Document:

exv10w3

Exhibit 10.3

CONTRACT FOR BORROWINGS OF LOANS BY MANDATE

Contract
Number: 2010 (year) WJZ No. 000001

This CONTRACT is made on 26th March 2010, by and between:

The ENTRUSTER:

Full Name:
EVERGREEN SOLAR (CHINA) CO., LTD.

Legal Representative: MICHAEL EL-HILLOW

Address: 3 First Road, D1 Industrial Park, LIUFANG, WUHAN EAST LAKE DEVELOPMENT ZONE, 430205 P.
R. China

Contact: SONG NING;            Tel: 027-87986769

The FIDUCIARY:

Full Name: The Sub-Branch of WUHAN EAST LAKE DEVELOPMENT ZONE, Industrial and Commercial Bank of
China Co., Ltd.; Legal Representative: WU MIN

Address: Special No.1 HUALESHANZHUANG, LUXIANG, WUHAN, 430074 P. R. China

Contact: LIU YA;                 Tel: 027-87787121

The BORROWER:

Full Name: JIA WEI SOLAR (WUHAN) CO., LTD.; Legal Representative: DING KONGQI

Address: 3 First Road, D1 Industrial Park, LIUFANG, WUHAN EAST LAKE DEVELOPMENT ZONE, 430205 P.R. China

Contact: WANG YING; Tel: 027-87986203

WHEREAS The FIDUCIARY is hereby to be duly entrusted by the ENTRUSTER to provide and allocate the
entrusted loan therein to BORROWER, in accordance with the AGREEMENT OF AGENCY BY ENTRUSTMENT
(No. 32020016-2010 WJ2 No. 000001) made by and between the ENTRUSTER and the FIDUCIARY on 26th March
2010, and at the request of the BORROWER.

NOW THEREFORE, for and in consideration of full consultation, on the basis of amicable
negotiations, it is hereby agreed as follows, subject to the terms and conditions as set forth
hereinafter and herein below:

CHAPTER 1 THE AMOUNT, INTEREST RATE, LOAN TERM AND MISCELLANEOUS OF ENTRUSTED LOAN

Article 1 The amount and currency of the entrusted loan:
The currency of the loan is denominated in RMB and the amount of the loan is Thirty-four Million,
One hundred and thirty-four thousand (RMB 34,134,000). In case of inconsistency between above words and figures, the words shall apply
(similarly hereafter). This Loan is an entrusted loan.

Article 2 Interest Rate and Calculation: The annual interest rate of such loan is 7.5% to
be calculated day to day and to be provided in the book on a semi-yearly basis. Interest shall be
collected upon the maturity date of the loan or the date of loan repayment. The borrower shall be
charged compound interest on the interest due but not paid by the Borrower.

Article 3
Loan Term: 60 months commencing from March 31, 2010
and ending on March 30,

 

 

2015. If the Borrower has made early repayment of such loan with consent of the ENTRUSTER,
the interest shall be calculated and charged on basis of actual number of days for loan utilization
and actual sum utilized.

Article 4 Purpose of Loan: The entrusted loan under this CONTRACT will be used for purchase of
equipment.

Article 5 Schedule of Loan Utilization: see Appendix (1)

Article 6 Repayment of Loan: The schedule and method of repayment of the loan by the BORROWER are
stipulated as follows:

The principal and interest of the Loan are paid by the borrower to the bank account designated
by the Entruster as per agreed schedule

The BORROWER shall transfer the principal and interest of such loan to the account designated by
the ENTRUSTER on schedule.

Article 7 Loan Guarantee: The Guarantor of such entrusted loan determined by the ENTRUSTER
is___/___; The Guarantee Mode is ___/___. The Guarantee Contract is separately attached.

Article 8 Extension of Loan Term: The ENTRUSTER, the FIDUCIARY and the BORROWER, through amicable
consultation between the ENTRUSTER and the BORROWER, can enter into a loan term extension contract
10 days ahead of maturity date.

