Document:

(This is a summary translation to be
used for reference only)

Exhibit 10.20

 

 

Medium-to-Small Sized Enterprise Financing
Service Contract

 

S/N: 99062011297190

 

 

 

 

 

Parties to the Contract:

Party A:Trunkbow Asia Pacific (Shandong) Company Limited

Legal Representative: HOU Wanchun

Telephone:0531-89706000

 

 

 

 

Party B:China Minsheng Banking Corp., Ltd., Dalian Division

Legal Representative: ZHAO Hui

Telephone:82808234

 

 

    	1

    	 

    

 

 

 

Comprehensive Credit Facility Terms and
Conditions

 

This is the component part of the “Medium-to-Small
Sized Enterprise Financing Service Contract” (hereinafter, “This Contract”).

 

		I.	Amount and Type of the Credit Facility

 

Article 1During the effective term of this credit facility, the maximum amount of credit for which
Party A may apply to Party B is RMB 50,000,000.00 (Fifty Million).

 

Article 2Type: The amount of credit hereunder means the amount after excluding the security deposit
and other items of equal value; i.e., the equivalent amount used after Party A and other third party provides the security deposit
and other items of equal value will not be counted as part of this above amount.

 

Article 3The amount of credit hereunder can be used as working capital loan.

 

 

		II.	Term of the Credit Facility

 

Article 4The effective term of the maximum amount of credit facility is one year, from November 9,
2011 to November 8, 2012.

 

 

		III.	Use of the Credit Facility

 

Article 5During the term of the credit facility and within the maximum amount, Party A may use the
amount of credit in one sum or separately; Party B shall have the right to determine , based on the circumstances, the amount of
credit, business type for which the amount is to be used, term and total amount.

 

Article 6The cumulative amount of credit used shall not exceed the maximum amount of credit at any
time during the term of the credit facility. Party A may apply for use of such amount of credit that has been repaid; any unused
amount during the term of the credit facility will be cancelled automatically upon the expiration of the term of the credit facility.

 

Article 7Party A must apply for the use of the credit during the term of the credit facility and the
starting date of use for each amount of credit shall not be later than the expiration date of the term of the credit facility.
If bank acceptance notes/discounted commercial bills/letters of guarantee are issued for the credit type provided herein, the dates
of issuance of such bank acceptance notes/discounted commercial bills/letters of guarantee issued by Party B shall not be later
than the expiration date of the term of the credit facility.

    	2

    	 

    

 

 

 

 

Article 8Only upon satisfaction of all of the following conditions will Party B approve Party A’s
application for credit, except when Party B decides to waive such conditions:

 

		(1)	Party A has provided to Party B the requested documents, including but not limited to: Party A’s business permit (inspected
and approved annually), organization code certificate and tax registration; Party A’s current and effective articles of incorporation;
copies of the company legal representative’s legal representative document and personal ID.

		(2)	All the guarantee documents for this credit facility have become effective and the pledge and the pledgee’s right have
been established.

		(3)	There is no event of breach on Party A’s part, or, if there is, such event of breach has been resolved to Party B’s
satisfaction.

		(4)	Satisfaction of legal requirements and other conditions requested by Party B.

 

 

		IV.	Change and Management of the Amount of Credit

 

Article 9Party B shall have the right to inspect at any
time the use of credit hereunder by Party A and, if there is any occurrence of the situations set forth in Article 4 of the Rider
attached hereto, to adjust the term and amount of the credit facility.

 

Article 10During the term of the credit facility, if Party
A fails to perform its obligations hereunder, Party B shall have the right to suspend and deny the use of the remaining amount
of the credit.

 

Article 11 All credit facility with the term of longer than
one year must still pass Party A’s annual credit investigation.

 

Article 12All remaining amount of credit provided in any
Comprehensive Credit Facility Contract or other contracts executed prior to the execution of This Contract will be [ ] included
in/[ ] excluded from the maximum amount of credit hereunder.

 

 

    	3

    	 

    

 

 

 

Working Capital Loan Terms and Conditions

 

This is the component part of the “Medium-to-Small
Sized Enterprise Financing Service Contract” (hereinafter, “This Contract”).

 

 

		I.	Purpose of the Loan

 

Article 1The purpose of the loan hereunder: purchasing internet equipment and software supporting
equipment, etc. Party A shall not use the loan for any other purpose without Party B’s written approval.

 

 

		II.	Amount and Term of the Loan

 

Article 2The amount of the loan is the revolving amount of credit in RMB granted under Comprehensive
Credit Facility, and its term and maximum are the same as that of the credit facility.

 

Article 3Party A may apply for use of such amount of credit that has been repaid within the maximum
amount and during the term of the credit facility; if Party A has any act of breach, Party B shall have the right to cancel any
unused amount of credit at any time; any unused amount during the term of the credit facility will be cancelled automatically upon
the expiration of the term of the credit facility.

 

 

		III.	Calculation of Interest

 

Article 4Calculation of Interest

 

		(1)	The interest of the loan hereunder is 8.856%, i.e., floated 35% upward from the benchmark lending rate published by the People’s
Bank of China and corresponding to the term of the loan hereunder on the execution date of This Contract.

