Document:

Contract No.: ZJXD-JK20120060

 

Loan Contract

 

Borrower: CER Energy Recovery (Shanghai)
Co., Ltd.

 

Lender:
Shanghai Pudong Zhanjiang Micro-credit Co., Ltd.

 

    	 

    	 

    

 

Dear client,

 

Thanks for your supports to Shanghai Pudong
Zhanjiang Micro-credit Co., Ltd.(“Our Company”), please take note of the following items:

 

1. Please pay attention to the due date
of principal and interest and ensure timely payment made according to the contract. Should your company / you breach the contract,
our Company has the right to claim the loan due immediately. You company has to repay the principal and interest under the contract
and assume the liability for breach of contract.

 

2. Please pay special attention to the
clauses marked by “▲▲”. These clauses are the important clauses related to your rights and obligations.
Please make sure your company / you carefully read and fully understand all contractual terms and have no objection.

 

3. If your company/ you breach the contract,
your company’s / your default record will be provided to relevant government departments, including the People's Bank of
China, association of small loan companies, relevant industry associations, financial institutions. Your company’s / your
breach may adversely affect your company’s / your future applications for bank loans and government subsidies and may also
adversely affect the personal credit of the related responsible person.

 

4. Please cooperate with our check after
the loan drawdown. The check includes the usage of the fund and your company’s operational condition. Please provide us with
the related material truthfully.

 

5. The reminders that our Company currently
makes, such as the repayment reminders, online reminders, are the free value-added services our Company provides to our clients,
which do not constitute an obligation to our Company.

 

We inform you all the above. Thank you
for your company’s / your cooperation and support. Wish a pleasant cooperation with your company / you.

 

Shanghai Pudong Zhanjiang Micro-credit
Co., Ltd.

 

    	 

    	 

    

 

Please read this Contract carefully
and pay special attention to the terms marked by “▲▲”. If you have any objection, please ask the Lender
to make timely correspondent explaination. 

 

	Borrower: 	CER Energy Recovery (Shanghai) Co., Ltd.

 

	Legal Representative:	Qinhuan Wu

 

	Address:	Building#26, No. 1388 Zhangdong Road, Zhangjiang Hi-tech Park, Shanghai , China

 

	Post Code:	201203

 

	Business License no.:	310115400249903

 

	Contact Person:	Simon Dong

 

	Telephone:	13801969233

 

	Lender: 	Shanghai Pudong Zhanjiang Micro-credit Co., Ltd.

 

	Person in Charge:	Xianpei Lin

 

	Address:	Building#4, No. 439 Chunxiao Road, Shanghai,China

 

	Post Code:	201203

 

	Telephone:	021-58959900	Fax:	021-58959900

 

The Borrower thinks the Lender has the
right to engage in lending transaction and apply for a loan to the Lender. Upon equal negotiations and mutual agreement, the Lender
and the Borrower enter into this Contract in relation to the provision of relevant loan by the Lender to the Borrower.

 

		Article 1	Major terms and security of Loan

 

		1.1	The currency and amount of the loan hereunder shall be RMB 10,000,000

 

		1.2	The term of the loan hereunder shall be six months commencing from Feb 27, 2012 to
Feb 20, 2013 (the actual drawdown date shall be the corresponding date as stated on the debt certificate. The debt certificate
shall constitute integral part of this Contract and have equal legal effect as this Contract).

 

		1.3	The loan hereunder shall be used for the working capital purposes. The Lender may supervise the
use of the proceeds of the loan.

 

		1.4	Performance bond: None.

 

		1.5	The Borrower must secure the performance of this Contract in accordance with the requirements of
the Lender. The security of this contract can be one or more among the guarantee, mortgage, pledge or other way of security.

 

		1.6	The detailed information about the security is described under the security clauses of this Contract.
The agreements includes but not limits to the followings:

 

    	 

    	 

    

 

		l	If there is any default in repayment,
the Borrower agrees to further secure the loan by a mortgage of its new office building in Zhangjiang, Shanghai . Address of
the building is Building#26, No. 1388 Zhangdong Road, Zhangjiang Hi-tech Park, Shanghai , China 

 

		l	The guarantor, Mr. Qinghuan Wu,
provides the Lender unconditional and irrevocable guarantee letter. The guarantor assumes joint liability under the guarantee letter.

 

		l	The loan is secured by a pledge of
the accounts receivables owned by the Borrower.

 

		1.7	The Borrower hereby acknowledges that the Lender has the right to freely choose its way to exercise
any or part of the creditor’s rights under this Contract. The borrower agrees to give up defense towards the Lender’s
choice.

 

		Article 2	Interest rate and interest calculation

 

		2.1	Interest rate under this Contract is RMB Fixed interest rate.

 

The rate is
at 12% per annum, which shall remain unchanged within the term of this Contract.

 

		2.2	The daily interest rate shall be applicable monthly interest rate/30. The monthly interest rate
shall be applicable annual interest rate/12. One month shall be 30 days.

 

		2.3	Calculation of interest

 

		2.3.1.	Normal interest=applicable interest rate*drawdown amount*occupation days. Occupation days shall
be counted from the actual drawdown date to the due date.

 

		2.3.2.	Borrower shall pay penalty for the overdue amount. Penalty is calculated by the overdue amount
and the overdue period. Should the Borrower fail to repay the principal and interest under the Contract on time, the Lender is
entitled to claim penalty interest at a rate that four times the current interest rate. Penalty=(overdue principal or overdue interest)*(4*daily
interest)*overdue days. The daily interest is the contractual daily interest agreed in this Contract.

 

		2.3.3.	The penalty is settled at both principal repayment date and interest settlement date. If the Borrower
repays part of the overdue amount, the repayment first goes to the penalty, then the normal overdue principal and interest. The
loan with early maturity has priority in settlement.

 

		2.3.4.	Should the Borrower misappropriate the fund in violation of the purpose of the loan; the Lender
is entitled to claim penalty interest at a rate that four times the current interest rate from the misappropriation date.

 

		2.4	The loan interest hereunder shall be settled every month (month/quarter/half year). If interest
is settled on a monthly basis, the settlement date shall be 20th day of each month.

 

The first interest period shall
commence from the actual drawdown date to the first interest settlement date; the last interest period shall commence from the
day immediately following the end of the preceding interest period to the day that is one day before the final repayment date;
and each of the other interest period shall commence from the day immediately following the end of the preceding interest period
to the next interest settlement date.

 

    	 

    	 

    

  

Interest payment date is the
first bank business day immediately after interest settlement date. In case of legal holidays, the payment date extends to the
first bank business day immediately after the legal holidays.

