Document:

Unassociated Document

    RESTATED

    PROMISSORY
NOTE

    

    

    
      	
              $540,348.50

            	
              Dated
      Effective February 28, 2009

            
	 
      	
              Rochester,
      New York

            

    

    

    

    For value
received, IEC Electronics Corp., a Delaware Corporation (hereinafter referred to
as "Undersigned" or "Maker"), promises to pay to the order of Nicholas Vaseliv
at 187 Guinevere Drive, Rochester, NY 14612 ("Holder"), the sum of Five Hundred
Forty Thousand Three Hundred Forty-eight and 50/100 Dollars ($540,348.50), with
interest on the unpaid balance at the rate of four percent (4%) per annum, in
eighteen (18) quarterly installments of principal and interest as
follows:  

    

    1.           As
set forth on the amortization schedule attached hereto as Exhibit A and made a
part hereof, until the entire obligation is paid in full.  If not
sooner paid, the entire unpaid principal balance of this Promissory Note
("Note") with accrued interest shall be all due and payable on June 1,
2013.  All payments shall be applied first to interest and the balance
to principal.

    

    2.           
The Undersigned shall have the right to prepay this obligation in whole or in
part at any time without premium or penalty.

    

    3.           
In the event that any payment shall not be made within fifteen (15) days of its
due date, then the Undersigned agrees to pay a "late charge" in the sum of two
percent (2%) of the amount then due.

    

    4.           This
Note and all other obligations of the Maker or any endorser or guarantor hereof,
direct or contingent, shall immediately become all due and payable and the then
unpaid balance of this Note shall be accelerated and the same, with all interest
accrued thereon, shall forthwith become due and payable without notice or
demand, which are hereby expressly waived, upon the occurrence, with respect to
any Maker, endorser or guarantor hereof, of any of the following events of
default (each hereinafter referred to as an "Event of Default" and
collectively referred to as AEvents of
Default@):

    

    A.           failure
to pay any installment of principal or interest within thirty (30) days of the
due date;

    

    B.           suspension
or liquidation by any of them of their usual business;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    

    C.           filing
by or against any of them of any proceeding, suit or action for reorganization,
dissolution or liquidation or a petition under any of the provisions of the
Bankruptcy Act not stayed, bonded or vacated within sixty (60) days of any
filing;

    

    D.           application
for, or appointment of, a receiver of any of them or their property, , unless
the same shall be dismissed within sixty days after such application or
appointment;

    

    F.           making
or sending notice of an intended bulk sale or any other transfer of
substantially all of the Undersigned's assets and the subsequent consummation of
any such transaction, unless the purchaser or transferee of such assets also
assumes this Note; or

    

    F.           if
any judgment, attachment or execution against any of them or their property for
any amount in excess of $100,000.00 remains unpaid, unstayed, or undismissed for
a period of more than thirty (30) days.

    

    5.                      Upon
the occurrence and during the continuance of any Event of Default, Holder may
change the rate of interest on this Note from the rate set forth herein to the
rate set forth herein plus four percent (4%), such change of rate to become
effective on the date notice of such Event of Default is given to Maker and to
remain in effect until such Event of Default is cured or this Note is paid in
full, regardless of whether Holder elects to accelerate the indebtedness
evidenced by this Note by reason of such Event of Default.  If this
Note is not paid in full when it becomes due, or if any installment thereof is
not paid when that installment becomes due, the Maker agrees to pay all costs
and expenses of collection incurred after the occurrence of such Event of
Default, including reasonable attorneys' fees.

    

    6.                      The
failure of the Holder to exercise any of its options to call this Note due and
payable upon any Event of Default shall not operate as a waiver or estoppel on
its part to declare the total amount of unpaid principal and interest due and
payable on any subsequent default which shall not be cured.

    

    7.                      This
Note shall be construed in accordance with the laws of the State of New
York.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES EACH
HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION, CAUSE OF
ACTION, OR COUNTERCLAIM ARISING UNDER OR IN ANY WAY RELATED TO THIS NOTE AND
UNDER ANY THEORY OF LAW OR EQUITY.

