Document:

Code: 2012 New District No. 0214

 

Working Capital Loan Contract

 

(2012 Edition) 

 

Special Notice: Both parties
enter into this contract legally, through consultation and on an equal and voluntary basis. All the terms in the contract reflect
truthfully both parties’ desires. In order to protect the legal rights of the Borrower, the Lender specifically requests
that the Borrower pay close attention to all of the terms concerning each party’s rights and obligations, particularly the
sections highlighted in black ink.

 

Lender: Industrial &
Commercial Bank of China (ICBC), Zhenjiang New District Branch

 

Responsible person: Xi CaiJiang                    Contact
person: Huang Dong

 

Business address: Xing Gang Road
North, Da Gang, Zhenjiang New District     Zip Code: 212132

 

Phone:  83375315      Fax:                  E-mail:
___________

 

Borrower: Zhenjiang
Wowjoint Heavy-duty Machinery Co. Ltd.

 

Legal representative:  Zhang
Fude                 Contact person: Zhao
Yuming

 

Business address: No. 36, Ding
Mao Nan Hang Fourth Road, Zhenjiang New District     Zip Code: 212132 

Phone:    0511-80863363      Fax:      
   E-mail: _________

 

The Borrower and the Lender through fair
consultation agree on the terms on which the Lender shall grant loans to the Borrower. This contract is entered into so as to reflect
such agreements.

 

Section 1: Loan Terms

 

Article 1: Loan
purpose

 

The purpose of the loan under this contract is
as followed. Without written consent of the Lender, the Borrower may not borrow for other purposes. The Lender shall have
the right to monitor use of loan funds.

 

The purpose of the loan under this contract is
for procurement of raw materials.

 

Article 2: Loan amount and term

 

2.1 Currency of borrowing under
this contract is RMB. The amount is 11 million.

 

2.2 The loan term is 6
months, starting from the actual date of withdrawal (if withdraw in phases, then start from the date of first withdrawal). The
actual date of withdrawal corresponds to the date on the borrowing certificate.

 

    	 

    	 

    

 

Article 3: Interest rate, interest and
fees

 

3.1 Methods to determine interest rates
on RMB loans:

 

Interest rates on RMB loans can be determined
using the following 2 methods:

 

(1) fixed interest rate, annual interest
rate N/A%. Interest rate remains unchanged during the life of the contract. 

 

(2) Floating interest rate, borrowing
rates is calculated using the benchmark lending rate plus a floating rate, of which the benchmark lending rate is set on withdrawal
date (withdrawal date or contract effective date) and uses the agreed loan period in Article 2.2 corresponding
to the People's Bank of China benchmark lending rate for the same period. Floating rate is set for zero (Float
upward / float downward / zero) by 0%. The floating rate range shall remain unchanged during the life of the
contract. After loan withdrawal, the borrowing rate is to set to 1 (1/3/6/12) month for
the first loan period for interest rate calculation. The second rate-setting date is corresponding to the date of the end
of the first loan period; if at the time of rate setting, the month does not have a corresponding date to the loan withdrawal date,
then the date is set to the last day of the month, and so on. If the borrowing is in phases, the borrowing rate is adjusted
according to the following A method:

 

A. During the same period, regardless
of how many withdrawals, the interest rates are determined on the interest setting date, and all of the loans will be adjusted
at the same time during the next period.

 

B. Each withdrawal is determined and
adjusted separately.

 

C. Others: N/A

 

3.2 Methods to determine interest rates
on foreign currency loans:

 

Interest rates on foreign currency loans
can be determined using the following N/A methods:

 

(1) fixed interest rate, annual interest
rate N/A%. Interest rate remains unchanged during the life of the contract.

 

(2) Floating interest rate, borrowing
rate is set to N/A Months N/A (LIBOR / HIBOR) as the base rate plus N/A Basis
points (a basis point = 0.01%) to determine a floating interest rate. During the contract period, basis point spread remains
unchanged. If the borrowing is in phases, the borrowing rate is determined separately for each withdrawal. After the withdrawal,
base rate is adjusted and calculated based on the following N/A method:

 

A. Base rate is adjusted corresponding
to the period. The second rate-setting date is corresponding to the date of the end of the first loan period; if at the time of
rate setting, the month does not have a corresponding date to the loan withdrawal date, then the date is set to the last day of
the month, and so on.

 

B. Base rate is adjusted on the first day
of each interest period.

 

C. Others: N/A                                        

 

3.3 Interest on borrowing under
this contract is accrued daily starting from the actual date of withdrawal, based on monthly (monthly / quarterly
/ half yearly) interest settlement. At loan maturity, interest and principal must be repaid fully at the same time. Daily
interest rate = annual interest rate / 360.

 

3.4 Penalty rate for overdue
loans is calculated using the original loan interest rate plus 30% surcharge. Penalty rate for misappropriated loans
is calculated using the original loan interest rate plus 50% surcharge.

 

    	 

    	 

    

 

3.5 Except interest, the Borrower
must pay to the Lender commitment fee. The commitment fee is based on the difference between the loan amount according to Article
2 and the Borrower’s withdrawn amount (billing cycle average daily balance) and N/A% annual rate, can be paid using
the following N/A methods:

 

(1) one-time payment at the end of the
billing cycle date to the Lender.

 

(2) After effective date of the contract,
the 20th day of each N/A (month/quarter/half year).  Pay to the Lender in phases, until end of the billing
cycle date.

 

If this is a revolving loan, the billing
cycle refers to the period of use of revolving loan facilities. If this is not a revolving loan, the billing cycle refers to the
period between the contract signing date to the last loan drawdown date according to Article 4.

 

Article 4: Loan withdrawal (not appropriate
for revolving loan)

 

The Borrower shall borrow money based on
actual needs. The first loan withdrawal must be before 2013.04.30 and the last withdrawal must be before 2013.04.30.
Otherwise the Lender shall have the right to cancel all or part of the loan.

 

Article 5: Loan repayment

 

5.1 The Borrower shall choose
the following #1 way to repay loans:

 

(1) One-time loan repayment
on final maturity date.

 

(2) Amortization in accordance
with the following repayment plans (if there is more content, additional pages can be attached):

 

Planned repayment time N/A

Planned repayment amount (in RMB’00000) N/A

 

5.2 Under the following circumstances,
the Borrower shall repay loans immediately after funds are available. The Borrower is not required to pay compensation due to early
repayment:

 

	N/A	 

 

5.3 Except circumstances outlined
in Clause 5.2, if the Borrower prepays the loan amount, the Borrower is required to pay compensation to the Lender. The compensation
can be calculated as followed: prepayment amount x remaining loan period (months) x N/A%, if the remaining loan period is
less than 1 month, then consider as 1 month.