 

Upon maturity of the loan, all
outstanding interest shall be paid together with the principal.

 

		Article 3	Drawdown and repayment

 

		3.1	The loan hereunder shall be drawdown in lump.

 

The Borrower
shall make the drawdown within 2 months after the Contract is signed and all the related procedures are completed or within the
period that agreed by the Lender, or the Lender has the right to refuse the drawdown.

 

		3.2	▲▲The Lender has no obligation to advance any loan to the Borrower until all following
conditions have been satisfied.

 

		3.2.1.	Total drawdown amount does not exceed the amount agreed in Article 1.1.

 

		3.2.2.	The drawdown application date and actual drawdown date are made by the Borrower within the borrowing
term.

 

		3.2.3.	The Borrower has provided related government approval, registration (if necessary) and any other
procedure required by the Lender. All the above have taken effect and are continuously effective.

 

		3.2.4.	The guaranty contract (if any) under this Contract have taken effect and is continuously effective;
If the guaranty contract is a mortgage contract or pledge contract, the correspondent mortgage or pledge has been secured.

 

		3.2.5.	The Borrower operation and financial condition does not suffer any material adverse change.

 

		3.2.6.	The Borrower meets the related requirement of the Lender.

 

		3.2.7.	There is no default event occurring under this Contract.

 

		3.2.8.	If required, the Borrower shall provide the Lender with a due diligence report issued by a designated
lawyer office or accounting firm.

 

		3.3	As for the drawdown information, the documents retained, certificates and notes shall prevail.
The Lender has the right to ask the Borrower sign a debt certificate.

 

		3.4	Repayment is made by installment. The Borrower shall repay RMB 0.9 million every month since April
2012.

 

When the loan is repaid by installment,
the Borrower shall inform the Lender of the repayment amount and date by written notice. If the Lender is not informed, the Borrower
shall bear the interest during the period.

 

		3.5	▲▲If the Borrower applies for prepayment of all or part of the loan, it shall submit
a written application to the Lender for its approval 3 bank business days prior to such prepayment, and pay to the Lender relevant
compensation as agreed hereunder. If the Borrower prepays the Lender within 30 day (including 30 days) from the actual drawdown
date, the Borrower shall pay interest of 30 days and the processing fee according to the interest rate agreed in Article 2.1. If
the Borrower prepays the Lender after 30 day from the actual drawdown date, the Borrower shall pay interest according to the actual
borrowing period.

 

    	 

    	 

    

 

 

		3.6	The Lender will provide the funds to the Borrower through promissory note, credit voucher, online
banks or others. If fund is provided in the manner of promissory note, the Lender shall starts accruing interest from the note
issuing day and the Borrower shall take the promissory note on the issuing day. If fund is provided in the manner of credit voucher
or online banks, the Lender shall start accruing interest from the day that the fund is successfully transferred to the Borrower’s
account and stop accruing interest from the day that the principal is fully repaid. If the opening bank of the Lender and Borrower
are different, the Borrower may not receive the funds on the day that the Lender transfers it. Hence the Borrower shall try to
provide the bank account with the same opening bank as the Lender’s so as to receive the funds as soon as possible. If the
Borrower affords the false bank account to the Lender which leads to unsuccessful transfer of funds, the Borrower shall assume
the interest loss arousing from its mistake. The interest loss shall be calculated at a rate agreed in this Contract. If the unsuccessful
transfer of funds is caused by the Lender, the interest loss shall be assumed by Lender.

 

		Article 4	▲▲Representations and warranties

 

		4.1	The Borrower is an independent legal entity, which has all the necessary rights and can take the
responsibility under this Contract and bear civil liability.

 

		4.2	It has obtained all necessary authorizations or approvals to enter into this Contract. Its execution
and performance of this Contract does not violate any applicable laws or regulations.

 

		4.3	All documents and information provided by the Borrower to the Lender are true, accurate, complete
and effective and do not contain any false record, gross omission or misleading statement.

 

		Article 5	Rights and responsibilities of the Lender

 

		5.1	The Lender has the right to receive the principal and interests (including the overdue and misappropriation
penalty interest) and exercise other rights regulated by law or agreed in this Contract. If the Borrower is in default, the Lender
has the right to declare accelerated maturity of the loan or withdraw part of the loan, or/and forfeit the performance bond.

 

		5.2	The Lender may transfer all or part of its rights hereunder to a third party by notifying the Borrower,
without consent of the Borrower.

 

Once the Lender sends written
notice to the Borrower, the both Parties of this Contract automatically adjust to be the creditor assignee and the Borrower. Both
Parties shall continue to implement this Contract. There is no need to renew the Contract unless the Borrower present written objection
within three bank business days from the notification is received.

 

		5.3	The Lender may transfer its right to loan proceeds hereunder to a third party without sending notice
to the Borrower. The Borrower shall continue to undertake its obligation under this Contract.

 

		5.4	The Lender shall deduct the repayment in a sequence of expense, penalty, interest and principal.

 

    	 

    	 

    

 

 

		5.5	The Lender undertakes to keep non-public materials and information provided by the Borrower confidential,
unless otherwise required by applicable laws and regulations or agreed hereunder.

 

		5.6	The Borrower agrees that the Lender has the right to engage the details of its implementation of
this Contract into the credit system.

 

		Article 6	Rights and responsibilities of the Borrower

 

		6.1	The Borrower undertakes to settle principal, interest and any other amount payable in relation
to the loan hereunder in accordance with the debt certificate and this Contract.

 

		6.2	The Borrower undertakes to draw down and use the loan in accordance with the schedule and purpose
as agreed hereunder. The Borrower shall not use the proceeds of the loan hereunder for any other purpose that is not agreed in
this Contract.

 

		6.3	▲▲The Borrower undertakes to bear expenses for entering into and performing this Contract,
and expenses paid and payable by the Lender for realization of its claim hereunder, including without limitation litigation or
arbitration fee, attachment fee, attorney's fee, enforcement fee, appraisal fee, auction fee and announcement fee.

 

		6.4	▲▲The Borrower undertakes to accept and actively cooperate with the Lender's check
and supervision on use of the proceeds of the loan (including purpose of the loan) and the Lender’s operation condition.
The Borrow shall provide the Lender with the financial documents and other information, and ensure all these materials are true,
complete and accurate.

 

		6.5	▲▲The Borrower undertakes to promptly notify the Lender upon occurrence of any of the
following events. A written application shall be submitted to the Lender for its notification 30 bank business days prior to such
prepayment. The Borrower commits that the following actions shall not be taken without the written approval of Party B.