		(2)	The calculation of interest will start on the day when the loan amount is deposited into Party A’s account set up in
accordance with AR7, Article 8 and Article 9 herein with Party B. Party A must make interest payment on the interest settlement
day of each month.

    	4

    	 

    

 

 

 

		(3)	The interest is calculated day and settled monthly and the settlement date is the 20th of each month, but the last
settlement date is the due date for the loan.

		(4)	If Party A fails to repay the loan principal when it is due, Party B shall charge a past-due interest at the rate floated upward
by 50% from the interest rate for the loan hereunder; if Party A fails to pay interest and past-due interest on time, Party B shall
charge compound interest at the past-due rate based on the number of days past-due on the cumulative basis month by month.

		(5)	If Party A uses the loan for any purpose other than provided herein, Party B shall charge penalty interest for such breach
at the rate floated upward by 100% from the interest rate for the loan hereunder; if Party A fails to pay penalty interest on time,
Party B shall charge compound interest at the past-due rate based on the number of days past-due on the cumulative basis month
by month.

		(6)	If, after the release of the loan hereunder, the People’s Bank of China adjusts the benchmark lending rate mentioned
above, the interest rate for the loan hereunder will automatically be adjusted in accordance with the float ratio specified in
Article 4(1); for any portion of the loan that has already been released at the time of such adjustment, the adjusted rate will
become effective on day following the first interest settlement date after such adjustment. And al past-due interest rate and penalty
interest rate will be adjusted correspondingly after such adjustment.

 

 

		IV.	Release and Payment of the Loan

 

Article 5Party A must withdraw the loan hereunder in full in one sum.

 

Article 6At the time of withdrawing the loan, Party A must satisfy the following conditions and submit
to Party B the application for withdrawal 3 business days in advance:

 

		(1)	Party A has provided to Party B the requested documents, including but not limited to:

		a.	Party A’s business permit (inspected and approved annually), organization code certificate and tax registration; Party
A’s current and effective articles of incorporation; copies of the company legal representative’s legal representative
document and personal ID.

		b.	List of Party A’s directors and those senior managers responsible for loan matters and their signature samples.

		c.	Board resolution/shareholder meeting resolution in connection with this loan and with authorization of the execution of This
Contract and related documents.

		d.	Withdrawal application signed by Party A.

    	5

    	 

    

 

 

 

		e.	If self-payment method is adopted for the loan hereunder, the report on the use of the loan withdrawn previously after the
first release of the loan.

		(2)	Party A has processed administrative permits, approval and registration and other legal procedures in connection with this
loan in accordance with the relevant laws and regulations.

		(3)	All the guarantee documents for this credit facility have become effective and the pledge and the pledgee’s right have
been established.

		(4)	There is no event of breach on Party A’s part, or, if there is, such event of breach has been resolved to Party B’s
satisfaction.

		(5)	The representations and warranties made by Party A are true, accurate and valid.

		(6)	No material adverse change in Party A’s financial situation.

 

Article 7Release of the Loan

 

Party B will release the approved loan by
depositing the loan amount into Party A’s loan account and start the calculation of interest on the day of such release.
Party A’s loan account is set up with Dalian branch office of Minseng Banking Corporation solely for this purpose (Account
No.: 0607014910000260).

 

Article 8Loan Payment Management Plan

 

		(1)	Full entrusted payment method is adopted for the loan hereunder.

		(2)	Entrusted payment means that Party B, upon completion of review of “Withdrawal/Payment Application” submitted by
Party A in the form of Attachment 3 in accordance with the requirements therein and other relevant documents, will pay the corresponding
loan amount directly to Party A’s trading party through Party A’s loan account.

		(3)	In the course of the loan amount payment, if there is deterioration of Party A’s credit worthiness or profitability or
other abnormal use of the loan, Party B shall have the right to reduce the limit of loan amount under the entrusted payment method
and shall also have the right to suspend the release and payment of the loan.

 

Article 9Payment of the Loan

 

With each amount to be paid out from the
loan account, Party A must submit “Withdrawal/Payment Application” in the form of Attachment 3 in accordance with the
requirements therein and other relevant documents to Party B for review and approval before Party B makes payment. Party B shall
have the right to refuse the payment if Party A’s application fails to meet required conditions, with Party A bearing the
resulting liability, if any.

    	6

    	 

    

 

 

		V.	Repayment of the Loan

 

Article 10Repayment of the Loan

 

		(1)	Party A must repay the loan principal in one sum when the loan is due.

		(2)	Party A designates the account, with account No. 060701418000428, set up with Dalian branch office of Minseng Banking Corporation
as the loan repayment account.

		(3)	The actual loan withdrawal date shall be based on that recorded in the corresponding loan IOU. The due date for any amount
of loan shall be determined by the following method:

		(a)	If the loan principal is to be repaid in one sum, the due date for that amount of loan will be automatically adjusted in accordance
with the term of the credit facility and the date of the first actual withdrawal.

		(b)	If the loan principal is to be repaid in installments, the due date for that amount of loan will be automatically adjusted
in accordance with the term of the credit facility and the date of the first actual withdrawal; but the due date for other amount
of loan withdrawn will not be adjusted.

