Document:

f10k2012ex10xxxxiii_keyuan.htm

Exhibit 10.43

Contract Number: G1225-2012-046

Pledgor (Party A ): Ningbo Keyuan Plastics Co., Ltd.

Address: Qingzhi, Beilun District, Ningbo

Zip code: 315803

	
Legal representative (responsible person): Tao Chunfeng

Fax:86232618 Tel:86232931

	

Pledgee (Party B):China Construction Bank Stock Co., Ltd, Ningbo Beilun Branch

Address: No.251, Xinda Road, Beilun, Ningbo Zip code: 315800

Responsible Person: Bao jian jun

 

Fax: 86882154 Tel:86884361

In consideration of:

In order to ensure that the debtor Ningbo Keyuan plastic co.ltd, completely and timely performs every obligation in the principal contract( no G1225-2012-046) with party B and the pledgee’s rights are achieved, the pledgor volunteers to undertake liability of all the debt in the principal contact for the pledgee and draw up this contact specially.

Article 1 The pledge right

 

1. Party A to set the pledge based on the rights listed in the “ pledged right list”

 

2. If the right listed on the pledge list differ from the actually certificate of pledge or the proof of the pledge party B received or differs from the what listed in the pledge registration book, then the actually certificate of pledge or the proof of the pledge party B received or differs from the what listed in the pledge registration book will be the real pledge

 

3. If the newly issued certification of pledge or the other certification is different from the “ pledge list” or the certification of pledge party B took or different from the registration book, which can not be the reason for party refuses to take the pledge obligation.

 

4. Party A should take the most prudent to maintain the pledge’s value and effectiveness to keep the pledge from value reduction or lost due to expiry or other event, if there is an increase for the pledge right, the exceeding part should be taken as the pledge as well.

 

5 The compound interest should be charged by party B, and be taken as a party for the pledge, and also should be used for paying the compound interest charging expense.

 

6 if there is possibility for reduction of value or it has been reduced, party A should provide the new pledge per the request of party B.

Article 2 The scope of pledge is the item 2 below

 

1. The debts of the contract, the scope should include the loan principal , penalty interest and compound interest, liquidated damage,proceed fee, and other related fees, and also the fees arising from the pledgor to achieve its rights ( include but not limited to litigation fee, lawyer fee and travel fee etc)

 

  

1

  

 

2. The currency of the contract---USD 6.5 million, include but not limited to the interest , compound interest,  penalty interest and compound interest, liquidated damage, and the other necessary payment included but not limited to procedure fee, telegraphy fee and other related fees, and also the fees arising from the pledgor to achieve its rights ( include but not limited to litigation fee, execution fee, arbitration fee, bid fee, publication, delivery, lawyer fee and travel fee etc)

Article 3 The pledge property’s handover (registration) and retention

 

1. The pledge’s property’s handover (registration) and keeping

To fulfill the contract and complete the pledge process, the pledgor should per pledgee’s request after signed the contract to give the ownership certification with stamp to pledgee or to complete the registration procedure at the local authority within 1 day, any related pledge certifications also should kept by pledgee during the period of contract.

 

2. If the registration is not needed, then the party A should give all the certification of pledge to party B in 1 days after the contract signed, or after the endorse if needed.

 

3. If the third party is needed, then should be informed by writing.

Article 4 The changes of the principal contact

 

1. The creditor’s rights and obligations of this contact will not be influenced just because the creditor allows the debtor to extend a time limit and extend the time of repayment, and the creditor and the debtor amend, change or substitute any terms of the principal contact. If the above situations happened, it is regarded as that the surety’s approval has been achieved ahead, while the suretyship liability of the surety is not reduced for that. Instead of the creditor, the principal contact provides the debtor with business of the establishment of a letter of credit, the establishment of a letter of guarantee or the alternate letter of credit. Any amendments of a letter of credit, a letter of guarantee or the alternate letter of credit The creditor and the debtor by the creditor and the debtor need not to gain the approval of the surety or separately inform the surety. These amendments are regarded as that the surety’s approval has been achieved ahead, while the suretyship liability of the surety is not reduced for that.

