Document:

Exhibit 4.9

 

No.: Zhong Lv Bao Di Zi 2012
[024-3]

 

 

Counter-Guarantee (Mortgage) Agreement

 

 

Mortgagor (Party A): Daqing Borun Biotechnology
Co., Ltd.

 

 

Mortgagee (Party B): Zhong Lv Credit
Guarantee Co., Ltd.

 

 

 

    	 

    	 

    

 

Counter-Guarantee (Mortgage/Pledge) Agreement

 

 

Mortgagor (Party A): Daqing Borun Biotechnology
Co., Ltd.

Mortgagee (Party B): Zhong Lv Credit
Guarantee Co., Ltd.

 

 

To secure the realization of the short-term
loan for the cereals & oils of the leading enterprises in the agribusiness, equal to RMB 50 million, which is applied
by Daqing Borun Biotechnology Co., Ltd. ("the Debtor") with Daqing
Branch of Agricultural Development Bank of China  ("the Creditor")
during the period from [], and in the mean time to secure
Party B's exercise of right of recourse, as well as according to the "Entrustment Agreement on Guarantee" (No.: 
Zhong Lv Wei Bao Zi 2012[024])
signed between the Debtor and Zhong Lv Credit Guarantee Co., Ltd., Party A is willing to provide a counter-guarantee
(mortgage) to Party B, therefore, the Parties enter into this Counter-guarantee Agreement ("this
Agreement") via equal negotiations.

 

1.             
Coverage of the (Mortgage) Counter-guarantee Provided by Party A

 

(1)         
The counter-guarantee shall secure all the debts that Party B shall pay off on behalf of the Debtor (including the principal,
interest, penalty interest, compound interest, damages, liquidated damages payable by the Debtor, the property mortgage expense,
the expenses for realizing the Creditor's rights, etc.) as well as the occupancy fee for the compensatory fund which is payable
by the Debtor to Party B. The occupancy fee for the compensatory fund shall be calculated at 1‰/day of all the debts which
are paid off by Party B on the Debtor's behalf from the repayment date on the Debtor's behalf.

 

(2)         
The counter-guarantee shall secure all the liquidated damages, damages, attorney fees, guarantee fees and other fees payable
by the Debtor to Party B under the "Entrustment Agreement on Guarantee".

 

(3)         
The counter-guarantee shall secure all the fees for realizing Party B's mortgage right, including but not limited to the
litigation fee, arbitration fee, property preservation fee, attorney fee, appraisal fee, auction fee, enforcement fee, agent fee,
notarization fee, consultation fee, travel expenses, etc.

 

2.              
Party A mortgages the properties which it has the right to dispose of.  The mortgaged properties are listed in the
"List of Mortgaged Properties" attached herein, which is an integral part of this Agreement.

 

 

 

    	 

    	 

    

 

3.              
Party A covenants that:

 

(1)         
It has the legal ownership or disposal right to its mortgaged properties;

 

(2)         
During the mortgage period, Party A shall well keep the mortgaged properties, shall be responsible for the repair and maintenance
work, and shall ensure the mortgaged properties safe and sound.  If Party B requires learning about relevant information of
the mortgaged properties, in which, Party A shall give full assistances.

 

(3)         
From the effectiveness date of this Agreement, Party A shall deliver the title certificate of the following mortgaged properties
to Party B for its keeping (unless otherwise provided by the law):

 

(a)         
one pieces of land use right, with total areas of 61,432.8 square meters (see the "List of Mortgaged Properties").

(b)        
                                         

(c)         
                                         

 

(4)         
If Party B requires purchasing insurance for certain mortgaged properties, Party A shall handle and complete the insurance
formalities before the effectiveness of this Agreement and shall ensure to renew the insurance policy upon the expiration.

 

(5)         
Party A shall be responsible for handling the appraisal, notarization, insurance, authentication, registration, transportation,
keeping and other relevant issues under this Agreement and bear all related fees.

 

4.              
During the mortgage period, if Party A has any activity causing the value of the mortgaged properties decreases, Party A
shall mortgage additional properties or additionally provide other effective guarantee to Party B which is/are equal to the decreased
value within 15 days after the value of the mortgaged properties decreases.