 

Article
6: Special Conditions for Revolving Loan (optional provision, ☐
applicable, ☐ not applicable)

 

6.1 If this is a revolving loan
contract, the loan amount and term as stated on Article 2 shall be the revolving loan amount and term and the loan term shall start
from contract effective date.

 

6.2 If this
is a revolving RMB loan contract, the benchmark lending rate shall use each loan period corresponding to the People's Bank
of China benchmark lending rate for the same period.

 

Article 7: Guarantee

 

7.1 This is a secured loan,
the security for the loan is guarantee.

 

    	 

    	 

    

 

7.2 The loan guarantee is for
maximum amount guarantee, the corresponding maximum guarantee contract is as follows:

 

Maximum guarantee contract name:  Maximum
Guarantee Contract (Code: 2012 New District (Guarantee) No. 1026)

 

Guarantor: Zhenjiang Wowjoint Heavy-duty
Machinery Co. Ltd.

 

Article
8: Financial Covenants (optional provision,  ̈
applicable,  ̈
not applicable)

 

During the effective period of this contract,
the Borrower shall comply with the following financial covenants:

 

	N/A	 

 

Article 9: Dispute Resolution

 

The dispute settlement shall adopt method (2):

 

(1) Submit the dispute to N/A arbitration
commission, using the arbitration rules in force at the time of arbitration application submission, in N/A (arbitration
venue) for arbitration. Arbitration award is final and binding on both parties.

 

(2) Litigation on the court
where the Lender is located.

 

Article 10: Other matters

 

10.1 The contract shall have 3 copies,
of which the Borrower, the Lender and the Guarantee Registration Authority each hold 1 copy.
All copies are legally valid.

 

10.2 The following annexes
and other mutually agreed upon annexes form an integral part of this contract. These annexes are as legally valid as the contract:

 

Annex 1: Notice of Withdrawal (format)

 

Annex 2: Entrust Payment Agreement

 

Annex 3:

 

Article 11: Other matters agreed by
both parties

 

	N/A	 

 

Section 2: Working Capital Loan Contract
Terms

 

Article 1: Interest rates and interest

 

1.1 If foreign currency borrowings, LIBOR is
set two banking days prior to the withdrawal date or the benchmark interest rate adjustment date (11:00am London time) using the
same currency interbank offered rate displayed on the Reuters Financial Telecommunication Terminal "LIBOR=" page. HIBOR is
set two banking days prior to the withdrawal date or the benchmark interest rate adjustment date (11:15am Hong Kong time) using
Hong Kong Dollar interbank offered rate displayed on the Reuters Financial Telecommunication Terminal "HIBOR=" page.

 

    	 

    	 

    

 

1.2 If the contract loan interest
rate uses floating interest rate, original loan interest rate adjustment rules apply to overdue loans.

 

1.3 If loan interest is settled
on a monthly basis, interest settlement date is the 20th day of each month; if quarterly interest settlement, interest
settlement date is the 20th day of quarter-end month; if settled on a half-year basis, interest settlement date
is June 20th and December 20th.

 

1.4 The first interest period
is from the actual loan withdrawal date to the first interest settlement date; the last interest period is from the prior interest
settlement date to the final maturity date; remaining interest period is from the prior interest settlement date to the next interest
settlement date.

 

1.5 The Lender shall adjust lending
rates in accordance with the regulations of the People's Bank of China, and the Lender shall not give separate notice to the Borrower.

 

1.6 At the time of contract signing,
agreed lending rate is set using the corresponding benchmark lending rate published the People’s Bank of China plus a floating
rate. The Borrower has the right to ask the Lender to re-evaluate and give preferential interest rates. Based on policy of the
state, the Borrower’s funded status, change on the Guarantor’s financial status and other considerations, the Lender
can on its sole discretion decide to cancel all or part of the preferential interest rates and shall notify the Borrower promptly.

 

Article 2: Loan withdrawal and payment

 

2.1 The Borrower must meet
the following prerequisites before loan withdrawal, otherwise the Lender has no obligation to make loans to the Borrower, unless
the Lender agrees otherwise:

 

(1) except credit loans, the
Borrower has provided corresponding guarantee as requested by the Lender, which has been duly prepared and executed.

 

(2) There has not been any
breach of this contract or other contracts, which the Borrower and the Lender have signed.

 

(3) Evidence provided for the
loan purposes is in line with the agreed loan purposes.

 

(4) Any other info requested by
the Lender.

 

2.2 The written documents submitted
by the Borrower to the Lender shall be original; if original can’t be provided, with the consent of the Lender the Borrower
can provide true copies with the official stamp of the Borrower.

 

2.3 The Borrower shall submit
withdrawal notice to the Lender at least five banking days before withdrawal date. Once the withdrawal notice is submitted,
without the written consent of the Lender, it shall not be revoked.

 

2.4 After the Borrower meets
the prerequisites for withdrawal or the Lender consents to make loans beforehand, once the Lender transfers the loan funds to the
Borrower’s designated account, the Lender is deemed to have made loans to the Borrower in accordance with the contract.

 

2.5 According to the relevant
regulatory requirements and management requirements of the Lender, the Lender shall pay to the transaction counterparties based
on the Borrower’s withdrawal request and payment authorization using the entrust payment method, for any loans exceeding
certain amount or in compliance with other conditions. To this end, the Borrower and the Lender shall enter into a separate
entrust payment agreement as an annex to the contract, and the Borrower shall open or designate an account at the Lender’s
branch to handle such entrust payments.

 

    	 

    	 

    

 

Article 3: Loan repayment

 

3.1 The Borrower shall repay
the loan principal, interest and other payables in full and on time in accordance with the contract. On the last banking day
prior to the loan repayment date and the interest payment date, the Borrower shall deposit the full amount of current interest
payable, principal payable and other payables at the repayment account opened at the Lender. The Lender shall have the right to
initiate deduction on the loan repayment date and interest payment date, or require the borrower to coordinate with the payment
deduction procedures. If the amount in the repayment account was insufficient to pay all amounts due, the Lender shall have
the right to determine the repayment order.

 

3.2 If the Borrower wants to
apply for early repayment of all or part of the loans, the Borrower shall 10 banking days in advance submit a written application
to the Lender. After the Lender consents, the Borrower shall pay compensation to the Lender in accordance with the contract.

 

3.3 If the Lender consents
to early repayment, the Borrower shall pay the loan principal, interest and other payments due and payable up to the prepayment
date on that date.