 

2. Party A’s obligation will not be reduce due to followings:

 

(1) Selling, bestowal, leasing, leading, transferring, mortgage, hypothecation or other modes deposits the whole or large part of the great property.

 

(2) party B to entrust the third party to do the pledge obligation.

 

3. If the pledge right is transfer to third party, party A should assist third party to do the related registration

 

4. If the creditor’s right or debt under the contract is invalid, cancelled, ineffective, party A should also bear the obligation for the contract.

 

  

2

  

 

Article 5 The third party’s hinder

 

1. Party A should also to provide the new pledge if the nation or third party to cancel, confiscate, detain, seal, froze, bid, dispose, damage the pledge.

 

2. If the preceding payment happen in the pledge, the remaining part should also taken as pledge of party B. the party A’a compensation should be saved into the account appointed by party B. party B has the right to handle the pledge based on the following procedure and party A should provide the assistance.

 

1 to restore the pledge’s value under the contract.

 

2  to pay or make an advance payment for the principal loan and interest and other fees

 

3  to provide the pledge guarantee for the debt under the contract.

 

4  the party A to provide the new pledge to party B, then party A can make the own decision to dispose.

 

Article 6 The pledge right is due earlier than debt

 

1. If there is a collection date for the pledge,  and the date is earlier than the due date of debt, party B has right to claim the pay off of collection before the due date of debt, the cash or property should be saved into the account or the place party B appointed, B has the right to handle the pledge based on the following procedure and party A should provide the assistance.

 

	
(1)  

	
Take the property as the pledge for retention

	
(2)  

	
Take the cash or bid the property, using the payment to liquidate or as the new pledge.

	
(3)  

	
The party A to provide the new pledge to party B, then party A can make the own decision to dispose.

Article 7 The achieve of pledge

 

1. Party A does not perform the debt after the due date, or perform the debt which claim due, pledgee has the right to handle the pledge to get the pledge right

 

2. The value mutually agreed by both parties or listed in the registration are not the final value, should be decided by the net amount deducted by tax 

If the pledge value should be used to compensate the creditor’s right, then the mutually agreed value above mentioned should not used as judgment, the final value should be get by mutually discussed by both parties.

 

3. The pledgee has the right to handle the pledge by sale, bid, cash the pledge in advance, and get the paid based on the cash or to handle the payment by contract. after handled the pledge, the paid cash should be for all the creditor’s right, for the financing beside the loan, the remaining can be returned to party A

 

4. If the party A and debtor is the same person, the party B can apply for the enforce for the property beside the pledge, on the condition that not to give up the pledge.

 

  

3

  

 

5. Party A can’t do anything to prevent the party B to get the pledge

 

6. It does not matter if party B has the other pledge for the creditor’s right under the contract ( include but not limited to LC,warranty, promise, standby LC etc), and it does not matter if such warrants are effective or not, or if the party B will claim the pledge from others, or if there are third party willing to undertake the debt, the obligation of party A can’s be reduced, party B can ask party A to undertake the pledge obligation directly.

 

7. If party A only take partial pledge under the contract, the party A to agree even the debtor to pay off and cause part of the debt is clear, the party A still be responsible for the remaining debt.

 

8. If party A only take partial pledge under the contract, and the debt under the contract still can not be fully paid, then the party A to promise the party B’s interest will be fully protected, Before the party B’s debt get fully paid off

 

1 Party A will not claim the recovery of loss to other creditor or other warranty person, if the party A do so for some reasons, then the claim money should be used to party B first.

 

2 If there are the material pledges under the contract, the party A can not claim the pledge right for this part first, the material and its price should be firstly used for party B’s right.

 

3 If there is counter guarantee for the contract, then the payment from the counter guarantee should be paid for party B’s obligation first.

9. If the contract is invalid, ineffective, partial cancelled or ineffective, and the party A and debtor is not the same person, then party A should take the joint liability for the party B’s loss.

