MAXIMUM AMOUNT PERSONAL GUARANTEE CONTRACT (For Corporation) BANK OF LUOYANG CITY
Exhibit
10.44
No. Luo
Yin (2010) Nian [Zhengzhou Fen] Hang Ge Zui Xxx Xxx Zi
100202D210001000B
MAXIMUM
AMOUNT PERSONAL GUARANTEE CONTRACT
(For
Corporation)
BANK OF
LUOYANG CITY
Guarantor:
Wang
Xinshun
Creditor:
Zhengzhou Branch of
the Bank of Luoyang
In order to ensure the realization of
the credits of the creditors the guarantor intends to provide the security of
the series debt, for the Debtor Henan Shuncheng Group Coal
Coke Co. Ltd., under the principal contract entered into by the both
parties. The guarantor and the creditor, upon consensus relevant laws and
regulation and other relevant laws and regulations, enter into this contract (in
order to execute and comply with the agreement).
Article 1 The principal
credit to be secured hereunder refers to the credits incurred by the continuous
loan, bank of acceptance, discount and guarantee letter released by the
creditor, of which the maximum amount is RMB
20,000,000.00 and interest (including
compound interest and penalty interest), liquidated damages, damage awards and
expenses incurred due to the realization of credit by the creditor (including
but not limited to expenses or fees of litigation, arbitration, property
preservation, assessment, auction, execution and business travel), from January 28, 2010 to
January 27, 2011.
Article 2 The
guarantors shall bear the joint and several guarantee liabilities.
Article 3 At any
time of the aforementioned period, as long as the remaining sum of the credits,
which the debtor has not repaid to the creditor, has not exceeded the maximum
amount hereunder, the creditor can continuously and repeatedly grant loans to
the debtor and to grant other bank loans, and the guarantor shall provide the
continuous and joint guarantee to the creditor within the maximum amount to the
credits due to the loan released by the creditor, no matter the times and amount
of every time nor the implementation expiration date of each loan exceeding the
aforesaid the period.
Article 4
Within the period of the Article 1 the principal contract shall be
the series contracts, agreements and other legal documents entered into by and
between the creditor and the debtor to form creditor’s right and debt
relationship.
Article
5 Within the duration provided herein and
maximum amount, when the creditor releases loan or provides other credits, the
security procedure may not be handled case by case.
Article 6
Duration of the guarantee: two years commencing from the expiration
date of the implementation of each principal debt.
In the
event that the creditor calls in the loan in advance in accordance with the
principal contract the duration of the guarantee shall be two years from the
second day of the notice issued by the creditor to the debtor for
repayment.
Where the
loan shall be repaid by installments according to the principal contract, the
duration of the guarantee shall be two years from the due date of the whole
loan.
Article
7 Warranties of the
guarantor
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7.1
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To
provide the relevant in accordance with the requirements of the creditor
and shall be liable of the authenticity, integrity and effectiveness of
such materials.
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7.2
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The
guarantor shall actively cooperate with the creditor to supervise the
usage situation of the loan of the
debtor.
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7.3
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In
the event that the name, legal address, telephone number, mail address,
employer and income situation is changed it shall notice the creditor in
writing 10 days in advance.
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7.4
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If
the major incidents of the guarantor himself or his properties happens or
the guarantor involves in major economic disputes, which could influence
his security ability, the guarantor shall notice the creditor after 3
days.
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7.5
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During
the period of the guarantee, the guarantor shall not provide the security
which exceed the security ability of the guarantor to any other party
without the written consent of the creditor, or provide the mortgage or
lien on his major assets for himself, which could influence the security
ability under this contract.
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7.6
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In
the event that the creditor declares the expiration of the debt in advance
or termination of the contract, the guarantor shall bear the security
liabilities according to the requirements of the
creditor.
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7.7
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As
for all of the payable funds under the guarantee, the guarantor agrees
that the creditor withdraw the corresponding amount of funds from the bank
account (of Bank of Luoyang) of the
guarantor.
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7.8
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The
guarantor acknowledges that should the creditor and the debtor agree to
modify the provisions of this contract, such modifications shall be
considered to have obtained the consent of the guarantor and the guarantee
responsibilities of the guarantor shall not be affected due to such
modifications.
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7.9
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During
the duration of this guarantee in the event that the interest under the
principal contract is changed due to the adjustment of the specified
interest of the government such adjustment shall be considered to have
obtained the consent of the guarantor and the guarantee responsibilities
of the guarantor shall not be affected due to such
adjustments.
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Article
8 The guarantee liabilities of the guarantor shall
not be affected due to the invalidity of the principal contract, which means
that the effectiveness of this guarantee contract is independent from that of
the principal contract. If the principal contract is verified to be invalid the
guarantor shall bear the joint liabilities of the debt incurred by repayment of
the properties or compensation for loss.
Article
9 Upon the effectiveness of this contract in the
event that any party, which fails to perform or partially fails to perform the
obligations hereunder, shall pay the damage equivalent to the amount of 10% of the total
amount under the guarantee scope and compensate all the loss incurred to the
other party.
Article 10 Other
Clauses: /
Article 11 Any
disputes arising out of, or in connection with the execution of this contract
shall be settled through the consultations between two parties; where the
agreements fail to be reached through such consultation, such disputes shall be
brought to the court which locates in the domicile of the creditor or
arbitration institution. During the period of the
suit or arbitration, the provisions not related to the resolution of disputes
shall still continue to be implemented.
Article
12 This contract has two originals, which are identical
to each other with each of the parties holding one copy. Each copy has the same
legal effect.
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The
guarantor (seal) /s/ Wang Xinshun
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The
creditor (seal) [illegible]
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ID
number:
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Legal
Representative (Main
Responsible
Officer) Authorized Agent:
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Date:
28 January 2010
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Date:
28 January 2010
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