 

3.4 The
Lender shall have the right to demand loan prepayment based on the Borrower’s collection of funds for repayment.

 

3.5 The interest period is shortened
due to early loan repayment by the Borrower or early recovery of loans by the Lender in accordance with the contract, the interest
rate level is not adjusted accordingly and remains the same as the original loan rate.

 

Article 4: Revolving Loan

 

4.1 Revolving loan under this contract
shall be limited to revolving loan usage period. At any time the total balance of borrowing can’t exceed the maximum revolving
loan amount. Each loan usage period shall be limited from the actual withdrawal date till the agreed repayment date, the borrowing
records shall prevail. In addition the repayment date of the last withdrawn loan can’t exceed the revolving loan usage period.

 

4.2 If from the contract signing
date the Borrower has not made any withdrawal for 3 consecutive months, the Lender has the right to cancel the revolving loan amount.

 

Article 5: Guarantees

 

5.1 Except credit loans, the
Borrower shall provide to the Lender acceptable, legitimate and effective guarantee as required performance of its obligations
under this contract. A separate guarantee contract is to be signed.

 

5.2 If the collateral suffers
any damage, depreciation, ownership disputes, seizure or detention, unauthorized disposition of collateral by the collateral provider,
or the guarantor suffers adverse changes in its financial position or other changes which have unfavorable impact on the security
claims of the Lender, the Borrower shall promptly notify the Lender and provide other security approved by the Lender.

 

5.3 The Lender agrees that
loans under this contract shall be collateralized by pledge of accounts receivables of the Borrower. During the effective term
of the contract, under one of the following circumstances the Lender shall have the right to declare that the loans are immediately
due, and require the Borrower to repay immediately some or all of the loan principal and interest or give additional security which
is approved by the Lender as legal, valid and sufficient:

 

(1) Accounts receivables’
bad debt ratio has increased for 2 consecutive months.

 

(2) Overdue accounts receivables
make up 5% or more of the total accounts receivables balance for the same customer.

 

    	 

    	 

    

 

(3) The guarantor, the customer
and/or other third party are involved in trade disputes (including but not limited to quality, technology and service-related disputes)
or debt disputes, resulting in accounts receivable not being able to be paid on time.

 

Article 6: Account management

 

6.1 The loans are for working
capital used by the Borrower in its production and operation, the Borrower shall use the designated account opened at the Lender,
which will be used to collect loan repayment funds generated from corresponding sales revenue or planned repayment fund. If
the corresponding sales use non-cash settlement, the Borrower shall ensure timely funds transfer to the designated account after
receipt of payment.

 

6.2 The Lender shall have the
right to regulate the designated account, including but not limited to understanding and monitoring of money transfer in and out.
The Borrower shall coordinate accordingly. If requested by the Lender, the Borrower shall enter into a designated account
regulation agreement with the Lender.

 

Article 7: Representations and warranties

 

The Borrower makes the following representations
and warranties to the Lender, which shall remain in effect during the effective term of the contract:

 

7.1 The Borrower shall have
the legal qualification and ability to sign and perform under this contract.

 

7.2 Before signing of this
contract, all the necessary authorization or approval has been obtained. Signing and performance of this contract is not in violation
of the Articles of Association and related laws and regulations. Furthermore there is no conflict with other obligations under
other contracts.

 

7.3 Other scheduled debt payments
have been made on time. There is no malicious behavior in terms of delaying payment of bank loan principal and interest​​.

 

7.4 Have sound organization
and financial management system. In the recent one year of production and operation, there was no major act of violation of laws
and regulations, and the current senior management personnel has no serious bad record.

 

7.5 All documents and information
provided to the Lender have been true, accurate, complete and effective; there is no false record, major omission or misleading
statement.

 

7.6 All financial reports provided
to the Lender has been prepared in accordance with the Chinese GAAP and have reflected truly, accurately and completely the Borrower’s
operation and liabilities status. In addition from the closing date of the latest financial report, there has not been any material
adverse change in the financial condition of the Borrower.

 

7.7 The Borrower has not concealed
from the Lender any litigation, arbitration or damage claim event, which the Borrower has been involved in.

  

Article 8: Borrower’s commitments

 

8.1 The Borrower shall withdraw
and use loans in accordance with the contract terms and the loans can’t be used for fixed asset, stock and other investments.
The loans cannot in any form flow into the stock market, futures market and other areas, which are prohibited or restricted by
the relevant laws and regulations.

 

8.2 The Borrower shall repay
loan principal, interest and other payables in accordance with this contract.

 

    	 

    	 

    

 

8.3 The Borrower shall accept and
actively cooperate with the Lender to do account analysis, certificate inspection, site investigation, etc., for the purpose of
inspect and supervise the use of loan funds. Furthermore the Borrower shall provide periodic summary reports of the use of funds
as requested by the Lender.

 

8.4 The Borrower shall accept
credit check by the Lender, shall provide financial information and other information requested by the Lender which reflect the
Borrower’s solvency, including balance sheet, income statement, etc., and shall actively assist and cooperate with the Lender
in the investigation, understanding and supervision of its production, operation and financial circumstances.

 

8.5 The Borrower shall not pay dividends
and bonuses in any form before paying off the loan principal, interest and other payables under the contract.

 

8.6
Prior to merger, split, capital reduction, changes in ownership, addition of partners, withdrawal of partners, transfer of
major assets and debts, major outside investments, substantial increase in debt financing and any other actions which may adversely
affect the interests of the Lender, the Borrower shall obtain prior written consent from the Lender or conduct in ways that satisfy
the Lender’s realization of claims.

 

8.7 If one of the following
circumstances occurs, the Borrower shall timely notify the Lender:

 

(1) Change of the name, seal,
articles of incorporation, domicile, legal representative or responsible person, address and other matters.

 

(2) Going out of business,
dissolution, liquidation, being ordered to stop business, revocation of business license, or application (by application) for bankruptcy.

 

(3) Already or may be involved
in major economic disputes, litigation, arbitration, seizure, detention or mandatory enforcement of assets, being investigated
by judicial, tax, commerce and other government bodies or having been given punitive measures.

 

(4) The shareholders, directors,
current senior management personnel or investors have been involved in major cases or economic disputes.

 

8.8 Promptly, fully and accurately
disclose to the Lender any related party relationships and transactions.

 

8.9 Sign all notices mailed
or delivered using other methods by the Lender in a timely manner.

 

8.10 Not
to reduce its solvency through disposal of its own assets; provide guarantees to third parties without prejudice to the interests
of the Lender.

