Document:

posama3ex10lxvii_keyuan.htm

Exhibit 10.67

 

 

 

 

 

 

 

China Merchants Bank

 

 

 

 

 

 

 

 

Maximum Irrevocable Guarantee Contract

 

 

 

  

  

  

 

Maximum Irrevocable Guarantee Contract

 

	
  

	
no:

 

Atten: China Merchants bank Inc Ningbo Beilun Branch

Since:

 

Your Bank and Ningbo Keyuan Plastics Co., Ltd (hereinafter referred to as “ credit applicant”) signed a No.6299110303 “credit agreement” at ____March 21. 2011 based on “Credit agreement”. During the credit period from March 21, 2011 to March 20, 2012 (hereinafter referred to as “Credit period”), your bank will provide the credit applicant with US dollars 30 million as the line of credit (hereinafter referred to as “line of credit”)

Per the credit applicant’s request, the guarantor agreed to issue this guarantee contract, voluntarily take jointly responsibility for credit applicant’ all debts in the credit agreement. Specifically guarantee the following matters:

Article 1 This guaranty is maximum guarantee contract

1.1 In the credit period, you may do according to the credit agreement and/or the specific contracts under the agreement to make loans or other credits by several times. Circulation line of credit can be recycled, one-time line of credit shall not be recycling for applicant. Every time the loan or other credit amount, time limit, and the specific use, shall be prescribed by the detailed contract.

The specific business maturity date can be later than the expiry date specified in the credit agreement.

  

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1.2 When the credit period expired, if there is still remaining for the loan , advance payments or other credits from your bank to applicant, namely the guarantor shall bear joint liability based on article 2 within the scope of certain guarantee; If the expiration of the period ahead of time, if your bank need to get the loan back from applicant in advance according to the credit agreement and/or the specific provisions of the contract, the guarantor also promise to bear joint guarantee responsibility based on article 2 within the scope.

1.3 During the credit period, your bank to open the l/c, commercial bills acceptance (including entrust turn to open the l/c, similarly hereinafter), open a guarantee, delivery guarantee business and other credit business to applicant, even if the advance payment has not occurred when the credit period expired , but after the expiration of the period, your bank actually did make advance payment on this business, the guarantor will take joint responsibility for all the debt by credit applicants based article 2 of this guaranty scope.

1.4 During the process of performing any business under the credit agreement , between your bank and credit applicant for all the dead line of business,  interest rates, amount to achieve an extension proposal or alteration relevant terms agreement, or in guarantee period  your bank according to the credit agreement and/or the specific contract to change  interest rates, do not need to get the consent of guarantor or inform the guarantor, the guarantor will all agree, , do not affect the guarantor  to take responsibility under the agreement.

 

1.5 If your bank received bank documents under credit agreement is not conformed after your bank’s inspection,  but the applicant accept discrepancies, but credit applicant accept discrepancies, the guarantor will still take the joint responsibility under the guarantee contract for the debt principal and interest from foreign acceptance or payment of principal and interest, will not put forward any defense for bank accept discrepancies without getting consent or informing the guarantor.

  

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1.6 The revisions of l/c, guarantee (or standby contract of credit) under  credit , the acceptance of usance l/c or promised payment after due or the extension for payment time limit, do not need to get the consent of the guarantor or inform the guarantor,

Article 2 Scope of Guaranty

2.1 The scope of guaranty for the guarantor is: your bank according to the credit agreement and in the limit of credit to provide applicants with the sum of loans and other credit principal balance (maximum sum US dollars 30 million), and interest, penalty, compound interest, liquidated, factoring expenses and other relevant expenses to realize creditor's rights. Including but not limited to:

2.1.1 The specific loans principal balance and the corresponding interest, penalty, compound interest, and other related expenses for liquidated damages issued by your bank according to the credit agreement under the contract.

2.1.2 Your bank for its obligations to make the advance payment for the applicants for principal balance and interest, penalty, compound interest ,penalty and other related expenses, to perform commercial draft, contract of credit, guarantee, delivery and payment obligation under the <credit agreement>.

2.1.3 Under the factoring business item, your bank transferee for the applicant for the accounts receivable claim and the corresponding late penalty (fine for delaying payment), and/or your bank to credit the applicant to pay the acquisition of basic (basic acquisition fee) and related factoring cost;

  

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2.1.4 Under the credit agreement, your bank make advance payment and principal balance and interest, penalty, compound interest, penalty and other related expenses, which was committed in the trading fiancé business.