CHAPTER 2 THE DUTIES AND OBLIGATIONS OF THE ENTRUSTER

Article 9 The ENTRUSTER shall deposit adequate fund to the account specially opened with the
FIDUCIARY for entrusted capital and cause the FIDUCIARY to transfer the entrusted loan to the
account of the BORROWER on the same day.

Article 10 The ENTRUSTER shall supervise/cause the FIDUCIARY to supervise the use of
entrusted loan by BORROWER. The supervision matters entrusted by the ENTRUSTER: (mark √ in
corresponding checkbox for what is chosen as follows and marked × for what is not chosen):

o Supervision on whether the BORROWER is using the loan for the purpose specified under this CONTRACT;

o Supervision on project execution;

o Assisting in supervision on production and operation management of the BORROWER;

o Assisting in supervision on production and operation management of the Guarantor;

o Assisting in safekeeping of guaranties (Mortgage Contract No.                     )
 under this CONTRACT;

o Assisting in safekeeping of pledged material and documents of titles (Pledge Contract No.            
         ) under this CONTRACT;

Article 11 The ENTRUSTER who has approved the BORROWER to make early repayment shall notify the
FIDUCIARY in writing of handling formalities concerning the repayment in advance by the BORROWER.

Article 12 The ENTRUSTER will have the recovered principal and interest of the loan transferred to
the following account:

Business Name: EVERGREEN SOLAR (CHINA) CO., LTD

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Deposit Bank: The Sub-Branch of WUHAN EAST LAKE DEVELOPMENT ZONE, ICBC

Account Number:                                                             

Article 13 If the BORROWER has failed to repay the principal and interest on schedule, the
ENTRUSTER shall have the right to cause the FIDUCIARY to withhold corresponding sum directly from
the account of the BORROWER.

Article 14 If the entrusted loan shall be guaranteed in the manner whatsoever reasonably
acceptable, the ENTRUSTER himself shall examine the guarantee capacity of the guarantor, the
ownership and value of the mortgage (pledge) as well as feasibility of materialization of right to
mortgage (pledge). The FIDUCIARY shall bear no obligation of examination.

With regard to renewable loan with guarantee, the ENTRUSTER shall obtain prior consent of the
Guarantor and notify the FIDUCIARY in writing of renewing Guarantee Contract for Renewed Loan with
the Guarantor.

All expenses incurred for handling related guarantee formalities shall be covered by the ENTRUSTER.

Article 15 If the operational condition of the BORROWER is deteriorating or any other abnormal
situation endangering the security of entrusted loan fund has arisen, the ENTRUSTER shall have the
right to cause the FIDUCIARY to provide assistance in recovery of the entrusted loan in advance.

Article 16 The ENTRUSTER shall have the right to dun the BORROWER for repayment of the principal
and interest of the entrusted loan or to take legal action against the BORROWER.

CHAPTER 3 THE DUTIES AND OBLIGATIONS OF THE FIDUCIARY

Article 17 The FIDUCIARY shall check the loan contract against what is specified in Notice of
Entrusted Loan issued by the ENTRUSTER and then handle the procedure of loaning if it is confirmed
that the entrusted fund is fully paid in.

Article 18 The FIDUCIARY, at the request of the ENTRUSTER, shall transfer the principal and
interest repaid by the BORROWER to the account of the ENTRUSTER in a timely manner and shall
clearly indicate the purpose of the principal of entrusted loan or interest paid on the fund
transfer voucher.

Article 19 During Contract Period, if the BORROWER failed in repayment of the principal and
interest on schedule due to mismanagement or impairment and loss of pledged property or if the
BORROWER was engaged in malpractice, the FIDUCIARY might cancel this CONTRACT in advance at the
request of the ENTRUSTER and deduct the principal and interest of the loan directly from the
account of the BORROWER.

Article 20 The FIDUCIARY shall dun the BORROWER in writing in a timely manner for repayment of the
overdue principal and interest; if the BORROWER has surely become unable to repay the loan during
guarantee period, the FIDUCIARY shall dun the Guarantor in writing in a timely manner for the
payment, and shall informed the ENTRUSTER of dunning the BORROWER and the Guarantor.