 

8.11 If the borrowing is through
credit payment, the Borrower shall regularly notify the Lender its external guarantee commitment on complete, true and accurate
basis. In addition the Borrower shall sign account regulatory agreement with the Lender if requested. Any external guarantee made
by the Borrower may affect its ability to fulfill the obligations under this contract, therefore the Borrower shall obtain the
written consent of the Lender in advance.

 

8.12 Take responsibility for the
costs incurred by the Lender for the realization of claims, including but not limited to legal fees, assessment fees, auction fees,
etc.

 

8.13 The Borrower’s debt
obligation under the contract shall have priority claim before its debt to shareholders, and shall enjoy equal position as other
creditors of similar debt.

 

8.14 In order to strengthen environmental
and social risk management, the Borrower shall agree to the supervision and inspection of the Lender. If the Lender requests, the
Borrower shall submit to the Lender reports on environmental and social risk management.

    	 

    	 

    

 

Article 9: Lender’s commitments

 

9.1 The Lender shall make loans
to the Borrower in accordance with the contract.

 

9.2 The Lender shall keep confidential
any non-public data and information related to the Borrower’s finance, production and operation, with the exception of disclosure
due to requirements by laws and regulations or otherwise agreed in this contract.

 

Article 10: Events of default

 

10.1 One of the following events
constitutes a default by the Borrower:

 

(1) The Borrower has not paid
loan principal, interest and other payables in accordance with the contract, has not fulfilled its obligations or is in breach
of any representation, warranty or commitment under the contract.

 

(2) Changes to the guarantee
that adversely impact the claims of the Lender have occurred, and the Borrower has not provided the Lender other approved security.

 

(3) The Borrower is unable
to pay any other debt due (including debt being declared for early repayment), or other non-performance or breach of obligations
under other agreements, which have or may affect its fulfillment of obligations under this contract.

 

(4) The Borrower's profitability,
solvency, operations, cash flows and other financial indicators drop below the agreed standards, or deterioration has occurred
which have or may affect its fulfillment of obligations under this contract.

 

(5) Major adverse changes to
the Borrower’s production, operation, outside investment and so on, which have or may affect its fulfillment of obligations
under this contract.

 

(6) The Borrower has been or
may be involved in major economic disputes, litigation, arbitration, seizure, detention or mandatory enforcement of assets, investigation
by judicial or administrative authorities or having been given punitive measures, media exposure due to violation of relevant state
regulations or policies, which have or may affect its fulfillment of obligations under this contract.

 

(7) Changes in the Borrower’s
principal individual investors, key management personnel’s abnormal changes, being missing, being investigated by judicial
authorities or being restricted of personal freedom, which have or may affect its fulfillment of obligations under this contract.

 

(8) The Borrower uses bogus
contracts between related parties and transactions without actual trade in order to get loans and credit from the Lender, or intends
to evade the Lender’s claims through related party transactions.

 

(9) The Borrower has been or
may be going out of business, in dissolution, in liquidation, ordered to stop business, in revocation of business license, in application
(or by application) for bankruptcy.

 

(10) The Borrower’s breach
of food safety, production safety, environmental protection and other related laws, regulations, regulatory requirements or industry
standards, results in accidents or major environmental and social risk incidents, which have or may affect its fulfillment of obligations
under this contract.

  

(11) If the borrowing is through
credit payment, the Borrower’s credit rating, profitability level, debt ratio, operating cash flow and other indicators do
not meet the Lender’s lending conditions. Or without the written consent of the Lender, the Borrower uses its effective operating
assets to mortgage, pledge or issue external guarantees, which may or already have affected its ability to fulfill the obligations
under this contract.

 

    	 

    	 

    

 

(12) Other situations that
may adversely impact the realization of the Lender’s claims under this contract.

 

10.2 If the events of default occur,
the Lender shall have the right to take one or more of the following measures:

 

(1) Require the borrower to cure
the default within a time limit.

 

(2) Stop loans and other financing
instrument under this contract and other contracts entered into between the Lender and the Borrower, and cancel some or all of
the undrawn loans and other financing instrument.

 

(3) Declare that all outstanding
loans and other financing instrument under this contract and other contracts entered into between the Lender and the Borrower immediately
due in order to immediately recover all outstanding amounts.

 

(4) Require the Borrower to compensate
for damages caused to the Lender due to its breach of contract.

 

(5) Other measures required by laws,
regulations and this contract, or deemed necessary by the Lender.

 

10.3 The Borrower fails to
repay loans already due (including being declared immediately due), the Lender has the right to charge penalty interest corresponding
to overdue loans starting from the overdue date. If the Borrower fails to pay interest on time, the Borrower shall charge
penalty interest on the interest payables using rates corresponding to overdue loans.

 

10.4 If the Borrower fails
to use the loans in accordance with agreed purposes, the Lender shall have the right to charge penalty interest rate corresponding
to misappropriated loans on the portion of loans that has been misappropriated, starting from the date of misappropriation. If
the Borrower fails to pay interest during the misappropriated loan period, the Lender shall charge penalty interest on the interest
payables using rates corresponding to misappropriated loans.

 

10.5 If 10.3 & 10.4 occur
simultaneously, the Lender shall charge the highest penalty rate, but is not allowed to double charge.

 

10.6 If the Borrower does not repay
the loan principal, interest (including default interest and compound interest) and other payments due, the Lender shall have the
right to make collection announcements through the media.

 

10.7 If the Borrower's related
parties, control relationship between the Borrower and the related parties, circumstances outside of Article 10.1 (1) &
(2) occur to the related parties, which have or may affect its fulfillment of its obligations under this contract, the
Lender shall have the right to take all measures in accordance with this contract.

 

Article 11: Deduction

 

11.1 If the Borrower fails to repay
debt due in accordance with the contract (including debt declared immediately due), the Lender shall have the right to deduct from
all of the Borrower’s RMB and foreign currency accounts with the Lender and/or ICBC’s other branches the corresponding
amount until the Borrower has fully repaid all debts under the contract.

 

11.2 If the amount deducted is in
a different currency from the debt, the Lender’s applicable exchange rates on the deduction date shall apply. The interest
and other costs incurred during the period from the deduction date to the final settlement date (which is the date the Lender in
accordance with state foreign exchange management policy deducts the amount, converts to the same currency and clear all debts
under the contract), as well as any differences generated due to exchange rate fluctuations during this period shall be borne by
the Borrower.

 

    	 

    	 

    

 

11.3 If the deducted amount by the
Lender is insufficient to satisfy all debts of the Borrower, the Lender shall have the right to determine the repayment order.