    

    8.                      The
Undersigned and all endorsers, sureties and guarantors hereof, hereby jointly
and severally waive presentment, demand for payment, notice of dishonor, notice
of protest and protest, and all other notices or demands in connection with the
delivery, acceptance, performance, default, endorsement, or guarantee of this
Note.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    

    9.                      This
Note is subject to the express condition that at no time shall Maker be
obligated or required to pay interest on the principal amount of the Note at a
rate which could subject Holder to either civil or criminal liability as a
result of being in excess of the maximum interest rate which Maker is permitted
by law to contract or agree to pay.  If, by the terms of this Note,
Maker would at any time be required or obligated to pay interest at the rate in
excess of such maximum rate, the rate of interest under this Note shall be
deemed to be immediately reduced to such maximum rate and the interest payable
thereafter shall be computed at a rate not to exceed such maximum rate and all
previous payments in excess of such maximum rate shall be deemed to have been
payments in reduction of the principal balance of the Note instead of payments
of interest thereon.

    

    10.                      The
covenants and obligations of this Note shall be binding upon Maker, its
successors, executors and assigns and shall inure to the benefit of Holder, its
successors and assigns.

    

    11.                      In
the event that that any Parent Indemnified Person [as that term is define in the
Agreement and Plan of Merger by and among IEC Electronics Corp., VUT Merger
Corp., Val-U-Tech Corp. and Holder, among others, dated May 23, 2008 (the
"Merger Agreement")] determines that it has suffered a Loss for which
indemnification is available pursuant to the Merger Agreement, the following
procedure shall be followed (the capitalized terms set forth in this Section
shall have the mean ascribed to them in the Merger Agreement unless defined
herein):

    

    A.           Parent
Indemnified Person shall give written notice of any such Loss (a “Loss Notice”)
to the Shareholders’ Representative specifying in reasonable detail the amount
of the claimed Loss (the “Loss Amount”) and the basis for such Loss and whether
the Parent intends to offset the amount of such Loss against the Purchase
Notes.

    

    B.           Within
twenty (20) days after delivery of a Loss Notice, the Shareholders’
Representative shall provide to Parent and the Parent Indemnified Person (if not
the same Person), a written response (a “Response Notice”) in which the
Shareholders’ Representative will (i) agree that an offset in the full Loss
Amount may be made against the Purchase Notes, (ii) agree that an offset in an
amount equal to part, but not all, of the Loss Amount (the “Agreed Amount”) may
be made against the Purchase Notes or (iii) contest making any offset against
the Purchase Notes.  The Shareholders’ Representative may contest an
offset against the Purchase Notes upon a good faith belief that all or such
portion of such claimed Loss does not constitute a Loss for which the Parent
Indemnified Person is entitled to indemnification under the Merger
Agreement.  If no Response Notice is delivered by the Shareholders’
Representative within such twenty (20) day period, the Shareholders’
Representative shall be deemed to have agreed that an offset in the full Loss
amount may be made against the Purchase Notes.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    C.           If
the Shareholders’ Representative in the Response Notice agrees (or is deemed to
have agreed pursuant to clause B above) that an offset may be made against the
Purchase Notes in an amount equal to the Loss Amount, this Promissory Note and
each other Promissory Note issued to a Company Shareholder pursuant to the
Merger Agreement shall be reduced by a portion of the Loss amount that is the
same percentage of the Loss as this Promissory Note is of all Purchase
Notes.

    

    D.           If
the Shareholders’ Representative in the Response Notice agrees that an offset in
an Agreed Amount may be made against the Purchase Notes, this Promissory Note
and the Purchase Note of each other Company Shareholder shall be reduced by in
the same percentage of the Loss as this Promissory Note is of all Purchase
Notes.

