    Industrial
Bank Co., Ltd., Tianjin Branch (“Industrial Bank”)

     

    Tianjin
Shengkai Industrial Technology Development Co., Ltd.(“Shengkai”)

     

    Date:

     

    December
10, 2009

     

    Material
Terms:

     

    Shengkai
and Industrial Bank entered into a line of credit loan agreement (“LOC
Agreement”) with a valid period of December 10, 2009 to October 22, 2010. The
maximum amount Shengkai may draw down on the line of credit is RMB 1,500,000 in
the form of a short-term cash flow loan at an interest rate of no lower than
110% of the base interest rate or in the form of a bank acceptance draft.
Industrial Bank may unilaterally change the maximum amount available under the
line of credit and the term of the line of credit. Industrial Bank may
accelerate the payment of loan upon the failure of Shengkai to fulfill any of
its contractual obligations. The line of credit loan is secured by properties
owned by Shengkai and the personal properties and income of Wang Chen and Guo
Wei through a mortgage agreement and two personal guarantees.Exhibit
10.25

     

    Summary
of Mortgage Agreement

     

    [Unofficial
Translation]

     

    Parties:

     

    Industrial
Bank Co., Ltd., Tianjin Branch (“Industrial Bank”)

     

    Tianjin
Shengkai Industrial Technology Development Co., Ltd.(“Shengkai”)

     

    Date:

     

    December
10, 2009

     

    Material
Terms:

     

    In
conjunction with the LOC Agreement, Shengkai entered into a mortgage agreement
for a maximum of RMB 8,682,000 with the Industrial Bank to secure repayment of
the LOC Agreement on December 10, 2009.  The collateral covered by the
agreement is certain real property owned by Shengkai, valued at RMB17,540,000
and located at Wanggang Road, Shuanggang Economic Development Zone, Jinnan
District, Tianjin, PRC.  The mortgage agreement is valid from December
10, 2009 until all the principal, interest, and other expenses under the LOC
Agreement are paid in full.Unassociated Document

     

    Exhibit
10.26

     

    Declaration
of Personal Guarantee

     

    [Unofficial
Translation]

     

    
      	 
      	
              No.
      Xingjin (Declaration) 20091890-2

            

    

    

    To:
Industrial Bank Co., Ltd., Tianjin Branch

     

    In view of the fact that Industrial
Bank Co., Ltd., Tianjin Branch (the “Bank”) and Tianjin Shengkai Industrial
Technology Development Co., Ltd. (the “Guarantee”) entered into a loan agreement
(No. XingjinShouxin 220092540) (the “Principal Contract”) in an amount of RMB
15,000,000 on November _, 2009, I (the “Guarantor”) voluntarily guarantee that
the Guarantee will fulfill its contractual obligations. Hereby I make the
following guarantee declaration:

     

    
      	
              1.

            	
              The
      guarantee covers: the principal under the Principal Contract, its
      interests, penalty interests, compound interests, penalties, damages and
      the costs in connection with the collection of the loan payment (the costs
      include but not limited to: litigation expense, arbitration expense,
      property preservation expense, enforcement application fee, attorney fee,
      advertising fee, assessment fee, appraisal fee, auction fee, travelling
      expense, telecommunication fee, and the Guarantee shall pay back other
      loans with the Bank.)

            

    

     

    
      	
              2.

            	
              The
      Guarantor is jointly and severally liable. The Guarantor will
      unconditionally fulfill the Guarantee’s contractual obligations when the
      Guarantee fails to pay back the loan for any
  reason.

            

    

     

    
      	
              3.

            	
              Guarantee
      Period.

            

    

     

    
      	  	
              3.1.

            	
              It
      lasts for two years from the date when the principal loan becomes
      payable.

            

    

     

    
      	 	
              3.2.

            	
              For
      bank acceptance draft, letter of credit and guarantee, the period covers
      two years from the date when the Bank makes advances. If the Bank makes
      advances several advances, it covers two years from the dates of each
      individual advance.

            

    

     

    
      	 	
              3.3.

            	
              For
      discounted commercial bills, the period covers two years from the date
      when the payment of the discounted commercial bill is
  due.

            

    

     

    
      	 	
              3.4.

            	
              If
      the Bank accelerates the loan payment or the loan becomes payable earlier
      as prescribed by laws and regulations, the guarantee period is two years
      from the date when the loan becomes
payable.

            

    

     

    
      	 	
              3.5.

