Document:

Exhibit
10.03

    

    On May
14, 2010, GenSpera’s Leadership Development and Compensation Committee approved an amendment to
Mr. Dionne’s employment agreement in order to increase his base
salary.   Pursuant to the amendment, which is effective as of
January 1, 2010, Mr. Dionne’s Base Salary increased to $270,000 per
year.  All other terms of the employment agreement remain unchanged
and in effect.Exhibit
10.08

    

    On May
14, 2010, GenSpera’s Leadership Development and Compensation Committee approved an amendment to
Mr. Richerson’s employment agreement in order to increase his base
salary.   Pursuant to the amendment, which is effective as of
January 1, 2010, Mr. Richerson’s Base Salary increased to $220,000 per
year.  All other terms of the employment agreement remain unchanged
and in effect.Unassociated Document

    
      
        
          
            
               

              
                		
                        Shanghai
      Pudong Development Bank

                      	
                        Loan
      Contract of Fixed Asset

                      
	 	
                        SPD
      BANK

                      	 
      

              

            

          

        

      

    

    Loan
Contract of Fixed Asset

    No.:72012010280091

    Borrower:
Jingbian Xi’an Xilan Liquefied Natural Gas Co., Ltd.

    Lender:
Xi’an Branch Shanghai Pudong Development Bank

    

    Whereas,

    The
borrower puts forward the loan application to the lender due to the needs of
fixed asset investment (see the Part I of the Agreement for details); and the
lender agrees to release the loan in accordance with the terms and conditions of
the contract through investigation. In order to define the rights and
obligations of the two Parties, the Contract shall be made through the consensus
in accordance with the Contract Law of the People’s Republic of China and the
regulations of relevant laws and rules.

    

    Part I
Commercial Terms·

    
      	
              1.

            	
              The
      project supported by the loan under the contract shall be the Comprehensive
      Utilization Project of Jingbian Xi’an Xilan Liquefied Natural Gas Co.,
      Ltd. (complete in the place with cross, if unnecessary to fill in,
      please delete by drawing an oblique line, below as the
    same).

            

    

    
      	
              2.

            	
              The
      loan amount under the contract shall be RMB (currency)
      one hundred and twenty million yuan only (in
  words).

            

    

    
      	
              3.

            	
              The
      specific use purpose of the loan under the contract is as the construction
      expenditure of the comprehensive utilization project of liquefied natural
      gas.

            

    

    
      	
              4.

            	
              The
      loan term under the contract is / year(s) (or
      58
      months) from the date of initial draft date. The practical draft date and
      the repayment date shall be subject to the dates recorded in the IOU (loan
      certificate) made by and between the two Parties. The last repayment date
      shall no exceed the loan term stated in the contract. IOU (loan
      certificate) is the integral part of the
  contract.

            

    

    
      	
              5.

            	
              The
      loan rate under the contract shall be (select one in the followings by
      √)

            

    

    
      	
              o 
      

            	
              (1)
      RMB exchange rate (select one in the followings by
  √)

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      
         

        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

      

    

    þ calculate by the
annual rate (□up □down) announced by the People’s Bank at the same time with the
same scale, namely, the annual rate at the time signing the contract of
5.76%.

    
      	
              o 
      

            	
              Other
      terms:         /                                                                                                                                                                                                                                                    
       

            

    

    x (2) Interest rate
of foreign currency (select one in the followings by √)

    x Calculate by the
benchmark interest of / month(s) of London
Inter-bank Offered Rate of the lender plus /   (namely
LIBOR+). LIBOR means the arithmetic average (the latest four digits after the
decimal point) of quoted relevant rate shown in the relevant page (if any) of
the Reuters screen. The above interest rate is the quoted interest against the
US dollars deposit with same interest term as that of the relevant loan in the
11:00 a.m. (London time) of confirmed date of relevant interest.

    x Other
terms:           /                                                                                                                                                     
                                                                                               

    þ (3) Method of Loan
Interest Expiration (select one in the followings by √)

    x By month, the
twentieth day (20) of each month as the interest expiration date;

    
      þ  By
quarter, the twentieth day (20) of the last month of each quarter as the
interest expiration date;

      x Other ways:           /                                                                                                                                                                                                                                                 

      If
installment payment, the last repayment is complying with the principle of
interest clear with the principal

      þ(4) The adjustment way
of loan interest of RMB under the contract:

      Before
the loan release, if the People’s Bank of China adjusting the benchmark interest
rate of loan, the benchmark interest rate when the loan release is applicable to
that of the same-time and same-scale of People’s Bank of China at the date of
loan release; if the People’s Bank of China adjusts the benchmark interest rate
after the loan release under the contract, it will ((select one in the
followings by √)

      x Adjust the interest rate by month, at the 21st of each
month from the interest adjustment date;

      x Adjust the interest rate by quarter, at the 21st of the
last month of each quarter from the interest adjustment date;

      x Adjust the interest rate by year, at / (day)  /
(month)  / (year)
from the interest adjustment date;

      þ Other regulations:
adjust the interest
rate by year, at 1st (day) January (month) from the interest adjustment
date;

      x (5) The adjustment
way of loan interest of foreign currency under the contract (select one in the
followings by √):

           x Since the date of
loan release, adjust the interest rate according to latest foreign currency rate
in every /  month(s).

           x Other terms:      /

    

    
      6.The
interest penalty under the contract:

    

    
        
(1) The
overdue interest penalty of the contract shall be the loan interest plus
50%.

    

    
        

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

      

        
(2)The
interest penalty for using the loan failing to comply with the contract shall be
the loan rate of the embezzling day plus 100%.

    

    
      	
              7.

            	
              The
      draft term of the loan under the contract is from 1st March 2010 to 30th
      June 2010.

            

    

    
      	
              8.

            	
              The
      draft plan of the loan under the contract shall be as follows(select one
      in the followings by √):

            

    

    x See the draft plan
in the below table:

    
      
        
          	
                  S/N

                	
                   Draft
      term

                	
                   Draft
      amount

                
	
                  1

                	
                   day
      month year

                	
                   (in
      words)

                
	
                  2

                	
                   day
      month year

                	
                   (in
      words)

                
	
                  3

                	
                   day
      month year

                	
                   (in
      words)

                
	
                  4

                	
                   day
      month year

                	
                   (in
      words)

                
	
                  5
      day month year

                	
                   (in
      words)

                	 
      

        

      

    

    þ Other provisions
of loan draft plan: draft in accordance with the practical expenditure status of
the comprehensive utilization project of natural gas.

    
      	
              9.

            	
              The
      repayment plan of the loan under the contract shall be as follows (select
      one in the followings by √):

            

    

    x See the repayment
plan in the below table:

    
      
        
          
            	
                    S/N

                  	
                     Draft
      term

                  	
                     Draft
      amount

                  
	
                    1

                  	
                     day
      month year

                  	
                     (in
      words)

                  
	
                    2

                  	
                     day
      month year

                  	
                     (in
      words)

                  
	
                    3

                  	
                     day
      month year

                  	
                     (in
      words)

                  
	
                    4

                  	
                     day
      month year

                  	
                     (in
      words)

                  
	
                    5
      day month year

                  	
                     (in
      words)

                  	 
      

          

        

      

    

    þ  Other provisions
of loan draft plan: repay year by year from 2011 to 2014, the specific repayment
day and the repayment amount shall be subject to the record of IOU, and the last
repayment day shall not exceed 5th
December 2014.

    
      	
              10.

            	
              The
      commitment fee shall be /  %
      of the indrawn amount.

            

    

    
      	
              11.

            	
              The
      liquidated damages for the repayment in advance shall be   /  %
      of practical repayment amount in
advance.

            

    

    
      	
              12.