 

		6.5.1.	Selling, offering, renting, lending, transferring, mortgaging, pledging or disposing most or all
of its significant assets in other ways.

 

		6.5.2.	Significant change in the operation structure or the form of ownership, including but not limit
to contracting, rent, jointly operation, stock restructuring, company selling, merger, division, transfer of stock, , setup of
subsidiary, decrease of registered capital and other action that may cause an adverse impact on the Lender's rights and interests.

 

		6.6	▲▲The Borrower undertakes to promptly notify the Lender upon occurrence of any of the
following events. A written application shall be submitted to the Lender for its notification7 bank business days prior to such
prepayment.

 

		6.6.1	Any change to its articles of association, company name, legal representative, address, correspondence,
business scope, or other significant decision related to fiancé or personnel;

 

		6.6.2	The Borrower or the guarantor has applied or been applied, or may apply or be applied, for bankruptcy.

 

    	 

    	 

    

		6.6.3	The Borrower is or may be involved in any material economic dispute, litigation or arbitration,
or its property is subject to seizure, attachment or supervision in accordance with applicable laws.

 

		6.6.4	Provision of guaranty to third party that may cause an adverse impact on Party A’s financial
condition or ability to repay debt under the Contract.

 

		6.6.5	Signing Contract or agreement that may cause an adverse impact on Party A’s ability to repay
debt under the Contract.

 

		6.6.6	The Borrower’s winding-up, dissolution, liquidation, suspension of business, revocation or
cancellation of its business license.

 

		6.6.7	The Borrower, its legal representative or its major management personnel is suspected of major
crime or involved in any material dispute.

 

		6.6.8	The Borrower’s financial condition suffers deterioration, which has affected or may affect
performance of its obligations hereunder; or there occurs the events which put negative effects on the financial condition or ability
of repayment of the Borrower.

 

		6.6.9	The amount of the related-party transaction exceeds 10% of the net assets (which is currently audited).

 

		6.6.10	The Borrower and the guarantor change or add operational address.

 

		6.7	▲▲If there occur the events which will put negative effects on the guaranty under this
Contract; the Borrower shall provide the Lender with other guaranty that is acknowledged by the Lender. The events includes but
not limits to:

 

		6.7.1	The guarantor is under merge, division, winding-up, dissolution, liquidation, suspension of business,
or its business license has been or it has applied or been applied, or may apply or be applied, for bankruptcy.

 

		6.7.2	There occur the events which put negative effects on the operation and financial condition of the
guarantor.

 

		6.7.3	The guarantor is or may be involved in any material economic dispute, litigation or arbitration,
or its major property is subject to supervision in accordance with applicable laws.

 

		6.7.4	The value of the guaranty decreases or may decrease or is subject to seizure, attachment or supervision
in accordance with applicable laws.

 

		6.7.5	The guarantor, its legal representative or its major management personnel is suspected of major
crime or involved in any material dispute.

 

		6.7.6	If the guarantor is a natural person, in this circumstance, the guarantor is missing, dead or claimed
dead.

 

		6.7.7	The guarantor default under this Contract.

 

		6.7.8	There arises dispute between the Borrower and the guarantor.

 

		6.7.9	The guarantor asks for ending the guaranty agreement.

 

		6.7.10	The guaranty agreement does not take effect, is ineffective or canceled

 

		6.7.11	The guaranty is not set up or invalidly set up.

 

		6.7.12	Other event that will affect the safety of the debt obligation of the Lender.

 

    	 

    	 

    

  

		Article 7	Special clause

 

The Borrower agrees to undertake all the
default responsibilities, including repaying the principal and interest, forfeiting the performance bond, paying the penalty and
any other cost. i.e. the lawyer fee, litigation fee, preservation fee.

 

		Article 8	▲▲Adjustment of principal amount and claim
of the accelerated maturity of the loan

 

The Lender may reduce, suspend or cancel
the credit amount under this Contract, declare accelerated maturity of all or part of the loan, require the Borrower to immediately
repay all or part of the principal and pay the interest of the loan and ask for compensation according to the default clauses agreed
in this Contract if not repaid on time, if any of the following events occurs within the term of this Contract:

 

		8.1	The Borrower fails to repay the principal or interests according to this contract or any of the
debt certificates.

 

		8.2	The representation and guaranty made by the Borrower under Article 4 is not true.

 

		8.3	The Borrower or the guarantor collateralizes the guaranty again without the consensus of the Lender.

 

		8.4	There occurs one of the events listed in Article 6.6 and 6.7.

 

		8.5	The Borrower defaults in other contracts with the Lender and does not correct its behavior after
notifying by the Lender.

 

		8.6	The borrower breaches other terms of this Contract.

 

The accelerated maturity of all or part
of the loan takes effect since the Lender makes the declaration. Written notice will be sent to the Borrower after the declaration.

 

		Article 9	▲▲Default

 

		9.1	Since this Contract takes effect, the Lender has the right to forfeit all the performance bond,
declare accelerated maturity of the loan, require the Borrower to immediately repay all or part of the principal and pay the interest
of the loan and ask for compensation according to the default clauses agreed in this Contract if not repaid on time, if the Borrower
is in default upon occurrence of any default events motioned in this Contract.

 

		9.2	If the Borrower fails to repay any principal, interest or use the funds according to the agreed
purpose, the Lender has the right to settle penalty based on the overdue penalty interest or misappropriation penalty interest.

 

		9.3	If the Borrower fails to repay any principal and interest, it undertakes to reimburse the Lender
such expenses in relation to realize the debt obligation. i.e. Reminder fees, legal fees (or arbitration fees ) , security fees
, advertising fees, collateral and disposal fees , transfer fees , execution fees, lawyer fees, travelling fees and other fees.

 

		9.4	The Lender may make a public announcement in media to demand repayment if the Borrower deliberately
avoids supervision of the Lender, fails to repay any principal, interest. The Lender may report the crime of fraud in loan if the
material provided by the Borrower is not true.

 

    	 

    	 

    

 

		Article 10	▲▲Deduction

 

		10.1	The Borrower undertakes to transfer the payable interest, principal and other expenses to the designated
account on every repayment date and settlement date. Funds transferring into the bank account of the Lender listed below are deemed
to be repayment.

Account Name: Shanghai
Pudong Zhanjiang Micro-credit Co., Ltd.

Opening bank: Shanghai
Pudong Development Bank, Zhangjiang Branch

Account No.: 97160158000000409

 

		10.2	If the amount deducted by the Lender is insufficient to repay all debts owed by the Borrower, the
Borrower agrees to deduct in a sequence of expense, penalty, interest and principal.