 

Article 12: Transfer of rights and obligations

 

12.1 The Lender shall have
the right to transfer part or all of its rights under this contract to a third party, and it is not necessary for the Lender to
obtain the consent of the Borrower for such transfer. Without the written consent of the Lender, the Borrower may not transfer
any of its rights and obligations under the contract. 

 

12.2 Due to operation and management
needs, the Lender or the Industrial and Commercial Bank of China Ltd. ("ICBC") can authorize or delegate ICBC’s
other branches to perform the rights and obligations under the contract, or assign claims under this contract to ICBC’s other
branches to undertake and manage. The Borrower hereby consents, and it is not necessary for the Lender to obtain further consent
from the Borrower. The branch, which undertakes the contract, shall be entitled to exercise all rights under this contract
and shall have the right to dispute under this contract through litigation, arbitration or application to enforce claims using
its own name.

 

Article 13: Effectiveness, amendment
and termination

 

13.1 The contract shall be
effective starting from the date of signing and shall terminate when the Borrower has fulfilled all of its obligations under this
contract.

 

13.2 Any changes to this contract
shall be agreed in writing by both parties. Amended terms or agreements shall form an integral part of the contract and has
the same legal effect as this contract. Except the amended portion, the rest of this contract is still valid, and the original
terms are still valid before the effective date of the changes.

 

13.3 The contract amendment
and termination does not affect the rights of the parties to seek compensation for losses. The termination of this contract
does not affect the validity of the dispute settlement provisions.

 

Article 14: Application of the laws
and dispute resolution

 

PRC laws are applicable to the contract’s
formation, validity, interpretation, performance and dispute settlement. For any controversies and disputes arising out of
or relating to this contract, both parties shall first resolve through consultation. If both parties cannot negotiate or negotiation
cannot reach an agreement, it shall be resolved through the resolution method stipulated in this contract.

 

Article 15: Complete contract

 

Section 1 "Loan Terms" and Section
2 "Working Capital Loan Contract Terms" together form a complete loan contract. The same terms have the same meaning
in both sections. Both sections are binding on the Borrower.

 

Article 16: Notices

 

16.1 All notices under the
contract shall be sent in writing. Unless otherwise agreed, the parties set forth in this contract designated home address
for communication and contact. If mailing address or other contact information is changed, the party shall in writing promptly
notify the other party.

 

16.2 If one of the parties
refuses to sign or there occurs other situations that cause the notices not able to be delivered, the party may deliver using notary
or public announcement method.

 

    	 

    	 

    

 

Article 17: Other matters

 

17.1 The Lender’s lack
of exercise, partial exercise or delay in exercising any rights under the contract shall not constitute a waiver or change of such
rights or other rights, nor shall it affect the further exercise of such rights or other rights.

 

17.2 Any invalid or unenforceable
provision of this contract will not affect the validity and enforceability of other provisions, nor affect the validity of the
contract.

 

17.3 Following the provisions of
relevant laws and regulations as well as the requirement of the financial regulatory agencies, the Lender shall have the right
to provide information relating to this contract and the Borrower to the People's Bank of China’s credit system and other
credit information database established by law, for query and use by appropriately qualified agency or individual. The Lender
shall also have the right to query information related to the Borrower through the People's Bank of China’s credit system
and other credit information database established by law, for the purpose of establishing and performing under this contract.

 

17.4 This contract’s
use of terms such as "related parties", "related party relationships", "related party transactions",
"major individual investors", "key management personnel" and others shall have the same meaning as in the "Accounting
Standards for Enterprises No. 36 - - Related Party Disclosures"(Accounting [2006] 3) issued by the Ministry of Finance as
well as subsequent amendments to the guidelines.

 

17.5 The environmental and social
risk mentioned in this contract refers to the fact that the Borrower and its important related parties may cause harm to the environment
and society during its construction, production and operating activities, including wasteful energy consumption, pollution, land,
health, safety, resettlement, environment protection, climate change and other environmental and societal problems.

 

17.6 The Lender produces and retains
loan documents and certificates in accordance with its business practice, which shall constitute effective proof of debtor-creditor
relationship between Borrower and Lender and are binding on the Borrower.

 

17.7 In this contract, (1)
any reference to this contract shall include any amendment or supplement; (2) Headings are for reference only and does not constitute
any interpretation of this contract, nor shall they constitute any restrictions of the content and scope under the headings; (3)
during the performance of this contract, if a withdrawal date or repayment date falls on a non-banking day, the date will be postponed
to the next banking day.

 

Both sides confirm
that: both Lender and Borrower have fully discussed all the terms of this contract. The Lender has specifically asked the
Borrower to pay special attention to the clauses, which outline the rights and obligations of both parties, and to have comprehensive
and accurate understanding of all the terms. The Lender has explained the relevant terms as requested by the Borrower. The
Borrower has carefully read and fully understood all the terms of the contract (including Section 1 "Loan Terms" and
Section 2 "Working Capital Loan Contract Terms"). Both Lender and Borrower have the same understanding regarding the
terms of this contract, and have no objection to the content of the contract.

 

	Lender (seal):	 	 
	 	 	 
	Responsible Person / Authorized Agent: 	/s/Xi CaiJiang	 
	 	 	 
	Borrower (seal):	 	 
	 	 	 
	Legal Representative / Authorized Agent:	/s/Zhang Fude	 

 

    	 

    	 

    

 

Contract signed on:  2012.10.26

 

Annex 1:

 

Withdrawal Application

 

Industrial & Commercial Bank of China
(ICBC), ___________________:

 

In accordance with the "Working Capital
Loan Contract" Code ____________ signed by both our company and your bank and dated year ______ month ______
day ______, we hereby apply for the following withdrawal:

 

		1.	We intend to withdraw loan amount ______, in currency ______ on year
______ month ______ day ______.

 

		2.	This loan amount shall mature in _______days, maturity date is year ______ month ______ day ______.

 

		3.	Please transfer the loan funds under this application to our following bank account:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 

 

		4.	Based on the Loan Contract and the Entrust
Payment Agreement, this loan shall be paid using  ̈ Entrust
Payment or  ̈
Self Payment method.

 

If using the Entrust Payment method, we
hereby authorize and entrust your bank to transfer the loan funds to our bank account, then pay out the loan funds to the following
counterparty that satisfies the agreed loan purpose:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 

 

[If this loan needs to pay out to multiple
counterparties, please see attached list of counterparty names and account details]

 

		5.	We hereby confirm that:

 

		(1)	The loan funds under this application shall be used in accordance with the stated loan purposes.

