Bank Payable Bills Agreement Duplicate Copy
EXHIBIT
10.17.11
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Bank Payable Bills
Agreement
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Duplicate
Copy
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Number:
1310620810605002
Content
of Bank Payable Bills:
Full Name
of Drawer: Henan Gerui
Composite Material Stock Co., Ltd.
Full Name
of Beneficiary: Zhengzhou No. 2 Steels Co.,
Ltd.
Bank
Name: Xxxxx Sub-Branch
of Zhengzhou Branch of Guangfa Bank
Bank
Name: Da Sub-Branch of
Zhengzhou Branch of Pufa Bank
Account
Number: 8920517010004583
Account
Number: 65276030154500000391
Payable
Bills Number: 00978540
Amount in
words of Payable Bills: Only Nine Million Seven Hundred
Thousand Yuan
Date of
Issuance: October 14,
2008
Due Date:
June 14,
2009
The
aforementioned payable bills shall be made by the bank and the Drawer shall
abide by the provisions of the “Notice of the People’s Bank of China on Issuing
the Measures for Payment and Settlement” and the following terms:
I. The
Drawer shall fully deposit the face value of the payables to the financing bank
of payable bills prior to the due date of the bills.
II. The
surcharge for the payable bills shall be calculated in accordance with 0.5‰ of
the face value of the bills and shall be paid in one lump sum upon payable by
the bank.
III.
Occurrence of any transaction dispute between the Drawer and the Beneficiary
shall be settled by the concerning parties. The xxxx shall be handled in
accordance with Article I without delay.
IV. The
financing bank of payable bills shall unconditionally pay the face value of the
bills on due date of the payable bills. In case that the Drawer fails to
sufficiently pay the face value of the bills before the due date, the financing
bank of payable bills shall turn the insufficient amount of the payable bills
into overdue loans by the Drawer and the penalty interest shall be calculated in
accordance with the relevant provisions.
V. This
Agreement shall automatically become ineffective upon full payment of the
payable bills.
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Financing
Bank of Payable Bills (Seal)
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Drawer
(Seal)
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Contract
Date of Payable Bills Agreement: October 14,
2008