            	
              The
      principal amount of repayment in advance shall be no less than RMB (currency)
      ten
      million yuan only (in
words).

            

    

    
      	
              13.

            	
              The
      borrower shall guaranty the ownership of the self-raised funds over 67% of
      the total project investment which has been in place with full value; the
      ownership rights of the legal person of the newly-built project enterprise
      shall be less than    _
      /  % of the total investment needed by the project. If
      the laws and the rules are of the other requirements for the specific
      project, the requirement shall
prevail.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              14.

            	
              If
      the loan under the contract is used for the land reserves and development,
      the ratio of the self-raised of the borrower under the contract shall be
       
      accounting up    /   %
      of land development cost. The land development cost under the contract
      refers to:

            

    

    
      	
            	
              (1)

            	
              Compensation
      fee for land acquisition and removal and relevant
  tax;

            

    

    
      	
            	
              (2)

            	
              Relevant
      fee occurred in the process of acquisition, recover and
      exchange;

            

    

    
      	
            	
              (3)

            	
              Relevant
      fee for the municipal infrastructure
  construction;

            

    

    
      	
            	
              (4)

            	
              Relevant
      fee occurred during the invitation for biding, auction, and listed
      trade;

            

    

    
      	
            	
              (5)

            	
              Loan
      interest;

            

    

    
      	
            	
              (6)

            	
              Fees
      for audit, layer, engineering supervision during the development and
      supply of land reserves, contingency and the other expenditures approved
      by the same-level financial and land supervising
    department;

            

    

    
      	
            	
              (7)

            	
              Other
      fees:                      /

            

    

    
      	
              15.

            	
              If
      the loan under the contract is used for the land reserves development, the
      condition of the proposed reserved land under the contract shall be  .

            

    

    
      	
              16.

            	
              The
      special account of the fixed asset loan opened up the borrower in the
      place of the lender:

            

    

    Bank:
Xi’an Branch Shanghai Pudong Development Bank

    Account
name: Jingbian Xi’an Xilan Natural Gas Co., Ltd.

    Account
no.: 72010157870000021

    General
settlement account opened up by the borrower in the place of the
lender:

    Bank:
Xi’an Branch Shanghai Pudong Development Bank

    Account
name: Jingbian Xi’an Xilan Natural Gas Co., Ltd.

    Account
no.: 72040128000020748

    
      	
              17.

            	
              If
      the single amount in the special account of the fixed asset loan (currency
      amount) is more than RMB 5 million yuan only, the loan repayment method
      shall be commissioned payment by the
lender.

            

    

    
      	
              18.

            	
              The
      borrower agrees to pay the supervision fee (currency and amount) of   /   to
      the lender.

            

    

    The
payment way:                   /

    
      	
              19.

            	
              The
      guarantor agreed by the borrower to provide the guaranty for the loan
      under the contract and the guaranty contract
  include:

            

    

    þ Guarantor:
Jingbian Xi’an Xilan Natural Gas Co., Ltd.;

    No. of
Guaranty Contract: YB7201201028009101

    þ Mortgagor:
Jingbian Xi’an Xilan Natural Gas Co., Ltd.;

    No. of
Mortgage Contract: YB7201201028009101, YB7201201028009102

    x Pledgor:       /

       No.
of Pledge Contract:       /

    Guarantor:
Ji Qinan

    No. of
Guaranty Contract: YB7201201028009102

    Mortgage:
Jingbian Xi’an Xilan Natural Gas Co., Ltd.

    No. of
Mortgage Contract: YB7201201028009103; YB7201201028009104

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              20.

            	
              Default
      treatment:

            

    

    Liquidated
damages: equal to ten percentage (in words) of the loan principal or

    
      	
              21.

            	
              The
      annexes of the contract include:

            

    

    (1)        /

    (2)        /

    (3)        /

    (4)        /

    (5)        /

    
      	
              22.

            	
              The
      other items agreed by and between the two
  Parties:

            

    

    
      	
            	
              (1)

            	
              After
      the project commission, if the borrower does not sign the gas supply
      contract with China National Petroleum Corporation (CNPC), the borrower
      needs to return the loan principal and interest to Xi’an Branch Shanghai
      Pudong Development Bank in advance;

            

    

    
      	
            	
              (2)

            	
              If
      the project expenditure exceeds the investment, the borrower shall make
      self-raised funds;

            

    

    
      	
            	
              (3)

            	
              The
      borrower shall not take the profit sharing before repay the year loan to
      Xi’an Branch Shanghai Pudong Development
Bank;

            

    

    
      	
            	
              (4)

            	
              The
      lender shall take Xi’an Branch Shanghai Pudong Development Bank as the
      solely settlement bank.

            

    

    
      	
              23.

            	
              The
      contract shall be in nonuplicate, wherein one copy for the borrower, two
      copies for the lender and six copies for the mortgage and notary
      authority. Each of copies is of the same legal
  force.

            

    

    

    Part II
General Provisions

    Article 1
Loan

     

    The
borrower shall irrevocably agree and confirm the loan withdrawal under the
contract shall be subject to the solely direction of the lender at any time; the
loan shall be taken the regular or irregular inspection at the date decided by
the lender to decide whether to continue releasing the loan to the borrower in
any form; in spite of the other regulations in the contract or the other
documents, the lender has the rights to require the borrower to immediately
repay all the loan at any time, in addition, the lender also has the rights to
terminate or pause all or partial loans at once and cancel the further use right
of the borrower for the loan under the condition of unnecessary to notify the
borrower in advance.

    

    Article 2
Loan Interest and Interest Accrual Way

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              
              

            	
              1.

            	
              Unless
      otherwise specified, the loan interest under the contract shall be
      calculated and collected by the practical withdrawal amount and the
      occupation day from the loan release day. The occupation day includes the
      first day, but excludes the last day. The day interest rate equals to the
      monthly interest rate dividing by 30 and the monthly interest rate equals
      to the annual interest rate dividing by
12.

            

    

    
      
        	
              	
                2.

              	
                The
      lender has the rights to calculate and collect the overdue interest for
      the due (including the lender announcing the loan expiration in advance)
      but unpaid loan principal from the overdue day in accordance with the
      overdue interest rate stated in the contract until the borrower pays off
      the principal and interest.

              

      

    

    
      
        	
              	
                3.

              	
                If
      the borrower doesn’t use the loan as per the stated usage purpose, the
      borrower has the rights to calculate and collect the interest penalty for
      the defaulted used loan amount from the default day in accordance with the
      practical default days and the embezzling interest penalty rate stated in
      the contract until the borrower pays off the principal and
      interest.

              

      

    

    
      
        	
              	
                4.

              	
                If
      the borrower is unable pay the interest on time (including the normal
      interest, overdue interest and embezzling interest), the lender shall
      calculate and collect the compound interest by the practical overdue days
      at the payment day (expiration date of interest) as per the overdue
      interest penalty rate stated in the
contract.

              

      

    

    
      
        	
              	
                5.

              	
                Interest
      rate liberalization or market
paralysis

              

      

    

    
      
        	
              	
                (1)

              	
                If
      the People’s Bank of China implements the marketization policy of RMB
      interest rate after the loan release under the contract, the borrower
      shall negotiation with the lender to decide the interest rate standard, if
      there is not any consensus within five (5) banking days after negotiation,
      the borrower shall pay off all the loan principal and interest within
      thirty (30) days from the date failing to get the consensus. (RMB
      applicable to the item)

              

      

    

    
      
        	
              	
                (2)

              	
                If
      there is not any relevant bank quoting against the interest rate of US
      dollars deposit to London Inter-bank Offered Rate Market at the a.m. 11:00
      (London Time) of the quotation day of relevant interest term after the
      loan release, the borrower shall negotiate with the lender to decide the
      opportunity interest rate; if there is not any consensus within five (5)
      banking days after negotiation, the borrower shall pay off all the loan
      principal and interest within thirty (30) days from the date failing to
      get the consensus. (RMB applicable to the
item)

              

      

    

    

    Article 3
Insurance

     

    
      	
              1.

