Document:

[Material
      marked with an asterisk has

                              been
      omitted from this document

                              pursuant
      to a request for confidential

                              treatment
      and has been filed separately

                              with
      the Securities and Exchange

                              Commission.]

                            

                    

                  

                

              

            

          

        

      

    

    

    DATED

    SEPTEMBER
15, 2010

    
      
 

    LA
SERENA TECHNOLOGIES LIMITED

     

    and

    

    SOCIEDAD
CONTRACTUAL MINERA WHITE

    MOUNTAIN
TITANIUM

     

      

    

     

    SUB-LICENSE
AGREEMENT

     

    
      
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
SUB-LICENSE is made on September 15,
2010 and takes effect as of the Effective Date (as defined below).

    

    BETWEEN:

    

    LA SERENA TECHNOLOGIES LIMITED,
having its registered office at Rooms 2201 – 03, 22nd Floor,
World-Wide House, 19 Des Voeux Road, Central, Hong Kong, hereinafter referred to
as the “Licensor”

     

    and

    

    SOCIEDAD
CONTRACTUAL MINERA WHITE MOUNTAIN TITANIUM, having its registered office
at Augusto Leguia 100, Oficina 812, Las Condes, Santiago, Chile, hereinafter
referred to as the “Sub-Licensee”

    

    RECITALS:

    

    
      	
              (A)

            	
              The
      Licensor is a private Hong Kong
company.

            

    

    

    
      	
              (B)

            	
              The
      Sub-Licensee is a wholly-owned Chilean subsidiary of White Mountain
      Titanium Corporation, a U.S. corporation formed under the laws of the
      State of Nevada (“WM
      Parent”), the common stock of which is traded in the
      over-the-counter market on the OTC Bulletin
  Board.

            

    

    

    
      	
              (C)

            	
              The
      Licensor has obtained from the Master Licensor the exclusive worldwide
      license for the technology relating to a process for the electrolytic
      extraction of titanium concentrate to produce sponge titanium metal
      (including certain Know-how, as defined in this Agreement) for the purpose
      of developing and commercialising such
  technology.

            

    

    

    
      	
              (D)

            	
              Licensor
      wishes to sub-license this technology for such purpose and is entering
      into this Agreement (1) for the purpose of sub-licensing the technology
      and obligations to the Sub-Licensee; and (2) for payment by Sub-Licensee
      of royalties and other sums to the Licensor in connection with the
      exploitation of the technology.

            

    

    

    
      	
              (E)

            	
              The
      Licensor has agreed to sub-license such technology to the Sub-Licensee
      solely for titanium metal located on the Sub-Licensee’s project in
      Chile.

            

    
 

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    IT IS AGREED as
follows:

    

    
      	
              1

            	
              DEFINITIONS

            

    

    

    
      	
              1.1

            	
              In
      this Agreement:

            

    

    

    
      	
               
      

            	
              (a)

            	
              “Associate”
      means in respect of either Party:

            

    

    

    
      	
               
      

            	
              (i)

            	
              any
      firm or body corporate in which, at the time in question, such Party
      directly or indirectly:

            

    

    owns more
than half the capital or half of the business assets (calculated by reference to
the values ascribed in the most recent audited accounts available at that time);
or

    

    has the
power to exercise more than half the voting rights; or

    

    has the
power to appoint more than half the members of the supervisory board, board of
directors or bodies legally representing such firm or body corporate;
or

    

    has the
right to manage the business of such firm or body corporate;

    

    
      	
               
      

            	
              (ii)

            	
              any
      person, firm or body corporate which, at the time in question, directly or
      indirectly has in or over such Party the rights or powers listed above (a
      “controller”); and

            

    

    

    
      	
               
      

            	
              (iii)

            	
              any
      firm or body corporate in which, at the time in question, a controller
      directly or indirectly has the rights or powers listed
    above;

            

    

    

    
      	
               
      

            	
              (b)

            	
              “Calendar Quarter” means
      a period of three (3) consecutive calendar months starting from the
      Effective Date but, if the Effective Date falls on a date other than the
      first day of a calendar month, then the first “Calendar Quarter” shall
      be the period starting on the Effective Date and ending on the last day of
      the second calendar month falling consecutively after the calendar month
      in which the Effective Date falls, and subsequent “Calendar Quarters” shall
      be identified accordingly.

            

    

    

    
      	
               
      

            	
              (c)

            	
              “Change
      of Control” means:

            

    

    

    
      	
               
      

            	
              (i)

            	
              as
      a result of a transaction or arrangement effected after the Effective
      Date, any “person” (as such term is used in Sections 13(d) and 14(d) of
      the U.S. Securities Exchange Act of 1934, as amended (the “Exchange
      Act”)), other than a trustee or other fiduciary holding securities of the
      Sub-Licensee under an employee benefit plan of the Sub-Licensee, becomes
      the “beneficial owner” (as defined in Rule 13d-3 promulgated under the
      Exchange Act), directly or indirectly, of securities of the Sub-Licensee,
      or the WM Parent or any other Associate standing from time-to-time between
      the Sub-Licensee and the WM Parent (collectively “Group”) representing 15%
      or more of (A) the outstanding shares of common stock of any member of the
      Group; or (B) the combined voting power of the then-outstanding securities
      of any member of the Group;

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    
      	
               
      

            	
              (ii)

            	
              as
      a result of a transaction or arrangement effected after the Effective
      Date, any two or more persons (with “person” as defined above and subject
      to the trustee/fiduciary exception above) intentionally acting together;
      or, acting with the intention or effect that they will or
    do:

            

    

    
      	
               
      

            	
              a.

            	
              combine
      their voting and other activity in relation to any member of the Group to
      the effect that such combination controls, directly or indirectly,
      securities of such Group Member representing 15% or more of (A) the
      outstanding shares of common stock of such Group member, or (B) the
      combined voting power of the then-outstanding securities of such Group
      member; or,

            

    

    
      	
               
      

            	
              b.

            	
              collectively,
      become the “beneficial owners” (as defined above), directly or indirectly,
      of securities of such Group Member representing 15% or more of (A) the
      outstanding shares of common stock of such Group member, or (B) the
      combined voting power of the then-outstanding securities of such Group
      member;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              any
      member of the Group is subject to a merger or consolidation, or series of
      related transactions (“Event”), which results in the voting securities of
      the Group member outstanding immediately prior to the Event ceasing to
      represent at least thirty (30%) percent of the combined voting power of
      the voting securities of such Group member or any surviving or other
      entity outstanding immediately after the
Event;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      sale or disposition of the legal or beneficial title to all, or
      substantially all, of the assets of the Group; or, consummation of any
      transaction, or series of related transactions, having the same or similar
      effect;

            

    

    

    
      	
               
      

            	
              (v)

            	
              there
      occurs a change in the composition of the Board of Directors of the
      Sub-Licensee or any other member of the Group within a two-year period
      from the Effective Date, as a result of which and after such change, fewer
      than a majority of the directors of such entity are the same as the
      incumbent directors as at the Effective
Date;

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (vi)

            	
              the
      dissolution or liquidation of the Sub-Licensee or any other member of the
      Group; or,

            

    

    

    
      	
               
      

            	
              (vii)

            	
              any
      transaction or series of related transactions that has the substantial
      effect of any one or more of the
foregoing.

            

    

    

    
      	
               
      

            	
              (d)

            	
              “Effective
      Date” means 30th
      September, 2010;

            

    

    

    
      	
               
      

            	
              (e)

            	
              “Gross
      Receipts” means the greater of: (i) the total gross sales price charged by
      the Sub-Licensee for the Product sold by or for the Sub-Licensee in the
      relevant period; or, (ii) in respect of any relevant period, the weekly
      price of sponge titanium, as published on the Internet by Metalprices.com
      at www.metalprices.com,
      for the week in which the relevant sale is made, multiplied by the amount
      of the Product sold, by or for the Sub-Licensee, or, if such service is
      not available, as computed by a similar recognized quotation
      service.

            

    

    

    
      	
               
      

            	
              (f)

            	
              “Improvement”
      means any change in, development of or improvement and/or modification to
      the Know-how and/or the Process (whether patentable or not) including
      (without limitation) any change, development, improvement or modification
      which makes the Process more efficient or adaptable made or acquired by
      the;

            

    

    

    
      	
               
      

            	
              (i)

            	
              Sub-Licensee
      or any sub-sub-licensee (the “Licensee’s Improvements”);
  or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Licensor,
      otherwise than as a Licensee’s Improvement (the “Licensor’s
      Improvements”), to the extent the Licensor is free to license the same in
      accordance with the terms of this
Agreement;

            

    

    

    
      	
               
      

            	
              (g)

            	
              “Intellectual
      Property” means all registered designs and applications and the right to
      apply for any of them in any country of the world, design rights,
      copyright (including any copyright subsisting in any computer software,
      including source codes) and typographical rights, database rights, and any
      other intellectual property right subsisting in any country in the world
      but excluding patents or patent applications (including the Patent
      Application) and trade marks or equivalent
  rights;

            

    

    

    
      	
               
      

            	
              (h)

            	
              “Intellectual
      Property Rights” means the legal and equitable rights to exploit the
      Intellectual Property and Know-how solely in connection with titanium
      metal;

            

    

    

    
      	
               
      

            	
              (i)

            	
              “Know-how”
      means all , know-how, designs, plans, specifications, calculations,
      formulae, process information, research papers, samples, feedstock
      materials, technical information, knowledge and data relating to the
      Process or the Products and the manufacture thereof in the possession of
      the Licensor as at the date of this Agreement and which it may lawfully
      communicate to the
Sub-Licensee;

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
 

    
      	
               
      

            	
              (j)

            	
              “Master
      License” means the license granted to the Licensor by Master Licensor
      pursuant to the agreement dated 15 September, 2010, between such
      parties.

            

    

    

    
      	
               
      

            	
              (k)

            	
              “Master
      Licensor” means Chinuka Limited, a private U.K.
  company.

            

    

    

    
      	
               
      

            	
               (l)

            	
              “Milestone”
      means the milestones set out in Schedule
2;

            

    

    

    
      	
               
      

            	
               (m)

            	
              “Party”
      means the Licensor or the Sub-Licensee as appropriate and “Parties” means
      the Licensor and the Sub-Licensee;

            

    

    

    
      	
               
      

            	
              (n)

            	
              “Patent
      Applications” means the patent applications identified in Schedule 1,
      together with all other applications for patents based on those
      applications;

            

    

    

    
      	
               
      

            	
              (o)

            	
              “Process”
      means the process of electrolytic extraction of titanium concentrate or
      any alloys to produce sponge titanium metal as set forth in the Patent
      Applications;

            

    

    

    
      	
               
      

            	
              (p)

            	
              “Product”
      means sponge titanium metal or any associated titanium alloys as well as
      any other materials produced from the Technology from titanium metal;

            

    

    

    
      	
               
      

            	
              (q)

            	
              “Project”
      means the Cerro Blanco titanium mining project of the WM Parent located in
      Chile;

            

    

    

    
      	
               
      

            	
              (r)

            	
              “sale”
      means a sale or any other transaction by which the owner of goods or
      rights parts with possession of them, and “sell” shall have a cognate
      meaning;

            

    

    

    
      	
               
      

            	
              (s)

            	
              “Technology”
      means the Intellectual Property Rights and Process as licensed to the
      Sub-Licensee hereunder together with any Improvements licensed by the
      Licensor to the Sub-Licensee
hereunder;

            

    

    

    
      	
               
      

            	
              (t)

            	
              “Term”
      means the period from the Effective Date until termination of this
      Agreement in accordance with Clauses 21 or 22;
  and

            

    

    

    
      	
               
      

            	
              (u)

            	
              “University”
      means the University of Cambridge,
England.

            

    

    

    
      	
              1.2

            	
              References
      to “all reasonable endeavours” shall mean to use all such reasonable
      efforts as a prudent reasonable person in the position of the party in
      question, and anxious in their own interests (and for these purposes it
      shall be deemed to be that party’s own interests so to achieve that
      objective), to achieve the objective in question, would
    use;

            

    

    

    
      	
              1.3

            	
              References
      to clauses and schedules are to the clauses hereof and the schedules
      hereto;

            

    

    

    
      	
              1.4

            	
              Words
      importing the masculine, feminine or neuter genders include the other
      genders;

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    
      	
              1.5

            	
              Words
      in the singular include the plural and vice
  versa;

            

    

    

    
      	
              1.6

            	
              References
      to individuals shall include firms and corporations and vice versa;
      and

            

    

    

    
      	
              1.7

            	
              A
      reference to a statute or statutory provision includes any statute or
      statutory provision which modifies, consolidates, re-enacts or supersedes
      it.

            

    

    

    
      	
              2

            	
              TECHNOLOGY
      SUB-LICENSE

            

    

    

    
      	
              2.1

            	
              The
      Licensor hereby grants to the Sub-Licensee subject to the provisions of
      this Agreement, the non-exclusive, non-transferable, non-assignable right
      and license to use, apply, exercise, or otherwise exploit the Technology
      in connection with and for the manufacture of the Product created from,
      and only from, the Project.

            

    

    

    
      	
              2.2

            	
              The
      Licensor hereby grants to the Sub-Licensee subject to the provisions of
      this Agreement the non-exclusive limited license to the use of the
      “Chinuka” name and any related
logo.

            

    

    

    
      	
              2.3

            	
              During
      the Term, the Sub-Licensee shall not, without the prior, written consent
      of the Licensor (such consent not to be withheld or delayed unreasonably)
      grant to any other person a license or other right to do anything
      specified within Clauses 2.1 and 2.2
above.

            

    

    

    
      	
              3

            	
              [RESERVED]

            

    

    

    
      	
              4

            	
              EXPLOITATION -
      SUPPLEMENTARY PROVISIONS

            

    

    

    
      	
              4.1

            	
              The
      Sub-Licensee agrees to use all reasonable endeavours to use the Technology
      to produce and sell Product from the Project for cash consideration and to
      exploit the rights granted  in respect of the Technology on the
      Project;

            

    

    

    
      	
              4.2

            	
              The
      Sub-Licensee shall report at the same time as the Royalty Statement (as
      defined in and required by Clause 7.1) at least once every 3 (three)
      months, and otherwise when reasonably requested, on the steps which have
      been and are being taken to exploit the Technology as required by this
      Agreement, together with the Sub-Licensee’s plans for other or further
      exploitation of the Technology, and showing that it is complying with its
      obligation under Clause 4.1.

            

    

    

    
      	
              4.3

            	
              The
      Sub-Licensee shall not, in whole or part and whether in law or equity,
      assign; or otherwise transfer; or, otherwise distance itself from, its
      legal and/or equitable rights in the Technology granted
      hereby.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              	
                      [Material
      marked with an asterisk has

                      been
      omitted from this document pursuant

                      to
      a request for confidential treatment and

                      has
      been filed separately with the

                      Securities
      and Exchange
Commission.]

                    

            

          

        

      

    

    

    
      	
              4.4

            	
              This
      Agreement shall be subject to all provisions of the Master License
      affecting sub-licenses granted pursuant to the Master
      License.  Sub-Licensee acknowledges receipt of a copy of the
      Master License and agrees to maintain the confidentiality of the terms and
      provisions of the Master License in accordance with the provisions of
      Clause 17 below.

            

    

    

    
      	
              4.5

            	
              Sub-Licensee
      shall not do anything which does, will or reasonably might put the
      Licensor into breach of the Master License and the Sub-Licensee shall, at
      Licensor’s request indemnify and hold harmless Licensor
      accordingly.

            

    

    

    
      	
              4.6

            	
              If
      there is any conflict or discrepancy between the terms of this Agreement
      and the terms of the Master License, then the terms of the Master License
      shall prevail.

            

    

    

    
      	
              5

            	
              [RESERVED]

            

    

    

    
      	
              6

            	
              ROYALTIES

            

    

    

    
      	
              6.1

            	
              The
      Sub-Licensee shall pay as a royalty to the Licensor *% (* percent) of
      Gross Receipts generated from the Project after the end of the first
      Calendar Quarter following the Effective
Date.

            

    

    

    
      	
              6.2

            	
              The
      Sub-Licensee shall pay an initial royalty to the Licensor of 4,000,000
      shares of common stock of WM Parent to be held and disbursed in accordance
      with the term and conditions of the Escrow Deed set forth in Schedule
      3.

            

    

    

    7.           ROYALTY
STATEMENTS,
PAYMENTS, AND AUDIT

    

    
      	
              7.1

            	
              [Reserved]

            

    

    

    
      	
              7.2

            	
              Sub-Licensee
      shall deliver to Licensor, at its offices in Hong Kong, or to such other
      address as Licensor may direct, on or before the 15th (fifteenth)
      day following the end of each Calendar Quarter during the Term and on the
      fifteenth (15th)
      day of the month following termination or expiration of this Agreement, a
      complete and accurate statement (the “Royalty Statement”) of
      the amount of Product produced from the Project for the immediately
      preceding Calendar Quarter, or portion thereof, during the Term (the
      “Royalty
      Period”).

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    The
Royalty Statement shall also: (i) show the amount (if any) of royalty earned and
payable by the Licensor in the Royalty Period; and (ii) be certified as accurate
by an officer of Sub-Licensee and shall include such additional information as
Licensor may from time to time reasonably request.  The Royalty
Statement shall be furnished to Licensor whether or not any Product was produced
during the Royalty Period, and whether or not royalties have been earned by
Licensor during the Royalty Period.  Royalty Statements shall be in a
form reasonably acceptable to Licensor.

    

    
      	
              7.3

            	
              Royalty
      payments shall become due when the Sub-Licensee has been paid for the
      Product upon which the royalty has been earned.  The amount
      shown in each Royalty Statement as being due to the Licensor shall be paid
      simultaneously with the submission of the Royalty
      Statement.  All amounts payable to Licensor by Sub-Licensee
      shall be submitted to the Licensor’s
order.

            

    

    

    
      	
              7.4

            	
              The
      receipt and/or acceptance by Licensor of any Royalty Statements or
      royalties paid hereunder to Licensor, or the cashing of any royalty checks
      paid hereunder, shall not preclude Licensor from questioning the
      correctness of the Royalty Statement or the amounts paid; provided that
      Sub-Licensee is notified in writing within 30 (thirty) business days
      following the issuance of the Royalty Statement by Sub-Licensee or receipt
      of the royalty payment by Licensor, whichever shall be
      later.  In the event that any inconsistencies or mistakes are
      discovered in the Royalty Statements or payments, and Sub-Licensee is duly
      notified, they shall immediately be rectified by Sub-Licensee and the
      appropriate payment shall be made by Sub-Licensee.  In the event
      Sub-Licensee shall discover a mistake resulting in an overpayment in any
      Royalty Statement, it shall be allowed to offset such amount in the next
      Royalty Statement and payment made to
Licensor.

            

    

    

    
      	
              7.5

            	
              All
      cash payments made hereunder shall be in U.S. Dollars unless otherwise
      specifically agreed upon by the
Parties.

            

    

    

    
      	
              7.6

            	
              Interest
      at a rate of 8% (eight percent) per annum shall accrue on any amount due
      to the Licensor hereunder from and after the date upon which the
      payment is due and payable until the date of receipt of
      payment.  The same interest rate shall apply to any amount due
      from the Licensor to the Sub-Licensee
hereunder.

            

    

    

    
      	
              7.7

            	
              Sub-Licensee
      agrees to keep accurate books of account and records at its principal
      place of business covering all transactions relating to the license
      granted herein and pertaining to the items required to be shown in the
      Royalty Statements to be submitted pursuant hereto, including without
      limitation, invoices, correspondence, banking, financial, and other
      records (“Records”).  Licensor and its duly authorized
      representatives shall have the right, upon 5 (five) days’ written notice,
      during normal business hours, to audit such Records and to make
      copies and extracts thereof.  Such audit shall be for the sole
      purpose of determining whether and to what extent all royalties have been
      paid, in full and as and when payable under this Agreement.  In
      the event that any such audit reveals an underpayment by Sub-Licensee,
      Sub-Licensee shall within 30 (thirty) days after receiving written notice
      from Licensor, and provided that Sub-Licensee has not then raised a bon
      fide objection to such finding, remit payment to Licensor in the amount of
      such underpayment, plus interest calculated from the date such payment(s)
      were actually due until the date such payment is actually
      made.  In the event that any such underpayment is greater than
      one hundred thousand Dollars ($100,000), Sub-Licensee shall reimburse
      Licensor for the reasonable costs and expenses of such audit, up to a
      total of $25,000, inclusive of VAT.  In the event such audit
      shall reveal a mistake resulting in an overpayment in any royalty payment,
      Sub-Licensee shall be allowed to offset such amount in the next Royalty
      Statement and payment made to Licensor.  Following such an
      audit, any disagreement by either Party as to the amount owed shall be
      resolved by arbitration as set forth in Clause 30
    hereof.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
              7.8

            	
              Unless
      fraud is alleged, the Licensor may only conduct one audit of Records in
      any twelve month period.

