Document:

Unassociated Document

Document Code: CMBC0HT031 (Corporate 2007)

Contract of Integrated Credit Line

(Applicable to corporate)

Code: Gong Shou Xin Zi 99212011294592

Prepared by: China Minsheng Banking Inc.

  

  

  

Contract of Integrated Credit Line

	
  

	
Credit Line Applicant: Tianjin Seashore New District Shisheng Business Trading Group Co., Ltd (hereafter referred to as “Party A”)

Address: Suite 11-102, 9 Tengfei Road, Tianjin Economic & Technology Development Zone

Post code:

Legal representative: Cheng Weihong

Telephone: 27117398

Fax:

Deposit bank: Tianjin Haihe Branch of Minsheng Bank

Account number: 2106014170001753

	
  

	
Credit Line granted by: Tianjin Branch of China Minsheng Banking Inc. (hereafter referred to as “Party B”)

Address: Xinda Plaza, 188 Jiefang Beilu Road, Heping District, Tianjin

Post code: 300042

Legal representative: Wei Hong

Telephone: 022-23315222

Fax: 022-23193965

In compliance with all relevant provisions of the Law on Contract and the Law on Commercial Banks of the People’s Republic of China, Party A and Party B, on the principle of honest and equality, have agreed to enter into this Contract, which is binding on both of them.

Chapter I  Amount of Credit Line and Classification

Article 1 Party A is entitled, within the term of the credit line provided in this Contract, to apply to Party B for using a maximum amount of credit line of RMB EIGHTY MILLION ONLY.

The credit line provided in this Contract shall be used by Party A exclusively.

Article 2  The maximum credit line provided in this Contract may be used for:

	
  

	
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Opening of letter of credit (L/C); and

	
  

	
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Documentary credit for import business.

Chapter II  Term of the Credit Line

Article 3 The maximum amount of credit line provided in Article 1 of this Contract shall remain effective for a period of one year, from April 29, 2011 until April 29, 2012.

Article 4  Party B is entitled to review the use of the credit line under this Contract from time to time. Should any of the circumstances specified in Chapter VII of this Contract occur, Party B shall be entitled to make adjustment to the term of the credit line.

Chapter III  Guarantee

Article 5 For the purpose that debt arise from this Contract can be indemnified, the document specified below shall be incorporated into this Contract:

	
l

	
the Maximum Guarantee Contract entered into by and between Tianjin Yingshijie International Logistics Co., Ltd, Tianjin Binhai International Auto Mall Co., Ltd and Party B, coded respectively as Gong Gao Bao Zi 99212011294487 and Gong Gao Bao Zi 99212011294486; and

	
l

	
the Maximum Individual Guarantee Contract entered into by and between Cheng Weihong, Tong Shiping and Party B, coded respectively as Ge Gao Bao Zi 99212011294485 and Ge Gao Bao Zi 99212011294482.

 

 

  

  

  

 

 

Article 6 For any particular credit business under this Contract, Party B is entitled to require Party A to provide guarantee other than those specified in Article 5 above.

Chapter IV  Use of the Credit Line

 

Article 7  Within the term and the maximum amount of the credit line provided in this Contract, Party A may choose to use it in one or more than one batches. Once Party B reviews Party A’s request and considers it in compliance with this Contract, it shall enter into a particular contract or agreement (hereafter the “Particular Business Contract”) for each credit line business.

 

Article 8  At any time within the term of the Credit Line, the accumulated balance of the amount used by Party A (the accumulated amounts in use, not paid back) shall not exceed the maximum amount of the Credit Line. Within the Term, Party A may re-apply to use the amount paid back; and the unused amount shall become invalid when the Term expires.

 

Within the Term, should Party A fail to perform its obligations stated in this Contract or any Particular Business Contract, Party B is entitled to cease the use of remained amount of the Credit Line by Party A.

 

Article 9  Party A must make its application for use of the Credit Line within the Term Agreed in Article 3 of this Contract, which means the date starting to use the particular amount under the Credit Line shall not be late than the expiry date of the Term. In case that the Term is adjusted, the expiry date of the Term shall be new date after such adjustment.

