Document:

Exhibit 10.2(c)

 

Text Encoding: CMBC-HT041 (GS2007)

 

Maximum Guarantee Contract

 

(Applicable where the guarantor is a unit)

 

No.: GGBZ 2014 SHJZBZEZ No. 014-2

 

SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD.
(Seal)

 

CHINA MINSHENG BANKING CORP., LTD. SHENZHEN
BRANCH (Seal)

 

CHINA MINSHENG BANKING CORP., LTD.

 

    	 

    	 

    

 

Maximum Guarantee Contract

 

Guarantor: Huizhou Highpower Technology
Co., Ltd. (hereinafter referred to as Party A)

 

Address: Xinhu Industrial Development
Zone, Ma’an Town, Huicheng District, Huizhou City

 

P. C.:

Legal Representative / Main Principal:
Pan Dangyu

Tel.:

Fax:

Opening Bank:

Account No.:

 

Creditor: CHINA MINSHENG BANKING CORP.,
LTD. SHENZHEN BRANCH (hereinafter referred to as Party B)

 

Address: Minsheng Bank Building, Xinzhou
No. 11 Street, Futian District, Shenzhen City

 

P. C.: 518048

Legal Representative / Main Principal:
Ou Yangyong

Tel.:

Fax:

 

In order to ensure the performance of
the Main Contract made and entered into by and between Party B and SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. (hereinafter
referred to as “Debtor of the Main Contract”), Party A is willing to provide maximum guarantee for all/par of the
debts under the Main Contract. IN WITNESS WHEREOF, Party A and Party B conclude and sign this Contract through friendly consultation
in accordance with relevant national laws and regulations.

 

Chapter 1 Category of the Principal
Creditor’s Right Guaranteed and Maximum Amount of Debts 

 

Article 1 The Main Contract of this Contract
is selected as follows:

 

þ
The Comprehensive Credit Granting Contract of 2014 SHJZBZEZ No. 014 made and entered into by and between
Party B and the Debtor of the Main Contract, this Contract, and the specific business contracts, applications IOU, and certificates
of creditor’s rights or electronic data under this Contract shall constitute the Main Contract of this Contract;

 

x
All of  continuously made and entered into by and between Party B and the Debtor of the Main Contract during the
period of the principal creditor’s right specified in Article 3 herein shall constitute the Main Contract of this Contract.
The amount of all the outstanding principals used by the Debtor of this Contract at any time shall not exceed the limit specified
in Article 2 herein. However, within this limit, the Debtor of the Main Contract may apply for recycling the limit of all the
outstanding principals.

 

    	 

    	 

    

 

Article 2 The maximum amount of debts
guaranteed by Party A is: (currency) RMB, (amount in words): twenty million Yuan only.

 

The maximum amount of debts is the maximum
limit for balance of principals, defined as follows:

 

The maximum limit for balance of principals
is the maximum limit for principals of principal creditor’s rights only. If the principal does not exceed the said limit,
Party A is willing to undertake joint guarantee liability for all the accounts payable within the scope specified in Article 6
of this Contract.

 

Chapter 2 Period of the Principal Creditor’s
Right Guaranteed 

 

Article 3 The period of the principal
credit’s right guaranteed under this Contract shall be from May 22, 2014 to May 22, 2015. The stipulations
of this article have the following meanings:

 

3.1 If the business specified in the Main
Contract is a loan business, the date of release of each loan shall not be later than the expiry date of this period.

 

3.2 If the business specified in the Main
Contract is a business of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee
for the release of goods), the date of draft of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or
letter of guarantee for the release of goods) shall not be later than the expiry date of this period.

 

Chapter 3 Guarantee Method 

 

Article 4 Joint liability guarantee is
adopted as the method of guarantee by Party A.

 

Article 5 Besides the guarantee method
specified in this Contract, if there is any other guarantee under the Main Contract (including the Debtor of the Main Contract
provides mortgage/pledge guarantee for Party B to the extent of the Debtor’s own property), Party A’s guarantee liability
undertaken for Party B shall not be affected by any other guarantee nor be exempted or reduced arising therefrom. Party B is entitled
to select to exercise the guarantee right under this Contract first and Party A waives the prior right of defense of any other
guarantee. If Party B’s priority to gain compensation from the said mortgage right/pledge right is lost or reduced due to
Party B’s waiver of the mortgage right/pledge right for the property of the Debtor of the Main Contract for any reason or
due to Party B’s change of the sequence or contents of the mortgage right/pledge right, as promised by Party A, Party A’s
guarantee liability undertaken for Party B shall not be exempted or reduced.

 

Chapter 4 Scope of Guarantee

 

Article 6 Party A’s guarantee scope:
the maximum principal of the principal creditor’s rights specified in Article 2 of this Contract and other accounts payable
(including but not limited to interest, default interest, compound interest, penalty, damages, expenses for realizing creditor’s
rights and guarantee right (including but not limited to legal cost, attorney fee and business traveling expenses), and all other
reasonable expenses payable). Other accounts payable specified in the said scope shall be included in the scope of guarantee liability
undertaken by Party A but shall not be included in the maximum limit for balance of principals guaranteed under this Contract.

 

    	 

    	 

    

 

Article 7 The funds (including the funds
Party B obtains from exercising the right specified in sub-clause 12.2 of this Contract) that Party A pays Party B for the purpose
for performing Party A’s responsibility under this Contract shall be paid according to the following order: (1) Party B’s
expenses for realizing creditor’s rights and guarantee right; (2) damages; (3) penalty; (4) compound interest; (5) default
interest; (6) interest; (7) principal. Party B is entitled to change the said order.