            

    

    

    
      	
              7.9

            	
              All
      Records shall be retained by Sub-Licensee for at least 6 (six) years; and,
      the final audit of Records may be conducted by or for the Licensor at any
      time within 1 (one) year after the expiration or termination of this
      Agreement.

            

    

    

    
      	
              8

            	
              [RESERVED]

            

    

    

    
      	
              9

            	
              DISCLOSURE OF
      TECHNOLOGY

            

    

    

    
      	
              9.1

            	
              To
      the extent that, at the Effective Date, the Process and Technology have
      not been fully disclosed to the Sub-Licensee, the Licensor shall disclose
      the same to Sub-Licensee as soon as reasonably practicable after the
      Effective Date.

            

    

    

    
      	
              9.2

            	
              The
      Licensor shall respond promptly to all requests for an explanation or
      clarification relating to information disclosed under Clause 9.1. The
      Sub-Licensee hereby agrees to exercise any such requests reasonably and,
      unless exceptionally necessary, not more than 4 (four) times in any one
      year.

            

    

    

    
      	
              9.3

            	
              The
      Sub-Licensee hereby acknowledges that any information or data forming the
      whole or part of the Technology which has been obtained by it prior to the
      Effective Date and identified in accordance with Clause 16.3 shall be
      deemed to have been furnished under the provisions of this
      Agreement.

            

    

    

    
      	
              10

            	
              COSTS &
      EXPENSES

            

    

    

    
      	
              10.1

            	
              Each
      of the Parties shall be responsible for its own costs and expenses in
      connection with the negotiation and formation of this
      Agreement.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      	
              11 

            	
              MARKING

            

    

    

    
      	
              11.1

            	
              The
      Sub-Licensee shall identify the Process in all publicity and promotional
      material as the “Chinuka Titanium Metal Process” or such other names
      acceptable to the Licensor, and shall, where appropriate in promotional
      material, include a reasonably prominent reference to the process being
      invented at the University.

            

    

    

    
      	
              11.2

            	
              All
      goodwill and other rights in the name referred to in Clause 11.1 or such
      other names as may be adopted by agreement between the Parties shall vest
      in the Licensor and to the extent any such rights may be acquired by the
      Sub-Licensee, the Sub-Licensee shall hold the same in trust for the
      Licensor and shall, at the Licensor’s request and cost, execute such
      assignment or other document, instrument or transfer as the Licensor may
      require in order to vest in it absolutely all such
  rights.

            

    

    

    
      	
              11.3

            	
              The
      Sub-Licensee shall mark with such patent markings as may be desirable for
      assuring or enhancing the patent protection afforded to the
      Technology.

            

    

    

    12           EXCHANGE OF FUTURE
TECHNOLOGY

    

    
      	
              12.1

            	
              The
      Licensor and the Sub-Licensee undertake that they will promptly disclose
      to the other any Improvements arising at any time until the end of the
      Term. To the extent any Improvement is acquired by either Party from a
      third party, the obligations under this Clause 12 shall be subject to any
      restrictions imposed by such third party on use, or disposal, or otherwise
      in relation to such Improvement.

            

    

    

    
      	
              12.2

            	
              The
      Sub-Licensee shall have an exclusive license during the Term to develop,
      operate, use, apply, exercise or otherwise exploit the Licensor’s
      Improvements in or as part of carrying out the
  Process.

            

    

    

    
      	
              12.3

            	
              The
      Licensor shall have a non-exclusive, royalty free license during the Term
      to use the Sub-Licensee’s Improvements to which Clause 12.1 applies for
      the purpose of research carried out by or in conjunction with the any
      academic institution(s).

            

    

    

    
      	
              12.4

            	
              The
      Licensor shall, in addition, have a non-exclusive license during the Term,
      to use and exploit the Sub-Licensee’s Improvements during the Term and
      thereafter in application with any other metal not covered by the license
      granted pursuant to this Agreement. The Licensor’s license shall
      be

            

    

    

    
      	
            	
              12.4.1

            	
              royalty
      free in respect of any Improvement during the Term;
  and

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              	
                      [Material
      marked with an asterisk has been

                      omitted
      from this document pursuant to a

                      request
      for confidential treatment and has

                      been
      filed separately with the Securities and

                      Exchange
      Commission.]

                    

            

          

        

      

    

    

    12.4.2    following
the end of the Term, subject to payment of:

    

    
      	
               
      

            	
              (i)

            	
              *%
      (*percent) of the royalty or other payments received by the Licensor in
      connection with the use, in whole or part, of such Improvement,
      and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              a
      reasonable royalty for the Licensor’s own use pursuant to this license in
      respect of any Improvement.

            

    

    

    In the
event of any dispute as to the amount received by the Licensor which is
attributable to an Improvement, or the amount of any reasonable royalty, the
matter shall be settled in accordance with Clause 31.

    

    
      	
              12.5

            	
              In
      relation to any Improvements exchanged hereunder which may be susceptible
      of patent or like registered protection, each Party shall: (i) promptly
      inform the other and keep informed in writing all of the things done by it
      to obtain such patent protection; and, (ii) not abandon or cease to
      maintain any application or patent relating to any Improvement or
      authorise any sub-sub-licensee to do so without giving the other at least
      one month’s prior written notice of any intention to do so or such lesser
      notice as circumstances outside the control of the Party, and if such
      notice is given, shall at the written request of the other maintain any
      such application or patent at the expense of the other upon terms to be
      agreed by the Parties in writing. The Parties undertake to negotiate such
      terms without delay and on a reasonable and fair commercial
      basis.

            

    

    

    
      	
              13

            	
              WARRANTIES

            

    

    

    
      	
              13.1

            	
              (a)
      The Licensor warrants that as at the Effective Date, it does not know
      (having made reasonable enquiry) of any litigation or adverse claims,
      whether instigated or threatened, concerning the Technology; and, does not
      know (having made reasonable enquiry) of any circumstances which will, or
      are likely to, give rise to any such litigation or
  claims.

            

    

    

    (b) The
Licensor warrants that the Technology does not, and during the Term shall not,
infringe the intellectual property, or other, rights of any third party; and,
without prejudice to the generality of the foregoing, further warrants that the
Process can be used during the Term, without causing or creating any such
infringement, for the electrolytic extraction of titanium concentrate to produce
sponge titanium metal.  This warranty shall be deemed given by the
Licensor to the Sub-Licensee in respect of each Improvement, as at the date on
which such Improvement is delivered to the Sub-Licensee.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      (c) The
Licensor does not warrant that the use of the Technology in conjunction with any
other technology will not, as a result of such combination, infringe the
intellectual property or other rights of any third party.

       

    

    (d) The
Licensor does not warrant the nature, quality or quantity of Products produced
using the Technology, either alone or in combination with other
technology.

    

    (e) The
Licensor shall indemnify and hold harmless the Sub-Licensee and its Associates
against any and all claims made against the Sub-Licensee and/or its Associates
to the extent that such claims arise from or as a result of breach of the
foregoing warranties, or any of them.

    

    
      	
              13.2

            	
              The
      Licensor further warrants to the Sub-Licensee
  that:

            

    

    

    
      	
            	
              13.2.1

            	
              it
      has full power and authority under its constitution and has taken all
      necessary action and has obtained all authorisations, consents and
      approvals to execute and perform this
Agreement;

            

    

    

    
      	
            	
              13.2.2

            	
              the
      supply of the Technology hereunder and the use of the Technology in the
      form in which it is supplied does not infringe the copyright or rights in
      confidential information of any third
party;

            

    

    

    
      	
            	
              13.2.3

            	
              it
      has not charged or otherwise encumbered any of the Technology;
      and

            

    

    

    
      	
            	
              13.2.4

            	
              the
      Licensor has not disclosed any substantial or material part of the
      Technology other than in confidence pursuant to a written confidentiality
      agreement or to a Patent Office in pursuance of a patent
      application.

            

    

    

    
      	
            	
              13.2.5

            	
              the
      Patent Applications are free from all liens, charges or other interests or
      encumbrances;

            

    

    

    
      	
            	
              13.2.6

            	
              the
      Licensor has not, prior to the Effective Date, entered into any agreement,
      arrangement, joint venture, collaborative project or other dealing
      whatsoever with any other person or body which would prevent it from
      lawfully granting the license
hereunder;

            

    

    

    
      	
            	
              13.2.7 

            	
              as
      of the Effective Date

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Master License is in full force and effect and there are no known grounds
      upon which it may be terminated or otherwise materially changed to the
      detriment of the Sub-Licensee;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      Master Licensor is the sole applicant for the Patent
      Applications;

            

    
  

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	  	
              (ii)

            	
              such
      Patent Applications are still
subsisting;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              such
      Patent Applications are not subject to any formal opposition proceedings
      in any patent office;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              all
      relevant renewal or other fees in respect of such Patent Applications have
      been paid on their respective due dates for
  payment;

            

    

    

    
      	
               
      

            	
              (v)

            	
              to
      the best of the Licensor’s knowledge and belief, neither the Licensor nor
      the Master Licensor has done or omitted to do, or is aware of, any act by
      it that will prevent the patents being granted on such Patent
      Applications; and,

            

    

    

    
      	
               
      

            	
              (vi)

            	
              all
      costs, fees and other charges required for the maintenance and protection
      of any patents derived from the Patent Applications and/or the Technology
      shall be paid by the Licensor.

            

    

    

    
      	
              14

            	
              ENFORCEMENT OF
      RIGHTS

            

    

    

    
      	
              14.1

            	
              Each
      Party shall inform the other Party promptly if it becomes aware of any
      infringement or potential infringement of the Patent Applications or any
      resulting patent, Intellectual Property or other rights in or over the
      Technology.

            

    

    

    
      	
              14.2

            	
              The
      Licensor shall take all necessary legal or other action against any third
      party to prosecute, enforce and maintain the Patent Applications and all
      patents resulting from the Patent Applications, and the Technology at its
      sole expense.

            

    

    

    
      	
              14.3

            	
              The
      Sub-Licensee shall agree to be joined in and to provide all reasonable
      assistance in relation to any such legal action subject to being
      indemnified and secured in a reasonable manner as to any costs, damages,
      expenses or other liability and shall have the right to be separately
      represented by its own counsel at its own
  expense.

            

    

    

    
      	
              14.4

            	
              Before
      starting legal action in accordance with Clause 14.2 or agreeing to any
      settlement, the Licensor shall consult the Sub-Licensee and shall take
      into account the Sub-Licensee’s reasonable requests and
      recommendations.

            

    

    

    
      	
              15

            	
              [RESERVED]

            

    

    

    
      	
              16

            	
              PROTECTION AND
      OWNERSHIP OF RIGHTS

            

    

    

    
      	
              16.1

            	
              Nothing
      herein shall grant any rights, other than as expressly set out in Clauses
      2, 5.1, and 12.2, 12.3 and 12.4, in or transfer any rights of ownership in
      the Technology to the Sub-Licensee.  Ownership of the Technology
      and the Patent Applications shall remain vested exclusively in the Master
      Licensor.

            

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
              16.2

            	
              Any
      Know-how which is disclosed or made available by or on behalf of any
      educational institution shall be deemed to have been made available by the
      Master Licensor.

            

    

    

    
      	
              17

            	
              CONFIDENTIALITY

            

    

    

    
      	
              17.1

            	
              Each
      Party (the “recipient party”) shall keep confidential all business and
      trade secrets, methods of doing business, customer lists and other
      information and material obtained from the other (the “disclosing party”)
      in connection with this Agreement including (without limitation) the
      Know-how. Each
      Party undertakes not to disclose any such material or information to any
      third party other than:

            

    

    

    
      	
            	
              17.1.1

            	
              Sub-licensees;
      and

            

    

    

    
      	
            	
              17.1.2

            	
              the
      recipient party’s customers or prospective customers for the Products or
      prospective sub-sub-licensees who require such disclosure where bona fide
      necessary for an evaluation or instruction in the use of the same and who
      have first signed a confidentiality agreement in such form as the
      disclosing party may reasonably
require.

            

    

    

    
      	
              17.2

            	
              The
      recipient party will limit disclosure to the responsible officers and
      employees of the recipient party who require such disclosure where bona
      fide necessary for the proper performance of their duties and who are
      subject to appropriate enforceable obligations of
    confidence.

            

    

    

    
      	
              17.3

            	
              The
      recipient party undertakes to take all reasonable steps both to minimise
      the risk of disclosure of such confidential information by employees and
      others and to enforce such confidentiality agreements in case of
      need.

            

    

    

    
      	
              17.4

            	
              The
      obligations of confidentiality under this Clause 17 shall not apply to any
      information or material which the recipient party can prove
      was:

            

    

    

    
      	
            	
              17.4.1

            	
              already
      known to it prior to its receipt thereof from the disclosing
      party;

            

    

    

    
      	
            	
              17.4.2

            	
              subsequently
      disclosed to it lawfully by a third party who did not obtain the same
      (whether directly or indirectly) from the disclosing
  party;

            

    

    

    
      	
            	
              17.4.3

            	
              in
      the public domain at the time of receipt by the recipient party or has
      subsequently entered into the public domain other than by reason of the
      breach of the provisions of this Clause 17 or any obligation of confidence
      owed by the recipient party or by Sub-licensees to the disclosing
      party;

            

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    
      	
            	
              17.4.4

            	
              independently
      generated by or for the receiving party by persons having no direct or
      indirect access to similar information or material supplied by the
      disclosing party. In such a case the receiving party shall, on request
      from the disclosing party, provide to the disclosing party or (where the
      recipient reasonably objects to disclosure to the disclosing party) to an
      independent third party nominated by the disclosing party all information
      and documents reasonably required by the disclosing party to satisfy
      itself that the development was
independent.

            

    

    

    
      	
              18

            	
              FURTHER
      ACTIONS

            

    

    

    
      	
              18.1

            	
              At
      any time after the Effective Date the Parties shall, and shall use all
      reasonable endeavours to, procure that any necessary third party shall
      execute such documents and do such acts and things as the Sub-Licensee may
      reasonably require for the purpose of giving to the Sub-Licensee the full
      benefit of all the provisions of this
Agreement.

            

    

    

    
      	
              18.2

            	
              Each
      Party shall at the request and cost of the other execute any further
      documents of a formal nature and do any further acts or things by way of
      formalities which may be necessary or desirable to give effect to this
      Agreement in any country.

            

    

    

    
      	
              19

            	
              LIABILITY

            

    

    

    
      	
              19.1

            	
              The
      Sub-Licensee acknowledges that the Technology is at a development stage.
      Save as provided in Clause 13 (Warranties), no warranties express
      or implied, whether by statute, custom or usage or otherwise are made in
      relation to any information or the performance of any product or process
      made hereunder or in accordance with the Technology. Subject to the
      warranty given in Clause 13, the Sub-Licensee uses the Technology at its
      own risk.

            

    

    

    
      	
              19.2

            	
              Save
      as provided in Clause 13, the Licensor shall not be liable for any loss or
      damage of whatsoever nature and howsoever caused arising out of the use of
      any information or data by or with the authority of the Sub-Licensee, or
      the provision by the Licensor of any services (whether as advice,
      information or articles or otherwise) to the Sub-Licensee hereunder and
      the Sub-Licensee shall indemnify the Licensor against and hold it harmless
      in respect of any claim or action made or taken against the Licensor in
      respect thereof.

            

    

    

    
      	
              19.3

            	
              Except
      for liability arising under the warranties given in Clause 13, under no
      circumstances shall the Licensor be liable for any indirect, special or
      consequential loss, or for any loss of profits, revenue or reputation,
      arising out of or in connection with the use, by the Sub-Licensee of any
      information or designs provided by or on behalf of the Licensor
      hereunder.

            

    

    

    
      	
              19.4

            	
              Except
      for liability arising under the warranties given in Clause 13, under no
      circumstances shall the aggregate liability of the Licensor to the
      Sub-Licensee for any loss or damage howsoever caused under or in
      connection with this Agreement exceed in the aggregate
      $400,000.

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    
      	
              19.5

            	
              Nothing
      in this Clause 19 shall exclude any liability of the Licensor in respect
      of any personal injury or death resulting from the Licensor’s negligence;
      and, nothing in this Clause 19 shall exclude or limit any liability of the
      Licensor for any fraudulent
misrepresentation.

            

    

    

    
      	
              19.6

            	
              The
      exclusion of liabi1ity and indemnity in this Clause 19 and Clause 20 are
      entered into on behalf of and shall also apply in favour of any persons
      involved in the development of the Process, and the Licensor holds the
      benefit of these provisions, so far as applicable to them, in trust for
      each such person.

            

    

    

    
      	
              19.7

            	
              The
      provisions of Clauses 19.2 and 19.6 and Clause 20 shall apply (mutatis
      mutandis) for the benefit of the Sub-Licensee in relation to any
      Improvements made available to the Licensor
  hereunder.

            

    

    

    
      	
              19.8

            	
              In
      this Agreement, where one Party undertakes to indemnify the other
      the:

            

    

    

    
      	
            	
              19.8.1

            	
              indemnified
      Party shall notify the indemnifier as soon as possible after it becomes
      aware of a claim by a third party, or some other act or circumstance which
      may give rise to a claim under the indemnity, and shall keep the
      indemnifier fully informed of any developments in relation to such a
      claim, act or circumstance; and

            

    

    

    
      	
            	
              19.8.2

            	
              indemnity
      shall be conditional on the indemnified Party (i) defending, settling and
      otherwise dealing with the claim, act or circumstance as the indemnifier
      shall reasonably direct (including lending its name, subject to sufficient
      security for any liability it may incur) to any proceedings and (ii)
      making no admission of liability or otherwise without the prior written
      consent of the indemnifier.

            

    

    

    
      	
              19.9

            	
              Nothing
      in this Clause 19 shall excuse the Licensor or Sub-Licensee from
      performance of any of its obligations under this
  Agreement.

            

    

    

    
      	
              19.10

            	
              Notwithstanding
      any other provision to the contrary, the Parties expressly waive any claim
      or action either may have against the University arising out of use or
      exploitation of the Technology and any loss, damage or expense whatsoever
      which either Party may suffer or incur through the use or exploitation of
      the Technology.  The University shall have the right to enforce
      the provisions of this Clause
19.10.

            

    

    

    
      	
              20

            	
              INDEMNITY

            

    

    
      	
              20.1

            	
              Sub-Licensee
      shall indemnify and hold harmless Licensor and its Associates against any
      and all claims, of whatsoever nature which are made against Licensor
      and/or its Associates and which arise from any act or omission by
      Sub-Licensee, or its Associates or its or their contractors and
      sub-contractors, in the course of producing (or attempting or preparing to
      produce), selling or otherwise dealing with
  Product.

            

    
 

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    
      	
              21

            	
              TERM

            

    

    

    
      	
              21.1.1

            	
              This
      Agreement shall commence on the Effective Date and shall continue until
      terminated according to Clause 22.

            

    

    

    
      	
              22

            	
              TERMINATION

            

    

    

    
      	
              22.1

            	
              This
      Agreement may be terminated forthwith by either Party (the “first party”)
      by written notice to the other in the event of one or more of the
      following if the other:

            

    

    

    
      	
            	
              22.1.1

            	
              goes
      into liquidation (other than voluntary liquidation for the purpose of a
      bona fide reconstruction or amalgamation the terms of which have been
      approved in advance by the first party in writing) or is dissolved or
      struck off;

            

    

    

    
      	
            	
              22.1.2

            	
              is
      unable to pay its debts as they mature or suffers the appointment of a
      receiver, administrative receiver or administrator (or any similar
      official or process under the law of its domicile or place of
      incorporation) of the whole or any part of its assets or is the subject of
      any insolvency proceedings; or

            

    

    

    
      	
            	
              22.1.3

            	
              is
      in material breach of any of the provisions of this Agreement and fails to
      remedy such breach (where it is capable of being remedied) within 60
      (sixty) days of a notice from the first party so to
  do.

            

    

    

    
      	
              22.2

            	
              This
      Agreement may be terminated forthwith by the Licensor by written notice to
      the Sub-Licensee if:

            

    

    

    (a) there
is a Change of Control; or,

    

    (b) the
Sub-Licensee disposes of all, or substantially all, of its business and/or
assets to any person, firm or corporation,

    

    In each
case, otherwise than with the prior written approval of the Licensor, with such
approval not to be withheld or delayed unreasonably.

    

    In each
case, the termination shall be effective upon delivery of a written termination
notice from the Licensor to the Sub-Licensee.

    

    
      	
              22.3

            	
              This
      Agreement may be terminated forthwith by Licensor by written notice to the
      Sub-Licensee in the event that the Milestones are not completed as set
      forth in Schedule 2.  The termination shall be effective upon
      delivery of the written
notice.

            

    
 

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    
      	
              22.4

            	
              Termination
      of this Agreement shall be without prejudice to any rights of either Party
      which may have accrued up to the date of such termination and the rights
      to terminate this Agreement are not intended to be exclusive but shall be
      in addition to every other remedy or right now or hereafter existing
      including the right to recover damages and to a decree requiring any
      appropriate performance required by this
  Agreement.

