Document:

Unassociated Document

    Contract of
Guarantee of Maximum Amount

     

    AGRICULTURAL
BANK OF CHINA

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ABCS
(2007) 2005

     

    Contract of
Guarantee of Maximum Amount

     

    Contract
No. 33905201000030826

     

    Dear
customer, in order to protect your right, please read the terms in detail
(especially bolding caption) and acknowledge your right and obligation before
you sign the contract.

     

    Lender
(full name): Agricultural Bank of China
Changxing
County Sub-branch

     

    Guarantor
(full name):  (1) Zhejiang Chisen Glass Co.,
Ltd.

     

      (2) _____________________________

     

      (3)
_____________________________

     

    Whereas,
the Guarantor is willing to provide a guarantee of maximum amount for the
Lender’s rights under a series of business contracts (hereinafter referred
to as master contract) concluded by and between the Lender and Changxing Chisen Electric Co.,
Ltd.
(hereinafter referred to as Borrower) in accordance with Article 1 of this
Contract. In accordance with relevant national laws and regulations, all parties
hereby conclude as follows through amicable negotiation:

     

    Article 1
   Principal Lender's rights guaranteed and maximum
amount

     

    
      	
              1.

            	
              The
      Guarantor is willing to provide guarantee for the following Lender’s
      rights by and between the Lender and the Borrower, amounting to RMB 110,000,000.00. Foreign
      currency is converted according to the selling price on the date of the
      occurrence of the business under Item 1 of Article 1
    herein.

            

    

     

    
      	
              (1)

            	
              The
      Lender will, from August 27, 2010 to August 26, 2012, transact
      Lender’s rights formed from agreed business together with the
      Borrower. The said period is the definite period of guaranteed Lender’s
      rights of maximum amount. The said business includes: (put “√”before the
      right answer)

            

    

     

    
      
        
          
            
              
                
                  	
                          þRMB/foreign
      currency loan

                        	
                           ̈L/C
      for deposit abatement 

                        
	 	 
	
                           ̈Packing
      credit for exports

                        	
                           ̈Commercial
      bill discounted

                        
	 	 
	
                           ̈Commercial
      bill discounted

                        	
                           ̈Inward
      documentary Bill

                        
	 	 
	
                           ̈Bank
      Guarantee

                        	
                          þCommercial draft
      acceptance 

                        

                

              

            

          

        

      

       

       ̈Outward
documentary Bill

       

       ̈Other
business:_________________________________

    

     

    
      	
              (2)

            	
              The
      principal and interests of the following unpaid Lender’s rights under
      master contract between the Lender and the Borrower and relevant interest,
      penalty interest, compound interest and expenses. The relevant interest,
      penalty interest, compound interest and expenses will be counted according
      to master contract until the date of actual
  payment:

            

    

     

    
      
        
          
            
              	
                      Name
      of contract

                    	
                      No.
      of contract

                    	
                      Unpaid
      principal and interests

                    	
                      Currency

                    
	
                      Refer
      to note

                    	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (The
attached list added due to the insufficiency of the above list shall be an
integral part of the Contract.)

     

    
      	
              2.

            	
              Category,
      amount, interest rate and term of each business guaranteed by this
      Contract are subject to relevant legal instrument or
    voucher.

            

    

     

    
      	
              3.

            	
              Within
      the period and maximum amount under the Contract, the Lender needs not to
      carry out guarantee procedures one by one at the time of issuing the loan
      under the Contract or providing other bank
  credit.

            

    

     

    
      	
              4.

            	
              Currency
      is not limited in respect of the business occurred within the period and
      maximum amount under the Contract, and the Guarantor undertakes guarantee
      liabilities by the original
currency.

            

    

     

    Article 2    Scope
of guarantee

     

    The scope
of guarantee includes all the expenses accrued to the Lender for realizing
Lender’s rights, including principal and interests of
principal Lender's rights, penalty interest, compound interest,
penalty, liquidated damages, litigation (arbitration) fee and attorney
fees.

     

    The
Guarantor is willing to undertake guarantee liabilities for the part
exceeding the maximum amount due to the change of rate of exchange.

