ex10_15.htm


    
       Exhibit
10.15 

    

     PROMISSORY NOTE 

    
   

    
      
        
          	  
      	  
      	
                   January
      27, 2008 

                
	   	   	   
	 1,081,501RMB  	  
      	
                   Hull,
      Massachusetts 

                




      

    

     FOR
VALUE RECEIVED, SinoHub, Inc. (the "Maker"), promises to pay to Peter Schech the
principal sum of One Million Eighty-one Thousand Five Hundred and One RMB on
January 27, 2009, together with interest at a rate of 7.69% per annum compounded
annually. The Holder may, at any time, demand repayment of any amount of the
principal remaining on this note and such payment will be made by Maker within
thirty (30) days plus all interest due on said amount. All payments by the Maker
under this Note shall be in immediately available funds. 

    


     This
Note shall become immediately due and payable without notice or demand upon the
occurrence at any time of any of the following events of default (individually,
"an Event of Default" and collectively, "Events of Default"): 

    


    
      	
                
      

            	
               (1) 

            	
               default
      in the payment or performance of this or any other liability or obligation
      of the Maker to the holder, including the payment when due of any
      principal, premium or interest under this
  Note; 

            


    

    


    
      	
                
      

            	
               (2) 

            	
               the
      liquidation, termination of existence, dissolution, insolvency or business
      failure of the Maker, or the appointment of a receiver or custodian for
      the Maker or any part of its property;
or 

            


    

    


    
      	
                
      

            	
               (3) 

            	
               the
      institution by or against the Maker or any indorser or guarantor of this
      Note of any proceedings under the United States Bankruptcy Code or any
      other federal or state bankruptcy, reorganization, receivership,
      insolvency or other similar law affecting the rights of creditors
      generally or the making by the Maker or any indorser or guarantor of this
      Note of a composition or an assignment or trust mortgage for the benefit
      of creditors. 

            


    

    


     Upon
the occurrence of an Event of Default, the holder shall have then, or at any
time thereafter, all of the rights and remedies afforded by the Uniform
Commercial Code as from time to time in effect in the Commonwealth of
Massachusetts or afforded by other applicable law. 

    


     Every
amount overdue under this Note shall bear interest from and after the date on
which such amount first became overdue at a rate of 10% per
annum.  Such interest on overdue amounts under this Note shall be
payable on demand and shall accrue and be compounded monthly until the
obligation of the Maker with respect to the payment of such interest has been
discharged (whether before or after judgment). 

    


     In no
event shall any interest charged, collected or reserved under this Note exceed
10% per annum and if any such payment is paid by the Maker, then such excess sum
shall be credited by the holder as a payment of principal. 

    


     All
payments by the Maker under this Note shall be made without set-off or
counterclaim and be free and clear and without any deduction or withholding for
any taxes or fees of any nature whatever, unless the obligation to make such
deduction or withholding is imposed by law.  The Maker shall pay and
save the holder harmless from all liabilities with respect to or resulting from
any delay or omission to make any such deduction or withholding required by
law. 

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     Whenever
any amount is paid under this Note, all or part of the amount paid may be
applied to principal, premium or interest in such order and manner as shall be
determined by the holder in its discretion. 

    


     No
reference in this Note to any guaranty or other document shall impair the
obligation of the Maker, which is absolute and unconditional, to pay all amounts
under this Note strictly in accordance with the terms of this
Note. 

    


     The
Maker agrees to pay on demand all costs of collection, including reasonable
attorneys' fees, incurred by the holder in enforcing the obligations of the
Maker under this Note. 

    


     No
delay or omission on the part of the holder in exercising any right under this
Note shall operate as a waiver of such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future
occasion.  The Maker and every indorser or guarantor of this Note
regardless of the time, order or place of signing waives presentment, demand,
protest and notices of every kind and assents to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or
release of collateral, and to the addition or release of any other party or
person primarily or secondarily liable. 

    


     The
Maker agrees that the funds provided by this Note shall be used exclusively to
support the payment of VAT advances to the PRC Customs Office and procurement
fulfillment orders against goods in hand based on duly executed service
agreements and orders from bona fide customers of SinoHub. 

    


     None
of the terms or provisions of this Note may be excluded, modified or amended
except by a written instrument duly executed on behalf of the holder expressly
referring to this Note and setting forth the provision so excluded, modified or
amended. 

    


     All
rights and obligations hereunder shall be governed by the laws of the
Commonwealth of Massachusetts and this Note is executed as an instrument under
seal. 

    


    
      
        	
                 

              	
                 By:
      

              	 /s/  	   
	   	   	 CEO 	   
	   	   	 SinoHub,
      Inc. 	   
	   	   	   	   


      

    

     

            

    


     

    
      	 ATTEST: 	   
	   	   
	 By: 	   	   


    

     

     

    


     

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