Agreement on Indemnities Transfer ——Domestic Trade Credit Insurance Policy
Exhibit 10.6
Agreement on Indemnities Transfer
——Domestic Trade Credit Insurance Policy
Endorsement No.: 31650020901011000002
Contract No.: 259653/11
This Agreement is entered into by the following parties:
The Insurant: Kunming Shenghuo Pharmaceutical (Group) Co., Ltd.
Address: No.2 Jing You Road, Kunming National Economy and Technology Developing District, Yunnan Province, China
The Indemnity Beneficiary: Bank of China, Yunnan Branch
Address: Xx.000 Xxxxxxx Xxxx, Xxxxxxx Xxxx, Xxxxxx Xxxxxxxx
The Insurer: China Ping An Insurance Company
Address: 0xx Xxxxx, Xxxxxx Development Xxxxxx Xxxxx, Xxxxx Xxxx, Xxxxxx Xxxxxxxx, Xxxxxxxx Xxxx, Xxxxx
All of the three parties have reached the provisions as below in accordance with article 28 under General Clause:
Transfer of Beneficiary’s Indemnities interest
1. The Insurant hereby transfers the beneficial interest for indemnities under the insurance policy No. 11650020901011000001 (hereinafter referred to as the insurance policy) to The Indemnity Beneficiary.
2. The Insurer agrees on the transfer and promises to pay all the indemnification under the insurance policy to The Indemnity Beneficiary, provided that the interest of the Third Party (whose right to indemnification surpasses that of the bank) will not be affected.
3. The Indemnity Beneficiary accepts this transfer and declares that it has full knowledge about the terms and conditions included in this insurance policy and agreed on them.
The Indemnity Beneficiary recognizes that its beneficial interest for indemnification will not surpass the beneficial interest of The Insurant, but, if The Insurer is entitled to propose the defenses of liability exemption, indemnification and failure in exercising liability against The Insurant, all of those defenses shall also be applicable to The Indemnity Beneficiary.
Under the condition that the accounts receivable claim of The Insurant has been transferred to The Indemnity Beneficiary simultaneously, The Indemnity Beneficiary hereby agrees that:
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The Indemnity Beneficiary agrees and accepts the following provisions: No. 11, 12,13,14,15 and 16 provisions under the Section 7of the General Clause, as well as No. 24 and 25 provisions under the Section 8 of the General Clause and provision No. 4 under the C.102 supplementary provision.
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The Indemnity Beneficiary can inform The Insurer instantly once it is aware of the occurrence of overdue debts. If The Indemnity claims against The Insurer, it is required to provide all written evidence relating to the debts, related documents with respect to the assignment of the debts, as well as submitting the <<Notice on the occurrence of overdue debts and the application for The Insurer’s involvement >> (please find the attached format).
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The Insurer can deem the actions taken by The Insurant or The Indemnity Beneficiary during the course of interest assignment as mutually-recognized actions between The Insurant and The Indemnity Beneficiary.
4. Any dispute raised between the Insurant and the Indemnity Beneficiary would not affect the payment of compensation to the Indemnity Beneficiary as per provisions under this Agreement and Insurance Contract.
The Insurer agrees that this Agreement will not release itself from any of its obligations under the insurance policy.
Both The Insurant and The Indemnity Beneficiary agree that if the obligations regulated by the insurance contract have not been fulfilled, then The Insurer is entitled to not bearing the responsibility of indemnification.
5. The Indemnity Beneficiary has the right to know everything contained in the insurance policy, include but not limited to terms and conditions, endorsement and line of credit. If any of this insurance policy is changed, The Insurer shall inform The Insurant and also inform The Indemnity Beneficiary in written at the same time.
6. This Agreement is signed in triplicate and is valid for all of the debts included in this insurance policy and becomes effective on May 5, 2011 in Kunming City.
The Insured: Kunming Shenghuo Pharmaceutical (group) Co., Ltd.
(Seal)
The Indemnity Beneficiary: Bank of China, Yunnan Branch
(Seal)
The Insurer: China Ping An Insurance Company
(Seal)