    

    E.           If
the Shareholders’ Representative in the Response Notice contests an offset
against the Purchase Notes equal to all or any part of the Loss Amount (the
“Contested Amount”), the Parent Indemnified Person and the Shareholders’
Representative shall negotiate in good faith to resolve any such
dispute.  During the period of such negotiation, and thereafter until
the resolution of such dispute, Parent shall make any payments due on the
Purchase Notes, up to the Contested Amount, to the Escrow Agent named in Clause
F below, to be held and disbursed in accordance with the provisions of the
Merger Agreement.  If the resolution of such Contested Amount results
in a determination or agreement that the Purchase Notes shall be reduced, then
the Purchase Note of each Company Shareholder shall be reduced by the same
percentage of the dollar amount of the award set forth in such determination or
agreement as this Note is of all Purchase Notes.

    

    F.           If
the Parent claims that it is entitled to offset any Contested Sum against the
Purchase Notes, it shall make each of the payments due with respect to the
Purchase Notes coming due after the date of the Response Notice (up to, but not
in excess of, the Contested Sum) (together, the “Escrow Sum”)  to
Olver Korts, LLP and Boylan, Brown, Code, Vigdor & Wilson, LLP, as Escrow
Agent, to be held and disbursed in accordance with the terms set forth in
Section 9.03(a)(vi) of the Merger Agreement.  Parent's failure to make
any payment to the Escrow Agent when due shall be an Event of
Default.

    

    Each term
that is capitalized in this Section 11 that is defined in the Merger Agreement
and not otherwise defined herein shall have the meaning ascribed to it in the
Merger Agreement.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    

    12.           This
Note and the obligation of Maker to make payments hereunder are subordinated to
the obligations of Maker to Manufacturers and Traders Trust Company (the “Bank”)
pursuant to a Credit Facility Agreement between Maker and the Bank, as the same
may be amended from time to time, as and to the extent provided in a
Subordination Agreement among the Bank, Maker, Payee and certain other persons
dated May 29, 2008.

    

    13.           This
Restated Promissory Note is given in replacement of and in substitution for, but
not in payment of, a Promissory Note dated May 29, 2008 in the original
principal amount of $690,000.00, issued by Maker to Holder.

    

    IN WITNESS WHEREOF, the
undersigned has caused this Note to be duly executed as of the date first above
written.

    

    
      
        	 
      	
                IEC
      ELECTRONICS CORP.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                BY:

              	
                  
      /s/ W. Barry Gilbert
  

              
	 
      	 
      	
                W.
      Barry Gilbert, Chief Executive
Officer

              

      

    

    

    

    STATE OF
NEW YORK)

    COUNTY OF
MONROE) ss.:

    

    On the
_____ day of ________ in the year 2009 before me, the undersigned, a Notary
Public in and for said State, personally appeared W. Barry Gilbert, personally
known to me or proved to me on the basis of satisfactory evidence to be the
individual whose name is subscribed to the within instrument and acknowledged to
me that he executed the same in his capacity set forth above, and that by his
signature on the instrument it was executed on behalf the entity named
above.

    

    
      	 
      	
                                   
      

            
	 
      	
              Notary
      Public

            

    

    

    
      
         

      

      
        5(Logo)

    SPD
BANK

    Shanghai
Pudong Development Bank

    

    Short-Term
Loan Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    No.:
7772008280156

     

    Shanghai
Pudong Development Bank

    

    Short-Term
Loan Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Short-term
Loan Agreement

     

    
      
        	
                To:
      SPDB Tianjin Branch

              	
                No.:
      77072008280156

              

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          	
                                                                                                                  Customer’s

                                                                                                                  name

                                                                                                                	 
      	
                                                                                                                  Tianjin
      Yayi Industrial Co. Ltd.

                                                                                                                	 
      	
                                                                                                                  Date of application:

                                                                                                                	 	Nov. 28, 2008
	
                                                                                                                  Address:

                                                                                                                	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                                                                  Contact:

                                                                                                                	 	 	 
      	      
	
                                                                                                                  Tel:

                                                                                                                	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                                                                  Bank
      contact:

                                                                                                                  (for bank staff)

                                                                                                                	 	 	 
      	 
      
	
                                                                                                                  Fax:

                                                                                                                	 
      	 
      	 
      	 
      	 
      	 
      	 	 	 
      	 
      

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    We hereby
irrevocably apply for short-term working capital from you under the following
terms:

    A.
Primarily Important Clause

    The
agreement serves as an independent credit loan document between the customer and
the bank