 

5.              
During the mortgage period, if mortgaged properties have any damage which is covered by the insurance, or if any third party
has any activity causing the value of the mortgaged properties decreases, any insurance compensation or damages shall be used to
prepay the loan principal or shall be deposited to Party B's designated account.

 

6.              
During the mortgage period, if Party A intends to lease the mortgaged properties, it shall obtain Party B's written approval.

 

7.               During
the mortgage period, upon Party B's written approval, Party A may transfer the mortgaged properties and the proceed therefrom
shall be disposed of according to Option 1 as provided below:

 

(1)         
Deposit it to Party B's designated account and Party A shall not make use of it during the mortgage period;

 

(2)         
Party A agrees to use it to prepay the loan upon.

 

 

 

    	 

    	 

    

 

8.              
If Party A has any of the following events, it shall promptly notify Party B:

 

(1)         
Its operation mode changes, such as implementing contracting, leasing, affiliation, merger (acquisition), split-up, shareholding
reform, joint venture (cooperation) with foreign investment, etc.

 

(2)         
Involve in litigations in connection with material economic disputes;

 

(3)         
There is any dispute to the mortgaged right;

 

(4)         
Bankruptcy, out of business, dissolution, being called for business suspension for rectification, with its business license
or other licenses or qualification revoked or canceled;

 

(5)         
There is any change to the legal representative, legal address and telephone number of the enterprise.

 

If any event provided in (1) above
occurs, Party A shall notify Party B 30 days in advance; and for other events listed above, Party A shall notify Party B within
3 days after its occurrence.

 

9.              
If Party A breaches Article 4, 5, 7 or 8 and causes damages to Party B, of which, Party A shall be liable for the compensation.

 

10.        
    If the loan is early recalled according to relevant provisions of the Loan Agreement signed between the Debtor and
the Creditor (Bank), the creditor's rights under the Loan Agreement are not fully realized and Party B has to repay the
debts on the Debtor's behalf, then Party B is entitled to early dispose of the mortgaged properties to recover its losses.

 

11.        
    Upon the expiration of the performance term under the Loan Agreement, if the Debtor fails to pay off all the debts
and Party B has to repay the debts on the Debtor's behalf, then Party B is entitled to realize its mortgage right and to get compensation
by converting the mortgaged properties into money or seek preferential payments from the proceeds from the auction or sales of
the mortgaged properties concerned.

 

12.      
Effectiveness

 

(1)         
This Agreement shall come into effect upon being signed and stamped by the Parties and shall end until all the secured debts
are paid off.

 

(2)          This
Agreement shall be independent from the Primary Agreement and shall not be invalidated by the invalidity of the
Primary Agreement.  If the Primary Agreement becomes invalid, then the Mortgagor shall undertake joint and several
liabilities to pay off the debts arising from the Debtor's repayment/payment of the loan principal, interest and other
compensations under the Primary Agreement.

 

 

 

    	 

    	 

    

 

13.         
Dispute Settlement

 

Any disputes arising from the performance
of this Agreement may be solved via mutual negotiation.  If no agreement on the dispute settlement is reached, then such dispute
shall be handled according to Option (1) and (3) as provided below:

 

		(1)	File a lawsuit with the people's court where Party B
is located

 

		(2)	Submit the dispute to Beijing Arbitration Committee
for arbitration (in Beijing) in accordance with its applicable arbitral rules at the time of the submission.  The
arbitral award is final and shall be binding on the Parties.

 

		(3)	If Party B files a law suit, the attorney fee which shall
be calculated at 10% of the amount secured by Party B for the Debtor, shall be borne by Party A.

 

		(4)	During the litigation or arbitration period, other provisions
under this Agreement which are not related to the dispute shall be performed as well.

		 	 

		14.	Special Agreement: If Party A fails to perform
its guarantee liability or fails to fully perform its guarantee liability, then Party A is willing to accept the enforcement according
to the law.

 

		15.	This Agreement has 3 original copies for Party A and
Party B and Registration Authority to hold one, which shall have the same legal effect.

 

Party A (Company Stamp): Daqing Borun
Biotechnology Co., Ltd.

Legal Representative:

Authorized Representative: Cui Xingjian

 

Party B (Company Stamp): Zhong Lv Credit
Guarantee Co., Ltd.