		(4)	If the due date for the loan principal is a statutory holiday, then the due date will be extended to the following business
day along with the calculation of interest. If the interest settlement date is a statutory holiday, then the interest settlement
date will be extended to the following business day along but the calculation of interest is still cut off on the interest settlement
date.

		(5)	If the balance in the loan repayment account is insufficient for the repayment of the loan principal and interest, Party B
shall have the right to deduct any amount corresponding to the loan principal due, interest, penalty interest, compound interest
and other fees payable directly from Party A’s other accounts set up with Party B and Party A shall bear all resulting loss
and consequences.

		(6)	Party B agrees that Party A may repay the loan in advance without penalty but Party A must submit written application for advance
repayment 10 business days in advance.

		(7)	If Party A desires to extend the term of the loan, Party A must submit written application for extension 30 business days prior
to the expiration date of the term of the loan.

 

 

    	7

    	 

    

 

 

		VI.	Special Provisions on Liabilities for Breach

 

Article 11Upon the occurrence of any of the following, Party
A shall be considered in breach:

 

		(1)	Party A fails to process loan withdrawal procedures at the time stipulated herein and such delay is 30 days or more past the
stipulated time; Party B shall have the right to charge penalty interest based on the number of days of delay and to terminate
This Contract.

		(2)	Party A fails to pay any amount due or payable in accordance with the provisions herein.

		(3)	Party A uses the loan for purposes other than specified herein or fails to withdraw or pay out the loan amount.

		(4)	Party A uses any means to avoid the requirements under the entrusted payment method.

		(5)	Party A’s loan account and loan repayment account is frozen or withheld by regulatory authorities or Party A is involved
in litigation, arbitration, administrative sanction or other judicial procedures.

		(6)	Party A experiences material adverse change in its financial situation or fails to maintain certain financial indicators provided
herein.

		(7)	Other material adverse changes and such changes cannot be remedied within a specific time required by Party B.

 

Upon the occurrence of the above, Party B shall have
the right to declare the loan amount immediately due, recall any amount already released and suspend any future release of the
loan in addition to the other entitled rights.

 

Article 12This Working Capital Loan Terms and Conditions
have the following attachments:

 

Attachment 1:Schedule of Withdrawal Dates and Amount
of the Loan. [N/A]

Attachment 2:Schedule of Repayment Dates and Amount
of the Loan. [N/A]

Attachment 3:Withdrawal/Payment Application. [Not translated]

Attachment 4:Financial Indicators. [N/A]

 

 

 

    	8

    	 

    

 

Rider

 

This is the component part of the “Medium-to-Small
Sized Enterprise Financing Service Contract” (hereinafter, “This Contract”).

 

		I.	Guarantee

 

Article 1In addition to the security deposit, pledge and
other form of guarantee provided separately herein, there are following guarantees on the debt created hereunder:

	 	 	 
	 	Guarantee:	Maximum Amount Guarantee Contract (S/N: 99062011B97190)
	 	 	 
	 	Pledge:	Maximum Amount Pledge Contracts (S/N: 99062011D97190, 
 99062011D97190-1 and 99062011D97190-2)
	 	 	 
	 	Other:	Maximum Amount Accounts Receivable Pledge Contract
 (S/N: 99062011Z97190)

 

		II.	Promises and Warranties

 

Article 2Party A promises and warrants:

 

		(1)	Party A is a legal person established in accordance with the law of the PRC and has the capacity and power to conduct civil
activities and to bear civil responsibility for its actions. Party A has obtained all due approval and authorization necessary
for the execution of this contract.

		(2)	All the documents, financial statements and representations provided in accordance with the law and at Party B’s request
in connection with this loan are valid, legal, truthful, accurate and complete, reflect Party A’s financial and operation
condition and, since the execution of This Contract, there has been no adverse change in Party A’s financial and operation
condition. The execution of This Contract and the performance of the obligations hereunder will not violate Party A’s current
Articles of Incorporation and internal policies nor any other binding contracts to which Party A is a party.

		(3)	The information on the type of business and products in the application are true, valid and legal and there is no omission
of any material facts.

		(4)	At the time of execution of This Contract, there is no litigation, arbitration, administrative sanction or other judicial proceeding
or other potential material dispute involving Party A. If, before the loan is repaid, there is any occurrence of any the above,
Party A will notify Party B in writing within 5 business days or 5 business days in advance prior to any likely date of such occurrence.

    	9

    	 

    
		(5)	Party A does not have any material debt or potential debt not already disclosed to Party B. At the time of execution of This
Contract, there is no activity of breach set forth in Article 5 of this Rider, no act violating any law, statutes, regulations
applicable to this loan or violating any other contract, agreement and covenant to which Party A is a party. And the execution
of This Contract and the performance of the obligations hereunder will not violate Party A’s current Articles of Incorporation
and internal policies nor any other binding contracts to which Party A is a party.

		(6)	Party A will maintain confidentiality on all financial information, technical data and other business/operation material about
Party B obtained during the course of the loan negotiation, including the contents of This Contract and other commercial secrets.

		(7)	Party A has obtained all business and administrative permits, approval, authorization and registration and other legal procedures
in connection with this loan and warrants that such documents remain valid.

		(8)	Party A accepts Party B’s examination and supervision regarding the use of the loan.