 

Chapter 5 Determination of the Creditor’s
Right Guaranteed 

 

Article 8 The creditor’s right guaranteed
under this Contract shall be determined under any one of the following circumstances:

 

8.1 the period of the principal creditor’s
right specified in Article 3 of this Contract expires;

 

8.2 the Main Creditor announces acceleration
of all debts under the Main Contract by law or according to relevant stipulations of the Main Contract;

 

8.3 other circumstances for determining
the creditor’s right guaranteed prescribed by law.

 

Article 9 When the creditor’s right
guaranteed under this Contract is determined, the following shall become effective:

 

9.1 When the creditor’s right guaranteed
under this Contract is determined, the outstanding creditor’s right under the Main Contract shall be included in the scope
of the creditor’s right guaranteed no matter whether the performance period of the creditor’s right has expired or
not or there is any other additional condition.

 

9.2 When the creditor’s right guaranteed
under this Contract is determined, all funds other than principals specified in Article 6 of this Contract shall be included in
the scope of the creditor’s right guaranteed no matter whether the funds have been occurred or not;

 

9.3 From the date when the creditor’s
right guaranteed under this Contract is determined to the date of full repayment of the creditor’s right guaranteed, if
the Debtor of the Main Contract fails to perform the obligation of repayment of debts, Party B shall have the right to directly
claim Party A for compensation and Party A shall repay Party B relevant debts immediately.

 

Chapter 6 Guarantee Period 

 

Article 10 The guarantee period of the
guarantee liability undertaken by Party A shall be two years and the date of start shall be determined according to the following
method:

 

10.1 If the expiry date of the performance
period of a debt under the Main Contract is early than or equals to the date of determination of the creditor’s right guaranteed,
the guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the date of determination
of the creditor’s right guaranteed;

 

10.2 If the expiry date of the performance
period of a debt under the Main Contract is later than the date of determination of the creditor’s right guaranteed, the
guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the expiry date of the performance
period of this debt;

 

    	 

    	 

    

 

10.3 The term “expiry date of the
performance period of a debt” indicated in the preceding paragraph includes the expiry date of the debt when the Debtor
of the Main Contract repays the debt by installments and also includes the expiry date of acceleration announced by the Creditor
according to the stipulations of the Main Contract;

 

10.4 If the business under the Main Contract
is a business of letter of credit, bank acceptance bill, letter of guarantee or letter of guarantee for the release of goods,
the date of external payment shall be deemed as the expiry date of the performance period of the debt.

 

Chapter 7 Both Parties’ Rights
and Obligations 

 

Article 11 Rights and obligations of Party
A

 

11.1 Party A is a legal person duly established
and validly existing, has the capacity for civil rights and the capacity for civil conducts for signing and executing this Contract,
and has obtained all necessary licenses, approvals, registration and files required for signature of this Contract;

 

11.2 All the internal authorization formalities
required for Party A for signing this Contract have been completely handled and become fully effective. Party A’s signature
of this Contract and performance of its obligations under this Contract shall not conflict with the current articles of association
and the internal rules and regulations, or any other contract, agreement and document binding upon Party A.

 

11.3 Party A shall ensure the authenticity,
legitimacy and effectiveness of the documents that Party A provides Party B for demonstrating Party A’s legal identity and
its ability for performing the guarantee liability under this Contract;

 

11.4 When the creditor’s right guaranteed
under this Contract is determined, if the Debtor of the Main Contract fails to perform the debt prior to the expiry date of the
performance period of the debt, Party A shall have the obligation to make payment to Party b immediately on the date of receiving
of Party B’s written notice;

 

11.5 When giving guarantee under this
Guarantee Contract, Party A is not involved in any litigation or arbitration which may be sufficient to affect its ability for
undertaking the guarantee liability under this Contract;

 

11.6 Party A shall not bear the guarantee
liability under the Guarantee Contract when the Debtor of the Main Contract has repaid all the debts under the Main Contract on
schedule;

 

11.7 During the guarantee period, Party
B may transfer to a third party the creditor’s right under the Main Contract without obtaining Party A’s consent,
and Party A shall continue to undertake guarantee liability;

 

11.8 If the Debtor of the Main Contract
and Party B changes the Main Contract through signing an agreement, Party A’s consent may not be obtained if such change
does not increase the Debtor’s debts. However, if such change extends the term or increases the amount of principle of the
principal creditor’s right guaranteed by Party A or allows transfer of debts by the Debtor of the Main Contract, Party A’s
consent shall be obtained. Party A commits to undertake guarantee liability according to the Main Contract after change;

 

    	 

    	 

    

 

11.9 During the valid period of this Contract,
Party B shall be notified thirty days in advance where there is any change of Party A’s operation mechanism, registered
capital, equity, or Party A sells, transfers or disposes by any other means its material assets. Party B shall be notified within
seven days if Party A's address, name or legal representative is changed;

 

11.10 If Party A provides guarantee for
any other third party during the valid period of this Contract, Party B’s rights and interests shall not be damaged.

 

11.11 Loans under the Main Contract may
be used for borrowing for repaying. Party A is willing to undertake guarantee liability.

 

11.12 If the Debtor of the Main Contract
changes the purpose of the funds at random, Party A shall undertake guarantee liability for the debts under the Main Contract
and the default interest and penalty arising from misappropriation of funds.