            	
              The
      borrower shall make the insurance taking the lender as the first
      beneficiary or the insured at the insurance company appointed by the
      lender according to the requirement. The insurance shall cover the
      insurance plan code required by the lender who shall confirm to transfer
      all the rights and benefits (including all kinds of claims and insurance
      fund payment) stated in the Insurance Contract to the lender or hand the
      procedure taking the lender as the first beneficiary. Until the borrower
      pays off the principal and interest under the contract to the lender and
      make an agreement or endorse in the insurance policy and the insurance
      contract.  Before paying off the loan principal, the interest
      and other payables under the contract, the borrower shall not terminate
      the insurance with any reason. If termination, the behavior immediately
      forms the breach of contract of the lender and the borrower has the rights
      (but no obligation) to continue the insurance or insure on behalf of the
      borrower shouldering all the costs.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              2.

            	
              The
      borrower shall notify the lender within three (3) days by the written form
      from the day knowing the insurance accident and timely ask for the claims
      as per the relevant regulations of the insurance policy. The loss caused
      by the delay notice or the delay claims or the obligation nonperformance
      under the insurance policy shall be undertaken by the
      borrower.

            

    

    
      	
              3.

            	
              The
      insurance indemnity shall be deposited into the settlement account opened
      up by the borrower in the place of the lender and the loan principal and
      interest and the other payable costs under the contract shall be paid off
      with the consequence stated in the contract; while, the lender shall also
      be able to decide whether the insurance indemnity is used for the project
      supported by the loan according to the practical condition. If the
      insurance indemnity is not enough to pay up the loan principal and
      interest and it does not constitute the exemption of the borrower for the
      payable debt.

            

    

    

    Article 4
Withdraw

     

    
      	
              1.

            	
              Before
      the initial withdraw, the borrower shall meet all of the following
      conditions, while, the lender has no obligation to review the following
      documents or conditions:

            

    

    
      	
            	
              (1)

            	
              Submit
      the withdraw application form (see the annex 1 of contract for details) as
      per the time and method stated in the contract, the completed Credit (Loan)
      Certificate and the other related
  documents;

            

    

    
      	
            	
              (2)

            	
              The
      contract and the relevant guaranty contract have been signed up and of
      continuous force and the guaranty rights has been effectively
      established;

            

    

    
      	
            	
              (3)

            	
              Submit
      the feasibility study report of the borrower’s project, the approval
      document and the other required approval
files;

            

    

    
      	
            	
              (4)

            	
              Submit
      the current effective business license, the articles of association, the
      recent balance sheet of withdraw date (including but not limited to the
      annual financial report approved by the certified public accountant at the
      last year and the current balance
sheet);

            

    

    
      	
            	
              (5)

            	
              Submit
      the loan agreement made by the board of directors/the board of
      shareholders or the other organization with the equal legal force, the
      power of attorney and the original copy signed by the legal representative
      and the authorized representative.

            

    

    
      	
            	
              (6)

            	
              The
      borrower has opened up the special account, the settlement account and/or
      the margin account for fixed asset loan at the place of the
      lender;

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
            	
              (7)

            	
              The
      capital fund with the same ration as the loan under the contract has been
      sufficient in place and used with the loan and the practical speed of the
      project is matching with the invested
amount;

            

    

    
      	
            	
              (8)

            	
              The
      borrower has performed the obligations stated in the contract without any
      event of default stated in the
contract;

            

    

    
      	
            	
              (9)

            	
              The
      lender requires the other document or the other conditions at any
      time.

            

    

    
      	
              2.

            	
              Except
      for the initial withdraw, the borrower shall meet all of the following
      conditions, while, the lender has no obligation to review the following
      documents or conditions before each
withdraw:

            

    

    
      	
            	
              (1)

            	
              Submit
      the withdraw application form (see the annex 1 of contract for details) as
      per the time and method stated in the contract, the completed Credit (Loan)
      Certificate and the other related
  documents;

            

    

    
      	
            	
              (2)

            	
              The
      borrower has performed the obligations stated in the contract without any
      event of default stated in the
contract;

            

    

    
      	
            	
              (3)

            	
              The
      lender requires the other document or the other conditions at any
      time.

            

    

    
      	
              3.

            	
              Withdraw

            

    

    
      	
            	
              (1)

            	
              The
      borrower shall withdraw by installment as per the withdraw plan stated in
      the contract and handle with the withdraw procedure for the lender within
      three (3) business days before the withdraw
  date;

            

    

    
      	
            	
              (2)

            	
              If
      the borrower needs to delay the withdraw date, the borrower shall obtain
      the permission of the lender within three (3) days before the withdraw
      date expiration and pay up the caused interest loss (interest loss
      equaling to the interest of delayed withdraw date minus the current
      deposit in the same period).

            

    

    
      	
            	
              (3)

            	
              If
      the borrower requires to cancel all or partial the undrawn loan, the
      borrower shall put up the application to the lender within three (3) days
      before the termination day of withdraw and cancel after permission by the
      lender. If the borrower fails to withdraw all the loans within withdraw
      period, the borrower shall pay the committee fee for the undrawn part (see
      the Part I of contract for
details).

            

    

    
      	
            	
              (4)

            	
              If
      the borrower fails to hand the withdraw procedure and doesn’t apply for
      delaying the withdraw at the stated withdraw day or within the withdraw
      period, the lender may notify the borrower to take the relevant procedures
      within three (3) banking days; if the borrower fails to do, the lender has
      the rights to cancel the undrawn
loan.

            

    

    
      	
            	
              (5)

            	
              The
      borrower confirms that the lender shall bring the capitals drawn by the
      borrower as per the Article 4 of the contract into the special account of
      fixed asset loan opened up by the borrower at the place of the
      lender.

            

    

    
      	
            	
              (6)

            	
              Even
      if the above statement, the lender has the rights to refuse the withdraw
      application and cancel all or partial loan under the contract at any time
      as long as the loan has not been
released.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    Article 5
Account Opening and Management

     

    
      	
               
      

            	
              1.

            	
              The
      borrower has opened up the special account of fixed asset loan and the
      general settlement account at the place of the lender when signing up the
      contract (see the Part I of the contract for details). The borrower shall
      also open up the margin account at the place of the lender as required by
      the lender and agree the lender to monitor the original account of the
      borrower.

            

    

    
      	
               
      

            	
              2.

            	
              The
      special account of fixed asset loan is used for checking the release and
      payment of the loan applied by the borrower to the lender. The interest of
      the capital in the special account of fixed asset loan shall be calculated
      according to the current deposit interest. In addition to pre-sealing of
      the borrower, the borrower agrees to reserve the fund monitoring seal of
      fixed asset loan of the lender. Without the written permission of the
      lender, the borrower shall not randomly modify the pre-seal of the special
      account of fixed asset loan.

            

    

    
      	
               
      

            	
              3.

            	
              The
      borrower confirms the general settlement account is also taken as the
      incoming account and the repayment reserves account under the contract and
      the repayment of the principal and interest of the fixed asset loan is
      allocated from the general settlement account. The incoming cash flow of
      fixed asset investment project or the integral cash flow of the borrower
      shall be brought into the general settlement
  account.

            

    

    The
borrower guaranties the capital balance in the general settlement account shall
be no less than the amount of repaying the principal plus interest of the term
at each date of repaying the principal plus interest and within ten days. The
borrower agrees the lender has the rights to limit or refuse the external
payment to ensure the enough capital balance in the general settlement account
to pay up the principal and interest of this term.