2.1.5 After Your bank to open the l/c per request of the applicant, and entrust the other branch of CMBC to turn to open the LC to the beneficiary, under the LC, your bank make advance payment and import documentary credit for establish LC and guarantee debt principal balance, penalty, compound interest, penalty and other related expenses to perform the issuing bank obligation.

2.1.6 the previously signed credit agreement no_____ between you bank and applicant, since the agreement takes effect, the outstanding balance in the detailed business of previous agreement (if this clause is applicable, pls tick “√” in □).

2.1.7 Your bank to claim the debt for applicants with the costs (including but not limited to legal fees, attorney fees, announcement fee, delivery fee, travel fee, etc).

2.2 If the credit is circulate, when the loan or other credit from bank to applicant is more then credit amount, the guarantor will not take responsibility for the balance, and only take the joint guarantee responsibility for which is not more than the sum of the line of credit loans or other credit principal balance of interest and penalties and interest, the complex, liquidated and relevant fees.

Despite the previously agreed, the guarantor confirmed: even at a certain time point during the credit period, the loan or other credit amount provided by your bank is more than credit line amount, but once the guarantor is required to take guarantee responsibility at that time the sum of all credit did not exceed credit line, guarantor can not raise a plea for the previous agreements, and should take joint responsibility for all credit principal balance and its interest, penalty, compound interest, penalty and liquidated damages related expenses, etc, (specific to article 2.1 of the scope).

  

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Article 3 The guaranty method

Based on the provisions of article 2, the guarantor to confirm within the scope of guarantee, will take the economic and legal joint liability for applicant's debts. If the applicant fails to abide the “credit agreement” and or the specific contract to pay off the principal and interest of loans, advance payment and other credit debt and related fee, or any events happen to breach the “credit agreement” or other specific contract, your bank has the right to directly claim the loss to guarantor and do not need to claim or sue the applicant first, and even guarantee applicant ‘s all the debt under the agreement can be paid off in time, and have pledge or mortgage or other assurance separately, you also have the right to choose claim directly to guarantor without first dealing with the mortgaged property, the pledged property or cargo under trade financing, documents, do not need to claim other guarantor first.

The claim notice issued from your bank is summative, no objections to the guarantor. The guarantor agree to pay all the applicant’s debt under the agreement after receive your written claim in five days, do no need other documents from your bank. Unless there are obvious and great mistake, we accept your bank claims of money for the amount as accurate data.

 

Your bank has the right to take the appropriate method, including but not limited to fax, mail and special service, in the public media and public announcement for collection to our guarantor.

  

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Article 4 The Period of Guarantee liability

The duration of guarantee period is form the starting date of this guarantee contract to the expiry date of each loan and other financing or accounts receivable creditor’ rights, or the date for advance payment plus 2 years. Any detailed credit granting ‘s extension happen, the guarantee period will extend to the expiry of extension and plus another 2 years.

Article 5 The independence of Guarantee Contract

This guaranty is independent, remain effective, irrevocable and unconditional, will not be affected by the credit agreement and the influence of the specific contract, and are not effected by the applicant and any other company/personal’s any agreement, documents, nor changed for the influences of the applicant for the fraud, reorganization, closure, dissolution, bankruptcy, liquidation, merger, division, (merger) restructuring, and other changes, if your bank to give grace or time delay to applicant or bank postpones to perform the right under the agreement to claim the owe debts, will not influent the this  guarantee contract.

Even there is another pledge, mortgage or other guarantor at the same time, and your bank to waive, change or terminate the pledge, mortgage, or modification, termination of other guarantor guaranteed liability, the guarantor will still take the guarantee responsibility based on this guarantee contract.

Article 6 Special Statement and Guarantee from Guarantor

6.1 The guarantor is established according to law, has the legal person qualification, or other organization have guarantor qualification, or guarantor is natural person having a complete civil capacity (id number is­­_____), and is willing to use his own property or have the right to dispose of the assets in accordance with law to guarantee to perform the obligations specified in this guaranty;

  

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6.2 The guarantee contract issued by guarantor has obtained the full authorization or approval by the superior departments/the board of directors

6.3 The issuing of the guarantee contract is of the real intention of guarantor,, does not exist any fraud or intimidation factor;

6.4 Before the guarantee contract get invalid, all the guarantee sum (including foreign currency)will be not more than the total amount of the guarantor’s own equity;

6.5 Per your bank’s request, to provide your bank financial statements timely, and promptly report to your bank the material changes and decisions in production, operation and management;

