Document:

CHANGE IN TERMS AGREEMENT

  

	Principal 
 $475,000.00	
        Loan Date

        03-15-2012
	Maturity
 11-15-2012	Loan No 
 31000218	Call/Coll	Account	Officer
 ***	Initials
	 	 	 	 	500BUSASTS	 	 	 

 

	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or  item.

Any item above containing "***" has been omitted due to text length limitations.

 

	Borrower: 	
        ECSI International, Inc.

        790 Bloomfield Avenue, Suite C-1

        Clifton, NJ 07012
	Lender:	
        Atlantic Stewardship Bank 

Lending 

        400 Hamburg Turnpike 

Wayne, NJ 07470

	 	 	 	 

 

	Principal Amount: $475,000.00	Date of Agreement: March 15, 2012

 

DESCRIPTION OF EXISTING INDEBTEDNESS.
Originate note dated March 15, 2011.

 

DESCRIPTION OF CHANGE IN TERMS. Extending
the maturity date to November 15, 2012 and payment and late charge as Indicated below. All other terms and conditions will remain
the same.

 

PROMISE TO PAY. ECSI International,
Inc. ("Borrower") promises to pay to Atlantic Stewardship Bank ("Lender"), or order, in lawful money of the
United States of America, the principal amount of Four Hundred Seventy-five Thousand & 00/100 Dollars ($475,000.00) or so much
as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated
from the date of each advance until repayment of each advance. Borrower also promises to pay all applicable fees and expenses.

 

PAYMENT. Borrower will pay this loan
in one payment of all outstanding principal plus all accrued unpaid interest on November 15, 2012. In addition, Borrower will pay
regular monthly payments of all accrued unpaid interest due as of each payment date, beginning April 15, 2012, with all subsequent
interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments
will be applied first to any unpaid collection costs; then to any late charges; then to any accrued unpaid interest; and then to
principal. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing.

 

VARIABLE INTEREST RATE. The interest
rate on this loan is subject to change from time to time based on changes in an independent Index which is the Prime rate as published
in the Wall Street Journal. When a range of rates has been published, the higher of the rates will be used (the "Index").
The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term
of this loan. Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate
upon Borrower's request. The interest rate change will not occur more often than each day. Borrower understands that Lender may
make loans based on other rates as well. The Index currently is 3.250% per annum. Interest on the unpaid principal balance of
this loan will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 0.250 percentage
points over the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial
rate of 4.500% per annum based on a year of 360 days. NOTICE: Under no circumstances will the interest rate on this loan be less
than 4.500% per annum or more than the maximum rate allowed by applicable law.

 

INTEREST CALCULATION METHOD. Interest
on this loan is computed on a 365/360 basis; that is, by applying the ratio of the Interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest
payable under this loan is computed using this method.

 

PREPAYMENT. Borrower may pay without
penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing,
relieve Borrower of Borrower's obligation to continue to make payments of accrued unpaid interest. Rather, early payments will
reduce the principal balance due. Borrower agrees not to send Lender payments marked "paid in full", "without recourse",
or similar language. If Borrower sends such a payment. Lender may accept it without losing any of Lender's rights under this Agreement,
and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts,
including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the
amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed
or delivered to: Atlantic Stewardship Bank, 400 Hamburg Turnpike Wayne, NJ 07470.

 

LATE CHARGE. If a payment is 10
days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment. This late charge
shall be paid to Lender by Borrower for the purpose of defraying the expense incident to the handling of the delinquent payment.

 

INTEREST AFTER DEFAULT. Upon default,
Including failure to pay upon final maturity, the interest rate on this loan shall be increased by adding an additional 3.000
percentage point margin ("Default Rate Margin"). The Default Rate Margin shall also apply to each succeeding interest
rate change that would have applied had there been no default. However, in no event will the interest rate exceed the maximum
interest rate limitations under applicable law.

 

DEFAULT. Each of the following shall constitute an Event
of Default under this Agreement: 

 

Payment Default. Borrower
fails to make any payment when due under the Indebtedness.

 

Other Defaults. Borrower
falls to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of
the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower.

 

False Statements. Any
warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf, or made by Guarantor, or
any other guarantor, endorser, surety, or accommodation party, under this Agreement or the Related Documents in connection with
the obtaining of the Indebtedness evidenced by this Agreement or any security document directly or indirectly securing repayment
of this Agreement la false or misleading in any material respect, either now or at the time made or furnished or becomes false
or misleading at any time thereafter.

