Acceptance Agreement
Acceptance
Agreement
No.
64720092302008044
Drawer
(Party A): Changxing Chisen Electric Co., Ltd.
Legal
Representative (Principal): ▇▇ ▇▇▇▇▇▇▇
Add.:
Changxing Economic Development Area
Postal
Code: 313100
Tel.:
▇▇-▇▇▇-▇▇▇▇▇▇▇
Fax:
▇▇-▇▇▇-▇▇▇▇▇▇▇
Acceptor
(Party B): China Construction Bank Changxing Branch Co., Ltd.
Legal
Representative (Principal): ▇▇▇▇ ▇▇▇▇
Add.:
▇▇.
▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ Changxing Country
Postal
Code: 313100
Tel.:
▇▇-▇▇▇-▇▇▇▇▇▇▇
Fax:
▇▇-▇▇▇-▇▇▇▇▇▇▇
Party
A
applies to Party B for acceptance draft, the contents are as
follows:
|
Draft
No.
|
Amount
|
Date Drawn
|
Due Date
|
Payee’s Name
|
Account Number
|
|||||||||||
|
EA/01
00851130
|
|
RMB10 million
|
|
September 9, 2008
|
|
March 9, 2009
|
|
Jiangsu Xiangfa
Battery Co., Ltd.
|
|
|
32001728036052502278
|
|
||||
|
EA/01
00851131
|
|
RMB10
million
|
|
September
9, 2008
|
|
March
9, 2009
|
|
Jiangsu
Xiangfa Battery Co., Ltd.
|
|
|
32001728036052502278
|
|
||||
|
EA/01
00851132
|
|
RMB10
million
|
|
September
9, 2008
|
|
March
9, 2009
|
|
Jiangsu
Xiangfa Battery Co., Ltd.
|
|
|
32001728036052502278
|
|||||
Total
of
amount of draft (in words): thirty
million Yuan Renminbi
Article
1
Conditions for the acceptance by Party B:
Unless
being waived in whole or in part by Party B, only if the conditions set below
have been met, Party B will agree to accept the preceding drafts:
|
(1)
|
Party
A has paid the security according to this Agreement;
|
|
(2)
|
Party
A has paid acceptance commission and commitment fee according to
this
Agreement;
|
|
(3)
|
The
guarantee of the article 3 of this Agreement has come into
force;
|
|
(4)
|
Other
conditions specified by both parties.
|
Article
2
Acceptance Fee
|
(1)
|
The
acceptance commission shall be charged according to 0.05% of face
value;
|
|
(2)
|
The
acceptance commitment fee shall be paid in full according to 0.375%
of the
difference between the accepted amount and the security.
|
Article
3
Acceptance Guarantee
1.
Security
For
the
accepted amount hereunder, Party A shall pay a security to Party B pursuant
to
September 9, 2008.
|
Draft
No.
|
Amount
|
Payee’s Name
|
Security Amount
|
Deposit Type
|
Account Number
|
|||||||||||
|
EA/01
00851130
|
|
RMB10 million
|
|
Jiangsu Xiangfa
Battery Co., Ltd.
|
|
RMB5 million
|
|
Fixed deposit
|
|
33001647235049000122#0#
|
|
|||||
|
EA/01 00851131
|
|
RMB10 million
|
|
Jiangsu
Xiangfa Battery Co., Ltd.
|
|
RMB5
million
|
|
Fixed
deposit
|
|
33001647235049000122#0#
|
|
|||||
|
EA/01
00851132
|
|
RMB10
million
|
|
Jiangsu
Xiangfa Battery Co., Ltd.
|
|
RMB5
million
|
|
Fixed
deposit
|
|
33001647235049000122#0#
|
||||||
|
2.
|
Other
Guarantee
|
Zhejiang
Chisen Glass Co., Ltd., ▇▇ ▇▇▇▇▇▇▇ and his spouse will act as guarantors.
Article
4
After Party B’s acceptance of the draft, both parties agree as
follows:
|
1.
|
Party
A shall, pursuant to the due date of the draft, deposit the amount
in full
to Party B’s account (account number:
33001647242050000065).
|
|
2.
|
Party
B shall unconditionally pay for money upon the draft on the due date.
|
|
3.
|
If
Party A fails to pay the money in full according to subsection 1
hereinbefore and this leads to Party A’s disbursement, Party B shall be
entitled to collect an interest of 0.05% of the unpaid money on Party
A.
|
Article
5
Breach of Agreement
|
1.
|
Party
A’s breach of agreement
|
|
(1)
|
Fail
to pay the money in full and on
time;
|
|
(2)
|
Fail
to repay the principal and interest of disbursement pursuant to section
4
hereof;
|
|
(3)
|
Involved
in other matters leading to its lose of capacity to perform this
Agreement.
|
|
2.
|
Liability
for breach of agreement
|
|
(1)
|
For
Party A’s failure mentioned in abovementioned first subsection, Party B
shall be entitled to deduct from Party A’s security account and its
accounts opened in Party B and in the system of China Construction
Bank
the money to offset the draft;
|
|
(2)
|
For
Party A’s failure mentioned in abovementioned second subsection, Party B
shall be entitled to deduct the principal and interest of disbursement
from Party A’s accounts opened in Party B and in the system of China
Construction Bank;
|
|
(3)
|
For
Party A’s other failure, Party B shall be entitled to:
|
|
A.
|
terminate
this Agreement;
|
|
B.
|
require
Party A to add acceptant security; and
|
|
C.
|
require
Party A to deposit money payable in advance in the event of un matured
draft and Party A’s failure to pay money payable in
full.
|
Article
6
Others
Party
B
shall authorize China Construction Bank Changxing Branch to, in its name, manage
the performance of this Agreement, enjoy the rights hereunder and fulfill the
obligations hereunder.
Article
7
Effectiveness
This
Agreement shall take effect since being signed and sealed by both parties.
Article
8
Termination
This
Agreement shall be terminated on condition that Party A has paid for the draft
in full, or Party A has paid off the disbursement by Party B and other relevant
fees (including, but not limited to, legal cost, property protection fee,
arbitration fee, attorney’s fee, etc.) paid by Party B in order to recover the
principal and interest of the disbursement.
Article
9
Applicable Law and Dispute
This
Agreement shall be governed by Chinese laws.
Any
dispute arising from this Agreement shall be settled through consultation.
In
case no settlement can be reached through consultation, any party may refer
such
dispute to the court of the place in which the drawer is located.
Article
10 Counterparts
This
Agreement shall be executed in three copies, one for each of the drawer,
acceptance bank and the guarantor, each of which shall be equally authentic.
Drawer:
Changxing Chisen Electric Co., Ltd. (seal)
Legal
representative: /s/ ▇▇ ▇▇▇▇▇▇▇
Acceptance
bank: China Construction Bank Changxing Branch Co., Ltd. (seal)
Authorized
representative: /s/ ▇▇▇▇ ▇▇▇▇
Date:
September 9, 2008