 

10. Party A has been fully aware the exchange rate risk, if party B to adjust the exchange rate per the national regulation or contract regulation to cause the rate increased, then party A should also responsible for the increased part.

 

11. Apart from the debt under the main contract, the debtor has other debt to party B, then party B to has right to draw money from party A’s account to pay any due debt, party A’s liability shall not be reduced.

Article 8 The return of the certificate of pledge

 

After the debt under the contract paid off and party A paid all the related expenses, party A has the right to ask party B to return the certificate of pledge, when party B return the certificate and party A should inspect it on the spot, the later claim will be regarded as uneffective.

 

When all the expenses paid off, party A should work with party B for pledge registration cancellation.

 

  

4

  

 

Article 9 Liability breach

 

1 The liability for party A to breach the contract

 

1.1  If party A to breach the contract or there are any items in contract are false, party B has the right to

	
1  

	
Ask party A to correct the breach on time

	
2  

	
Ask party A to provide new pledge.

	
3  

	
Ask party A to compensate.

	
4  

	
Handle pledge right

	
5  

	
Other remedy measure by law

1.2  Party B has the right to choose item 2-5 of article 5 to handle the payment of pledge right, Party A should provide the assistance.

 

If the pledge can’t be effective or the value of pledge is reduce due to party A’s reason or cause party B can’t execute pledge right properly, and the party A and debtor is not the same person, then party A should take the joint liability for the party B’s loss.

 

2  Party B’s liability

 

If it is party B’s reason to cause certification of pledge to lost or damaged, party A should ask party B to take the expense for making up the certification.

Article 10 The other items

 

1. Expense

 

All the expense related to the contract and pledge (include but not limited to occupy, management, disposition, registration, insurance, transportation, storage, evaluation, bid, maintenance), all should be borne by party A.

3. For all the account payable, party B has the right to directly draw from Party A’s account without informing party A, and it is related to foreign exchange, it is party A’s duty to assist party B to fulfill all the necessary job and undertake necessary interest rate.

4. Publication collection 

If party A to breach the contract, party B has the right to inform the new media for the publication collection

 

5. The party B’s evidence effect 

unless there is reliable and confirmed evidence, all the evidence of recording principal, interest, expense and payment of party B, all the bills and certificate for transaction procedure, will all form as a part of contract, sharing the same legal effect, party A can not object just because party B to keep and make them unilaterally.

 

6. If there are separation, dismiss, going to bankruptcy, be cancelled the registration, the certification,  the pledge right be damaged, lost, frozen or sealed, should immediately inform the party B.

 

7. The debtor’s dismiss or bankruptcy 

If party A know the debtor’s dismiss or bankruptcy, should immediately inform party B for claim the right, and party A should also join the procedure of bankruptcy or dismiss for debt claim, if party A knows the debtor’s dismiss or bankruptcy beforehand but did not claim the right, party A should undertake all the lost.

 

  

5

  

 

8. Party A’ dismiss or bankruptcy

If party A is dismissed or bankrupted, even  if the pledge is not due, party B also has the right to join the procedure of bankruptcy or dismiss for debt claim.

 

9.  If there are address or contact information change for party A, should immediately inform party B , otherwise it is party A ‘s duty to undertake the loss.

 

10. Other events

If there are fees due to party A to breach the contract ( include but not limited to sue fee, arbitration, insurance, lawyer fee, arbitration, bid, travel, accommodation) should all be undertaken by party A.

 

11. The method of settling the dispute

 

The disputes when performing the contract can be solved through negotiation. If it fails, refer to the first method to settle it.

 

1.Prosecute to the people’s court where Party B locates.

 

2.Arbitration.

 

Arbitrate as the current and valid rules. The final arbitration is over, it restrains the two parties. During the period of litigation or arbitration, the terms unrelated to disputes are still Performed.

 

12. Effectiveness,

 

This contact is valid after it is stamped by the creditor’s and the debtor’s official seals and signed or stamped by their legal representatives/persons responsible or authorized attorneys (if the attorneys are natural men, they only need to sign this contact). It is ended when all the secured creditor’s rights are tendered.