 

Article 12 Rights and obligations of Party
B

 

12.1 Party B is entitled to demand Party
A at any time to provide the financial reports, financial statements or other data reflecting Party A’s operation conditions
and credit status;

 

12.2 If Party B demands Party a to undertake
guarantee liability according to the stipulations of this Contract, Party A authorizes Party B to deduct relevant funds directly
from the account opened with the bank institutions of China Minsheng Banking designated by Party A. With respect to the part insufficient
for deduction, Party B is entitled to make deduction from any other account opened by Party A with the bank institutions of China
Minsheng Banking or demand Party A to make repayment. Party B shall not bear any responsibility for losses on interest and any
other losses caused to Party A arising from Party B’s behavior of deduction;

 

12.3 Party A may not be notified when
Party B and the Debtor of the Main Contract sign a specific business contract (or agreement) on a specific credit granting business
under the Main Contract.

 

Chapter 8 Liabilities for Breach of
Contract

 

Article 13 When this Contract becomes
effective, Party A and Party B shall perform the obligations specified in this Contract. Any party which fails to wholly or partly
perform its obligations specified herein shall undertake relevant liabilities for breach of contract and make compensation for
losses caused to the other party.

 

Chapter 9 Contract Effectiveness, Change
and Termination

 

Article 14 This Contract shall become
effective when both Parties’ legal representatives/main principals or authorized agents sign or seal and both Parties affix
their official seals/special contract seals.

 

Article 15 When the Contract comes into
force, Party A and Party B shall not change or cancel the Contract in advance at random. Should the Contract be changed or cancelled,
a written agreement shall be reached and concluded upon unanimity through consultation.

 

    	 

    	 

    

 

Chapter 10 Dispute Settlement

 

Article 16 Any and all disputes between
Party A and Party B arising from and in connection with the execution of this Contract shall be settled through consultation between
both Parties. Where consultation fails, the dispute shall be governed by the people’s court at the location where Party
B is located.

 

Chapter 11 Supplementary Provisions

 

Article 17 Notice and service

 

17.1 Any and all notices or written communications
that one party sends to the other party under this Contract, including (but not limited to) any and all written documents or notices
which must be sent under this Contract, shall be sent by registered post, fax, special delivery or other means to the address
of the other party given on the first page of this Contract;

 

17.2 If sent by registered post, the forth
day after the said document or notice is posted shall be deemed as the date of service and receiving; if sent by fax, the date
indicated in the receipt of being sent successfully shall be deemed as the date of service and receiving; if sent by special delivery,
the date when the special person sends the said document or notice to the address of the addressee shall be deemed as the date
of service and receiving. In case of change of any contact information, the related party shall notify the other party in writing
of the contact information changed within seven days after such change. Then, the notices, documents or applications specified
herein shall be sent according to the contact information after the change.

 

Article 18 The validity of this Contract
shall be independent of this Contract and may not be affected by the invalidity of the Main Contract.

 

Article 19 Other provisions agreed by
both Parties

 

Article 20 This Contract has been made
out in three originals, for Party A, Party B and the related party each holding one, which shall be equally authentic.

 

Article 21 When this Contract is signed,
Party B has explained and interpreted in details all the terms and conditions of this Contract to Party A, and both Parties have
no objection to the terms and conditions of this Contract. Both Parties have accurate understanding of the legal meaning of their
corresponding rights and obligations, limitation of responsibilities or disclaimers. 

 

Article 22 Both Parties agree and authorize
Party B irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract.

 

This Contract is signed by Party A and
Party B in Shenzhen.

 

    	 

    	 

    

 

Party A: SHENZHEN
HIGHPOWER TECHNOLOGY CO., LTD. (Seal) (Seal)

Legal Representative / Main Principal:
Pan Dangyu (Signature) 

Date: May 13, 2015 

 

Party B: CHINA
MINSHENG BANKING CORP., LTD. SHENZHEN BRANCH (Seal) (Seal)

Legal Representative / Main Principal:
Ou Yangyong (Signature) 

(Or Authorized Agent)                    (Signature
or Seal)

Date: May 22, 2014Exhibit 10.3

 

Text Encoding: CMBC-HT080 (MY 2007)

 

Trade Financing Master Agreement

 

(Applicable to limits or single financing
under import and export)

 

No.: MRZ 2014 SHJZBZEZ No. 014

 

CHINA MINSHENG BANKING CORP., LTD.

 

    	 

    	 

    

 

Trade Financing Master Agreement

 

Party A: SHENZHEN HIGHPOWER TECHNOLOGY
CO., LTD. (hereinafter referred to as the Client)

 

Legal Representative / Main Principal:
Pan Dangyu

 

Domicile or Mailing Address: Bldg. 1, No.
68, Xinsha Road, Pinghu Street, Longgang District, Shenzhen

 

P. C.:

 

Fax:

 

Tel.:

 

Party B: CHINA MINSHENG BANKING CORP.,
LTD. SHENZHEN BRANCH (hereinafter referred to as the Bank)

 

Legal Representative / Main Principal:
Ou Yangyong

 

Address: Minsheng Bank Building, Xinzhou
No. 11 Street, Futian District, Shenzhen City

 

P. C.: 518048

 

Fax:

 

Tel.:

 

In order to strengthen cooperation between
the Bank and the Client on trade financing business, as having applied by the Client, the Bank has agreed to provide trade financing
service for the Client as long as the Client meets the requirements of the Bank. On the basis of equality, mutual benefits and
friendly consultation, both parties make and enter into this Agreement on the matters concerning trade financing business as the
precondition for the Bank to conclude specific trade financing business documents with the Client and provide the Client with trade
financing service.