    The
lender has the rights to take the dynamic monitoring for the general settlement
account (incoming account), when there is any abnormality in the cash flow of
the general settlement account (incoming account), the lender has the rights to
investigate the reason in time and take the countermeasures.

    After the
principal and interest of the loan in the special account of fixed asset loan
have been paid up in full in accordance with the regulations of the contract and
the withdraw application of the borrower, the borrower shall actively handle up
the account cancellation account formalities of the special account of fixed
asset loan according to the relevant management method of the
lender.

    

    Article 6
Payment Monitoring

     

    
      
        	
              	
                1.

              	
                The
      borrower agrees the lender has the rights to monitor and manage the
      payment of loan in the special account of fixes asset account by the
      commissioned payment of the lender and the self payment of the borrower to
      supervise the utilization of the loan capital same as the stated usage
      purpose.

              

      

    

    The
commissioned payment of the lender refers to the lender pays up the loan capital
by directly transferring the capital from the special account of fixed asset
loan of the borrower to the appointed account of the trade counterparty of the
borrower complying with the stated usage of the contract.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    The self
payment of the borrower means the lender transfers the loan capital into the
general settlement account from the special account of fixed asset loan of the
borrower and then the borrower self pays to the appointed account of the trade
counterparty of the borrower complying with the stated usage of the contract
through the normal settlement way.

    
      
        	
              	
                2.

              	
                The
      borrower agrees the loan capital payment when the single amount in the
      special account of fixed asset loan exceeds the amount stated in the
      contract (see the Part I of the contract for details) shall be made
      through the commissioned payment of the
lender.

              

      

    

    
      
        	
              	
                3.

              	
                When
      the borrower applies for the external payment of the loan capital in the
      special account of fixed asset loan, the borrower shall submit the
      certification materials conforming to the requirements of the lender,
      including but not limited to:

              

      

    

    
      	
               
      

            	
              (1)

            	
              the
      certificate document of payment purpose conforming to the purpose stated
      in the contract;

            

    

    
      	
               
      

            	
              (2)

            	
              Written
      contract, agreement, memorandum, meeting minutes and the other lawful
      documents really reflect the payment obligations of the borrower; provide
      the charging policy and standard approved by the authority department for
      the payables without necessary to sign up the
  contract;

            

    

    
      	
               
      

            	
              (3)

            	
              Relevant
      invoice or receipt, if unable to obtain at the same time of payment, the
      borrower shall timely make up the relevant expenditure invoice or receipt
      after completing the payment;

            

    

    
      	
               
      

            	
              (4)

            	
              Price
      audit report of the investment supervisor for the engineering advance
      payment, the process payment, the settlement payment/final settlement
      payment;

            

    

    
      	
               
      

            	
              (5)

            	
              Payment
      voucher of the legitimating and validity of the special account of fixed
      asset loan;

            

    

    
      	
               
      

            	
              (6)

            	
              Submission
      of the other documents required by the
lender.

            

    

    
      
        	
              	
                4.

              	
                If
      the commissioned payment by the lender is adopted, the borrower shall
      submit the written commission application form of the lender sealed with
      the preset seal of special account of fixed asset loan of the borrower
      within three working days before the payment day and the other relevant
      materials (see the Annex 2 of the contract for the format). The lender has
      the rights to check whether the relevant materials are complying with the
      payment terms stated in the contract. If the lender approves, the payment
      voucher shall be sealed with the capital monitoring seal of fixed asset
      loan and then the payment shall be
made.

              

      

    

    If the
commissioned payment by the lender is adopted, the lender has the rights to
require the borrower, the independent intermediary and the contractor to
cooperate to check the equipment construction or the engineering construction
process and make the external payment of the loan according to the issued
bilateral certification.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      
        	
              	
                5.

              	
                If
      the self payment by the borrower is adopted, the borrower shall submit the
      self-payment monthly plan of next month (see the Annex 3 of the contract
      for the format) and the relevant materials to the lender within 5 working
      days at the end of each month. The lender has the rights to check whether
      the relevant materials are complying with the payment terms stated in the
      contract. If the lender approves, the borrower shall fill in the payment
      voucher according to the payment details summary approved by the lender
      (the amount of each summary payment voucher shall not exceed the
      commissioned payment amount of the lender stated in the contract). The
      lender shall seal in the capital monitoring seal of fixed asset loan after
      approval and transfer the relevant funds into the general settlement
      account of the lender.

              

      

    

    
      
        	
              	
                6.

              	
                If
      the self payment by the borrower is adopted, the borrower shall summarize
      the self payment conditions of the loan and report to the lender within 10
      working days after each three months. The lender also has the rights to
      check whether the loan repayment of the borrower is complying with the
      stated usage through account analysis, voucher inspection, field
      investigation and the other
way.

              

      

    

    
      
        	
              	
                7.

              	
                The
      borrower confirms to pay up the cost aroused by the payment of loan funds
      in the special account of fixed asset loan to the lender, when the cost
      occurs; the lender has the right to directly deduct from any one account
      opened up borrower at the place of the
lender.

              

      

    

    
      
        	
              	
                8.

              	
                During
      the loan release and payment, if any of the followings occurs to the
      borrower, the lender has the rights to ask the borrower to supplement the
      withdraw conditions and the payment terms or terminate the release and
      payment of the loan in accordance with the contract
      statements:

              

      

    

    
      	
               
      

            	
              (I)

            	
              Credit
      status degradation;

            

    

    
      	
               
      

            	
              (II)

            	
              Loan
      repayment inconformity with the contract
  statement;

            

    

    
      	
               
      

            	
              (III)

            	
              Project
      process lag behind of capital utilization
  process;

            

    

    
      	
               
      

            	
              (IV)

            	
              If
      breach of contract, take disaggregation to avoid the commissioned payment
      by the lender.

            

    

    

    Article 7
Repayment

    
      
        	
              	
                1.

              	
                The
      borrower shall timely and abundantly repay the principal and interest and
      the related costs by the repayment plan stated in the contract. In
      addition, the borrower shall irrevocably authorize the rights to the
      lender to actively deduct the aforesaid amount from the account opened up
      by the borrower at the place of the lender at the due date or at the
      condition meeting the contract
statement.

              

      

    

    
      	
            	
              2.

            	
              If
      the borrower return the loan in RMB in advance, the borrower shall obtain
      the written permission from the lender, if not, the borrower shall repay
      the principal and interest by the term and rate stated in the
      contract.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    The
borrower aggress and approves the foreign currency loan is unable to be repaid
in advance by the practical codes of foreign currency loan. If the borrower
needs to repay in advance, the borrower shall notify the lender by the before
the fifteenth (15th)
banking days before the predicted repayment day and obtain the written
permission from the lender. For the part of loan is repaid in advance without
the written permission of the lender, the lender will charge the liquidated
damages from the lender (see the Part 1 of the contract for
details).

    The
repayment in advance approved by the lender shall be regarded as the due in
advance.

    The
interest of loan repayment in advance shall be calculated by the practical loan
utilization days with the repayment of principal and interest in all; the
principal amount of loan repayment in advance shall be no less than the amount
stated in the Part 1 of the contract. The repaid principal shall reduce in
reverse order the loan principal by the sequence of the repayment plan stated in
the contract.

    If the
borrower is unable to repay at due day without a reasonable reason, the borrower
shall bring up the loan deferring application before the thirtieth (30th) day
within the repayment term stated in the contract and prepare the necessary
materials to make the relevant deferring formalities. The loan under the
contract with guaranty, mortgage or pledge, the guarantor, the pledger and the
mortgagor shall issue the written permission certificate. The lender shall
decide whether to defer or not. If the borrower doesn’t apply for deferring or
the deferring application isn’t approved by the lender, the loan shall be
transferred to as the overdue loan at the next day of the due date.