 

14. The contract has 2 copies.

Article 12  Statement and promise

 

The pledgor make the such promise to the pledge

 

1. Tthe party A has already know the party B’s business scope

 

2. Party A has already read all the clauses in the contract and per party A’s request, party B has already explained all the items in the contract, party A fully aware the consequence of the contract.

 

3. The pledgor is an independent legal subject who possesses the necessary capacity for rights and can in his own mane perform the obligations of this contact and independently bear civil responsibility.

4. All the items of contract meet the law, and has finished signing this contact and performing all the authorization and ratification needed by the obligations of this contact. Every term of this contact is the expression of the surety’s real meaning ,

 

5. The signature and performance of this contact do not disobey the laws (the laws of this contact refer to the laws, rules, regulations, local regulations and judicial interpretation) obeyed by the surety, constitutions, documents, judgments and verdicts of authorized departments, and also do not contradict any contact and agreement signed by the surety or the other undertaken obligation.

 

  

6

  

 

6. The pledgor ensures that the financial statements (if the surety had) showed are in conformity with the legal regulations. The financial statements truly, completely and fairly reflect the financial situation of the surety. What’s more, all the material and document information relating with this contact are true, effective, accurate and complete, but have little concealment.

 

7. The pledgor  promises to finish record, register or other formalities needed by the effective and legal performance of this contact,

 

8. The pledgor ensures that there exist no situations or events which may greatly affect the capability of performing obligations.

 

9. The pledgor has the complete ownership for the pledge, the pledge is gained legally and has no warranty, or other kinds of arrangements, and there is no dispute for the ownership, restrict and other flaws:( such as frozen share right, report of the loss of bill, and stop payment)

 

10. Without written approval, party A can not dispose the pledge, including transfer or double pledge.

 

	
3  

	
If party B to do pledge right need third party to perform the obligation,( include but not limted to saving bill, storage bill, bill, account receivable pledge), then party A to promise the third party will not hinder party B, all the agreements between party A and third party will not stop party B to get its pledge right.

	
4  

	
All the information party A to send to party B in the contract is real and valid and complete.

 

	
The surety (official seal)

	
The creditor (official seal)

	
The legal representative or the authorized attorney notary

	
The persons responsible or the authorized

	
(signature or stamp of official seal)

	
(signature or stamp of official seal)

	
2012.11.15

	
2012.11.15

	 	 

 

 

7f10k2012ex10xxxxiv_keyuan.htm

Exhibit 10.44

 

Trade financing 008

 

Trust receipt loan contract

Contract Number: G1225-2012-046

Borrower(Party A ): Ningbo Keyuan Plastics Co., Ltd.

Address: Qingzhi, Beilun District, Ningbo

Zip code: 315803

Legal representative (responsible person): Tao Chunfeng

Fax:86232618 Tel:86232931

 

  

1

  

Lender(Party B):China Construction Bank Stock Co., Ltd, Ningbo Beilun Branch

Address: No.251, Xinda Road, Beilun, Ningbo Zip code: 315800

Responsible Person: Bao jian jun

Fax: 86882154 Tel:86884361

Considering the bills/goods under the import collection of LC/TT have arrived, party A to apply for the trust receipt loan from party B, and party B accept the agreement, both parties to sign the agreement after mutual consent for both parties to abide.

Article 1 The trust receipt loan

1. The trust receipt loan in the contract ref to the party B to provide short term loan at the due date of LC/ TT/ import collection to party A for the outward payment under the contract.

The information of LC

No of LC: 83009010006947

The amount and currency of LC: 7,947,504 USD

The amount of draft/ invoice : 7,945,780.66 USD

2. The amount of trust receipt loan :6.5 million USD

3. The duration of the loan:92 days

From 15th of NOV of 2012 to 15th of FEB of 2012.