6.6 All financial statements and all other files provided from guarantor to your bank are real and legal, the guarantor’s legal representative or other director responsible should have inescapable responsibility over these;

6.7 Based on your bank’s request, to issue the certification;

6.8 If there is any change for the guarantor’s industry and commerce registration, organization structure, equity structure, operating style or financial status , or the occurrence of any material change in debt restructuring, and the related party transaction, and so no, shall not affect the legal binding force for guarantor under the guarantee contract, if the above mentioned changes may affect the guarantor  to perform its ability of this guaranty, it is the guarantor’s  obligation to immediately notify your bank;

  

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6.9 The heir or transferee of the guarantor shall be subject to the clauses of the agreement, unless the written permission of your bank, the guarantor will not transfer the above mentioned obligations.

6.10 If the guarantor fails to pay off the debt based on the agreement, your bank  has the right to withdraw capital from the guarantor’s account at your bank or entrust other financial institutions to do so, until all the debts will be paid off under the agreement.

Article 7 Not be considered to be a waiver

During the effective period of guarantee, your bank to impose any tolerance, grace for any breach or delay of applicant and guarantor, or postpone performing of (credit agreement) and the right or interest your bank should have under the guarantee contract, will not damage, influence, or restricted your bank’s all right and interest as creditor based on law regulation and the guarantee contract, also cannot be regarded as your bank to give up the right for the existing or future default actions.

Article 8 Dispute and Settlement

The law of the People's Republic is the governing law for this guarantee contract, for all controversy and disputes arising from this guarantee contract, the guarantor agrees to take dispute resolution in the credit agreement to resolve.

Article 9 Terms

All the terms used in the guarantee contract, unless otherwise specified, all have the same explanation with the provisions in agreement.

  

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Article 10 Notification

The guarantee contract’s notification between your bank and guarantor must be sent in written form, and be delivered by specific man, the receiver’s sign for will be regarded as delivered,( if the receiver reject, the day of rejection is regarded as delivered), if the notification is delivered in postal mail, the 7 days after sent will be regarded as delivered, if in fax, the fax system in receiver received will be regarded as delivered.

If your banks claim the payment in public media, the date of announcement will be regarded as delivered.

The guarantor’s address:

 

The change of guarantor’s address should be informed to your banks in time, otherwise the guarantor should take the potential risk.

Article 11 The Effectiveness of the Guarantee Contract.

11.1 If the guarantor is the legal person or other organizations, this guarantee contract will take effect when starting date of the legal representative of legal person /main person in charge or the authorized agent signing/ stamp name seal and stamp the official seal /contract special seal.

11.2 If the guarantor is natural person, the guarantee contract will take effect when the date of he/she to sign.

  

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Article 12 The Transfer of the Creditor’s right and Secondary right

12.1 No matter if the creditor’s right for maximum amount guarantee is confirmed, your bank transfer the creditor’s right under the credit agreement to third party, the secondary right will be transferred accordingly to assignee.

12.2 When the creditor's rights of this guaranty contract is confirmed, if your bank transfer some parts of creditor’s right, the guarantor’s guarantee from the right will be also transferred , bank’s untransfer part of creditor's rights and assignee’s some transferred right will share the guarantee of guarantor based on amount, before the creditor’s right of the guarantee is fixed,  your bank transfer part of creditor's rights, the security interest will also transfer accordingly, and the maximum amount of your main creditor’s right guaranteed by original maximum amount will be reduced accordingly, ( means maximum amount of your bank’s creditor’s right guaranteed by original maximum guarantee amount deduct the transferred some creditor’s right), when the main creditor’s right for un transferred creditor’s right is fixed,  your bank will share guarantor’s right and interests based on creditor's rights debt amount on the un transferred some creditor’s right and with some transferred right assignee. 

Article 13 Attachment

The guarantee contract has ___3___copies, your bank, applicant and guarantor and _____ has each one copies, all share the equal legal effect.

Notes:

All of the guaranty clauses have been explained to the guarantor by your bank, and guaranty to confirm the understanding of terms is the same with your banks. At the same time, your bank has been remind the guarantor to pay attention to the exclusion or limitation of your bank responsibility, your bank unilaterally has some rights, and has some clauses to increase the security responsibility or limit the guarantor’ right,  your bank has remind the guarantor has a comprehensive and accurate understanding for those clauses.