            

    

    

    
      	
              22.5

            	
              Subject
      to Clause 23, in the event of termination of this Agreement for whatever
      cause, neither the Sub-Licensee nor any liquidator, administrator or
      administrative receiver thereof shall have any right whatsoever to use,
      assign, license or otherwise deal in the Technology, the Licensor’s
      Improvements or any of the rights granted to the Sub-Licensee by this
      Agreement.

            

    

    

    
      	
              23

            	
              CONSEQUENCES OF
      TERMINATION

            

    

    

    
      	
              23.1

            	
              Upon
      termination of this Agreement either by the Licensor, or at the end of the
      Term, the Sub-Licensee and Licensor shall respectively return to the other
      all samples, designs, plans, specifications, research papers, drawings,
      technical documents and other Know-how in tangible form supplied to it by
      the other or by its Associates and all copies thereof in its or, in the
      case of the Sub-Licensee, any of the Sub-Licensee’s Associates’
      possession, power or custody or in that of any sub-contractor or
      Sub-licensee (but subject to any rights (including rights of
      sub-sub-licensees) preserved pursuant to this Agreement.

            

    

    

    
      	
              23.2

            	
              If
      this Agreement is terminated by the Sub-Licensee under Clause 22.1 then,
      without prejudice to the respective rights of the Parties, unless the
      Sub-Licensee gives notice to the contrary within the 30 days after the
      effective date of such termination, the license granted by this Agreement
      shall not terminate and this Agreement shall be deemed assigned and shall
      be novated, with effect on and from the effective date of such
      termination, by the Licensor to the Master Licensor.  All royalties or
      other license payments due hereunder to Licensor shall thereafter be
      payable to Master Licensor.

            

    

    

    
      	
              23.2

            	
              In
      the event the Master License is terminated, the license granted hereunder
      shall continue and this Agreement shall be deemed novated in favour of the
      Master Licensor and all royalties or other license payments due under this
      Agreement in relation to periods starting on or after the effective date
      of termination of the Master License, shall then be payable to, and paid
      to, the Master Licensor.   Any and all costs incurred by
      the Sub-Licensee in connection with any such novation shall be paid by the
      Licensor and the Sub-Licensee may deduct such costs from any amounts
      otherwise due from the Sub-Licensee to the Licensor, whether under this
      Agreement or otherwise.

            

    

    

    
      	
              23.3

            	
              Termination
      of this Agreement or the Master License shall not affect the Parties’
      rights or obligations under any of Clauses 13, 17, 18, 19, 23, and 30, or
      any other provisions of this Agreement which expressly or by their nature
      or effect are intended to continue beyond
  termination.

            

    
 

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
      	
              24

            	
              NOTICES

            

    

    

    
      	
              24.1

            	
              All
      notices to be given under this Agreement shall be delivered by hand, or
      sent in writing by first class registered or recorded delivery mail, or
      fax to the appropriate address shown at the head of this Agreement or to
      such other address as the Party concerned shall from time to time
      designate by notice pursuant hereto. Any such notices on the third working
      day after the same shall have been properly posted; or in the case of hand
      delivery, e-mail delivery on the day of delivery; or, in case of delivery
      by fax on the first such working day after the day of transmission by the
      fax operator provided that in the case of fax transmission the
      transmitting fax machine generates upon completion of the transmission a
      transmission report stating that the notice has been duly transmitted
      without error to the addressee’s fax number, and a copy of such notice is
      posted to or delivered to the address of the party concerned in accordance
      with this Clause.

            

    

    

    
      	
              25

            	
              ASSIGNMENT AND
      SUBLICENSING AND THIRD PARTY
RIGHTS

            

    

    

    
      	
              25.1

            	
              The
      Sub-Licensee shall not, in whole or in part and whether in law or equity,
      assign, sub-license, charge, sub-contract or otherwise dispose of any of
      its rights or obligations under this
Agreement.

            

    

    

    
      	
              25.2

            	
              Except
      for the rights granted the University, as provided in Clause 19.10 above,
      this Agreement may not be enforced by any person who is not a Party and,
      subject thereto, the Parties confirm that this Agreement is not intended
      to confer any benefit on any person which may be enforced by that person
      unless they are a Party. Notwithstanding the foregoing exception, this
      Agreement may be varied by the Parties in accordance with its terms
      without the consent of any person who is not a Party. Subject to the
      foregoing, the rights granted to third parties under the Contracts (Rights
      of Third Parties) Act 1999 are hereby excluded to the fullest extent
      permitted by law.

            

    

    

    
      	
              26

            	
              WAIVER

            

    

    

    
      	
              26.1

            	
              The
      rights of either Party arising out of any provision of this Agreement or
      any breach thereof shall not be waived except in writing. Any waiver by
      either Party of any of its rights under this Agreement or of any breach of
      this Agreement shall not be construed as a waiver of any other rights or
      of any other or further
breach.

            

    
 

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    
 

    
      	
              27

            	
              AMENDMENTS

            

    

    

    
      	
              27.1

            	
              This
      Agreement may not be amended except by an agreement in writing signed by
      both Parties.

            

    

    

    
      	
              28

            	
              ENTIRE
      AGREEMENT

            

    

    

    
      	
              28.1

            	
              This
      Agreement shall supersede all previous agreements and arrangements between
      the Licensor and the Sub-Licensee or their respective predecessors
      relating to the subject matter hereof, and in so far as they or some of
      them may still be of effect are hereby declared to have been superseded by
      this Agreement without claim for compensation or otherwise by either Party
      but without prejudice to any rights or liabilities accrued before the date
      hereof.

            

    

    

    
      	
              29

            	
              SEVERABILITY

            

    

    

    
      	
              29.1

            	
              All
      agreements and covenants contained herein are severable and in the event
      of any of them being held to be invalid by any competent court, this
      Agreement shall be interpreted as if such invalid agreements or covenants
      were not contained herein.

            

    

    

    
      	
              29.2

            	
              In
      such event the Parties will negotiate in good faith to substitute a
      provision which has an effect as close to that of the provision omitted as
      is lawful or valid. If, in relation to any provision which goes to the
      substance of the this Agreement, the Parties are not able to reach
      agreement after negotiation in good faith, either Party shall be entitled
      to terminate this Agreement on written notice to the
  other.

            

    

    

    
      	
              30

            	
              LAW

            

    

    

    
      	
              30.1

            	
              This
      Agreement shall be interpreted and the rights and liabilities of the
      Parties shall be determined in accordance with the laws of England and the
      parties agree to submit to the non-exclusive jurisdiction of the English
      Courts.

            

    

    

    
      	
              30.2

            	
              In
      the event of a dispute or difference arising out of or in connection with
      this Agreement (other than a dispute or difference subject to expert
      determination), the Parties shall first use all reasonable endeavours to
      resolve the dispute or difference by mutual negotiation. If the Parties
      cannot settle the dispute or difference by the above means, then either
      Party shall have a right to give one month’s written notice that the
      matter shall be referred to alternative dispute resolution (“ADR”) under
      the supervision of the Centre for Effective Dispute Resolution of Princess
      House, 95 Gresham Street, London, EC2V 7NA (“CEDR”), and the other Party
      shall not unreasonably refuse to co-operate in making such a
      reference.

            

    

    

    
      	
              30.3

            	
              ADR
      shall be conducted using a sole mediator (“Neutral”) in or substantially
      in accordance with CEDR’s recommended agreement for the time being in use.
      The Neutral should be a CEDR accredited mediator agreed between the
      Parties, or in default of agreement within 14 (fourteen) days of notice of
      either Party calling upon the other to engage in ADR, appointed by
      CEDR.

            

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    
 

    
      	
              30.4

            	
              The
      Parties agree to co-operate fully and promptly and in good faith with CEDR
      or the Neutral in the performance of their obligations under this Clause
      including without limitation the doing of all such acts and the signing of
      all such documents as CEDR or the Neutral may reasonably require to give
      effect hereto, including, without limitation, CEDR’s relevant agreement
      for the time being.

            

    

    

    
      	
              30.5

            	
              ADR
      shall commence by either Party serving on the other written notice (“ADR
      Notice”) setting out in summary form the issues in dispute and calling
      upon that other Party to join in an approach to CEDR for the appointment
      of the Neutral.

            

    

    

    
      	
              30.6

            	
              Unless
      agreed otherwise in the course of the procedure each Party shall bear its
      own costs of ADR.

            

    

    

    
      	
              30.7

            	
              If
      and to the extent that after engaging in good faith in ADR the Parties do
      not resolve the matters in dispute or any of them, all matters remaining
      in dispute or difference shall be referred to the
  Courts.

            

    

    

    
      	
              30.8

            	
              Either
      Party before or during any dispute resolution proceedings may apply to a
      court having jurisdiction for a temporary restraining order or preliminary
      injunction where such relief is necessary to protect its interests pending
      completion of the dispute resolution proceedings. The dispute resolution
      procedure shall not be required for actions for breach of confidentiality
      or enforcement of intellectual property rights and the Parties may bring
      such actions in any relevant court.

            

    

    

    
      	
              31

            	
              CONDUCT UNDER THE
      AGREEMENT

            

    

    

    
      	
              31.1

            	
              Each
      Party agrees that it will at all times act in good faith to the other in
      relation to any matter arising under or in connection with this
      Agreement.

            

    

    

    
      	
              32

            	
              FORCE
      MAJEURE

            

    

    

    
      	
              32.1

            	
              If
      the performance of this Agreement by a Party (“Affected Party”) is
      prevented, delayed or otherwise impeded by any event or circumstance; or
      any series or combination of events and/or circumstances, which reasonably
      is, or was, outside the control of the Affected Party (“Force Majeure”),
      then the Affected Party shall not be in breach of this Agreement and such
      other Party shall have no rights of claim or action (including the right
      to terminate this Agreement) against the Affected Party in connection
      therewith.

            

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    
 

    
      	
              32.2

            	
              In
      this Agreement, the term “Force Majeure” shall include, but shall not be
      limited to, acts of war (declared or not); acts of terrorism; acts of
      government or government agencies; severe weather conditions leading to a
      general failure of transport and/or other communication systems; general,
      national or regional strikes affecting workers generally or a particular
      class or group of workers; earthquakes and other severe, natural
      phenomena.  Such term shall not include an inability to make
      payments as they fall due unless such inability is caused by a material
      failure of the banking system in which case the Party making the payment
      shall use all reasonable efforts to find an alternative way of making such
      payment as promptly as possible.

            

    

    

    
      	
              32.3

            	
              If
      performance of any material part of this Agreement is prevented or
      materially delayed or otherwise impeded by Force Majeure for a period of
      more than 120 consecutive days or more than a cumulative 150 days in any
      consecutive 365 days, then either Party shall be free to give notice to
      the other Party that, unless full performance of this Agreement is
      recommenced within the next following 15 days, then this Agreement shall
      be terminated at the end of such 15th
      day.

            

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    
 

    
      	
              33

            	
              HEADINGS

            

    

    

    
      	
              33.1

            	
              The
      headings in this Agreement are for reference only and do not limit or
      affect the interpretation thereof.

            

    

    

    AGREED
by the Parties through their authorized signatories:

    

    
      	
              For
      and on behalf of

            	 
      	
              For
      and on behalf of

            
	 
      	 
      	 
      
	
              La
      Serena Technologies Limited

            	 
      	
              Sociedad
      Contractual Minera White

              Mountain
      Titanium

            
	 
      	 
      	 
      
	
              /s/ Brian Flower

            	 
      	
              /s/ Michael P.
Kurthanjek

            
	
              Brian
      Flower, Managing Director

            	 
      	
              Michael
      P. Kurtanjek, President

            
	 
      	 
      	 
      
	
              September 15, 2010

            	 
      	
              September 15, 2010

            
	
              Date

            	 
      	
              Date

            

    

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    

    Schedule
1

    

    The
Patent Applications

    

    
      
        
          
            
              	
                      Name of Invention

                    	 	
                      Patent Applications

                      Number(s)

                    	 	
                      Filing/Priority Date

                    
	
                      Chinuka
      Ltd. “Treatment of Titanium Ores”

                    	 	
                      UK
      Patent Application 0913736.5

                    	 	
                      Filing
      Date

                      August
      6, 2009

                    
	
                      Chinuka
      Ltd. “Treatment of Titanium Ores”

                    	 	
                      International
      Patent Application

                    	 	
                      Filing
      Date

                    

            

          

        

      

    

    

    Schedule
2

    

    Milestones

    

    
      	 
      	 
      	
              Milestone

            
	 
      	 
      	 
      
	
              1

            	 
      	
              Within
      1,826 days (5 years) after the Effective Date, cumulative expenditure
      (capital and/or expense) of $5,000,000 towards the development of the
      Technology.

            
	
              2

            	 
      	
              Minimum
      royalty payments, pursuant to Clause 6.1 of $200,000 per year with the
      first of such years starting on and from the day after the 5th
      anniversary of the Effective Date.

            
	
              3

            	 
      	
              Commercial
      production of Product starting in the year beginning on the day after the
      9th
      anniversary of the Effective Date.

            

    

    

    Schedule
3

    

    Escrow
Deed

    SEE
ATTACHED

    
      
         

      

      
        25Unassociated Document

    

     

    中国金谷国际信托有限责任公司

     

    China
Jin’gu International Trust Co,. Ltd

     

    (作为贷款人)

     

    As the
Lender

     

    与

     

    And

     

    西安天可华能源科技有限公司

     

    (作为借款人)

     

    Xi’an TCH
Energy Technology Co,.Ltd.

     

    As the
Borrower

     

    

     

    资金信托贷款合同

     

    Capital
Trust Loan Contract

     

    (合同编号:金谷信(2010)第2-1  )

     

    Contract
No.: Jin Gu Trust
(2010) No. 2-1

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    目   录

     

    
      
        	第一条 	定义和解释	 	 	
                2

              	 
	第二条 	贷款	 	 	6	 
	第三条	贷款利率及利息支付 	 	 	13	 
	第四条  	贷款本金的偿还	 	 	14	 
	第五条 	款项支付	 	 	14	 
	第六条 	声明与保证	 	 	14	 
	第七条 	承诺及其他约定事项	 	 	16	 
	第八条	违约事件	 	 	21	 
	第九条  	违约处理	 	 	23	 
	第十条 	还款的保障措施	 	 	24	 
	第十一条  	合同的补充、变更和转让	 	 	25	 
	第十二条  	通知事项	 	 	26	 
	第十三条   	其他事项	 	 	26	 

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    Content

                  	 
      	 	 	 
	
                    Article
      1

                  	
                    Definition
      and Interpretation

                  	 	 	2	 
	
                    Article
      2

                  	
                    Loan

                  	 	 	6	 
	
                    Article
      3

                  	
                    Interest
      Rate of the Loan and Interest Payment

                  	 	 	13	 
	
                    Article
      4

                  	
                    Repayment
      of Loan Principal

                  	 	 	14	 
	
                    Article
      5

                  	
                    Payment

                  	 	 	14	 
	
                    Article
      6

                  	
                    Representations
      and Warranties

                  	 	 	14	 
	
                    Article
      7

                  	
                    Commitment
      and Other Covenants

                  	 	 	16	 
	
                    Article
      8

                  	
                    Event
      of Default

                  	 	 	21	 
	
                    Article
      9

                  	
                    Treatment
      of Default

                  	 	 	23	 
	
                    Article
      10

                  	
                    Measures
      For Securing the Repayment

                  	 	 	24	 
	
                    Article
      11

                  	
                    Supplement,
      Change and Assignment of the Contract

                  	 	 	25	 
	
                    Article
      12

                  	
                    Notification

                  	 	 	26	 
	
                    Article
      13

                  	
                    Miscellaneous

                  	 	 	.26	 

          

        

      

       

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    贷款人: 中国金谷国际信托有限责任公司.

     

    法定代表人:张勇

     

    住所:北京市西城区金融大街33号

     

    邮政编码:100140

     

    联系电话:010-88086816           传真:
010-88086546

     

    The
Lender: China Jin’gu International Trust Co,. Ltd.

     

    Legal
representative: Zhang Yong

     

    Address:
No. 33 Finance Road, Xicheng District, Beijing

     

    Postcode:
100140

     

    Telephone:
010-88086816                Fax:
010-88086546

     

    借款人:西安天可华能源科技有限公司

     

    法定代表人:库国华

     

    住所: 西安市高新区高新路86号

     

    邮政编码:710065

     

    联系电话:  029-87651096              传真:029-87651099

     

    The
Borrower: Xi’an TCH Energy Technology Co,. Ltd

     

    Legal
representative: Guohua Ku

     

    Address:
No. 86, Gaoxin Road, High-Techs Districts, Xi’an

     

    Postcode:
710065

     

    Telephone:
029-87651097                        Fax:
029-98761099

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (贷款人和借款人以下统称“双方”,贷款人和借款人单独称“一方”,贷款人和借款人互为“对方”。)

     

    (The
Lender and the Borrower are hereinafter collectively referred to as “the
parties”, each of the Lender or the Borrower is referred as “the party”, the
Lender and the Borrower refer to each other as “the other party”.)

    

     

    鉴于:

     

    
      	
              1.

            	
              贷款人是一家经中国银行业监督管理委员会批准成立并合法存续的信托公司,借款人是一家依照中华人民共和国法律成立并合法存续的企业法人。

            

    

    
      	
              1.

            	
              The
      Lender is a trust company legally incorporated with approval from China
      Banking Regulatory Commission and is validly existing, and the Borrower is
      business enterprise legal person legally established and validly existing
      under the laws of China.

            
	
              2.

            	借款人因开发节能发电项目的资金需要,向贷款人申请人民币信托贷款(定义见下述1.1条)。贷款人同意按本合同的约定向借款人提供信托贷款。
	
              2.

            	The
      Borrower applies to the Lender for trust loan in RMB (defined in term 1.1
      below) to meet the capital needs for its energy saving power generation
      project development. The Lender agrees to provide the Borrower the trust
      loan in pursuant with the provisions
hereunder.

    

     

    
      	
              3.

            	
              借款人在签订本合同时已知悉并确认,本合同项下的贷款资金来源于贷款

            

    

    
      	
               
      

            	
              人管理下的金谷.CREG—循环经济一号集合资金信托计划的信托资金。

            
	
              3.

            	When
      signing this Contract, the Borrower is aware of and confirms that the fund
      of the loan hereunder comes from the proceeds of Jin’gu CREG-- No.1
      Recycling Economy Collective Capital Trust Plan managed by the
      Lender.

    

    

    
      	
              4.

            	
               在遵循公平原则的基础上,合同双方经过友好协商,就借款人的人民币信托

            

    

    
      	
               
      

            	
              贷款的相关事宜达成一致意见。

            

    

    
      	
              4.

            	
              Through
      friendly negotiation and based on the principle of fair and equality, the
      parties have concluded the agreements on the matters of the trust
      loan.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    根据《中华人民共和国信托法》、《中华人民共和国合同法》、《中华人民共和国民法通则》、《信托公司管理办法》、及《信托公司集合资金信托计划管理办法》、《贷款通则》及其他有关法律、行政法规和部门规章,双

;方签订本合同,以资共同信守。According
to The Trust Law of the
People's Republic of China, The Contract Law of the People's
Republic of China, General Principles of the Civil Law
of the People's Republic of China, Management Regulation of Trust
Companies, Measures for
Administration of Collective Capital Trust Plans of Trust Companies,
General Rules on Loan
and other relevant laws, administrative rules and regulations as well as
ministerial policies, the parties entered into this Contract and agree to be
bound by it.

     

    
      	
              第一条  

            	
              定义和解释

            

    

     

    Article
1 Definition and Interpretation

     

    
      	
              1.1  

            	
              定义
      Definition

            

    

     

    在本合同中,除非上下文另有解释或文义另有所指,下列词语具有以下含义:In
this Contract, unless otherwise interpreted and indicated in the text, the
following words have the meanings as below:

    贷款人:指中国金谷国际信托有限责任公司及其合法继受人。

     

    The
Lender: China Jin’gu International Trust Co,. Ltd, and its legal
successor

     

    借款人:指西安天可华能源科技有限公司及其合法继受人。

     

    The
Borrower: Xi’an TCH Energy Technology and its legal successor.

     

    本合同:指中国金谷国际信托有限责任公司作为贷款人与西安天可华能源科技有限公司作为借款人签订的《资金信托贷款合同》。

     

    This
Contract: it refers to this capital trust loan contract executed by and between
China Jin’gu International Trust Co,. Ltd as the Lender and Xi’an TCH Energy
Technology Co., Ltd. as the Borrower.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    人民币(¥):指中华人民共和国的法定货币,其计算单位为元。

     

    RMB(¥):The legal
currency of China, its unit is Yuan.

     

    资金信托:指委托人基于对中国金谷国际信托有限责任公司作为受托人的充分信任,将自己合法拥有并全权自由处置的资金委托给中国金谷国际信托有限责任公司,由其按委托人的意愿以自己的名义管理、运用和处分而合法设立的信托。

     

    
      	
              Capital
      Trust Plan: It refers to the legally established Trust in which the
      trustors, in their complete trust of China Jin’gu International Trust Co.,
      Ltd. (“Jin’gu”) to entrust their legally owned and free to dispose funds
      to Jin’gu that will in its own name to manage, use and dispose in
      accordance with the trustors’
intent.