 

Chapter
1 Trade Financing Limit

 

Article 1 The term “trade financing
limit” referred to in this Agreement means (please express with “√” in  ̈,
same below):

 

þ
1.1 It means the limit for the principals granted by the Bank to the Client for trade financing business and irregularly adjusted
and determined within the maximum credit line determined in the Comprehensive Credit Granting Contract on the basis of the
Comprehensive Credit Granting Contract of 2014 SHJZBZEZ No. 014 made and entered into by and between the Client and
the Bank on May 22, 2014 (hereinafter referred to as the Comprehensive Credit Granting Contract);

 

    	 

    	 

    

 

x
1.2 It means the trade financing limit that the Client may apply the Bank for use within the following specified limit and during
the following use period: the amount is (in words)                   
(in figures                 ) and the
currency is:                 .

 

The Client may use the limit during the
period from                  
to                  . The accumulative
trade financing balance used by the Client (that is, the accumulative amount of the outstanding principals in use) shall not exceed
this limit at any time during the valid period of this limit. During the valid period of this limit, the Client may reapply for
use of the amount having been repaid and the amount not used shall be cancelled automatically when the valid period expires. Meanwhile,
the Client shall apply for use of the limit within the valid period of this limit. The starting date of each limit shall not be
later than the deadline of the valid period of this limit. In case of adjustment of the valid period of this limit, the deadline
shall be the deadline after this adjustment.

 

x
1.3 The category that the Client applies the Bank for single trade financing business is              
. The amount is (in words)               (in figures
 ) and the currency is:              . This
business is a single business and cannot be revolved.

 

To facilitate illustration, the trade financing
limit or amount involved hereinafter is hereinafter referred to as "trade financing limit” or “limit” if
sub-clause 1.1, sub-clause 1.2 or sub-clause 1.3 is selected.

 

Article 2 Within the limit specified in
sub-clause 1.1 or sub-clause 1.2 of this Agreement, upon examination and consent by the Bank, the Client may apply for handling
a specific business under this Agreement for a currency other than the credit currency. In this case, the Bank shall determine
the exchange rate for conversion combined with the market practice.

 

Article 3 In the event that the Bank confirms
through examination that the trade financing product applied by the Client is a full margin or a low risk financing business product
under other commitment or acceptance accepted by the Bank, the Bank may handle relevant trade financing business without occupying
the aforesaid trade financing limit.

 

Chapter 2 Trade Financing Business Product
and its Application 

 

Article 4 Trade financing business products
that the Client may apply for handling under this Agreement include:

 

	x Letter of credit 	
         ̈ Sight  letter of credit

         

         ̈
        Usance letter of credit

	 	 
	x Inward documentary bills:	
         ̈
        Inward documentary bills under letter of credit

         

         ̈
        Inward documentary bills under collection

         

         ̈
        T/T inward documentary bills

         

	x Outward documentary bills:	
         ̈
        Outward documentary bills under letter of credit

         

         ̈
        Outward documentary bills under collection

         

         ̈
        Financing under short-term export credit insurance

         

         ̈
        Export invoice financing

 

    	 

    	 

    

 

		x	Import refinance

 

		x	Packing loan

 

		x	Shipping guarantee

 

		þ	Bank guarantee

 

		x	RMB and foreign currency all-in-one ticket

 

x
Others (please indicate): 

 

Article 5 If applying for handling various
trade financing business specified in Article 4 of this Agreement, the Client shall submit specific business documents for each
business according to the requirements of the Bank. The specific business documents are the documents submitted by the Client to
the Bank and constituting the contracting relationship between the Client and the Bank under the specific business (regardless
of their names), including but not limited to application, letter of commitment, guarantee documents and business vouchers issued
by the Bank or the Bank’s designated agency. The Bank shall examine the Client’s application documents and decide whether
to agree according to the stipulations of this Agreement, and relevant business management regulations and credit examination requirements
currently implemented by the Bank and combined with the specific business conditions. If examined and agreed by the Bank, the Bank
shall handle relevant business according to the stipulations of this Agreement.

 

Article 6 Without affecting the stipulations
of sub-clause 1.1 of this Agreement, the limit and amount used for various specific trade financing businesses under this Agreement
that the Bank handles for the Client shall accord with that specified in the specific business documents. Where there is no specific
agreement in the specific business documents, the amount of limit used shall be calculated according to the financing principal
provided by the Bank and the principal provided in the name of credit support by the Bank on the starting date of the limit.

 

Chapter 3 Preconditions
for Applying for Trade Financing Business

 

Article 7 The Client may apply the Bank
for use of the business products listed in Article 4 of this Agreement. The Client shall meet the following conditions before it
submit to the Bank an application for handling trade financing business under this Agreement:

 

7.1 The Client has provided the Bank its
establishment documents in forms and contents complying with the Bank's requirements and other documents required reasonably by
the Bank; the related specific guarantee documents are effective; the mortgage right/pledge right has been established; any and
all formalities for approval and registration by the government department or others have been finished;

 

7.2 The Client has opened related accounts
with the Bank as required;

 

    	 

    	 

    

 

7.3 The Client has no breach or potential
breach under the Comprehensive Credit Granting Contract/ this Agreement; and

 

7.4 Other conditions prescribed by law
and agreed by both parties have been met.

 

Chapter 4 Applicable
Scope

 

Article 8 This Agreement applies to various
trade financing businesses provided by the Bank for the Client and listed in Article 4 of this Agreement.