 

Insolvency. The dissolution
or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any
part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of
any proceeding under any bankruptcy or insolvency laws by or against Borrower.

 

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other
method, by any creditor of Borrower or by any governmental agency against any collateral securing the Indebtedness. This includes
a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not
apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits
with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole
discretion, as being an adequate reserve or bond for the dispute.

 

Execution; Attachment.
Any execution or attachment is levied against the Collateral, end such execution or attachment is not set aside, discharged or
stayed within thirty (30) days after the same is levied.

 

Change in Zoning or Public
Restriction. Any change in any zoning ordinance or regulation or any other public restriction is enacted, adopted or implemented,
that limits or defines the uses which may be made of the Collateral such that the present or intended use of the Collateral, as
specified in the Related Documents, would be in violation of such zoning ordinance or regulation or public restriction, as changed.

 

Default Under Other Lien
Documents. A default occurs under any other mortgage, deed of trust or security agreement covering all or any portion of the
Collateral.

 

Judgment. Unless adequately
covered by Insurance in the opinion of Lender, the entry of a final Judgment for the payment of money involving more than ten
thousand dollars ($10,000.00) against Borrower and the failure by Borrower to discharge the same, or cause it to be discharged,
or bonded off to Lender's satisfaction, within thirty (30) days from the date of the order, decree or process under which or pursuant
to which such judgment was entered.

 

Events Affecting Guarantor.
Any of the preceding events occurs with respect to any Guarantor, or any other guarantor, endorser, surety, or accommodation
party of any of the Indebtedness or any Guarantor, or any other guarantor, endorser, surety, or accommodation party dies or becomes
incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness evidenced by this Note.

 

Change In Ownership. Any
change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A material
adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Indebtedness
is impaired.

 

    	 

    	 

    

 

	 	CHANGE IN TERMS AGREEMENT	 
	Loan No:31000218	(Continued)	Page 2

 

Insecurity. Lender in good
faith believes itself insecure.

 

Cure Provisions. If any default,
other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same provision of this
Agreement within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding
cure of such default: (1) cures the default within thirty (30) days; or (2) if the cure requires more than thirty (30) days, immediately
initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and
completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

 

LENDER'S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Agreement and all accrued unpaid interest immediately due, and
then Borrower will pay that amount.

 

ATTORNEYS' FEES; EXPENSES. Lender
may hire or pay someone else to help collect this Agreement if Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there
is a lawsuit, Including attorneys' fees, expenses for bankruptcy proceedings (Including efforts to modify or vacate any automatic
stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to
all other sums provided by law.

 

GOVERNING LAW. This Agreement will
be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of New
Jersey without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of New Jersey.

 

DISHONORED. ITEM FEE. Borrower
will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized charge with which
Borrower pays is later dishonored.

 

RIGHT OF SETOFF. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings,
or some other account). This Includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open
in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness
against any and ail such accounts, and, at Lender's option, to administratively freeze Oil such accounts to allow Lender to protect
Lender's charge and setoff rights provided in this paragraph.

 

COLLATERAL. Borrower acknowledges
this Agreement is secured by a lien on all business assets .

 

LINE OF CREDIT. This Agreement
evidences a revolving line of credit. Advances under this Agreement may be requested only in writing by Borrower or as provided
in this paragraph. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender's
office shown above. The following person or persons are authorized to request advances and authorize payments under the line of
credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: Arthur
E. Barchenko, President of ECSI International, Inc; and Natalie Barchenko, Treasurer of ECSI International, Inc. Borrower agrees
to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to
any of Borrower's accounts with Lender. The unpaid principal balance owing on this Agreement at any time may be evidenced by endorsements
on this Agreement or by Lender's internal records. Including daily computer print-outs. Lender will have no obligation to advance
funds under this Agreement if: (A) Borrower or any guarantor is in default under the terms of this Agreement or any agreement
that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Agreement;
(B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to
limit, modify or revoke such guarantor's guarantee of this Agreement or any other loan with Lender; (D) Borrower has applied funds
provided pursuant to this Agreement for purposes other than those authorized by Lender; or (E) Lender in good faith believes itself
insecure.

 

CONTINUING VALIDITY. Except
as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements
evidenced or securing the obligation (s), remain unchanged and in full force and effect. Consent by Lender to this Agreement
does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future
change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender
to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a
party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released
by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all
persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This
waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.