Article 2. Interest rate of loan, default interest rate and calculation, conclusion

 

First, interest rate of loan

The interest rate of loan in this contract is annual interest rate, which is the first type of the following:

 

I. Fixed rate, which is %.  Which is 3 month of libor + 100 BRS, The rate will not change within the life of loan.

 

Libor interest rate mean the loan interest rate issued on 11:00 am (London time) by BBR two days before loan.

 

Hibor interest rate mean the loan interest rate issued on 11:00 am (Hongkong time) by HKAB two days before loan.

 

  

2

  

 

2. The loan interest will be calculated from the party B’s loaning date, the interest will be calculated per days, the loan currency is pound or HK dollar, the interest rate will be calculated as 365 days, the loan except the pound or HK dollar will be calculated as 360 days, the interest day will be include the first day of interest period, but the final day will be excluded.

Article 3 Interest settlement

1. if using the fixed interest rate loan, to calculate the interest based on the fixed rate, if using the loans with floating interest rate, to calculate the interest based on the instantaneous rate, if the duration of floating interest rate is shorter than the duration of interest settlement, the floating interest rate need to be calculated first, and the loan interest can be calculated after adding the interests in various period.

2 the method for the settlement of interest and loan is: the interest and the loan will be settled at one time.

3. The precondition for party B to give loan to party A Party B has the responsibility to issue the loan only when the below conditions are continuously satisfied unless Party B gives up it wholly or partly.

 

1. Party A has completed the approval, registration, payment, insurance and other regulated procedures.

 

2. party A has already handed over all the required documents

 

3. Party A has already presenet the trust receipt to party B.

 

4. the guarantee per party B’s request has been valid.

 

5. party A did not violate any regulations in contract.

 

6. others:

Article 4 Payback

 

1. the principle of repayment All the payment received from LC/TT/import collection by party A should be used for payback the loan of party B, if there is insufficient party should be paid by party A with other capital,

2. The party A should pay the due interest on the due date to party B, the first interest pay date should be the first libor day of loan, and all the loan and interest should be settled on the last payment.

 

  

3

  

3. The principal and interest should be paid off at one time, means the principal and interest of loan should be paid back at one time. Party A should deposit enough capital into party B’s bank account for automatic pay back before the due date, party B also has the right to draw the money for Party A’ s other accounts on the due date.

4. repayment in advance Party A has the right to make advance payment.

 

The interest should be calculated based on the actual days and the arranged loan interest rate. The unpaid debt should still be paid based on the contract after the advance payment.

Article 5 Rights and obligations of both parties

 

1. Party A has the right to ask Party B to issue the loan according to the contract

 

2. Party B can ask party A to Keep secrets on the information which Party A provided, except the stipulation of law and regulation, relative powerful departments’ requirements or the other agreements of the two parties.

 

3. All the RMB and foreign currency settlement should be done by the party B’a account.

 

4. The date of party A to get the trust receipt or the date for party B to make the payment, the party B to get the ownship of bills and the goods

 

5. When party A to present the trust receipt to party B, party B should handover the bill to party A

 

6. Party B, as a consignor and beneficiary, owing the beneficiary right for party A to handle the trust property.

 

7. As the consignor , party A to hold the bill and goods under the LC/TT/import collection on party B’s interest, to proceed the unloading, storage, production, proceeding, transportation and sales.

 

The payment for goods from the above mentioned activities should be used for pay back to party B, the insuccifient part should be paid by other capital by party A.

 

8. All the expenses from handling the goods should be undertaken by party A

 

9. Party B has the right to collect the payment for goods buyer after the goods sold without informing the party A

 

10. If any special requirements from party B, party A should to handle the goods based on party B’s requirement.

 

  

4

  

11. Any of the following conditions can be considered as may harm the safety of Party B’ rights: Party A happens to contract, mandate, lease, shareholding reform, decrease registered capital, invest, join operation, merge, restrict, separate, joint venture, apply for suspending business for rectification, apply for dismissing, be revoked, apply for going bankrupt, the controlling shareholder or the real controller changed, large assets been transferred, stop production, close a business, be imposed a large quantity fine or be cancelled registration by powerful government departments, be revoked license, be involved in big legal dispute, have serious difficulties in production and management, the financial condition worsened, the legal representative or main responsible person cannot fulfill its duties.