 

Article 9 With respect to a specific trade
financing business, the terms and conditions of this Agreement shall apply to the degree and scope of the specific trade financing
business.

 

Article 10 In case of any discrepancy between
the clauses of this Agreement and any other written agreement (including but not limited to any specific business document under
this Agreement) concluded between the Bank and the Client through appropriate authorization and related to the trade financing
business under this Agreement, the clauses of such written agreement shall prevail.

 

Article 11 Except otherwise specified in
this Agreement or any specific business document under this Agreement, letters of credit, collection business and bank guarantees
under this Agreement shall be bound by the latest Uniform Customs and Practice for Documentary Credits, Uniform Rules for bank-to-bank
Reimbursement Under Documentary Credits, Uniform Rules for Collections, Uniform Rules for Demand Guarantees and other relevant
practices and rules of the International Chamber of Commerce.

 

Chapter 5 Guarantee 

 

Article 12 All and part of the debts of
the Client under this Agreement shall be guaranteed with the following documents. These guarantee documents shall be deemed as
an integral part of this Agreement.

 

þ
The Maximum Guarantee Contract of 2014 SHJZBZEZ No. 014-1 made and entered into by and between the Guarantor Shupeng
Technology (Shenzhen) Co., Ltd. and the Bank;

 

x
The Maximum Guarantee Contract of              
made and entered into by and between the Mortgagor and the Bank (mortgagee);

 

 ̈
The Maximum Guarantee Contract of              
made and entered into by and between the Pledgor and the Bank (pledgee);

 

x
Other guarantees: The Maximum Guarantee Contract of 2014 SHJZBZEZ No. 014-2 made and entered into by and between the
Guarantor Huizhou Highpower Technology Co., Ltd. and Party B;

 

The Maximum Guarantee Contract
of 2014 SHJZBZEZ No. 014-3 made and entered into by and between the Guarantor Pan Dangyu and Party B;

 

Article 13 The Client hereby agrees that
the Bank has the right to hold the following items as guarantee for sustainable guarantee for the Client’s debts owing the
Bank and other obligations of the Client under this Contract:

 

    	 

    	 

    

 

13.1 All the goods that the Client or any
person for the seek of the Client’s interests or according to the instructions of the Client submits to the Bank or the agent
or representative of the Bank for keeping at present or in the future;

 

13.2 The goods that the Client places in
the Bank or the Bank’s agency at present or in the future (either for the seek of keeping, custody or for other reasons),
all the related notes, shipping or transportation documents, bill of lading, warehouse receipts and other ownership documents or
receipts, and any other goods related to these documents.

 

Article 14 For the purpose of Article 13
of this Agreement, the Client agrees that, at the Bank’s request, the Client shall submit to the Bank for keeping all the
drafts, documents, cheque and other notes issued, accepted or endorsed by the Client, the transportation documents, bill of lading
and warehouse receipts based on which the Bank releases loans to the Client or provides other financing goods, the certificates,
receipts, invoices and other notes issued by the dock company, warehouse or warehouse keeping, or endorse all related documents
to the Bank as the guarantee for the Client’s debts under this Agreement.

 

Article 15 The Bank is entitled to, according
to the changes of its business policies and its independent judgment on the Client’s ability for repaying the debts under
this Agreement, adjust the requirements for guarantee conditions for the use of relevant trade financing limit by the Client, including
but not limited to demanding the Client to provide security deposit, guarantor and guaranteed property, etc. The Client shall,
according to the requirements of the Bank, sign relevant guarantee documents and complete all the necessary formalities related
to the establishment, improvement and maintenance of such guarantee.

 

Article 16 In case of any discrepancy between
the guarantee provisions of this Chapter and the terms and conditions of any specific guarantee document, the terms and conditions
of the specific guarantee document shall prevail.

 

Chapter 6 Interest
and expenses

 

Article 17 Except otherwise specified in
this Agreement or a specific business document, the interest of a single business under this Agreement shall be calculated according
to the actual occupation days × actual financing amount × daily interest rate from the date of release or date of payment
by the Bank. If the currency is Hong Kong dollar or pounds, the daily interest rate is = annual interest rate /365. In the event
that a currency other than Hong Kong dollar or pounds is used, the daily interest rate is = annual interest rate /360. Interest
of a specific business shall be calculated according to the stipulations of relevant business documents. The funds received prior
to the financing amount of a specific business is due may be used directly for prepaying relevant financing principal and interest.

 

Article 18 In the event that the Client
fails to repay any principal, interest and other expenses specified in this Agreement or a specific business document under this
Agreement, the Bank shall have the right to charge penalty interest at the overdue interest rate from the date of delay in repaying
the financing principal, interest and other expenses until the Client repays all of the financial principal and interest. The overdue
interest rate shall be  % plus the interest rate level specified in the specific business document under this Agreement.

 

    	 

    	 

    

 

Article 19 In the event that the Client
fails to pay interest on time, the Bank shall have the right to charge compound interest at the overdue interest rate by month
on the expiry date for interest or a date corresponding to the expiry date for interest. Compound interest shall be calculated
according to the number of actual days delayed and accrued cumulatively month by month.

 

Article 20 In the event that the People’s
Bank of China adjusts the benchmark interest rates of loans and such adjustment applies to the trade financing business under this
Agreement, the Bank shall have the right to determine the new contract loan interest rate according to the original floating proportion
on the basis of the benchmark interest rates after this adjustment, and interest shall be calculated by period. The contract loan
interest rate after this adjustment shall be applicable from the first day after the first expiry date for interest after this
adjustment. Interest shall be calculated at the contract loan interest rate after adjustment on the current date of application.