 

FINANCIAL STATEMENTS. The Borrower
will provide the Lender within one hundred twenty (120) days of the end of each fiscal / calendar year, annual financial statements
and business tax returns prepared by a certified public accountant satisfactory to the Lender. In addition, the Borrower will
furnish upon request, any additional financial Information the Bank deems necessary in support of and during the term of this
loan within thirty (30) days of such request. In addition to but not in lieu of any other remedies available to the Bank, upon
the Borrower's failure to provide the statements and/or financial records required to be provided by the Borrower and until such
statements and/or financial records are furnished, the interest rate under the note shall be increased one percent (1.00%) above
the rate of Interest then in affect on the note.

 

DEPOSIT RELATIONSHIP. As part of
the consideration to the Lender, the Borrower shall maintain a primary operating deposit relationship with the Lender. If the
account relationship is not maintained with the Bank, the interest rate shall immediately be increased one percent (1.00%}, .

 

CROSS DEFAULT. This Loan shall be
cross-defaulted with all present and future Loans to the Borrower.

 

SUCCESSORS AND ASSIGNS. Subject
to any limitations stated in this Agreement on transfer of Borrower's interest, this Agreement shall be binding upon and inure
to the benefit of-the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than
Borrower, Lender, without notice to Borrower, may deal with Borrower's successors with reference to this Agreement and the Indebtedness
by way of forbearance or extension without releasing Borrower from the obligations of this Agreement or liability under the Indebtedness.

 

MISCELLANEOUS PROVISIONS. If any
part of this Agreement cannot be enforced, this fact will not affect the rest of the Agreement. Lender may delay or forgo enforcing
any of its rights or remedies under this Agreement without losing them. Borrower and any other person who signs, guarantees or
endorses this Agreement, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any
change in the terms of this Agreement, and unless otherwise expressly stated in writing, no party who signs this Agreement, whether
as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may
renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair,
fail to realize upon or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender
without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of
or notice to anyone other than the party with whom the modification is made. The obligations under this Agreement are joint and
several.

 

PRIOR TO SIGNING THIS AGREEMENT, BORROWER
READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES
TO THE TERMS OF THE AGREEMENT.

 

BORROWER:

 

	ECSI INTERNATIONAL, INC.	 	 	 
	 	 	 	 	 
	By:	/s/ Arthur E. Barctienko	 	By:	/s/ Natalie Barchenko
	 	Arthur E. Barctienko, President of ECSI International, Inc.	 	 	Natalie Barchenko, Treasurer of ECSI International, Inc.

  

 

LASER PRO Lending, Ver. 5.50.00.000 Copr. Maryland Financial
Solutions, Inc. 1897. 2012. All Rights Reserved. – NJ GRCFT\LF11\d200.FG TA-11567 PR-19Exhibit 10.15

 

Code: 110004881100011

 

Agreement Factoring Service with Recourse
(Buy-back)

 

The Seller: Tianjin Seashore New District Shisheng Business
Trading Group Co., Ltd

Address:

Legal representative: Cheng Weihong

 

Factoring bank: Tianjin Branch of Zheshang Banking Inc.

Address: 37 Youyi North Road, Hexi District, Tianjin

Representative: Zhou Ping

 

Content

Article One Definition

Article Two Presentation and Warranties

Article Three Financing amount, prepay percentage and term of
factoring

Article Four Interests and expenses

Article Five Transfer of receivables

Article Six Collection of receivables

Article Seven Buy-back

Article Eight Reservation and exercise of recourse

Article Nine Undertakings

Article Ten Default liabilities

Article Eleven Miscellaneous

Article Twelve Settlement of dispute

Article Thirteen Effectiveness, modification and termination

 

Article One Definition

Application Letter for transfer of receivables shall refer to
the document in Appendix 3 hereto;

Confirmation letter for transfer of receivables shall refer
to the document in Appendix 4 hereto;

Contract of Factoring Service shall refer to the document in
Appendix 5 hereto;

Notice of receivables transfer shall refer to the document in
Appendix 6 hereto;

Factoring account shall refer to the specific account through
which the factoring bank provides its factoring services to the Seller. All account receivable from the Buyer under this agreement
shall be paid to this account.

1.2 Unless otherwise provided herein,

A. this Agreement shall include any amendment or supplement
thereto or to any factoring document;

B. the provisions and appendix shall refer only to the provisions
and appendix of this Agreement;

C. the titles and subtitles used herein are for reference purpose
only, and shall neither constitute any interpretation nor any limit of context or scope of this Agreement.