Legal Representative:

Authorized Representative: Wang Yong

 

Date: September 14, 2012

Place for Execution:

 

Enclosed: "List of Mortgaged Properties"
and other Annexes

 

    	 

    	 

    

 

Under the Counter-Guarantee (Mortgage/Pledge)
Agreement ( Zhong Lv Bao Di Zi 2012 [024-3]):

 

List of Mortgaged Properties

 

Unit: RMB 10,000

 

	No.	 	Name of the

    Mortgaged

    Properties	 	Owner	 	Unit

    (m2)	 	Area	 	Number of the Title Certificate	 	Legal Address	 	Value of

    the

    Mortgaged

    Properties	 	Mortgaged

    Amount for

    Other

    Creditor's

    Rights	 	Remark
	1	 	Land
    Use Right	 	Daqing
    Borun Biotechnology Co., Ltd.	 	(m2)	 	61432.8	 	Da
    Qing Guo Yong (2009) Di 06-01244	 	Jubao
    Village, Zhusan Town, Datong District	 	 	 	 	 	 
	Total
    Amount:	 	 	 	 	 	61432.8	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Mortgagor (Company Stamp): Daqing Borun
Biotechnology Co., Ltd.

Legal Representative:

Authorized Representative: Cui Xingjian

 

Mortgagee (Company Stamp): Zhong Lv
Credit Guarantee Co., Ltd.

Legal Representative:

Authorized Representative: Wang Yong

Date: September 14, 2012Exhibit 4.10

 

Agreement No.: Year
2012 Dongjianzi No. 014

 

Commodity Financing
Pledge Supervision Agreement

(For rolling pledge)

 

INDUSTRIAL AND
COMMERCIAL BANK OF CHINA CO., LTD.

CHINA NATIONAL
FOREIGN TRADE TRANSPORTATION (GROUP) CORPORATION

 

    	 

    	 

    

 

Party A (pledgee):
Industrial and Commercial Bank of China Co., Ltd. Daqing Branch

 

Address: No. 37,
Dongfeng Road Saertu District, Daqing

 

Party B (pledgor):
Daqing Borun Biotechnology Co., Ltd.

 

Domicile (address):
Jubao Village, Zhusan County, Daqing City, Heilongjiang Province

 

Party C (supervisor):
China National Foreign Trade Transportation (Group) Dalian Co., Ltd.

 

Address: Room 1008,
Seaview Hotel, Gangwan Street, Zhongshan District, Dalian

 

WHEREAS:

Party A and Party
B have signed the No.047 Qingxinzi Year 2012 “Commodity Financing Pledge Contract” (hereinafter referred to
as “Pledge Contract”). In order to ensure the performance of the Pledge Contract and the guaranteed Master Contract,
Party B agrees that the goods it has ownership over are pledged to Party A, Party A and Party B agree that the pledged property
is entrusted to Party C for supervision and Party C agrees to accept Party A’s entrustment and supervise the pledged property
as per Party A’s instructions.

 

In accordance
with the “Contract Law of the People’s Republic of China”, “Guaranty Law of the People’s Republic
of China” and other related laws and regulations, Party A, Party B and Party C, abiding by the principle of credibility and
mutual benefit and through friendly negotiations, hereby enter into this Agreement so as to define their respective rights and
obligations, on and subject to the terms and conditions as set forth below.

Article 1 Legal
Relations

 

1.1 During supervision
term, Party A is a pledgee, Party B is a pledgor and Party C serves as an agent of Party A to supervise the pledged property. The
supervision mentioned under this Agreement means that Party C serves as an agent of Party A to possess the pledged property and
performs the responsibility for supervising pledged property according to the provisions of this Agreement.

 

Article 2 Pledged
Property

 

2.1 Pledged property
is object of pledge, i.e. the goods provided by Party B to Party A as guaranty of pledge according to the provisions of the Pledge
Contract signed by Party A and Party B and delivered to Party C for storage and supervision. The name, specifications &
model, manufacturer (place of origin), quantity, weight and place of storage of pledged property are subject to the list of pledged
property issued by Party C according to Article 4 below.

