Document:

Series A and Series B Preferred Shares Sale and Purchase Agreement

 Exhibit 10.39 
 PRAXCAPITAL FUND II, L.P. 
 EXUBERANCE INVESTMENT LIMITED 
 GERSEC TRUST REG. 
 CHINA ENVIRONMENT
FUND 2004, LP 
 and 
 CHINA SUNERGY CO., LTD. 
  

 Sale and Purchase Agreement 
 Dated as of March 22, 2007 
  

			
	INDEX
		
	 1. INTERPRETATION
	  	1
		
	 2. SALE AND PURCHASE OF THE SALE SHARES
	  	2
		
	 3. CONSIDERATION
	  	2
		
	 4. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE VENDORS AND THE COMPANY
	  	2
		
	 5. COMPLETION
	  	3
		
	 6. POST COMPLETION EFFECT
	  	4
		
	 7. FURTHER ASSURANCE AND ASSISTANCE
	  	4
		
	 8. DOCUMENTS CONSTITUTING AGREEMENT
	  	4
		
	 9. CONFIDENTIALITY
	  	4
		
	 10. NOTICES AND OTHER COMMUNICATIONS
	  	5
		
	 11. COSTS AND EXPENSES
	  	5
		
	 12. COUNTERPARTS
	  	5
		
	 13. GOVERNING LAW AND DISPUTE RESOLUTION
	  	5
		
	 14. AMENDMENTS
	  	7
		
	 15. SUCCESSORS AND ASSIGNS
	  	7
		
	 SCHEDULE 1 – OWNERS OF THE SALE SHARES
	  	9
		
	 SCHEDULE 2 – THE WARRANTIES
	  	10
		
	 SCHEDULE 3 – FORM OF THE RESOLUTIONS IN WRITING OR MEMBERS OF CHINA SUNERGY CO., LTD.
	  	12
		
	 SCHEDULE 4 – FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD.
	  	16

 THIS AGREEMENT is made this 22nd day of March 2007 
 AMONG 
  

	(1)	PRAXCAPITAL FUND II, L.P. of M&C Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands
(“PraxCapital”); 

  

	(2)	EXUBERANCE INVESTMENT LIMITED of c/o: China Renaissance Capital Investment, Suite 305 – 307 St. George’s Building, 2 Ice House Street, Hong Kong
(“Exuberance”); 

  

	(3)	GERSEC TRUST REG. of Meierhostrasse 5, Vaduz FI-9490, Liechtenstein (“Gersec”); 

  

	(4)	CHINA ENVIRONMENT FUND 2004, LP of c/o: Tsinghua Venture Capital Management Co., Ltd., A2302, SP Tower, Tsinghua Science Park, Beijing, P. R. China (“China
Environment Fund”); 

 (together known as the “Vendors” or individually the
“Vendor”) 
 and 
  

	(6)	CHINA SUNERGY CO., LTD., a company incorporated in the Cayman Islands whose registered office is situated at the offices of Codan Trust Company (Cayman) Limited, Cricket
Square, Hutchins Drive, P.O.Box 2681 GT, George Town, Grand Cayman, Cayman Islands (the “Company” or “Purchaser”). 

 PRELIMINARY 
  

	(A)	WHEREAS, the Vendors own Sales Shares (as hereafter defined) of the Company. 

  

	(B)	WHEREAS, the Vendors and the Purchaser have agreed to a sale and purchase of the Sale Shares on the following terms and conditions. 

 IT IS AGREED AS FOLLOWS : 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement, unless the context otherwise requires, the following expressions shall have the respective meanings set opposite thereto: 

 “Approval” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, exemption or
order of, registration, certificate, declaration or filing with, or report or notice required to be secured from any government or any agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other
instrumentality of any government. 
 “Completion” means the completion of the sale and purchase of the Sale Shares in
accordance with the provisions of this Agreement; 

	 	“Completion	Date” means the date on which Completion takes place; 

 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 
 “PRC” means the
People’s Republic of China; 
 “Sale Shares” means an aggregate of (i) 48,238 fully paid up, validly issued
and nonassessable Series A Preferred Shares of US$0.01 each in the capital of the Company to be sold by PraxCapital; and (iii) 89,698 fully paid up, validly issued and nonassessable Series B Preferred Shares of US$0.01 each in the capital of
the Company, of which 72,079 Series B Preferred Shares, 8,009 Series B Preferred Shares and 9,610 Series B Preferred Shares are to be sold by Exuberance, Gersec and China Environment Fund, respectively; 
 “Securities and Exchange Commission” means the United States Securities and Exchange Commission; and 
 “US$” means United States dollars. 
  