		(9)	Party A will assist Party B in its monitoring of Party A’s operation and financial conditions and provide financial or
loan performance reports promptly at Party B’s request.

		(10)	Party A will notify Party B immediately in writing if there is any occurrence of change adversely affecting its normal operation
or performance of its obligations hereunder, including the occurrence of any events set forth in Article 4 of this Rider.

		(11)	If there is any external investment, M&A, spin-off, equity restructuring, joint capital or joint venture or joint operation,
contracting or lease, external investment, substantial increase of debt financing, change in the scope of operation and registered
capital, bankruptcy or liquidation, that may affect Party B’s rights and interests, Party A must notify Party B in writing
30 days in advance and obtain Party B’s written approval before any of such activities can be conducted.

		(12)	If Party A provides guarantee to any third party, Party A must notify Party B and obtain Party B’s prior written approval.

		(13)	Party A promises not to dispose of any material assets without Party B’s approval.

		(14)	During the term of the loan, Party A must notify Party B in writing of any change in its legal name, legal representative,
important personnel change, address or telephone or fax numbers within 7 days of such change.

		(15)	If Party A wants to transfer any debt obligations hereunder to any third party, Party A must notify Party B and obtain Party
B’s prior written approval.

		(16)	Party A must notify Party B promptly if there is any occurrence of material adverse change that affects its ability to perform
the obligations hereunder.

    	10

    	 

    

 

 

 

		(17)	Party A promises to use the loan only for the purposed specified herein.

 

 

		III.	Other Rights and Obligations

 

Article 3Other Rights and Obligations

 

		(1)	Party A will perform its obligations hereunder in accordance with the law and the provisions regarding the specific type of
financing service; Party B shall have the right to examine the loan payment management and situation at any time and request Party
A to provide relevant reports and documents.

		(2)	Party A must provide truthful financial reports and information on the balances of all its bank accounts at Party B’s
request during the term of the loan.

		(3)	If there is any guarantee, Party A must notify Party B immediately if the guarantor violates any obligations and promises under
the guarantee contract or loses its ability to provide guarantee, or if there is any material reduction of the value of any items
pledged as guarantee, and provide additional guarantee to Party B’s satisfaction.

		(4)	Party B shall have no obligation to perform any of the obligations hereunder before Party A or its guarantor completes the
execution of guarantee contract(s) and the establishment of the corresponding pledge.

		(5)	Unless otherwise stipulated between Party A and Party B, Party A must be responsible for all fees in connection with This Contract
and the associated guarantee/pledge contracts, including but not limited to litigation fee, arbitration fee, appraisal fee, registration
fee, insurance fee, assessment fee, certification fee, traveling expenses and other fees incurred during the course of realizing
Party B’s claims and pledgee rights.

 

 

		IV.	Adjustment of Loan Amount and Acceleration of Loan Due Date

 

Article 4Upon the Upon the occurrence of any of the following,
Party B shall have the right to adjust the loan amount, declare immediately due or recall any amount of the loan already released
and suspend any future release of the loan:

 

		(1)	Party A experiences material deterioration in its operations or has already experienced major business difficulties.

		(2)	Any material market changes relevant to Party A’s operations.

		(3)	Major adjustment of the relevant government policies.

    	11

    	 

    

 

 

		(4)	Party A has breached its promises or warranties made in other contracts to which it is a party and Party A’s debts therein
have been declared immediately due by other creditors.

 

 

		V.	Liabilities for Breach

 

Article 5Upon the occurrence of any of the following, Party
A shall be considered in breach:

 

		(1)	Party A fails to completely and properly perform any of its promises, obligations, warranties or responsibilities hereunder.

		(2)	Party A’s guarantor fails to completely and properly perform any of its promises, obligations, warranties or responsibilities
under the associated guarantee contract or under other guarantee contracts to which it is a party.

		(3)	Party A fails to completely and properly perform any of its promises, obligations, warranties or responsibilities under other
loan contracts to which it is a party, or Party A has already been involved in litigation, arbitration or enforcement procedures
which, in Party B’s view, will adversely affect Party A’s ability to perform This Contract.

		(4)	There is any change in the guarantee hereunder that will adversely affect Party B’s claims, including but not limited
to loss of validity, revocation/cancellation of the guarantee contract, complete or partial loss of the guarantor’s ability
to provide guarantee, damage, disappearance, reduction of value of the items/properties pledged as guarantee and Party A fails
to provide additional guarantee to Party B’s satisfaction.

		(5)	Party A or its guarantor has expressed its willingness to perform its obligation under the guarantee contract either in writing
or through its actions.

		(6)	Party A provides false balance sheets, profit and loss statements and other important financial reports or withholds material
facts therein, or refuses to accept Party B’s examination and supervision of its operation, production and financial activities.

		(7)	Party A transfers assets, evades payments of taxes and debts or conducts other activities that will harm Party B’s rights
and interests.

		(8)	Party A violates other obligations hereunder.

 

Article 6If Party A commits act of breach, Party B shall
have the right, in addition to the right to adjust the loan amount, declare immediately due or recall any amount of the loan already
released and suspend any future release of the loan, to demand Party A to pay penalty interest, compound interest, past-due interest
and pay for default and compensation damages and other losses.