Article 21 If the FIDUCIARY and the BORROWER are not located at the same place, the FIDUCIARY may
sub-entrust some business of entrusted loan to an ICBC service office at the locality of the
BORROWER. The FIDUCIARY shall be responsible for corresponding act of so sub-entrusted ICBC office.

Article 22 The FIDUCIARY shall be entrusted by the ENTRUSTER to supervise the use of the loan by
taking measures as follows:

All payments of the BORROWER must be made at the entrusted bank in strict according with
“Schedule of Loan Utilization” with due authorization of the attorney designated by the ENTRUSTER
(see Authorized Seal to Appendix 2).

Article 23 If such entrusted loan is required to be guaranteed, the FIDUCIARY shall enter into a

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guarantee contract in relation hereto with the Guarantor designated by the ENTRUSTER, as notified
by the ENTRUSTER in writing, and thus handle formalities of notarization and registration
necessary. The FIDUCIARY shall have the right to require the ENTRUSTER to cover all expenses
incurred during procurement of guarantee.

CHAPTER 4 THE DUTIES AND OBLIGATIONS OF THE BORROWER

Article 24 The BORROWER shall open a primary account or general deposit account with a service
office of the FIDUCIARY for any further handling of drawing and repayment of the loan, the payment
of the interest and other matters in relation hereto or associated therewith.

Article 25 The BORROWER shall bring forward the due bill to the FIDUCIARY for the drawing of loan
fund in lump sum or in installment on the basis of “Schedule of Loan Utilization” mutually agreed.

Article 26 The BORROWER shall use such entrusted loan for agreed purpose, instead of peculation and
unwanted diversion.

Article 27 The BORROWER shall make sure his deposit at the account opened with the FIDUCIARY is
enough to repay the interest or principal due and payable to date prior to expiry date for interest
or redemption date as agreed under this CONTRACT; repay the principal and pay interest at the
specified rate within agreed time limit.

Article 28 During the term of this Contract, the use of the loan must be under the inspection and
supervision of the ENTRUSTER and the FIDUCIARY. The BORROWER shall offer related financial
statement and other related information to the ENTRUSTER and the FIDUCIARY upon request.

Article 29 During the term of this Contract, in the event of substantial investment, shareholding
restructuring, contracting, leasehold, forming a consortium, merger (acquisition), separation,
establishing joint venture (cooperative) with foreign investors, compensated transfer of property
right or application for dissolution and so forth, the BORROWER shall notify the ENTRUSTER and the
FIDUCIARY in writing 60 days ahead of schedule.

Article 30 The BORROWER, if desiring to make early repayment, shall file an application in writing
to the ENTRUSTER/the FIDUCIARY 60 days ahead of schedule and shall obtain written consent of the
ENTRUSTER.

Article 31 The BORROWER, if desiring to extend or renew such entrusted loan, shall file an
application in writing to the ENTRUSTER 60 days ahead of schedule and shall obtain written consent
of the ENTRUSTER.

Article 32 The BORROWER shall accept that such institutions as sub-entrusted by the FIDUCIARY have
the legal capacity as a proxy and undertake to perform all obligations under this CONTRACT towards
such institutions as sub-entrusted by the FIDUCIARY.

CHAPTER 5 LIABILITIES FOR BREACH OF THE CONTRACT

Article 33 If the BORROWER has used the loan for any purpose other than that mutually agreed under
this CONTRACT, the FIDUCIARY shall have the right to charge penalty interest at the rate of
0.5‰ per day on the basis of loan interest rate under this CONTRACT as well as sum at default
and period overdue according to the written instruction of the ENTRUSTER.

Article 34 If the BORROWER has failed to repay the principal and interest on schedule, the
FIDUCIARY shall have the right to charge penalty interest at the rate
of 0.5‰ per day on the
basis of loan interest rate under this CONTRACT as well as sum at default and period overdue
according to the written instruction of the ENTRUSTER.