	1.2	Any reference to a Clause, sub-clause or Schedule (other than to a Schedule to a statutory provision) is a reference to a Clause or a sub-clause or Schedule to this Agreement and
the Schedules form part of and are deemed to be incorporated into this Agreement. 

  

	1.3	Words denoting the singular number or the masculine shall include the plural or the feminine or neuter and vice versa. 

  

	1.4	Any reference to an ordinance, statute, legislation or enactment shall be construed as a reference to such ordinance, statute, legislation or enactment as may be amended or
re-enacted from time to time and for the time being in force. 

  

	1.5	The headings to the Clauses of this Agreement are for ease of reference only and shall be ignored in interpreting this Agreement. 

  

	2.	SALE AND PURCHASE OF THE SALE SHARES  

 Subject to
the terms and conditions set forth in this Agreement, each Vendor agrees to sell, assign, transfer and deliver to the Purchaser on the Completion Date, severally, but not jointly, and the Purchaser agrees to purchase from each Vendor on the
Completion Date, the number of shares set forth opposite the name of such Vendor under “Owners of the Sale Shares” on Schedule 1 hereto. 
  

	3.	CONSIDERATION 

  

	3.1	The total consideration for the sale by the Vendors of the Sale Shares shall be US$1 to be paid in cash to each of the Vendors. 

  

	4.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF THE VENDORS AND THE COMPANY 

  

	4.1	Each of the Vendors hereby severally represents, warrants and undertakes to the Purchaser that each of the matters set out in Schedule 2, Part A (each of the warranties being
hereinafter referred to as a “Vendor Warranty” and together as the “Vendor Warranties”) is true and correct in all respects as of the date of this Agreement and as of the Completion Date and acknowledges that the
Purchaser is entering into this Agreement in reliance upon the Vendor Warranties and that the Purchaser shall be entitled to treat the Vendor Warranties as conditions of this Agreement. 

	4.2	The Company hereby represents, warrants and undertakes to each of the Vendors that each of the matters set out in Schedule 2, Part B (each of the warranties being hereinafter
referred to as a “Company Warranty” and together as the “Company Warranties” and collectively with the Vendor Warranties, the “Warranties”) is true and correct in all respects as of the date of this
Agreement and as of the Completion Date and acknowledge that each of the Vendors is entering into this Agreement in reliance upon the Company Warranties and that each of the Vendors shall be entitled to treat the Company Warranties as conditions of
this Agreement. 

  

	4.3	Each of the Warranties set out in each sub-paragraph of Schedule 2 hereto shall be separate and independent and save as expressly provided shall not be limited by reference to any
other sub-paragraph or anything in this Agreement or the Schedules hereto. 

  

	4.4	The Purchaser’s rights in respect of each of the Vendor Warranties shall survive Completion and continue in full force and effect notwithstanding Completion.

  

	4.5	The rights of each of the Vendors in respect of each of the Company Warranties shall survive Completion and continue in full force and effect notwithstanding Completion.

  

	5.	COMPLETION 

  

	 5.1
	 Completion shall take place at the offices of Latham & Watkins, LLP at 41st Floor, One Exchange Square, 8 Connaught Place, Central, Hong Kong or such other place as the parties may agree forthwith upon the execution of this
Agreement, when all the following business will be simultaneously transacted: 

  

	 	5.1.1	each of the Vendors shall: 

  

	 	(a)	procure its execution of this Agreement; and 

  

	 	(b)	a signed instrument of transfer in favour of the Purchaser for the Sale Shares to be sold by the Vendor pursuant to this Agreement. 

  

	 	5.1.2	the Purchaser shall: 

  

	 	(a)	procure the passing of the resolutions of members in the form set out in Schedule 3 and board resolutions in Schedule 4; 

  

	5.2	The transactions described in Clause 5.1 shall take place at the same time, so that in the event of a default of the performance of any such transactions by any of the parties, the
other parties shall not be obliged to complete this Agreement or perform any obligations hereunder (without prejudice to any further legal remedies). 

  

	5.3	As soon as reasonably practicable following the Completion and in any event not later than fifteen (15) days after the Completion, each of the Vendors shall deliver, to the
Purchaser, original share certificates in respect of the Sale Shares owned by them respectively, together with instruments of transfer in favour of the Purchaser in respect of the Sale Shares duly executed by the registered holders thereof (if
necessary), and the Purchaser shall deliver, to the Vendors, original share certificates for the remaining shares of the Company held by each of the Vendors. 