 

Article 10  Once this Contract is made effective, Party A must satisfy the following conditions while applying for use of amount under this Contract, otherwise Party B is entitled to reject Party A’s application:

 

10.1 Party A provides to Party B (on its request) with the following document, including but not limited to: business license in good standing, organization code, tax registration, corporate charter in effectiveness, original and photo copy of identification document of legal representative;

 

10.2 Related guarantee required under this Contract in exist and effectiveness;

 

10.3 Party A has not been and is not involved in any contractual breach, or involved in contractual breach but is capable to proof a settlement satisfactory to Party B, or forgiven by Party B;

 

10.4 All commitments made by Party A in Chapter V of this Contract remain good standing until credit loan is granted;

 

10.5 By the time of applying for credit loan, Party A’s financial conditions are basically the same as those when this Contract is entered into without any material negative change.

 

Article 11  The expenses for document, letter of guarantee and trade financing chargeable by Party B, and the documentary discount rate, interest rate and exchange rate for documentary credit under this Contract shall be defined by both parties for each particular business contract.

 

Article 12  For the variance between the particular business contract entered into by the parties and this Contract, the former shall prevail.

 

Chapter V  Commitment of Party A

 

Article 13  Party A’s use of the Credit Line shall comply with all related laws, provisions of this Contract and those of particular business contract; Party B is entitled to review performance of particular business contract at any time.

 

  

  

  

 

Article 14 During the period that the Credit Line is used (from the date when this Contract is entered into until the date when all debts to Party B are cleared), Party A shall, on request of and to Party B, provide its true financial reports, all the numbers of its deposit banks and balance of its savings and loans.

 

Article 15 Should Party A offers guarantee for debt of others, is shall inform Party B in advance, and such offer shall not impact performance of particular business contract it has entered into with Party B.

 

Article 16 During the period that all or any portion of the Credit Line is used, Party A shall inform Party B 30 days prior to any of the following circumstances occurs: reorganizing asset by merging, acquisition, taking over and disjunction; modifying management power by contracting or leasing; modifying organization or operation mode; or disposing of important assets by selling or transferring, or modifying its share rights or making importing investment. Before any of such circumstances occurs, Party A shall settle debts to Party B earlier on request of Party B or specify the consequent settlement responsibilities.

 

Article 17  Party A shall immediately inform Party B in writing of any event that may constitute a threat to its routine operation, or to the repayment capability under this Contract (including but not limited to those specified in 10.3 of this Contract above).

 

Article 18  Should there be any change to the address of Party A’s legal representative, address of its office, increase or decrease of registered capital, or personnel change to the legal representative or other officers, Party A shall inform Party B of such change within 7 days;

 

Article 19  Party A shall promptly pay the capital and relevant expenses for particular business occurred under this Contract.

 

Article 20  For the documentary credit and opening L/C business under this Contract, Party A hereby guarantees to comply with the latest version of UCP600, ICC Uniform Rules for Collections and other international practices without harm and damage to credibility and benefit of Party B arising from commercial dispute.

 

Chapter VI  Commitment of Party B

 

Article 21  In case that Party A’s application for using amount under the Credit Line is in compliance with requirements stated in this Contract, Party B shall approve such application and enter into particular business contract.

 

Article 22  Apart from the circumstance stated in Chapter VII of this Contract, Party B shall not make adjustment to the Term and the maximum amount of the Credit Line unbeneficial to Party A.

 

Chapter VII  Adjustment to Credit Line and Accelerated Expiration

 

Article 23 During performance of this Contract, in case of any of the circumstances set forth below, Party B is entitled to adjust or cancel the amount of the Credit Line, and demand earlier payment of all debts withdrawn by Party A under this Contract:

 

23.1 Party A’s operation is deteriorating or is already in operational difficulty;

 

23.2 significant change occurs to the market in which Party A is operating;

 

23.3 material adjustment in relevant state policies;

 

23.4 breach by Party A of contract or agreement or unilateral commitment or guarantee to which Party A is a party, breach conduct by Party A to other debt, or Party A’s other debt has been or may be declared accelerated expiration;