 

    	 

    	 

    

 

2.2 Party B shall
ensure that the name, specifications, model, manufacturer (place of origin), quantity, quality, package, number of packages and
mark of the pledged property is consistent with the provisions as agreed upon with Party A as well as the goods declared and delivered
to Party C. Party B shall be legally responsible for the truthfulness of all the foregoing facts.

 

2.3 Party B shall
guarantee that it has the ownership and full right of disposal over pledged property. Party B shall provide relevant ownership
and quality certificates to Party A and Party C.

 

2.4 Party B shall
guarantee that all documents relating to pledged property submitted by it to Party A and Party C are true and valid.

 

2.5 Party A or
Party C is entitled to engage a qualified inspection institution to inspect the pledged property before the transfer of possession
of pledged property, with inspection expenses to be borne by Party B. Party B shall render active assistance.

 

2.6 Transfer of
possession of pledged property means that Party A and Party B issue the “Type, Price and Minimum Requirement Notice of Pledged
Property (Pledge Notice)” (whose format is set forth in Annex 2-2-1) to Party C according to the provisions of the Commodity
Financing Pledge Contract and Party C checks the goods delivered by Party B as well as Party B’s existing inventories according
to the contents in the notice. If checking results show that the goods delivered by Party B or its actual inventories are consistent
with the records of the “Types, Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”, Party C
accepts Party B’s goods and transfer of possession of pledged property is fulfilled; otherwise, Party C shall not accept
the goods.

 

2.7 Upon completion
of transfer of possession, Party C shall issue the “List of Pledged Property” (whose format is set forth in Annex 2-2-2)
to Party A. Pledged property is subject to the “List of Pledged Property”. If the “Commodity Financing Pledge
Contract” or “List of Pledged Property” has indefinite provisions on pledged property, or agreed-upon pledged
property is inconsistent with actually handed-over pledged property, actually delivered pledged property shall prevail. If the
three parties have no other written provisions, Party C will check the goods delivered by Party B through surface examination,
appearance inspection and document examination.

 

2.8 During supervision
term, whether Party B picks up or replaces goods, the pledged property in stock shall meet the requirements of the “Types,
Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”. The minimum value of inventories is equal to unit
price multiply by quantity (or weight) of pledged property. The unit price of pledged property is subject to Party A’s written
notice.

 

    	 

    	 

    

 

2.9 When Party
C issues the “List of Pledged Property”, it shall provide the goods location identification diagram to Party A.

 

2.10 Where Party
C has managed such goods for Party B before, Party B’s former inventory voucher (if any) and other documents (if any) shall
be taken back and cancelled when Party C issues the “List of Pledged Property” to Party A.

 

Article 3 Supervision
Term

 

3.1 Supervision
term is a period of time when Party C serves as agent of Party A to possess the pledged property and undertakes the supervision
responsibility to Party A.

 

3.2 When Party
C, according to Article 2.6 hereof, receives the goods delivered by Party B according to this Agreement and transfer of possession
is completed, supervision term begins.

 

3.3 Supervision
term terminates when Party C discharges the goods to Party B according to the provisions of this Agreement.

 

3.4 When Party
C receives the “Notice of Discharging Supervision of Pledge” from Party A, Party C’s supervision responsibility
is discharged.

 

Article 4 Supervision
of Pledged Property

 

4.1 During supervision
term, Party C shall appropriately and cautiously deal with the pledged property under supervision in accordance with the Contract
Law and other relevant laws and regulations.

 

4.2 In the event
that there is any special requirement for the custody of pledged property, Party B shall give a prior written notice to Party C.

 

4.3 During supervision
term, when the situations that may affect Party A’s rights and interests occur (e.g. shortage, damage, destruction, deterioration,
loss, etc of pledged property)for whatsoever reason, Party C shall notify Party A within 24 hours and take appropriate emergency
measures.

 

4.4 During supervision
term, where a state authority of competent jurisdiction requests Party C to assist in freezing, sequestrating or disposing of pledged
property or a fourth party other than the three parties claims any right with respect to pledged property, Party C shall forthwith
inform Party A and Party B.

 

4.5 During supervision
term, Party C shall accept the queries of pledged property and relevant documents by Party A as well as the inspection of pledged
property by Party A. Party C shall render necessary assistance. But the expenses thus incurred to Party C shall be borne by Party
B.