     

    Article 3    Method
of guarantee

     

    The
guarantee herein is joint and several, namely, the guarantors under the Contract
undertake joint and several liabilities for the Lender
jointly.

     

    Article 4  
 Period of guarantee

     

    
      	
              1.

            	
              The
      period of guarantee of the Guarantor is two years from the expiration
      of the master contract.

            

    

     

    
      	
              2.

            	
              The
      period of guarantee of commercial draft acceptance, L/C for deposit
      abatement and bank guarantee is two years from the date of the Lender
      advances.

            

    

     

    
      	
              3.

            	
              The
      period of guarantee of commercial bill discounted is two years from the
      expiration of discounted bill.

            

    

     

    
      	
              4.

            	
              If
      the Lender and the Borrower conclude a renewal agreement for
      the period of repaying debts under master contract, the Guarantor
      will continue to undertake the guarantee liabilities and the period of
      guarantee is two years from the expiration of the said renewal
      agreement.

            

    

     

    
      	
              5.

            	
              In
      case the occurrence of events under laws or master contract results in the
      acceleration of maturity of Lender’s rights under master contract by
      the Lender, the period of guarantee is two years as of the date when the
      Lender confirms the acceleration of maturity of Lender’s rights under
      master contract.

            

    

     

    Article 5
   Covenants of the Guarantor

     

    
      	
              1.

            	
              Having
      obtained the authorization for the guarantee under this Contract in
      accordance with relevant provisions and
  procedures.

            

    

     

    
      	
              2.

            	
              Having
      provided the Lender with true, complete and valid financial statements,
      articles of incorporation or other relevant data and information, and
      having accepted the Lender’s supervision and inspection against its
      production operations and financial
status.

            

    

     

    
      	
              3.

            	
              The
      Guarantor is willing to fulfill guarantee liabilities in the event that
      the Borrower fails to repay debts as stipulated in master
      contract.

            

    

     

    
      	
              4.

            	
              In
      case the Guarantor fails to fulfill guarantee liabilities as stipulated in
      the Contract, the Lender has the right to deduct directly relevant amounts
      from the account that the Guarantor opens in the Lender’s
      bank.

            

    

     

    
      	
              5.

            	
              In
      any of the following situations, the Guarantor shall notify the
      Lender immediately in writing:

            

    

     

    
      	
              (1)

            	
              The
      Guarantor changes its name, address, legal representative, contact way,
      etc.;

            

    

     

    
      	
              (2)

            	
              The
      Guarantor changes it subordinate relationship,
      senior personnel, articles of incorporation or organizational
      structure;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              (3)

            	
              The
      financial status or production operations of the Guarantor is in trouble,
      or having material lawsuit or arbitration to the
      Guarantor;

            

    

     

    
      	
              (4)

            	
              The
      Guarantor shuts down, goes out of business, suspends business for
      rectification, or files for bankruptcy or reorganization,
      etc.;

            

    

     

    
      	
              (5)

            	
              The
      business license of the Guarantor is cancelled or revoked, or it is
      ordered to close down, or other grounds for dissolution has occurred;
      or

            

    

     

    
      	
              (6)

            	
              The
      events happen to the Guarantor that are adverse to the realization of
      Lender’s rights by the Lender;

            

    

     

    
      	
              6.

            	
              In
      the event of carrying out any of the following actions, the Guarantor
      shall notify the Lender 15 days in advance and obtain its written
      consent:

            

    

     

    
      	
              (1)

            	
              The
      Guarantor changes its capital structure or management system,
      including, but not limited to, contract, lease, shareholding reform,
      joint-operation, merger, division, joint venture, reduction of capital,
      transfer of assets, filing for reorganization, reconciliation or
      bankruptcy; or

            

    

     

    
      	
              (2)

            	
              The
      Guarantor provides guarantee to a third party or creates mortgage or
      pledge for the debts of it or a third party, which may impact its
      fulfillment of the guarantee liabilities under the
    Contract.

            

    

     

    Article 6   
Confirmation of guaranteed Lender’s rights

     

    In any of
the following situations, the Lender’s rights of the guarantee of maximum amount
under this Contract are confirmed:

     

    
      	
              1.