 

		Article 11	Covenant

 

		11.1	When both Parties agree the credit has been granted to the Borrower, the Lender has the right to
receive a processing fee of RMB 0.2 million in lump from the Borrower before the first drawdown.

 

		11.2	Both Parties agree that the Borrower shall repay the loan of RMB 5 million (Contract No. ZJXD-JK2011300)
to the Lender within 3 bank business days after it obtains the loan from the Bank of Communication, or the Lender has the right
to declare accelerated maturity of the loan under this Contract.

 

The Borrower shall repay the
loan to the Lender immediately after it receives the accounts receivable from Zhenjiang Kailin, or the Lender has the right to
declare accelerated maturity of the loan under this Contract.

 

		Article 12	Dispute Resolution

 

Either Party may submit the dispute to
a court in the place where the Lender is located to start litigation. During the proceedings, both Parties shall continue to perform
their respective duties, responsibilities and obligations hereunder in a faithful, diligent and responsible manner.

 

		Article 13	Miscellaneous

 

The debt certificate shall constitute integral
part of this Contract and have equal legal effect as this Contract

 

This Contract takes effect after signing
by both Parties.

 

The Contract is made in three duplicates
with the equal legal effect.

 

The Borrower has read the terms above
and the Lender has made correspondent explanations as required by the Borrower. The Borrower has no objection over all the terms
of this Contract.

 

    	 

    	 

    

 

	Signature Page
	 
	Borrower (seal): __
	CER Energy Recovery (Shanghai) Co., Ltd.
	Legal representative/authorized representative:
	Qinghuan Wu	 
	 
	Date: _____________________
	 
	Lender (seal):__ 

	Shanghai Pudong Zhangjiang Micro-credit Co., Ltd.	 

	Person-in-charge/authorized representative:

	Xianpei LinWorking Capital Loan Contract

 

Borrower (Party A):  CER Energy
Recovery (Shanghai) Co., Ltd. 

 

Creditor (Party B):  Shanghai
Pudong Development Bank, Shanghai Branch 

 

Whereas Party A applies for a loan from
Party B and Party B agrees to grant a loan to Party A for the purpose of working capital according to the following terms in the
contract. To specify the rights and obligations, Party A and Party B hereby enter into this Contract after negotiation in accordance
with the Contract Law, General Rules of Loan and relevant laws and regulations. The Contract is an individual credit file signed
by both parties.

 

Part I Commercial Terms

 

Article 1 Type of Loan 

 

The loan under this Contract is short-term
working capital loan.

 

Article 2 Amount of Loan

 

The amount of the loan under this Contract
is: RMB 29,000,000.

 

Article 3 Purpose of Loan 

 

The loan hereunder shall be used for purchasing
project equipments.

 

Article 4 Term of Loan 

 

4.1 The term of the loan hereunder is 9
months, from the first drawdown date.

 

4.2 The actual drawdown and repayment date
shall be the date stated on the indebtedness certificate between Party A and Party B. The last repayment date shall not exceed
the term of loan. The indebtedness certificate or loan collection certificate is the integral part of the Contract.

 

Article 5 Interest Rate 

 

5.1 Interest rate of RMB loan

 

The interest rate of the Contract is calculated
at     15    % upwards from the benchmark interest rate of the corresponding grade of the
People’s Bank of China, which is a fixed rate of 7.544% per annum.

 

    	1

    	 

    

 

5.2 The interest settlement day is the
20th of last month of each quarter. If the principal and interest are repaid in installment, the last installment
of interest shall be paid up with the last installment of principal upon maturity of loan.

 

5.3 Adjustment of interest rate of RMB
loan

 

The interest rate is unchanged during the
term of loan.

 

Article 6 Penalty Interest Rate

 

6.1 Should Party A fail to repay the principal
and interest under the Contract on time, Party B is entitled to claim penalty interest at a rate 30% upward the current
interest rate on any balance of loan used by Party A in breach of this Contract for the days of breach.

 

6.2 Should Party A fail to use the loan
for the purpose as stipulated in the Contract, Party B is entitled to claim penalty interest at a rate 50% upward the current
interest rate on any balance of loan used by Party A in breach of this Contract for the days of breach.

 

Article 7 Drawdown Term

 

The drawdown date of loan hereunder is
from August 25, 2011 to October 25, 2011.

 

Article 8 Drawdown Plan

 

Drawdown is made by installment. The amount
and date of drawdown are as follows:

	Index	 	Drawdown date	 	Drawdown amount(RMB)
	1	 	2011-8-31	 	29,000,000

 

Article 9 Repayment Plan

 

Repayment is made by installment. The amount
and date of repayment are as follows:

	Index	 	Repayment date	 	Repayment amount(RMB)
	1	 	2012-3-31	 	7,000,000
	2	 	2012-5-30	 	22,000,000

 

Article 10 Compensation of early repayment

 

Not applicable.

 

Article 11 Minimum amount of early repayment

 

Not applicable.

 

    	2

    	 

    

 

Article 12 Open of Bank Account

 

12.1 Party A does not open specific bank
account for working capital loan.

 

12.1.1 The ordinary collection account
opened with Party B:

 

Opening bank: Shanghai Pudong Development
Bank, Chuanzhi Tiandi Branch

 

Account Name: CER Energy Recovery (Shanghai)
Co., Ltd.

 

Account Number: 98990155300000916

 

12.1.2 The special collection account opened
with Party B:

 

Opening bank: Shanghai Pudong Development
Bank, Chuanzhi Tiandi Branch

 

Account Name: CER Energy Recovery (Shanghai)
Co., Ltd.

 

Account Number: 98990155300000916

 

Article 13 Entrusted Payments

 

Any single payment exceeding RMB 5 million
to a specific payee using the loan proceeds shall be subject to the entrusted payment arrangement.

 

Article 14 Supervision fee on the special
bank account

 

Not applicable.

 

Article 15 Guaranty 

 

CER Energy Recovery (Shanghai) Co., Ltd.
mortgages the new office building in Shanghai for the loan under this Contract. (Mortgage Contract Number: ZN9899201128004501)

 

Article 16 Breach of Contract

 

Party A shall pay Party B 1% of
the total principal in case of any breach of Contract.

 

Article 17 Appendix of the Contract

 

None.

 

Article 18 Other Agreed Items

 

Party A guarantees that the receivables
from the 300,000t/a sulfuric acid with heat recovery reconstruction project and the 800,000t/a sulfuric acid project signed with
Hubei Sanning Chemistry Co., Ltd. shall be collected directly to Party B’s account.

 

Article 19 Others

 

The Contract is made in six duplicates
with the equal legal effect. Both Party A and the guarantor shall hold one and Party B shall hold the other four.