 

    	 

    	 

    

 

4.6 During supervision
term, Party C shall establish pledged property registration statistics system, regularly check pledged property and the types,
count the quantity, inspect packaging and identification and record the inbound and outbound times and quantities, whereabouts
and status of pledged property.

 

4.7 During supervision
term, Party C shall manage pledged property according to the goods location identification diagram and separate Party B’s
pledged goods from the goods of other customers. When pledged property is relocated, Party C shall timely update goods location
identification diagram.

 

4.8 During supervision
term, Party C shall permit the pick-up or replacement of goods by Party B according to Party A’s written instructions and
the provisions of this Agreement.

 

4.9 During supervision
term, Party C shall set up complete inbound and outbound registration records, register and check pledged property (including inbound
and outbound pledged property) and guarantee that the minimum value of the pledged property after pick-up and replacement meets
the requirement in Article 2.8 above.

 

4.10 Party C shall
send the inbound and outbound information and inventory information of the pledged property under its supervision to Party A by
fax (designated fax number: 0459-4626889) or email (designated email address:dqgsywb@163.com) before 10a.m.
on each working day and make data backup. When supervision personnel change, Party C shall timely inform Party A.

 

4.11 Party C shall
set up pledge labels (whose format is set forth in Annex 2-2-6) for relevant pledged property by affixing pledge labels or setting
up signs. Whether Party C sets up pledge identifications for pledged property according to the provisions of this article does
not affect the effectiveness of pledge. Even if Party C does not set up pledge identifications on pledged property, relevant pledge
shall also be effective.

 

Article 5 Pick-up
of Pledged Property

 

5.1 Where the
actual price of pledged property exceeds the minimum value required by Party A and Party B picks up or replaces the excess portion,
Party B can directly handle pick-up or replacement with Party C without needing to pay additional security deposit. Party C shall
handle the procedure in full accordance with the provisions of this Agreement and guarantee that the value of the pledged property
under the possession and supervision of Party C after pick-up or replacement is not lower than the minimum value of pledged property
as prescribed in the “Type Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)”.

 

5.2 When the actual
value of pledged property is equal to the minimum value required by Party A, Party B shall make an application for pick-up to Party
A in advance and pay additional security deposit (i.e. payment against redemption) or deliver the pledged property conformable
to the requirements of the “Type, Price and Minimum Requirement Notice of Pledged Property” to Party A in advance,
which are handed over to Party C for possession and supervision (i.e. goods against goods). With Party A’s consent, Party
B can handle pick-up with Party C depending on the “Goods Pick-up Notice” (whose format is set forth in Annex 2-2-4)
issued by Party A.

 

    	 

    	 

    

 

5.3 When the actual
value of pledged property is equal to the minimum value of pledged property, the “Goods Pick-up Notice” issued by Party
A is the only valid voucher whereby Party B (including Party B’s designee, the same as below) handles the pick-up and outbound
operation of pledged property. Without the “Goods Pick-up Notice” issued by Party A, Party B shall not pick up goods
and Party C shall not handle Party B’s pick-up.

 

5.4 The minimum
value of pledged property in the foregoing articles applies to the provisions in Article 2.8 hereof.

 

5.5 The valid
signature and seal on the “Goods Pick-up Notice” issued by Party A are reserved signature and seal plus designee’s
personal signature. Format of specimen seal is set forth in Annex 2-2-5. Without the personal signature and specimen seal of the
person designated by Party A, pledged property shall not be sent out of warehouse. Where Party C handles pick-up for Party C in
violation of the above provision, Party C shall bear the corresponding compensation liability.

 

5.6 After Party
A issues the “Goods Pick-up Notice”, it shall provide the original or fax copy to Party C. If Party A sends the “Goods
Pick-up Notice” by fax, the fax number designated by Party A for the sending of this document is 0459-4626889 .
Upon receipt of the fax copy of the “Goods Pick-up Notice”, Party C shall check seal, signature and fax number and
then the handling person signs it and faxes it back to the fax number designated by Party A and informs Party A’s designee
____________ by telephone (telephone number: 0459-4626889 ). Upon receipt of the signed fax copy, Party A’s person
shall sign it and fax it back to the fax number designated by Party C. Then, Party B can handle the release of goods. Where Party
A sends the “Goods Pick-up Notice” by fax, Party A shall provide the original to Party C within five (5) workdays
thereafter. Upon receipt of the “Goods Pick-up Notice” from Party A, Party C shall immediately handle accounting treatment
of Party B’s inventories at Party C, reduce the quantity of the pledged property under the possession and supervision of
Party C and increase the quantity of Party B’s non-pledged goods. When Party B picks up goods from Party C, Party C shall
deliver the goods whose pledge is discharged to Party B. Party C shall not deliver to Party B the remaining goods under Party C’s
possession and supervision, whose pledge is not discharged.