	6.	POST COMPLETION EFFECT 

 This Agreement shall remain
in full force and effect after and notwithstanding Completion in respect of all obligations, agreements, covenants, undertakings, conditions, representations or warranties which have not been done, observed or performed at or prior to Completion and
the parties may take action for any breach or non-fulfilment of any of such obligations, agreement, covenants, undertakings, conditions, representations or warranties either before or after Completion, it being agreed that Completion shall not be
deemed to constitute a waiver of or operate as an estoppel against any right to take any such action. 
  

	7.	FURTHER ASSURANCE AND ASSISTANCE 

  

	7.1	The Vendors shall do, execute and perform and shall procure to be done, executed and performed all such further acts, deeds, documents and things as the Purchaser may require from
time to time effectively to vest the beneficial ownership of the Sale Shares in the Purchaser free from all liens, charges, options, encumbrances or adverse rights or interest of any kind and otherwise to give to the Purchaser the full benefit of
this Agreement. 

  

	7.2	The Purchaser shall do, execute and perform and to procure to be done, executed and performed all such further acts, deeds, documents and things as the Vendors may require from time
to time effectively to give to the Vendors the full benefit of this Agreement. 

  

	8.	DOCUMENTS CONSTITUTING AGREEMENT 

 This Agreement
and any agreement, document or instrument attached hereto or referred to herein among the parties hereto together constitute the entire agreement and understanding between the parties in connection with the subject matter of this Agreement and
supersedes all previous proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and neither party has relied on any such proposals, representations, warranties, agreements or
undertakings. In the event of a conflict between the terms and conditions of this Agreement and any previous proposals, representations, warranties, agreements or undertakings, the terms and conditions of this Agreement shall prevail. 
  

	9.	CONFIDENTIALITY 

  

	9.1	Disclosure of Terms. The terms and conditions of this Agreement, all exhibits and schedules attached hereto, and the transactions contemplated hereby (collectively, the
“Transaction Terms”) shall be considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance with the provisions set forth below. 

	9.2	Permitted Disclosures. Notwithstanding the foregoing, (i) any party hereto may disclose any of the Transaction Terms to its current or bona fide prospective investors,
employees, investment bankers, lenders, accountants and attorneys, in each case only on an as-needed basis and where such persons are under appropriate nondisclosure obligations; and (ii) each of PraxCapital, Exuberance, Gersec and China
Environment Fund may disclose any of the Transaction Terms to its fund manager and the employees thereof on an as-needed basis and so long as such persons are under appropriate nondisclosure obligations. 

  

	9.3	Other Exceptions. Notwithstanding any other provision of this Section 9, the confidentiality obligations of the parties shall not apply to: (a) disclosure as
may be required by the Securities and Exchange Commission or any other regulator that has jurisdiction over the applicable party hereto or applicable securities law or regulations of the United States of America or requirement of any stock exchange
or automated trading system; (b) information which a restricted party learns from a third party having the right to make the disclosure, provided the restricted party complies with any restrictions imposed by the third party;
(c) information which is in the restricted party’s possession prior to the time of disclosure by the protected party and not acquired by the restricted party under a confidentiality obligation; or (d) information which
enters the public domain without breach of confidentiality by the restricted party. 

  

	9.4	Other Information. The provisions of this Section 9 shall survive the termination of this Agreement and shall be in addition to, and not in substitution for, the
provisions of any separate nondisclosure agreement executed by any of the parties hereto with respect to the transactions contemplated hereby. 

  

	10.	NOTICES AND OTHER COMMUNICATIONS 

 Any and all notices required or permitted under this Agreement shall be given in writing in English
and shall be provided by one or more of the following means and shall be deemed to have been duly given (a) if delivered personally, when received, (b) if transmitted by facsimile, on the date of transmission with receipt of a transmittal
confirmation, or (c) if by international courier service, on the fourth (4th) Business Day following the
date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by such courier service. 
  

	11.	COSTS AND EXPENSES 

 The parties hereto bear their
respective legal and professional fees, costs and expenses incurred in the negotiation, preparation and execution of this Agreement and all documents contemplated hereby. 
  

	12.	COUNTERPARTS 

 This Agreement may be executed in
counterparts and all counterparts together shall constitute one document. 
  

	13.	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	13.1	Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York, without regard to principles of conflicts of law thereunder.