 

Article Two Presentation and Warranties

2.1 The Seller hereby presents and warrants to the Factoring
Bank that:

A. it is incorporated under the laws of the People’s Republic
of China conducting business within the scope of its Business License;

B. it has the full competence to perform the rights and obligations
hereunder;

C. its performance of this Agreement will not violate or be
in conflict with any laws or regulations that are binding upon it; its performance of this Agreement will not violate any other
contract binding upon it or any document or charter under which it is established;

D. all information provided by the Seller the Factoring Bank
are true, correct and complete, without any material or contingent liability undisclosed to the Factoring bank;

 

    	 

    	 

    

 

E. upon the effectiveness of this Agreement, there is no proceedings,
arbitration or other potential material dispute against the Seller that are pending, or may consequently result in any material
adverse impact of any form;

F. the financial statements provided by the Seller to the Factoring
Bank are made under applicable laws, rules and accounting principles of China, which reflect the true, correct and fair financial
status and performance of the Seller by the date thereof, and there is no adverse and substantial changes to such financial status
and performance of the Seller after the date of such statements.

 

Article Three Financing amount, prepay percentage and term of
factoring

3.1 The factoring amount granted by the Factoring Bank to the
Seller hereunder shall be RMB ONE HUNDRED MILLION ONLY for a term of one year, which is effective from the date of this Agreement.
The above provided amount may be recycled during the term, but the aggregated financing amount due by the Seller at any moment
during the term shall not exceed the said amount.

3.2 Before receivables are collected, the Factoring Bank shall
offer factoring financing to the Seller for an advance payment not more than 80% ;

3.3 The term of any factoring fund for receivables shall be
maximally 12 months, of which factoring term shall not exceed 13 months and shall not be overdue more than one month.

 

Article Four Interests and expenses

4.1 Interest under this Agreement shall be 7.8% for factoring
term.

For financed amount not collected after expiration of overdue
term, the interest shall be calculated as per that for the overdue term.

4.2 Interest of factoring amount shall be calculated on basis
of number of days effective from the date that the financed amount is transferred to the Seller’s account. The Seller shall
pay interest of each period to the Factoring Bank on each interest due day.

Interest shall be paid on the date when the specific factoring
amount is mature.

4.3 The charges of credit investigation and credit line verification
shall be paid within 5 working days after such investigation and verification are completed. Other expenses due, regardless in
whole or in parts, shall be paid up within 3 working days to the Factoring Bank after each specific factoring contract is made.

 

Article Five Transfer of receivables

5.1 The account receivables transferred to the Factoring Bank
by the Seller must satisfy the conditions listed below:

A. the goods sales contract, service contract or liability relation
under which such account receivables are generated are legal, valid and true without any dispute;

B. there shall be no term or condition in such goods sales contract
or service contract that limit such transfer of the account receivables in question;

C. the title to the account receivables shall be clear without
any defect; the Seller shall not transfer it to any third party and shall not place any pledge or other privilege claim over it;

D. the term of account receivables shall be less than 12 months,
or maximally not exceeding 18 months; the age of account receivable shall be rational with proper rate of bad debt, as well as
predictable and controllable risks; the turnover of account receivable shall be over the average level of the sector.

5.2 Account receivables shall be transferred as per the procedure
below:

A. the Seller submit application letter for transfer of receivables
as well as the document listed below:

		·	one photocopy of goods sales contract
or service contract with the Seller’s official stamp;

		·	original shipping document;

		·	copy of commercial invoice;

		·	receipt issued by the Buyer of goods or
service;

		·	other document that the Factoring Bank
may request.

B. after reviewing account receivables to be transferred by
the Seller, the Factoring Bank shall return the confirmation letter for transfer of receivables to the Seller;

C. the Seller and the Factoring Bank enter into a factoring
contract, under which the Factoring Bank transfers the amount in question to the Seller’s account.

 

    	 

    	 

    

 

5.3 In the event that the Buyer provides guarantee of any form
upon the account receivable, the Seller shall transfer such guarantee jointly to the Factoring Bank, and an agreement of transferring
such guarantee shall be entered into simultaneously with the factoring contract. Should there be any provision in the guarantee
contract between the Buyer and the Seller prohibiting such transfer, the Seller shall, on request of the Factoring Bank, assist
the Factoring Bank to claim such guarantee.

5.4 From the date the factoring contract takes effectiveness,
the title to the account receivables thereunder shall be transferred to the Factoring Bank, who shall be entitled to all rights
of such transferred receivables.

5.5 Transfer of account receivable shall be informed to the
Buyer.

 

Article 6 Collection of Receivables

  

6.1 Collection of the receivables
hereunder shall be consigned to the Seller through an agreement with the Factoring Bank, by which the Seller is accountable for
collecting receivables and paying it to the Factoring Bank.