 

5.7 After Party
C handles pick-up for Party B based on the “Goods Pick-up Notice” from Party A, Party C shall issue the “Goods
Pick-up Notice Receipt” (set forth in Annex 2-2-4) and send it to Party A.

 

    	 

    	 

    

 

Article 6 Price
of Pledged Property

 

6.1 The price
of pledged property is determined according to the prices as listed in the “Types, Price and Minimum Requirement Notice of
Pledged Property (Pledge Notice)” and the “Price Adjustment Notice of Pledged Property” (set forth in Annex 2-2-7)
sent by Party A and Party B to Party C. Party A is entitled to make corresponding adjustments based on the change of market price
and the provisions of this Agreement.

 

6.2 Party C is
not liable for all consequences caused to Party B by Party A’s price adjustment.

 

Article 7 Exercise
of Right of Pledge

 

7.1 The method
of Party A’s exercise of right of pledge is to issue Party C the pick-up notice indicating Party A as the person of picking
up goods.

 

7.2 When Party
A exercises right of pledge according to the Pledge Contract, Party C shall render necessary coordination and assistance for Party
A.

 

7.3 Party C can
assist Party A in exercising right of pledge without giving a prior notice to Party B or obtaining Party B’s consent. Party
C undertakes no responsibility towards Party B.

 

Article 8 Expenses
and Methods of Payment

 

8.1 Party A, Party
B and Party C agree that the expenses arising from the warehousing and custody of pledged property, such as supervision expenses,
warehousing expenses, freight and miscellaneous charges, loading and unloading expenses, inspection expenses and stamp tax, are
borne by Party B.

 

8.2 When Party
C issues the Warehouse Receipt Special for Personal Property Pledge, it is deemed that Party A, Party B and Party C agree upon
the expenses recorded in relevant pledge notice as well as their methods of payment.

 

8.3 Party B shall
deposit supervision and other expenses with an amount of RMB[] into the pledged property supervision expense account
designated by Party C at Party A (account No.:                     )
before Party A and Party B issue the “Pledge Notice” to Party C.

 

8.4 Party C draws
the actual supervision expenses and other expenses on a monthly basis. After this Supervision Agreement terminates, Party C shall
refund the positive balance of the supervision expenses pre-deposited by Party B within three days. Party A will make bank transfer
as per Party C’s instructions.

 

    	 

    	 

    

 

8.5 Where Party
B fails to pay relevant expenses according to the provisions of this Agreement, Party C shall give a written notice to Party A
and Party B.

 

8.6 As for all
expenses payable by Party B to Party C, Party C has the priority of compensation when Party A exercises right of pledge.

 

Article 9 Insurance

 

9.1 Party B shall
insure pledged property with the insurer acceptable to Party A. The type, amount and term of insurance shall meet Party A’s
requirements. The first beneficiary shall be Party A and the original of insurance policy shall be kept by Party A.

 

9.2 When an insurance
accident occurs, Party B and Party C shall assist the insurance company in handling accident investigation and settlement of claim.

 

Article 10
Special Provisions

 

10.1 Any two parties
of Party A, Party B and Party C shall not refuse to perform the obligations under this Agreement by signing an agreement or a contract.

 

10.2 Other provisions
as agreed upon by three parties (where the provisions of this article conflict with the other terms of this Agreement, the latter
shall prevail.)

___________________________/_____________________________________

___________________________/_____________________________________

___________________________/_____________________________________

___________________________/_____________________________________

 

Article 11
Correspondence and Contact

 

11.1 All notices,
confirmations and other relevant documents required under this Agreement shall be delivered to the recipient in the form of originals
(unless otherwise agreed upon herein).