 

In case of change of the contract loan
interest rate, the overdue interest rate shall be changed automatically and shall be applied at the same time with the contract
loan interest rate. Interest shall be calculated by period.

 

In case of adjustment of the interest rate
pursuant to this Agreement, both parties may not sign an agreement. One party may not obtain the other party's consent nor notify
the guarantor or obtain the guarantor’s consent.

 

Article 21 Under this Agreement, the Client
shall pay the Bank expenses, including but not limited to:

 

Where the Client has any breach, the expenses
of the Bank for collecting the letter of credit, documents, guarantees and funds under guarantees related to the trade financing
business under this Agreement and claimed for relevant parties;

 

Chapter 7 Representations
and Warranties

 

Article 22 The Client hereby gives the
following representatives and warranties to the Bank:

 

22.1 The Client is an independent legal
person duly established and validly existing. The Client has full and appropriate qualifications and ability for concluding and
performing this Agreement and any other document related to this Agreement. The institutions and signatories who sign, submit,
receive and perform the abovementioned documents on behalf of the Client have obtained legitimate and official authorization and
have the right to represent the Client to conduct the abovementioned activities;

 

22.2 All the documents, data and vouchers
that the Client provides the Bank for the purpose for signing this Agreement and any other document related to this Agreement are
genuine, complete, accurate and effective. All the financial statements and other documents reflecting the operation conditions
of the Client that the Client provides the Bank give a true view of the Client’s financial status and operation conditions
as of the date of reporting. From the date of issue of these statements or documents, there is no major adverse change of the operation
conditions and financial status of the Client;

 

    	 

    	 

    

 

22.3 When this Agreement is signed, there
is no breach specified in Article 29 of this Agreement occurring and under going, and the Client does not violate any law, rule,
regulation, judgment and ruling applicable to the Client or its assets, and any agreement, contract or other contractual document
signed by the Client. In addition, the Client’s signature of this Agreement or any document under this Agreement or the Client’s
performance of any obligation under this Agreement or the document may not result in the Client’s breach of any other agreement
or document;

 

22.4 When this Agreement is signed, there
is no litigation, arbitration, enforcement or other judicial or administrative proceeding which may seriously affect the Client’s
ability for performing any obligation under this Agreement or any document related to this Agreement according to the Bank’s
reasonable judgment;

 

22.5 The basic transaction that the Client
applies for a specific business under this Agreement is genuine and legitimate, and the basic transaction contract, document, tax
vouchers and other materials submitted by the Client are genuine, complete, accurate and effective.

 

Chapter 8 Commitments 

 

Article 23 The Client hereby gives the
following commitments to the Bank:

 

23.1 The Client shall completely and appropriately
perform the debts of the Client under this Agreement and all the commitments, warranties, obligations and responsibilities of the
Client under this Agreement and the relevant specific business documents;

 

23.2 The Client warrants that it has obtained
all necessary approvals, authorizations, licenses and consents from government and / or other governments and warrants that all
these approvals, authorizations, licenses and consents remain completely legitimate and effective. The Client shall take or force
others to take all necessary actions for performing its obligations under this Agreement;

 

23.3 Where, prior to full repayment of
the Client’s debts owing the Bank under this Agreement, there is any significant litigation or legal proceeding against the
Client, or any event which has major adverse effect on the Client’s ability for performing its obligations under this Agreement
or any event of default under this Agreement, the Client shall notify the Bank within five (5) working days after the occurrence
or awareness of occurrence of such event and try to take actions for remedy or make relevant arrangement to protect the Bank’s
rights and interests according to the requirements of the Bank and within the scope permitted by law;

 

23.4 The Client shall read carefully all
the terms and conditions specified in various business application documents (front side and back side) and fill in relevant applications
according to the requirements of the Bank. The Client shall undertake all the losses and responsibilities arising from wrong or
illegible handwriting;

 

23.5 Without the Bank’s prior written
instructions or prior written consent, the Client shall not or not attempt to transfer any document and / or goods under this Agreement,
or establish or allow the establishment of any guarantee right and interest, or disposal by any other means such documents and
/ or goods.

 

    	 

    	 

    

 

Chapter 9 Bank’s Rights for Documents
and Goods

 

Article 24 The Bank shall be deemed as
the legal bearer or legal holder of the draft and / or document and be deemed having obtained relevant bill of lading and other
document title and the ownership of the goods thereof once the Bank purchases, or discounts or negotiates relevant draft and /
or other document of a specific business under this Agreement and has actually paid for the discount or negotiated amount. The
Bank is entitled to dispose the relevant document and goods by appropriate means at any time that the Bank thinks necessary. The
Bank shall sign and take all the documents and actions that the Bank thinks necessary to ensure and complete the transfer of the
ownership of the aforesaid goods.

 

Article 25 In the event that the Client
takes any draft and / or other document, and / or the collection right or goods represented by such document in accordance with
any specific business document under this Agreement, the Bank shall obtain the right of pledge of the relevant draft and / or document
and the goods thereof. Without prejudice to the Bank’s rights under Article 26 of this Agreement, the Bank is entitled to
endorse relevant draft or complete various procedures required by laws and regulations, including but not limited to registration
and delivery, and dispose relevant document and goods by appropriate means at any time that the Bank thinks necessary.