            	
              If
      the loan is paid back in installments, the guarantee period is calculated
      separately. The Guarantor is liable within two years after the date when
      each payment becomes payable.

            

    

     

    
      	 	
              3.6.

            	
              If
      the Bank and the Guarantee agree to an extension of the payment of loan,
      the Guarantor’s guarantee obligations continue. The guarantee period is
      two years from the date when the extended loan is
  due.

            

    

     

    
      	
              4.

            	
              No
      approval from the Guarantor is required when the Bank and the Guarantee
      modifies or add the terms of the Principal Contract. The obligations under
      the Declaration remain unchanged.

            

    

     

    
      	
              5.

            	
              The
      breach of the Principal Contract by the Guarantor will not affect the
      Guarantor’s obligations under this guarantee. The Guarantor may not
      request to reduce or waive his obligations based on the
      breach.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              6.

            	
              The
      Guarantor will fulfill his obligations under the guarantee using all of
      his personal assets and income and guarantee that these assets will not be
      sold or transferred to anyone for any
reason.

            

    

     

    
      	
              7.

            	
              This
      guarantee is valid independently from the Principal Contract and will not
      be affected by the performance of the Principal Contract. The Guarantor
      will be jointly and severally liable whether the Principal Contract is
      valid or not.  This guarantee is
  irrevocable.

            

    

     

    
      	
              8.

            	
              The
      Guarantor’s signing, enforcement and any other activities in connection
      with this declaration, are civil actions. The Guarantor will not dispute
      or defend any jurisdictions, trials or enforcement for any
      reason.

            

    

     

    
      	
              9.

            	
              This
      declaration is effective upon signing by the
  Guarantor.

            

    

     

    
      	
              10.

            	
              The
      laws of the People’s Republic of China shall govern the signing, effect,
      interpretation, enforcement and dispute resolution of this
      guarantee.

            

    

     

    The Bank
and the Guarantor shall resolve all the disputes in connection with this
declaration via negotiation. Either party may commence a lawsuit in the local
People’s Court.

     

    
      	
              11.

            	
              The
      Guarantor requires: any notice, payment request, or communication shall be
      made to the Guarantor through the following methods by the
      Bank:

            

    

     

    Zip
code:

     

    Mailing
Address:

     

    Telex:

     

    Fax:

     

    The
Guarantor shall immediately notify the Bank if there is any change to the above
contact information. Otherwise, the Guarantor will be liable for the
consequence.

     

    The
Guarantor admits that any notice, payment request, or communication made through
the above methods is regarded delivered within the following dates:

     

    
      	
               
      

            	
              i.

            	
              Mail:
      five business days after registered mail is
sent

            

    

     

    
      	
               
      

            	
              ii.

            	
              Telex:
      the date when the counterparty confirms return
  number

            

    

     

    
      	
               
      

            	
              iii.

            	
              Fax:
      the date when fax is sent

            

    

     

    
      	
               
      

            	
              iv.

            	
              Personal
      Delivery: the date the recipient
signs

            

    

     

    
      	
              12.

            	
              Other
      clauses:

            

    

     

    National
ID (Passport)No. of the Guarantor: __________________________

     

    Guarantor
(signature): /s/ Wang
Chen

     

    Dated:
November 5, 2009Unassociated Document

     

    Exhibit
10.27

     

    Declaration
of Personal Guarantee

     

    [Unofficial
Translation]

     

    
      	 
      	
              No.
      Xingjin (Declaration) 20091890-1

            

    

    

    To:
Industrial Bank Co., Ltd., Tianjin Branch

     

    In view of the fact that Industrial
Bank Co., Ltd., Tianjin Branch (the “Bank”) and Tianjin Shengkai Industrial
Technology Development Co., Ltd. (the “Guarantee”) entered into a loan agreement
(No. XingjinShouxin 220092540) (the “Principal Contract”) in an amount of RMB
15,000,000 on November _, 2009, I (the “Guarantor”) voluntarily guarantee that
the Guarantee will fulfill its contractual obligations. Hereby I make the
following guarantee declaration:

     

    
      	
              1.

            	
              The
      guarantee covers: the principal under the Principal Contract, its
      interests, penalty interests, compound interests, penalties, damages and
      the costs in connection with the collection of the loan payment (the costs
      include but not limited to: litigation expense, arbitration expense,
      property preservation expense, enforcement application fee, attorney fee,
      advertising fee, assessment fee, appraisal fee, auction fee, travelling
      expense, telecommunication fee, and the Guarantee shall pay back other
      loans with the Bank.)