            

    

     

    委托人:指资金信托项下的委托人,既华建国际实业(深圳)有限公司及中国金谷国际信托有限责任公司。

     

    The
Trustor: is the trustors under the trust fund, which are Kent International
Industrial (Shenzhen) Limited and China Jin’gu International Trust Co.,
Ltd.

     

    信托计划:指金谷.CREG—循环经济一号集合资金信托计划,该信托计划所募集资金全部用于向借款人提供本合同项下的贷款。除非另有所指,本合同中的“信托计划”、
̴资金信托计划”具有同一含义

     

    Trust
Plan: it refers to the Jin’gu CREG No.1 Recycling Economy Collective Capital
Trust Plan, the capital raised from this trust plan shall all be used as the
Loan to the Borrower hereunder. Unless otherwise specified, the “trust plan” and
the “trust fund plan” shall have the same meaning.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    信托贷款:指由中国金谷国际信托有限责任公司作为受托人,根据《金谷.CREG—循环经济一号集合资金信托计划信托合同》(简称“《信托合同》”)所规定的信托事项以及本合同的约定

,以信托资金向借款人发放的贷款。除非另有所指,本合同中的“贷款”与“信托贷款”系同一含义。

     

    Trust
Loan: it refers to the loan provided from the trust fund by Jin’gu as the
trustee in pursuant with the provisions of Jin’gu. CREG-No.1 Recycling Economy
Collective Capital Trust Plan Contract (referred to as “Trust Contract”) and
this Contract. Unless otherwise indicated, the “loan” and the “trust loan” used
in this Contract shall have the same meaning.

     

    贷款期限:指本合同双方约定的本信托贷款的期限。

     

    Loan
Term: It means the term of the trust loan specified by the parties under this
contract.

     

    信托财产专户:指信托计划项下收付及存放信托资金的唯一账户。

     

    Special
Account of Trust Property: It means the single bank account for receipt of,
payment from and deposit of the trust fund under Trust Plan.

     

    贷款监管账户:指借款人在贷款人所指定的银行开立的专门用于存放贷款人所发放贷款的唯一银行账户,该账户内的资金由贷款人、借款人以及贷款人指定银行三方共同监管,贷款人届时按照本合同约定解除对该账户内资金的监管。

     

    Loan
Escrow Account: it refers to the account that is established by the Borrower
with a bank designated by the Lender, which is specially used only to deposit
the loan proceeds disbursed by the Lender hereunder. The money in this account
shall be supervised by the Lender, the Borrower and a bank designated by the
Lender jointly, and the Lender will release the supervision of the funds in this
account in pursuant with provisions of this Contract.

     

    资金监管账户:指贷款人与作为出质人的内蒙古鄂尔多斯天可华节能发展有限公司及贷款人指定的银行所签订的《账户监管合同》(简称为“《账户监管合同》”)项下所规定的由内蒙古&#

37122;尔多斯天可华节能发展有限公司在贷款人指定的银行开立的用于存放内蒙古鄂尔多斯天可华节能发展有限公司依其作为出质人与贷款人签署的《应收账款质押合同》项下所规定的应收账款的唯一银行账户,该账户内的资金按照《账户监管合同》的要求与安排进行使用。

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Receivable
Escrow Account: It refers to, based upon the Account
Supervision  Contract by the Lender, the Inner Mongolia Erdos TCH
Energy Saving Development Co., Ltd. (“Erdos TCH”) and a bank designated by the
Lender,  the account established by the Erdos TCH as the pledgor, at
the bank designated by the Lender, which is specially used as the only account
to keep the ‘accounts receivable’ of Erdos TCH that is stipulated under the
“Accounts Receivable Pledge Agreement” signed by the Lender and Erdos TCH. The
funds in this account shall be used in accordance with the Loan Escrow Account
Contract’s requirement and arrangement.

     

    付息日:指根据本合同第3.1款约定,贷款利息应支付之日,即自提款日起至本合同项下所有贷款本金获清偿之前的每年的6月20日和12月20日。

     

    Interest
Payment Date: it refers to the date when loan interest is payable in pursuant
with the section 3.1 herein, namely June 20 and December 20 of each year from
the drawdown date until the principal of all loans is fully repaid.

     

    还款日:指根据本合同第4.1款和第4.2款约定,部分或全部贷款本金应偿还之日。

     

    Repayment
Date: it refers to the date that partial or all of the loan principal to be
repaid according to article 4.1 of and 4.2 of this contract.

     

    
    

    
      提前还款:指借款人在还款日前主动提前偿还全部或部分贷款本金。

       

    

    Prepayment:It refers to the
Borrower voluntarily makes a repayment of part or full of the loan principal
prior to the applicable repayment date.

     

    借款凭证:指贷款人根据规定在人民币贷款业务中所惯常使用的应由借款人填写的贷款借用凭证。

     

    Loan
Note: It refers to the loan voucher filled by the Borrower that is commonly used
by the Lender in the practice of RMB loan business under
regulation.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    罚息:指中国人民银行公布的适用于金融机构贷款的罚息利率的罚息,具体计算方法见第Error! Reference source not
found.款至第Error! Reference source not
found.款。

     

    Interest
penalty: It refers to the interest penalty rates published by People’s Bank of
China applicable to the financial institution loans. The specific calculation
methods see section 9.1.2, to 9.1.4.

     

    营业日:指除法定节假日以外的贷款人通常开门正常经营日。

     

    Business
day: It refers to the regular business day of the Lender opens doors for
business except for the legal holidays.

     

    融资文件:指包括本合同、担保文件、CREG美元融资文件在内的所有与本合同项下贷款有关的法律文件。

     

    Financing
documents: they refer to all the legal documents in connection with the loan
herein, including this contract, guarantee contracts and CREG US dollar
financing document, etc.

     

    担保文件:指《设备抵押合同》、《应收账款质押合同》、《账户监管合同》、《股权质押合同》、《上海天可华保证合同》和《库国华个人保证合同》的统称

     

    Security/guarantee
documents: they refer to "Mortgage of Equipment Agreement", "Accounts Receivable
Pledge Agreement", "Account Supervision Contract", "Share Pledge Agreement", "
Shanghai TCH Guarantee Contract" and "Ku Guohua Personal Guarantee Contract"
..

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    设备抵押合同:指由内蒙古鄂尔多斯天可华节能发展有限公司作为抵押人,贷款人作为抵押权人于本合同同日签署的由抵押人将其拥有的余热发电项目第四期和第五期形成的机器设备抵押给贷款人,用于本合同项下债务清偿担保的合同。

     

    Mortgage
of Equipment Agreement: it refers to the agreement signed on the same day of
this Contract between Erdos TCH as pledgor and the Lenders as a pledgee that
pledgor pledges the machinery and equipment that it owns under the phases 4 and
5 of its waste heat power generation project to the Lender to secure the
repayment of the Loan under this Contract.

     

    应收账款质押合同:指由内蒙古鄂尔多斯天可华节能发展有限公司作为质押人,贷款人作为质权人于本合同同日签署的由质押人将在余热发电项目第四期和第五期项下的应收账款质押给贷款人,用于本合同项下债务清偿担保的合同。

     

    Accounts
Receivable Pledge Agreement: it refers to the agreement signed on the same day
of this Contract between Erdos TCH, as the pledgor and the Lender is as pledgee
that pledgor pledges its accounts receivable under phases 4 and 5 of its waste
heat power generation project to the Lender to secure the repayment of the Loan
under this Contract.

     

    账户监管合同:指由内蒙古鄂尔多斯天可华节能发展有限公司作为出质人与贷款人作为质权人于本合同同日签署的由质押人就资金监管帐户的监管事项达成的合同。

     

    Account
supervision contract: it refers to contract signed on the same day of this
Contract between Erdos TCH as the pledgor and the Lender as the pledgee on the
receivable escrow account and the escrow arrangements.

     

    股权质押合同:指由借款人作为质押人,贷款人作为质权人于本合同同日签署的关于借款人以其持有的鄂尔多斯天可华节能发展有限公司80%股权进行质押,用于本合同项下债务清偿担保的合同。

     

    Share
Pledge Agreement: it refers to the agreement signed on the same day of this
Contract between the Borrower and the Lender that the Borrower as the pledgor
pledges its 80% equity ownership of Erdos TCH to the Lender as the pledgee to
secure the repayment of the Loan under this contract.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    上海天可华保证合同:指由公司保证人作为保证人与贷款人于本合同同日签署的就本合同项下债务清偿提供连带责任保证担保的合同。

     

    Shanghai
TCH guarantee contract: it refers to the contract singed on the same date of
this Contract between the Company guarantor and the Lender that the guarantor
will provide joint liability guarantee for the repayment of the debt under this
contract.

     

    公司保证人:指借款人的股东上海天可华能源科技有限公司。

     

    Company
guarantor: it refers to the Borrower’s shareholder, Shanghai TCH Energy
Technology Co., Ltd. (“Shanghai TCH”)

     

    库国华个人保证合同:指由库国华先生个人签署的就本合同项下债务清偿提供连带责任保证担保的合同。

     

    Ku Guohua
personal guarantee contract: it refers to the contract signed by Mr. Ku
individually to provide joint liability guarantee for the repayment of the debt
under this contract.

     

    担保人:是借款人、上海天可华能源科技有限公司、库国华先生以及内蒙古鄂尔多斯天可华节能发展有限公司的统称。

     

    Guarantors:
collectively they refer to the Borrower, Shanghai TCH , Erdos TCH and Mr. Ku
Guohua

     

    CREG:指借款人及公司保证人的最终母公司—中国循环能源有限公司,该公司为一家依据美国内华达州法律成立的有限公司,在纳斯达克全球市场上上市,其上市代码为CREG。

     

    CREG: it
refers to the ultimate parent company of the Borrower and the Company
guarantor-- China Recycling Energy Corporation, a company incorporated under
laws of the State of Nevada and listed on the NASDAQ global market, its trading
symbol is CREG.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    信达香港:指中国信达(香港)资产管理公司,一家根据香港特别行政区法律组建的有限责任公司。

     

    Cinda
Hong Kong: it
refers to China Cinda (Hong Kong) Asset Management Co., Ltd. a limited liability
corporation under the laws of the Hong Kong Special Administrative
Region.

     

    CREG美元融资文件:指由信达香港与CREG于本合同同日签署的关于信达香港认购CREG发行的可转股债券的所有文件,包括《债券认购协议》(Notes
Purchase Agreement)、《可转股债券条款协议》(Secured
Convertible Promissory Notes)、《可交换债券权利协议》(Exchange
Rights Agreement)、《股东协议》(Amended and
Restated Shareholders Agreement)、《股权质押协议》(Share
Pledge Agreement)、《股票注册权合同》(Registration
Rights Agreement),《库国华个人担保》(Guarantee
Agreement of Ku Guohua)以及《债权人协议》等
(Intercreditor Agreement)文件。

     

    CREG US
Dollar Financing Documents: they refer to all the issuance of convertible notes
documents executed on the same day of this Contract between Cinda Hong Kong and
CREG including “Notes Purchase Agreement”, “Secured Convertible Promissory
Notes”, “Exchange Rights Agreement”, “Amended and Restated Shareholders
Agreement”, " Share Pledge Agreement”, “Registration Rights Agreement”, “
Guarantee Agreement of Ku Guohua" and "Intercreditor Agreement".

     

    重大不利变化:系指对借款人的业务、运营、资产、负债、任何有关的权利、业务或财务状况或前景,或贷款人合理认为可能具有严重不利影响的任何事件、情况、效果、状况、或以上任何情况的综合事件,不论是在本合同签署日或之前存
在或发生,还是在之后产生或发生。

     

    Material
adverse change: it refers to any event, situation, results, status or the
mixture of the above that have the material adverse impact to the business,
operation, assets, debt, any related rights, business and financial prospects or
that the Lender reasonably believe may have the material adverse impact, whether
exiting or happened before the execution date of this Contract or
after.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    不可抗力事件:指在本合同签署后发生的、本合同签署时不能预见的、其发生与后果是无法避免或克服的、妨碍任何一方全部或部分作为或不作为的所有事件,其中包括但不限于火灾、洪水、地震、台风、海啸、战争、恐怖行为或其它暴力
行为、罢工、瘟疫及检疫管制。

     

    Force
majeure: It refers to all events that occur after the date of execution of this
Contract and can not be foreseen when this contract is executed, of which the
occurrence and consequence cannot be avoided or overcome, and will prevent the a
party or parties from all or part of its or their performance or non
performance, including but not limited to, fire, flood , earthquakes, typhoons,
tsunamis, wars, terrorist acts or other acts of violence, strikes, pestilence
and quarantine restrictions.

     

    
      	
              1.2  

            	
              解释

            

    

     

    除上下文另有规定外,本合同所使用的有关“本合同的”、“本合同中”、“本合同内”、“本合同项下
”,以及其他具有类似含义的词语,是指包括本合同全部组成部分的合同整体,而不是指本合同的任何特定部分或条款。

     

    本合同条款标题不得被视为等同于该条款所包括的全部内容,或被用来解释该等条款或本合同。

     

    在本合同中,除非上下文另有要求或规定外,《信托合同》中定义的词语在本合同中使用时应具有相同的含义。

     

    
      	
               1.2     

            	
              Interpretation

            

    

     

    
      	
               
      

            	
              Unless
      otherwise specified in the text, such phrases used as “of this Contract”,
      “in this Contract”, “within the Contract” and “under this Contract”, and
      other similar words or phrases shall indicate the entire Contract
      including all components of this Contract instead of any particular parts
      or clauses hereof.

            

    

    

    Each of
the titles of this contract hereof shall not be considered as equivalent to the
entire content of the section that it covers, nor shall it be used as the
interpretation of the section or this Contract.

    

    In this
Contract, unless otherwise required or specified, the words or phrases defined
in the Trust Contract shall have the same meaning when used in this
Contract.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
              第二条  

            	
              贷款

            

    

     

    Article
2   Loan

     

    
      	
              2.1  

            	
              贷款金额

            

    

     

    贷款人同意在信托计划成立的前提下,以信托计划募集的全部信托资金按本合同以及信托文件中的约定向借款人提供人民币信托贷款,信托贷款总额不低于人民币壹亿元(RMB100,000,000.00)。

     

    
      	
              2.1  

            	
              Loan
      amount

            

    

     

    The
Lender agrees that, conditional upon the establishment of the trust fund plan,
it shall provide the Borrower with the trust loan coming from all of the trust
fund raised under the trust plan in pursuant with this Contract and the trust
documents, the total amount of the trust loan shall be no less than RMB100
million.

     

    
      	
              2.2  

            	
              贷款的用途 Use of
      the Loan

            

    

     

    本合同下的信托贷款仅供借款人用于其节能发电项目的开发建设及运营,包括但不限于用于开发鄂尔多斯余热发电项目的第四期和第五期。每笔贷款的具体用途按照经借款人盖章确认的《信托贷款资金用途明细单》(本合
同附件一)的规定办理。

     

    The trust
loan hereunder shall only be used by the Borrower for its development,
construction and operation of energy saving projects, including but not limited
the phase 4 and 5 of the waste heat power generation project of Erdos
TCH.  The usage of each loan shall be processed in pursuant with the
requirement of the Detailed Use List of Trust Loan Fund (see annex I hereto)
confirmed by the Borrower with its seal on it.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	
              2.3  

            	
              分次提款Drawdowns

            

    

     

    本合同项下的贷款可以在本合同签署之日起的一年内分两次提取,每次提款的金额为5000万元人民币;

     

    The Loan
under this contract can be drawn down in  two installments within one
year from the date of signing this contract, each drawdown will be in the amount
of 50 million yuan.

     

    
      	
              2.4  

            	
              贷款项下首次提款需满足的先决条件
      The Conditions Precedent for the initial drawdown of the
    loan

            

    

     

    除非贷款人已经收到本条所列的在形式和内容均令贷款人满意的所有文件以及本条的贷款先决条件已经全部满足,或贷款人书面同意暂缓或放弃该等未被满足的贷款先决条件,否则,贷款人无义务向借款人发放本合同项下的任何贷款;

     

    Unless
the Lender is satisfied with all the documents listed under this section in
respect of both formality and contents and all pre-requisitions in this section
have been completely met, or the Lender agrees to postpone or waive such
unsatisfied conditions precedent in writing, the Lender shall have no
obligations to provide the Borrower with any loan hereunder:

     

    
      	
                     
      2.4.1  

            	
              加盖借款人公章证实是借款人真实、完整、有效且最新的下列文件的复印件;

            

    

     

    
      	
                      (1)

            	
              工商行政管理机关签发的且已通过最新年检的借款人的《企业法人营业执照》;

            

    

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    
      	
                      (2)

            	
              借款人的《组织机构代码证》;

            

    

     

    
      	
                      (3)

            	
              借款人的《税务登记证》(国税、地税);

            

    

     

    
      	
                      (4)

            	
              借款人的《公司章程》(包括其所有修订版本)以及有权政府部门对各次修订的批准;

            

    

     

    
      	
                      (5)

            	
              加盖借款人公章的借款人股东名单、董事会成员名单原件,加盖借款人公章的借款人的所有股东成员/董事会成员的身份证/护照复印件,及所有股东成员/董事会成员的签字样本;

            

    

     

    
      	
                     
      2.4.1   

            	
              The
      copies of the following documents with the Borrower’s company stamp on
      them to affirm the authenticity, completion, validity and freshness of the
      documents:

            

    

     

    
      	
               
      

            	
              (1)

            	
              The
      Borrower’s Business License as an Entity Legal Person, issued by the
      Administration of Industrial and Commercial Bureau, which shall have
      passed the most recent annual
review;

            

    

     

    
      	
               
      

            	
              (2)

            	
              The
      Borrower’s Organization Code
Certificate

            

    

     

    
      	
               
      

            	
              (3)

            	
              The
      Borrower’s Tax Registration Certificate (including State Tax Registration
      Certificate and Local Tax Registration
  Certificate)

            

    

     

    
      	
                    
                        
      (4)

              

            	
              The
      Borrower’s Company Bylaws (including all revisions) and each approval for
      the revisions from competent government
agency.

            

    

     

    
      	
                    
                        
      (5)

              

            	
              The
      original copies of the name lists of shareholders and board members of the
      Borrower with its corporate stamp, the copies of the ID card/passport of
      all shareholders/board members of the Borrower with its corporate stamp,
      and the signature specimen of all shareholders/board members of the
      Borrower;

            

    

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    
      	
                     
      2.4.2  

            	
              借款人根据其公司章程规定出具的股东会决议和董事会决议原件,

            

    

    该股东会决议和董事会决议内容应包括:

     

    
      	
                     
      2.4.2  

            	
              The
      original copies of board resolutions and shareholder resolutions of the
      Borrower in pursuant with its bylaw, and such resolutions shall
      include:

            

    

     

    
      	
              (1)  

            	
              同意借款人向贷款人申请本合同项下贷款;

            

    

     

    
      	
               
      

            	
              The
      consent of the Borrower to apply with the Lender for the loan
      hereunder;

            

    

     

    
      	
              (2)  

            	
              同意借款人签署并履行其作为一方的各融资文件;

            

    

     

    The
consent of the Borrower as a party to sign and implement the financing
documents.

     

    
      	
              (3)  

            	
              指定人员作为借款人的授权代表签署其作为一方的各融资文件以及签发、接受与本合同有关的任何通知或文件;

            

    

     

    The
appointment of certain personnel to act as the duly authorized representative of
the Borrower to sign the financing documents and to sign and issue and receive
any notifications or documents in connection with this Contract;

     

     (4)  授权代表的签字样本已作为董事会决议的附件;

     

    The
specimen of signatures of the duly authorized personnel have been attached to
the resolution of the board of directors as an exhibit.

     

    
      	
                             
      (5) 

            	
              批准贷款人所指定的人员担任其副总经理,并就该名副总经理的职责范围做出规定,相关内容符合贷款人的要求;

            

    

     

    Approval
on the appointment of the person nominated by the Lender as the vice president
of the Borrower, and such vice president’s responsibilities have been specified
and met the Lender’s requirements.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    
      	
                     
      2.4.3  

            	
              内蒙古鄂尔多斯天可华节能发展有限公司根据其公司章程规定出具的股东会决议和董事会决议原件,该股东会决议和董事会决议内容应包括:The
      original copies of the resolutions of the board and the shareholders have
      been provided by Erdos TCH in pursuant with its bylaw, and such
      resolutions shall include:

            

    

     

    
      	
              (1)  

            	
              同意其将鄂尔多斯冶金集团有限公司余热发电项目第四期和第五期的应收账款根据《应收账款质押合同》质押给贷款人作为借款人清偿本合同项下债务之担保;
      Approval of all accounts receivable for phase IV and V of the waste heat
      power generation project of Erdos TCH to be pledged to the Lender to
      secure the repayment of the debt under this contract according to the
      “Accounts Receivable Pledge
Agreement”.