    

    Article 8
Representation and Warranty

     

    The
borrower shall make the following representation and warranty to the lender, and
the representation and warranty shall be formulated when the contract is signed
up and valid during the effective period of the contract.

    
      	
               
      

            	
              1.

            	
              The
      borrower is the enterprise legal person or the other economic organization
      which is legally established, conforming to the requirements of the laws
      and rules and has the rights to conclude and performing the contract.
      Moreover, the borrower is meeting the requirements of the investment
      subject and operation qualifications of the investment project under the
      contract. The borrower is of the necessary rights ability, complete
      finance system and repayment ability. The borrower is undertaking the
      obligations to perform the contract by the self name and independently
      shouldering the civil liabilities.

            

    

    
      	
               
      

            	
              2.

            	
              The
      lender has the rights to sign up the contract and completes all the
      authorizations and approvals of the board of directors, board of
      shareholders and other authority organization required for signing up the
      contract and the obligation under the contract. All of the terms and
      articles of the contract are the real reflection of the borrower and of
      the legal force for the borrower.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
               
      

            	
              3.

            	
              The
      signing and performance of the contract shall not conflict with the laws
      (the laws under the contract including the law, the rule, the articles,
      the local regulation, the judicial interpretation and the other
      legislations governing the borrower) governing the borrower and the
      relevant document, judgment and decision of the organ of power and not
      contrast with the articles of associations of the lender or the signed
      contract, agreement or the other
obligations.

            

    

    
      	
               
      

            	
              4.

            	
              The
      borrower ensure all the issued balance sheets (if any) shall be conforming
      to the regulations of the laws of People’s Republic of China (for the
      purpose of the contract, excluding the laws of Hongkong Special
      Administrative Region, Macao Special Administrative Region and Taiwan),
      wherein the balance sheets must be real, complete, and fair to reflect the
      financial condition of the
borrower;

            

    

    
      	
               
      

            	
              5.

            	
              The
      borrower shall obey the principles of honesty and faithfulness during the
      process of signing and performing the contract and ensure all the
      materials, documents and information including the information of itself
      and the guarantor provided to the lender are real, valid, correct and
      complete without any concealed or missed
  content.

            

    

    
      	
               
      

            	
              6.

            	
              The
      borrower shall ensure to complete the filing, registration or the other
      formalities required for the validity and legal performance of the
      contract and pay up the relevant tax and
cost.

            

    

    
      	
               
      

            	
              7.

            	
              Since
      the issuance of the latest approved balance sheet, there is not any
      serious sever change in the operation status and the financial condition
      of the lender.

            

    

    
      	
               
      

            	
              8.

            	
              The
      borrower shall strictly obey the regulations of the legal document,
      conduct all kinds of business within the business scope legally approved
      or according to the regulations of business license of the lender or the
      stipulations of set documents and make the registration and annual
      inspection procedures on time.

            

    

    
      	
               
      

            	
              9.

            	
              The
      borrower shall not give up any due credit and handle up the current main
      property by the non-remunerative way or the other inappropriate way.
      Without the written consent of the lender, the borrower shall not pay off
      the other long-term loan in
advance.

            

    

    
      	
            	
              10.

            	
              The
      borrower has disclosed the important facts and conditions which shall be
      known or have been known by the lender and whether to release the loan
      under the contract.

            

    

    
      	
            	
              11.

            	
              The
      borrower confirms the default not occurring at the signing date of the
      contract and during the contract performance, including but not limited to
      the staff salary and medical service, the disability grant, the
      compensation and the pensions.

            

    

    
      	
            	
              12.

            	
              The
      borrower ensures the development project of the proposed reserve land
      complying with the urban general planning, the recent municipal
      construction and the general planning requirement of land utilization
      (applicable to he loan usage for the land reserve development) approved by
      the legal procedure.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
            	
              13.

            	
              The
      borrower ensures the good condition of credit without serious bad record;
      if the borrower is the legal person for newly-established project, the
      controlling shareholder shall enjoy good credit reputations without
      serious bad record.

            

    

    
      	
            	
              14.

            	
              The
      project supported by the loan shall be conforming to the regulations of
      the laws and rules and the relevant national policies concerning on the
      industry, the land, the environmental protection and the investment
      management and the legal management procedure of the investment project of
      fixed asset has been performed. In addition, the project shall meet the
      regulations of capital system of national relevant investment
      projects.

            

    

    
      	
            	
              15.

            	
              The
      borrower ensures no case or event causing or possible to cause the vital
      adverse effect for the contractual capacity of the
  lender.

            

    

    

    Article 9
Covenants

    The
covenants shall be made by and between the borrower and the lender during the
loan as followings:

    
      	
              1.

            	
              The
      borrower ensures the legal operation and use the loan according to the
      contract terms rather than embezzling for other purposes. The borrower
      shall regularly provide all kinds of relevant financial and accounting
      materials including the monthly and annual balance sheets as required by
      the lender and actively cooperate with the lender to monitor the usage
      condition and the operation status. The lender may inspect and monitor the
      loan usage condition at any time by various
  ways.

            

    

    
      	
              2.

            	
              The
      borrower shall repay the loan principal and interest under the contract in
      accordance with the time, amount, currency and interest rate stated in the
      contract, the agreement, the application form and the Loan Certificate. The
      practical repayment time, amount, currency, interest rate shall be subject
      to the content recorded in the Loan
      Certificate.

            

    

    
      	
              3.

            	
              The
      borrower guaranties will timely provide the new guaranty approved by the
      lender as long as the serious case occurs or going to occur to have the
      adverse influence for the finance state and the ability to perform the
      guaranty obligations of the
guarantor.

            

    

    
      	
              4.

            	
              The
      borrower promises not taking the following actions prior to obtaining the
      written consent from the lender:

            

    

    
      	
            	
              (1)

            	
              Handle
      up all or partial great asset by selling, granting, renting, lending,
      transferring, mortgaging, pledging and the other
  ways;

            

    

    
      	
            	
              (2)

            	
              Contract,
      rent, joint venture, foreign investment, shareholding reform, joint
      capital (cooperation), merger (acquisition), division, share transfer,
      substantially increase debt financing, set up subsidiary, property
      transfer, reduce asset, business cessation, dissolve, file for bankruptcy,
      reconstruction and the other actions possible to affect the repayment
      ability of the borrower.

            

    

    
      	
            	
              (3)

            	
              Modify
      the articles of associations and the other established document, change
      the organization mechanism, business scope or the main
      business.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
            	
              (4)

            	
              Provide
      the third party with the guaranty generating great server adverse effect
      on the financial station or the ability to perform the obligations under
      the contract.

            

    

    
      	
            	
              (5)

            	
              Clear
      off the other long-term debt in
advance.

            

    

    Apply for
reconstruction, bankruptcy or dissolve company, organization or be
dissolved.

    
      	
            	
              (6)

            	
              Signing
      up the contract/agreement or shouldering the relevant obligations having
      bad effect on the ability to perform the obligations under the
      contract/

            

    

    

    
      	
              5.

            	
              The
      borrower promises to notify the lender at the day of event occurrence and
      send the original copy of relevant notice to the lender (with common seal)
      within five (5) banking days from the day of event occurrence if the
      following cases occur:

            

    

    
      	
            	
              (1)

            	
              Happened
      relevant cases resulting in the unreal and incorrect representation and
      warranty made by the borrower in the
contract.