 

    	12

    	 

    

 

 

Article 7If any of Party A’s or its guarantor’s
obligations or responsibilities are due, Party B shall have the right to deduct appropriate amount directly from Party A’s
other accounts set up with Party B as repayment and to dispose Party A’s assets placed under Party B’s custodianship
and use the proceeds from such disposition as repayment without any responsibility for the resulting losses suffered by Party A.

 

Article 8Unless otherwise stipulated elsewhere, Party B
shall use the proceeds from exercising its creditor/pledgee rights to satisfy its creditor’s claims in the following order:
(1) fees incurred from the realization and exercising of its claims and rights; (2) damage and loss compensation; (3) default damages;
(4) compound and penalty interests; (5) past-due interest; (6) interest; (7) principal; (8) other amounts payable. And Party B
shall have the right to change the aforementioned order.

 

 

		VI.	Notices

 

Article 9Unless otherwise stipulated elsewhere, any notice
sent by Party B to Party A shall be considered received if it is sent by telex, telegram or fax or courier, or received three days
after it is posted in registered mail.

 

Article 10If Party A fails to notify Party B of any change
in its contact information, all notices sent by Party B to Party A shall be considered received if they are sent in the manner
specified herein, and Party A shall bear all responsibility for its failure to provide such notice of change.

 

 

		VII.	Resolution of Dispute

 

Article 11All disputes in connection with This Contract
must be resolved through consultation; if such consultation fails, the dispute shall be submitted to the people’s court at
Party B’s location for resolution.

 

 

		VIII.	Contract Effectuation

 

Article 12This Contract shall become effective upon execution
by both Party A and Party B.

 

Article 13The component parts selected and the Rider shall
constitute the complete provisions of This Contract.

    	13

    	 

    

 

 

		IX.	Others

 

Article 14The content following any “[   ]” represents
optional content, which can be selected by placing a “check” the “[   ]”; for any content not selected, a
“x” must be placed in the “[   ]” proceeding such content.

 

Article 15All contract names and section titles herein are
provided for convenience only and shall not affect the interpretation, or limit the content, of any provisions herein.

 

Article 16Party B has provided detailed explanation of
all provisions herein to Party A at the time of execution of This Contract and there is no inconsistence in the understanding of
the provisions herein between the parties hereto.

 

Article 17Party A agrees that Party B, pursuant to the
law and to the requirements of financial regulators in PRC, shall have the right to enter the relevant information provided by
Party A in the credit information database established by People’s Bank of China or other legal credit agencies.

 

Article 18Party A and Party B will enter into other agreements
if Party B also provides other credit services to Party A, and the provisions therein shall govern such other credit services.

 

Article 19Other Matters Stipulated between the Party A and
Party B

 

[None]

 

Article 20This Contract has 6 counterparts, with one to
each party and all of them have the same legal effect.

 

Article 21Attachment to the Rider: “List of Companies
Approved by Party A to Use the Loan Amount under the Comprehensive credit facility”

 

    	14

    	 

    

 

 

[Signature page]

 

 

Party A:/company seal/ Trunkbow Asia Pacific (Shandong)
Company Limited

Legal Representative: /personal seal/ HOU Wanchun

November 9, 2011

 

 

Party B:/company seal/ China Minsheng Banking Corp., Ltd.,
Dalian Division

Legal Representative: /personal seal/ XU Yongli

November 9, 2011

 

 

    	15(This is a summary translation to be
used for reference only)

 

 

Exhibit 10.21

 

Accounts Receivable Maximum Amount Pledge
Contract

 

(To be used when the Pledgor is a corporation)

 

S/N: 99062011Z97190

 

 

 

 

Pledgor:Trunkbow Asia Pacific (Shandong) Company Limited
(“Party A”)

Legal Representative: HOU Wanchun

Telephone:0531-89706000 x 6020

 

 

 

 

Pledgee:China Minsheng Banking Corp., Ltd., Dalian Division
(“Party B”)

Legal Representative: ZHAO Hui

Telephone:0411-82808234

 

 

 

To ensure the performance by Trunkbow Asia
Pacific (Shandong) Company Limited (hereinafter, the “Master Contract Debtor”) of the debt obligations under the Master
Contract entered into with Party B, Party A is willing to pledge its accounts receivable to Party B as guarantee on all the debt
obligations under the Master Contract and has entered into the following agreement with Party B.

 

 

 

    	1

    	 

    

 

 

I.Definitions

 

Article 1Unless otherwise defined in the context herein,
the following terms used herein shall have the definition below:

 

1.1“Accounts Receivable”
means the right to demand payment from those to who Party A has provided certain goods and services, including current and future
monetary debt and the associated proceeds but excluding any claims generated from any banknotes or other marketable securities.

 

 

 

1.2The “Base Contract” means
collectively all the contracts mentioned in Article 9 herein, under which the accounts receivable are generated.

 

 

 

1.3“Accounts Receivable Debtor”
means those parties and their legal successors and assignees that have the obligation to make payment to Party A under the base
Contract.

 

 

 

1.4“Accounts Receivable Registration
Agency” means People’s Bank of China Credit Information Center and/or its branches.