            	
              The
      definite period of Lender’s rights expires. “The definite period of
      Lender’s rights expires” includes the expiration of the definite period of
      Lender’s rights under Article 1 hereof, and acceleration of maturity of
      definite period of the Lender’s rights by the Lender in accordance with
      relevant national law and regulations or the provisions herein. In case
      the Borrower violates its obligations under master contract or the
      Guarantor violates its obligations under the Contract, the Lender has the
      right to accelerate the maturity of definite period of the Lender’s
      rights;

            

    

     

    
      	
              2.

            	
              New
      Lender’s rights may not happen;

            

    

     

    
      	
              3.

            	
              The
      Borrower and the Guarantor are adjudicated a bankruptcy or revoked;
      or

            

    

     

    
      	
              4.

            	
              Other
      situations stipulated by laws for the confirmation of Lender’s
      rights.

            

    

     

    Article 7  
 Undertaking of guarantee liabilities

     

    
      	
              1.

            	
              In
      any of the following situations, the Lender has the right to require the
      Guarantor to fulfill guarantee liabilities. In case the
      amount paid by the Guarantor is insufficient to pay off the Lender’s rights guaranteed under
      this Contract, the Lender may apply this amount to repay
      the principal, interests,
      penalty interest,
      compound interest or fees,
etc.;

            

    

     

    
      	
              (1)

            	
              The
      Lender is not repaid upon the expiration of the period of repaying debts
      under master contract. “The period of repaying debts under master contract
      expires” includes the expiration of the period of repaying debts under
      master contract, and acceleration of maturity of definite period of the
      Lender’s rights by the Lender in accordance with relevant national law and
      regulations or the provisions
herein;

            

    

     

    
      	
              (2)

            	
              People’s
      court accepts the Borrower and Guarantor’s application for bankruptcy, or
      verdicts Reconciliation;

            

    

     

    
      	
              (3)

            	
              The
      business license of the Borrower and Guarantor is cancelled or revoked, or
      they are ordered to close down, or other grounds for dissolution has
      occurred;

            

    

     

    
      	
              (4)

            	
              The
      Borrower and Guarantor dead, or are declared missing or
    dead;

            

    

     

    
      	
              (5)

            	
              The
      Guarantor violates its obligations hereunder;
or

            

    

     

    
      	
              (6)

            	
              Other
      situations impacting seriously the realization of Lender’s
      rights.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              The
      lender’s right is guaranteed by pledged property and guarantor’s
      guarantee. Lender can achieve the lender’s right by pledged property or
      request guarantor to bear the guarantee obligation. For lender who has
      chosen one of the way to achieve the lender’s right, it can request other
      way to partially or fully to achieve the lender’s right as
      well.   

            

    

     

    
      	
              3.

            	
              If
      the Borrower provides property as guarantee, the Guarantor, in case of
      abandonment of such security interest by the Lender, cis-position of the
      security interest or change of the security interest, agrees to provide
      joint and several guarantee liabilities for the Lender’s rights under
      master contract as specified herein. “The security interest” refers to the
      security interest formed when the Borrower provides material guarantee for
      the Lender’s rights under master
contract. 

            

    

     

    
      	
              4.

            	
              Guarantor
      guarantee for the borrower consist of but not limited to the loans
      pursuing to this contract. If the guarantor’s payment cannot fully cover
      all liability, the order of settlement is determined by the
      lender.

            

    

     

    
      	
              5.

            	
              According
      to legal obligation or the terms of this contract, exercise of the set-off
      right against guarantor; the order of set-off liability is determined by
      lender. Lender exercises the right of subrogation according to law, the
      order of repayment or set-off from sub-class borrower for the liability is
      determined by lender.

            

    

     

    Article 8  
 Liabilities for breach of contract

     

    
      	
              1.

            	
              In
      case the Lender fails to fulfill its obligations agreed results in loss to
      the Guarantor after the effectiveness of the Contract, it shall bear
      relevant liabilities for damages.

            

    

     

    
      	
              2.

