Early Repayment Agreement
Exhibit 10.48
Party A: Xi’an TCH Energy Technology Co., Ltd.
Legal Representative: ▇▇▇▇▇▇ ▇▇
Address: ▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇ An Guo Ji, No. 88, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇, Xi’an City, Shaanxi Province
Party B: ▇▇▇▇▇ Financial Leasing Co., Ltd.
Legal Representative: ▇▇▇▇▇ ▇▇▇
Address: ▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇, ▇▇▇▇ ▇▇▇▇ Xi Lu, Chengguan District, Lanzhou City, Gansu Province
The Parties entered a Financial Leasing Agreement with respect to Zhonggang waste heat power generation assets in June 2011. Party A continues making payment in accordance with the lease agreement. However, considering such waste heat power generation project might be acquired or restructured during the term of the lease agreement, after negotiation, both parties agreed to enter into the following agreement with respect to Zhonggang waste heat power generation project.
1. Solutions
Because the change of circumstance of Zhonggang waste heat power generation project, Party B agrees Party A to repay full payment early and to assist Party A on follow-up issues of Zhonggang waste heat power generation project.
2. Repayment Method and Schedule
Upon signing of the agreement and till December 28, 2014, Party A shall pay Party B the principal and interests due for the fourth quarter of 2014, which is RMB 2,561,067.22; Party A shall pay Party B the principal and interests due for the first quarter of ▇▇▇▇, ▇▇▇ 2,554,927.98 as well as the remaining total principal RMB 12,139,270.74 on March 28, 2015.
Within three days after Party A repays all principal and interests in full, Party B shall return the security deposit, RMB 2,125,000.00, to Party A’s account.
3. Termination of the Original Agreement
Upon execution of this agreement by both parties, the Financial Leasing Agreement shall be terminated. The ownership of Zhonggang waste heat power generation project and assets shall be transferred to Party A.
4. Breach of Agreement
If Party A does not make the repayment as scheduled in accordance with this agreement, this agreement shall be terminated upon expiration of payment day and Party B shall still own Zhonggang waste heat power generation project and assets and both parties shall continue to fulfill their respective responsibilities and obligations in accordance with the Financial Leasing Agreement and bear responsibilities for breach of the agreement.
5. Resolution of Disputes
Both parties shall negotiate a resolution and settlement if there is any dispute between the parties. If no settlement can be reached through negotiation, any party can file a lawsuit to the People’s Court where Party A is located.
6. The agreement takes effect once it is signed and sealed by both parties.
7. The agreement is executed in quadruplicate and each party holds two original copies that each has the same legal effect.
8. Any matters not mentioned in this agreement shall be negotiated by both parties.
| Party A: | Party B: |
| Authorized Representative: | Authorized Representative: |
| Date: December 22, 2014 | Date: December 22, 2014 |