 

		(2)	On the application date and loan withdrawal date, we warrant that all of our representations, warranties
and promises in the Loan Contract remain true, accurate, complete and effective.

 

		(3)	Up till the application date, no major adverse events have occurred in our production, operation,
finance and credit areas.

 

		(4)	Prior to the application date, no act of violation has occurred or will occur under this loan contract
or related to this loan contract. We further confirm that on the loan withdrawal date there has not been and will not be any act
of violation.

 

    	 

    	 

    

 

		(5)	This application can’t be cancelled after the application is submitted.

 

Loan Applicant (stamped seal):

 

Authorized signatory (signature or seal): Zhang
Fude

 

Date of Application: year ______ month
______ day ______

 

List of Counterparty Names
and Account Details

 

Counterparty 1:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 
	Payment amount:	 

 

Counterparty 2:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 
	Payment amount:	 

 

Counterparty 3:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 
	Payment amount:	 

 

Counterparty 4:

 

	Account name:	 
	Account number:	 
	Opening bank branch:	 
	Payment amount:	 

 

Loan Applicant (stamped seal):

 

Authorized signatory (signature or seal): Zhang FudeContract Number: 2012 New District Guarantee
No. 1026

 

Maximum Counter-Guarantee
Contract

 

Special Notice: Both parties
enter into this contract legally, through consultation and on an equal and voluntary basis. All the terms in the contract reflect
truthfully both parties’ desires. In order to protect the legal rights of the Guarantor, the Creditor specifically requests
that the Guarantor pay close attention particularly to the sections highlighted in black ink.

 

Mortgagee: Industrial & Commercial
Bank of China (ICBC), Zhenjiang New District Branch (“Party A”)

 

Responsible person: Xi CaiJian

 

Business address: Xing Gang Road
North, Da Gang, Zhenjiang New District

 

Phone & Fax:  83375315

 

Mortgagor: Zhenjiang Wowjoint Heavy-duty
Machinery Co. Ltd. (“Party B”)

 

Legal representative:  Zhang
Fude

 

Business address: No. 36, Ding
Mao Nan Hang Fourth Road, Zhenjiang New District

 

Phone & Fax :    80863363

 

In order to ensure the realization claims
of Party A, Party B is willing to provide to Party A mortgage (counter-guarantee). To ensure that all parties are clear with
respect to the rights and obligations, based on China's "Contract Law", "Guarantee Law", “Property Law”
and other relevant laws and regulations, both parties through fair consultation and agreement enter into this contract.

 

	Article 1	Principal debt claim

 

		1.1	The principal debt claim guaranteed by Party B is for up to a maximum amount of RMB 11
million loan from October 26, 2012 to October 25, 2017 (including start date and end date). Party
A refers to debt claims against Debtor arising from the RMB/Foreign Currency Loan Contract, Foreign Exchange Transfer to Loan Contract,
Bank Acceptance Agreement, Letter of Credit Issuing Agreement/Contract, Opening Security Agreement, International and Domestic
Trade Financing Agreement, Foreign Exchange Forward Agreement and other financial derivatives products agreement and other documents
(together called “Main Contract”) which is signed with Zhenjiang Wowjoint Heavy-duty Machinery Co. Ltd. (“Debtor”),
regardless whether the debt claims have expired during the above period or whether the debt claims have been created before this
Maximum Counter-Guarantee Contract has been established.

 

		1.2	The maximum balance amount mentioned in the above clause refers to the sum of debts in different
currencies converting to RMB using the middle foreign currency price published by Party A on the date Party B assumes guarantee
responsibility for the principal debt.

 

    	 

    	 

    

 

	Article 2	Scope of counter-guarantee pledge

 

Scope of counter-guarantee pledge by Party
B includes: principal, interest, compound interest, penalties interest, liquidated damages, currency losses (related losses
from currency fluctuation), and all costs when realizing the debt claims under this contract (including but not limited to
arbitration fees, legal fees, assessment fees, etc.). However costs incurred when realizing the claims shall first be deducted
from value realized from collateral and not included in the above maximum balance mentioned in clause 1.1.

 

	Article 3	Collateral

 

		3.1	See details on “Collateral List”, which is appendix to this contract and has the same
legal effect as this contract.

 

		3.2	Legal right owned by Party A with respect to collateral includes collateral attachments, attached
rights, appendage, original and statutory interests, substituted collateral as well as insurance money, liquidated damage and compensation
due to damages, losses and forced expropriation of collateral.

 

		3.3	If Debtor does not fulfill obligations for matured debt or there occurs conditions for realizing
claims under the contract, which causes collateral being seized by the People’s Court, Party A shall have the right to collect
natural and statutory interests starting from the seizure date. The collected interests shall first be used to offset costs incurred
in collecting such interests.

 

		3.4	The value agreed on the collaterals under the “Collateral List” shall not be the valuation
basis when Party A disposes the collaterals and shall not create any restrictions for Party A when realizing debt claims.

 

		3.5	Ownership evidence and other related materials for the collaterals shall be confirmed by both Party
A and Party, and then kept by Party A, unless otherwise stipulated by laws and regulations.

 

		3.6	During the term of the guarantee, Party B shall maintain the collateral in good conditions and
shall not reduce the value of the collateral due to improper usage. Party A shall have the right to inspect the usage and management
of the collateral at any time.

 

		3.7	If the collateral suffers any damages, losses and forced expropriation, Party B shall inform Party
A immediately and timely submit to Party A the evidence of damages, losses and forced expropriation of collateral issued by the
relevant competent authority or governing departments.

 

		3.8	Any insurance money, liquidated damage and compensation received by Party B due to any damages,
losses and forced expropriation suffered by the collateral shall be used to repay in advance the debt under the Main Contract.
Alternatively after receiving Party A’s approval, it can be used to restore the value of the collateral or deposit into designated
account of Party A in order to guarantee the fulfillment of debt obligations under the Main Contract. The value of the mortgaged
property that has not declined shall still be used as collateral for the debt claims.

 

		3.9	Party B shall stop immediately any actions, which may decrease the value of the collateral. If
Party B causes any decline in value of the collateral, Party B shall have the obligations to restore the value or provide corresponding
collateral equaling to the reduction in value.

 

	Article 4	Registration of collateral

 

		4.1	Party A and Party B shall go to the relevant guarantee authority to complete the collateral registration
procedures within 10 days from the date of contract signing. If the there is any change to the collateral registration required
by law, both parties shall timely complete the registration change procedures.

