Document:

posama3ex10lxiii_keyuan.htm

Exhibit 10.63

 

 

 

 

Individual Maximum Amount Guarantee Contract

 

 

 

 

 

 

 

 

 

HuaXia Bank Inc,

  

  

  

 

Individual Maximum Amount Guarantee Contract

Serial no: NB07Maxium guarantee 720110144-2

PARTY A: (Guarantor): Chunfeng Tao

Certificate type and no: ID card, 440902670616043

Address: Room no 902,97 building, phase 2 ,Donghu Garden

Telephone: 88278655

Post code: 315000

The Company:  Ningbo Keyuan Plastics Co., Ltd.

Company telephone: 86232600

Cell phone: 13806033688

PARTY B (Creditor) Huaxia bank co.ltd Ningbo branch

Address: no 787 Baizhang east road

Post code: 315000

Legal representative/Principal: Kaiwen Wei

Telephone: 87972545                 FAX:87972608

Based on the provisions of the Guaranty Law of the Peoples Republic of China and other related applicable law and regulations. Party B will have several creditor’ right with debtor--- Ningbo Keyuan Plastics Co., Ltd. (hereinafter referred to as “main contract debtor) continuously during the contract period in terms of main contract. Party A is willing to provide guarantee to Party B for the above mentioned creditor’s right (hereinafter referred to as “main creditor right”) within the maximum credit right amounts, both parties signed the contract after mutual agreements.

Part One

Section 1 The type of guaranteed Main creditor’s right, maximum claims amount and period of occurred claims

  

2

  

 

	
1.

	
The form of Main contract under the contract as following:

x Party B signed contract______No.____with Main contract debtor, the contract, with its detailed operations ,formed main contract of this contract.

The several ( circulating capital loan contracts) signed continuously between Party B and main contract debtor in the main creditor’s right period pursuant to clause 3 of the contract, all considered to be the main contract of the contract.

	
2.

	
The guaranteed maximum credit amount under the contract is: currency: RMB, Amount: 80,000,000, ( the foreign currency is calculated per party B’s listing of foreign exchange rate)

	
3.

	
The guaranteed main credit’s duration under this contract is from 13th, SEP,2011---13TH, SEP, 2012.

Section 2 Settlement of disputes

	
4.

	
All the disputes between Party A and B for proceed this contract, should be settled with negotiation, the followings can be used if the negotiation is failed,

ü  A to sue to the court of Party B’s place of domicile

 

x B to apply for the arbitration to committee.

	
5.

	
If there is a conflict between the settlements chosen by both parties and the settlement stated in the main contract, the settlement in the contract shall prevail.

Section 3 Miscellaneous clause

	
6.

	
The other issues both parties agreed_____________________________________

	
7.

	
The contract has 3 copies, party A takes one, and Party B takes two copies,   Party ___takes ____, all has the same legal power.

 

Part Two

Section 1 The type of guaranteed Main creditor’s right, maximum creditor’s right amount and period of occurred creditor’s right

 

	
8.

	
The main credit’s business range which party A guaranteed is the same as which stipulated in the contract.

 

  

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9.

	
Per the section 2 of the contract, the maximum credit amount is ref to maximum main loan amount balance, it has the several following meanings:

	
9.1

	
Main contract debtor’s all outstanding loan amount at anytime( if the business under the main contract are credit card, banker’s acceptance bill, guarantee letter, delivery guarantee, the amount is the business balance which actually happened but did not paid yet) can not be exceed the above limitation, but the main contract debtor can use the credit amount which has been paid off circularly within the limit.

	
9.2

	
The maximum credit amount is only the maximum limitation of main credit loan, when the loan amount is not exceed the above limitation, Party A agrees to take the guarantee responsibility for all interests, punitive interest, fee and all other due payment in the range stipulated in section 11.

	
10.

	
The stipulation of section 3 has following definitions:

	
10.1

	
If the business stipulated in the main contract is loan, the issue date of each loan can not be later than the date of expiry within the period.

	
10.2

	
If the businesses stipulated in the main contract are acceptance of bill/ letter of credit/open letter of guarantee (Or letter of delivery) , the date of party B to accept the bill, open letter of credit or open the guarantee or letter of delivery can not later than the date of expiry within the period.

	
10.3

	
The expiry date for each creditor’s right should be based on the expiry date stipulated in each exact business contract, no matter if it has been expired or not in the period.

Section two: The scope of guaranty

	
11.