12. Before the party B received the full payment for principal, interest and expense, party A can not pledge the goods to other party even if the goods are restricted by any lien.

 

13. If party B request, party A should deliver the related files to party B or deliver the goods to partyB’s warehouse, and make the warehouse sheet at party B’s receipt adress.

 

14. Per party B’s request,party A should buy the fire insurance and other normal insurance from insurance with good reputation, and undertake the insurance premier, if any claims happened ,party A should inform the party B immediately and handover the insurance premier to party B

 

15. Party B has the right to decide the way to deliver and goods inspection, storage place, storage method, and insurance. Party A promise to provide the convenience to party B, including the provide the access to party B’s staff and sign all the related files for party B to pick up the goods and claims

 

16. Party B has the right to inspect the payment collection status, and party A should inform the progress per party B’s request.

 

17. If Party A changes its business registration, such as name, legal representative, address, business range, registered capital, articles of association etc., it should inform Party B on paper within 30 work days after changing. The relative documents should be delivered to Party B at the same time.

 

18. Party A promise not signing any contracts with third party to harm party B’s right.

 

19. Party B can cancel the trust at any time, party A should return the bill , all set of ownership bill, and the goods to party B upon request.

 

20. If the party A does not follow party B’s instruction to handle the trust property, party B has the right to release the trust relation, and take the trust property back.

 

  

5

  

 

21. If there are any legal conflicts or cheat in the contracts under LC/TT/import collection, it does not matter if such conflicts has been resolved, party A should to pay the principal and interest based on the contract.

 

22. Party A can not use the related trade to avoid the debt to party B, can not use the false contract between related party and the false bill receivable and receivables to do the pledge in the bank to get the cash or credit.

 

23. If Party A is group client, it shall timely inform Party B of the situation of associated transaction of over 10% of Party A’s net assets, which include 1) the the association of each transaction party; 2)transaction project and transaction nature; 3) the transaction amount or corresponding proportion; 4) price fixing policy (including the transaction without amount or only with symbolizing amount);

Article 6 The Responsibility of breaching a contract

 

1 . Any status may endanger party B for party A’s breach contract

 

(1) Party A against any agreements of this contract or against any legal obligations.Party A clearly indicates that it will not fulfill the obligations which signed in the contract or its action indicates that.

 

(2) Any of the following conditions can be considered as may harm the safety of Party B’ rights: Party A happens to contract, mandate, lease, shareholding reform, decrease registered capital, invest, join operation, merge, restrict, separate, joint venture, apply for suspending business for rectification, apply for dismissing, be revoked, apply for going bankrupt, the controlling shareholder or the real controller changed, large assets been transferred, stop production, close a business, be imposed a large quantity fine or be cancelled registration by powerful government departments, be revoked license, be involved in big legal dispute, have serious difficulties in production and management, the financial condition worsened, the legal representative or main responsible person cannot fulfill its duties.Party A does not fulfill its other debts, including the branch of China Construction Bank and other third side’s due debts. Party A transfers its assets in very low price or with no charge, cancels or decreased the third party’s debt, do not want to exercise its rights, or offer security for the third party.Party A’s shareholders abuse the independence state of company’s legal representative or shareholders’ limited responsibilities. Party A’s shareholders evade the debts which Party B thinks can harm the safety of its rights under this contract.

 

  

6

  

If any situation happens in the above mentioned article, party B has the right to use the one of following method to proceed

 

1.) Claiming the loan is due immediate, and ask party A to pay all the due and undue principal and interest.