            	
              In
      any of the following actions taken by the Guarantor, it shall pay
      penalty to the Lender according to 1 % of the
      maximum amount of the Lender’s rights guaranteed by the Contract; in case
      of any loss to the Lender by the Guarantor, the latter shall compensate
      fully at the same time:

            

    

     

    
      	
            	
              (1)

            	
              Having
      not obtained legal and valid authorization for the guarantee
      hereunder;

            

    

     

    
      	
            	
              (2)

            	
              Failing
      to provide true, complete and valid financial statements, articles of
      incorporation or other relevant data and
  information;

            

    

     

    
      	
            	
              (3)

            	
              Failing
      to notify the Lender promptly in case of the situation described in Item 5
      of Article 5 of this Contract;

            

    

     

    
      	
            	
              (4)

            	
              Having
      not obtained the Lender’s consent in advance prior to the implementation
      of the acts described in Item 6 of Article 5 of this Contract;
      or

            

    

     

    
      	
            	
              (5)

            	
              Any
      other act violating the provisions herein or impacting the realization of
      Lender’s rights by the Lender.

            

    

     

    Article 9 
  Set-off right, relief of objection period

     

    Lender
exercise set-off right or right of relief according to legal regulation;
guarantor got 7 days of objection period, from the day borrower notify guarantor
by written, verbal or other forms.

     

    Article 10  Settlement of
dispute

     

    In the
event of any dispute arising out during the performance of this Contract,
all parties may solve through negotiation, or settle by the following 1  way:

     

    
      	
              1.

            	
              Litigation,
      under the jurisdiction of the people’s court at the Lender’s
      address.

            

    

     

    
      	
              2.

            	
              Arbitration,
      submitting to                       
       (full name of arbitration institution) for arbitration
      according to its arbitration rules.

            

    

     

    During
litigation or arbitration, the provisions hereof not involved in disputes must
be continued.

     

    Article 11  Miscellaneous

     

    
      
        	
                1.

              	
                The
      Guarantor shall comprehend the operating status of the Borrower and the
      occurrence and fulfillment of all business hereunder. The master contract
      and relevant instrument of vouchers for the occurrence of the business
      hereunder will not be sent to the Guarantor
  again.

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    _____________________________________________________________________________________________

     

    _____________________________________________________________________________________________

     

    _____________________________________________________________________________________________

     

    _____________________________________________________________________________________________

     

    Article
12  Effectiveness of contract

     

    This
Contract will come into force as soon as being signed or sealed by all
parties.

     

    Article 13  This
Contract is in triplicate of equal force, one for the Lender, the Guarantor and
the Borrower respectively.

     

    Remarks

     

    The
Lender has called the attention (especially in bold letter) of the Guarantor to
understanding fully and correctly all provisions herein and, at the request of
the Guarantor, has made corresponding explanations for the provisions herein.
The parties hereto agree on the meanings of this Contract.Unassociated Document

    

    Contract
of Guarantee with a Maximum Amount

     

    (Natural
Person as a gurantor)

     

    Contract
No.: Changxing 2010
Ren Bao 130

     

    Guarantor
A: Xu
Kecheng   

     

    Type of
the Identity Credential:   ID
card

     

    Number of
the Credential: 330522196208244514

     

    Domicile:
Changxing    Tel.:
6636111   Zip
Code: 313100

     

    Mobile:
            
 Facsimile: 6267588

     

    Guarantor
B:       
Zho Fangqin          

     

    Type of
the Identity Credential:    ID
card          

     

    Number of
the Credential:     33052219640125452X                

     

    Domicile:
   Changxing     
Tel.:   6267588    
Zip Code:               

     

    Mobile:
            
 Facsimile:   6267588       

     

    Lender:
Bank of China Ltd. Changxing County
Sub-branch

     

    Legal
Representative: HE Jie
Qin

     

    Domicile:
No. 51 Jinling South
Road   Zip Code: 313100

     

    Tel.:
6026438                                                             Facsimile:
6029905

     

    In order
to guarantee the fulfillment of the debt under the Master Contract as specified
in Article 1 hereof, the Guarantor is willing to provide guarantee to Lender.
Both Parties hereby agree as follows through negotiations on the basis of
equality. Unless otherwise stipulated herein, the terms herein shall have the
meanings as ascribed to them in the Master Contract.

