Summary of Guaranty Contract of Maximum Amount
Exhibit 10.7
Summary of Guaranty Contract of Maximum Amount
Summary of Guaranty Contract of Maximum Amount ( the “Contract”) Entered into by and between Changzhou Wujin Best Cable Co., Ltd., ▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, Shi (collectively as the “Guarantor”) and Wujin Branch, Agricultural Bank of China (the “Creditor”) Dated May 8, 2009
Main contents:
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Guaranty Contract number: 32905200900001440.
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Changzhou Best Appliance Cable Co., Ltd., ▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, Shi undertake to assume joint and several liabilities for Changzhou Chuanghua Packing Co., Ltd. (the “Obligor”)’s indebtedness towards Agricultural Bank of China occurred from May 8, 2009 to June 30, 2010, and the maximum amount secured is RMB 11 million.
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Guaranty Responsibility: The guaranty under this Contract shall be guaranty with joint and several liabilities. The Guarantor is obligated to pay off the debt in the event the Obligor is unable to pay off the debt (including the Creditor declares the debt becomes mature in advance to its original expiry date due to default of the Obligor or the Guarantor).
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Scope of Guaranty: The guaranty shall cover all of the loan principal, interest, penalty interest, breach of contract compensation, damages, undertaking fee and all the expenses such as litigation cost, lawyer’s fee, notification cost and public notice cost etc. which is incurred to the Creditor in realizing its creditor’s right.
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Guaranty period: The guaranty period is from the effective date of this Contract to two years after the expiry of the term of relevant agreements entered into under the Contract.