  

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Guarantor is legal person or other organization: Ningbo Litong Petrochemicals Co., Ltd (Stamp)

 

 

Guarantor:

 

 

Legal Representative/ Principal or Authorized Agent ( Signatures or Seal): 

Liangcai Zhu

Address:

 

 

Guarantor is a nature person:

Guarantor (Signature):

Address:

 

	 	 	 
	Guarantor’s Opening Bank:	 	Guarantor’s Balance Account:	 
	 	 	 	 
	Tel: 	 	Fax:	 

Date : March 31, 2011

 

 

12posama3ex10lxviii_keyuan.htm

Exhibit 10.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maximum Guarantee Contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HUA XIA BANK CO., LTD

 

  

 

  

The Maximum Guarantee Contract

 

Contract No.: NB07 (Maximum Guarantee) 20090117-1

Party A (Guarantee): Ningbo Litong Petrochemicals Co., Ltd.

Address: Room 312, Building 12, Dagang Sifang Region, Xingan Songhua River Road, Development Zone

Zip code: 315000                        Legal representative: Liangcai Zhu

Tel: 86152818                                Fax: 86152818

Opening Bank: Economic and Technical Development Zone Branch of Agricultural Bank

Account:39202001040007670

Party B (Creditor): HUA XIA BANK CO., LTD Ningbo Branch

Address: No.787, Baizhang East Road

Zip code: 315000

Legal representative/People in Charge: Kaiwen Wei

Tel: 87972545 Fax: 87972608

According to the provisions of Guaranty Law of the People's Republic of China and other related laws and regulations, a series of debts will occur between Party B and loanee Ningbo Keyuan Plastics Co., Ltd. (“the loanee of the main contract”) in the period of this contract regulated. Party A is willing to offer the guarantee for Party B in the extent of the maximum amount of debts of the above debts (the principal debts for short in the following). Through the consensus of Party A and Party B, they sign the contract.

Article 1 The categories and maximum amount of the secured principal financial claims and the Occurrence period of the claims

1.1 The categories of the main contract under this contract

 

  

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□× The number of this contract signed between Party B and the loanee of the main contract is / of “ / ”, this contract and the specific business contract under the contract form the main contract together.

√The agreed loan contracts signed continuously in the happened period of the debts between Party B and the loanee of the main contract under article 1.4 of this contract all belong to the main contracts.

1.2 The business sorts of principal claims Party A guaranteed are in accordance with the agreements of the main contracts.

1.3 The maximum amount of claims under this contract is: currency RMB, amount: RMB 80 million ( in which the different currency business can be exchanged on that day by the listed exchanged rate of Party B).

The maximum amount of claims refers to the remaining balance of the maximum principal claims. The meanings are as following:

1.3.1 The loanee of the main contract can not exceed the limits of all principal amounts (for example: the business under the main contract: L/C, Bank Acceptance Drafts, Guarantee, Lading Guarantee, that is to say the amount of it is the remaining balance of undischarged business) which is not discharged when using in any time, but in the above limitation, the loaner of the main contract can apply for cycle using to those discharged principal amounts.

1.3.2 The maximum amount of claims is the maximum limit amount of principal. In the premise that the principal cannot exceed the above limited amount, the interest, default interest, fees and other all payables happened under the article II of the contract, Party A is will to undertake the guarantee obligation.

1.4 The happened period of the secured principal claims under the contract is from September 13, 2011to September 13, 2012. The specific meaning as following:

1.4.1 If the business sorts agreed in the main contract are loan business, then disbursement date of every loan can not exceed the due date of this period;

1.4.2 If the business sorts agreed in the main contract are acceptance of bills/issuing credit / issuing guarantee (or letter of guarantee for production of bill of lading), then Party B will make an acceptance for the drafts/ issuing credit / issuing guarantee (or letter of guarantee for production of bill of lading), but should not exceed the due date of this period.

 

  

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1.4.3 The due date of every debt is based on the agreed date of the specific business contract and cannot be limited whether it is expired during this period.

Article 2 Scope of Guaranty

2.1 Party A guarantees that the scope of guaranty is the claims principal, interest, overdue interest, default interest, compound interest, penal sum, damage awards, the fees that Party B in order to achieve the claims(including but not limited in the litigation cost, arbitration fee, security expense, charge for announcement, survey fee, commission of survey, auction charge, travel charge, telecommunications fee, a retaining fee and so on) and other all payables in the main contract the loanee should pay.

2.2 All above fees excluding the principal are reckoned in the scope of guarantee responsibilities that Party A should undertake, but are not reckoned in the secured maximum amount claims under this contract.