            

    

     

    
      	
              (2)  

            	
              同意其将鄂尔多斯冶金集团有限公司余热发电项目第四期和第五期的相关设备和资产根据《设备抵押合同》抵押给贷款人作为借款人清偿本合同项下债务之担保;Approval
      of all equipment of phase IV and V of the waste heat power generation
      project of Erdos TCH to be pledged to the Lender to secure the repayment
      of the debt under this Contract according to the “Mortgage of Equipment
      Agreement”.

            

    

     

    
      	
              (3)  

            	
              同意将鄂尔多斯冶金集团有限公司余热发电项目第四期和第五期的所有收益全部汇入其在贷款人指定银行处开立的银行监管账户内,并根据《账户监管合同》的约定以及贷款人的要求支配、管理和使用;Approval
      of all the incomes from phase IV and V of the waste heat power generation
      project of Erdos TCH to be wired to the escrow  account
      established by the Borrower at the bank designated by the Lender, and the
      said income shall be controlled, managed and used in pursuant with the
      Account Supervision Contract and the Lender’s
  requirements;

            

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	
              (4)  

            	
              授权代表的签字样本已作为董事会决议的附件;

            

    

     

    The
specimen of signatures of the duly authorized personnel  have been
attached to the resolution of the board of directors as an exhibit.

     

    
      	
              (5)  

            	
              同意其签署并履行其作为一方的融资文件;

            

    

     

    
      	
               
      

            	
              Approval
      of the company to sign and fulfill its obligations as a party of the
      financing documents

            

    

     

    
      	
                            
      (6)

            	
              指定人员作为其授权代表签署其作为一方的融资文件以及签发、接受;

            

    

     

    Appointment
of certain personnel to act as the duly authorized representative to sign the
financing documents, and sign and issue and receive related
documents.

     

    
      	
                     
      2.4.4  

            	
              上海天可华能源科技有限公司根据其公司章程规定出具的股东会决议和董事会决议原件,该股东会决议和董事会决议内容应包括:

            

    

     

    
      	
               
      

            	
              The
      original copies of the resolutions of the board and shareholders have been
      provided by Shanghai TCH in pursuant with its bylaw, the content of such
      resolutions shall include:

            

    

    

    
      	
              (1)  

            	
              同意其出具连带责任保证对借款人在本合同项下债务的清偿提供担保;

            

    

     

    Approve
it to provide a guarantee with joint and several liabilities to ensure repayment
of the Borrowers under this contract

     

    
      	
              (2)  

            	
              同意其签署并履行该连带责任保证合同;

            

    

     

    Approve
it to sign and carry out the such guarantee contract with joint and several
liabilities

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    
      	
              (3)  

            	
              指定人员作为其授权代表签署该连带责任保证合同以及签发、接受与融资文件有关的任何通知或文件;

            

    

     

    Appointment
of certain personnel to act as the duly authorized representative to sign such
guarantee contract with joint and several liabilities, and sign and issue and
receive any notifications or documents in connection with this
Contract;

     

    
      	
              (4)  

            	
              授权代表的签字样本已作为董事会决议的附件;

            

    

     

    The
specimen of signatures of the duly authorized personnel  have been
attached to the resolution of the board of directors as an exhibit.

     

    
      	
                     
      2.4.5  

            	
              加盖内蒙古鄂尔多斯天可华节能发展有限公司公章证实是其真实、完整、有效且最新的下列文件的复印件;

            

    

     

    
      	
               
      

            	
              The
      following copies of Erdos TCH have its corporate stamp on them to prove
      the authenticity, integrality and freshness of these
      documents.

            

    

     

    
      	
              (1)  

            	
              工商行政管理机关签发的且已通过最新年检的《企业法人营业执照》;

            

    

     

    
      	
              (2)  

            	
              《组织机构代码证》;

            

    

     

    
      	
              (3)  

            	
              《税务登记证》(国税、地税);

            

    

     

    
      	
              (4)  

            	
              《公司章程》(包括其所有修订版本);

            

    

     

    
      	
              (5)  

            	
              加盖其公章的股东名单、董事会成员名单原件,加盖其公章的其所有股东成员/董事会成员的身份证/护照复印件,及所有股东成员/董事会成员的签字样本;

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
                 
        (1)

            	
              Its
      Business License as an Entity Legal Person, issued by the Administration
      of Industrial and Commercial Bureau, which shall have passed the latest
      annual review;

            

    

     

    
      	
               
      

            	
                 
        (2)

            	
              Its
      Organization Code Certificate

            

    

     

    
      	
               
      

            	
                           
      (3)

            	
              Its
      Tax Registration Certificate (including State Tax Registration Certificate
      and Local Tax Registration
Certificate)

            

    

     

    (4)  The
Company Bylaw (including all revisions)

     

    
      	
                           
      (5)

            	
              The
      original copies of the name lists of shareholders and board members with
      corporate stamp, and the copies of the ID card/passport of all
      shareholders/board members of the company with its corporate stamp, and
      the specimen of signatures of all shareholders/board members of the
      company as well;

            

    

     

    
      	
                     
      2.4.6  

            	
              加盖上海天可华能源科技有限公司公章证实是其真实、完整、有效且最新的下列文件的复印件;

            

    

     

    The
following copies of Shanghai TCH have its corporate stamp on them to prove the
authenticity, integrality and freshness of these documents.

     

    
      	
              (1)  

            	
              工商行政管理机关签发的且已通过最新年检的《企业法人营业执照》;

            

    

     

    
      	
              (2)  

            	
              《组织机构代码证》;

            

    

     

    
      	
              (3)  

            	
              《税务登记证》(国税、地税);

            

    

     

    
      	
              (4)  

            	
              《公司章程》(包括其所有修订版本);

            

    

     

    
      	
              (5)  

            	
              加盖其公章的股东名单、董事会成员名单原件,加盖其公章的其所有股东成员/董事会成员的身份证/护照复印件,及所有股东成员/董事会成员的签字样本;

            

    

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
                      (1)
      

            	
              Its
      Business License as an Entity Legal Person, issued by the Administration
      of Industrial and Commercial Bureau, which shall have passed the latest
      annual review;

            

    

     

    
      	
               
      

            	
                      (2)

            	
              Its
      Organization Code Certificate

            

    

     

    
      	
               
      

            	
                      (3)

            	
              Its
      Tax Registration Certificate (including State Tax Registration Certificate
      and Local Tax Registration
Certificate)

            

    

     

     (4) The
Company Bylaw (including all revisions)

     

    
      	
                 (5) 

            	
              The
      original copies of the name lists of shareholders and board members with
      corporate stamp, and the copies of the ID card/passport of all
      shareholders/board members of the company with its corporate stamp, and
      the specimen of  signatures of all shareholders/board members of
      the company as well;

            

    

    

     

    2.4.7       经证实是保证人库国华先生真实的身份证复印件;

     

       The
verified true copy of the ID card of Mr. Ku Guohua, the guarantor;

    

    2.4.8      已由各方当事人合法有效签署的所有融资文件;

     

    
      	
               
      

            	
              All
      financing documents in connection with the loan have been duly executed by
      each party thereto;

            

    

    
      	
                     
      2.4.9 

            	
              所有与本合同项下贷款相关的合法有效的批准、登记、备案和授权(包括政府部门的批准以及借款人公司内部的批准);

            

    

     

    All
approvals, registrations, filings and authorizations in connection with the loan
hereof are duly valid (including the approval from government agencies and
internal approvals of the Borrower);

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    2.4.10    中国人民银行颁发的有效的借款人贷款卡及密码;

     

    
      	
               
      

            	
              Valid
      borrowing ID card and its password issued by the People’s Bank of China
      for the Borrower;

            

    

    

    
      	
                     
      2.4.11 

            	
              《设备抵押合同》项下的抵押物已经在行政机关办理完毕全部抵 押登记手续,且贷款人已经取应由贷款人执管的他项权利证明文件,贷款人已经就抵押物以及相关权利及权益合法享有第一顺位的优先抵押权;

            

    

     

    
      	
               
      

            	
              All
      the mortgage registration procedure for the pledge of the Mortgage of
      Equipment Agreement have been completed with the administrative agency,
      and the Lender has received the certificate of the third party rights and
      the Lender has the first priority rights to the lien/mortgage as well as
      relevant rights and interests.

            

    

     

    
      	
                     
      2.4.12 

            	
              《应收账款质押合同》项下的应收账款质押登记已经在中国人民 银行征信中心办理了相应的质押登记手续,贷款人已经就质押标的以及相关权利及权益合法享有第一顺位的质权;

            

    

     

    
      	
               
      

            	
              The
      accounts receivable pledge registration under the Accounts Receivable
      Pledge Contract has been completed at the Credit Information Center of the
      People’s Bank of China, the Lender has the first priority security right
      to the pledged object as well as relevant rights or
    interests.

            

    

     

    
      	
                     
      2.4.13 

            	
              内蒙古鄂尔多斯天可华节能发展有限公司的其他股东已经同意借款人以其所持有的内蒙古鄂尔多斯天可华节能发展有限公司80%的股权对借款人在本合同项下债务的清偿提供担保,《股权质押合同》已经在内蒙古鄂尔多斯天可华节能发展有限公
司的股东名册以及所在地工商行政管理局进行登记的证明文件;

            

    

     

    The proof
documents that other shareholders of Erdos TCH have agreed that the Borrower
pledges its 80% shares of Erdos TCH under the “Share Pledge Agreement” as a
security for its repayment obligations under this Contract and the share pledge
has been registered on the shareholder listing of Erdos TCH as well as
it’s the local administration of industry and commerce bureau.

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      	
                      2.4.14 

            	
              监管账户已经根据《账户监管合同》的规定在贷款人指定的银行开立完毕;

            

    

     

    The
escrow accounts have been established according to Account Supervision Contract
at the bank designated by the Lender.

     

    2.4.15    
借款人已在贷款发放当日向贷款人提交了由其合法填写并签署的

     

    《信托贷款资金用途明细单》(见本合同附件一)、《不可撤销提款通知书》(见本合同附件二)、《贷款发放确认函》(见本合同附件三
)以及《借款凭证》(见本合同附件四)。

     

    The
Borrower has submitted to the Lender the duly completed and signed applications
at the same day of the loan disbursement,  including the " detailed
use list of trust loan fund " (Annex I of this contract), "irrevocable loan
drawdown notice" (Annex II of this contract), "loan disbursement confirmation
letter" (Annex III of this contract) and the "loan note" (Annex IV of this
contract).

     

    
      	
                     
      2.4.16  

            	
              贷款人所提名的代表已经获委任借款人的常务副总经理,并且借 款人对于该常务副总经理的职责范围描述符合贷款人的要求;

            

    

     

    The
Borrower has appointed a person nominated by the Lender as its executive vice
president and description of his/her responsibilities meets the Lender’s
requirements.

     

    
      	
                     
      2.4.17  

            	
              美元融资文件已经妥为签署,并且美元融资文件项下首次交割的先决条件都已经得到满足;

            

    

     

    U.S.
dollar financing documents have been signed, and first drawdown conditions have
been met under the U.S dollar financing documents.

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    
      	
                      2.4.18  

            	
              鄂尔多斯余热发电项目第四期和第五期的资本金已经按国家的规定按比例到位;

            

    

     

    The
percentage of the capital requirements for the phase IV and V of the waste heat
power generation project of Erdos TCH according to the government requirements
are met and in position .

     

    
      	
                     
      2.4.19 

            	
              借款人的中国法律顾问就贷款人要求的问题出具的令贷款人满意的法律意见书;以及

            

    

     

    The
Borrower’s Chinese counsel has issued the satisfactory legal opinions on the
loan and it meets Lender’s requirement, and

     

    2.4.20      贷款人要求的其他文件资料、意见或担保等。

     

    And other
documents, materials or guarantees required by the Lender.

     

    
      	
              2.5  

            	
              第二次及以后提款需满足的先决条件

            

    

     

    The
second and subsequent drawdowns must meet the following
prerequisites.

     

    
      	
                     
      2.5.1 

            	
              借款人、CREG以及相关担保人在本合同以及任何融资文件项下的所有声明和保证均为真实和准确的,并无误导之处;

            

    

     

    All
representations and warranties of the Borrower, CREG and the related guarantors
under this contract and financing documents are true and accurate, not
misleading.

     

    
      	
                     
      2.5.2  

            	
              借款人、CREG或相关担保人未发生任何违反本合同或任何融资文件项下的违约行为;

            

    

     

    The
Borrower, CREG, or any related guarantors have no breaches of this contract or
financing documents .

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    
      	
                     
      2.5.3  

            	
              美元融资文件项下关于第二次交割所需满足的先决条件都已经得到满足;

            

    

     

    
      	
               
      

            	
              All
      prerequisites of the second drawdown under US dollar financing documents
      have been met.

            

    

     

    
      	
              2.6  

            	
              贷款的发放  The
      Disbursement of the Loan

            

    

     

    贷款人承诺并保证,在确认借款人满足相关的提款先决条件后,并应在收到借款人的《不可撤销提款通知书》之后的[45]日内向借款人拨付《不可撤销提款通知书》中请求的贷款金额,每次提款金额为5000
万元。借款人不可撤销地同意,贷款人发放的信托贷款全部由贷款人拨付至借款人账户,由借款人按照本合同以及信托文件的约定条件和条款使用。

     

    The
Lender promises and guarantees, upon confirmation that the Borrower has met
pre-conditions related to draw-down, the Lender shall disburse the loan
requested in " irrevocable loan drawdown notice" within 45 days of receiving the
Borrower's " irrevocable loan drawdown notice", the amount of each drawdown is
50 million yuan.  The Borrower irrevocably agrees that the trust loan
disbursed by the Lender shall be appropriated to the Borrower’s account by the
Lender, and the loan shall be used by the Borrower in pursuant with the
conditions and terms in this contract and the trust documents.

     

    
      	
              2.7  

            	
              贷款的使用Use of
      the Loan

            

    

    

    借款人使用贷款资金前应向贷款人提交下述文件或符合下列条件:

     

    
      	
               
      

            	
              The
      Borrower shall submit to the Lender the following documents or meet
      following conditions before using the
loan:

            

    

     

    
      	
                     
      2.7.1 

            	
              符合经借款人盖章确认的《信托贷款资金用途明细单》(本合同附件一)的规定;

            

    

     

    It
complies with the Detailed Use List of Trust Loan Fund (as annex I) which is
affirmed by the Borrower with its corporate stamp on it.

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    
      	
                     
      2.7.2  

            	
              借款人使用贷款资金付款的相关合同、协议等证明文件,并保证该等文件内容持续完整、真实、有效;

            

    

     

    The
documents related to the Borrower’s use of the loan proceeds, such as related
contracts and agreements shall be complete, true and valid;

    

    
      	
                     
      2.7.3  

            	
              在拟定的付款日前,没有发生任何违约事件(包括交叉违约)或潜在的违约事件,且不存在因该笔贷款的使用而将产生违约事件的情形,同时借款人所作的陈述及保证均持续真实、准确、完整且不存在任何误
导;

            

    

     

    
      	
               
      

            	
              Prior
      to the proposed drawdown date, no event of default (including cross
      default) or potential event of default has occurred, nor does any default
      occur due to the use of the loan, and the representations and warranties
      made by the Borrower are true, correct, complete and  and not
      misleading.

            

    

     

    
      	
                     
      2.7.4  

            	
              在贷款人看来,未发生任何将对借款人履行本合同及其他融资文件项下义务的能力的重大不利变化或对借款人造成整体影响的不可抗力事件发生;及

            

    

     

    From the
Lender’s point of view, no material adverse change on the Borrower’s ability to
implement this contract and financing documents has occurred, nor does any Force
Majeure that will have a general effect on the Borrower has occurred;
and

     

    
      	
                     
      2.7.5  

            	
              本合同所适用的法律未发生使本合同项下的贷款变得不合法的任何重大不利变化。

            

    

     

    No
material adverse changes of the laws applicable to this contract that will
result in the loan hereof becoming illegal.

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    
      	
              2.8  

            	
              贷款期限 Term of
      the Loan

            

    

     

    本合同项下的贷款期限为3年,自首笔贷款提款之日起算。除非本合同当中其他条款另有规定,所有贷款本金及未付利息,应于贷款期限届满时一次性全部偿还。

     

    The term
of the loan hereof is three (3) years, starting from the date of the first
drawdown. Unless otherwise specified in this contract, all loan principals and
unpaid interest shall be fully repaid in bullet at the maturity
date.

     

    
      	
              第三条  

            	
              贷款利率及利息支付

            

    

     

    Article
3  Interest Rate of the Loan and Interest Payment

     

    
      	
              3.1  

            	
              本合同项下贷款的应付利息对应的贷款利率为浮动利率,在遵守本合同第3.4款规定的前提下,本合同项下的贷款自首次提款之日起暂按届时中国人民银行公布的三年期贷款年基准利率+2%计付利息,每年两次
逢付息日支付利息。

            

    

     

    The
interest rate of the loan under this contract is a floating rate, subject to
article 3.4 of this contract, the interim interest rate of loan under this
contract shall be the applicable three-year lending annual benchmark interest
rate published by People’s Bank of China at and from the date of first drawdown
plus 2%, and the payment of interest will be made twice a year on each interest
payment dates.

     

    
      	
              3.2  

            	
              任何付息日如遇非营业日,则顺延至下一个营业日,并相应地调整应付利息的计算。

            

    

     

    In case
of any interest payment date falls on a non-business day, it shall be postponed
to the immediately following business day, and the calculation of interest
payable will be adjusted accordingly.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    
      	
              3.3  

            	
              在本合同项下的贷款尚未完全清偿完毕之前,如遇中国人民银行调整贷款基准利率,则将自利率调整之后的第一个日历年度的1月1日起按最新利率计算应付利息。

            

    

     

    Before
the loan is fully repaid under this contract, if People’s Bank of China (“PBC”)
adjusts the applicable benchmark lending interest rate, the interest rate will
be adjusted and computed according to the new rate starting from the January
1st
of the first calendar year after such PBC adjustment.

     

    
      	
              3.4  

            	
              除非贷款人根据第4.2条款规定书面通知借款人提前结清本合同项下全部或部分贷款,本贷款于第2.8款所规定的贷款期限届满时,借款人需就当时尚未清偿的贷款本金余额自提款之日起至贷款期限届满

之日按年率18%计算并向贷款人支付利息。借款人根据第3.1款至第3.3款规定已经支付的利息低于按年率18%计算的利息的,应在全部贷款到期之日起一次性补足差额。

            

    

     

    Unless
the Lender sends written notice to the Borrower before the maturity to settle
all or part of the loan in accordance with the article 4.2, upon the maturity
date of the loan in article 2.8, the Borrower shall pay the interest on the loan
as calculated at the rate of 18% per annual on the then outstanding principals
calculated from the relevant drawdown date to the maturity date. Where the
Borrower has paid the interim interest according to article 3.1 to article 3.3
which are calculated at a rate lower than 18% per annum, then the Borrower shall
make up the shortfall in one single payment upon the maturity date.

     

    
      	
              3.5   

            	
              每笔贷款的利息起算日为该笔贷款的提款之日。本合同项下贷款利息以每年360天为基数,从利息起算日起按贷款余额、占用天数及本合同第3.1款和3.4款约定的贷款利率计收。

            

    

     

    The
starting date to compute the interest for each loan hereof shall be the
applicable drawdown date. The interest under this contract shall be calculated
on a 360day year basis, from the starting date to compute the interest and based
upon the outstanding loan balance, number of days of use of the outstanding loan
and the applicable loan interest rate in article 3.1 and article 3.4
hereof.

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

    
      	
              第四条  

            	
              贷款本金的偿还

            

    

     

    Article
4   Repayment of loan principal

     

    
      	
              4.1  

            	
              在遵守下述第4.2款规定的前提下,借款人应于第2.8款所规定的贷款期限届满之日一次性向贷款人偿还全部贷款本金。

            

    

     

    Subject
to article 4.2 below, the Borrower shall repay all the loan principal in bullet
upon the maturity date according to article 2.8.

     

    
      	
              4.2  

            	
              在贷款期限届满前的任何时间,贷款人或其关联方有权决定,以全部或部分贷款本金和利息所对应的美元金额转换为CREG的普通股;转换普通股时美元兑人民币的汇率按转换当日国家外汇管理局所公布的美元兑人民币汇率的中
间价计算。在外汇管理制度允许的情况下,就贷款人或其关联方决定转股的金额所对应的贷款本金和利息,则视为借款人提前清偿该等款项,且如贷款人要求,各方应相互配合就此办理相关手续;否则,借款人应当按贷款人的通知提前清偿相当于转股的金额所对应的贷款本金和利息,该部分

;
贷款则视为立即到期应还。

            

    

     

    At any
time before the maturity of the loan, the Lender or its affiliates have the
right to decide to convert all or part of the loan principal and accrued
interest into common stock of CREG in its equivalent U.S. dollar amount; the
exchange rate between U.S. dollar and RMB shall be the middle rate published by
State Administration of Foreign Exchange (“SAFE”) at the date of the
conversion.  As long as permissible under the applicable SAFE
regulations, any amount of loan principal and interest converted into common
stock by the Lender or its affiliates shall be considered as prepayment of such
amount by the Borrower, and per Lender’s request, parties shall work together to
complete the process of such conversion; otherwise, the Borrowers shall repay
the principal and interest equal to the amount of conversion upon the Lender’s
notice and such part of the loan shall be deemed as due and payable
immediately.