	
Under the main contract, the guarantee’s range for Party A is debt capital, interest, overdue interest, punitive interest, compound interest, liquidated damages, compensation for damages, the fees for party B to achieve the creditor’s right ( including but not limited to litigation fee, arbitration fee, maintenance fee, the announcement fee, appraisal fee, assessment fee, auction fee, trip fee, telegraph fee, lawyer fee etc) and all the other main contract debtor’s due fee.

	
12.

	
All the fees except the principal in the above mentioned range, should be calculated into Party A’s guaranteed scope, but shall not be calculated into guaranteed amount of claims under the contract.

 

  

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Section 3.  The assurance of guaranteed creditor’s right and guaranteed method

	
13.

	
The guaranteed creditor’s right will be confirmed under the contract when anyone of the following situations happen:

	
13.1

	
The main creditor’s right stipulated in clause 3’s period is expired

	
13.2

	
Based on the legal regulation or main contract’s stipulation , the main contract creditor announce all the debt under the contract are expired ahead of time.

	
13.3

	
The other circumstances confirmed by guaranteed creditor’s right by law.

	
14.

	
The followings take effect when the guaranteed creditor’s right is confirmed under the contract.

	
14.1

	
When the guaranteed creditor’s right fixed, the outstanding creditor’s right under the main contract, no matter if the deadline for performance is expired or additional condition existed, all belong to guaranteed creditor’s right scope.

	
14.2

	
When the guaranteed creditor’s right fixed, all the payment except principal stipulated in clause 11 of the contract, no matter if it is happened when fixed, all belong to guaranteed creditor’s right scope.

	
15.

	
The guarantee method for party A is joint liability, starting from the fixed date of guaranteed creditor’s right and not finished until all the guaranteed creditor’s right have been paid off, if the main contract debtor did not perform the payment liability, the Party B has the right to file a claim for recovery to Party A directly, and Party A should immediately pay off the concerning debt to Party B.

	
16.

	
If there are other guarantees (include but not limited to main contract debtor provide Party B the material guarantee) except the guarantee method stipulated in the contract, the party B has the priority to choose performing the right under the contract, and also request party A to take jointly liability, the guarantee responsibility from party A to party B will not be affected by other guarantees, party B to claim right or proceed sue /arbitration/ enforcement will not be taken as a premise to undertake its guaranteed responsibilities. If party B waive, alter the material guarantee from main contract debtor, or change the sequence of guarantee, caused its prior compensation right under the above mention material guarantee get lost or reduced, Party A agrees its guarantee responsibility under the contract will not be waived or reduced.

	
17.

	
If party A to provide the guarantee for some creditor’s right under the contract, the creditor’s right under the main contract get some paid off will not reduce or relief the guarantee liability of party A, and party A still need to take the guarantee responsibility for unpaid balance within the scope under the contract.

 

  

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18.

	
If the debtor make the early payment under the contract or discuss with the party B to change the interest, party A will carry on the guarantee responsibility for party B ‘s creditor right after changed.

 

Part 4  Guarantee Period

	
19.

	
The guarantee period for party A to take guarantee responsibility is two years, the date will be calculated as follows:

	
19.1

	
The deadline for the performance of any debt is earlier or the same as the fixed date of guaranteed creditor’s right, the starting date of guaranteed period for party A to take the guarantee responsibility is counted as the fixed date of guaranteed creditor’s right.

 

	
19.2

	
The deadline for the performance of any debt is later than the fixed date of guaranteed creditor’s right, the starting date of guaranteed period for party A to take the guarantee responsibility is counted as the deadline date of performance for this debt.

	
20.

	
The deadline date of performance for the debt include if the main contract debtor take the installment payment, the expiry date for each debt, also include based on the stipulation of main contract, the creditor to announce the date of debt which is expired ahead of time.

	
21.

	
If the business for main contract is letter of credit, acceptance bill, guarantee letter, delivery guarantee, the date of advance payment is deemed as the deadline date of performance for the debt.

Section 5 Party A ‘s Right and Obligation

	
22.

	
Party A understand and agree all the clauses of contract, and willingly to provide guarantee for main contract debtor and pay off on debtor’s behalf based on the contract.

	
23.

	
During the contract period , party A should provide actual information such as personal information , incoming, expense, debt, guarantee and other circumstance about economy conflict with others.

	
24.

	
All the files party A provide to party B should be real, accurate, legal and valid.

	
25.

	
During the contract period, party A should inform party B in writing about the change of personal or family income, personal identification and legal address or other issues may effect party A’s guarantee ability such as sue, arbitration or other issue within 3 days.