 

  

  

  

 

23.5 the bonding capacity of guarantor under this Contract is apparently insufficient, or the guarantor is in breach of its guarantee contract, or any obligation set by any commitment made by the guarantor or mortgage provided under this Contract damaged or value apparently lessened, and Party A fails to provide new guarantee on request of Party B;

 

23.6 during the term of this Contract, Party A or its conducts expressly demonstrate that it fails or will not perform its obligation under this Contract or any particular business contract or other commitment made by Party A;

 

23.7 Party A provide to Party B with false important-fact-hidden balance sheet, income statement or other important information; or Party A refuse surveillance by Party b over its use of the credit line, its operation, production and financial conducts;

 

23.8 Party A transfers its assets, withdraws capital, welsh of its debts or other behavior that may harm Party B’s benefits;

 

23.9 significant change occurs to Party A’s financial condition, or Party A is involved in proceeding, arbitration, administrative penalty that may negatively impact its performance of this Contract.

 

23.10 other circumstance that may result in Party A’s loss or possible loss of performance capability;

 

23.11 Party A breaks any commitments made in Chapter V of this Contract, or fails to perform any obligation under this Contract or particular business contract.

 

Chapter VIII  Effectiveness of the Contract

 

Article 24 This Contract shall take effectiveness with signatures of the legal representatives or its authorized person and the official seals of both parties.

 

Chapter XI  Settlement of Dispute

 

Article 25 All disputes arise from and related to the Contract and/or particular business contract shall be governed by court at the place where Party B is located, excluding those particular business contract in which jurisdiction is expressly specified.

 

Chapter X  Miscellaneous

 

Article 26 Each particular business contract entered by and between the two parties based on this Contract shall constitute an integrated portion of this Contract.

 

Article 27 This Contract is made in three copies, each of the equivalent validity and respectively held by Party A, Party B and the Guarantor.

 

Article 28 Before this Contract is entered into, Party B has made to Party A a detailed illustration and interpretation of all the provisions therein, leaving no question to any of such provisions; in addition, Party A and B have obtained precise understanding about their rights and obligations herein, as well as limit of their responsibilities and waiver clauses.

 

Article 29  Others

 

Article 30  The credit line granted to Party A and/or its subsidiaries as per Integrated Contract of Credit Line already made between the parties or other contract(s) (the “Previous Credit Line Contract”) before this Contract may continue their performance as per such previous credit line contract and relevant particular business contract, however the balance not settled under such previous credit line contract shall be transferred to the maximum amount provided in Article 1 of this Contract.

  

  

  

This Contract is made be Party A and Party B in Tianjin.

Party A: Tianjin Seashore New District Shisheng Business Trading Group Co., Ltd

Legal representative (authorized): Cheng Weihong

Date: 29 April, 2011

Party B: Tianjin Branch of China Minsheng Banking Corp.

Legal representative (authorized):

Date: 29 April, 2011Unassociated Document

Credit Line Agreement

 

Prepared in Aug. 2009

Credit Line Agreement

  

  

  

No.: Xin Zi 30009, 2011

Creditor: China Merchants Bank Co. Ltd Tianjin Branch (hereinafter referred to as “Party A”)

Principal: Song Li

Obligor: Tianjin Seashore New District Shisheng Business Trading Group Co. Ltd (hereinafter referred to as “Party B”)

Legal Representative/Principal: Cheng Weihong

Subject to the application of Party B, Party A agrees to provide credit line to Party B for use. This agreement is hereby made and entered into by and between Party A and Party B in accordance with the relevant laws and regulations and after mutual thorough consultation on the following terms and conditions:

Article 1 Credit Line

 

	
1.1

	
Party A provides Party B with the credit line of RMB 80 million (or equivalent in other currencies. Exchange rate shall be determined by the one issued by Party A on the day when the concrete business actually incurs. The same below) (Tick “√” for your choice):

 

I.    Revolving line of credit RMB 80 million;

 

II.   Lump-sum line      (currency)   (amount).

 

Revolving line of credit refers to the maximum amount of the principal and the balance of such credits provided by Party A to Party B during the credit term as sustainable, recyclable loan, trade financing, discount on notes, commercial acceptance bill, L/G, corporation overdraft, domestic factoring,  ,   and others.