 

    	3

    	 

    

 

Part II Common Terms

 

Article 1 Borrowings

 

1.1 Party A agrees and confirms without
revocation that the fund under the loan shall be drawdown at the time when Party B allows. The loan shall be reviewed by Party
B to continue. Party B has the right to ask Party A repay the loan at any time. Party B has the right to terminate or suspend all
or part of the loan without advance notice to Party A.

 

1.2 Party A shall not use the loan out
of the scope of the purpose. Party A shall not misappropriate or divert the fund to invest fixed assets or stocks. The fund shall
not be used in the areas of production or operation that are prohibited by government, or other activities that are out of the
scope of the purpose.

 

Article 2 Interest Rate and Method to
Accrue Interest 

 

2.1 Party A shall designate an ordinary
collection account and a special collection account with Party B (see Part I), and also a working capital loan account if any.
Party A agrees Party B to perform timely monitoring on the accounts mentioned above.

 

2.2 If no working capital loan account
opened, the ordinary collection account shall be used to collect the drawdown of the loan.

 

2.3 The interest of loan hereunder accrues
on a daily basis from the date of practical drawdown, according to the loan amount and the actual days Party A uses. (daily interest=
month interest/30, month interest=year interest/12).

 

2.4 In the event that Party A fails to
repay the principal due on time, Party B shall has the right to collect a penalty on the overdue amount according to the penalty
interest rate and the overdue days, until the outstanding principal is repaid.

 

2.5 In the event that Party A fails to
use the loan within the scope of the purpose, Party B shall has the right to collect a penalty on the misusing amount according
to the penalty interest rate and the misusing days, until the outstanding amount is repaid.

 

2.6 In the event that Party A fails to
repay the interest due on time, Party B shall has the right to collect a penalty on the overdue interest according to the penalty
interest rate and the overdue days, until the outstanding interest is repaid.

 

2.7 In case the People’s Bank of
China adjusts the policy of marketization of interest rates; both parties shall negotiate to confirm new interest rate. If the
negotiation is not finalized by common consent within five bank working days, Party B shall repay all the outstanding principal
and interests within 30 days from the end of negotiation.

 

Article 3 Drawdown

 

3.1 Before the first drawdown, Party A
shall meet the following requirements, while Party B has no responsibility to validate these documents or conditions.

 

    	4

    	 

    

 

3.1.1 Party A has provided the drawdown
application, indebtedness certificate and other documents as required in the contract;

 

3.1.2 This contract and corresponding guaranty
Contract (if any) have been signed and is effective, the guaranty has been secured;

 

3.1.3 Party A has provided the business
license, company’s article of association, recent financial statements (including but not limited to the audited annual financial
report of last fiscal year and the financial report of current period);

 

3.1.4 Party A has provided the borrowing
resolution from Board/shareholders’ meeting or other authoritative body, the signature sample and authorization form of legal
representative and the authorized person;

 

3.1.5 Party A has opened the related bank
account with Party B as required;

 

3.1.6 There is no default event occurring
under this Contract;

 

3.1.7 Other documents or conditions required
by Party B.

 

3.2 After the first drawdown, Party A shall
meet the following requirements before other drawdown, while Party B has no responsibility to validate these documents or conditions.

 

3.2.1 Party A has provided the drawdown
application, indebtedness certificate and other documents as required;

 

3.2.2 There is no default event occurring
under this Contract;

 

3.2.3 Other document or conditions required
by Party B.

 

3.3 Drawdown

 

3.3.1 Party A shall drawdown the loan according
to the Contract. When applying for drawdown, Party A shall submit a drawdown application form to Party B at least 3 bank business
days prior to the proposed drawdown date.

 

3.3.2 If Party A needs to delay or change
the drawdown date, a notice shall be sent to get the agreement of Party B. Party A shall also compensate for the interest loss
of Party B. (interest loss=interest during the delay days deducted by the interest of the demand deposit)

 

3.3.3 If Party A asks to cancel all or
part of the loan, application shall be sent to Party B at least 3 bank business days prior to the proposed drawdown date or the
drawdown termination date. The requirement shall be agreed by Party B

 

3.3.4 If Party A does not drawdown or apply
for delay the drawdown date during the supposed drawdown period, Party B shall notice Party A to proceed with the formality within
three bank working days. If Party still does not proceed with the formality, Party B has the right to cancel the loans not drawdown.

 

    	5

    	 

    

 

3.3.5 Even considering the terms above,
Party B has the right to refuse the drawdown application and cancel all or part of the loan under this Contract at any time, when
the loan is not drawdown.

 

Article 4 Account open and management

 

4.1 Party A shall designate an ordinary
collection account and a special collection account with Party B (see Part I), and also a specified working capital loan account
if any. Party A agrees Party B to perform timely monitoring on the accounts mentioned above.

 

4.2 If no specified working capital loan
account opened, the ordinary collection account shall be used to collect the drawdown of the loan.

 

If there is a specified working capital
loan account, the account shall be used to collect the drawdown of the loan; the capital in the account shall bear an interest
of demand deposit. Party A agrees that both the stamp specimen of Party A and the loan supervision stamp of Party B shall be reserved
for the specified working capital loan account. The stamp specimens shall not be changed without the written consent from Party
B.

 

4.3 Party B confirms that the special collection
account will be used to collect relevant sales revenue or fund to be used to repay the loan.

 

Party B guarantees that the fund in the
special collection account shall be no less than the principal and interest to be paid in this period, within the three days prior
to the principal and interest repayment day. Party A has the right to limit or refuse the payment transaction which shall lead
to the lack of repayment amount from this account, within the three days prior to the principal and interest repayment day.

 

Party B has the right to supervise on the
special collection account. If anything irregularity noted, Party B has the right to investigate the reason and take corrective
actions.

 

Article 5 Payment Supervision

 

5.1 Party A agrees that Party B has the
right to monitor and control the entrusted payment or direct payment, to ensure the use of the loan is within the scope of agreed
purpose.

 

Entrusted payment is
the payment method where Party B will, upon and in accordance with drawdown application and payment entrustment issued by Party
A, pay the proceeds of the financing to the relevant payees of Party A for agreed purposes.

 

Direct payment is the
payment method where Party B will, upon the drawdown application issued by Party A, pay the proceeds of the financing to Party
A’s account and Party A will make the payment directly to the relevant payees of Party A for agreed purposes.

 

    	6

    	 

    

 

5.2 Party A agrees that if the credit relationship
is newly set up and Party A has normal credit standing, or the payment exceed the agreed amount (see Part I)under this Contract,
or any other possible situation, the entrusted payment method will be used.