 

  

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26.

	
During the contract period, party A should inform B about the change of name, living location and contact information in writing in 7 days after changing.

	
27.

	
Party A will promise not to provide to third party other kinds of guarantee which exceed its own guarantee capacity.

	
28.

	
When the Party A’s payment under the contract is due, party B has the right to charge from any accounts which A owns in B’s operation place directly at anytime, if still has balance, Party A still need to pay off.

	
29.

	
Party B signed the detailed contract with main contact debtor, no need to inform party A.

	
30.

	
When borrow new capital for previous debt under the contract, party A still take the guarantee responsibility willingly.

Section 6 The Right and Obligation for Party B

	
31.

	
Party B has the right to ask party A to provide all data to reflect party A ‘s qualification.

	
32.

	
If party failed to perform the obligation under the contract, party B should charge it directly from any accounts party A own in Huaxia bank, when do so, if the currency in the account is different with main debt currency, should convert it based on party B’s up to date exchange rate.

Section 7 Liability for Breach of Contract

	
33.

	
When the contract takes effect, both party A and B should perform its obligation, fail to do so or take only partial obligation should take the liability for breach the contract accordingly, and compensate to other party.

Section 8 Effectiveness of Contract

	
34.

	
The contract will take its effect when both parties sign it.

	
35.

	
The effectiveness of the contract is independent with main contract, will not be invalid with main contract’s invalid, if the main contract is confirmed to be invalid, thus party A will take the joint liability for main contract debtor’s debt while returning the property or compensate the loss.

  

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Section 9 The assignment of Contract, Change and Termination

	
36.

	
While the contract become effective, both party A and B can not change or termination this contract without authorization.

	
37.

	
During the contract period, while party B transfer the creditor’s right to third party, no need to get the approval form party A, but should inform party A, party A should still carry on its joint liability in the same scope.

	
38.

	
If the type of main creditor’s right under the contact is credit card advance, after party A confirm, to modify the letter of credit with the consent of applicant and party B, if the modified amount in the credit card( the amount exclude interest, Liquidated damages,compensation and other related fees)will not exceed the guaranteed maximum creditor’s right under the contract, no matter how to change the amount or other clauses, the above amends will all be deemed as having party A’s prior’s consent. The guarantee contract will still be effective, and party A still carry on joint liability.

Section 10 Supplementary Provision

	
39.

	
During the contract period, if party A change its name, address and contact information without informing party B, all the information required by contract sent to previous mail information from Party B will be deemed as delivered successfully,

	
40.

	
While have □ option in contract, have √ inside means this clause is applicable, × means not applicable.

	
41.

	
Section all the appendixes under the contract is taken as supplementary provisions for contract, having the same legal right with main contract.

	
42.

	
Party A has read and fully understand all the clauses in contract, and party B has taken reasonable method to remind party A all the responsibility waiving and restricting  clauses, and fully explaining the related clauses per party A’s request, there is no conflicts in both parties’ understanding in this contract.

  

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Signature Page

	 	 	 	 
	 	 	 	 	 
	  
Party A (Entrusted Agent)

	 	 (Signature)		 
	
 

	 	 	 	 
	 	 	 	 	 
	September 13, 2011	 	 	 	 

 

 

 

Party B Huaxia bank co.ltd Ningbo branch (Stamp)

Legal Representative/ Principals: Kaiwen Wei

(Entrusted Agent)

 

 

September 13, 2011

 

 

9posama3ex10lxiv_keyuan.htm

Exhibit 10.64

 

 

 

 

 

 

 

 

 

 

Guarantee Contract

 

(Maximum)

 

 

 

 

 

 

 

 

 

 

 

China Construction Bank

Ningbo Branch

 

  

  

  

 

Contract No.: G1230-2012-0J9

Guarantor (Party A): Ningbo Litong Petrochemical Co.,Ltd

Domicile: Room 425 No.4 Hengyang Community ,Beilun Zone, Ningbo

Postal Code:315800

Legal Representative (Principal):Hongjiao Chen

FAX:                Telephone No.:86152818

Loaner (Party B): China Construction Bank Inc,Beilun Branch

Domicile: No.251, Xinda Road, Beilun   Postal Code: 315800

Principal: Jiangen Han

FAX: 86882154              Telephone No.:86884361

  