Article 35 If the FIDUCIARY has failed to provide and allocate the entrusted loan of specified
amount within agreed period, the ENTRUSTER shall have the right to charge penalty from the

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FIDUCIARY
at the rate of 0.5‰ per day on the basis of sum at default and period overdue.

Article 36 During the term of this CONTRACT, should any one of the following circumstances occur
the BORROWER would be deemed breach of contract and then the FIDUCIARY should have the right to
suspend loaning and call back the loan in advance or deduct the principal and interest from the
account of the BORROWER without prior notice to the BORROWER according to the written instruction
of the ENTRUSTER:

(1) Failure to repay the principal and interest in the manner specified under this CONTRACT;

(2) Failure to use the loan for the purpose specified herein;

(3) Past due loan and remaining failure in repayment even dunned by the FIDUCIARY;

(4) Failure to offer any information concerning financial situation as required by the ENTRUSTER
and the FIDUCIARY or having offered false financial statements;

(5) Involvement in litigation or arbitration procedure and other legal proceedings;

	Article 37 If the ENTRUSTER has failed to pay commission charges or other fees for guarantee or
legal action, the FIDUCIARY shall have the right to deduct corresponding sum of such fees or
charges from the account of the ENTRUSTER or withdraw from the principal and interest repaid by the
BORROWER.

CHAPTER 6 MISCELLANEOUS

Article 38 All notices or instructions under this CONTRACT shall be serviced in writing, if
serviced in person or through correspondence, the date received by recipient shall be regarded as
the date serviced; if serviced by way of fax, the date responded by other fax shall be regarded as
the date serviced.

Article 39 The modification and cancellation of Contract: upon this CONTRACT has become effective,
if any of the ENTRUSTER, the FIDUCIARY and the BORROWER is desiring to modify any provisions
herein, tripartite consultation associated therewith shall be conducted without prejudice to any
condition and provision specified in AGREEMENT OF AGENCY BY ENTRUSTMENT (No.___) made be and
between the ENTRUSTER and the FIDUCIARY in 20___, Notice of Entrusted Loan serviced by the
ENTRUSTER on the ___day of the ___month of 20___and the state laws and regulations, if a
guarantor is involved, the written consent from the guarantor must be acquired.

Article 40 Any dispute arising out of or in connection with the performance of this CONTRACT may be
settled through consultation or through the following method (2) in case of failure in
consultation:

(1) File a request with                      Arbitration Committee for arbitration;

(2) File a suit with the people’s court at the domicile of the FIDUCIARY.

Article 41 Miscellaneous issues as agreed by the ENTRUSTER, the FIDUCIARY and the BORROWER (this
Article shall neither conflict with other provisions hereunder nor prejudice their substantial
relation between rights and duties):

The borrower agrees to absorb bank charges associated with the application of the entrusted
loan and fee charge is 0.1% of the loan which will be due to the entruster upon the time of loan
repayment or maturity.

Article 42 Any matters uncovered herein shall be governed by the laws and regulations of the
People’s Republic of China as well as the financial policies in relation hereto or associated
therewith.

Article 43 This CONTRACT shall become effective when officially sealed by the ENTRUSTER,

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the FIDUCIARY and The BORROWER, and duly signed by their respective legal representatives (or duly
authorized deputies). This CONTRACT shall be automatically terminated when the BORROWER has repaid
all of the principal and interest of the loan under this CONTRACT.

Article 44 The Notice of Entrusted Loan, due bill and Guarantee Contract in connection with this
Contract as well as supplementary provisions related to “Loan Contract” which the three parties
agree to amend et cetera constitute inseparable part of this contract and have equal legal force.

Article 45 This CONTRACT shall be made in triplicate with equal validity. Each of the
ENTRUSTER, the FIDUCIARY and the BORROWER shall hold one counterpart.