            

    

    
      	
            	
              (2)

            	
              The
      borrower or the controlling shareholder, the practical controller or the
      related person involving with the lawsuit, arbitration or the asset
      detained, closed down, frozen, forcefully implemented or the other
      measures with the same effectiveness, or the legal
      representative/responsible office, the director, the supervisor or the
      senior management staff involved with the lawsuit, the arbitration or the
      other enforcement measures.

            

    

    
      	
            	
              (3)

            	
              Changes
      of the legal representative or the authorized agent of the borrower, the
      responsible office, the main financial responsible officer, the
      communication address, the enterprise name, the office place and the other
      items

            

    

    
      	
            	
              (4)

            	
              Apply
      for reconstruction, bankruptcy by the other creditor or withdrawn by the
      superior supervising unit.

            

    

    
      	
              6.

            	
              The
      borrower promise not to repay off the other loans by disobeying the normal
      repayment sequence and never sign up any contract or agreement resulting
      in the loan under the contract in the subordinate
  status.

            

    

    
      	
              7.

            	
              The
      borrower shall repay the loan principal and interest under the contract
      with the same currency with the loan as much as possible. If the borrower
      repays the debt with the different currency from the loan, the borrower
      shall voluntarily or authorize the lender to exchange the different
      currency into the currency same as the loan currency under the contract in
      accordance with the method stated in the Deduction Agreement to repay the
      principal and interest, wherein the aroused cost shall be shouldered by
      the lender.

            

    

    
      	
              8.

            	
              If
      the guaranty under the contract faces with the specific condition or
      specially changes, the borrower shall provide the other guaranty approved
      by the lender according to the lender’s requirements. The specific
      condition or change includes but not limited to production suspending, out
      of business, dissolving, business cessation for regulation, suspending or
      canceling the business license, applying for or being applied for
      reconstruction, bankruptcy, great changes of business or financial state,
      involvement with the serious lawsuit or arbitration case, main business
      and management staff involving with the case, value decrease of the
      guaranty or possible decrease or taking the property preservation, default
      under the guaranty contract and requiring to terminating the guaranty
      contract and so on.

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              9.

            	
              Special
      agreed items about the group client (applicable to the group
      client)

            

    

    If the
borrower of the contract is the group client, the borrower hereby
promises:

    
      	
            	
              (1)

            	
              The
      borrower shall timely report the condition of connected trade over 10% of
      net asset of the practical accredited party, including: ○1connected relationship
      of trade parties: ○2trade project and trade
      nature; ○3trade
      amount or relevant ratio; pricing policy (including the trade without
      amount or only with symbol amount).

            

    

    
      	
            	
              (2)

            	
              The
      borrower shall be regarded taking default if the practical accredited
      party has any of the following conditions, and the lender has the rights
      to unilaterally cancel the unused credit extension of the client and
      reclaim all or partial used credit extension or require the client add to
      100% margins: ○1provide false materials
      or conceal the important business and finance facts; ○2change the original
      usage purpose of credit extension without the consent of the lender,
      embezzle the credit extension or utilize the bank credit extension for the
      illegal trade; ○3discount or pledge in
      the bank by the false contract with the connected parties, the receivable
      receipt without any real trade backgrounds and the receivables to absorb
      the bank funds or credit extension; ○4refuse to the lender to
      monitor and inspect the loan utilization and the relevant business and
      financial activities; ○5great merger and
      purchase reorganization and the other case possible to influence the
      credit extension safety; ○6intentionally evasion of
      debt to bank.

            

    

    
      	
              10.

            	
              The
      borrower ensures to transfer the land use right by inviting bidding,
      auction or listing and the funds in the special account of land reserves
      only for the expenditure of land development cost to achieve the purpose
      of special loan for special project; the borrower promises the incomings
      of land transfer shall be prior to repaying the loan principal and
      interest under the contract rather than for the other use (applicable to
      the loan used for the land reserves
  development).

            

    

    
      	
              11.

            	
              If
      the lender requires, the lender shall set up the guaranty and the pledge
      guaranty by taking the project asset complying with the pledge condition
      and/or the predicted project incomings and/or using the share ownership of
      the project company held by the project initiator as the
    loan.

            

    

    
      	
              12.

            	
              If
      the lender requires, the lender shall require the relevant parities of
      project to maximally reduce the risk during the construction period by
      signing up the general contracting contract, insuring the commercial
      insurance, setting up the completion margin, proving the completion
      guaranty and the performance guarantee and so
  on.

            

    

    
      	
              13.

            	
              If
      the lender requires, the lender shall sign up the long-term supply and
      sales contract, use the financial derivatives or providing guaranty for
      the capital gap by the initiator to effectively disperse the risk during
      the business period.

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
              14.

            	
              Through
      the negotiation between the lender and the borrower, the lender shall
      comprehensively use all kinds of financing tools and expand the source
      channel of project funds by providing financial consultant for the loan
      project and designing the overall financial service plan for the project
      to effectively disperse the loan
risk.

            

    

    

    Article
10 Deduction Convents

    
      	
              1.

            	
              The
      borrower agrees the lender has the rights to directly deduct from the
      settlement account opened up the borrower in Shanghai Pudong Development
      Bank to pay off the due payable debt when any of debt connected with the
      contract loan; if the funds in the settlement account is not enough to pay
      off the debt, the lender has the rights to deduct the amount from any of
      accounts opened up by the borrower at each branch of Shanghai Pudong
      Development Bank.

            

    

    
      	
              2.

            	
              Unless
      otherwise specified by the national authority organization, the sequence
      of paying off the debt by deducting the amount is to repay the overdue
      fees of the borrower, and then to clear off the overdue interest and last
      to overdue principal.

            

    

    
      	
              3.

            	
              If
      the currency of the deducted payment is different from that the payment
      needing to be repaid, the following measures shall be
    taken:

            

    

    
      	
            	
              (1)

            	
              If
      the loan currency is RMB, the loan principal and interest shall be repaid
      after transferring the deducted amount to RMB in accordance with the
      buying rate of exchange of the deducted amount currency and
      RMB.

            

    

    
      	
            	
              (2)

            	
              If
      the loan currency is not RMB, while the currency of deducted amount is
      RMB, the loan principal and interest shall be repaid after transferring
      the deducted amount to RMB by the public buying
  rate.

            

    

    
      	
            	
              (3)

            	
              If
      the currencies of the loan and the deducted amount are not RMB, the first
      is to transfer the currencies into RMB and the second is to transfer into
      the currency of loan so to pay off the loan principal and
      interest.

            

    

    

    Article
11 Claim Certificate

    The
lender shall record the accounting items related to the business activities
involving with the contract in the account book according to the regular codes
of business operation hereby to certificate the loan amount of the lender. The
borrower admits the effective voucher of the loan credit under the contract
shall be subject to the account voucher issued and recorded by the business
regulations of the lender.

    

    Article
12 Notice and Submission

    
      	
               
      

            	
              1.

            	
              The
      notice sent by one Party to another Party shall be sent to the address
      listed in the signature page of the contract until the address change by
      the written notice by another Party. As long as the notice is sent by the
      above address, it shall be regarded as being sent at the following date.
      If the letter, the seventh (7) banking days after registering post by the
      main business address; if the special sending, the signing day signed by
      the receiver; if the fax or e-mail, the sending date of fax or e-mail. But
      all of the notices, requirements or the other communications sent or
      delivered by the lender shall be regarded as successfully sent at the
      practical receiving by the lender and the confirmation shall be made by
      the fax or e-mail or sending the original copies of all notices and
      requirements (with common seal) to the
lender.

            

    

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
               
      

            	
              2.

            	
              The
      borrower agrees as long as the sent voucher and notice for the lawsuit has
      successfully sent to the main business address listed in the signature
      page of the contract. The change of above address shall be invalid unless
      notifying the lender in advance.