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In view of Party B handled Ningbo Keyuan Plastics Co., Ltd. as (called “loanee”) the following FIRST ,SECOND,THIRD ,FOURTH credit business continually and it will or it has signed the RMB Fund Loan Contract, the Foreign Exchange Fund Loan Contract, the Bank Accepts Agreement, the Credit Card Contract, the Issue Guarantee Agreement and/or other legal documents (the above-mentioned signed contracts, agreements and/or other legal documents in debt to determine period are called “main contract”) with the loanee from 23/03/2012 to 22/03/2014(called “loaner’s rights determined period”):

	
(1)  

	
Issuing RMB/Foreign Currency Loan

	
(2)  

	
Honoring Commercial Bill

	
(3)  

	
Opening the Letter of Credit

	
(4)  

	
Issuing Guarantee

	
(5)  

	
Other Credit Business (blank)

Party A is willing to provide the maximum guarantee for a series of loanee’s debts under the contract. According to the related laws, regulations and rules, both

sides conclude this contract by consensus in order to abide with law enforcement.

Article 1 Guaranty of Scope

	
1.  

	
The guaranty of scope as following :

(1)  Under the main contract, loan principal is not greater (Currency) RMB(Amount in Words) 50 million; and

(2)  Interests (including compound interests and default interests), liquidated damages, compensations, other funds (including but not limiting the related poundage, telecommunication charges, incidentals, letter of credit under that the related bank charges which the beneficiary refuses to bear and the like) the loanee pays for party B, the expenses of party B realizing loaner’s rights and guaranteeing rights (including but not limiting costs, arbitration fees, property preservation fees, travel expenses, execution fees, valuation fees, auctioneers fees, notarial fees, service fees, advertising fees, counsel fees and the like).

	
2.  

	
If the Party A takes the guaranty responsibility according to the contract ,Party B will make some discount for the maximum based on its paid loan principal.

  

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3.  

	
Under the main contract, credits, advances, interests, expenses or the real formation time of any other debts of party B’s even if it is out of debt determined period are still belong to the scope of guaranty of the maximum amount. The expiration of the time limit for paying debts under the main contract is not confined to the last day of the period debts determined.

Article 2 Guarantee Way

Guarantee provided by Party A under the contract is guarantee of joint responsibility.

Article 3 Guarantee Period

	
(1)  

	
The guarantee periods under the contract are respectively calculated according to the single active business handled by Party B as the loanee, namely two years, starting from the date of signing of the main contract of single active business, after the expiration date of deadline for performance of debt of the loanee under the main contract.

	
(2)  

	
If Party B and loanee conclude the agreement period extending on the deadline for performance of debt under the main contract, the guarantee period will be effective for two years after the expiration date of deadline for performance of debt agreed by the contract of period extending once again. The extending of period needs no approval of the guarantor, however, the guarantor has to assume the joint guarantee responsibility.

	
(3)  

	
If there arise laws and regulations or arranged items in the main contract, party B declares the contract terminates after two years from maturity of debts in advance in the guarantee period to the day of maturity of debts in advance.

Article 4 of the Independence of the Guaranty Contract

The validity of the contract is separated from the main contract. It will not affect the validity of this contract when the main contract is inexistent, ineffective, invalid, part invalid or canceled, terminated. If the main contract is notarized inexistent, ineffective, invalid, part invalid or canceled, terminated, party A will also bear joint responsibility for the debts formed by the loanee because of restitution of property or compensation of loss.

Article 5 Modification of the Main Contract

	
1.  

	
Party A agrees that party B signs the main contract with the loanee or modifies any items in the main contract (including but not limiting extension of time for fulfilling obligation or increased capital of loaner’s rights) without noticing party A, but party A still bear Guaranty liability within the maximum amount of this contract and the agreed scope of guaranty.

 

  

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2.  

	
 Party A’s guarantee liability will not be abated when it emerges any situations following:

(1) The situation that party B or the loanee make restructuring of enterprise, merge, acquisition, separation, capital changes, joint venture, joint operation, name changes and so on.

(2) Party B entrusts the third party to fulfill the obligations under the main contract.

3 When the obligatory rights under the main contract are transferred, the Guaranty of this contract shall be transferred concurrently.

4 If the transference of the obligatory rights or the debts under the main contract is not going into effect, or is invalid, or is revoked or terminated, party A still bear joint guarantee liability in accordance with this contract.

Article 6 Guarantee Liability

1 If debts under the main contract fall due or party B declares that debts expires in advance according to agreements of the main contract or laws and regulations and the loanee is late with full payment or violates other agreements of the main contract, party A shall bear the guarantee liability within the scope of the guarantee.