    B.
Description of the Loan

    (If the
interest rate and penalty interest rate have already been stated in the
financing amount limit agreement which the customer has signed, there is no need
to fill the column )

    Types of
Short-term loan: A. Fixed-due short-term loan; B. Free-repayment short-term
loan

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            	 	 	 	 	 	 	      
                                                                    Loan

                                                                    Withdrawing 

                                                                  	 	 	 	
                                                                    Interest
      rate

                                                                  	 	Liquidated	 	      
                                                                    Penalty

                                                                    interest
      rate

                                                                  	 	      
                                                                    Penalty interest

                                                                    rate
      for 

                                                                  
	
                                                                    Type

                                                                  	 	
                                                                    Amount

                                                                  	 	
                                                                    Currency

                                                                  	 	
                                                                    
                                                                      Date

                                                                  	 	
                                                                    Due
      Date

                                                                  	 	
                                                                    Standard

                                                                  	 	
                                                                    Variance

                                                                  	 	
                                                                    Executive

                                                                  	 	
                                                                    by
      each

                                                                  	 	
                                                                    
                                                                      for
      overdue

                                                                  	 	
                                                                    
                                                                      embezzlement

                                                                  
	
                                                                    A

                                                                  	 	
                                                                    10Million

                                                                  	 	
                                                                    RMB

                                                                  	 	
                                                                    Nov
      28, 2008

                                                                  	 	
                                                                    Nov
      28, 2009

                                                                  	 	 	
                                                                    5.58

                                                                  	%  	
                                                                    30%
      higher

                                                                  	 	 	
                                                                    7.254

                                                                  	%  	
                                                                    quarter

                                                                  	 	
                                                                    50%
      higher than executive interest rate

                                                                  	 	
                                                                    100%
      higher than executive interest rate

                                                                  
	 
      	 	 
      	 	 
      	 	 
      	 	 
      	 	 	 	 	 
      	 	 	 	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      	 	 	 	 	 
      	 	 	 	 	 
      	 	 
      	 	 
      

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    Note: the
RMB interest rate means annual interest rate, while the variance should be noted
with period. For type A loan, the due date should be filled; while for type B
loan, the latest date for the customer to repay the loan should be
indicated.

    C.
Description of Guarantee

    (If the
guarantee related information has already been stated in the financing amount
limit agreement which the customer has signed, there is no need to fill the
column)

    
      
        	
                Guarantor:

              	
                Tianjin
      Haitai Investment Guarantee Co., Ltd.

              	
                Manner:

              	
                Mortgage;  Pledge; ü
      Warrant

              

      

    

    
       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    D.
General Clauses 

      
        

      

    

    The
customer hereby confirm reading and agreeing with the general clauses in the
loan agreement as following:

    
      	
              1.

            	
              After
      signing the agreement, the bank may cancel its promise for releasing loan
      under the agreement at an time unless the bank has already released the
      amount of loan which the customer has applied
  for.

            

    

    
      	
              2.

            	
              Payment
      term of interest: unless specified, the interest should be calculated by
      each day and liquidated by each quarter. Every 20th
      day of the last month of each quarter is the interest-liquidating
      day.

            

    

    
      	
              3.

            	
              Submission
      of documents  The customer promises to submit the following
      documents or meet the conditions before withdrawing the capital, but the
      bank is not obliged to check the authentication of such
      documents:

            

    

    
      	
              
              

            	
              (1)

            	
              Photocopies
      of the latest Articles of Association and Business License of the
      customer;

            

    

    
      	
              
              

            	
              (2)

            	
              Board
      Resolution on the loan;

            

    

    
      	
              
              

            	
              (3)

            	
              Letter
      of authorization for the customer’s signatory and the signatory’s
      signature sample;

            

    

    
      	
              
              

            	
              (4)

            	
              The
      agreement legally signed by the
customer;

            

    

    
      	
              
              

            	
              (5)

            	
              The
      loan withdrawing day should be the bank’s business
  day;

            

    

    
      	
              
              

            	
              (6)

            	
              If
      the loan is guaranteed, the guarantee document should have already been
      signed and effective before the loan is
  withdrawn;

            

    

    
      	
              
              

            	
              (7)

            	
              Other
      documents or conditions required by the bank from time to
      time.