 

In relation to entrusted payment, Party
A shall, upon each drawdown, provide Party B with information of its own designated account to receive the financing and payee's
account, payment amount and relevant supporting documents to prove that such drawdown is for the agreed purposes. Party B will
carry out review on information provided by Party A to ensure all the information is consistent with the commercial Contract. When
the review completed, Party B shall, through the account designated by Party A, transfer relevant amount to the accounts of Party
A's payees as required

 

5.3 Party A shall submit the certified
materials required by Party B when payment is applied.

 

5.3.1 Document to certify that the payment
is within the scope of purpose.

 

5.3.2 Commercial Contract or the written
documents which reflects the payment obligation of Party A. As for the payment without Contract, Party A shall submit the payment
policy or standard approved by authorized department.

 

5.3.3 Related invoice or receipt. If not
available at the payment time, invoice or receipt should be submitted later.

 

5.3.4 Legal and effective payment vouchers.

 

5.3.4 Other documents required by Party
B.

 

5.4 If the specified working capital loan
account is not opened, Party A shall submit the drawdown application form 3 bank working days prior to the supposed drawdown date
and confirm the payment method. Party A agrees Party B has the right to review the related information to decide the related payment
method.

 

If the specified working capital loan account
is opened, and the entrusted payment method is used, Party A shall submit the payment application form with the reserved specimen
of the seal 3 bank working days prior to the supposed drawdown date. Party B has the right to review all the related information
and make the payment when finishing review and sealing on the payment voucher.

 

If direct payment method is used, Party
A shall submit the payment application form and related information 3 bank working days prior to the supposed drawdown date. Party
A agrees Party B has the right to review the related information and will make the payment to the ordinary collection account after
reviewing the payment voucher filled by Party A and sealing on the voucher.

 

5.5 If the proceeds of
financing are to be paid directly by Party A to its payees, Party A shall make periodical report about the direct payment to Party
B. Party B has the right to perform account analysis, voucher verification and on-site investigation, to check the use of proceeds
and payment method.

 

    	7

    	 

    

 

5.6 Party A confirms that transaction charge
will be paid to Party B and the amount will be deducted directly by Party B.

 

5.7 Party B may decide to make supplementary
conditions or adjust the conditions for advance and payment of financing, or cease to advance and pay the financing proceeds, upon
occurrence of any of the following events:

 

5.7.1 Worse credit rating.

 

5.7.2 Weak profitability of major business.

 

5.7.3 Any irregularity in use of proceeds.

 

Article 6 Repayment

 

6.1 Party A shall repay the principal of
and pay the interest on the loan hereunder and other amount payable in accordance with the amount and schedule as required under
this Contract. Party A irrevocably authorizes Party B to transfer an amount equal to such principal, interest and other amount
payable out of such account on such repayment date or interest settlement date without further instruction from Party A.

 

6.2 If Party A applies for prepayment of
all or part of the loan, it shall submit a written application to Party B for its approval 10 bank working days prior to such prepayment.
If the prepayment is not agreed by Party B in written, Party A still shall repay the principal and interest according to the agreed
term. Party A shall pay compensation to Party B if the prepayment not agreed by Party B in written.

 

If Party B approves any prepayment, which
is deemed as the loan due in advance, Party B still has the right to ask for compensation according to the Contract (See Part I).

 

Party A shall fully pay on the prepayment
date all principal, interest and other amounts due and payable as of such prepayment date hereunder. The principal prepaid cannot
be less than the agreed amount described in Part I and the amount is used to be deducted from the total principal in a reversal
order.

 

6.3 In the event Party A fails to repay
the loan with proper reason, Party A shall apply for extension term of loan and prepare essential materials 30 bank working days
prior to the supposed repayment date. If there is any guarantee, pledge or mortgage under this Contract, the guarantor, pledger
and mortgagor should also represent written certification of agreements. Party B has the right to decide loan extension. If not
agreed, the loan will be deemed as overdue after the due date.

 

Article 7 Representations and warranties

 

Party A makes the following representations
and warranties to Party B, and these representations and warranties will remain valid and effective within the term of this Contract:

 

    	8

    	 

    

 

7.1 Party A is an independent legal entity,
which has all the necessary rights and can take the responsibility under this Contract and bear civil liability.

 

7.2 Party A has the right to sign this
Contract and get all the approval and authorization from the board, the shareholders and other authorities. All the terms under
this Contract reflect the real agreement from Party A and have legal restriction on Party A.

 

7.3 The signing and undertaking of this
Contract comply with all the laws, related documents, judgments and adjudication to be obeyed by Party A and do not contradict
any article of association, Contracts, agreements and responsibilities to take.

 

7.4 The financial and accounting reports
provided by Party A to Party B are prepared in accordance with the general accepted accounting principle of the PRC and give true,
fair and complete presentation of the operation and indebtedness status of Party A.

 

7.5 All documents and information provided
by Party A to Party B are true, accurate, complete and effective and do not contain any false record, gross omission or misleading
statement.

 

7.6 Party A guarantees to complete all
the backup, registration and other procedures to make this Contract effective, and also will pay related tax and expenses.

 

7.7 The financial condition of Party A
has no material adverse change since the end date of its latest financial and accounting reports.

 

7.8 Party A strictly obeys the law in general
operating activity and perform business according to the scope required in the business certification. Party A performs annual
verification, has ability to operate in a continuous manner, and has legal resource of repayment.

 

7.9 Party A shall not give up any creditor’s
rights due and will not dispose any major assets improperly.

 

7.10 Party A has disclosed all the information
should be acknowledged by Party B to make any decision under this Contract.

 

7.11 Party A confirms that there will be
no delay in staff salary, medical and disability pension or other compensations.

 

7.12 Party A guarantees its good credit
rating and it has no significant negative records.

 

7.13 Party A guarantees that there exists
no other event that will has significant negative impact on its ability to implement its commitment.

 

    	9

    	 

    

 

Article 8 Covenants 

 

Both parties have the agreements as follows.

 

8.1 Party A guarantees to operate the business
in accordance with the law. Party A shall use the loan in accordance with the term and purpose as specified in the Contract. Party
A shall provide the financial information including monthly or annual report to Party B. Party B can monitor the use of the loan
in any way.

 

8.2 Party A shall repay the principal and
interest of loan hereunder as stipulated in the Contract, application forms and the debt or credit voucher. The practical repayment
date, amount, currency and interest rate should be complied with the debt or credit voucher.

 

8.3 Party A guarantees to provide Party
B with new guaranty once there occurs or will occur any events which may adversely affect the financial situation or ability to
guarantee of the guarantor.