            

    

    

    Article
13 Validity, Change and Termination

    
      	
               
      

            	
              1.

            	
              The
      contract shall come into effect after affixing the common seals by the
      lender and the borrower and signing or sealing by the legal representative
      (responsible officer) or the authorized agents of the two Parities and
      terminate until repaying off the entire loan under the
      contract.

            

    

    
      	
               
      

            	
              2.

            	
              After
      the contract coming into effect, any Party of the contract shall not
      change or terminate the contract in advance by itself. If the contract
      needs to be changed and terminated, the consensus shall be made by and
      between the two Parities and the written agreement shall also be signed
      up.

            

    

    

    Article
14 Event of Default and Treatment

    
      	
               
      

            	
              1.

            	
              Event
      of default

            

    

     In
case of any one of followings, the borrower shall make the default for the
lender:

    
      	
               
      

            	
              (1)

            	
              Any
      representation and warranty made by the lender in the contract or the
      notice, authorization, approval, consent, certificate and the other
      documents made according to the contract regulations have been proved to
      be incorrect or with misleading nature or be invalid or revoked or without
      legal force.

            

    

    
      	
               
      

            	
              (2)

            	
              The
      borrower has violated the regulations stated in the Other Items Agreed by
      Two Parties in the Part I (if any) or any of statements in Article 9 of
      Part II.

            

    

    
      	
               
      

            	
              (3)

            	
              The
      borrower violates the signed any provision of the loan contract and
      agreement; or the overdue debt under the other loan contract and
      agreements.

            

    

    
      	
               
      

            	
              (4)

            	
              The
      investor of the lender removing the funds, transferring the asset or the
      share ownership.

            

    

    
      	
               
      

            	
              (5)

            	
              Delay
      allocation of self-raised funds by the borrower or removing after
      allocation

            

    

    
      	
               
      

            	
              (6)

            	
              Serious
      lagging of project process.

            

    

    
      	
               
      

            	
              (7)

            	
              The
      guarantor has lost or will lose the guaranty ability related to offering
      and loan, or breaching the guaranty contract signed by
    itself.

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

    

    
      	
               
      

            	
              (8)

            	
              Business
      cessation, production suspending, business suspending, cessation for
      reconstruction, liquidation, being taken over or taking over, dissolving,
      suspending or canceling the business license or
  bankruptcy.

            

    

    
      
        	
                 
      

              	
                (9)

              	
                Financial
      condition of the borrower or the guarantor worsening, difficulty in the
      business or the occurred case or condition badly affecting the normal
      business, financial condition or the repayment ability.

              
	 	

                (10)

              	

                The
      borrower or the controlling shareholder, the practical controller or the
      connected party involving with the serious lawsuit, arbitration or the
      great asset being detained, closed down, frozen, forcefully implemented or
      the other taken measures with the same enforcement, or the legal
      representative/responsible officer, the directors, the supervisor or the
      senior management staff involving with the lawsuit, arbitration or the
      other enforcement measures resulting in the adverse influence on the
      repayment ability of the borrower.

              
	 	

                (11)

              	

                The
      change of national or local land reserves policies having bad effect on
      the loan under the contract; or the planning condition of reserved land
      changing or unable to realize the predicted profit (applicable to the loan
      usage for the land reserves development).

              
	 	

                (12)

              	

                The
      borrower fails to repay the loan principal and interest or use the
      loan  as per the provisions.

              
	 	

                (13)

              	

                Fails
      to use the loan as per the stated ways.

              
	 	

                (14)

              	

                The
      file materials and information of submitted applying loan be
      false  and wrong.

              
	 	

                (15)

              	

                Inconformity
      to or exceeding the relevant financial indicator regulations stated in the
      contract.

              
	 	

                (16)

              	

                The
      balance in the general settlement less than the payable amount of the
      principal and interest of the borrower at any due day and within ten
      days.

              
	 	

                (17)

              	

                Abnormality
      in the cash flow of the general settlement account (incoming
      account)

              
	 	

                (18)

              	

                Default
      of the borrower resulting in the normal performance of contract, or the
      other actions harming the legitimate interest of the
    lender.

              

      

    

     

    
      	
               
      

            	
              2.

            	
              Treatment

            

    

    
      
        	
                 
      

              	
                (1)

              	
                In
      case of aforesaid default occurs, the lender shall take the one or several
      measures as followings by taking the circumstances into
      considerations:

              

        	 	

                I.

              	

                Require
      the borrower to modify in limit period.

              
	 	

                II.

              	

                Stop
      releasing the unused loan of the borrower and reclaim the partial or all
      loans in advance.

              
	 	

                III.

              	

                Announce
      the due of all or partial principal in advance, require repaying the
      partial or all loans and the interest and reclaims for the guarantor or
      the borrower by all kinds of methods.

              
	 	

                IV.

              	

                Collect
      interest and compound interest for the overdue loan and the embezzled
      loan.

              
	 	

                V.

              	

                Deduct
      from any account opened up by the borrower in each branch of Shanghai
      Pudong Development Bank.

              

         

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

        
          
            		
                    Shanghai
      Pudong Development Bank

                  	
                    Loan
      Contract of Fixed Asset

                  
	 	
                    SPD
      BANK

                  	 
      

          

        

        	 	

                VI.

              	

                Require
      the borrower to provide the other guaranty approved by the
      lender.

              
	 	

                VII.

              	

                The
      other necessary measures stated by the
law.

              

      

    

     

    
      	
               
      

            	
              (2)

            	
              Expect
      for the above measures, the lender also has the rights to require the
      borrower to shoulder the default liability and pay up the liquidated
      damages (see the Part I of the contract for the calculation method of the
      liquidated damages). If the liquidated damages is not enough to make up
      the lender’s loss, the borrower shall compensate all the losses for the
      lender.

            

    

    
      	
               
      

            	
              (3)

            	
              If
      the borrower fails to repay the principal and the interest in full value,
      the borrower has to pay up all the costs aroused from the lender to
      realize the credit claim and the guaranty rights, including but not
      limited to the collection fee, the lawsuit fee, the notaries fee, the
      attorney fee, the traveling expense, the translation cost and the other
      payable costs.

            

    

    

    Article
15 Other Provisions

    
      	
              1.

            	
              Definitions

            

    

    
      	
            	
              (1)

            	
              All
      the credit claims in the contract means the loan principal, the interest,
      the liquidated damages and all kinds of costs for realizing the credit
      claim.

            

    

    
      	
            	
              (2)

            	
              The
      aforesaid interest includes the interest, the default interest and the
      compound interest.

            

    

    
      	
            	
              (3)

            	
              The
      banking day in the contract refers to the normal public business day of
      the lender at the residential place, excluding Saturday, Sunday (except
      for the public business due to the holiday adjustment policy) or the other
      legal festivals and holiday.

            

    

    
      	
              2.

            	
              Applicable
      laws

            

    

    The laws
of People’s Republic of China (for the purpose of the contract, excluding the
laws of Hongkong Special Administrative Region, Macao Special Administrative
Region and Taiwan area) are applicable to the contract and the interpretation
shall prevail.

    
      	
              3.

            	
              Dispute
      resolution

            

    

    All of
the disputes related to the contract shall be handled up through friendly
negotiation; if fail, the People’s Court in the residential place of the lender
has the judicial authority. During the dispute, the two Parties shall continue
to perform the undisputed provisions.

    
      	
              4.

            	
              Miscellaneous

            

    

    
      	
            	
              (1)

            	
              If
      there is unlisted issue needs to be complemented, the two parties can
      negotiate and record in the article 10 of the contract and they can reach
      another written agreement as the annex of the contract. The annex of the
      contract (see details in Part 1 of the contract) is an indivisible part of
      the contract and it enjoys the same legal force with the
      contract.