 

 

 

II.Type and Maximum Amount of the Master Claim under the
Guarantee

 

Article 2The Master Contract hereunder is Medium-to-Small
Sized Enterprise Financing Service Contract (S/N: 99062011297190) between Party B and the Master Contract Debtor; the Master Contract
is composed of the specific service contracts, application for the use of the loan and other IOU’s and electronic data thereunder.

 

Article 3The maximum amount guaranteed by Party A is RMB
50,000,000.00 (Fifty Million).

 

 

 

III.Period during Which the Master Claim Is Generated

 

Article 4The period during which the master claim is generated
has November 9, 2011 as the beginning date and November 8, 2012 as the end date. This provision has the following meaning:

 

4.1If the service type is loan service
under the Master Contract, then date of release of each of the loan amount shall not be later than the end date above.

 

4.2If the service type is the issuance
of bank acceptance notes/discounted commercial bills/letters of guarantee under the Master Contract, the dates of issuance of such
bank acceptance notes/discounted commercial bills/letters of guarantee shall not be later than the end date above.

 

    	2

    	 

    

 

 

 

 

4.3If the Master Contract Debtor is
a natural person, no expiration date of the period of performance of the debt obligations guaranteed hereunder shall be later than
the end date; if the Master Contract Debtor is a corporate legal or non-legal person, the period of performance of the debt obligations
guaranteed hereunder will not be limited by the end date.

 

 

 

IV.Term of Performance of the Debt Obligations by the Master
Contract Debtor

 

Article 5The term of performance of the debt obligations
by the Master Contract Debtor is provided in the specific service contracts under the Master Contract.

 

 

 

V.Scope of the Pledge Guarantee

 

Article 6The scope of the pledge guarantee is loan principal
due, interest, penalty interest, compound interest, default damages, loss compensation, custodian fees for the pledged items and
all other fees incurred during the course of realizing Party B’s claims and pledgee rights (including but not limited to
litigation fee, arbitration fee, appraisal fee, registration fee, insurance fee, assessment fee, certification fee, legal fee and
traveling expenses). All the fees mentioned above shall be included in the scope of the guarantee but not added to the loan principal
guarantee hereunder.

 

 

 

VI.Determination of the Claim under the Guarantee

 

Article 7Determination of the claim guaranteed hereunder
upon the occurrence of any of the following:

 

7.1The period during which the master
claim is generated set for in Article 4 herein has expired;

 

7.2The creditor under the Master Contract
declares all the debt obligations under the Master Contract immediately due in accordance with the law or provision therein;

 

7.3Party B exercises its pledgee right
in advance pursuant to the provisions in Article 20 herein;

 

7.4Other situation regarding the claim
under the guarantee as required by law.

 

    	3

    	 

    

 

 

 

 

Article 8The determination of the claim guaranteed hereunder
will have the following effect:

 

8.1All the outstanding loan obligation
under the Master Contract at the time of determination of the claim guaranteed hereunder will be included in the scope of the pledge
guarantee;

 

8.2All other amounts in addition to
the principal set forth in Article 6 herein at the time of determination of the claim guaranteed hereunder will be included in
the scope of the pledge guarantee;

 

8.3Starting from the date of determination
of the claim guaranteed hereunder to the time of full repayment of the claim under the guarantee, if there is any occurrence of
failure by the Master Contract Debtor to perform its debt obligations, Party B shall have the right to dispose of the pledged items
hereunder.

 

 

 

VII.Pledged Items

 

Article 9Party A will provide the accounts receivable described
in summary as follows as the pledge guarantee: All the qualified accounts receivable generated from April 1, 2010 to December 30,
2013 from contracts of the nature of purchasing contract entered into by Party A with its downstream customers.

 

Article 10Party A must set up a special accounts receivable
pledge amount return account with Party B (with its account No. being 160701418000184) to be used exclusively for collecting the
accounts receivable paid to Party A, and Party A agrees to use the funds therein as pledge guarantee; Party A shall have no right
to use any amount therein without Party B’s consent.

 

Article 11All yields on the pledged items during the period
of pledge guarantee shall be part of the pledged items.

 

 

 

VIII.Delivery and Safekeeping of the Pledge Items

 

Article 12All executed Base Contract hereunder and other
related documents (if any) must be delivered to Party B within 2 business days upon execution of this contract. Party A promises
to deliver all other Base Contract executed in the future within 5 business days upon its execution.

 

Article 13Before the delivery of all the documents regarding
the accounts receivable hereunder, if Party B expressly requests, Party A must assist Party B in obtaining the Confirmation Letter
(see Attachment 1 for its format) from the accounts receivable debtor.

 

    	4

    	 

    

 

 

Article 14The original copies of all the valid documents
and information regarding the accounts receivable hereunder, after they are acknowledged by both Party A and Party B, must be provided
by Party A to Party B for safekeeping.

 

Article 15If, after the accounts receivable debtors have
paid such amount into the special accounts receivable pledge amount return account, Party A applies for withdrawal of the funds
therein, Party A must provide documents of evidence approved by Party B and add corresponding accounts receivable amount into such
account; otherwise Party B shall have the right to deny Party A’s application.