     

    Article
1 Master Contract

     

    The
Master Contract of this Contract is:

     

    The
contracts signed by and between Lender and Borrower Changxing Chisen Electric
Co., Ltd. from
Oct 25, 2010 to Oct 25 2011 regarding
the loan, trade financing, letter of guarantee, capital business and other
credit business contract (together “Single Contracts) and the amendment or
supplement thereto, which stipulate that they are the Master Contract under this
Contract.

     

    Article
2  Principal Lender’s Right and Its Term

     

    Unless
the term is otherwise stipulated or agreed in accordance with the law, during
the following term, the debt actually occurred under the Master Contract
constitutes the principal Lender’s right hereunder:

     

    Oct 25, 2010 to Oct 25, 2011 as
stipulated in Article 1 hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
3 The Maximum Amount under the Guarantee

     

    1. The
maximum amount of the principal under the guarantee hereof is:

     

    Currency:
Renminbi

     

    (In
words): Two Hundred
and Fifty Million Only

     

    (In
numbers): RMB250,000,000.00

     

    2. On the
date of expiration of the term of the principal Lender’s right as specified in
Article 2 of this Contract, where it is determined to belong to the principal
Lender’s right guaranteed hereunder, the interest on the principal of such
Lender’s right (including the statutory interest, agreed interest, compound
interest, penalty interest), liquidated damages, damage, the fees for the
fulfillment of the Lender’s right (including but not limited to litigation fees,
attorney’s fees, arbitration fees, public notarization fees), enforcement fees,
appraisal fees, auction fees, service fees, public announcement fees), the
losses caused to Lender due to breach of Borrower and all the other payable fees
shall also be the guaranteed Lender’s right. The specific amount shall be
determined when it is settled.

     

    The sum
of the Lender’s right amount determined according to the two paragraphs above is
the maximum Lender’s right amount guaranteed hereunder.

     

    Article
4 Modes of Guarantee

     

    The
guarantee hereunder shall be a guarantee with the joint and several
liabilities.

     

    Article
5 Occurrence of the Guarantee Liability

     

    In the
event that Borrower fails to make the settlement to Lender on any normal
repayment date under the Master Contract or advance repayment date as agreed,
Lender shall be entitled to require the Guarantor to undertake the guarantee
liability.

     

    The
normal repayment date referred to in the previous paragraph refers to the date
of principal repayment, interest payment as stipulated in the Master Contract,
or the date on which Lender shall pay any amount to Lender as agreed in the said
contract. The advance repayment date referred to in the previous paragraph
refers to the date proposed by Borrower and as agreed by Lender to make the
repayment in advance and the date on which Lender makes a request to Borrower in
order to collect the principal and interest of the Lender’s right and/or any
other amount in advance as per the contract.

     

    Where
there is any other real security or guarantee for the principal debts, any right
of the Lender under this Contract and the exercise thereof shall not be affected
and the Guarantor may not defense against the Lender for the existence of such
other real security or guarantee.

     

    Article
6 Term of Guarantee

     

    The Term
of Guarantee hereunder shall be two years as from the expiration of the term as
specified in Article 2 of this Contract.

     

    During
the Term of Guarantee, Lender shall be entitled to require the Guarantor to
undertake the guarantee liability, together or separately, for the whole or
partial, several or single principal Lender’s right.

     

    Article
7 Relationship between this Contract and the Master Contract

     

    Provided
that the Master Contract contains the Credit Line Agreement/the Credit Master
Agreement, where the term for using the credit line/the term of business
cooperation therein is extended, it shall be subject to the written consent of
Guarantor. Without the consent of Guarantor or provided that Guarantor refuses
it, Guarantor shall only undertake the guarantee liability within the maximum
amount of the guaranteed Lender’s right as stipulated in Article 3 hereof for
the principal Lender’s right occurred during the original term for using the
credit line/the term of business cooperation and the term of guarantee is still
the original term.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    Change to
another content or issues of the Credit Line Agreement/the Credit Master
Agreement, and to other single agreement thereunder, or to the single Master
Contract has not to be subject to the consent of Guarantor, who shall still
undertake the guarantee liability for the changed Master Contract within the
maximum amount of the guaranteed Lender’s right as stipulated in Article 3
hereof.