	13.2	Dispute Resolution. 

  

	 	13.2.1	Any dispute, controversy or claim arising out of or relating to this Agreement, or the performance, interpretation, breach, termination or validity hereof (a
“Dispute”), shall be resolved through friendly consultation. Such consultation shall begin immediately after one party hereto has delivered to the other parties hereto a written request for such consultation stating specifically the
nature of the Dispute. If within 30 days following the date on which such notice is received the Dispute has not been resolved, the Dispute may be submitted to arbitration upon the request of any party or parties hereto (a “Requesting
Party” or “Requesting Parties”) with notice to the other parties hereto. 

  

	 	13.2.2	The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”). 

  

	 	13.2.3	There shall be three arbitrators. The Requesting Party shall, or the Requesting Parties shall jointly, appoint one arbitrator and the other parties hereto shall jointly appoint one
arbitrator. The third arbitrator shall act as the presiding arbitrator and shall be appointed by agreement of the party-appointed arbitrators. If no agreement on such appointment can be reached within 30 days after the appointment of the first
arbitrator to be appointed, the Secretary General of the Centre shall make the appointment. 

  

	 	13.2.4	The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the United Nations Commission on International Trade Law, as
in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 13.2, upon agreement by the Centre as provided in the rules of the Centre, the provisions of this Section 13.2 shall
prevail. 

  

	 	13.2.5	Each party hereto shall cooperate with the other parties hereto in making full disclosure of and providing complete access to all information and documents requested by the other
parties in connection with such proceedings, subject only to relevance, privilege and any confidentiality obligations binding on such party. 

  

	 	13.2.6	The award of the arbitration tribunal shall be final and binding upon the disputing parties, and the winning party may, at the cost and expenses of the losing party, apply to any
court of competent jurisdiction for enforcement of such award. 

  

	 	13.2.7	Each party hereto irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of any
arbitral award, by use of any of the methods and to the addresses for the giving of notices set forth in Section 10. Nothing contained herein shall affect the right of any party hereto to serve such processes, notices or other papers in any
other manner permitted by applicable law. 

  

	 	13.2.8	Without prejudice to the provisions contained in this Section 13.2, in order to preserve its rights and remedies, any party hereto shall be entitled to seek preservation of
property or evidence or any other emergency relief in accordance with law from any court of competent jurisdiction, the Centre or the arbitration tribunal pending the final decision or award of the arbitration tribunal. 

	 	13.2.9	During the period when a Dispute is being resolved, except for the matter being disputed, the parties hereto shall in all other respects continue their implementation of this
Agreement. 

  

	14.	AMENDMENTS 

 This Agreement may not be amended,
modified or supplemented, except in a writing signed by each of the parties hereto. 
  

	15.	SUCCESSORS AND ASSIGNS 

 This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

 IN WITNESS whereof the parties hereto have executed this Agreement the day and year first above written. 
  

							
	SIGNED by	 	)	 		 	
		 	)	 		 	
	PRAXCAPITAL FUND II, L.P.	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	 /s/

				
	SIGNED by	 	)	 		 	
		 	)	 		 	
	EXUBERANCE INVESTMENT LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	 /s/

				
	SIGNED by	 	)	 		 	
		 	)	 		 	
	GERSEC TRUST REG.	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	 /s/

				
	SIGNED by	 	)	 		 	
		 	)	 		 	
	CHINA ENVIRONMENT FUND 2004, LP	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	 /s/

				
	SIGNED by	 	)	 		 	
		 	)	 		 	
	CHINA SUNERGY CO., LTD.	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	 /s/

 SCHEDULE 1 
 OWNERS OF THE SALE SHARES 
  

					
	 Vendor
	  	Type of Shares	  	No. of Shares
	PraxCapital Fund II, L.P.	  	Series A Preferred	  	48,238
	Exuberance Investment Limited	  	Series B Preferred	  	72,079
			
	Gersec Trust Reg.	  	Series B Preferred	  	8,009
			
	China Environment Fund 2004, LP	  	Series B Preferred	  	9,610

 SCHEDULE 2 
 PART A 
 THE VENDOR WARRANTIES 
  

	1.	Each of the Vendors is solvent, has full power and authority, and has obtained all necessary consents and approvals, to enter into and deliver this Agreement and any other document
or agreement contemplated by this Agreement, and to exercise its rights and perform its obligations hereunder and all corporate and other actions required to authorise its execution of this Agreement and any other document or agreement contemplated
by this Agreement and its performance of its obligations hereunder have been duly taken. 

  

	2.	When executed and delivered by the Vendors, this Agreement will constitute a valid and legally binding obligation of each Vendor, enforceable in accordance with its terms.