 

 

 

IX.Realization of the Pledgee Right

 

Article 16After the claim under the guarantee is determined,
Party B shall have the right to exercise its pledgee right at any time and dispose of the pledged items hereunder if there is any
occurrence of failure to perform debt obligations by the Master Contract Debtor.

 

Article 17If there are other guarantees under the Master
Contract in addition to the guarantee hereunder, Party A’s responsibility to provide guarantee hereunder shall not be affected
or reduced by other guarantees. Party B shall have the right to opt for the exercise of the pledgee right hereunder.

 

Article 18Party B shall have the right to dispose of the
pledged items unilaterally in the following manner:

 

Transfer the accounts receivable under the
pledge, use the amount paid by the accounts receivable debtors, demand through negotiation with Party A the transfer of the accounts
receivable hereunder to Party B for disposition and use the proceeds as repayment, and resort to legal proceedings as exercise
of the pledgee right.

 

Article 19Party A must provide assistance to Party B in
its disposition of the pledged items and must not establish any obstacles.

 

Article 20Upon occurrence of any of the following, Party
B may opt for early exercise of the pledgee right:

 

20.1Party A’s violation of the
provisions herein, refusal to perform the obligations hereunder, or endangerment of Party B’s pledgee right;

 

20.2Party A’s involvement in litigation,
arbitration, administrative sanction, thus having adverse effect on the pledged items;

 

20.3Party A’s bankruptcy, going
out of business, filing for reorganization; or revocation or suspension of Party A’s business license;

 

    	5

    	 

    

 

 

 

 

20.4Any change in the pledged items
that is adverse to Party B, including but not limited to the loss of the accounts receivable debtors ability to perform the Base
Contract;

 

20.5Other situations that render it
difficult or impossible for Party B to realize its claims under the Master Contract.

 

Article 21Party B will use any proceeds through the exercise
of its pledgee right for repayment in the following order: (1) fees incurred from the realization and exercising of its claims
and rights; (2) damage and loss compensation; (3) default damages; (4) compound and penalty interests; (5) past-due interest; (6)
interest; (7) principal; (8) other amounts payable. And Party B shall have the right to change the aforementioned order.

 

Article 22If the master claim is in a foreign currency,
the proceeds through the exercise of its pledgee right for repayment will be converted at the time of such exercise.

 

 

 

X.Escrow

 

Article 23If the due dates for the accounts receivable debtors
obligations are early than the expiration of the term of the debt obligation performance under the Master Contract, Party B may
use the amount paid by the accounts receivable debtors for early repayment toward the master claim guaranteed hereunder, continue
to keep such amount in the special accounts receivable pledge amount return account, or provide it to a third party for escrow.

 

Article 24If Party B agrees to Party A’s transfer
of the pledged items hereunder, Party A must use the consideration from such transfer to repay the master claim guaranteed hereunder
or deposit such consideration into the special accounts receivable pledge amount return account, or provide it to a third party
for escrow.

 

 

 

XI.Rights and Responsibilities of Both Parties

 

Article 25Party A’s Rights and Responsibilities

 

25.1Party A is a legal person established
in accordance with the law of the PRC and has the capacity and power to conduct civil activities and to bear civil responsibility
for its actions. Party A has obtained all permits, approval and registration necessary for the execution of this contract.

 

25.2Party A has completed all internal
procedures and obtained authorization necessary for the execution and performance of this contract. The execution of this Contract
and the performance of the obligations hereunder will not violate Party A’s current Articles of Incorporation and internal
policies or any other binding contracts to which Party A is a party.

 

    	6

    	 

    

 

 

25.3Party A warrants that all the documents
and certification provided in connection with the pledged items are true, valid and legal.

 

25.4Party A will be responsible for
all fees in connection with this contract, including but not limited to legal service fee, registration fee, insurance fee, assessment
fee, certification fee, transfer fee and custodian fee;

 

25.5Party A warrants that Party A is
the legal creditor to the accounts receivable and has the ownership to the pledged items;

 

25.6Party A warrants that there is no
dispute regarding to the ownership to the pledged items;

 

25.7Party A warrants that the accounts
receivable pledged to Party B are all within the statute of limitation.

 

25.8Party A warrants that there is no
limitation on the pledged items hereunder;

 

25.9Party A warrants that Party A has
not conducted any disposition of any of the pledged items and has not established any encumbrances on the pledged items; prior
to the dissolution of this guarantee contract, Party A will not gift, transfer or re-pledge, or dispose of in any other form, the
pledged items before obtaining Party B’s written approval;

 

25.10 Party A warrants that Party A
has not engaged, and will not engage, in any activity that will cause the reduction of the value of the pledged items or any loss
to Party B;

 

25.11Party A has voluntarily executed
this contract and has obtained all the rights and authorization necessary for the execution and performance of this contract;

 

25.12Party A has the obligation to take
action to protect Party B’s interest if Party B’s pledgee right is, or will potentially be, harmed by a third party;

 

25.13If the Master Contract Debtor changes
the purpose of the loan, Party A will be responsible for all the resulting penalty interest and default damages;

 

25.14Party A shall have the right to
request the dissolution of the pledge guarantee after the Master Contract Debtor repays all the debts under the Master Contract;

 