2 No matter whether party B has other guarantees (including but not limiting the way of guarantee: pledge, mortgage, hypothecation, letter of guarantee, standby letter of credit, etc.) of the loaner’s rights under the main contract, and no matter when the above mentioned other guarantees establish, whether they are effective, whether party B presents assertion of rights to other guarantors, and no matter whether there is the third party who agrees to take responsibility for the whole or part debts under the main contract; and no matter the loanee provides other guarantees by self, all of party A’s guarantee liability of this contract will not be abated for these reasons and party B has the right to require party A to bear the guarantee liability within the agreed scope of guarantee according to this contract but party A will not raise an objection.

	
3.  

	
If after party A bearing the guarantee liability but it has not paid off debts under the main contract yet, party A will promise to offer other loanees or guarantors (including exercise in advance) subrogation or indemnity in order to guarantee party B’s benefits, and agree that liquidation of debts of the main contract is prior to the subrogation or indemnity of party A.

Specifically, before all debts of party B being paid off,

(1) Party A agrees that he will not ask the loanees or other guarantors for subrogation or indemnity: if party A enforces these rights, he should take the gained money to clear off the debts which party B has not obtained indemnity;

 

  

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(2)  If debts under the main contract have security for thing, party A agrees that will not propose the assertion of rights for the guaranty or its cost after sanction for the reason of subrogation or any other reasons and this guaranty and its cost should give priority to clear off the debts which party B has not obtained indemnity;

	
(4)  

	
If the loanees or other guarantors provide the counter guarantee to party A, party A gets the money from the counter guarantee should give priority to clear off the debts which party B has not obtained indemnity.

	
4.  

	
Party A has fully realized the interest rate risk. If party B adjusts interest rates, interest accruals or clearing forms according to agreements of the main contract or changes of national interest rate policy and leads interests, default interests and compound interests which loanees should repay to increase, party A also should bear joint guarantee liability for the increased part.

	
5.  

	
If the loanee has any other due debt owing to Party B, except the debt under the main contract, Party B has the right to use the RMB or other currency in the account opened by the loanee in the system of Construction Bank of China to pay off the first due debt, and the guarantee responsibility of Party A has no remission because of it.

Article 7 Other Obligations of Party A

1 Party A shall monitor the use condition (including usage) of loan of the loanee, and receive the monitoring of Party A’s funds, assets and operation condition by Party B, provide the related information, document and data of the financial statement according to the requirement of Party B, and ensure its accuracy, truthfulness, completeness and effectiveness. Without the written approval of Party B, Party A shall not provide the guarantee that is beyond its own affordability to a third party.

2 If there occurs contract, trusteeship (receivership), lease, shareholding reformation, decreasing of registered capital, investment, joint operation, mergence, consolidation, acquisition and reconstruction, separation, joint venture, application of suspending business to bring up to standard, application of dissolution, being revoked, application of bankruptcy, alteration of controlling shareholders/real controllers or transference of asset, cessation of production, closing a business, heavy fines by entitled institutions, cancellation of registration, revocation of the license, involving major legal disputes, exceptional hardship of operation or deterioration of financial position, incapable fulfillment of duties normally by legal representatives or principals, or full or partial incapacitation of guarantee liability for any reasons, party A should notice party B in written immediately and practice the commitment, transference or adoption of this contract’s guarantee liability according to party B’s requirement, or provide a new guarantee accepted by party B for the fulfillment of the main contract.

  

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3 If party A alters business registrations like name, legal representatives (principals), domicile, scope of business, registered capital or firm’s (enterprise’s) regulations, he should notice party B in written within 5 workdays and enclose the related materials after alteration.

Article 8 Other Clauses

1 Gathering Accrued Expenses

For all of party A’s accrued expenses of this contract, party B has the right to get relevant money of RMB or other currencies from the account in China Construction Bank from party A, and does not need to notice party A in advance. When party B needs to handle the foreign exchange, party A is in duty bound to assist party B and also bear the interest rate risks.

2 Making Use of Party A’s Information

Party A agrees that party B can query party A’s trustworthiness from PCR or units concerned or department concerned and party B provides party A’s information to PCRS, and party B can properly use and disclose party A’s information for business requirement.

3 Announcement Collection

For party A’s nonperformance, party B has the right to inform party A through units concerned or department concerned and announce collection through the news media.

