Acceptance Agreement
No.(2008)210
Applicant:
Changxing Chisen Electric Co., Ltd.
Acceptance
Bank: Industrial Bank Co., Ltd. Hangzhou Branch
Signing
Place: Hangzhou
WHEREAS,
The
Applicant applies to the Acceptance Bank for acceptance draft, and after
consultation, both parties hereby enter into this Agreement to evidence the
aforesaid.
NOW
IT IS agreed
as
follows:
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1.
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This
Agreement shall have a credit of twenty million Xxxx Xxxxxxxx and
have a
validity from August 20th, 2008 through August 20th, 2009.
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2.
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Description
of Acceptance Draft
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Payer’s
name: Changxing Chisen Electric Co., Ltd.
Opening
bank: Industrial Bank Xxxxxx Xxxxxx
Account
No.: 357950100100034064
Draft
No.:
Signing
date: August 25th, 2008
Xxxxx’s
name: Xxxxxxx Xxxxxxx Electronic Power Co., Ltd.
Opening
bank: China Construction Bank Xxxxx Xxxxxx
Account
No.: 32001728036052502278
Draft
amount: RMB10 million
Maturity
date: February 25th, 2009
Payer’s
name: Changxing Chisen Electric Co., Ltd.
Opening
bank: Industrial Bank Xxxxxx Xxxxxx
Account
No.: 357950100100034064
Draft
No.: 00833122
Signing
date: August 25th, 2008
Xxxxx’s
name: Xxxxxxx Xxxxxxx Electronic Power Co., Ltd.
Opening
bank: China Construction Bank Xxxxx Xxxxxx
Account
No.:32001728036052502278
Draft
amount: RMB10 million
Maturity
date: February 25th, 2009
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3.
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The
Applicant shall pay in full the money payable to the acceptance bank
prior
to the maturity date.
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4.
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The
acceptance expense shall be charged according to 0.05% of face value
and
shall be paid in a lump sum.
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5.
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Any
dispute in connection with the acceptance draft shall be settled
solely by
the payer and the payee. Notwithstanding any dispute, and money borne
in
the draft shall be paid pursuant to section 3 hereof.
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6.
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Provided
that the Applicant fails to pay the money payable in full on the
maturity
date, the Acceptance Bank shall be entitled to collect penalty interest
of
0.05% of total arrears for each day of default.
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7.
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Security
Agreements:
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(1)
No.
Yuzhigaobao(2008)040 Maximum Security Agreements of Industrial
Bank, Sponsor
:
Zhejiang
Changsheng Glass Co., Ltd.
Security
Type : Guarantee
(2)
No.Yuzhidiya (2008)019 Maximum Mortgage Agreements of Industrial Bank
Sponsor
:
Changxing
Chisen Electric Co., Ltd. Security Type
:
Mortgage
(3)
No.
Yuzhibaozheng(2008)181 Personal Guarantee Acknowledgment of Industrial
Bank,
Sponsor
:
Xx
Xxxxxxx, Security Type
:
Guarantee
(4)
No.
Yuzhibaozheng(2008)182 Personal
Guarantee Acknowledgment of Industrial Bank,
Sponsor
:
Xxxx
Xxxxxxx,
Security Type
:
Guarantee
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8.
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The
security agreements to this agreement are in force. The agreement
shall be
invalid once the applicant or the sponsor pays in full the bill and
related charge.
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9.
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The
agreement is made in duplicate, with each party holding one origin.
Additional copies could be made if
necessary
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10.
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Supplement:
No
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Applicant:
Changxing Chisen Electric Co., Ltd.
Authorized
representative: /s/ Xx Xxxxxxx
Date:
August 25th, 2008
Acceptance
bank: Industrial Bank Co. Ltd. Hangzhou Branch
Authorized
representative: /s/ Xxx Xxxxxxxx
Date:
August 25th, 2008