            

    

    
      	
              4.

            	
              If
      the designated loan withdrawing date is not the bank’s business day, it
      should be deferred to the next business day of the bank. During the
      deferred period, the interest should be
  calculated.

            

    

    
      	
              5.

            	
              Repay
      or end before the due.  For the type B short-term loan, the
      customer may repay the loan at any time before the due. For the type A
      short-term loan, if the customer wants to repay the loan before due, it
      should get the bank’s written consent at first and repay all the cost and
      loss resulted from the repayment before due, unless the bank informs the
      customer to repay the loan before due. At any time, the bank has the right
      to inform the customer to repay the loan under this agreement before due
      for no reason, and the customer should follow the bank’s notice to repay
      such loan at once.

            

    

    
      	
              6.

            	
              Tax.
      The customer should repay the loan in full amount unless related laws
      require the customer to deduct relevant taxes. If the customer has to
      follow related laws to deduct relevant taxes, it should pay additional
      capital to the bank so as to make sure that the bank receives the full
      amount repayment.

            

    

    
      	
              7.

            	
              Statement
      and Promise. The customer makes the following statement and promise, which
      should be considered as repeatable at each time the bank offers capital to
      the customer on the basis of the
agreement:

            

    

    
      	
            	
              (1)

            	
              The
      customer is incorporated under the laws of China (not including Hong Kong,
      Macao and Taiwan, and the same is true when “China” is mentioned below).
      The customer has the right to sign the agreement and any related document.
      The customer has already taken all necessary actions to make the agreement
      and related documents legal, effective and
  enforceable;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
            	
              (2)

            	
              By
      signing the agreement and fulfilling the duties under the agreement, the
      customer will not conflict with any other contract, articles of
      association, any applicable law, rule or administrative order, related
      documents, judgment, arbitration or any other duties or arrangement
      ;

            

    

    
      	
            	
              (3)

            	
              The
      customer and any of its shareholders, affiliated companies is not involved
      in or likely to be involved in liquidation, bankrupting, restructure,
      acquisition, merger, separation, reorganization, dismissing, closing,
      business stoppage or similar legal
procedures;

            

    

    
      	
            	
              (4)

            	
              The
      customer is not involved in or likely to be involved in any economic,
      civil, criminal or administrative suit or similar arbitrative
      procedures;

            

    

    
      	
            	
              (5)

            	
              No
      important asset of the customer’s legal representative, directors,
      monitors or other officers is involved in or likely to be involved in any
      forcible execution, seizure, freeze, retention or
    supervision;

            

    

    
      	
            	
              (6)

            	
              The
      customer insures all of its financial statements (if any) comply with the
      Chinese laws and reflect its financial conditions truly, completely and
      fairly and insures all the documents and information about itself and the
      guarantor are true, valid, accurate and complete with anything
      missed;

            

    

    
      	
            	
              (7)

            	
              The
      customer strictly follows laws and regulations in its business operation,
      and covers its annual survey procedures following the time
      limit.

            

    

    
      	
            	
              (8)

            	
              The
      customer promises that there is no other thing which may bring serious
      negative influence to the customer’s ability to fulfill the
      agreement.

            

    

    
      	
              8.

            	
              Promises.
      The customer promises as following:

            

    

    
      	
            	
              (1)

            	
              The
      customer will obey and fulfill all the duties under the
      agreement;

            

    

    
      	
            	
              (2)

            	
              The
      customer will follow the agreement to repay the principle and interest of
      the loan and will pay for related expenses; the customer will apply for
      and obtain all the approval, authorization, registration and permit, and
      keep them valid so as to make the customer be able to sign and fulfill the
      agreement; if the bank requires, the customer should present relevant
      certification at once;

            

    

    
      	
            	
              (3)

            	
              Within
      five business days after knowing it has been involved into any economic,
      civil, criminal or administrative suit or similar arbitration procedures,
      or within five business days after knowing any of its important assets has
      been involved in any forcible execution, seizure, freeze, retention or
      supervision, it should inform the bank about the influence in detail and
      the remedy measures the customer has taken or has planned to
      take;