            

    

     

    
      	
              2.

            	
              The
      Guarantor is jointly and severally liable. The Guarantor will
      unconditionally fulfill the Guarantee’s contractual obligations when the
      Guarantee fails to pay back the loan for any
  reason.

            

    

     

    
      	
              3.

            	
              Guarantee
      Period.

            

    

     

    
      	  	
              3.1.

            	
              It
      lasts for two years from the date when the principal loan becomes
      payable.

            

    

     

    
      	 	
              3.2.

            	
              For
      bank acceptance draft, letter of credit and guarantee, the period covers
      two years from the date when the Bank makes advances. If the Bank makes
      advances several advances, it covers two years from the dates of each
      individual advance.

            

    

     

    
      	 	
              3.3.

            	
              For
      discounted commercial bills, the period covers two years from the date
      when the payment of the discounted commercial bill is
  due.

            

    

     

    
      	 	
              3.4.

            	
              If
      the Bank accelerates the loan payment or the loan becomes payable earlier
      as prescribed by laws and regulations, the guarantee period is two years
      from the date when the loan becomes
payable.

            

    

     

    
      	 	
              3.5.

            	
              If
      the loan is paid back in installments, the guarantee period is calculated
      separately. The Guarantor is liable within two years after the date when
      each payment becomes payable.

            

    

     

    
      	 	
              3.6.

            	
              If
      the Bank and the Guarantee agree to an extension of the payment of loan,
      the Guarantor’s guarantee obligations continue. The guarantee period is
      two years from the date when the extended loan is
  due.

            

    

     

    
      	
              4.

            	
              No
      approval from the Guarantor is required when the Bank and the Guarantee
      modifies or add the terms of the Principal Contract. The obligations under
      the Declaration remain unchanged.

            

    

     

    
      	
              5.

            	
              The
      breach of the Principal Contract by the Guarantor will not affect the
      Guarantor’s obligations under this guarantee. The Guarantor may not
      request to reduce or waive his obligations based on the
      breach.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              6.

            	
              The
      Guarantor will fulfill his obligations under the guarantee using all of
      his personal assets and income and guarantee that these assets will not be
      sold or transferred to anyone for any
reason.

            

    

     

    
      	
              7.

            	
              This
      guarantee is valid independently from the Principal Contract and will not
      be affected by the performance of the Principal Contract. The Guarantor
      will be jointly and severally liable whether the Principal Contract is
      valid or not.  This guarantee is
  irrevocable.

            

    

     

    
      	
              8.

            	
              The
      Guarantor’s signing, enforcement and any other activities in connection
      with this declaration, are civil actions. The Guarantor will not dispute
      or defend any jurisdictions, trials or enforcement for any
      reason.

            

    

     

    
      	
              9.

            	
              This
      declaration is effective upon signing by the
  Guarantor.

            

    

     

    
      	
              10.

            	
              The
      laws of the People’s Republic of China shall govern the signing, effect,
      interpretation, enforcement and dispute resolution of this
      guarantee.

            

    

     

    The Bank
and the Guarantor shall resolve all the disputes in connection with this
declaration via negotiation. Either party may commence a lawsuit in the local
People’s Court.

     

    
      	
              11.

            	
              The
      Guarantor requires: any notice, payment request, or communication shall be
      made to the Guarantor through the following methods by the
      Bank:

            

    

     

    Zip
code:

     

    Mailing
Address:

     

    Telex:

     

    Fax:

     

    The
Guarantor shall immediately notify the Bank if there is any change to the above
contact information. Otherwise, the Guarantor will be liable for the
consequence.

     

    The
Guarantor admits that any notice, payment request, or communication made through
the above methods is regarded delivered within the following dates:

     

    
      	
               
      

            	
              i.

            	
              Mail:
      five business days after registered mail is
sent

            

    

     

    
      	
               
      

            	
              ii.

            	
              Telex:
      the date when the counterparty confirms return
  number

            

    

     

    
      	
               
      

            	
              iii.

            	
              Fax:
      the date when fax is sent

            

    

     

    
      	
               
      

            	
              iv.

            	
              Personal
      Delivery: the date the recipient
signs

            

    

     

    
      	
              12.

            	
              Other
      Clauses:

            

    

     

    National
ID (Passport)No. of the Guarantor: __________________

     

    Guarantor
(signature): /s/ Guo
Wei

     

    Dated:
November 9, 2009

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