 

    	 

    	 

    

 

	Article 5	Insurance

 

		5.1	Within 10 days of contract signing, Party B shall complete the collateral insurance procedures
as required by Party A. If Party B can’t complete the collateral insurance in one instance due to the insurance company,
Party B shall timely complete follow-up procedures in order that the property insurance for the collateral within the validity
of this contract shall not be interrupted.

 

		5.2	The insurance policy shall state that Party A shall enjoy priority claim (first beneficiary) and
the insurance company shall directly pay the insurance money to Party A. The insurance policy shall not contain any provisions
which limits Party A’s rights.

 

		5.3	Within the validity of the contract, Party B can’t interrupt or cancel the property insurance
for any reasons. If the insurance is interrupted, Party A shall have the right to handle the insurance procedures on behalf of
Party B and all costs incurred shall be borne by Party B.

 

		5.4	Within the validity of the contract, if any insured event occurs any insurance benefits shall be
handled in accordance with Clause 3.8.

 

	Article 6	Determination of principal debt claims

 

Maximum amount of principal debt claims
can be determined under one of the following circumstances:

 

		6.1	Expiry of the agreed period under clause 1.1;

 

		6.2	New debt claims will not occur again;

 

		6.3	Collateral has been seized or mortgaged;

 

		6.4	Debtor / Party B has been declared bankrupt or revoked;

 

		6.5	Other circumstances under which the laws determine the debt claims.

 

	Article 7	Floating collateral

 

		7.1	Party B uses production equipment, raw materials, semi-finished products and finished products
which it now owns or will own as collateral, which will be determined under the one of the following circumstances:

 

		A.	Upon the expiry of debt obligations, Party A has not realized its debt claims;

 

		B.	Party B has been declared bankrupt or revoked;

 

		C.	Circumstances under which Party A realizes its debt claims as described in clause 8.1 has occurred;

 

		D.	Other circumstances which significantly affect Party A’s realization of debt claims.

 

		7.2	Party B uses the above mentioned property as collateral provided to Party A as maximum amount counter-guarantee,
which shall be applicable to other clauses under this contract in addition to this clause.

 

	Article 8	Realization of debt claims

 

		8.1	Under one of the following circumstances, Party A shall have the right to realize its debt claims:

 

		A.	Debtor has not repaid the debt upon expiry of Party A’s debt claims (including early maturity);

 

    	 

    	 

    

 

		B.	Under circumstances described in clause 3.9, Party B has not restored the value of the collateral
or provide corresponding guarantee which equals to the reduction in value;

 

		C.	Party B or Debtor has filed for bankruptcy or going out of business, dissolution, liquidation,
Suspension of business for rectification, revocation or cancellation of business license;

 

		D.	During production processes, Party B has not followed fair trade principles and has been punished
resulting in the disposal of floating collateral;

 

		E.	Other circumstances under which the laws determine that Party A can realize the debt claims.

 

		8.2	Party A can realize its debt claims by selling the collateral after consultation with Party B.
Money received through the sale shall first settle the debt claims, or through collateral discount to cover the debt claims. If
both parties can’t agree on the ways to realize the debt claims, Party A can directly request the People’s Court to
auction off or sell off the collateral.

 

		8.3	If the money received from the disposal of collateral is not in the same currency as the Main Contract’s,
Party B shall use the corresponding currency exchange rates published by Party A to convert the money into the same currency of
the Main Contract in order to repay Party A’s debt claims.

 

	Article 9	Party B’s representations and warranties

 

		9.1	Party B is the pledged collateral’s owner or operating manager authorized by the state under
this contract, and enjoys the full right for the disposal of the collateral. There is no dispute related to the ownership, usage
right or operating right of the collateral. Party B has obtained authorization or approval to provide guarantee to Party A, in
accordance with the procedures and authority stipulated in the company’s Articles of Associations, which is not in conflict
with laws, regulations and other relevant provisions.

 

		9.2	If Party B is a listed company or a wholly owned subsidiary of a listed company, Party B shall
timely disclose info related to the guarantee fulfillment obligations stipulated in “Securities Law”, “Stock
Exchanges Listing Rules”, other laws, regulations and rules.

 

		9.3	Party B has voluntarily provided collateral for the counter-guarantee for Party A. Party B represents
that everything expressed in this contract is completely true. For international and domestic trade finance, Party B acknowledges
that the underlying trade serves as the basis for the financing is true and does not contain fraud.

 

		9.4	The collateral can be used as guarantee and does not have any limitations.

 

		9.5	If there is defect in the collateral, Party B has provided sufficient and reasonable explanations
on the defect.

 

		9.6	The collateral has not been seized, detained or supervised by law.

 

		9.7	If the collateral has been partially or wholly rented out, Party B has notified the lessee about
establishing the guarantee and notified Party A about the rental in writing.

 

		9.8	The collateral has not been provided as guarantee to other debtors, or if it has been provided
as guarantee, Party B has notified Party A the details of the other guarantee.

 

		9.9	The collateral is not communal property, or if it has been communal property, Party B has obtained
written approval from the other co-owners regarding the guarantee.

 

    	 

    	 

    

 

		9.10	If the debt claims guaranteed under this contract are related to international trade finance which
Party A provides to the debtor, Party B accepts and approves relevant international practice for the related businesses.

 

	Article 10	Party B’s commitments

 

Party B has made the following commitments
to Party A:

 

		10.1	The occurrence of one of the following circumstances, no need to obtain Party A’s approval,
Party B shall continue to fulfill guarantee obligations in accordance with this contract.

 

		A.	Party A amends the Main Contract with the principal debtor, which does not increase the amount
of debtor’s debt claims or extend the debt maturity;

 

		B.	Under international or domestic trade finance, Party A modifies the letter of credit related to
the Main Contract with the debtor, which does not increase debtor’s repayment obligations under the letter of credit or extend
the payment terms;

 

		C.	Party A transfers the principal debt claim and the maximum counter-guarantee.

 

		10.2	Without Party A’s written consent, Party B shall not create any type of mortgage or pledge
on the collateral, shall not rent, transfer or gift the collateral to third party, and shall protect the collateral from any infringement.

 

		10.3	Party B shall bear all costs related to the establishment and fulfillment of this contract, including
but not limited to insurance, appraisal, valuation, registration and other associated expenses.

 

10.4
If Party A’s collateral has been or may be infringed by any third party, Party B shall timely notify and assist Party
A from such infringement.