4 The Efficacy of Evidence Recorded by Party B

Only when there are reliable and doubtless contrary evidences, party B’s recording interior accounts about capitals, interests, expenses and repayments, and the documents, made or reserved by party B during the loanee making transactions like drawing money, repaying, paying for interests and the records, vouchers during party B collecting credits, all efficiently prove the doubtless evidences of credit under the main contract. Party A cannot raise an objection only for these records, documents and vouchers are made or reserved by party B.

5 Reservation of Rights

Party B’s rights of this contract will not affect and exclude any rights shared by other contracts according laws and regulations. Any tolerance, grace and privilege is used for any nonperformance or delay, or delay to execute any rights of this contract, all of these will not regard as abandonment of rights and benefits or permission of any violation, and they also will not affect, deter and hinder the continual execution of this right or the execution of any other right. Moreover, they will not cause party B to bear obligation and responsibility for party A.

 

  

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If party B does not execute or delay to execute any rights of the main contract, or he does not use up any remedies of the main contract, party A’s guarantee liability of this contract will not be abated, but if party B abate debts of the main contract, party A’s guarantee liability of this contract will be abated accordingly.

	
6.  

	
Disbandment or Bankruptcy of Loanees

When party A know the loanees turn into disbandment or bankruptcy, he should notice party B to apply for loaner’s rights immediately and join the procedure of disbandment or bankruptcy concurrently and execute the right of indemnity in advance. If party A has knew or should know the loanees turn into disbandment or bankruptcy but he has not executed the right of indemnity in advance immediately, losses are suffered by party A himself.

The second agreement of article 5 writes, during the procedure of bankruptcy of loanees, if party B comes to a settlement agreement with loanees or consents to a reforming plan, and party B’s rights are not damaged because of them, party A’s guarantee liability will not abated. What’s more, party A cannot withstand party B’s assertion of rights with a settlement agreement and a reforming plan as qualifications. During the settlement agreement and the reforming plan, part of debts which has not paid off when party B makes a concession to loanees, party B still has the right to require party A to pay off debts continually.

	
7.  

	
Disbandment or Bankruptcy of Party A

In case of disbandment or bankruptcy of Party A, though Party B’s obligatory right under the main contract is unmatured, Party B also has the right to participate in the liquidation or bankruptcy program of Party A and the right of declaration.

8 If the correspondence address or the contact method of Party A change, written notice shall be given to Party B immediately, and all the loss resulted from the delay of notice shall be assumed by Party A.

9 The Way of Settling Disputes

Disputes occur during the fulfillment of this contract can be settled by consulting, if consultation fails, solving the disputes in accordance with the first method:

	
(1)  

	
Sue in People’s Court of party B’s domicile.

 

  

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(2) Submit to Arbitration Committee (place of arbitration is ), according to the application of arbitration, the committee will arbitrate by actual and effective rules. The arbitration award is the final award and binding upon both.

During the lawsuit or arbitration, other parts excluding disputes of this contract still perform.

10 Conditions for Effect-Taking

This contract will take effect after the two parties sign or seal it.

11 The Contract is in Four Originals.

12 Other Agreed Items

Article 9 The Statement and Guaranty of Party A

1 Party A knows the scope of party B’s business and authorization exactly.

2 Party A has read all clauses of this contract and the main contract. At the request of party A, party B has done relevant explanations for this contract and the main contract. In addition, party A has thoroughly understood and fully comprehended the implications and relevant legal consequences of this contract and the main contract.

3 Party A is legally qualified to be a guarantor. And party A’s guarantee behavior of this contract is in conformity with laws, administrative regulations, rules and party A’s regulations or interior prescriptive documents, and he has obtained approval from the internal competent institutions of the company and/or national competent authorities. If party A has no right to sign this contract, all responsibilities, including but not limiting full payment for losses suffered by party B, should be undertaken by

party A.

4 Party A confirms that he has an adequate acquaintance with the loanee’s asset, debts, operation, credit, reputation and so on, and whether he has the main qualification and power of awarding the main contract, and he fully knows all contents of the main contract.

  

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Party A (common seal): Ningbo Litong Petrochemical

	 
	 	 	 	
 

	 
	Legal Representative (principal) or Authorized Agent (sign):	 	 	
 

	 
	 	 	 	 	 
	March 23th, 2012	 	 	 	 
	 	 	 	 	 
	Party B (common seal): China Construction Bank Inc,Beilun Branch
	 	 	 	 	 
	Legal Representative (principal) or Authorized Agent (sign):		 	 	 

 

March 23th, 2012

 

 

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