 

2.) If the interest can not be paid on time, then the compound interest should be calculated as follows After the loan due, since the due date to the paid off date, the unpaid \principal and interest should be calculated as per compound interest rate or per requested by contract. If the contract state the principal and interest should be paid one time, the unpaid principal and interest should be calculated per quarter to get the interest and compound interest , the compound interest rate is 3 month libor plus 300 BPS

 

The over due loan means party A did not pay the loan on time

3. To handle the goods under the LC/TT/import collection

 

4. Ask party A to provide the guarantee by party B

 

5. To execute the guarantee right

 

6. Other remedy by law

Article 7 Other clauses

 

1. The undertaking of costs 

The cost of lawyers’ service, insurance, evaluation, registration, keeping, identification, and notarization should be undertaken by Party A except the two parties have other conventions.

 

2. For the other fees, the both parties arranged as follows:

 

3. For the money that Party A should pay under this contract, Party B has the right to get the money from the account which Party B opened in China Construction Bank without advance advisements.

 

If it is need to deal with money exchange or forward exchange transaction, Party A has the obligation to help Party A , the risk of exchange rate should be taken by Party A .

 

4. The usage of Party A’s information

Party A agrees Party B to provide its information to the People’s Bank of China to set the credit data base. Party A agrees Party B to use its information for the need of business.

 

5. Getting advisements

If Party A does not repay the capital and interests on time, Party B has the right to notify the relative departments and publish getting advisements through media.

 

  

7

  

 

6. The force of the evidence recorded by Party B

Unless having reliable and certain opposite evidence, Party A cannot raise an objection on the Party A ’s record of capital, interest, costs and repayment records, the documents, proof and

getting records of Party A ’s action of drawing, repaying and pay the interests.

 

7. Preserve rights

The rights Party A have in this contract do not influence its other rights according to the law, regulation and rules. Any tolerance, concessions or postpone the rights under the contract cannot

be regarded as giving up the rights or the confirmation of the active. It will not limit, prevent, block the continuously exercise the rights.

 

8. If Party A has other due debts to Party B despite the debts under this contract, Party B has the right to get the money from the account which Party

 

9. If Party A’s address or contract information changed, it should notice Party B in writing immediately. The losses caused by late advise should be undertaken by Party B.

 

10. The loan application form and other documents should be seen as a part of the contract, sharing the same legal effect.

 

11. The method of settling the dispute

The disputes when performing the contract can be solved through negotiation. If it fails, refer to the first method to settle it.

 

(1) Prosecute to the people’s court where Party B locates.

 

(2) Arbitration.

 

Arbitrate as the current and valid rules. The final arbitration is over, it restrains the two parties.

 

During the period of litigation or arbitration, the terms unrelated to disputes are still Performed.

 

12. The conditions on which the contract takes effect

The contract takes effect once the legal representatives or authorized persons of the two parties sign or seal.

 

13. The contract is in quintuplicate.

 

14. Other terms

 

  

8

  

Article 8 The statement and guarantee of Party A

 

1. Party A knows the business scope and limits of authorization of Party B.

 

2. Party A has read all the terms in this contract and the master contract. Party B has given the related instructions to this contract and the master contract. Party A knows the meaning of every term and the related legal effects in this contract and the master contract completely.

 

3. Party A qualifies as a guarantee legally, its guarantee in this contract accords with the laws, administration regulations, the rules and the interior documents of Party A, and gets the approval of interior competent institution or the national competent officials. Party A is responsible completely for having no right to sign the contract, including but not limited to pay all the loss of

Party B resulted from it.

 

4. Party A  states there is no circumstance to violate the environment protection, energy saving, and pollution, and commit to abide the law to protect the environment strictly , if party A makes false statement or does not fulfill the above obligations, or there is possibilities for party A to pollute teh environment , party B has right to stop the credit ( include but not limited to loan refusal, financing refusal, refuse to open a warranty letter, or LC, or draft) or to claim the creditor’s right is due immediate, or adopt other remedy in the contract or other methods allowed by law.

 

	
Party A (seal): Ningbo Keyuan Plastic Co., Ltd

Legal representative or authorized person: Tao chun fen

	

Date: 2012-11-15

Party B (seal): China Construction Bank, Ningbo Beilun Branch

Legal representative or authorized person: Bao Jian Jun

Date: 2012-11-15

 

 

9

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