 

8.4 Party A commits that the following
actions shall not be taken without the written approval of Party B.

 

8.4.1 Selling, offering, renting, lending,
transferring, mortgaging, pledging or disposing most or all of its significant assets in other ways.

 

8.4.2 Contracting, rent, jointly operation,
external investment, stock restructuring, merger, division, transfer of stock, material increase of debt financing, setup of subsidiary,
transfer of property, decrease of registered capital, winding-up, dissolution, application (or be applied for) for bankruptcy,
reconstruction and other action that may cause an adverse impact on Party B's rights and interests.

 

8.4.3 Amendment of company’s article
of association or other setup file and change of scope of operation or major business

 

8.4.4 Provision of guaranty to third party
that may cause an adverse impact on Party A’s financial condition or ability to repay debt under the Contract.

 

8.4.5 Prepayment of other long-term liability

 

8.4.6 Signing Contract or agreement that
may cause an adverse impact on Party A’s ability to repay debt under the Contract.

 

8.5 Party A commits to notice Party B on
the day the event occurs and send the original documents with company chop to Party B within 5 bank working days from the event
occurs.

 

8.5.1 Events that may lead to the representations
or warranties becoming fake, false or ineffective.

 

8.5.2 Party A, its holding shareholder,
actual controller or other related person are or may be involved in any material economic dispute, litigation or arbitration, or
its property is subject to attachment, seizure or enforcement, or the legal representative, directors, supervisors or key management
personnel of Party A are in any material dispute, litigation, arbitration or other compulsory administrative measures.

 

    	10

    	 

    

 

8.5.3 Any change of its legal representative,
authorized agent, executive, chief financial executive, corresponding address, company name, working domicile, and others.

 

8.5.4 Being applied to restructure or bankruptcy
by other creditors or higher supervision department.

 

8.5.5 Other events that may cause an adverse
impact on Party A’s ability to repay debt under the Contract.

 

8.6 Party A guarantees to repay the loans
according to the normal repayment order and the debt hereunder is not subordinated to other debt Contract signed by Party A in
the future.

 

8.7 Party A shall try to repay the principal
and interest under the loan in same currency. If the currency of deducted amount is different from that of the loan hereunder,
the amount will be converted to the currency of the loan using the method described in Article Nine below by Party A itself or
by Party B with the authorization from Party A. Party A shall bear all the expenses incurred. If the guarantor repays the loan
for Party A in a different currency, Party A shall also bear all the related expenses incurred.

 

8.8 Party A shall provide other guaranties
acknowledged by Party B if the original guaranty is changed under some situation. The situation includes, but not limits to winding-up,
dissolution, suspension of business, cancellation of its business license, or application (or be applied for) for restructure or
bankruptcy, great change in financial or operational condition of the guarantor, significant litigation or arbitration, legal representative,
director, controller, key management personnel engaging in lawsuit, decrease or future possible decrease in the value of security,
other breach of guaranty Contract or requirement to terminate the guaranty Contract.

 

8.9 Party A undertakes to accept credit
check by Party B, to provide financial documents including balance sheets and income statements and other documents that reflect
Party A's ability to repay its debts, as requested by Party Bs, and to actively assist and cooperate with Party B in investigating,
understanding and supervising its production, operation and financial conditions.

 

8.10 Party B may require Party A to early
repay any loan based on Party A's collection of receivables.

 

8.11 Special agreement for group client
- Not applicable.

 

    	11

    	 

    

 

Article 9 Deduction and setoff

 

9.1 When any debt due hereunder in accordance
with this Contract, Party B may deduct relevant amount from the ordinary collection account or special collection account opened
by Party A with Party B. If the fund saved in the ordinary collection account or special collection account is not enough to meet
the amount of repayment. Party B may deduct relevant amount from any accounts opened by Party A with Party B or any other branch
office of Shanghai Pudong Development Bank to set off such debt, until all debts of Party A hereunder are fully settled.

 

9.2 Except any stipulation made by the
government, if the amount deducted by Party B is insufficient to repay all debts owed by Party A, the amount deducted shall set
off the unpaid expenses, then the due interests, finally the due principal.

 

9.3 If the currency of deducted amount
is different from that of the loan hereunder, the situation shall be dealt with as follows:

 

9.3.1 If the loan currency is RMB, the
amount will be converted to RMB in accordance with applicable bid rate of RMB published by Party B on the date of such deduction.

 

9.3.2 If the loan currency is not RMB and
the deduction currency is RMB, the amount will be converted to the loan currency in accordance with applicable selling rate of
the loan currency published by Party B on the date of such deduction.

 

9.3.3 If both of the loan currency and
deduction currency are not RMB, the amount will be first converted to RMB in accordance with applicable bid rate of RMB published
by Party B on the date of such deduction. Then the RMB will be further converted to the loan currency in accordance with applicable
selling rate of the loan currency published by Party B on the date of such deduction.

 

Article 10 Debt certificate

 

Party B shall keep record in its account
for the principal, interests and fees and other fees of Party A under this Contract. The above mentioned record and the documentation
for the drawdown, repayment and payment of interest are the certificates of the debts between the two parties.

 

Article 11 Notices and arrival

 

11.1 Unless otherwise agreed, the address
of each Party as stated in the signature page of this Contract will be its address for communication and contact. If the contact
address or other contact information of a Party changes, such Party shall promptly notify the other Party of such changes in writing.
The arrival date is agreed as follows: If the notice is the letter, the 7th bank working day after sending is the deemed arrival
date. If the notice is courier sending, the signing date is the deemed arrival date. If the notice is fax or email, the sending
date is the deemed arrival date.

 

But all the notices, requirements or other
information sending to Party B should be deemed arrival when Party B actually received. Any information sending by fax or email
should be chopped and the original should be sent to Party B after the notice.

 

11.2 Party A agrees that any summons or
notice issued due to litigation sending to the address as stated in the signature page of this Contract is deemed as arrival. If
the change of address is not informed to Party B, the change is ineffective.

 

    	12

    	 

    

 

Article 12 Effectiveness, Modification
and Termination of Contract 

 

12.1 The Contract shall come into effect
after the signing and stamping of the legal representative or the authorized agent, and also the chop of the company. The Contract
shall terminate after all the liabilities under the loan are paid up.

 

12.2 After the Contract takes into effect,
any party shall not modify or terminate in advance the Contract. The modification or termination of the Contract, if required,
shall be subject to the written agreement of both parties hereto through consultation. The loan Contract shall remain in force
before the written Contract is entered into.