The ENTRUSTER: (duly sealed)

Legal
Representative or Duly Authorized Deputy (signature) /s/ Michael
El-Hillow

Date:
March 26, 2010

The FIDUCIARY: (duly sealed)

Legal
Representative or Duly Authorized Deputy (signature) /s/ Wu Min

Date: March 26, 2010

The BORROWER: (duly sealed)

Legal
Representative or Duly Authorized Deputy (signature) /s/ Ding Kong Qi

Date: March 26, 2010

6exv10w4

Exhibit 10.4

PROMISSORY NOTE

			
	 
	 	Date of Issuance
	$7,800,000
	 	April 29, 2010

          FOR VALUE RECEIVED, Jiawei Solarchina Co., Ltd., a Hong Kong corporation (the “Borrower”),
hereby promises to pay to the order of Evergreen Solar, Inc., a Delaware corporation (the “Lender”), the principal sum of Seven Million Eight Hundred Thousand United
States Dollars (US$7,800,000.00), together with interest thereon from the date of this Note.
Interest shall accrue at a rate of seven and one-half percent (7.5%) per annum, compounded
semi-annually; provided that the interest rate will be adjusted to correspond with the rate
applicable to the to Lender’s obligation to purchase shares in Evergreen Solar (China) Co., Ltd.
from by Hubei Science & Technology Investment Co. (“HSTIC”) (with the effective date of any change
in the rate under this note to be the same as the effective date of the change to the HSTIC loan
rate). Any principal amount not converted into Equity Securities (as defined below) as permitted
pursuant to the terms of this Note, the principal and accrued interest shall be due and payable by
Borrower on April 30, 2015.

1. Payment. All payments shall be made in lawful money of the United States of America at
the principal office of the Borrower, or at such other place as the holder hereof may from time to
time designate in writing to the Borrower. Payment shall be credited first to Costs (as defined
below), if any, then to accrued interest due and payable and the remainder applied to principal.
Prepayment of principal, together with accrued interest, may be made after providing sixty (60)
days written notice to Lender. The holder hereby waives demand, notice, presentment, protest and
notice of dishonor. All payments made pursuant to this Note shall be made in United States Dollars.

2. Security and Guarantee. This Note is intended to be secured by a security agreement to
be negotiated and agreed between Borrower and Lender whereby Borrower shall pledge plant and
equipment of adequate value to secure Borrower’s repayment obligation hereunder. Borrower and
Lender shall negotiate and agree to the terms of such security agreement immediately following the
repayment of Lender’s currently existing loan from Hubei Science and Technology Investment Co.
Borrower agrees to meet its commitment to provide a Guarantee as set forth in its loan application.

3. Representations and Warranties of the Borrower. In connection with the transactions
provided for herein, the Borrower hereby represents and warrants to the Lender that he Borrower is
duly organized, validly existing and in good standing under the laws of Hong Kong and has all
requisite corporate power and authority to carry on its business as now conducted. The Borrower is
duly qualified to transact business and is in good standing in each jurisdiction in which the
failure to so qualify would have a material adverse effect on its business or properties.

4. Conversion of the Note. The Lender has option of converting the note amount up to Five
Million Dollars ($5,000,000.00), in the aggregate, of the note to capital stock or other securities
of Borrower at any time of prior to the repayment of the note, including after receipt of notice of
early repayment. The parties agree to negotiate in good faith and in a timely manner to establish
the details of this conversion right, including, among other relevant concerns, the process for
providing the Lender with sufficient information necessary to make a conversion decision and the
basis for calculating the amount of securities that will be provided to the Lender

 

 

upon conversion,
which may include reference to the price of the applicable securities being sold to third parties
or the price paid for securities in connection with an acquisition of the Borrower by means of a
merger, consolidation, share exchange or other similar transaction or series of related
transactions or in connection with a public offering of shares, and terms related to the execution
of agreements (in a form customary and reasonable) relating to the acquisition of securities upon
conversion, which may include registration, co sale, rights of first refusal, rights of first offer
and voting rights, relating to such securities.