Article 3 Confirmation of Secured Claims and Ways of Guaranty

3.1 In any one of following conditions, confirmation of secured claims under the contract:

3.1.1 The expiration of the happened period of the agreed claims of item1.4.

3.1.2 The loanee of the main contract announces that all the loans expired in advance according to the laws and regulations or the agreements of main contract.

3.1.3 Other conditions confirmed by the guarantee claims according to related laws and regulations.

3.2 The secured claims confirmation under the contract with following efficacy:

3.2.1 When the secured claims confirmed, whether the dead line for performance of the undischarged debts under the main contract is expired or whether it has additional conditions, they all belong to the scope of guaranty;

3.2.2 When the secured claims confirmed, all other clauses excluding the principal agreed in Article II of this contract belong to the extent of secured debts, whether the debts happened when confirmation.

3.3 The way of guaranty of Party A is surety ship of joint and several liabilities. Since the confirmation of the secured claims to the end of dischargement of all the secured claims, if the loanee of the main contract fails to fulfill the discharge of obligation in certain condition, Party B has the right to recourse to Party A directly, Party A has to pay the corresponding debts to Party B immediately.

 

  

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3.4 Excluding the way of guaranty under the contract, the main contract has other guarantees (including but is not limited the guarantee that loanee offered to Party B), Party B has the right to execute priority of performing the contract, to ask Party A to undertake the joint and several liability, and the liability for guarantee that Party A undertakes for Party B cannot be influenced by other guarantee, and the undertaking of liability for guarantee is not based on the claims or lawsuit, arbitration , enforcement that Party B put forward to other guarantor. If Party B gives up for any causes, change the guarantee that the loanee of the main contract offer to him, change the position of guarantee, it causes the lose or reduction of the priority of compensation of the above guaranteed items, Party A agrees that the liability for guarantee will not waive or reduce under the contract.

3.5 If Party A offers the guarantee for part claims under the main contract, any part dischargement for the principal claims can not waive or reduce Party A’s liability for guarantee, Party A still should undertake the liability for guarantee for the remaining balance which is not discharged of the main contract in the extent of the amount that he gives faith to undertake.

Article 4 Guaranty Period

4.1 Guaranty Period of the liability for guarantee Party A undertaking is 2 years, the initial day can be confirmed as the following ways:

4.1.1 When the due date of execution of any debts is earlier than or the same as approval date of the secured claims, the initial day of guaranty period that the liability for guarantee Party A undertakes for this debt is the approval day of the secured claims.

4.1.2 When the due date of execution of any debts is later than approval date of the secured claims, the initial day of guaranty period that the liability for guarantee Party A undertakes for this debt is the due date of performance of the debts.

4.2 “The due date of execution of the debts” in item 4.1 includes the condition that the principal loanee of the main contract amortize debts refers to the due date of every debts and according to the agreements of the main contract, it refers to the acceleration of maturity the loanee announces.

4.3 If the business under the main contract is L/C, Bank Acceptance Drafts, guarantee, Lading Guarantee, the day of advance is the due date of execution of the debts.

  

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Article 5 Party A’s Rights and Obligations

5.1 Party A guarantees that is a statutorily registered enterprise, having the guarantor qualification and capacity of assuring debts that is legally required, and voluntarily to undertake and to perform the guarantee liability of assets that he has the right to owned and to deal with.

5.2 Party A guarantees that he obeyed to the laws and regulations and the articles of association to sign this contract, and he is approved and authorized by his superior department or the board of directors, shareholders’ meetings and some other authorities.

5.3 Party A guarantees that he will sign and perform this contract and will not violate the regulations or agreements that will restrict Party A and its assets, will not violate any guarantee agreements and other agreements and any other documents, promise, commitment that will restrict Party A that he signed with other parties.

5.4 All the documents, information Party A offered to Party B are authentic, accurate, legal, and valid.

5.5 Party A knows and agrees all the clauses of the main contract, and is willing to offer guarantee for the loanee of the main contract, and guaranteed that he will perform assuming debts according to the promise of the main contract.

5.6 If the main contract under the contract is the “Bank Acceptance Agreement”, Party A guarantees that any disputes of bills or non-bills between the loanee of the main contract and the owner of the acceptance draft, endorser, or other bearer will not influence the liability for guarantee that Party A undertakes for Party B according to this contract.

5.7 Party A guarantees that he will not offer any other guarantee that exceeds his own ability to the third party in the period of validity.

5.8 Party A guarantees in the period of validity of this contract he will offer the balance sheet, income statement, cash flow chart and other finance statements according to Party B’s requirements, and accepts the inspection and supervision of its production and operating activities and financial status.