     

    Subject
to the agreement between Lender and Guarantor through negotiations, the maximum
amount of the guaranteed Lender’s right as stipulated in Article 3 hereof may be
changed in writing.

     

    Where
Lender entrusts the whole or partial rights and obligations hereunder to other
agency of the Bank of China Limited to fulfill or transfer the principal
Lender’s right to a third party, it has not to obtain the consent of Guarantor
and the guarantee liability of Guarantor shall not be mitigated or exempted
thereby.

     

    Article
8 Representation and Warranty

     

    Guarantor
A makes the following representation and warranty:

     

    1.
Guarantor has the full civil legal capacity and civil conduct
capacity;

     

    2.
Guarantor fully understands the contents of the Master Contract, and execution
and performance of this Contract is based on the true meaning of Guarantor and
will not violate any contract, agreement or other legal documents that is
binding upon Guarantor;

     

    3. Any
and all the documents and materials provided by Guarantor A to Lender are
accurate, authentic, complete and valid;

     

    4.
Guarantor accepts the supervision and examination of Lender on the financial
status of Guarantor and provide assistance and cooperation;

     

    5.
Guarantor fails to conceal the major liability it has undertaken until the date
of execution of this Contract to Lender;

     

    6. In the
event that a situation happens that may probably affect the financial status of
Guarantor and the ability of performing the Contract, including but not limited
to transfer of major assets or share transfer, assumption of major liabilities,
involvement in material litigation or arbitration, or loss of the civil conduct
capacity, Guarantor shall promptly notify Lender.

     

    Article
9 Authorization of Personal Credit Information

     

    Guarantor
hereby authorizes: Lender may inquire about the personal credit report of
Guarantor in the personal credit information basic database of the People’s Bank
of China in the occurrence of any of the following circumstances in relation to
Guarantor.

     

    1. To
review the personal loan application of Guarantor;

     

    2. To
review the personal guarantee application of Guarantor;

     

    3. To
conduct after-loan management of the personal loan or guarantee under the name
of Guarantor;

     

    4. In
order to accept and handle the loan application of a legal person or other
entity or the legal person or other entity as a guarantor, it is required to
inquire about the credit status of Guarantor as a legal representative or
contributor.

     

    Meanwhile,
Guarantor authorizes Lender to submit its personal credit information to the
personal credit information basic database of the People’s Bank of
China.

     

    Article
10 Default Events and Handling

     

    The
occurrence of any of the following situations shall constitute, or be deemed as,
breach of contract by Guarantor under this Contract:

     

    1.
failure to fulfill the guarantee responsibility on time pursuant to this
Contract;

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    2. the
statement made herein is untrue or violation of the commitments made
herein;

     

    3.
occurrence of the event as specified in paragraph 6 of Article 8 hereof, which
seriously affects Guarantor’s financial status and the ability to perform this
Contract;

     

    4.
Guarantor becoming a person with the restricted civil conduct capacity or
without the civil conduct capacity;

     

    5.
violation of other provisions in relation to the rights and obligations of the
Parties herein;

     

    6.
occurrence of a default event under other contract between Guarantor and Lender
or other agency of the Bank of China Limited.

     

    In the
occurrence of the default event as listed in the above paragraph, Lender shall
be entitled to take the following measures, separately or simultaneously, as the
case may be:

     

    1. to
require Guarantor to correct its breach of contract within the specified time
limit;

     

    2.to
decrease, suspend or terminate the credit line to Guarantor, wholly or
partially;

     

    3.to
suspend or terminate the acceptance and handling the business application of
Guarantor under other contracts, wholly or partially; to suspend or terminate
the grant and handling of the loan, wholly or partially, that has not been
granted;

     

    4. to
announce the whole or partial principal and interest of Guarantor’s loan under
other contract and other payables mature immediately;

     

    5. to
terminate and rescind this Contract, and other contract, wholly or partially,
between Guarantor and Lender;

     

    6. to
require Guarantor to compensate the loss caused to Lender due to its breach of
contract;

     

    7.
subject to prior or post notice, to deduce and allocate the amount in the
account opened by Guarantor with Lender to settle the whole or partial debt that
Guarantor owes to Lender. The outstanding amount in the account shall be deemed
mature in advance. Provided that the currency in the account is different from
that used in the business of Lender, the amount shall be calculated by the
settlement and sale listed foreign exchange rate that Lender applies in the
deduction and collection;

     

    8. other
measures as considered necessary by Lender.