5. Application of Note Amount to Acquisition of Jiawei Solar (Wuhan) Co., Ltd. If Lender
elects to or is required to acquire Jiawei Solar (Wuhan) Co., Ltd. as a result of the put or call
option provided for in Section 3.3.a. or 3.4.a. of the Manufacturing Services Agreement dated July
14, 2009 among Lender, Borrower and their affiliates, then the unpaid principal amount and accrued
interest under this Note may be applied at the option of Lender to pay amounts required to be paid
by Lender to Borrower.

6. Miscellaneous.

6.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions
of this Note shall inure to the benefit of and be binding upon the respective successors and
assigns of the parties. Nothing in this Note, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Note, except as expressly provided
in this Note.

6.2 Governing Law. This Note shall be governed by and construed under the laws of the
Commonwealth of Massachusetts as applied to agreements among Massachusetts residents, made and to
be performed entirely within the Commonwealth of Massachusetts.

6.3 Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Note.

6.4 Notices. All notices and other communications given or made pursuant hereto shall be
in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient; if not, then on the next business day, (iii) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one
(1) day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt.

6.5 Expenses. If any action at law or in equity is necessary to enforce or interpret the
terms of this Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and
necessary disbursements in addition to any other relief to which such party may be entitled.

6.6 Severability. If one or more provisions of this Note are held to be unenforceable
under applicable law, such provision shall be excluded from this Note and the balance of the Note
shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

6.7 Covenants of the Borrower to Deliver Information and Financial Statements. The
Borrower shall deliver to Lender such financial statements or information as the Borrower provides
to its stockholders simultaneously with the delivery thereof to the stockholders.

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6.8 Further Assurance. From time to time, the Borrower shall execute and deliver to Lender
such additional documents and shall provide such additional information to the Lender as Lender may
reasonably require to carry out the terms of this Note, and any agreements executed in connection
herewith, and to be informed of the financial and business conditions and prospects of the
Borrower.

6.9 Waiver of Jury Trial. TO THE EXTENT EACH MAY LEGALLY DO SO, EACH PARTY HERETO HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION OR
PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE, OR IN ANY WAY CONNECTED WITH, OR RELATED TO,
OR INCIDENTAL TO, THE DEALING OF THE PARTIES HERETO WITH RESPECT TO THIS NOTE, OR THE TRANSACTIONS
RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. TO THE EXTENT EACH MAY LEGALLY DO SO, EACH PARTY
HERETO HEREBY AGREES THAT ANY SUCH CLAIM, DEMAND, ACTION OR PROCEEDING SHALL BE DECIDED BY A COURT
TRIAL WITHOUT A JURY AND THAT EITHER PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF ANY OTHER PARTY HERETO TO THE
WAIVER OF ITS RIGHT TO TRIAL BY JURY.

6.10 Set-Off. Lender may set-off any payments owed to it by Borrower against any payment
obligations of Lender to Borrower under this Note or any other agreement.

6.11 Entire Agreement; Amendments and Waivers. This Note and the other documents delivered
pursuant hereto constitute the full and entire understanding and agreement between the parties with
regard to the subjects hereof and thereof. Any term of this Note may be amended and the observance
of any term may be waived (either generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Borrower and the Lender. Any waiver or amendment
effected in accordance with this Section shall be binding upon each future holder of all such
securities, and the Borrower.

     IN WITNESS WHEREOF the duly undersigned authorized representative of Borrower has executed and
delivered this Note as of the date of Issuance referenced above.

	 	 	 	 	 
	 	JIAWEI SOLARCHINA CO., LTD.

 	 
	 	By:  	/s/ D. Kongxian
 	 
	 	 	 	 
	 	 	Ding Kongxian

 CEO

Chairman & CEO 	 
	 

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED:

EVERGREEN SOLAR, INC.

 	 	 
	By:  	/s/ Michael El-Hillow
 	 	 
	 	Chief Financial Officer 	 	 
	 	 	 	 

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