  

	3.	The execution, delivery and performance of this Agreement by the Vendors does not and shall not: 

  

	 	(a)	violate in any respect the laws and documents incorporating and constituting each of the Vendors; 

  

	 	(b)	result in the creation or imposition of any encumbrance on any of its assets pursuant to the provisions of any agreement or other undertaking to which any Vendor is a party or which
is binding upon it or any of its assets; or 

  

	 	(c)	violate any agreement or other undertaking to which each of the Vendors is a party or which is binding upon it or any of its assets. 

 PART B 
 THE COMPANY WARRANTIES 
  

	1.	The Company is duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation. The Company has all requisite corporate power and
authority to carry on its business as now conducted and as proposed to be conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which it conducts business and the failure to so qualify would have a
material adverse effect on its financial condition, business or properties. 

  

	2.	The Company is solvent, has full power and authority, and has obtained all necessary consents and approvals, to enter into and deliver this Agreement and any other document or
agreement contemplated by this Agreement, and to exercise its rights and perform its obligations hereunder and all corporate and other actions required to authorise its execution of this Agreement and any other document or agreement contemplated by
this Agreement and its performance of its obligations hereunder have been duly taken. 

  

	3.	When executed and delivered by the Company, this Agreement and any other document or agreement contemplated by this Agreement will constitute a valid and legally binding obligation
of the Company, enforceable in accordance with its terms. 

  

	4.	The execution, delivery and performance of this Agreement and any other document or agreement contemplated by this Agreement by the Company does not: 

  

	 	(a)	violate in any respect the laws and documents incorporating and constituting the Company; 

  

	 	(b)	result in the creation or imposition of any encumbrance on any of its assets pursuant to the provisions of any agreement or other undertaking to which the Company is a party or
which is binding upon it or any of its assets; or 

  

	 	(c)	violate any agreement or other undertaking to which any of the Company is a party or which is binding upon it or any of its assets. 

 SCHEDULE 3 
 FORM OF THE RESOLUTIONS IN WRITING OF MEMBERS OF 
 CHINA SUNERGY CO., LTD. 
 CHINA SUNERGY CO., LTD. (the “Company”) 
 (Incorporated in the Cayman Islands) 
 UNANIMOUS WRITTEN RESOLUTIONS OF MEMBERS OF THE COMPANY DATED MARCH 22, 2007.

  

 The undersigned,
being the legal and beneficial owners of all the issued share capital of the Company, DO HEREBY ADOPT the following resolutions with immediate effect: 
 RESOLVED, AS A SPECIAL RESOLUTION, THAT: 
  

	1.	ADOPTION OF THIRD AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION 

 The existing Second Amended and Restated Memorandum and Articles of Association of the Company be and are hereby replaced in their entirety with a Third Amended and Restated Memorandum and Articles of Association,
attached hereto as Exhibit A. 
  

	2.	REPURCHASE OF SHARES 

 The Agreement entered into
between PraxCapital Fund II, L.P., Exuberance Investment Limited, Gersec Trust Reg., China Environment Fund 2004, LP, as vendors, and the Company as purchaser and the purchase of Series A Preferred Shares and Series B Preferred Shares pursuant to
the terms thereof be and are hereby approved. 
 RESOLVED, AS ORDINARY RESOLUTION, THAT: 
  

	2.	GENERAL AUTHORIZATION 

 Each of the directors of the
Company are hereby severally authorized and directed to take any and all other actions and to execute any other documents that they deem necessary or appropriate to carry out the intent of the foregoing resolutions, and all prior actions taken in
connection therewith are hereby confirmed, ratified and approved. 

							
	SIGNED by	 	)	 		 	
		 	)	 	  

	ELITE SHINE GROUP LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	SMOOTH KING INVESTMENTS LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	BRIGHTEST POWER HOLDINGS LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	TALENT DAY INVESTMENTS LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	LUCK GREAT INVESTMENTS LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	DEUTSCHE BANK AG ACTING	 	)	 	By:	 	
	THROUGH ITS LONDON BRANCH	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	  

							
	SIGNED by	 	)	 		 	
		 	)	 	  

	PRAXCAPITAL FUND II, L.P.	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	EXUBERANCE INVESTMENT LIMITED	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	GERSEC TRUST REG.	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

				
	SIGNED by	 	)	 		 	
		 	)	 	  

	CHINA ENVIRONMENT FUND 2004, LP	 	)	 	By:	 	
	in the presence of:	 	)	 	Title:	 	  

							
	SIGNED by	 	)	 		 	
		 	)	 	  

	OZ MASTER FUND, LTD.	 	)	 	By:	 	Joel M. Frank
	By: OZ Management, L.L.C.	 		 		 	
	its Investment Manager	 		 		 	
	in the presence of:	 	)	 	Title:	 	Chief Financial Officer
				