 

Article 26 Under any one of the following
circumstances, the Bank is entitled to decide on its’ own to realize, sell, transfer or dispose by any other means the document
and / or goods at a price that the Bank thinks appropriate and at any time. It is unnecessary to take any legal proceeding or any
other action for the Client or any other person. The Bank shall not bear responsibility for any loss (if any) arising from such
realization, sale, transfer or disposal.

 

26.1 The party which has the obligation
of acceptance or payment has any event of default when accepting or paying any document;

 

26.2 The Client fails to repay any debt
owing the Bank or violate any stipulation of this Agreement;

 

26.3 The Client, or the payer or accepter
of any document or the person undertaking the obligation of payment of any document fails to or acknowledges inability to accept
or pay the document, or goes into bankruptcy and liquidation, or suffers from compulsory measures taken by relevant authorities
for its any property;

 

26.4 There may be or is any litigation
under going which may damage the Bank’s lawful rights and interests under relevant document and goods;

 

26.5 The Bank thinks reasonable for selling
or realizing relevant goods and / or document.

 

Article 27 The Bank may use the funds obtained
from disposal of relevant goods and / or document set forth in Article 26 for repaying the Bank’s debts owing the Bank according
to the order determined in Article 31 of this Agreement. In the event that the funds obtained therefrom are not enough to pay the
expenses for disposal of the goods and / or document and the Client’s debts owing the Bank, the Client shall make up the
difference immediately.

 

Chapter 10 Authorization 

 

Article 28 The Client hereby authorizes
the Bank to:

 

28.1 Represent the Client to, or in the
name of the Client, sign, deliver, improve and conduct all the documents, actions or events which are possibly required or the
Bank thinks property, and enable them completely effective, in order to execute the Client’s obligations under this Agreement
or enable the Bank to maintain various guarantee rights established under this Agreement;

 

    	 

    	 

    

 

Designate any other party as the Bank’s
affiliated bank, designated person, service provider or agent, and the Bank may grant its any right under this Agreement to the
said party;

 

28.2 Make arrangement with the seller,
shipper, carrier, warehouse keeper and / or any other related party; the Bank bears no responsibility for event of default or negligence
by such party in the aforesaid events;

 

28.3 Notify the Bank’s rights and
interests for relevant document and / or goods to other related parties according to relevant provisions of laws and regulations;

 

28.4 Within the scope permitted by law,
take actions that the Bank independently thinks necessary to protect the Bank’s rights and interests for relevant document
and / or goods.

 

Chapter 11 Event of Default 

 

Article 29 Any one of the following events
shall constitute an event of default of the Client under this Agreement:

 

29.1 The Client fails to pay the matured
debts on time and in full, including but not limited to the principal, interest or any other expenses specified in this Agreement
or specified in a specific business document, or the Client fails to deposit sufficient money to the account designated by the
Bank prior to the date of external payment by the Bank according to the stipulations of this Agreement or any specific business
document under this Agreement;

 

29.2 The Client fails to use the financing
funds according to the stipulations of this Agreement or a specific business document;

 

30.3 Any representation and warranty given
by the Client in this Agreement or any document, data or information that the Client provides the Bank under this Agreement is
proved incorrect or inaccurate; or the Client does not perform its any commitment, responsibility or obligation completely and
properly under this Agreement or the relevant specific business document;

 

29.4 The Client is unable to or shows inability
to repay its any debt under the loan contract or credit granting contract concluded with any a third party, or the Client has any
event of default under any other contract, agreement or commitment, or any other debt owed by the Client is announced acceleration
prior to the specified date of maturity;

 

29.5 According to reasonable judgment of
the Bank, there is any other event which may materially endanger or damage the Bank’s rights and interests under this Agreement,
including but not limited to: major change of the operation conditions of the Client; significant adverse change of the financial
status of the Client; major averse litigation or legal proceeding against the Client; major change of the market conditions related
to the business operation of the Client or major change of relevant credit policies or industrial policies of China, which may
have material adverse impact on the operation conditions of the Client, and so on;

 

29.6 The guarantor has any event of default
under any guarantee document; or

 

    	 

    	 

    

 

29.7 There is any other event or behavior
which has serious adverse effect on the creditor’s rights or guarantee rights and interests of the Bank.

 

Article 30 In case of any event of default
set forth in Article 29 of this Agreement, the Bank shall have the right to take any one or all of the following measures:

 

30.1 To adjust the limit amount, limit
revolving and credit term under the Comprehensive Credit Granting Contract or under this Agreement until the use of the
limit is terminated;

 

30.2 To adjust the scope of the trade financing
products set forth in Article 4 of this Agreement;

 

30.3 To announce acceleration of all the
debts directly or indirectly deriving from this Agreement, and demand the Client to make repayment immediately;

 

30.4 To execute the guarantee under this
Agreement;

 

30.5 To demand the Client to provide or
increase security in various forms, including but not limited to guarantee, mortgage or pledge;

 

30.6 To make deduction directly from the
any account of the Client opened with the Bank and any branch of China Minsheng Bank for paying the Client’s any funds payable
for the Bank under this Agreement;

 

30.7 To take any other measures permitted
by laws and regulations and complying with provisions of relevant laws in order to maintain its rights and interests under this
Agreement.

 

Article 31 Any and all funds obtained by
the Bank from exercising any right prescribed by law or specified in this Contract shall be used for repaying the creditor’s
rights of the Bank according to the following order: (1) expenses for realization of the creditor’s rights and guarantee
rights; (2) other expenses paid in advance by the Bank or chargeable by the Bank; (3) compound interest and default interest; (4)
interest; (5) principal; and (6) other funds payable. The Bank is entitled to make an independent decision on change of the said
payment order.