            

    

    
      	
            	
              (2)

            	
              During
      the contract period, the lender shall take the grace measures or delay to
      take actions which could not harm, influence or limit the lender to enjoy
      all rights or benefits as the creditor in accordance with the law or the
      contract, in addition, it could not be regarded as the approval by the
      lender to the default of the borrower, even less regarding the lender
      giving up the rights to take actions against the current or future default
      of the borrower.

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

       

    

    
      
        		
                Shanghai
      Pudong Development Bank

              	
                Loan
      Contract of Fixed Asset

              
	 	
                SPD
      BANK

              	 
      

      

       

    

    
      	
            	
              (3)

            	
              The
      invalidity of some a provision in the contract shall not affect the
      enforcement of the other provisions. No matter why the contract is
      invalid, the borrower shall also shoulder all the debt liabilities under
      the contract to the lender. In case of the above conditions, the lender
      has the rights to immediately terminate the contract performance and
      reclaim the entire loan under the contract to the
  borrower.

            

    

    
      	
            	
              (4)

            	
              The
      borrower shall be able to transfer all or partial rights and/or
      obligations under the contract, in this case, the transferee shall enjoy
      and/take the same rights and/or duties as one Party of the contract. After
      receiving the notice of credit transfer from the lender, the borrower
      shall take the liabilities to the transferee according to the regulations
      of the contract.

            

    

    
      	
            	
              (5)

            	
              The
      terms and expressions in the contract have the same meaning with the main
      contract unless there are special
notes.

            

    

    
      	
            	
              (6)

            	
              The
      titles in the contract are just for reference and not served as reference
      of the contents.

            

    

    

    (No main
body in below)

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    
       

      
        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

         

      

      
      

    

    (The page
be the signature page without main body)

    The
contract shall be signed by and between the borrower and the lender on 26th Feb.
2010. The borrower confirms the two Parties have taken the detailed description
and discussion for all the terms when signing up the contract. The two Parties
have no objections about all the provisions and articles and correctly
understand the rights and obligations of the Parities and the liabilities limit
or the legal interpretation of the exemption articles.

    
       

      

    

    Regal
representative or authorized agent (signature or
seal)    principal or authorized agent

    

    Ji
Qianian                                                   Yang
Liqiang

    (Applicable
to legal person)

    

    Valid
identification certification type and code:

     

    
      

    

    (Applicable
to natural person)

    
      
        	Dwelling
      place:   	Main business
      site:	 
	Zip
      code:   	Zip code:	 
	Tel:            	Tel:	 
	Fax:      	Fax:	 
	Email:         	Email:	 
	Contact
      person:  	Contact
      person:	 

      

       

    

                                      

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

                           

    
      
        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

      

      
      

    

                       

    Annex
1

     

    Application
Form of Withdraw

    Under

    Loan
Contract of Fixed Asset

    No.:

    To:  Branch of
Shanghai Pudong Development Bank

      Whereas
our company has signed up the Loan Contract of Fixed Asset with No.
[     ] on (day) (month) (year). In
accordance with the withdraw plan stated in the contract, our company is going
to withdraw the loan on (day) (month) (year), namely (currency) (yuan only) (in
words).

    

    Hereby,
our company confirms there is not any incident or case forming the default under
the Loan Contract of Fixed
Asset till the date the application form is sent. Further, our company
ensures all the promised items in the Loan Contract of Fixed Asset
have been implemented according to the contract regulations and all the
perquisite conditions have also been met.

    

    Please
approve.

    

    

    Applicant:
(common seal)

    Legal
representative or authorized agent: Ji Qin’an

    (Signature
or seal) 
      

 

     (day) (month) (year)

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    
       

      
        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

      

    

     

    Annex
2

    Application
Form of Commissioned Payment

    of

    Lender

    No.:

    Shanghai
Pudong Development Bank Branch

    Whereas
our company has signed up the Loan Contract of Fixed Asset with No.
[     ] on (day) (month) (year). In
accordance with the regulations of payment monitoring of the funds in the
special account of fixed asset loan, hereby our company applies for taking the
external loan payment from the special account of fixed asset loan by the way of
the commissioned payment of the lender and we have submitted the following
relevant materials complying with the contract regulations to your
bank:

    
      	
            	
              o

            	
              The
      written contract, agreement, memorandum, minutes, or the other legal
      documents practically reflecting the payment obligations of the
      lender

            

    

    
      	
            	
              o

            	
              Charging
      policy and standard approved by the governmental authority
      department

            

    

    
      	
            	
              o

            	
              Relevant
      invoice or receipt: if unable to obtain at the same time of payment, the
      borrower shall timely submit the relevant loan utilization invoice and
      receipt after payment completion

            

    

    
      	
            	
              o

            	
              Price
      evaluation report of the investment supervisor for the engineering
      prepayment, the process payment, the settlement or liquidation
      payment

            

    

    
      	
            	
              o

            	
              Valid
      and effective payment voucher of special account of fixed asset
      loan

            

    

    
      	
            	
              o

            	
              Others:

            

    

    
      Please
transfer the principal (currency) of                                
(amount) into the following account on        
day        
month         
year after approval according to the regulations of the loan
contract:

    

    
      Bank:

    

    
      Account
name:

    

    
      Account
name:

    

    

    Please
approve!

    

    
      	
               
      

            	
              Applicant:    (seal
      for special account of fixed asset
loan)

            

    

    
      	
               
      

            	
                
      (day)  
      (month)  
      (year)

            

    

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
       

      
        
          		
                  Shanghai
      Pudong Development Bank

                	
                  Loan
      Contract of Fixed Asset

                
	 	
                  SPD
      BANK

                	 
      

        

      

      
      

    

    Annex
3

    Monthly
Payment Plan of Self Payment of Lender

    
      	
               
      

            	
              No.:

            

    

         Branch
of Shanghai Pudong Development Bank

    Whereas
our company has signed up the Loan Contract of Fixed Asset with No.
[     ] on (day) (month) (year). In
accordance with the regulations of payment monitoring of the funds in the
special account of fixed asset loan, hereby our company applies for taking the
external loan payment from the special account of fixed asset loan. Therefore,
our company applies to take the external payment from the special account of
fixed asset loan by the way of self payment of the lender. The monthly payment
plan of our company for  (month) (year) shall be
as followings:

    
      
        	
                Enterprise
      name

              	 
      	
                Responsible
      officer

              	 
      
	
                Loan
      project of fixed asset

              	 
      	 
      	
                No.
      of loan contract

              	 
      
	 
      	
                Items
      of application payment

              	
                Payment
      amount (10 thousand yuan)

              	
                Payment
      date

              	
                Trade
      counterparty

              
	
                Status
      of self payment application

              	
                1

              	 
      	 
      	 
      
	
                2

              	 
      	 
      	 
      
	
                3

              	 
      	 
      	 
      
	
                4

              	 
      	 
      	 
      
	
                5

              	 
      	 
      	 
      
	
                6

              	 
      	 
      	 
      
	 
      	
                Summary

              	 
      

      

    

    
      
        
          Please
transfer the principal (currency) of                                
(amount) into the following account on        
day        
month         
year after approval according to the regulations of the loan
contract:

        

        
          Bank:

        

        
          Account
name:

        

        
          Account
name:

        

        

        Please
approve!

      

    

     

    
      	
               
      

            	
              Applicant:    (seal
      for special account of fixed asset loan)

            

      
        	
                 
      

              	
                  
      (day)  
      (month)  
      (year)

              

      

       

    

     

    
      
        
        

      

      
        25

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