	SIGNED by	 	)	 		 	
		 	)	 	  

	OZ ASIA MASTER FUND, LTD.	 	)	 	By:	 	Joel M. Frank
	By: OZ Management, L.L.C.	 		 		 	
	its Investment Manager	 		 		 	
	in the presence of:	 	)	 	Title:	 	Chief Financial Officer
				
	SIGNED by	 	)	 		 	
		 	)	 	  

	OZ GLOBAL SPECIAL INVESTMENTS	 		 		 	
	MASTER FUND, L.P.	 	)	 	By:	 	Joel M. Frank
	By: OZ Advisors L.L.C.	 		 		 	
	its General Partner	 		 		 	
	By: Och-Ziff Associates, L.L.C.,	 		 		 	
	its Management Member	 		 		 	
	in the presence of:	 	)	 	Title:	 	Chief Financial Officer
				
	SIGNED by	 	)	 		 	
		 	)	 	  

	CREDIT SUISSE PE ASIA AURORA	 	)	 	By:	 	
	(BVI) LIMITED	 	)	 		 	
	in the presence of:	 	)	 	Title:	 	  

 BEING ALL OF THE SHAREHOLDERS OF THE COMPANY 

 SCHEDULE 4 
 FORM OF BOARD RESOLUTIONS OF CHINA SUNERGY CO., LTD. 
 UNANIMOUS WRITTEN BOARD RESOLUTIONS OF

 CHINA SUNERGY CO., LTD. 
 (THE “COMPANY”) 
  

	1.	DISCLOSURE OF INTERESTS 

 It is noted that the
directors declared their interests in the matters referred to herein that would require disclosure in accordance with the articles of association of the Company. 
  

	2.	SALE AND PURCHASE AGREEMENT 

  

	 	2.1	It was noted that it was proposed that the Company should acquire certain Series A and Series B preferred shares of the Company (the “Sale Shares”) subject to the
terms and conditions of the Sale and Purchase Agreement entered into between PraxCapital Fund II, L.P., Exuberance Investment Limited, Gersec Trust Reg., China Environment Fund 2004, LP, as vendors (the “Vendors”), and the Company
as purchaser (the “Sale and Purchase Agreement”) 

  

	 	2.2	It was noted that as part of the Sale and Purchase Agreement, the following share transfers would be done: 

  

	 	(a)	a share transfer (“Transfer 1”) in respect of 48,238 Series A Preferred Shares of the Company from PraxCapital Fund II, L.P. as the transferor to the Company
as the transferee; 

  

	 	(b)	a share transfer (“Transfer 2”) in respect of 72,079 Series B Preferred Shares of the Company from Exuberance Investment Limited as the transferor to the Company as
the transferee; 

  

	 	(c)	a share transfer (“Transfer 3”) in respect of 8,009 Series B Preferred Shares of the Company from Gersec Trust Reg. as the transferor to the Company as the
transferee; 

  

	 	(j)	a share transfer (“Transfer 4”) in respect of 9,610 Series B Preferred Shares of the Company from China Environment Fund 2004, LP as the transferor to the Company
as the transferee; 

  

	 	2.3	It was noted that, pursuant to the Sale and Purchase Agreement, the Vendors have each undertaken to the Company that they shall deliver to the Company as soon as reasonably
practicable following the Completion (as defined therein) and in any event not later than fifteen days after the Completion, the share certificates in respect of all the Sale Shares owned by them, respectively. 

  

	3.	RESOLUTIONS 

 RESOLVED THAT: 
  

	 	(a)	the acquisition of the Sale Shares would be in the best interests and commercial benefit of the Company and such acquisition be and the same is hereby approved;

	 	(b)	the form and substance of the Sale and Purchase Agreement, attached hereto as Exhibit A, be and is hereby approved; 

  

	 	(c)	any one Director of the Company (a “Director”) be and is hereby authorised to sign for and on behalf of the Company the Sale and Purchase Agreement and the share
transfer forms (if necessary) for the Transfers 1 through 4; 

  

	 	(d)	any one Director be and is hereby authorised to sign any further documents incidental or ancillary to or in connection with each of the documents referred to above, and such further
documents as he considers necessary, desirable or incidental to transactions contemplated by the Sale and Purchase Agreement. 

 (Signature page to follow) 

 IN WITNESS WHEREOF, the undersigned Directors have caused these written resolutions to be executed as of the date first
written above: 
 Dated as of March 22, 2007. 
  