     

    Article
11 Reservations of Rights

     

    Either
Party’s failure to exercise partial or whole right, or failure to require the
other Party to fulfill and undertake partial or whole obligation hereunder shall
not constitute the Party’s waiver of such right or exemption of such obligation
and liability.

     

    Any
tolerance, extension or delay of either Party in exercising the rights hereunder
to the other Party shall not affect any right it shall be entitled in accordance
with the law and regulation, nor shall it be deemed as the waiver of such
right.

     

    Article
12 Modification, Amendment and Termination

     

    This
Contract may be modified or amended in writing subject to the agreement of both
Parties through negotiation. Any modification or amendment shall constitute
integral part of this Contract.

     

    Unless
otherwise stipulated in the law and regulation agreed between the Parties
concerned, this Contract shall not be terminated before the rights and
obligations hereunder are fully implemented.

     

    Unless
otherwise stipulated in the law and regulation agreed between the Parties
concerned, invalidity of any clause of this Contract shall not affect the legal
force of other clauses hereof.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    Article
13 Applicable Law and Settlement of Dispute

     

    This
Contract shall be governed by and construed in accordance with the law of the
People’s Republic of China.

     

    Any
dispute and controversy arising from the performance of this Contract may be
first settled through negotiations, failing which, the Parties agree to resolve
it in the same way identical to the way of settlement of disputes as stipulated
in the Master Contract.

     

    During
the period of settling the dispute, provided that such dispute will not affect
the performance of other provisions hereof, such other provisions shall continue
to be performed.

     

    Article
14 Fees

     

    Unless
otherwise determined in accordance with the law or agreed by the Parties
concerned, any fees arising from the conclusion, performance of this Contract
and the settlement of disputes (including the attorney’s fees) shall be
undertaken by Guarantor.

     

    Article
15 Appendix

     

    The
appendix subject to the mutual confirmation of both Parties is integral part of
this Contract and has the equal legal force to this Contract.

     

    Article
16 Miscellaneous

     

    1.
Without the consent of Lender in writing, Guarantor shall not transfer any right
or obligation hereunder to a third party.

     

    2.
Provided that Lender needs to entrust other agency of the Bank of China Limited
to fulfill the right and obligation hereunder as required for the business
needs, Guarantor shall accept it. The said agency of the Bank of China Limited
entrusted by Lender shall be entitled to exercise all the rights hereunder and
bring a lawsuit to the court with respect to any dispute hereunder or submit it
to the arbitration commission for an arbitral award.

     

    3.
Provided that other provisions hereof will not be affected, this Contract is
legally binding upon the Parties or successor and assignee generated in
accordance with the law.

     

    4. Unless
otherwise agreed, both Parties designate the domiciles as specified herein as
the correspondence and contact addresses and undertakes to promptly notify the
other Party in writing where the correspondence and contact address is
changed.

     

    5. The
headings and name of the business herein are used for the convenience of
reference only and shall not be used to interpret the contents of the clauses
and the rights and obligations of the party concerned.

     

    Article
17 Effectiveness of Contract

     

    This
Contract shall come into effective when it is signed by Guarantor, responsible
person of Lender or its authorized signatory together with the company’s seal
being affixed onto it.

     

    This
Contract is in duplicate, with each
Party and Borrower holding One copy, all of
which shall have the equal legal force.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        
          
            
              
                
                  	
                          Guarantor:   

                        	
                              XU
      Kecheng        

                        	
                           
      Lender: Bank of China Ltd. Changxing County
      Sub-branch (seal) 

                        
	 	 	 	 	 
	 
      	
                              
      Zho Fangqin      
      

                        	
                          Authorized
      Signatory:  

                        	
                             
      /s/            
      

                        	 
      
	 	 	 	 	 
	 	
                          Oct
      25, 2010

                        	 
      	
                          Oct
      25, 2010

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