 

6.2 After receiving the full
amount paid by the Buyer, the factoring bank shall check it with each ledger account of the receivables;
as for the account that is affirmed, the factoring business shall be written off; as for the receivables that do not correspond
to the ledger account of the receivables, the factoring bank shall promptly inform the Seller
who shall promptly cooperate with the factoring bank to affirm the receivables.

 

6.3 The Buyer payment collected
by the factoring bank shall be used in the following sequence:

 

A. punitive interest

 

B. expenses and compensations

 

C. interest

 

D. financing capital

 

Should there be any balance after the above sum of money has
been deducted, the left factoring money shall be deposited into the Seller’s account in time.

 

Article 7 Buy-back

 

7.1
For receivables complying with the following conditions, the Seller shall buy it back unconditionally
within 3 working days upon receiving a written notice from the factoring bank:

 

A. the factoring bank
fails to receive the money paid by the Seller at the expiration of factoring term or the payment
by the Seller is less than the financing amount, financing interest, penalty interest and other relevant expenses;

 

B. the
Buyer has raised objections to the receivables;

 

C. the Seller
has transferred the receivables that is agreed to be used in factoring business to a third party or has used it as a guarantee
for a third party;

 

D. receivables under factoring service declared yield
by the factoring bank as per Article 10 of this Agreement

 

7.2 In case the Seller has
made a buy-back in full, the business concerned shall be canceled at once.

 

    	 

    	 

    

 

Article 8 Reservation and exercise of
recourse

 

8.1
At the expiration of a factoring term, if the Buyer fails to pay the receivables in full, the factoring bank is entitled to decide
whether to recourse. The exercise of the right of recourse to the Buyer shall not affect the
Seller’s duty of buy-back. If the factoring bank has received total or part of the payment from the Buyer, the sum of money
paid by the Seller for buy-back shall also be reduced. If there is any factoring balance, the factoring bank shall give it to the
Seller.

 

Article 9 Undertakings

 

9.1
The factoring bank hereby undertakes the following to the Seller:

 

A. to provide prompt and adequate financing and other
factoring services to the Seller according to this agreement;

 

B. to keep
the information materials about debt, financial affairs, production, and management as secret unless otherwise agreed by this agreement
or stipulated by law;

 

9.2
The Seller hereby undertakes the following to the factoring bank:

 

A. the receivables
agreed to be used in the factoring business shall be settled through a factoring account and the factoring bank shall be authorized
to manage and supervise this account according to the letter of consignment on management of the sales ledger account;

 

B. to provide the factoring
bank with a complete, true and accurate financial report within 120 days’ since the end
of each financial year; to provide a mid-term financial report to the factoring bank within 90 days’ since the end of half
of each financial year;

 

C. to accept and cooperate
with it in the work of investigation and verification raised by the factoring bank; if it is
necessary, to cooperate with the factoring bank to take money-recovery measures or to bring lawsuits to the Buyer;

 

D.
to inform the factoring bank within 5 days’ since the occurrence of the following events:

  

·   the
occurrence of any breach of the agreement;

 

·   anticipatory
breach of the agreement or any events that might occur to infringe the factoring bank’s rights or interests under this agreement;

 

·   any
lawsuits, arbitrations or any other claims raised by any debtor concerning a total compensation of RMB10,000 or above;

 

·   shareholding
reform, contracting, renting, merging, separation, joint operation, foreign joint venture or foreign cooperation, alteration of
business scope or registered capital, change of ownership and other important matters.

   

E. to immediately provide the factoring bank with
the copy of any loan, guarantee or other financing arrangement signed after the commencement of this agreement that is crucial
or might substantially badly affect this agreement;

 

F. Besides transferring the receivables and relevant
rights to the factoring bank, it shall continue to perform all the other obligations provided by the contract of purchases, sales
or services.

 

Article 10 Default Liabilities

 

10.1 Any of the following shall
be deemed as an event of default:

 

    	 

    	 

    

 

A. the Seller fails to perform its obligations hereunder,
or violates the presentations, warranties and undertakings made herein;

 

B.
cross breach of the contract, including any of the following circumstances:

  

·   any
other debt above RMB10,000 that becomes compulsory to be paid or declared payable before the provided mature date of such
debt;

 

·   the
Seller fails to pay any of the other debt before the agreed expiration date and fails to correct within the relevant grace period;

 

·   any
other debtor has obtained all or part of the ownership of the Seller’s business or capital; or the award or judgment aiming
at any of the Seller’s capital has been compulsively executed and thus substantially affect the its ability to perform its
obligations provided by this agreement;

  

C.
the anticipatory breach of the contract includes the following circumstances:

 
 

·   the
Seller has stopped or is most likely to stop its business or any important part of its business or the Seller has disposed or
is most likely to dispose its business or any important part of its business and thus
substantially affect the its ability of to pay back the principal and interest.