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    
      	
              4.3  

            	
              本合同项下的贷款不展期。

            

    

     

    The loan
term under this contract will not be extended.

     

    
      	
              4.4  

            	
              未经贷款人事先书面同意,借款人不得提前还款。

            

    

     

    Without
the Lender’s prior written consent, the Borrower shall not prepay the
loan.

     

    
      	
              第五条  

            	
              款项支付

            

    

     

    Article
5  Payment

     

    
      	
              5.1  

            	
              借款人在本合同项下应支付的所有款项均应按时足额支付,不应附带任何抵消、索赔或限制,且不应存在任何性质的税费减扣或预扣。

            

    

     

    Any
payment by the Borrower hereof shall be paid in full on time without any
off-set, claim or restraint attached, nor should have any tax withholding or
deduction in any nature.

     

    
      	
              5.2  

            	
              在借款人按本合同规定向贷款人支付某一笔应付款项时(包括但不限于费用、损害赔偿金、罚息、利息、本金、提前还款),若该笔应付款项的应付之日恰为贷款人非营业日,则顺延至下一个最近的贷款人营
业日。延长的天数,应计收利息

            

    

     

    If the
Borrower’s any payment date (including but not limited to the charges, damage
compensation, interest penalty, interest, principal and prepayment) to the
Lender in pursuant with this Contract falls into the Lender’s non-business day,
then it should be postponed to the immediately following business day of the
Lender. The interest payable shall be adjusted to reflect the
postponement.

     

    
      	
              5.3  

            	
              借款人在此承诺,若贷款人收到的借款人的贷款本金和/或利息款项少于截至该还款日/付息日借款人按本合同规定所应支付的数额,则贷款人有权按应付费用、损失赔偿金、罚息、利息和本金的顺序进行划
付。

            

    

     

    The
Borrower hereby agrees, if the amount of the loan principal and/or basic
interest repayment received by the Lender is less than the amount due on the
applicable interest payment date or repayment date, the Lender shall have the
right to apply the repayment in the order of fees, damages, default interest,
basic interest and then principal.

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    
      	
              第六条  

            	
              声明与保证

            

    

     

    Article
6   Representations and Warranties

     

    
      	
              6.1  

            	
              借款人在本合同签署之日向贷款人作出如下声明与保证:

            

    

     

    The
Borrower makes the following representations and warranties to the Lender on the
day of execution of this Contract:

     

    
      	
                     
      6.1.1  

            	
              借款人系一家依中国法律正式成立并有效存在的、具有独立法人资格的有限责任公司,有能力以自己的名义起诉和应诉,有权利从事经营活动并拥有其财产和其他资产;

            

    

     

    
      	
               
      

            	
              The
      Borrower is a limited liability company established under the laws of the
      China and is an independently existing valid legal entity. It has the
      ability to initiate and respond any law suits in its own name and has the
      right to engage in business activities and take ownership of properties
      and other assets.

            

    

     

    
      	
                     
      6.1.2  

            	
              借款人有权签署本合同及其作为一方当事人的融资文件,承担并履行其在该等协议项下的义务,从事上述各文件所规定的交易,并且借款人已经采取了为授权签署、递交和履行上述事宜所必要的公司内部、股东和其他行动;

            

    

     

    The
Borrower has the right to sign this contract and financing documents in which it
is a party, to assume and fulfill its obligations under such agreements, and
conduct the transactions in these documents, and the Borrower has taken
necessary company, shareholders and other actions to obtain authorization for
execution,  delivery and performance of above matters.

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

    
      	
                     
      6.1.3  

            	
              借款人在本合同或其参与订立的融资文件项下的义务构成其合法、 有效的和有约束力的义务,是充分合法有效的;

            

    

     

    The
obligations of the Borrower under this contract or financing documents are fully
legal, valid and binding.

     

    
      	
                     
      6.1.4  

            	
              借款人并未采取或将要采取任何行动导致其进入破产、清算、和解或重整程序,或据其所知,亦并无任何其他人拟提起会使得借款人进入破产、清算、和解或重整程序的威胁存在;

            

    

     

    The
Borrower has not taken any action or going to take action that could lead it to
a bankruptcy, liquidation, settlement or re-structuring process, or based upon
its knowledge, no other party threatens to take the action that may result in
the bankruptcy, liquidation, settlement or restructuring process of the
Borrower.

     

    
      	
                     
      6.1.5  

            	
              借款人未涉及任何可能对借款人履行本合同的能力产生不利影响的民事、刑事、行政诉讼或仲裁程序,亦未发生任何可能导致涉入该等诉讼程序或仲裁程序的事件或情形;

            

    

     

    
      	
               
      

            	
              The
      Borrower does not involve in any civil, criminal or administrative law
      suit or arbitration procedure that will have adverse impact on the
      Borrower’s ability to implement this Contract, and nor has any event or
      circumstance which might cause the Borrower being involved in the said
      litigation and arbitration
procedure.

            

    

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    

    
      	
                     
      6.1.6  

            	
              借款人的任何重要资产未涉及任何强制执行、财产保全、查封、扣押、留置、监管措施,亦未发生任何可能导致涉及该等措施的事件或情形;

            

    

     

    No
material asset of the Borrower is involved in any procedures of enforcement,
property preservation, distrainment, detention, retention or supervision, and
nor has any event or circumstance which might cause such procedures
arisen.

     

    
      	
                     
      6.1.7  

            	
              借款人提交的最新合并帐目系依中华人民共和国会计准则编制,并真实适当地反映了其在该帐目做出当日和相应期间内的财务状况;

            

    

     

    The
consolidated financial statements provided by the Borrower are prepared in
compliance with Chinese accounting standards and have fairly reflected the
financial position of the Borrower as of the date and corresponding financial
period of such statements.

     

    
      	
                     
      6.1.8  

            	
              除已经向贷款人披露的内容以外,借款人并未就其现有的或是未来的全部或部分收入或资产设有以第三人为受益人的任何担保权利;

            

    

     

    Except
that has been disclosed to the Lender, the Borrower has not created any security
interest over all or part of its existing or future income or assets in favor of
any third party.

     

    
      	
                     
      6.1.9  

            	
              借款人未发生任何违约事件,亦未发生该等事件仍在持续的情形;

            

    

     

    No event
of default by the Borrower has occurred, or is continuing;

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    
      	
                     
      6.1.10  

            	
              借款人签署、递交和履行本合同或其作为一方订立的任何融资文件不会:(i)与任何适用法律法规相冲突;(ii)导致其违反之前签订的任何协议、文件或对其本身或其任何财产有约束务的任何协议、许可、授权
或其他文件;(iii)违反其公司或其他类似文件的任何条款;或(iv)违反其成立的批准文件和内部规章制度或违反法律、政府命令或司法裁决;

            

    

     

    The
execution, deliver and performance of this contract or any financing documents
to which the Borrower is a party, will not (i) result in violation of any
applicable laws and regulations; (ii) cause to default in any prior agreement or
documents signed by the Borrower or breach of any other agreements, licenses,
authorizations or other documents to which the Borrower or its assets is
subject; (iii) violate the corporate documents or any other similar documents;
(iv) breach any approval document of its establishment, internal policies or
breach the law, government order or judicial verdicts.

     

    
      	
                     
      6.1.11  

            	
              借款人保证贷款项目及借款事项符合法律法规及国家有关土地、产业、环保、投资等政策的规定及要求,并已经取得了相应审批或备案

            

    

     

    The
Borrower promises that the loan project and the borrowing hereunder comply with
applicable laws and regulations, and the requirements of the state regulations
on land, industrial policy, environmental protection and investment, and has
received relevant approvals or filings.

     

    
      	
                     
      6.1.12  

            	
              借款人经营以及履行其在本合同和融资文件项下的义务、完成本合同及融资文件所规定的交易所需的各类批准和许可都是完全合法有效的;

            

    

     

    The
Borrower’s business and its performance of its obligations under this contract
and financing documents as well as its obtaining permits and approvals for the
transaction in this contract and financial documents are legal and
valid.

     

    
      	
                     
      6.1.13  

            	
              借款人始终遵守所有适用的税收法律,并无欠缴税费的情况;

            

    

     

    
      	
               
      

            	
              The
      Borrower complies with all applicable tax laws, and there is no
      outstanding tax owed.

            

    

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    
      	
                     
      6.1.14  

            	
              借款人在本合同以及各融资文件项下的义务在任何时候都与其他现有的或将来的非担保和非从属性债务处于同一清偿顺序,但法定而非合同约定的具有优先权的债务除外;

            

    

     

    The
Borrower’s obligations under this contract and financing documents shall at any
time rank pari passu with all other existing or future unsecured  and
unsubordinated indebtedness of the Borrower, except for those with priority
under law rather than under contractual  arrangements.

     

    
      	
                     
      6.1.15  

            	
              借款人向贷款人提供的尽职调查材料在所有重要方面是真实的和准确的,没有误导的,并未遗漏重大事实;

            

    

     

    The
materials provided by the Borrower to the Lender during the due diligence
process are true and accurate on all material facts, with no misleading
information, and no material omission.

     

    
      	
                     
      6.1.16  

            	
              自2009年12月31日或之后的借款人或CREG的审计报表日期以来,未发生针对借款人或其母公司的重大不利变化;

            

    

     

    From the
audited reports for the December 31, 2009 or any audited report thereafter for
the Borrower or CREG, there are no material adverse changes against the Borrower
or its parent company.

     

    
      	
              6.2  

            	
              上述第6.1款中的声明和保证将在本合同签署后始终有效,并被视为结合当时存在的事实和情形由借款人在发出每一份提款通知当日及每一利息期首日重复做出的声明与保证。

            

    

     

    The
representations and warranties in  article 6.1 above remain in effect
after execution of this contract and are considered as the statements and
warranties repeatedly given by the Borrower in combination with the facts and
existing circumstances on the date of the issuance of each drawdown notice and
on the first date of each interest period.

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

     

    
      	
              第七条  

            	
              承诺及其他约定事项

            

    

     

    Article
7 Commitment and Other Covenants

     

    在本合同项下贷款全部清偿完毕之前,借款人向贷款人承诺:

     

    Before
the full repayment of the loan under this contract, the Borrower undertakes to
the Lender that:

     

    
      	
              7.1  

            	
              借款人保证按照本合同规定的用途使用借款,不挪作他用,不用借款进行任何违法活动或政策法规所禁止的活动;特别是,借款人应在本合同项下贷款以及美元融资文件项下的贷款全部提取之后或者约定的提款期届满之后的
15个月之内完成鄂尔多斯余热发电第四期和第五期的建设;The
      Borrower undertakes to use the proceeds of loan according to this
      contract, no other use shall be applied, and shall not use the loan for
      any illegal activities or activities forbidden by applicable laws or
      regulations. In particular, the Borrower shall complete the construction
      of phase IV and V of the Erdos TCH waste heat power generation project
      within 15 months after the full drawdown of the loan under this contract
      and U.S. dollar financing document or within 15 months after the
      expiration of the available drawdown period of this contract and U.S.
      dollar financing document.

            

    

     

    
      	
              7.2  

            	
              在本合同下贷款尚未全额清偿完毕之前,借款人承诺,一经编制完毕,
      但在任何情况下不应迟于其会计年度终了后120天内向贷款人提交相关会计年度的经审计的财务报表;Before
      the full repayment of the loan, the Borrower undertakes, to provide to the
      Lender the audited financial statements of the relevant fiscal year
      immediately upon available, but in no circumstance later than the 120 days
      after completion of the fiscal
year.

            

    

     

    
      	
              7.3  

            	
              借款人应在每个季度结束后的15天内前向贷款人提供有关财务会计资料以及公司经营状况的材料,该等材料包括不限于上一个季度按中国会计准则编制的资产负债表、利润表、现金流量表、贷款资金支付情况及其报表说明
(包括但不限于对应收账款、其他应收款、存货、固定资产、长短期借款、应付账款等科目的说明);

            

    

     

    Within 15
days following each quarter, the Borrower shall provide the Lender with the
relevant financial accounting information and operation materials of the
company, such statements include but not limited to the balance sheet, profit
and loss account, cash flow statement, statement of use of loan proceeds and
such other statements (include but not limited to the statement of the accounts
receivable, other receivables, inventory, fixed assets, short term and long term
loans, accounts payable) of the ending quarter, all prepared according to
Chinese accounting standards.

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

    
      	
              7.4  

            	
              应贷款人不时的要求,借款人应及时全面地提供有关其经营、财务状况、业务和前景的资料、文件和记录;Upon
      the Lender’s request from time to time, the Borrower shall, provide
      relevant materials, documents and records of its operation, financials,
      business and prospects timely and in
full.

            

    

     

    
      	
              7.5  

            	
              借款人和贷款人需各自支付针对本合同以及其他融资文件按应在各个司法辖区缴纳的各类税收和政府收费,包括但不限于印花税、营业税以及有关利息收入的所得税;
      The Borrower and the Lender should pay for its own taxes and government
      fees in each jurisdictions related to this contract and other financing
      documents, include but not limited to stamp tax, business tax and income
      tax of interest income;

            

    

     

    
      	
              7.6  

            	
              借款人应始终遵守其经营活动中的所有适用法律和法规以及其公司章程,合法经营,并确保其所有业务许可始终保持有效;The
      Borrower shall always comply with the applicable laws, regulations and its
      company policies related to its business and make sue all its business
      licenses/permits are valid at all
time.

            

    

     

    
      	
              7.7  

            	
              确保借款人在本合同项下的义务在任何时候与其他的,现有的或是将来的,非担保和非从属性的债务处于至少相同的清偿顺序;Assure
      the Borrower’s obligation under this contract, at any time, at least rank
      pari passu  with all its other existing or future unsecured and
      unsubordinated debt.

            

    

     

    
      	
              7.8  

            	
              确保借款人始终为CREG的全资子公司;Assure
      the Borrower will always be a wholly owned subsidiary of
    CREG;

            

    

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

     

    
      	
              7.9  

            	
              为其全部财产和资产向贷款人接受的保险公司投保充足的保险,包括但不限于购买建筑工程一切险、机器设备损害险及第三者责任险
      (投保金额需不低于物业的重置价值,并随时物业价值的增加而增加),未经贷款人同意,不得修改或是取消相关保险单,并促使相关保险公司不会在未事先书面通知而终止保险单,并承诺向贷款人提供全部保险单的复印件,并附上支付保险费的付款凭证;

            

    

     

    The
Borrower shall purchase sufficient insurance for all its properties and assets
with the insurance company acceptable to the Lender, including but not limited
to all construction risk insurance, machinery equipment damage insurance and
third party liability insurance (the insured amount should be no less than the
replacement value of the property and shall increase with the property
value).  Without the consent from the Lender, it may not modify or
cancel any insurance policy, and it shall request the insurance company not to
terminate the insurance without prior written notice, and promise to provide
copies of all insurance policies to the Lender along with the proof of payment
of insurance premium.

     

    
      	
              7.10  

            	
              当借款人有能力提供更有利于保证债权实现的担保方式时,应贷款人要求时,就其在本合同项下的清偿债务向贷款人提供的进一步的担保;

            

    

     

    When the
Borrower has the ability to provide such security that might further facilitate
the Lender to realize its claim under this contract, upon the Lender’s request,
the Borrower should provided further security to the Lender with respect to its
repayment obligations under this contract.

     

    
      	
              7.11  

            	
              未经贷款人事先书面同意,借款人不得在其任何收入或资产设定以第三方为受益人的担保权利,或允许其任何收入或资产上被设定任何担保权利,本合同签订前借款人已向贷款人如实披露的担保除外;

            

    

     

    Without
the prior written consent of the Lender, the Borrower shall not create any
security rights on its income or assets in favor of any third party or allow any
of security rights to be created on its income or assets, except for those have
been disclosed to the Lender prior to the execution of this
contract,

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

     

    
      	
              7.12  

            	
              未经贷款人事先书面同意,借款人不得对其资产进行处分,除非:(i)该等处分安排为其正常的业务活动所需,并可以取得公允的市场对价;或(ii)处分资产的收益将用来购买一项新的资产用以

直接取代被处分的资产;Without
      the Lender’s prior written consent, the Borrower shall not dispose of its
      assets, unless: (1) such disposal arrangement is conducted in normal
      course of its business, and receives fair market considerations, or (2)
      proceeds from disposal of such assets will be used to purchase new asset
      to directly replace the disposed
one.

            

    

     

    
      	
              7.13  

            	
              未经贷款人事先书面同意,借款人不得改变或试图改变其现时从事的经营活动。如果借款人被动地发生相关变化,则借款人应在得知相关情况后立即,但在任何情况下不得迟于得知相关情况后的三个营业日,通知贷款人;Withou

t
      the Lender’s prior written consent, the Borrower shall not change or try
      to change its present business activities. If such change is not by the
      Borrower’s choice, it shall immediately inform the Lender of such change
      upon becoming aware of such situation, but in no circumstance later than 3
      business days upon becoming aware of such
  situation;

            

    

     

    
      	
              7.14  

            	
              未经贷款人事先书面同意,借款人不得与任何其他人合并或并入其他人之中或订立合资经营或合伙经营协议,进行重大的收购或投资行为。如果借款人被动地发生相关变化,则借款人应在得知相关情况后立即,但在任何情况
下不得迟于得知相关情况后的三个营业日,通知贷款人;Without
      the Lender’s prior written consent, the Borrower shall not merger with or
      into any other party or enter into joint venture or partnership agreement
      with other party, or conduct major acquisition or investment. If such
      change is not by the Borrower’s choice, it shall immediately inform the
      Lender of such change upon becoming aware of such situation, but in no
      circumstance it should be later than 3 business days upon becoming aware
      of such situation;

            

    

     

    
      	
              7.15  

            	
              未经贷款人事先书面同意,借款人或CREG不应向其股东进行分红Without
      the Lender’s prior written consent, the Borrower or CREG shall not make
      distribution of dividends to its
shareholders.

            

    

     

    
      	
              7.16  

            	
              借款人须在被要求后支付因以下事项发生的全部开支(包括,但不限于律师费、评估费或帐目或其他实际开支):The Borrower
      should pay the following expenditures upon the Lender’s request (including
      but not limited to legal fees, assessment fees, accounting or any other
      actual expenses)

            

    

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

     

    
      	
              (a)  

            	
              贷款人在本合同及融资文件或融资文件中要求的现在的或今后的其他文件的谈判、准备、和签署过程中发生的实际开支,贷款人就本合同以及其他融资文件的谈判、起草、签字所发生的律师费以及评估费,在
15万美元的限度内,由借款人承担;The
      actual expenditures required during the negotiation, preparation and
      execution of this contract, financing documents or current or future other
      documents required in the financing document by the Lender. The Borrower
      shall assume the legal fees and evaluation fees of the Lender regarding to
      the negotiation, drafting and execution of this contract and other
      financing documents within the limit of U.S.
  $150,000;

            

    

     

    
      	
              (b)  

            	
              贷款人在就本合同做出任何解除、弃权、或同意或修改变更中发生的开支;Any
      expenditures occurred to the Lender in connection with the termination,
      waiver, or consent or change of this
contract;

            

    

     

    
      	
              (c)  

            	
              贷款人在强制执行其任何权利、或为从借款人或其他人处取得其在融资文件项下的任何应得款项或为之提起诉讼或调查可能的违约事件中发生的开支(包括,但不限于,律师费、评估费或帐目费用),
      但是贷款人在相关法律程序中的请求未获得司法机关的支持的情况下除外;及
      Any expenditures (including but not limited to legal fees, evaluation fees
      or accounting fees) occur to the Lender in respect of enforcement of its
      rights, or collection of any payment under the financing documents from
      the Borrower or any other persons or to file the lawsuit, or to
      investigate possible breach of the contract, except for the requests of
      the Lender are not supported by the judicial system in such legal
      proceeding;

            

    

     

    
      	
              (d)  

            	
              在办理相关融资文件的登记备案手续过程中发生的应由贷款人或借款人支付的各种费用。Any
      fees occurred in the process of registration and filing of related
      financing documents that paid by the Lender or the
    Borrower.

            

    

     

    
      	
              7.17  

            	
              借款人在本合同项下应支付的所有款项均应按时足额支付,不应附带任何抵销、索赔或限制,且不应存在任何性质的税费减扣或预扣。All
      the payment by the Borrower under this contract should to be made in time
      and in full, without any off-set, claim or restraint, nor any deduction or
      withholding of the taxes in any
nature.