	
	  

	Tingxiu Lu
	
	

	Jianhua Zhao
	
	

	Guangyou Yin
	
	

	Fengming Zhang
	
	

	Shiliang Guo
	
	

	Hongjian Guo
	
	

	Jeff Yao
	
	

	Mark QiuAmendment No.8 to the Credit Agreement

 Exhibit 10.1 
 AMENDMENT NO. 8 
 This AMENDMENT NO. 8 (“AMENDMENT”) is made as of May 1, 2007,
by and among DOVER MOTORSPORTS, INC., a Delaware corporation, DOVER INTERNATIONAL SPEEDWAY, INC., a Delaware corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an Illinois corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a
Tennessee corporation, and NASHVILLE SPEEDWAY USA, INC., a Tennessee corporation (collectively, “BORROWERS”); MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, a Maryland banking corporation as agent (“AGENT”); MERCANTILE-SAFE DEPOSIT
AND TRUST COMPANY, a Maryland banking corporation in its capacity as issuer of letters of credit (“ISSUING BANK”); and WILMINGTON TRUST COMPANY, MERCANTILE-SAFE DEPOSIT AND TRUST COMPANY, and WILMINGTON SAVINGS FUND SOCIETY, FSB
(collectively, “LENDERS”). 
 RECITALS 
 The BORROWERS, the AGENT, the ISSUING BANK and the LENDERS are parties to that certain Credit Agreement executed February 17, 2004 and effective as of February 19, 2004, as previously amended (“CREDIT
AGREEMENT”), pursuant to which the LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit facilities (“CREDIT FACILITIES”). 
 The BORROWERS’ repayment obligations in connection with the CREDIT FACILITIES are evidenced by: (a) the Second Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Forty-Four
Million Three Hundred Twenty-One Thousand Four Hundred Twenty-Four Dollars ($44,321,424.00) from the BORROWERS to the order of Mercantile-Safe Deposit and Trust Company effective as of April 30, 2007 (“MERCANTILE NOTE”); (b) the
Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Seventeen Million One Hundred Forty-Two Thousand Eight Hundred Fifty-Six Dollars ($17,142,856.00) from the BORROWERS to the order of Wilmington Trust Company
effective as of February 19, 2004 (“WILMINGTON TRUST NOTE”); and (c) the Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Fourteen Million Two Hundred Eighty-Five Thousand Seven Hundred Twenty
Dollars ($14,285,720.00) from the BORROWERS to Wilmington Savings Fund Society, FSB effective as of August 5, 2005 (“WILMINGTON SAVINGS NOTE”). 
 As used herein the term “LOAN DOCUMENTS” means collectively the CREDIT AGREEMENT, the MERCANTILE NOTE, the WILMINGTON TRUST NOTE, the WILMINGTON SAVINGS NOTE and all other documents evidencing the
obligations in connection with the CREDIT FACILITIES. 
 The BORROWERS have requested that the AGENT, the LENDER and the ISSUING BANK agree
to extend the maturity date of the CREDIT FACILITIES and amend certain other provisions of an amendment in the CREDIT AGREEMENT. 

 The AGENT, the LENDERS and the ISSUING BANK are willing to consent to the request of the BORROWERS
subject to the terms and provisions of this AMENDMENT. 
 NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Recitals.
The parties acknowledge the accuracy of the above recitals and hereby incorporate the recitals into this AMENDMENT. 
 Section 2.
Amendment to Credit Agreement. The CREDIT AGREEMENT is hereby amended as follows: 
 a. Amended Definition. The
definitions of “FIXED CHARGE COVERAGE RATIO” and “REVOLVING LOAN MATURITY DATE” contained in Article 1 of the CREDIT AGREEMENT are hereby amended by deleting their present language in their entirety and substituting in lieu
thereof the following: 
 Fixed Charge Coverage Ratio. The term “FIXED CHARGE COVERAGE RATIO” means at any date of
determination, the ratio of (a) CONSOLIDATED EBITDA less dividends less cash income tax expense (or, as the case may be, plus cash income tax refunds received) less capital expenditures (provided, however, that for purposes of this calculation
and for the periods set forth below, such reduction for capital expenditures shall not exceed (a) Four Million Dollars ($4,000,000.00) for each twelve (12) month period ending between June 30, 2007 and March 31, 2008, inclusive;
(b) Five Million Dollars ($5,000,000.00) for each twelve (12) month period ending between June 30, 2008 and March 31, 2009, inclusive; and (c) Six Million Dollars ($6,000,000.00) for each twelve (12) month period ending
between June 30, 2009 and March 31, 2010, inclusive, in each case regardless of the actual amount of capital expenditures for the period), in each such case for the comparable twelve (12) month period, to (b) CONSOLIDATED DEBT
SERVICE. 
 Revolving Loan Maturity Date. The term “REVOLVING LOAN MATURITY DATE” means July 1, 2011. 
 b. Section 2.4.2.a. Section 2.4.2.a of the CREDIT AGREEMENT is hereby amended by deleting its present language in its
entirety and substituting in lieu thereof the following: 
 a. Payments. For each of the LIBOR BORROWINGS accrued interest shall be
paid to the AGENT for the accounts of the LENDERS in arrears on the last day of each applicable INTEREST PERIOD. 
  