 

Lump-sum line of credit refers to the amount of the credit in lump sum stipulated in this Agreement, which shall exceed the accumulated credits of all the businesses applied for case by case by Party B with Party A during the credit term. Party B may not use the lump-sum line of credit revolvedly. The corresponding amounts of such multiple credit businesses applied for by Party B shall occupy the lump-sum line of credit specified in this Article until the credit line is run out accumulatedly.

 

“Trading financing” includes such businesses as opening of L/C, import bill advance, shipping guarantee, inward documentary collection advance, packing finance, export bill advance, advance against documentary collection, financing with import/export remittance, short-term financing with credit insurance, import factoring, export factoring (except for two non-recourse factors and two non-recourse factors in Party A’s system. The same below),  ,   and others.

  

  

  

	
1.2

	
If Party A deals with the businesses of the import factoring paid by Party B and/or non-recourse domestic factoring, the credit lent and reveivable by Party A in such businesses shall occupy the credit line as mentioned above; if Party B applies with Party B for the businesses of recourse domestic factoring or import factoring, the basic acquisition amount (basic purchasing amount) provided by Party A to Party B in such businesses shall occupy the credit line as mentioned above.

	
1.3

	
Where, in accordance with the need of internal process, Party A entrusts other branches of China Merchants Bank to open back-to-back L/C after Party A has opened the L/C, the import bill advance, shipping guarantee incurred by and under such back-to-back L/C shall occupy the credit line as mentioned above.

	
1.4

	
The credit line as mentioned above shall not include the margin or the credit guaranteed by deposit pledge provided by Party B or any third party hereunder with respect to a single concrete business, the same below.

	
1.5

	
If the concrete business dealt with by Party B under the previous credit line agreement numbered Xin Zi 30007, 2010 and entered by and between Party A and Party B is not paid off after this Agreement has come into force, the balance shall be automatically entered this Agreement and occupy the credit line hereunder. (If this Article is applicable, please tick “√” in □ for your choice).

Article 2 Credit Term

 

The credit term shall be 12 months, from June 14th, 2011 to June 13th, 2012. Party B shall provide an applicant for use of the credit line during the credit term. Party A may not accept any applicant on the date beyond the credit term, unless otherwise stipulated herein.

Article 3 Use of credit line

 

3.1 Types and Coverage of Credit Line

 

The credit line as mentioned above shall be (Tick “√” alternatively for your choice):

 

(  ) 3.1.1 Comprehensive credit line. The concrete business shall include the following types (Fill the blanks factually):

 

Import document, import bill advance, guarantee of letter for the online tax of “all-in-one silver card”

 

Meanwhile, Party B may (fill the blank with “may” or “may not”) regulate the use of the credit line as mentioned above and (Tick “√” for your choice hereinafter):

 

þ The credit line as mentioned above may be regulatedly used among all types of businesses;

o The credit line as mentioned above may be regulatedly used among part of the types of businesses, e.g.,  and ;

(  ) 3.1.2   single credit line.

  

  

  

 

3.2 During the credit term, Party B shall revolvedly use the revolving credit line and may not revolvedly use lump-sum credit line. Party B must apply for the use of the credit line case by case and Party A shall examine and approve such applications in the same manner. The amount, term and concrete purpose of separate loan or other credits shall be stipulated in the concrete business contracts (including due bills), agreements entered by and between Party A and Party B or in the applicants for relevant businesses as provided by Party B to Party A and accepted by Party A.

After Party B has confirmed in a manner recognized by Party A the Accounts Receivable Credit Rights Transfer Notice given by Party A to Party B under the non-recourse domestic factoring, it shall be deemed that “concrete business contract” has been reached by and between Party A and Party B.

 

3.3 The concrete use term of separate loan or other credits within the credit line shall be determined in accordance with Party B’s business needs and Party A’s regulations for business management. The due date of the concrete business may be later than that of the credit term.