 

Article 13 Default and Treatment

 

13.1 Party A will be in default upon occurrence
of any of the following events:

 

13.1.1 Any of its representations, warranties,
undertakings or notice, authorization, approval, certificates and other documents hereunder is incorrect, misleading, ineffective,
or lose legal effect.

 

13.1.2 Breach of any item agreed in Article
Eight.

 

13.1.3 Party B fails to settle any other
debt when it becomes due (including due to accelerated maturity declared by the creditor), or is in default or breach of any of
its obligations under other agreements, which has affected or may affect performance of its obligations hereunder.

 

13.1.4 The major investor of Party A is
engaged in drawdown of funds, transfer of assets, and sale of stocks without authorization.

 

13.1.5 The guarantor is lack of the ability
of guarantee or breach the guaranty Contract signed.

 

13.1.6 Party A is or may be under winding-up,
dissolution, liquidation, suspension of business, or its business license has been or may be revoked or cancelled, or it has applied
or been applied, or may apply or be applied, for bankruptcy.

 

13.1.7 Party A or its guarantor’s
financial condition suffer deterioration, which has affected or may affect performance of its obligations hereunder; or there occurs
the events which put negative effects on the financial condition or ability of repayment of Party A or its guarantor.

 

13.1.8 Party A, its holding shareholder,
actual controller or other related person is or may be involved in any material economic dispute, litigation or arbitration, or
its property is subject to attachment, seizure or enforcement, or the legal representative, directors, supervisors or key management
personnel of Party A are in any material dispute, litigation, arbitration or other compulsory administrative measures, which has
negative effect on its ability to repay the obligations hereunder.

 

13.1.9 Party A does not use the loan within
the scope of purpose.

 

    	13

    	 

    

 

13.1.10 There is false or fake information
in the application documents of loan.

 

13.1.11 Party A’s financial indicators
do not comply with agreed standard.

 

13.1.12 Irregular capital transaction noted
in the ordinary collection account or special collection account  ,

 

13.1.13 Other events that may cause adverse
impact on realization of Party B's claim hereunder.

 

13.2 If Party A is in default, Party B
may take any one or more of the following steps:

 

13.2.1.1 Party B may require Party A to
remedy its default within a designated period;

 

13.2.1.2 Party B may cease to advance the
loans and other amounts to Party B under this Contract, and cancel all or part of the loan or other amount for which Party A has
not made drawdown;

 

13.2.1.3 Party B may declare immediate
maturity of all or part of the loans under this Contract, require immediate repayment of such loans and amounts and look for recovery
of the outstanding interest from Party A or its guarantor;

 

13.2.1.4 Party A should pay penalty and
compounded interest on the overdue and misusing loan;

 

13.2.1.5 Party B can deduct the amount
from any of Party A’s account with any branch of Shanghai Pudong Development bank;

 

13.2.1.6 Require Party A to make supplementary
requirements on the drawdown of the loan or change the method of payment;

 

13.2.1.7 Party A can be asked for other
guarantors who are accepted;

 

13.2.1.8 Other steps that are set out under
applicable laws and regulations.

 

13.2.2 Except the measures mentioned above,
Party B may require Party A to take the responsibility of breach of Contract and ask Party A to make compensation(Calculation is
listed in Part I). If the compensation exceeds the losses caused by such default of Party A, Party A will make full compensation
for the losses.

 

13.2.3 If Party A does not repay full amount
of the principle and interest due, Party A needs to bear all the costs, such as the collection fee, litigation fee, notice fee,
legal fee, travelling expense, interpretation fee and all other fees.

 

Article 14 Other terms

 

14.1 Definition

 

14.1.1 The “creditor’s right”
under this Contract means the loan principle, interest, penalty and other expenses relating to the loan.

 

    	14

    	 

    

 

14.1.2 The “interest” under
this Contract means all the normal lending interest, penalty interest and the compounded interest of the loan.

 

14.1.3 The “bank working day”
under this Contract means Party B’s operational days of public service, excluding Saturday and Sunday or other legal holidays.

 

14.2 Applicable laws

 

This Contract shall be governed by and
interpreted in accordance with the law of the People's Republic of China.

 

14.3 Dispute resolution

 

The Parties shall attempt to resolve through
consultation any dispute arising from the conclusion, contents, performance and interpretation of this Agreement or in connection
with this Agreement. If the Parties are not willing to or are unable to resolve such dispute through consultation, either Party
may submit the dispute to a court in the place where Party B is located to start litigation. During the proceedings, the Parties
shall continue to perform their respective duties, responsibilities and obligations hereunder in a faithful, diligent and responsible
manner.

 

14.4 Miscellaneous

 

14.4.1 If
any information needs to be supplemented, both parties can agree to record the information in Part I of this Contract or make another
written agreement as the appendix of this Contract.

 

14.4.2 During
the Contract term, failure to exercise, partial exercise or delay in exercise by Party B of any of its rights hereunder will not
constitute waiver of or amendment to such right or any other right, nor will it affect Party B's further exercise of such right
or any other right.

 

14.4.3 Invalidity or unenforceability of
any provision hereof will not affect validity or enforceability of any other provision hereof or validity of the whole Contract.
Party B has the right to terminate the Contract and chase up Party A with the outstanding debt under this Contract whenever the
Contract becomes invalid.

 

14.4 Party B may transfer all or part of
its rights hereunder to a third party, without consent of Party A. Under this circumstance, Party A still needs to take all the
responsibility under this Contract for the third party.

 

14.5 Unless there are any special notes
in the Contract, the related wording and description in the appendix are of the same meaning and effect with that in the Contract.

 

14.6 The headings are for reference only,
and do not constitute any interpretation of this Contract.

 

    	15

    	 

    

 

The Contract is signed on August 25,
2011 by both parties. Party A hereby confirms by signing or affixing of seal that all terms of this Contract have been fully
negotiated. The understanding of Party A and Party B of this Contract is consistent and accurate, especially regarding to the rights
and obligations of each Party, the restriction of responsibilities and exceptions. The Parties have no dispute over ALL the terms
of this Contract.

 

	Party A: CER Energy Recovery (Shanghai) Co., Ltd. (Seal)	 	Party B: Shanghai Pudong Development Bank Shanghai branch (Seal)
	 	 	 
	Legal Representative: Qinghuan Wu                      	 	Legal Representative: Hua Qiao                                         
	 	 	 
	(Or duly authorized representative)	 	(Or duly authorized representative)
	 	 	 
	Main Address:	 	Main Address:
	 	 	 
	Zip code:	 	Zip code:
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Fax:	 	Fax:
	 	 	 
	Email:	 	Email::
	 	 	 
	Contact Person:	 	Contact Person:

 

    	16

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