            

    

    
      	
            	
              (4)

            	
              Without
      the bank’s written consent, the customer must not pay off any debt or
      fulfill any duty of guarantee of large amount to any third
      party;

            

    

    
      	
            	
              (5)

            	
              Without
      the bank’s written consent, the customer must not enter any other debt or
      provide any privileged guarantee for any third party’s debt; from the day
      the agreement is signed, the customer must not do the following things
      with out the bank’s written consent before repaying off all the debt under
      the agreement:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              a.

            	
              conduct
      liquidation, bankrupt, acquisition, merger, separation, reorganization,
      dismissing, closing, business stoppage or similar legal
      procedures;

            

    

    
      	
               
      

            	
              b.

            	
              sell,
      lease, give, transfer or dispose any of its important assets in any other
      manner except for the need of daily
operation;

            

    

    
      	
               
      

            	
              c.

            	
              change
      its equity structure;

            

    

    
      	
               
      

            	
              d.

            	
              sign
      any contract/agreement which may bring serious negative influence to the
      customer’s ability to fulfill its duties under the agreement or undertake
      any duty which may bring similar
influence.

            

    

    
      	
            	
              (6)

            	
              If
      any specific condition or change occurs, the customer should follow the
      bank’s requirement to provide other guarantee acceptable to the bank. The
      above mentioned specific condition or change includes but is not limited
      to the guarantor’s out of business, dismissing, business license
      cancellation, application for bankrupt, crucial change in operational or
      financial condition, engagement in serious suit or arbitration; the
      customer’s legal representative, director, monitor or chief officers
      involved in suits; the decrease or possible decrease in the value of the
      guaranty or the freeze of the guaranty; the customer breaches the
      guarantee contract or request to terminate the guarantee
      contract;

            

    

    
      	
            	
              (7)

            	
              Per
      the bank’s request, the customer should cover the enforceable notarization
      procedures at the notarizing authority appointed by the bank, and the
      customer should under the expense and be willing to accept the
      enforcement;

            

    

    
      	
            	
              (8)

            	
              The
      customer should inform the bank about anything which may influence the
      customer’s ability in fulfilling the duties under the
      agreement.

            

    

    
      	
              9.

            	
              Expenses.
      For any expense related to the modification, signature, enforcement,
      notarization and registration, the customer should pay to the bank right
      after the bank’s request. The customer should pay for any stamp tax and
      other taxes related to the agreement, unless a law indicates that certain
      taxes must be paid by the bank.

            

    

    
      	
              10.

            	
              The
      interest rate under the agreement is
fixed.

            

    

    
      	
              11.

            	
              Penalty
      interest. If the customer is not able to pay for the interest on time, it
      should pay for the compound interest to the bank every quarter on the
      basis of the standard interest rate calculated per day; if the loan is
      overdue, the customer should pay for penalty interest (including penalty
      interest for embezzling and interest payable) on the basis of payables to
      the bank every quarter. The liquidation date is the 20th
      of the last month of each quarter.

            

    

    
      	
              12.

            	
              Authorized
      repayment and deduction. The customer hereby authorizes the bank to deduct
      the payable amount from the customer’s account in the bank for repaying
      any outstanding payment, no matter is the outstanding payment is under the
      agreement or not, the customer owes to the bank. The authorization is
      irrevocable. If exchange rate is involved, the bank may follow the
      exchange rate fixed on its own, and the risk of exchange rate should be
      undertaken by the customer.

            

    

    
      	
              13.

            	
              Evidence
      for debt. The bank will follow its customary practice to keep records
      about the agreement on its accounting books. The customer admits that the
      records, except for obvious mistakes, are the valid evidence for its debt
      to the bank.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              14.

            	
              Transfer.
      The customer must not transfer any of its duties or rights under the
      agreement. The bank may transfer its duties or rights under the agreement
      to any third party at any time, and may disclose any information,
      including any information that the customer or the guarantor has provided
      to the bank for agreement, to the third
party.