25.15During the effective period of
the guarantee, if Party A engages in any merger, spin-off, dissolution or suspension of business, Party A must notify Party B 30
days prior to such activity; if there is any change in Party A’s address, name or legal representative, Party A must notify
Party B within 7 days of such change;

 

25.16Party A must first obtain Party
B’s written consent to any change to, revision of or supplement to the Base Contract already executed;

 

    	7

    	 

    

 

25.17At the time of execution of this
contract, if Party B explicitly requests, Party A and Party B must issue Payment Notice (see Attachment 2 for its format) to the
accounts receivable debtors and request such debtors to provide Confirmation Letter as written acknowledgement of such Payment
Notice;

 

25.18Party A promises to execute an
accounts receivable pledge registration agreement with Party B before Party B’s registration of the accounts receivable pledged;

 

25.19Party A warrants that the basic
information and the description of the accounts receivable provided to Party A are true and accurate;

 

25.10Party A promises to execute necessary
agreements with Party B at the time when Party B is processing the extension or change registration of the accounts receivable
pledge.

 

Article 26Party B’s Rights and Responsibilities

 

26.1Party B will return all the remaining
amount of the proceeds from the disposition of the pledged items after all the debt claims have been satisfied;

 

26.2Party B shall be entitled to the
yield on the pledged items;

 

26.3After all the debt obligations in
the scope of the pledge guarantee hereunder have been repaid, Party B must assist Party A in the procedures of cancelling the pledge
registration. And Party B will return all the Base Contract and other claim documents and certificates to Party A.

 

 

 

XII.Liability for Breach

 

Article 27After this contract has become effective, either
party hereto that fails to perform its obligations hereunder shall bear the corresponding liability for breach and compensate the
other party for any resulting loss.

 

Article 28After this contract has become effective, if Party
A refuses to assist Party B in the procedures of registration of the pledged items hereunder, thus causing it impossible to perform
the Master Contract, Party A must pay default damages in the amount equal to ___% of the amount of the master claim under the guarantee.

 

Article 29Party A must compensate Party B for any loss resulting
from any failure to provide complete and accurate documents regarding the pledged items, any omission of joint ownership to, dispute
about, freeze and seizure of the pledged items.

 

 

 

    	8

    	 

    

 

XIII.Force Majeure

 

Article 30If the occurrence of any event of Force Majeure
renders it impossible for either party to perform this contract, the affected party must notify the other party within 10 days
of such occurrence and provide written certification issued by the local certification agency.

 

 

 

XIV.Registration of the Pledge

 

Article 31Party A agrees that Party B will have the pledge
registered and agrees to provide assistance to Party B.

 

If there is any change to be made to the
contents under the registration due to omission or error, Party A agrees to allow Party B to process such change registration based
on the actual situation after such omission or error have been discovered.

 

If any change in its legal name, legal representative
and his/her valid personal ID, Party A must notify Party B within 5 days in writing after obtaining new official documents and
certification.

 

If there are other pledged items hereunder
and such pledged items must be registered pursuant to the law, Party A must process the registration of such pledged items within
15 days of the execution of this contract.

 

 

 

XV.Resolution of Dispute

 

Article 32All disputes in connection with this Contract
must be resolved through consultation; if such consultation fails, the dispute shall be submitted to the people’s court at
Party B’s location for resolution.

 

 

 

XVI.Contract Effectuation, Amendment and Dissolution

 

Article 33This contract becomes effective upon execution
by both parties.

 

Article 34Party A and Party B must enter into written agreement
regarding the amendment to and the dissolution of this contract.

 

 

 

    	9

    	 

    

 

XVII.Attachments

 

Article 35Other matters not covered herein may be provided
separately in written agreement, as an attachment hereto, between Party A and Party B. All attachments to this contract are component
parts and shall have the same legal effect.

 

 

 

XVIII.Rider

 

Article 36Notices and Delivery of Notices

 

36.1All notices sent by one party to the other must be delivered
to the addresses indicated on the first page of this contract.

 

36.2If such notice is sent by registered mail, it will be
considered received 4 days after it is posted; if by telex or fax, it will be considered received after transmission success acknowledgement
is received; if by courier, it will be considered received at the time of delivery by the courier.

 

Article 37This contract is in duplicates, with one to each
party.

 

Article 38Party B has provided detailed explanation of
all provisions herein to Party A at the time of execution of This Contract and there is no inconsistence in the understanding of
the provisions herein between the parties hereto.

 

Article 38Other Matters Stipulated between the Party A and
Party B

 

[None]

 

 

This contract is executed in Dalian.

 

Party A:/company seal/ Trunkbow Asia Pacific (Shandong)
Company Limited

Legal Representative: /personal seal/ HOU Wanchun

November 9, 2011

 

Party B:/company seal/ China Minsheng Banking Corp., Ltd.,
Dalian Division

Legal Representative: /personal seal/ XU Yongli

November 9, 2011

 

 

Attachment 1Accounts Receivable Debtor Confirmation Letter
[not translated]

Attachment 2Payment Notice [not translated]

[Translator’s note: in the original
contract in Chinese, the section numbers, rendered in this summary translation in Roman numerals, are out of sequence from Section
V to Section X]

 

    	10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]