Article 4 Interests and Expenses

 

The loan, financing interests and other expenses collected in the relevant businesses within the credit line shall be determined in accordance with the stipulations in the concrete contracts.

Article 5 Guarantee

 

5.1 Sipi International Trading Co., Ltd. at the Bonded Zone of Tianjin Harbor and Cheng Weihong shall be responsible, jointly or severally, for all the debts unpaid by Party B to Party A hereunder, and must issue maximum irrevocable letter of guarantee. And/or

 

5.2   shall be responsible for all the debts unpaid by Party B to Party A hereunder on the basis of all his property or the property he has the right to deal with as mortgage (pledge). Party B and   shall enter into an additional guarantee contract.

 

Where the guarantee fails to sign the guarantee contract and go through the guarantee procedures in accordance with this Article, Party A shall be entitled to refuse to provide credit line to Party B.

Article 6 Rights and Obligations of Party B

 

6.1 Party B shall be entitled to:

 

6.1.1 Request Party A to provide loan or other credits within the credit line on the conditions specified herein;

 

6.1.2. Use the credit line in accordance with the stipulations herein;

 

6.1.3 Require Party A to keep confidential the information offered by Party and regarding to his production, business, property and account, unless otherwise stipulated by laws and regulations or required by the supervision authorities;

 

6.1.4 Transfer his debts to any third party subject to the agreement of Party A;

 

  

  

  

 

6.2 Party B shall perform the following obligations:

 

6.2.1 Provide all the truthful documentary materials required by Party A (including but not limited to regularly providing the truthful financial statements and annual financial statements required by Party A, and major decisions and changes in respect to Party B’s production, business and management) as well as his deposit bank and account, the balance of his deposits and loans, and cooperate Party A to carry on the works of investigation, examination and inspection.

 

6.2.2 Accept the supervisions of Party A on his use of credit and the activities related to his production, operation and finance;

 

6.2.3 Use the loan and/or other credits in accordance with the stipulations in this agreement and separate concrete contract and/or committed purpose;

 

6.2.4 Duly pay off the principal and interests of his loan, prepaid fees and other credits in a manner of full amount in accordance with the stipulations of this agreement and separate concrete contract;

 

6.2.5 Where Party B wishes to transfer all or part of his debts hereunder to any third party, he shall obtain Party A’s written agreement;

 

6.2.6 Party B shall forthwith notify Party A and actively cooperate Party A to implement the measures to guarantee the payoff of all the principal and interests as well as all the relevant expenses of the loan, prepaid fees and other credits hereunder when the following situations occur;

 

6.2.6.1 When major financial loss, assets loss or other crisis occurs;

 

6.2.6.2 When Party B provides loan or guarantee for any third party, or provides mortgage (pledge) guarantee with his private property;

 

6.2.6.3 When such matters occur as consolidation (acquisition), division, restructure, equity joint venture (joint cooperative venture), property (equity) right transfer, and enterprise reform through stock system;

 

6.2.6.4 When Party B winds up his businesses, or his business license is revoked or cancelled, or bankruptcy or dissolution is applied for by Party B or others;

 

6.2.6.5 When major crisis occurs in respect of the business or finance of Party B’s controlling shareholders and other affiliates and affects the normal operation;

 

6.2.6.6 When major affiliated transaction with other controlling shareholders or other affiliated companies occurs and influences his normal operation;

 

6.2.6.7 When any proceeding, arbitration or criminal or administrative penalty that causes major adverse impact on Party B’s business or finance occurs;

 

6.2.6.8 When other major matter that may affect Party B’s payment capacity occurs;

 

6.2.7 Party B may not manage his business carelessly and claim due credit, or deal with his main property free of charge or in an inappropriate manner.

