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Exhibit 10.7
English
Summary of Guarantee
Agreement
Contract No.: (2008) China Citic
Bank Qindao Branch YinBaozi 095018
The Guarantor: Qingdao Free Trading Zone
Sentaida International Trade Co., Ltd (“F.T.Z.
Sentaida”)
The Creditor: China Citic Bank Qindao Branch
(“the Bank”)
The Debtor: Shandong Yongtai Chemical & Industrial Co., Ltd
In order to secure the Creditor’s right
and interest under the
Principal Contract, the Guarantor agrees to provide joint liability
guarantee for the Debtor’s indebtedness. The Guarantor and the Bank upon consultation
have reached the following agreement in accordance with relevant
laws and regulations.
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1.
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The maximum principal amount of
the Debtor’s indebtedness guaranteed by the Guarantor is
RMB60,000,000. Any interest, compound interest and interest
penalties relating to the principal and any expenses relating to
implementation of the Bank’ s rights are all guaranteed by
the Guarantor.
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2.
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Within the maximum guaranteed,
all loan agreements signed by and between the Debtor and the Bank
are the Principal C ontract. The term of the Principal Contract is
from March 21, 2008 to March 21, 2009. The term of the Guarantee
Agreement is two years starting from the due date of the
indebtedness.
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3.
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The Guarantor has the joint
guarantee liability for the Debtor’s indebtedness under the
Principal Contract . When the Debtor is in default of its repayment
obligation , the Bank has the absolute right to require the
Guarantor to assume the repayment obligation.
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4.
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The Guarantor
hereby represents as follows:
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(1
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The Guarantor
is duly organized and validly existing and legally qualified to
sign and to execute this Agreement;
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(2
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The Agreement
reflects the genuineness of assent of the Guarantor;
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(3
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All
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