            

    

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

     

    
      	
              7.18  

            	
              贷款人可以随时以其认为合理的方式检查、监督借款的使用,了解借款人的计划执行、经营管理、财务活动、物资库存、重大交易合同等情况。借款人必须积极配合贷款人对贷款使用情况和借款人经营情况所进行的监督,根
据贷款人的要求提供相关资料。The
      Lender shall have the right to, at any time, in the manner that it
      believes to be reasonable, examine and supervise the use of the loan,
      understand the execution of the plan, operation management, financial
      activities, inventory and material contracts of the Borrower. The Borrower
      shall cooperate actively with the Lender’s supervision on the use of the
      loan and the Borrower’s business operation and provide relevant material
      upon the Lender’s request.

            

    

     

    
      	
              7.19  

            	
              借款人将按照贷款人的要求提供鄂尔多斯余热发电项目建设和运营情况的相关材料,该等材料包括但不限于:
      The Borrower shall provide the documents about the construction and
      operation of Erdos TCH waste heat power generation project upon the
      Lender’s request, such documents shall include but not limited
      to:

            

    

     

    7.19.1 余热发电项目工程建设的整体规划进度报告;The
development report on overall planning of the construction of waste heat power
generation project;

     

    7.19.2 余热发电项目工程公开招标的档案记录;Records
of public bidding for the construction of the waste heat power generation
project;

     

    7.19.3 余热发电项目的监理公司审定的月形象进度;Monthly
progress verified by the supervision company of the waste heat power generation
project;

     

    7.19.4 余热发电项目工程建设的月度报告;Monthly
report on the construction of the waste heat power generation
project;

     

    7.19.5 余热发电站月度运营总结报告;Monthly
summary report of the operation of the waste heat power generation
station;

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

     

    7.19.6 余热发电站月度工作简报;Monthly
brief working report of the waste heat power generation station;

     

    7.19.7 余热发电站月度运营发电量及相关的付款方付款情况的报告;Monthly
report of operating electricity generating amount and related electricity
payment status of the waste heat power generation station;

     

    7.19.8 余热发电项目后续工程资金的到位和工程进展情况。Status
on the follow-up funding for and progress of the waste heat power generation
project.

     

    
      	
              7.20  

            	
              借款人应根据贷款人的要求及时完成担保文件的登记备案手续。对于借款人即将其拥有的余热发电项目第四期和第五期工程的相关设备的抵押手续,应于其取得该等设备所有权的五个营业日内提交办理该项资产的抵押登记的
所有文件,并尽最大努力在取得该等设备所有权后的一个月内办理完成该项资产的抵押登记,并将抵押登记权证明提交给贷款人。The
      Borrower shall timely complete the registration and filing process for the
      security documents upon the Lender’s requirement. For the mortgage over
      the equipments of phase IV and V of the waste heat power generation
      project of the Borrower, it shall submit all required documents for the
      mortgage registration of the said assets within 5 business days of
      obtaining the ownership of the equipments, and shall try its best to
      complete such lien registration process within one month after obtaining
      the ownership of the equipments and submit the certification of the
      registration to the Lender.

            

    

     

    
      	
              7.21  

            	
              借款人保证在未作出经贷款人书面同意的贷款债权保全措施,不进行解散、清算、实质增加债务融资、设立子公司及其他任何影响贷款人权益的行为。The
      Borrower promises, before taking security measures on the loan debt that
      is approved by the Lender in writing, it will not take any actions of
      dissolution, liquidation, material increase of its debt, establishment of
      subsidiaries or any other activities that may adversely affect the rights
      and interests of the Lender.

            

    

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

     

    
      	
              7.22  

            	
              借款人保证不违反正常的偿还次序而优先清偿其他贷款,且现在和将来不签署任何致使本合同项下的贷款处于从属地位的合同,协议或其他法律文件。The
      Borrower promises that it will not breach the normal priority order to
      make repayment of other loans first, and will not sign any contract,
      agreement or legal documents at present or in the future which would put
      the loan under this contract subordinate to other
  loans.

            

    

     

    
      	
              7.23  

            	
              在发生下述任何事项后,借款人应及时,但在任何情况下应在相关情况发生后的三个营业日内,全面地将相关情况向贷款人做出书面通报:If
      any of the following event happens, the Borrower shall timely report the
      related situation to the Lender in full and in writing within 3 business
      days after event occurs.

            

    

     

    
      	
                     
      7.23.1  

            	
              其在任何合同项下发生任何违约事件或将要发生的违约事件,而且,一旦发生违约事件,借款人要说明其性质和持续时间,并要说明已经采取过何种行动或将要采取何种措施;Any
      event of breach or potential of breach under any contract, furthermore,
      once the breach occurs, the Borrower shall state the nature and lasting
      time of the event and actions or measures that have been taken or will be
      taken by the Borrower;

            

    

     

    
      	
                     
      7.23.2  

            	
              发生针对其或其任何重要资产涉及任何诉讼程序或仲裁程序、强制执行、查封、扣押或类似措施,或发生可能导致涉及该等程序或措施的事件或情形时,除应报告相关情况外,借款人还应详细列明对其已构成的或可能构成的
影响以及已采取或计划采取等补救措施;
      Any litigation or arbitration procedure, enforcement actions,
      distrainment, detention or similar measures against the Borrower or its
      important assets, or any event or situation that could cause such
      procedures or measures, besides reporting the related event, the Borrower
      should list its impact or potentially impact and the  remedy
      measures that have been taken or it plans to
  take;

            

    

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

     

    
      	
                     
      7.23.3  

            	
              借款人因经济活动而与第三人发生经济纠纷或发生影响借款人正常开展经营活动的事宜;
      The Borrower has the disputes with any third party due to business or the
      event that has impact on the normal business operation of the
      Borrower;

            

    

     

    
      	
                     
      7.23.4  

            	
              借款人未能及时落实因项目超支导致资金短缺或由于其他原因造成的资金短缺;
      The Borrower fails to timely make up any shortfall in capital caused by
      cost overrun or otherwise;

            

    

     

    
      	
                     
      7.23.5  

            	
              其任何资产或收入之上被设置担保权利,或其发觉,以其合理的判断,有可能对其业务产生重大不利影响的事件(包括但不限于任何第三方的索赔或责任);Any security
      interest is created over any assets or income of the Borrower or the
      Borrower finds out or at its reasonable judgment that there may be some
      events that will have major adverse impact on its business (including but
      not limited to the third party’s claim or
  liability);

            

    

     

    
      	
                     
      7.23.6  

            	
              任何可能会使借款人业务、资本及财产状况发生重大不利变化的严重事件;
      Any material event that might have material adverse impact on the
      business, capital and property of the
Borrower;

            

    

     

    
      	
                     
      7.23.7  

            	
              借款人需更换法定代表人、授权代表、变更通讯地址、事业单位名称,或在财务、人事方面发生重大变化、对借款人的章程、事业单位法人证书作出修改。Any
      changes of the legal representative, duly authorized representatives,
      postal address or company name, or any material changes of its financial
      and human resource personnel which will require the changes of the bylaw
      or Legal Entity Certificate of the
Borrower.

            

    

     

    
      	
              7.24  

            	
              借款人在向任何机构进行融资之前,需将融资方案提交贷款人审阅,并征得贷款人的同意。Before
      taking on any financing with any other entity, the Borrower should submit
      the financing plan to the Lender for review and obtain the approval from
      the Lender.

            

    

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    
      	
              第八条  

            	
              违约事件

            

    

     

    Article
8  Event of Default

    

    下列任一事件均构成借款人对本合同的违约:Any
of the following events shall constitute an event of default of the Borrower
under this Contract:

     

    
      	
              8.1  

            	
              借款人未能在本合同签署之后的三个月内办理完成第2.4款所规定的首次提款的各项先决条件,或未能在本合同签署之后的一年内办理完成第2.5款所规定的第二次提款的各项
先决条件,但是如果借款人未能按时完成提款先决条件确因借款人无法控制的客观原因所致或借款人对于未能按时完成提款先决条件并无过错的,不就视为借款人违约,贷款人应当根据情况给予豁免或同意借款人延期完成相关先决条件;或
      The Borrower fails to complete the conditions precedent required for the
      initial drawdown in accordance with article 2.4 within 3 months after the
      execution of this contract, or fails to complete conditions precedent
      required for the second  drawdown in article 2.5 within 1 year
      upon execution of this contract. However, if the failure is due to
      objective causes beyond the Borrower’s control or not due to the
      Borrower’s fault, it shall not be considered as a breach by the Borrower,
      and the Lender shall grant exemption or permit the Borrower to extend the
      process to complete the conditions
precedent.

            

    

     

    
      	
              8.2  

            	
              借款人未能在到期日按照本合同规定的方式支付任何本合同规定应由其支付的任何到期款项或应付款项;或The
      Borrower fails to make any  payment due and payables on the due
      date;

            

    

     

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

     

    
      	
              8.3  

            	
              借款人在本合同项下或任何担保人在相关担保文件项下所作出的任何一项陈述或保证是不正确的、不真实的、具有误导性的、已被违背,或该项陈述或保证被证明在其作出时或被视为作出时是不正确的、不真实的、具有误导
性的、已被违背,或现在变得不正确或具有误导性的;或
      Any representation or warranty by the Borrower under this contract or by
      the relevant securing party under related security documents is incorrect,
      untrue, misleading, or has been breached, or such representation or
      warranty has been proved to be incorrect, untrue, misleading, breached at
      the time when it is given or deemed as being given, or now becomes
      incorrect and misleading;

            

    

     

    
      	
              8.4  

            	
              借款人或任何担保人未能在提款后及时办理新增设备的抵押登记备案手续,并将登记备案证明文件及时提交贷款人,因贷款人无合理理由导致抵押登记迟延的,不视为借款人或担保人违约;The
      Borrower or any securing party fails to timely apply for the mortgage
      registration for the new equipment after the drawdown and to submit the
      registration filing proof documents to the Lender. If any delay of
      mortgage registration is caused by the Lender for no good reasons, then it
      shall not be deemed as the breach of the
  Borrower;

            

    

     

    
      	
              8.5  

            	
              本合同或任何融资文件或担保文件或其任何条款不是或不再是充分合法有效的,或借款人、CREG或其集团内的任何公司或任何关联公司或有关联的第三人就任何融资文件的任何条款的有效性或可执行性提出的
抗辩并且经过司法机关确认;或,
      This contract, or any financing documents, security documents or any
      clauses hereof and thereof is not or is no longer being fully valid, or
      the validity or enforceability of any clause of the financing documents
      has been challenged by the Borrower, CREG or its subsidiary or its
      affiliated company and such challenge has been affirmed by the judicial
      system; or

            

    

     

    
      	
              8.6  

            	
              借款人、任何担保人(包括但不限于CREG及其集团内的任何子公司或库国华先生本人)的任何其他协议项下的债务到期未付,或任何该等债务在规定到期之前被宣布为提前到
期的;或The
      Borrower, any securing party (including but not limited to CREG or its
      subsidiary or Mr. Ku Guohua) fails to pay its debt under any other
      agreement upon the same becomes due and payable, or any of such debt is
      declared to be accelerated before its maturity
  date;

            

    

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

     

    
      	
              8.7  

            	
              借款人、CREG或其集团内的任何子公司或库国华先生或库国华先生控股的任何其他公司出现资不抵债情况,或在其债务到期时无力偿还或承认无力偿还其任何债务;或与其债权人开始就其不能到期偿还的全部
或部分到期应付未付的债务进行全面重新调整或重新安排的谈判;或进入债务和解或重整程序;或CREG或其任何子公司的全部或主要产业或资产被指定了破产管理人或类似人士,或进入类似法律程序;或The
      Borrower, CREG or any subsidiary of the group, or Mr. Ku Guohua or any
      other companies controlled by Mr. Ku is insolvent, or is unable to pay for
      its debt when due or admits it is unable to pay any of its debt; or has
      started the negotiations of a general reorganization   or
      restructure of all or partial of its unpaid overdue indebtedness; or enter
      into debt reconciliation or reorganization proceeding; or all or partial
      of the business or assets of CREG or any of its subsidiaries are appointed
      to a bankruptcy administrator or the similar person, or enter into a
      similar legal proceedings;

            

    

     

    
      	
              8.8  

            	
              借款人、CREG或其集团内的任何子公司或库国华先生或库国华先生控股的任何其他公司的任何重要资产已涉及任何强制执行、查封、扣押、留置、监管措施或类似措施,或被任何政府的权力机构国有化、没收
或强制征收;或Any
      material asset of the Borrower, CREG or its subsidiary, or  Mr.
      Ku Guohua or any other companies controlled by Mr. Ku has been involved in
      any enforcement action, distrainment, detention, property preservation,
      supervision measures or similar measures; or has been in nationalization,
      confiscation or mandatory expropriation by the
  government;

            

    

     

    
      	
              8.9  

            	
              借款人未实质性地遵守或履行其在本合同下的任何一项承诺;或The
      Borrower failed to substantially comply with or implement any of its
      covenants under this contract;

            

    

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

     

    
      	
              8.10  

            	
              因为法律的变化或任何政府部门的行政命令,致使借款人的业务状况或其任何重要资产发生重大不利变化或发生可能导致重大不利变化的事件或情形,而该等变化、事件或情形被贷款人合理地认为已对或可能对借款人在本合
同项下的偿债能力构成重大不利变化;或
      Due to the changes of the laws or any administrative orders of the
      government, any material adverse change occurred to the business condition
      or material assets of the Borrower or the event or situation that might
      cause material adverse change has occurred, and such changes, events or
      situations have been reasonably considered by the Lender as to have or
      might have material adverse change on the Borrower’s ability of repayment
      under this contract;

            

    

     

    
      	
              8.11  

            	
              借款方、CREG或其集团内的任何子公司中止、停止或声称要中止或停止其业务活动;或
      The Borrower, CREG or its subsidiary suspends, stops or claims to suspend
      or stop its business;

            

    

     

    
      	
              8.12  

            	
              未经贷款人事先书面同意,借款人、CREG或其集团内的任何子公司回赎其任何股份,回购其任何股份或以其他方式减少其发行股本;Without
      the Lender’s prior written approval, the Borrower, CREG or its subsidiary
      redeems, buys back its shares or otherwise reduces its outstanding
      shares.

            

    

     

    
      	
              8.13  

            	
              借款人违反第七条的任何规定的,或相关担保人违反其在相关担保文件项下的任何规定的,并且如果在贷款人看来该项违约是可以补救的,但是相关当事方却未能在委托方发出要求纠正该项违约行为的通知后的15
个营业日或贷款人同意的其他期限内得以补救;或
      The Borrower breaches article 7, or any securing party breaches the
      requirements of the relevant security documents, and if such breach is
      remediable according to the Lender, however, the related party fails to
      cure the breach within 15 business days upon the Lender’s notice or in
      other remedy period agreed by the
Lender;

            

    

     

    
      	
              8.14  

            	
              借款人未能根据第10条的规定在指定的期限内追加令贷款人满意的担保措施的;或
      The Borrower fails to provide further security satisfactory to the Lender
      within the specified time of the article 10;

            

    

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

     

    
      	
              8.15  

            	
              借款人、CREG或其集团内的任何子公司按贷款人可以接受的方式经营或继续经营所需的任何批准、授权、专利许可或政府许可被取消、撤销、终止、或改变或被附加以贷款人不能接受的条件;或Any
      approval, authorization, patent licensing or governmental permit required
      for the business of the Borrower, CREG or its subsidiary to operate or
      continue to operate and are acceptable to the Lender has been cancelled,
      revoked, terminated, changed or added additional conditions that are
      unacceptable to the Lender;

            

    

     

    
      	
              8.16  

            	
              发生其他导致借款人履行其在本合同项下的义务或任何担保人履行其各自在相关担保文件项下的义务的能力产生严重不利变化的其他任何事件;或
      Other events occurred which cause material adverse effect to the
      Borrower’s ability to perform its obligations under this contract or the
      ability of any securing party to perform its respective obligations under
      related security documents;

            

    

     

    
      	
              8.17  

            	
              任何美元融资文件项下发生任何违约事件。
      Any breaching event under any U.S. dollar financing
    documents.

            

    

     

    
      	
              第九条  

            	
              违约处理

            

    

     

    Article
9  Treatment of Default

     

    
      	
              9.1  

            	
              本合同第八条所列违约情况之一项或数项出现时,贷款人可单方面无条件采取下列一种或数种措施进行处理,在此情况下,借款人同意无条件放弃抗辩权,并应补偿因其违约对贷款人造成的一切损失:Upon
      the occurrence of one or several of the defaults in article 8 of this
      contract, the Lender may unilaterally and unconditionally take one or
      several actions listed below to handle such breach, under such situation,
      the Borrower agrees unconditionally waive its right to rebuttal and agrees
      to indemnify all losses of the Lender caused by its
    default:

            

    

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

     

    
      	
                     
      9.1.1  

            	
              终止发放未提取贷款,宣布本合同项下贷款本金立即提前到期,提前收回部分或全部已发放的贷款,所欠利息及应付款项结清,并通过各种形式向借款人立即追索;Stop
      providing the undrawn loan, declare the loan principal under this contract
      due immediately,  recover all or part of the outstanding loan,
      settle all the interest and money owed, and take on other actions against
      the Borrower;

            

    

     

    
      	
                     
      9.1.2  

            	
              本合同有效期内,若借款人未经贷款人书面同意而擅自将本合同项下的任何贷款用于第2.2款及各份《信托贷款资金用途明细单》所规定以外的用途,则借款人擅自挪用之日起,根据借款人的挪用金额和实际
挪用天数,按本合同第3.1款所规定的利率基础上上浮100%计收罚息,直到清偿本息为止;During
      the term of this Contract, if the Borrower uses the loan for the purpose
      other than as specified in article 2.2 and in each of Detailed Use List of Trust
      Loan Fund without the written consent from the Lender, from the
      date of such unauthorized use of the fund, the Borrower shall pay for a
      default interest, based upon the misused amount, number of days of such
      use, with an 100% higher than the interest rate in article 3.1, until the
      repayment of the principal and
interest.

            

    

     

    
      	
                     
      9.1.3

            	
              在本合同贷款期限内,借款人未按照本合同规定的期限支付的利息,应自逾期之日起对逾期应付未付的利息按本合同第3.1款所规定的利率向贷款人支付复利;贷款逾期后,对于借款人未按时支付的利
息按照本合同第3.1条所规定的利率基础上上浮50%向贷款人支付复利;During
      the term of the loan, if the Borrower fails to pay interest due according
      to this contract, it shall pay for a compound interest from the due date
      for that interest payment pursuant to the interest rate stipulated in
      article 3.1 of this contract; after the loan is due, for the interest not
      be paid on time, the Borrower should pay the Lender a compound interest
      rate with a 50% higher than rate under 3.1 of this
    contract;

            

    

     

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

     

    
      	
                     
      9.1.4

            	
              对逾期贷款或贷款人宣布立即到期的贷款,借款人应自逾期或宣布到期之日起至全部贷款本息完全清偿完毕之日止对逾期贷款按本合同第3.1款所规定的利率基础上上浮50%向贷款人支
付罚息;贷款人根据第9.1.2款至第9.1.4款向借款人计收罚息并不影响贷款人在本合同项下的任何其他权利;For
      the overdue loan or the loan that the Lender declares immediately due, the
      Borrower shall pay for a penalty interest for the overdue loan with the
      rate of a 50% higher than the interest rate stipulated in article 3.1 in
      this contract from the due or declare due date to the date when such loan
      is completed repaid; the Lender’s charge of the default interest from
      article 9.1.2 to 9.1.4 shall not affect its other rights
      hereunder;

            

    

     

    
      	
                     
      9.1.5  

            	
              在根据第3.4款规定适用18%利率的情况下,本协议第9.1.2款至9.1.4款所规定的罚息利率和复利利率的上浮比率将调整为在年利率(18%)的基础
上上浮25%。 In the case
      where the  interest rate of 18% as provided in article 3.4
      applies, then the default interest rate and compound interest rate shall
      be 25% higher than 18% per annum.

            

    

     

    
      	
                     
      9.1.6  

            	
              取消借款人未提用的贷款;
      Cancel any undrawn loan;

            

    

     

    
      	
                     
      9.1.7  

            	
              如果借款人未能及时完成贷款发放条件,导致借款人未使用全部或部分贷款的,借款人仍应当按照本合同的规定金额支付利息,如同该部分贷款已经提取一样,但贷款人根据第Error! Reference source not
      found.款规定给予豁免或同意延期的情况除外;If
      the Borrower fails to satisfy all the condition precedent for the drawdown
      of the loan  in time and as a result, the Borrower would not be
      able to use all or part of the loan, the Borrower shall still pay the
      interest of this contract, as if the loan had been drawn, unless otherwise
      exempted or postponed by the Lender in accordance with Article
      8.1

            

    

     

    
      	
                     
      9.1.8  

            	
              要求借款人另行提供经贷款人书面认可的担保;以及Request
      the Borrower to provide other security that is agreed by the Lender in
      writing;

            

    

     

    
      	
                     
      9.1.9  

            	
              法律允许的其他必要措施。Other
      necessary measures allowed by the
laws.