  

  

  

 

Article 7 Rights and Obligations of Party A

 

7.1 Party A enjoys the following rights:

 

7.1.1 Shall be entitled to require Party B to return in full schedule of this agreement and specific contract loans, advances and other credit debt interest;

 

7.1.2 Shall be entitled to require Party B to provide relevant material about line of credit usage.

 

7.1.3 Having the right to know production and business operation and financial activities of Party B;

 

7.1.4 Shall have the right to supervise part B according to the agreement and specific contract with the prescribed purpose to use loans and/or other credit;

 

7.1.5 According to their internal processes need, right in accept Party A to apply for and open the L/C, commissioned by the beneficiary is located in other branches of China merchants bank to backcredit the L/C;

 

7.1.6 Shall have the right to directly withholding from Party B, in order to repay the account settlement in this agreement and debt under the specific contract owed by Party B;

 

7.1.7 Having the right to assign its creditor's right to Party B , and shall have the right to take as it considers appropriate ways, including but not limited to fax, mail, announce in public media, to inform Party B to transfer matters and collect Party B.

 

7.1.8 Other the rights provided in this agreement.

 

7.2 Party A undertakes the following obligations:

 

7.2.1According to this agreement and all processes to the conditions stipulated in the contract in specific to Party B within the forehead loans or provide other credit;

 

7.2.2 Ought to be keep Party B's assets, financial, production, business operation confidential, but except for prescribed by applicable laws and regulations

Article 8 Party B should special guarantee the following matters.

8.1 According to Chinese law Party B is formally established and legal existence, a legal personality entities, there is full capacity for civil conduct and performance of this agreement signed;

 

8.2 The sign and performance of agreement has already obtained full authorization from board or any other authorized institution;

 

8.3 The relevant surety, mortgage (pledge), the mortgage ( pledge ) documents,

Information provided by Party B is true, accurate, complete and effective, not contain the graveness mistake or facts or leakage any significant facts:

 

8.4Strictly abide by the contract and letter of commitment signed with Party A or the issuing undertaking, trust receipts and other documents.

  

  

  

 

8.5 When signing the agreement it won’t likely happen to Party B or Party B's main property to a significantly adverse consequences in litigation and arbitration or criminal and administrative punishments, and in this agreement will not happen during the execution of such litigation or arbitration or criminal and administrative penalties. If happens, Party B shall promptly notify party A;

 

8.6 When in business activities it should strictly comply with the national laws and regulations, strictly according to Party B in accordance with the provisions of the business license or approved business scope, on various business registration for the yearly check procedures;

 

8.7 Maintain and improve existing management level, ensure the value of existing assets, don't give up any matured claim , also not due to gratis or other improper ways to deal with major existing disposition property;

 

8.8 Without party A's permission, Party B shall not pay in other long-term debt, as well

 

8.9 When signing the agreement, Party B has undergone no influence on the performance of obligation under this agreement.

 

Article 9 Other expenses

For relating to this agreement credit investigation, inspection, justice and other fees, and Party B cannot repay that debt under the agreement of party A, Party Adebt to realize creditor's rights to pay attorney's fees and costs, poor travelling expenses, announcement fee, service fee, so all the expenses should be assumed by Party B. Party B is authorized to deduct directly from party A's bank account. If there is insufficient, Party B guarantees to repaid the number after receipt of party A's notification.

 

Article 10 The default events and processing

10.1 If one of the following conditions occurs to Party B, it should be regard as the violation of this agreement

 

10.1.1 Violating 6.2.1 regulation of obligation, provide Party A with false information or concealing the real important situation, don't cooperate with party A's investigation, review and examination;

 

10.1.2 Violating 6.2.2 regulation of obligation, escape from party A, or do not accept the use of credit fund condition and relevant production management, financial activity supervision;

 

10.1.3 Violating 6.2.3 regulation of obligation. Not according to this agreement and the specific contract to use loans and/or other credit;

 

10.1.4 Violating 6.2.3 regulation of obligation, not repay the loan, advanced money and other credit debt principal and interest according to this agreement and/or the specific contract on time in full specified amount.

  

  

  

10.1.5 Violation of the obligations specified in 6.2.5 in this agreement, without authorization, unilaterally transfer the debt under this agreement to any third person: or violation of this agreement in 6.2.7 regulation obligations without recourse to management, or its due creditor's right or disposition of its current main property in free and other inappropriate way.