5.9 In the period of validity of this contract, Party A should notice Party B in written form and to carry out all the liability for guarantee under this contract thirty days before the changing that includes but not limits the way of contract in, leasing, trusteeship, recapitalization, debt restructuring, demutualization, consortium, merger( or acquisition), spin-offs, remunerative transfer of the property right, joint venture( or cooperation), reducing the registration capital, or applying for the suspending business for consolidation, applying for the dissolution( or repeal), applying for the restructure, reconciliation and bankruptcy and other mode of business, own system and legal status.

 

  

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5.10 In the period of validity of this contract, Party A should notice Party B in written form within three days after the occurrence of the announcement of suspending business for consolidation, closing, the dissolution (or repeal), applying for the restructure, reconciliation and bankruptcy and other changing of own system and legal status or any other situations that threat its own normal operation and cause him losing guarantee ability.

5.11 If Party A changes the address, name, legal representative, he should notice Party B in written form within seven days.

5.12 Party A is still willing to undertake liability for guarantee when the loan is used for refunding under the main contract.

Article 6 Party B’s Rights and Obligations

6.1 Party B has the right to ask Party A to offer the financial statements, financial sheet, and other information that can reflect its operating status and statement standing.

6.2 If Party A disobeyed the agreements under the contract, Party B has the right to deduct the funds that Party B should pay to Party A which in the account that Party A opens in any operating agency of the HUA XIA BANK CO., LTD directly. When Party B collects the funds from Party A’s account, it should based on the exchanging rate that Party B declared that day if the currency in the account is different from the currency of the principal claims.

6.3 Party B needn’t to notice Party A when he signs the specific business contract (or agreements) with the loanee of main contract.

Article 7 Default Responsibility

7.1 When the contract comes into force, both parties should execute the agreed responsibility of this contract. Either side doesn’t execute or incompletely execute the agreed responsibility of this contract; he will undertake the corresponding responsibilities and compensate the loss that he caused to the other party.

Article 8 Validation of Contract

8.1 The contract comes into force from the date both parties signed the contract.

 

  

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8.2 The validity of this contract is separate from the main contract, and it will not go in vain because of the invalidity of the main contract. If the main contract is determined to be invalid, Party A will undertake the joint and several liability for the debts that the loaner of the main contract’s restoration of property or compensation for the loss.

Article 9 Alteration and Dissolution of Contract

9.1 When the contract comes into force, both parties should not change or relieve this contract without permission.

9.2 If the principal claims sorts is L/C advance under this contract, Party A confirmed that when the certification applicant and Party B agreed to amend L/C, and the amount under the items of L/C ( not including interest, penal sum, compensation, and other related fees) after amendment will not exceed the maximum amount of secured claims under this contract, no matter how changeable of the amount of L/C and other clauses, the above amendment will be seen accepted by Party A in advance, and this contract will be guaranteed valid continually, and Party A will keep on undertaking the joint and several liability.

Article 10 Resolution of Disputes

10.1 The disputes occurred between Party A and Party B when they execute the contract should be settled with negotiation, if not, both of them should choose the following ways.

√To sue the local People’s Court of Party B

□To submit arbitration to the / Arbitration Commission.

10.2 If there has differences between above disputes settlement and the main contract, it should be based on the main contract.

Article 11 Supplement

11.1 During the period of validity, Party A hasn’t noticed Party B in written form when his legal person ,legal representative and address changed ,it seemed received if Party B send to all documents according to the contract.

11.2 Other agreed items

/____________________________

11.3 When using □ to make a choice, the √in the □means this clause is appropriately , the ×in the □means this clause is inappropriately.

11.4 Copies of the contract: one copy for Party A, two copies for Party B and / Party of / copy, each has equal validity.

 

  

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11.5 The attachment of this contract is the part of this contract, and it has the equal legal effect of this contract.

11.6 Party B has adopted rational method submit the clauses that exempt or limit Party B to Party A of this contract, and has explained the related clauses adequately according to Party A’s requirements. Both Party A and Party B have no dissidence to the understanding of the content of the clauses.

(No formal text in the following)

  

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Page of Signatures (No formal text in this page)

Party A

Legal representative( entrusted agent ):

September 13, 2011

Seal: Ningbo Litong Petrochemical Co.,Ltd.

 

Party B

Legal representative/ Principal ( entrusted agent ):

September 13, 2011

Seal: HUA XIA BANK CO., LTD,Ningbo Branch

Signature:

 

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