 

11.2 If conditions
permit, electronic data documents may be sent with the consent of the parties concerned.

 

Article 12
Defaulting Liability

 

12.1 Where loses
are caused to Party A and Party B for Party C’s following reasons, Party C shall be liable for compensating for the losses
of goods, provided, however, that Party A has the priority of compensation with respect to its actual losses:

 

    	 

    	 

    

 

12.1.1 During
supervision term, except for any event of force majeure, pledged property is damaged, destroyed or lost, deteriorates, is in shortage
or contaminated due to Party C’s undue performance of its custody responsibility;

 

12.l.2 Party C
fails to discharge goods according to the provisions of this Agreement;

 

12.1.3 For Party
C’s reasons, limitations or prohibitions on the warehouse where pledged property is stored and warehoused are set by any
judicial body or competent institution;

 

12.1.4 In violation
of the provisions in Article 4.3 hereof, Party C fails to timely inform Party A and Party B or fails to take appropriate emergency
measures;

 

12.1.5 Other situations
in which Party C’s violations of this Agreement cause losses to Party A and Party B.

 

12.2 Where losses
are caused to Party A and Party C for Party B’s following reasons, Party B shall be liable for all compensations:

 

12.2.1 Pledged
property is mixed with flammable, explosive, leakage-prone, poisonous and perishable goods, which damage warehoused goods or warehouse
or result in personal injury;

 

12.2.2 Party B
fails to insure pledged property in time. During supervision term, pledged property is damaged, destroyed or lost, deteriorates,
is in shortage or contaminated owing to force majeure events;

 

12.2.3 Party B
fails to package the pledged property in accordance with state or professional standards and regulations;

 

12.2.4 For Party
B’s reasons, limitations or prohibitions on pledged property are set by the judicial body, the government or any other competent
institution;

 

12.2.5 Other situations
in which Party B’s violations of this Agreement cause losses to Party A and Party C.

 

12.3 Where Party
A is in breach of this Agreement, thus causing losses to Party B and Party C, Party A shall be liable for compensating for the
actual losses of Party B and Party C.

 

Article 13
Effect of Agreement

 

13.1 No matter
whether this Agreement is terminated or invalidated, once Party C issues the list of pledged property according to Article 2.6
hereof and the supervision of the goods under this list of pledged property is not discharged, the pledged property under the list
of pledged property shall continue to apply to this Agreement.

 

13.2 Where all
or part of the Master Contract, Pledge Contract and other relevant formal contracts or auxiliary documents signed by and between
Party A and Party B are held to be invalid by the judicial body, the validity of this Agreement shall not be thus affected.

 

    	 

    	 

    

 

13.3 Should any
provision of this Agreement be held to be invalid by the judicial body, this invalid provision shall not affect the validity of
other provisions and whole agreement.

 

Article 14
Settlement of Disputes

 

14.1 Any dispute
arising from this Agreement shall be settled through the way in Item 1 below. During dispute settlement, both
parties shall continue to perform this Agreement except for the provisions in dispute.

 

	(1)	
        Bring a lawsuit with the court of competent
        jurisdiction in the place where Party C is located;

         

	(2)	Submit to           /           Arbitration Commission for arbitration in accordance with its arbitration rules then in effect. Arbitral award shall be final and binding upon both parties.

 

Article 15
Miscellaneous

 

15.1 The annexes
attached hereto are an integral part of this Agreement.

 

Annex 2-2-1 Type,
Price and Minimum Requirement Notice of Pledged Property (Pledge Notice)

 

Annex 2-2-2 List
of Pledged Property (Pledge Confirmation Receipt)

 

Annex 2-2-3 Goods
Pick-up Application

 

Annex 2-2-4 Goods
Pick-up Notice (including Goods Pick-up Notice Receipt)

 

Annex 2-2-5 Specimen
Seal

 

Annex 2-2-6 Pledge
Label

 

Annex 2-2-7 Price
Adjustment Notice of Pledged Property

 

15.2 This Contract
is becomes effective after it is signed by the legal representative/ responsible person or authorized signatory of each party and
chopped with the company seal of each party.

 

15.3 This Contract
is executed in three 3  originals, with each party hereto holding one 1  original. All originals have the
same legal effect.