 

10.1.6 The violation of this agreement 6.2.6 regulation obligation. When occurring, it did not inform Party B timely, or Party A knows what happened to part B and require Party B to increase debt repaid safeguard measures under this agreement. If Party B is not cooperate, or Party A think it go against the withdraw the credit safe;

 

10.1.7 The violation of 8.1, 8.2, 8.5 in this agreement or violate article 8.3, 8.4, 8.6, 8.7, 8.8, 8.9 and didn’t correct immediately as the requirement of part A;

 

10.1.8. The occurrence of other cases that Party A think it damages its legitimate rights and interests.

 

10.2 The guarantor has one of the following circumstances, Party A may think it will influence its guarantee ability and ask the guarantor exclude the adverse impact. Or require Party B to increase, replace security conditions, warranties. If Party B doesn’t cooperate with it, it will be regard as default event.

 

10.2.1 Similar to described circumstance in this contract in 6.2.6 ;

 

10.2.2 When giving the Irreversible warranty, it conceals its guaranteed liability capabilities and fails to obtain the right authorized by the related institute.

 

10.2.3 Failing to deal with annual check register formalities;

 

10.2.4 Delayed in management and recourse to its due creditor's right, or disposition of its current main property in free and other inappropriate way.

 

10.3 If one of the following circumstances occurred to the mortgagor (or pledgor), Party A may think those will caused mortgage (or pledgor) false or mortgage (or pledgor) insufficient, it can demand that the mortgagor (or pledgor) ruled out the resulting adverse effects, or require Party B to increase, replace the guarantee conditions, the mortgagor (or pledgor) and Party B has not cooperate, shall be deemed to have happen default events;

 

10.3.1 Having no ownership or disposition on mortgage (or pledge) no, or ownership honored in dispute;

 

10.3.2 Mortgage (or pledge) has already hired, seized, detained, supervised, existing legal priority (including but not limited to building project money priority, etc.), and/or conceal cases that have happened;

 

10.3.3 Without the written consent of the party A, the pledger, transfer, lease or remortgage or any other inappropriate ways to deal with mortgages without authorization, or although it get written consent permission from party A, the mortgage value it get is not in order to repay the debt owed by Party A;

 

10.3.4 The mortgage didn't get safekeeping, maintenance and repair, and lead to the mortgage depreciation obviously; Or the mortgagor behavior directly endanger the mortgage; Leading to reducing the value of the mortgaged property; Or on mortgages period, the mortgagor doesn’t do according to party A's requirements of the mortgaged property insurance.

 

  

  

  

10.4 Once any default events against regulations of 10.1, 10.2, or 10.3 take place, Party A shall separately or simultaneously adopt the following measures:

 

10.4.1 Cut the line of credit under this agreement, or stop the use of residual line of credit;

 

10.4.2 Withdraw in advance the issued loan principal and interest and related expenses:

 

10.4.3 As for the already accepted draft or opened (including entrust turn to open) credit certificate, the ham, and delivery vouchers etc. by Party A in the credit period, no matter whether Party A has paid the advance or not, Party A may require additional deposit to Party B or requires Party B to move the money put in party A’s other account to his margin account as the margin will open in other account deposit into its margin account as the margin Party A will pay off  under this agreement.

 

10.4.4 For Party A in SuoQuan domestic factoring, export factoring having not been liquidated the transferee creditor accounts receivable captioned from Party B, shall be entitled to require Party B to perform the buyback obligations immediately; if Party A does not has these rights he is entitled to ask Party B for money immediately.

 

10.4.5 Directly deduct the Party B’s settlement account and/or other accounts of the deposit to help Party B to pay off the exact total debt in this agreement or under this contract.

 

10.4.6 Recover according to this contract article 13.

Article 11 Changes and remove of the agreement

This agreement is a written agreement which can change and disarm; before reaching a written agreement, this agreement shall remain valid: any party shall not change, modify or remove without the unilateral agreement.