 

		10.5	Party B shall actively assist Party A in exercising its debt claims, and shall not create any restrictions.

 

		10.6	Party B shall timely notify Party A upon the occurrence of one of the following circumstances:

 

		A.	Party A‘s charter, operating scope, registered capital, change of legal representative, changes
in shareholding;

 

		B.	Going out of business, dissolution, liquidation, Suspension of business for rectification, revocation
or cancellation of business license or filing for bankruptcy;

 

		C.	Involve or may be involved in major economic disputes, litigation, arbitration, or property was
seized, mortgaged or supervised by law;

 

		D.	If Party B is a natural person, his/her residence, work place, contact info has been changed.

 

		10.7	Party B shall timely sign for any written notice sent by Party A.

 

		10.8	If Party A has other guarantees for the principal debt, irrespective whether the guarantee is provided
by the debtor or by a third party, Party A has the right on its own to determine the order in which guarantee is to be exercised.
Party B shall undertake not to file defense against this. If Party A gives up, changes or loses other security interest under the
Main Contract, Party B shall continue its guarantee responsibility, which shall not be invalidated or reduced due to such occurrence.

 

		10.9	Under purchaser financing using domestic credit cards or domestic letters of credit, import letters
of credit, import bills / import payments businesses, upon the occurrence of one of the following circumstances, Party B shall
have undisputable guarantee obligations. Party B shall not propose exemption of guarantee obligations or defense due to stop payment
order, prohibition order, seizure, detention and freeze of properties related to letters of credit, and other related measures
issued by any judicial or administrative authority:

 

    	 

    	 

    

 

		A.	Party A‘s designee or authorized representative in accordance with the instructions of Party
A has in good faith carried out the payment;

 

		B.	Party A or its designee or authorized representative has issued payment due written confirmation
or has committed under import letters of credit in good faith;

 

		C.	The confirming bank for the letters of credit has in good faith fulfilled the payment obligations;

 

		D.	The negotiating bank for the letters of credit has in good faith made the payment.

 

		10.10	Party B shall not propose exemption of guarantee obligations or defense due to the fact that the
debtor refuses to pay against corresponding letters of credit under loan guarantees, bills of lading endorsement, authorization
of delivery businesses.

 

	Article 11	Party A’s commitments

 

Party A makes the following commitments
to Party B:

 

		11.1	Party A shall keep confidential relevant documents submitted by Party B when fulfilling obligations
under this contract, financial information and other relevant non-public information, unless otherwise specified by relevant laws,
regulations or other provisions of this contract.

 

		11.2	Any balance left after using the proceeds from disposal of collateral to repay all of the debts
within the scope of the maximum counter-guarantee shall be returned to Party B in a timely manner.

 

	Article 12	Breach of contract

  

		12.1	After this contract takes effect, if either party fails to perform any of its obligations under
this contract or violates any representations, warranties or undertakings under this contract, it shall constitute a breach of
contract. If this causes any losses to the other party, the breaching party shall make appropriate compensation to the injured
party.

 

		12.2	Unless stipulated otherwise in this contract, if any party breaches contract, the other party shall
have the right to take any measures stipulated by the laws and regulations of the People’s Republic of China.

 

	Article 13	Effectiveness, amendment and termination of contract

 

		13.1	This contract shall take effect on the contract signing date and will terminate on the date when
all of Party A’s debt has been repaid.

 

		13.2	Any amendment of the contract should be mutually agreed and approved in writing by both parties.
The amended clauses or contracts shall constitute a part of this contract and has the same legal effect as this contract. Besides
the amended sections, the other parties of this contract remain valid. Before the amended section takes effect, the original clauses
shall continue to be valid.

 

		13.3	If any provision under this contract becomes invalid or unenforceable, it shall not affect the
validity and enforceability of the other provisions and shall not affect the validity of the contract as a whole.

 

		13.4	Amendment or cancellation of this contract shall not affect the rights of each party to demand
compensation for any losses. The cancellation of this contract shall not affect the validity of the dispute resolution provisions
in this contract.

 

    	 

    	 

    

 

	Article 14	Dispute resolution

 

The laws of the People’s Republic
of China shall be applied in the creation, effectiveness, explanation, execution and dispute resolution of this contract. All dispute
and disagreements arising out of or related to this contract shall first be resolved through mutual negotiation. If negotiation
fails, shall resolve using method B:

 

		A.	The dispute shall be referred to N/A arbitration committee, in accordance with the arbitration
rules then in effect, shall take place in N/A (place of arbitration). The arbitration judgment shall be final and binding
on both parties.

 

		B.	Litigation in the local courts of Party
A.

 

	Article 15	Other Terms

 

		15.1	Without written consent of Party A, Party B shall not transfer any rights or obligations in whole
or in part under this contract.

 

		15.2	If Party A does not exercise, partially exercises or delays in exercising any rights under this
contract, it shall not constitute waiver or change in the rights or any other rights, and shall not affect the further exercise
of the rights or any other rights.

 

		15.3	Party A shall have the right, in accordance with the requirements of the relevant laws, regulations,
other regulatory documents or financial regulatory agencies, to disclose information relating to this contract and other relevant
information to the People's Bank of China Basic Credit Information Database or other legally established credit database, which
can be used by organizations or individuals with the appropriate qualifications. Party A shall have the right to enquire about
Party B using the People's Bank of China Basic Credit Information Database and other legally established credit database for the
purpose of creation and fulfillment of this contract.

 

		15.4	There are 4 originals of the contract. Party A, Party B, Debtor and Registration Authority
of the Collateral each shall hold 1 copy. All copies have the same legal effect.

 

	Article 16	Other terms agreed by both parties

 

16.1 N/A

 

16.2 N/A

 

Appendix: “List of Collateral".

 

    	 

    	 

    

 

Party A (seal):

 

Authorized Signor signature: /s/Xi
CaiJian

 

Party B (seal):

 

Legal representative (or authorized agent)
signature: /s/Zhang Fude

 

Co-owner of Collateral: ___________

 

Signing date: 2012-10-26

 

Appendix – Collateral List 

 

	Name	 	
        Ownership

        Evidence
	 	Location	 	Condition	 	Valuation	 	Others
	Land use rights	 	Zhen (2012) No. 9186	 	Yangtze River Road North, Ruishan Road West, Zhenjiang New District	 	Excellent	 	RMB16.8978 million	 	Guaranteed loan of RMB11 million

 

Mortgagor (seal): Zhenjiang Wowjoint Heavy-duty
Machinery Co. Ltd.

 

Legal representative: Zhang Fude

 

Co-owner of Collateral:

 

Mortgagee (seal): Industrial & Commercial
Bank of China (ICBC), Zhenjiang New District Branch

 

Responsible person: Xi CaiJian

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