 

·   The
financial situation of the Seller has substantially worsened or the ability to perform this contract has substantially worsened;

 

·   The
bad debt rate of the Seller’s receivables has successively risen for two months and the proportion of the unrecovered receivables
at expiration has risen for more than 10%;

 

·   There
are twice or more times that the Seller fails to fully repurchase (including replacement) the receivables;

 

·   Any
other circumstances that affect or might affect the performance of the obligations by the Seller under this agreement.

 

10.2
if any of the breach of the contract above occurs, the factoring bank is entitled to adopt one or more of the following measures:

 

A. to distribute a notice on breach of the contract
to require it to correct its breach behaviors;

 

B. to stop the factoring business with the Seller
and to terminate this agreement;

 

C. to declare that the factoring business is going
to expire and ask the Seller to repurchase the unrecovered receivables at once;

 

D. to deduct relevant sum of money from any of the
account of the Seller in the factoring bank or its branches so as to pay off all the principal and interest of the financing funds
and other required expenses;

 

E. at the expiration of the receivables, to recourse
directly to the Buyer

 

10.3 As for the interest that
has not been paid on time, compound interest shall be calculated and collected according to the normal factoring term rate, extension
period rate and overdue rate.

 

10.4 The Seller shall compensate
the factoring bank for all the losses, liabilities, compensations, fees and expenses.

 

10.5 Under the three circumstances
of section D in article 7, the factoring bank is entitled to stop the factoring business for the occurred receivables of the Buyer,
although the receivables is in line with the agreement of article 5.1.

 

Article 11 Miscellaneous

 

11.1 The factoring bank shall
record all the capital, interests, expenses, any other sum of money and the repayment of the Buyer in its internal financing book.
The abovementioned records as well as the document and vouchers regularly issued and retained in the business processes between
the factoring bank and the Seller shall constitute the effective evidence for the performance of this agreement by the factoring
bank and the Seller.

 

    	 

    	 

    

 

11.2 The Seller shall not transfer
any of its rights or obligations under this agreement to a third party without prior written consent of the factoring bank;

 

11.3 Failure or postpone to
perform any of the rights or right to decision by the Factoring Bank shall not be deemed a waiver of such right or right to decision.
Any individual or partial performance of such rights shall not impact further perform of such rights. The rights and indemnities
provided herein are accumulative, and shall not exclude any other rights and indemnities provided by laws and regulations.

 

Article 12 Settlement of Disputes

 

12.1 The laws of the People's
Republic of China apply to the conclusion, effectiveness, interpretation, performance and disputes settlement of this contract.
Any dispute arising from or concerned to this contract shall be negotiated by the two parties at first. If they fail to reach an
agreement, the issue in question shall be brought before court where Party A is located.

 

Article 13 Effectiveness, Modification
and Termination

 

13.1 This agreement shall come
into effectiveness on the date when it is signed and stamped by the legal representative or authorized agent of the parties; it
shall remain effective until all the obligations of the Seller under this agreement are performed;

 

13.2 Any modification of this
agreement shall be in writing with consensus of the parties; any modification of this agreement shall constitute a part of this
agreement with equivalent effectiveness; this agreement remains effective before any modification to this agreement is made.

 

13.3 Invalidity or unenforceability
of any provision hereof shall not impact the validity and enforceability of the rest provisions.

 

13.4 Modification or termination
of this agreement shall not affect the right of the parties to claim for compensation; and the termination of this agreement shall
not affect the validity of the articles of disputes settlement.

 

Appendix 1 Letter of Attorney on Management of the Factoring
Sales Ledger Account

 

Appendix 2 Agreement on Authorization for Money-Recovery

 

Appendix 3 Application Letter on Transfer of Receivables

 

Appendix 4 Affirmation Letter on Transfer of Receivables

 

Appendix 5 Contract on Factoring Business

 

Appendix 6 Notice on Transfer of Receivables

 

Seller: _________________

 

Legal Representative (Authorized Agent):

 

Factoring Bank:___________

 

Signature of the Person in Charge (Authorized Agent)

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