Article 12 Other matters

12.1  In this agreement period, Party A to Party B's any breach or delays impose any tolerance, grace behavior in this agreement or delay the rights the Party A shall have, which cannot damage, influence, or limit Party A to enjoy the rights as a creditor according to the provisions of relevant laws and this agreement, cannot be  as Party A violation of this agreement to any recognition, the license or behavior of party and cannot be regarded as up to existing or future breach to take action right now. t

 

12.2 Whenever this agreement by any reason becomes invalid, or partially invalid in law. Party B shall be liable under this agreement to repay all the debt owed by Party B. If afore-mentioned circumstances occur, Party A shall be entitled to terminate this agreement immediately to Party B, and may require under this agreement all the debt owed by Party B.

  

  

  

 

12.3 Party A and Party B shall in written form send notice and requirements with respect to this agreement.

 

 Party A’s address:

 

 Party B’s address:

 

If delivered by hand ,it can be seen as delivered when the recipient signs(as in return of the rejected date shall be deemed to be served); if submitted by postal mail s, it can be seen as delivered after being sent for full seven days; if submitted by fax, it can be regarded as having been served after the recipient’s fax system received the fax.

 

If Party A informs Party B of assignment of the obligee's right or urges Party B to do so by making a public announcement on public media, it can be seen as delivered by the date of the announcement.

 

If any party changes his address, he shall timely notify the other party .Otherwise he has to bear the losses.

 

12.4 Both parties agree that, for trade finance class of each business applications, Party B just needs to stamp obligate seal according to its Obligate Seal Proxies provided to Party A, and both sides recognize the signature's effectiveness.

 

12.5 Party A and Party B agree that the written supplementary agreement about unpredicted matters and changes and specific contracts which is accessories of the agreement constitute the integral parts of the agreement.

 

12.6 ________________________________________

 

12.7 ________________________________________

 

12.8 ________________________________________

 

Article 13 Applicable Law and the Settlement of the Dispute

 

13.1 The agreement’s formation, interpretation, settlement of disputes shall be governed by the law of the People's Republic of China, and the rights of Party A and Party B are under the legal protection of the People's Republic of China.

 

13.2. Disputes produced during the performance of this agreement should be settled through negotiation, and if they do not talk things over, any party can choose one of the three, playing "appropriate" choice.

 

   o 13.2.1 Sue to party A’s located people's court

 

   o 13.2.2 Apply to the arbitration commission for arbitration

 

   o 13.2.3 Submit (if choose this, then the following two choose one, playing "appropriate" choice)

 

                   o  China international economic and trade arbitration commission

 

  

  

  

           oChina international economic and trade arbitration commission ____branch

 

           oChina international economic and trade arbitration commission, Chapter_

 

The arbitration shall be in accordance with the Financial Disputes Arbitration Rules.

13.3 The agreement and every specific contract, after the notary endowed with enforceable effectiveness has been transacted by both parties, the Party A can apply for the enforcement directly to the people’s court concerning which is under jurisdiction in order to press for payment of the debts in accordance with the agreement and every specific contract.

Article XIV Agreement enters into force

This agreement shall enter into force after the legal representatives/principals or his authorized agent have signed on it (or sealed on it) and sealed the seal of the company/contract. This agreement shall automatically lapse to the date of the expiration of the credit term or of when Party B has paid off all the debts and other concerning costs owed to Party A (in accordance with the later date).

Article15 Annex

 

This agreement is in four copies, Party A, Party B and _,_shall all hold one copy of it and every copy share the same legal effect.

  

  

  

 (This page is for signature)

All the provisions contained in this contract are fully negotiated. The bank has submitted the provisions concerning with the exemption or limitation of the bank responsibilities, the single rights which bank own, increasement of the responsibilities of other disputing parties or limiting the rights of other disputing parties to other disputing parties to draw their special attention, and has understood them in a comprehensive and accurate way. The bank has made corresponding explanation about the provisions above in response to the requirements of other disputing parties. Contract parties have the same understanding of the provisions in this contract.

 

Party A :( seal here)

 

 

	 	 

 

 

Principal or authorized agent :( seal or sign here)

	 Party B :( seal here) 	 

        

 

Legal representative or principal :( seal or sign here): Chen Weihong

Signature date: June 14, 2011

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