            

    

    
      	
              15.

            	
              Information
      disclosure. The customer agrees that apart from the disclosure allowed in
      clause 14, the bank may also disclose any information related to the
      agreement to its head-quarter, branches, affiliated institutions and
      personnel hired by such institutions. Meanwhile, the bank is allowed to
      disclose under the requirement of any law, regulation or monitoring
      department, governmental
authorities.

            

    

    
      	
              16.

            	
              Breach.
      If the customer has violated any statement or promise in the agreement, or
      such statement or promise has been proved to be incorrect, untrue or
      misleading, or the customer has violated or failed to fulfill any duty
      under the agreement, or anything which may influence the customer’s
      ability to repay the loan, or the customer has violated any regulation in
      the guarantee, the bank will have the right to announce the loan is due
      before the agreed due, and has the right to require the customer to
      undertake all the loss of the bank, including the attorney
      fee.

            

    

    
      	
              17.

            	
              Special
      regulation for group customers. If the customer is a group, the customer
      hereby agrees: (1) the customer should report any affiliated transaction
      involving 10% or more of the net assets of the actual loan receiver,
      including: a. the relationship among all the parties involved in the
      transaction; b. item of transaction and feature of transaction; c. the
      amount of transaction or corresponding ratio; d, pricing policy (including
      transaction with no amount or symbolic amount); (2) if the actual loan
      receiver is in one of following cases, the customer will be considered to
      breach the agreement, and the bank is entitled to cancel the loan which
      the customer has not yet used and to take back part or all the used loan
      as well as to request the customer to pay for 100% guarantee money: a. the
      customer provides fake documents or hides crucial operational or financial
      facts; b. the customer changes the function of the loan, embezzles the
      loan or uses the loan for illegal transactions; c. the customer makes use
      of the its fake contract with affiliated party to get cash or loan from
      the bank; d. the customer refuses to accept the bank’s inspection to the
      use of the loan and to the customer’s operational or financial activities;
      e. when important merger, acquisition occurs, the bank thinks it may
      influence the safety of the loan; f. the customer intentionally avoids
      repaying the loan through affiliated
  transaction.

            

    

    
      	
              18.

            	
              Others__________________________________________________________________________________

            

    

    
      	
              19.

            	
              Applicable
      laws and jurisdiction. The agreement applies to the laws of China. If any
      dispute arises, the local people’s court at the bank’s place has
      non-exclusive jurisdiction.

            

    

    
      	
              20.

            	
              Address
      for suit delivery. The customer confirms that for any suit under the
      agreement, the related subpoena, notice and other documents will only need
      sending to the address stated in the beginning of the agreement. If the
      change of the address is not informed to the bank in advance, the change
      will not be effective.

            

    

    
      	
              21.

            	
              Severability
      of the clauses. If any of the clauses is invalid, illegal or
      non-enforceable, it will not influence the validity or legality or
      enforceability of other
clauses.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              22.

            	
              Within
      the validity of the agreement, if the bank has deferred any action to the
      customer’s violation to the agreement, it will not influence the bank’s
      right as the creditor, or be taken as the bank’s permission to the
      customer’s violation, or be regarded as the bank has given up its right to
      take action against the customer’s
violation.

            

    

    
      	
              23.

            	
              If
      there is financial limit agreement (if any, including the valid changes
      made from time to time) is different with the agreement, the agreement
      should be taken as the standard.

            

    

    
      	
              24.

            	
              Signature.
      There should be four original copies of the agreement, with the customer
      holding one and the bank holding three. The agreement will be effective
      from the date of application after both parties have stamped on it and
      authorized signatories have signed on
it.

            

    

    Signature
Column

    Both
parties hereby confirm that they have fully discussed about all the clauses,
have no dispute on the clauses and have correct understanding to all the duties
and rights.

    
      
        	
                The
      customer (company seal)

              	
                The
      bank (company seal)

              
	 
      	 
      
	
                Authorized
      signatory’s signature or stamp: (stamp)

              	
                Authorized
      signatory’s signature or stamp:
(stamp)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00156-of-00352.parquet"}]]