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Exhibit 10.6
English
Summary of
Maximum Amount
Guarantee
Agreement
Contract No.: Shenfa guarantee letter
200808280001
In order to execute the principal Credit Contract (No. 200808280001),
singed between the Bank and Kaiyang Imports & Exports Co., Ltd
(“Kaiyang” or “the Debtor”), F.T.Z. Sentaida, as a
guarantor (the
“Guarantor”) to
Kaiyang’s indebtedness, entered into the Guarantee Agreement with the
Bank.
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1.
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The maximum amounts of principal
amount of the Debtor’s indebtedness guaranteed by the
Guarantor is RMB20,000,000. Any interest, compound interest and
interest penalties relating to the principal and any expenses
relating to the implementation of the Bank’s rights are all
guaranteed by the Guarantor. .
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2.
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The term of the
Agreement is two years starting from the due date of the
indebtedness under the principal Credit Contract.
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3.
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The
Guarantor’s obligations:
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(1
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The Guarantor has the joint
guarantee liability for the Debtor’s entire indebtedness
under the Credit Agreement (No. 200808280001). If the Debtor is in
default of any repayment obligation to the Bank, the Bank has the
absolute right to require the Guarantor to assume the repayment
obligation.
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