 

Chapter 12 Currency and Payment

 

Article 32 The Client shall pay the Bank
any and all funds due and payable on time and in full according to the stipulations of this Agreement and any specific business
document under this Agreement or according to the instructions issued by the Bank irregularly. The Client shall make payment according
to the currency when the specific business occurs, unless otherwise specified.

 

Article 33 In the event that the Client
shall pay the Bank some money in one currency pursuant to this Agreement but the Bank makes payment to the Bank in another currency
for any reason, the Bank shall have the right to decide whether to accept such payment. In the event that the Bank agrees to accept
this payment, conversion shall be made at the exchange rate determined by the Bank by law.

 

Article 34 Any and all funds payable by
the Client under this Agreement may not be discounted, withdrawn or deducted nor be attached with any condition. Should the Client
make any deduction or withdrawal (either related to tax or not) according to relevant legitimate provisions, the Client shall pay
an extra sum in addition to the amount payable to ensure that the Bank will receive an amount receivable without making such deduction
or withdrawal.

 

    	 

    	 

    

 

Chapter 13 Offset

 

Article 35 As agreed by the Client, without
affecting any legal right of offset or any similar right reserved by the Bank, if permitted by law, the Bank is entitled to deduct
any money from any account of the Client (regardless of the nature or currency of the account) opened with the Bank and any branch
of China Minsheng Bank for setting off the Client’s debts of any nature or currency owed the Bank, and the Bank shall bear
no responsibility for the losses on interest and any other loss arising therefrom. In the event that such offset requires converting
one currency into another currency, conversion shall be made at the exchange rate determined by the Bank by law.

 

Chapter 14 Miscellaneous

 

Article 36 Independence

 

Each clause of this Agreement shall be
independent. In the event that one clause or several clauses of this Agreement become illegal, invalid or non-enforceable, the
legitimacy, validity and enforceability of the other clauses of this Agreement shall not be affected.

 

Article 37 Notice

 

37.1 Any and all notices, requirements,
instructions or other documents under or in connection with this Agreement shall be made in written form and sent to the address
or number firstly given in this Agreement or any other address notified by the party at least five (5) working days in advance.

 

37.2 Any and all notices, requirements,
instructions or other documents given by one party to the other party under this Agreement shall be deemed having been served under
the following circumstances:

 

		�	At the time of actually receiving, if sent by a special person or express mail service (EMS);

 

		‚	At the time when the sender receives a fax response report for determination, if sent by fax;

 

		ƒ	On the fifty (5th) working day after the letter is put in the envelope with correct
address of the other party and is posted by means of postage paid, if sent by letter.

 

Article 38 Applicable laws and dispute
settlement

 

38.1 This Agreement and various specific
business documents under this Agreement shall be governed by laws of the People’s Republic of China;

 

38.2 Any and all disputes arising from
and in connection with the execution of this Agreement shall be settled firstly through consultation between both parties. Where
consultation fails, any party shall have the right to institute a lawsuit in the people’s court at the location where the
Bank is located.

 

    	 

    	 

    

 

Article 39 Transfer

 

39.1 Without the Bank’s written consent
in advance, the Client shall not transfer to a third party any right or obligation under this Agreement, nor establish any guarantee
or similar right and interest on the Client's right;

 

39.2 The Client agrees that the Bank may
transfer to a third party, set up guarantee or establish trust for, the Bank’s rights and interests under this Agreement,
the Comprehensive Credit Granting Contract and relevant guarantee documents. The Bank may notify the Client of its abovementioned
actions by a method it thinks proper. The Client shall continue to undertake responsibility for the Bank and the Bank’s right
and interest transferee and beneficiary according to the stipulations of this Agreement.

 

Article 40 Effectiveness, change and cancellation

 

40.1 This Agreement shall become effective
when both parties’ legal representatives/main principals or authorized agents give their signatures or affix their seals
and both parties affix their official seals/special contract seals;

 

40.2 Change or amendment of this Agreement
shall be made in written form and shall come into force when the legal representatives or authorized agents of the Bank and the
Client give their signatures or affix their seals and affix their official seals;

 

40.3 This Agreement shall be terminated
under the following circumstances:

 

�The
credit term or the agreed business period expires;

 

‚Any
party terminates this Agreement or the Comprehensive Credit Granting Contract according to the stipulations of this Agreement
or the Comprehensive Credit Granting Contract, or both parties reach an agreement on the termination of this Agreement.

 

The termination of this Agreement shall
not affect the rights and obligations of both parties which have been produced and have not been completed pursuant to this Agreement.

 

Chapter 15 Other Provisions 

 

	 
	 
	 
	 
	 

 

Chapter 16 Special
Statement

 

The Client confirms that it has carefully
read, and full understanding of, and accepts the contents of this Agreement. The Client’s signature and execution of this
Agreement is of its own willingness. The expression of all meanings of the Client under this Agreement is true. 

 

    	 

    	 

    

 

The Client agrees and authorizes
the Bank irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract. 

 

Client : (Seal) Shenzhen Highpower
Technology Co., Ltd. (Seal) 

 

Legal Representative / Main Principal:

(Or Authorized Agent) (Signature or Seal):
Pan Dangyu (Seal)

May 13, 2014

 

Bank: (Seal) CHINA MINSHENG BANKING
CORP., LTD. SHENZHEN BRANCH (Seal) 

 

Legal Representative / Main Principal:

(Or Authorized Agent) (Signature or Seal):

May 22, 2014

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