 

    	 

    	 

    

 

Party A (seal):
Industrial and Commercial Bank of China Co., Ltd. Daqing Branch

Legal representative/responsible
person or authorized signatory (signature): /s/ [ ]

 

 

 

Party B (seal):
Daqing Borun Biotechnology Co., Ltd.

Legal representative/responsible
person or authorized signatory (signature): /s/ [ ]

 

 

 

 

Party
C (seal): China National Foreign Trade Transportation (Group) Heilongjiang Co.,
Ltd.

Legal representative/responsible
person or authorized signatory (signature): /s/ [ ]

 

 

 

 

October 10, 2012

 

    	 

    	 

    

 

Annex 2-2-1 

 

Type, Price and Minimum Requirement Notice
of Pledged Property (Pledge Notice)

 

China National Foreign Trade Transportation
(Group) Dalian Co., Ltd (supervisor of storage)

 

According to the Commodity
Financing Pledge Supervision Agreement executed by and between Daqing Borun Biotechnology Co., Ltd and Industrial and Commercial
Bank of China Co., Ltd. Daqing Branch, with No. Year 2012 Qingxinzi No. 047, the pledgor hereby pledges the following goods
to (please refer to the table for the detailed information) pledgee.

 

	Name of Goods	Specifications & Model	Manufacturer (place of origin)	
        Quantity

        (unit: ton)
	Weight (unit: ton)	Price	Amount	Whether the goods is in the warehouse	Notice
	corn	 	 	20000	20000	1667 Yuan/ ton	33,340,000 Yuan	Yes	 
	 	 	 	 	 	 	 	 	 

 

The fact of pledge and
situation of pledged property are hareby reported to your company. Please supervise the pledged property
and perform the obligations of your company strictly under the Commodity Financing Pledge Supervision Agreement executed by and
among pledgee, pledgor, and your company, with the No. Year 2012 Dongjianzi No. 014.

 

The pledged property
of Daqing Borun Biotechnology Co., Ltd shall satisfy the requirement as following from beginning to end of the term of pledge.
Pleas examine and implement.

 

	Category Requirements for Pledged Property	Requirement for the Structure Ratio of Pledged Property	Time Limit for the Manufacture of Pledged Property	Limitation on the Surplus Value of Pledged Property
	Corn	 	 	33,340,000 Yuan

 

Pledgee:  Industrial and Commercial
Bank of China Co., Ltd. Daqing Branch

(reserved seal and personal signature)
/s/ [ ]

October 10, 2012

 

Pledgor: Daqing Borun Biotechnology
Co., Ltd.

(reserved seal and personal signature)
/s/ [ ]

October 10, 2012

 

    	 

    	 

    

 

According to the agreement
of three parties, expenses arising from the warehousing and custody of pledged property, such as supervision expenses, warehousing
expenses, freight and miscellaneous charges, loading and unloading expenses, inspection expenses and stamp tax are borne by pledgor.
The method for the collection and payment of fee is _______________________________________

 

 

Pledgor: Daqing Borun Biotechnology
Co., Ltd.

 

Legal representative/responsible person or
authorized signatory (signature)

/s/ [ ]

October 10, 2012

 

    	 

    	 

    

 

To: Industrial and Commercial Bank of China
Co., Ltd. Daqing Branch

 

According to the Commodity
Financing Pledge Supervision Agreement with No. Year 2012 Dongjianzi No. 014, the effective format of reserved seal
for all the documents, notices, bills (except the execution of agreement) executed and delivered by our party under this agreement:

 

 

	 	1

                            

                            

                            

                            

                            
	 

 

 

 

 

 

 

The
authorized person to execute all the documents, notices, bills executed and delivered by our party under this agreement is 1. Tian
Jingzhen; the format of specimen of signature is /s/ [or 2. _____________________, the format of specimen of signature is
_..

 

Please keep this format
of specimen seal properly, and exanimate it during the procedure of operation of work and verify it through the phone:

 

Number of Phone:

Number of Fax Designed:

Contact Person:

 

(Supervisor’s Seal and the signature
of Legal representative/responsible person or authorized person)

/s/ [ ]

October 10, 2012

 

Notice: This Annex is executed in three
(3) originals, with pledgor, bank, and supervisor hereto holding one original respectively.

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