 2 

 c. Section 2.12.a. Section 2.12.a of the CREDIT AGREEMENT is hereby
amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
 a. INTENTIONALLY
OMITTED 
 Section 3. Other Terms. Except as specifically modified herein, all other terms and provisions of the CREDIT AGREEMENT
and all other documents evidencing or otherwise documenting the terms and provisions of the credit facilities being provided by the LENDERS and the ISSUING BANK to the BORROWERS remain in full force and effect and are hereby ratified and confirmed.

 Section 4. Choice of Law. The laws of the State of Maryland (excluding, however, conflict of law principals) shall govern and
be applied to determine all issues relating to this AMENDMENT and the rights and obligations of the parties hereto, including the validity, construction, interpretation and enforceability of this AMENDMENT. 
 Section 5. Fee. In consideration for the agreement of the LENDERS, the BORROWERS shall pay to the AGENT, for the benefit of the LENDERS, on
the date of this AMENDMENT a fee in the amount of Thirty-Six Thousand Five Hundred Dollars ($36,500.00). In addition the BORROWERS shall pay to the AGENT the costs and expenses incurred by the AGENT in connection with the preparation and negotiation
of this AMENDMENT. 
 Section 6. Delivery by Telecopier. This AMENDMENT may be delivered by telecopier and a facsimile of any
party’s signature hereto shall constitute an original signature for all purposes. 
 Section 7. Counterparts. This AMENDMENT
may be executed in counterparts each of which shall be binding upon the signatories but all of which shall constitute one and the same agreement. 
 IN WITNESS WHEREOF, the parties have executed this AMENDMENT with the specific intention of creating a document under seal. 
  

					
	BORROWERS:
	
	 DOVER MOTORSPORTS, INC.,

	A Delaware Corporation
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	
	Title:	 	Treasurer & Asst. Secretary	 	

  

 3 

					
	 DOVER INTERNATIONAL SPEEDWAY, INC.,

	A Delaware Corporation
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	
	Title:	 	Treasurer & Asst. Secretary	 	

  

					
	 GATEWAY INTERNATIONAL

	 MOTORSPORTS CORPORATION,

	 An Illinois Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	
	Title:	 	Treasurer & Asst. Secretary	 	

  

					
	 MEMPHIS INTERNATIONAL MOTORSPORTS
 CORPORATION, A Tennessee Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	
	Title:	 	Treasurer & Asst. Secretary	 	

  

					
	 NASHVILLE SPEEDWAY USA, INC.,
 A Tennessee Corporation

			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
	Name:	 	Thomas G. Wintermantel	 	
	Title:	 	Treasurer & Asst. Secretary	 	

  

 4 

					
	 AGENT:

	
	 MERCANTILE-SAFE DEPOSIT AND TRUST
 COMPANY, A Maryland Banking Corporation

			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	Name:	 	C. Douglas Sawyer	 	
	Title:	 	Senior Vice President	 	

  

					
	 LENDERS:

	
	 WILMINGTON TRUST COMPANY

			
	By:	 	 /s/ Michael B. Gast
	 	(SEAL)
	Name:	 	Michael B. Gast	 	
	Title:	 	Vice President	 	

  

					
	 MERCANTILE-SAFE DEPOSIT AND
 TRUST COMPANY

			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	Name:	 	C. Douglas Sawyer	 	
	Title:	 	Senior Vice President	 	

  

					
	 WILMINGTON SAVINGS FUND SOCIETY,
 FSB

			
	By:	 	 /s/ M. Scott Baylis
	 	(SEAL)
	Name:	 	M. Scott Baylis	 	
	Title:	 	Senior Vice President	 	

  

 5 

					
	ISSUING BANK:
	
	MERCANTILE-SAFE DEPOSIT AND
TRUST COMPANY
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
	 Name:
	 	C. Douglas Sawyer	 	
	 Title:
	 	Senior Vice President	 	

  

 6

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