            

    

     

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

     

    
      	
              第十条  

            	
              还款的保障措施

            

    

     

    Article
10   Measures for Securing the Repayment

    

    
      	
              10.1  

            	
              对本合同项下的贷款本金、利息以及其他应付款项,借款人向贷款人提供如下担保措施:For
      the loan principal, interest and other payable dues, the Borrower provides
      the Lender with the following payment security
  measures:

            

    

     

    
      	
                             
      10.1.1  

            	
              上海天可华能源科技有限公司就借款人在本合同项下的全部义务向贷款人提供无条件且不可撤销的连带责任保证;Shanghai
      TCH Energy Technology Co., Ltd provides the Lender with an unconditional
      and irrevocable guarantee with joint and several liabilities for all of
      the Borrower’s obligations
hereunder;

            

    

     

    
      	
                             
      10.1.2

            	
              由借款人以其持有的内蒙古鄂尔多斯天可华节能发展有限公司80%股权向贷款人提供股权质押担保;The
      Borrower pledges its 80% equity in Erdos TCH as a security to the
      Lender;

            

    

     

    
      	
                             
      10.1.3  

            	
              库国华先生就借款人在本合同项下的全部义务向贷款人提供无条件且不可撤销的连带责任保证;以及
      Mr. Ku Guohua provide the Lender with an unconditional and irrevocable
      guarantee with joint and several liabilities for all of the Borrower’s
      obligations hereunder;

            

    

     

    
      	
                             
      10.1.4  

            	
              由内蒙古鄂尔多斯天可华节能发展有限公司以其拥有的余热发电项目第四期工程和第五期工程的相关设备抵押给贷款人;The
      Erdos TCH mortgages its equipment for phase IV and V of the waste heat
      power generation project in favor of the
Lender;

            

    

     

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

    
      	
                             
      10.1.5  

            	
              由内蒙古鄂尔多斯天可华节能发展有限公司将其余热发电项目第四期和第五期的所有应收账款(包括该应收账款的相关权利、利益、追索权等)质押给贷款人,作为其履行本合同项下的全部
义务的担保;
      The Erdos TCH uses its accounts receivable (including its rights, benefits
      and right of recourse) of phase IV and V of the waste heat power
      generation project as pledge to the Lender as the security for the
      Borrower’s performance of all its obligations under this
      contract;

            

    

     

    
      	
              10.2  

            	
              借款人同意将根据贷款人的要求不时提供其他令贷款人满意的担保措施。The
      Borrower agrees from time to time to provide other security measures
      satisfactory to the Lender upon its
request.

            

    

     

    
      	
              10.3  

            	
              在下列条件同时满足的情况下,贷款人同意其将只保留(i)内蒙古鄂尔多斯天可华节能发展有限公司余热发电项目第五期工程相关设备的抵押,以及(ii)内蒙古鄂尔多斯天可华节能发展
有限公司余热发电项目第五期的所有应收账款的质押,而解除本合同项下的其他担保权利:Upon
      the satisfaction of the following conditions, the Lender agrees that it
      will only retain (i) lien on the equipment of phase V of the waste heat
      power generation project of Erdos TCH and (ii) a pledge on accounts
      receivable of the phase V of the waste heat power generation project of
      Erdos TCH; and agrees to release other guarantees under this
      contract;

            

    

     

    
      	
              (a)  

            	
              CREG的股价连续三个月的平均成交价达到或超过4.92美元;Average
      trading price of CREG’s share is at or above $4.92 dollars for three
      consecutive months;

            

    

     

    
      	
              (b)  

            	
              本合同项下首次提款后满一年;并且
      One year has passed after the first draw-down,
  and

            

    

     

    
      	
              (c)  

            	
              库国华先生就本合同及其他融资文件提供的股权质押担保涵盖累计不低于900万股的CREG普通股股权质押。Mr.
      Ku Guohua pledges in favor of the Lender with respect to the Borrower’s
      obligations hereunder and under other financing documents involve no less
      than 9 million common shares of
CREG.

            

    

     

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

     

    
      	
              10.4   

            	
              在贷款人根据前述第10.3款规定解除相关担保权利之后,则借款人应在贷款人书面指定的期间内补充提供令贷款人满意的其他担保措施;After
      the Lender releases any security pursuant to article 10.3, the Borrower
      shall provide other satisfactory security to the Lender within the
      required time upon the Lender’s written
  requirement.

            

    

     

    
      	
               
      

            	
              (a)CREG的股价持续一个月低于4.92美元;或者  CREG
      stock trading price is continuously traded less than 4.92 dollars for a
      month, or

            

    

     

    
      	
               
      

            	
              (b)在解除相关担保权利当年的经审计的完整年度财务报表编制完成之后,按该报表计算的CREG的市盈率高于12倍, For the
      year during which certain security is released, according to its audited
      financial statements for the complete fiscal year, CREG’s P/E ratio in the
      financial statement is higher than 12
times;

            

    

     

    
      	
               
      

            	
                     则借款人应按贷款人要求追加与内蒙古鄂尔多斯天可华节能发展有限公司余热发电项目第四期工程相关设备的抵押及所有应收账款相同类型且价值相当的补充担保。Then
      upon the Lender’s request, the Borrower shall add additional mortgage over
      equipments and accounts receivable similar to and in value equivalent to
      those of phase IV of the waste heat power generation project of Erdos
      TCH.

            

    

     

    
      	
              第十一条  

            	
              合同的补充、变更和转让

            

    

     

    Article
11  Supplement, change and assignment of the Contract

    

    
      	
              11.1  

            	
              本合同未尽事宜,合同双方可以另行协商签订补充协议。补充协议作为本合同的附件构成本合同的组成部分,与本合同具有同等法律效力。For
      any outstanding issues of this Contract, the parties could reach
      supplemental agreement through negotiation. The supplemental agreement
      will be an appendix and an integral part of this Contract and has the same
      legal effect of this Contract.

            

    

     

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

     

    
      	
              11.2  

            	
              若本合同规定违反国家相关法律、法规,在保证贷款人贷款安全和效益的前提下,合同双方应及时签订补充协议予以完善,但无论双方是否最终签署补充协议,贷款人都保留提前贷款到期日和立即对借款人进行追索的权利。

      If this Contract violates the laws and regulations, in the premise of
      guaranteeing the safety and beneficiary of the loan, the parties shall
      promptly enter into supplement agreement to improve this Contract.
      However, no matter whether the supplement agreement is signed or not, the
      Lender shall reserve the rights to accelerate the maturity date of the
      loan and make recourse to the Borrower
  immediately;

            

    

     

    
      	
              11.3  

            	
              本合同生效后,合同条款的变更必须经双方及有关第三方协商一致,并依照法律的规定办理好有关本合同及相关文件的批准、登记、备案手续。Upon
      the effect of this Contract,  any change of the terms of this
      Contract shall be made upon the agreement among the parties and any
      related third party and shall complete any approval, registration and
      filing process of this Contract and its related documents according to the
      laws;

            

    

     

    
      	
              11.4  

            	
              借款人不得转让其在本合同项下的任何权利和义务。The
      Borrower shall not assign any of its rights or obligations under this
      contract;

            

    

     

    
      	
              11.5  

            	
              在本合同有效期内,贷款人在提前十个营业日书面通知借款人后,可以向他方转让贷款人在本合同项下的权利,而无需借款人的事先同意,但应在转让发生后尽快书面通知借款人。During
      the term of this Contract, upon a 10 business day prior written notice to
      the Borrower, the Lender can assign its rights under this contract to the
      other party without the Borrower’s prior approval; But the Lender should
      inform the Borrower as soon as possible in writing after the
      assignment.

            

    

     

    
      	
              11.6  

            	
              为进行上述转让,转让方和受让方应另行签署书面转让文件,受让方还应与借款人另行签署贷款合同及有关还款保障措施所要求的其他全部有关文件,并相应办理贷款合同及其他文件所需的各类批准、登记、备案手续。借款
人有义务无条件配合转让方和受让方完成相关全部手续。For
      the above assignment, the assignor and the assignee shall separately sign
      the written assignment document, the assignee and the Borrower shall
      separately sign the Loan Contract and all other relevant documents
      required by the repayment securing measures and apply for approval,
      registration and filing required by the Loan Contract and other
      documents.  The Borrower has the obligations to unconditionally
      cooperate with the assignor and the assignee to complete all the
      process.

            

    

     

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

     

    
      	
              第十二条  

            	
              通知事项

            

    

     

    Article
12  Notification

    

    
      	
              12.1  

            	
              本合同双方地址见合同首页。任何一方地址如有变更,应提前十五日书面通知对方。The
      addresses of the parties are at the first page of this Contract. Any
      changes of the address of each party, the party shall inform the other
      party with a 15 day prior written
notice.

            

    

     

    
      	
              12.2  

            	
              合同双方以挂号信、传真、特快专递的方式发送通知。通知在下列日期视为送达:The
      parties shall sent notices through registered mail, fax or courier. The
      notices shall be deemed as delivered on the following
    dates:

            

    

     

    
      	
              12.2.1  

            	
              由挂号信邮递,发出通知一方持有的挂号信回执所示日;If
      by registered mail, upon the date of the return receipt of the registered
      mail;

            

    

     

    
      	
              12.2.2  

            	
              由传真传送,收到回复码或成功发送确认条的情况下第一个营业日;If
      by fax, the first business day of the receipt of the reply code or
      successfully sent confirmation
slip;

            

    

     

    
      	
              12.2.3  

            	
              由特快专递发送,被通知方签收的当日。If
      by courier, the date of the signature of the notified party upon
      receiving.

            

    

     

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

     

    
      	
              第十三条  

            	
              其他事项

            

    

     

    Article
13   Miscellaneous

    

    
      	
              13.1  

            	
              本合同经双方加盖公章及双方代表人或授权代表签字后生效,贷款本金、利息、罚息和其他一切应付费用全部归还后自动终止。This
      Contract shall take effect upon affixing their company seals by the
      parties and the signatures of the legal representatives or duly authorized
      representatives of the parties, and shall automatically terminate upon the
      full repayment of the loan principal, interest and interest penalty and
      other fees payable;

            

    

     

    
      	
              13.2  

            	
              本合同的订立、生效、履行、解释、修改和终止等事项均适用中华人民共和国现行有效的法律、行政法规、规章、司法解释及相关规定。The
      execution, effectiveness, implementation, interpretation, amendment and
      termination of this Contract shall be governed by the existing effective
      laws, administrative regulations, judicial interpretation and relevant
      regulations of China.

            

    

     

    
      	
              13.3  

            	
              执行本合同发生争议,由双方协商解决。协商不成,任何一方均可向贷款人住所地有管辖权的人民法院起诉;Any
      disputes arising from the implementation of this Contract shall be settled
      through negotiation between the parties.  If the negotiation
      fails, any party has the right to bring the dispute to the competent
      people’s court where the Lender
locates.

            

    

     

    
      	
              13.4  

            	
              本合同所规定或要求的有关还款保障措施的文件、借款申请书、不可撤销贷款使用通知书,以及借款人或贷款人提供的其他相关文件、资料均为本合同不可分割的组成部分。The
      repayment securing measure documents, loan application letter, irrevocable
      loan use notice that required or stipulated in this Contract and other
      related documents and the materials provided by the Lender or the Borrower
      are an integral part of this
Contract.

            

    

     

    
      	
              13.5  

            	
              本合同正本一式陆份,合同双方各执贰份,其余用于办理相关手续。The
      original copy of this Contract shall be in six copies, each party shall
      hold two copies, the rest shall be used for the relevant
      registrations.

            

    

     

    
      	
              13.6  

            	
              本合同于2010年[8]月[18]日在北京市西城区签署。This
      Contract is executed in Xicheng District, Beijing on 18th August,
      2010.

            

    

     

    
      
         

      

      
        57

        
          

        

      

      
         

      

    

     

    
 

     

    《资金信托贷款合同》签字页

     

    Signatures
Page of Capital Trust Loan Contract

     

    (本页以下无正文)

     

    (the rest
of this page intentionally left blank)

    

    

    

     

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

    

    (本页包含合同的签署内容,是编号为2010金谷信托贷款字第2-1号的《资金信托贷款合同》不可分割的组成部分。本页所包含的签署内容用于且仅用于贷款人中国金谷国际信托有限责任
公司与借款人西安天可华能源科技有限公司签

    订《资金信托贷款合同》。)

    (This
page contains the signatures of this contract and is an integral part of Capital
Trust Loan Contract (Jin Gu Trust (2010) No. 2-1). The signatures on this page
are used and can only be used on the execution of Capital Trust Loan Contract by
and between China Jin’gu International Trust Co., Ltd. as the Lender and Xi’an
TCH Energy Technology Co., Ltd. as the Borrower.)

     

     

    借款人(公章):西安天可华能源科技有限公司

     

    法定代表人或授权代表(签字)

     

    The
Borrower (corporate stamp) : Xi’an TCH Energy Technology Co., Ltd.

    Legal
Representative or Duly Authorized Proxy (signature)

     

     

    贷款人(公章):中国金谷国际信托有限责任公司

     

    The
Lender (corporate stamp): China Jin’gu International Trust Co., Ltd

     

    法定代表人或授权代表(签字)

     

    Legal
Representative or Duly Authorized Proxy (signature)

     

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

     

    附件一Annex
I

    

    信托贷款资金用途明细单Detailed
Use List of Trust Loan Fund

    

     

    中国金谷国际信托有限责任公司:

     

    根据我公司与贵公司签订的《资金信托贷款合同》的约定,我公司将按照信托计划资金的运用方式将信托计划资金全部运用于[*],具体用途如下:

     

    To: China Jin’gu International
Trust Co., Ltd.

    Per
Capital Trust Loan Contract by and between your company and us, we will use
entire capital under trust fund plan to [*] as per capital utilization method of
the trust plan; detail of the utilization is as follows:

    

     

    
      	
              1、  

            	
              设计和勘查:人民币[*]元(大写[*]元)

            

    

     

    
      	
              2、  

            	
              土建工程:人民币[*]元(大写[*]元)

            

    

     

    
      	
              3、  

            	
              设备采购和安装:人民币[*]元(大写[*]元)

            

    

     

    
      	
              4、  

            	
              日常经营资金:人民币[*]元(大写[*]元)

            

    

     

    1. 
Design and survey: ¥  ********    

    2. 
Civil engineering and construction: ¥  *******

    3.  Equipment
procurement and installation: ¥ *******

    4.  Daily
operating cost: ¥ *******

     

    我公司保证履行《资金信托贷款合同》中资金用途的义务,并承担违约造成的全部责任。We
promise to comply the obligations of the capital utilization specified in
Capital Trust Loan Contract and will assume all liabilities if
breach.

    

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

     

    借款人:(公章)西安天可华能源科技有限公司

     

    法定代表人或授权代表签字

     

    日期:2010年[*]月[*]日

     

    The
Borrower: (corporate stamp):Xi’an TCH Energy
Technology Co., Ltd.

     

    Legal
Representative or Duly Authorized Proxy (Signature): ***

     

    Date:  [
](month) [  ](day), 2010

    

    
      
         

      

      
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    附件二Annex
II

     

    不可撤销提款通知书Irrevocable
Loan Drawdown Notice

    

     

    中国金谷国际信托有限责任公司:

     

    根据以贵公司为贷款人与作为借款人的本公司于2010年[8]月[18]日所签署的《资金信托贷款合同》(合同编号:金谷信(2010)第2-1
号)(以下称“贷款合同”)之规定,本公司特向贵公司提交本不可撤销提款通知书。贷款合同中的定义在本不可撤销提款通知书中具有同样的含义。

     

    To: China Jin’gu International
Trust Co., Ltd.

    Per
Capital Trust Loan Contract (Jin Gu Trust (2010) No. 2-1) on 18th August,
2010, in which your company as the Lender and the undersigned company as the
Borrower (hereinafter “Loan Contract”), we hereby deliver this irrevocable loan
drawdown notice to your company. The definitions in the Loan Contract have the
same meaning in this irrevocable loan drawdown notice.

     

    提款是根据贷款合同规定的条款和条件所作出的,请贵公司于[2010]年[*]月[*]日将贷款人民币[50,000,000]元,(大写:[伍仟万
元整])划入本公司在指定银行开立的下述人民币贷款账户:
This loan drawdown is based on the terms and conditions specified in the Loan
Contract, and please transfer the loan at amount of ¥ RMB 50,000,000 to
the undersigned company’s designated Chinese Yuan loan account as follows on
[  ](month) [  ](day), 2010:

    

     

    账户名称:西安天可华能源科技有限公司

    Account
name: Xi’an TCH Energy
Technology Co., Ltd. :

    银行账号:Account
number: ******

    开户银行:Account
bank:  *****

     

    
      
         

      

      
        62

        
          

        

      

      
         

      

    

     

    在提交本不可撤销提款通知书时,本公司特在此作出如下确认:The
company hereby confirms the following matters upon the delivery of this
irrevocable loan drawdown notice:

     

    
      	
              1、  

            	
              提款全部用于贷款合同所规定的贷款用途;All
      capital withdrawn shall be used to the usage of the loan specified in the
      Loan Contract;

            

    

     

    
      	
              2、  

            	
              本公司在贷款合同项下所做出的陈述与保证依然准确、真实、完整、有效;The
      undersigned company guarantees that the representations and warranties
      made by the undersigned company in the Loan Contract are still accurate,
      authentic, intact and effective;

            

    

     

    
      	
              3、  

            	
              无任何一贷款合同所规定的违约事件已经发生或正在发生,提款也不会导致该等违约事件的发生;No
      breaches specified in the Loan Contract has occurred or is currently
      occurring, and the drawdown of the loan will not cause such breach
      either;

            

    

     

    
      	
              4、  

            	
              如我公司在提款日前仍未提款或未提清所有贷款金额,本公司愿意承担贷款合同中所约定的违约责任。Should
      the undersigned company fail to withdraw the loan or withdraw the loan in
      full amount prior to the drawdown date, the undersigned company will
      undertake the liabilities for breach specified in the Loan
      Contract.

            

    

     

    

     

    借款人:(公章) The Borrower:
(corporate stamp)

     

    法定代表人或授权代表签字

     

    日期:[*]年[*]月[*]日

     

    Legal
Representative or Duly Authorized Proxy (Signature):

    

    Date:  [  ](month)
[   ](day), [   ](year)

     

    
      
         

      

      
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    附件三 Annex
III

     

    贷款发放确认函Loan
Disbursement Confirmation Letter

    

     

    编号:金谷信(2010)第2-1号 No: Jin’gu Trust (2010) No
2-1

     

    中国金谷国际信托有限责任公司:

     

    根据以贵公司为贷款人与作为借款人的本公司于2010年[8]月[18]日所签署的《资金信托贷款合同》(合同编号:金谷信(2010)第2-1
号)(以下称“贷款合同”)之规定,本公司特就贵公司发放贷款相关事宜向贵公司确认如下:

    

    To: China
Jin’gu International Trust Co., Ltd.

     

    Per
Capital Trust Loan Contract (Jin’gu Trust (2010) No. 2-1) on August 18, 2010 in
which your company as the Lender and the undersigned company as the Borrower
(hereinafter “Loan Contract”) , the undersigned company hereby confirms the
following matters concerning to the loan disbursement by your
company:

     

    1、于出具本《发放贷款确认函》之日,本公司收到了贵公司发放的贷款总金额:人民币[*]元(大写:      );Upon the date of
issuing this Loan Disbursing Confirmation Letter, the undersigned company has
received the loan disbursed by your company, at the amounts of: ¥
*******   ;

     

    2、上述贷款总金额所对应的明细贷款金额、贷款利率及还款日如下表:The
sum of the aforementioned loan corresponds to the detailed loan amount break
down list, loan interest rate and repayment dates specified in the following
sheet:

    

    3、上述贷款的起息日为[*]年[*]月[*]日。The interest
date of the aforementioned loan start from [   ](month)
[  ](day),  [  ](year).

    

    
      
         

      

      
        64

        
          

        

      

      
         

      

    

     

    4、贷款合同中的定义在本《发放贷款确认函》中具有同样的含义。Definitions
in the Loan Contract have the same meaning to this Loan Disbursing Confirmation
Letter.

    

     

    借款人:(公章)西安天可华能源科技有限公司

     

    法定代表人或授权代表签字

     

    日期:[*]年[*]月[*]日

     

    The
Borrower: (corporate stamp):Xi’an TCH Energy
Technology Co., Ltd..

     

    Legal
Representative or Duly Authorized Proxy (Signature): ***

     

    Date:  [   ](month)
[   ](day), [   ](year)

     

    
      
         

      

      
        65

        
          

        

      

      
         

      

    

    

     

    

     

    附件四Annex
IV

     

    借款凭证 Loan
Note

     

     

     

     

     

    
      
         

      

      
        66

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