Document:

THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") OR UNDER
      THE LAWS OF ANY STATE OR OTHER JURISDICTION. THIS NOTE MAY NOT BE OFFERED OR
      SOLD UNLESS REGISTERED UNDER THE ACT AND UNDER THE LAWS OF THE STATES WHERE
      EACH
      SALE IS MADE, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS IS AVAILABLE
      IN
      THE OPINION OF COUNSEL SATISFACTORY TO THE BORROWER.

    

    

    PROMISSORY
      NOTE

    

    FOR
      VALUE
      RECEIVED, Mustang Alliances, Inc., a Nevada corporation (the "Borrower"), hereby
      promises to pay to First Line Capital, LLC (the "Holder"), with an address
      at
      410 Park Avenue, 15th
      Floor,
      New York, NY 10022 , the aggregate principal amount of the Loan (as defined
      below) which is outstanding from time to time and evidenced hereby plus interest
      thereon as set forth below.

    

    Until
      the
      second anniversary of the date of this Note, upon at least two (2) business
      days' prior written notice to the Holder, the Borrower may borrow from the
      Holder, from time to time, any amount in increments of up to $50,000 and the
      Holder shall advance to the Borrower such amount that is so requested by the
      Borrower; provided, however, that the aggregate principal amount outstanding
      under this Note shall not exceed  $200,000
      at any given time and the Holder shall not be obligated to make any advances
      if
      an Event of Default has occurred and is continuing. The principal amount
      borrowed and outstanding under this Note is sometimes referred to herein as
      the
      "Loan".

    

    Interest
      shall accrue on the outstanding principal amount of this Note at the rate
      of   eight
      percent (8%) per annum, beginning on the date of this Note until this Note
      is
      paid in full. The principal amount of this Note and all accrued and unpaid
      interest shall be due and payable on October 5, 2009 (the
      "Maturity Date"). Upon the occurrence and during the continuance of any Event
      of
      Default (as defined below), the amounts then due and payable under this Note
      (including the entire principal and accrued interest if such payments are
      accelerated at the election of the Holder) shall bear interest equal to the
      lesser of (a) the maximum amount permitted to be charged under applicable law
      or
      (b) fifteen (15%) percent per annum from the due date thereof until paid in
      full
      or such Event of Default has been cured or waived (the "Default Interest
      Rate").

    

    The
      following additional terms shall apply to this Note:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      I

    GENERAL

    

    1.1
      Payment Records. The amount, date and unpaid balance of the Loan shall be as
      evidenced by the applicable books and records of the Holder, which shall be
      conclusive evidence thereof in the absence of manifest error. The Holder is
      hereby authorized to endorse such particulars of the Loan on the grid attached
      hereto.

    

    1.2
      Payment on Non-Business Day. If this Note, or any payment hereunder, falls
      due
      on a Saturday, Sunday or a New York public holiday, this Note shall fall due
      or
      such payment shall be made on the next succeeding business day and such
      additional time shall be included in the computation of any interest payable
      hereunder.

    

    1.3
      Cost
      of Collection. If any payment due hereunder is not paid when due, the Borrower
      agrees to pay all costs of collection, including attorney's fees, all of which
      shall be added to the amount due hereunder, such charges to bear interest at
      the
      Default Interest Rate. In addition, if this Note is referred by Holder to any
      attorney for collection, the Borrower shall pay all attorney fees incurred
      by
      Holder therefor.

    

    1.4
      Prepayment. The Borrower may prepay all or part of this Note without penalty
      or
      premium.

    

    ARTICLE
      II

    EVENTS
      OF
      DEFAULT

    

    The
      occurrence of any of the following events of default (each an "Event of
      Default") shall, at the option of the Holder, make all sums of principal and
      interest then remaining unpaid hereon and all other amounts payable hereunder
      immediately due and payable:

    

    2.1
      Failure to Pay Principal or Interest. The Borrower fails to pay the principal
      of
      this Note or interest hereon when due.

     

    2.2
      Breach of Covenant. The Borrower breaches any material covenant or other
      material term or condition of this Note.

    

    2.3
      Breach of Representations and Warranties. Any representation or warranty of
      the
      Borrower made herein or in any certificate given in writing pursuant hereto
      or
      in connection herewith shall be false or misleading in any material
      respect.

    

    2.4
      Receiver or Trustee. The Borrower shall make an assignment for the benefit
      of
      creditors, or apply for or consent to the appointment of a receiver or trustee
      for its or for a substantial part of its property or business; or such a
      receiver or trustee shall otherwise be appointed.

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2.5
      Judgments. Any money judgment, writ or similar process shall be entered or
      filed
      against Borrower or any of its property or other assets for more than $10,000,
      and shall remain unvacated, unbonded or unstayed for a period of thirty (30)
      days.

    

    2.6
      Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings
      or
      other proceedings or relief under any bankruptcy law or any law for the relief
      of debtors shall be instituted by or against the Borrower.

    

    ARTICLE
      III

    REPRESENTATIONS
      OF BORROWER

    

    Representations
      and Warranties of the Borrower. The Borrower hereby represents and warrants
      to
      the Holder that:

    

    3.1
      Organization, Good Standing and Qualification. The Borrower is a corporation
      duly organized, validly existing and in good standing under the laws of the
      State of Nevada.

    

    3.2
      Authorization. All organizational action on the part of the Borrower, its
      officers and directors necessary for the authorization, execution and delivery
      of this Note and the performance of all obligations of the Borrower hereunder
      has been taken and the Note constitutes valid and legally binding obligations
      of
      the Borrower, enforceable against the Borrower in accordance with its
      terms.

    

    3.3
      Governmental Consents. No consent, approval, order or authorization of, or
      registration, qualification, designation, declaration or filing with, any
      federal, state or local governmental authority on the part of the Borrower
      is
      required in connection with the consummation of the transactions contemplated
      by
      this Note.

    

    3.4
      Compliance with Other Instruments. The Borrower is not in violation or default
      of any provisions of its Certificate of Incorporation or By-laws or of any
      material instrument, judgment, order, writ, decree or contract to which it
      is a
      party or by which it is bound or of any provision of federal or state statute,
      rule or regulation applicable to the Borrower. The execution, delivery and
      performance of this Note and the consummation of the transactions contemplated
      hereby will not result in any such violation or be in conflict with or
      constitute, with or without the passage of time and giving of notice, either
      a
      default under any such provision, instrument, judgment, order, writ, decree
      or
      contract or an event which results in the creation of any lien, charge or
      encumbrance upon any assets of the Borrower.

    

    ARTICLE
      IV

    MISCELLANEOUS

    

    4.1
      Failure or Indulgency Not Waiver. No failure or delay on the part of Holder
      hereof in the exercise of any power, right or privilege hereunder shall operate
      as a waiver thereof, nor shall any single or partial exercise of any such power,
      right or privilege preclude other or further exercise thereof or of any other
      right, power or privilege. All rights and remedies existing hereunder are
      cumulative to, and not exclusive of, any rights or remedies otherwise
      available.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    4.2
      Notices. All notices or other communications given or made hereunder shall
      be in
      writing and shall be deemed delivered the day telecopied (with copy mailed
      by
      overnight courier) to the party to receive the same at its address set forth
      below or to such other address as either party shall hereafter give to the
      other
      by notice duly made under this Section 5.2: (i) if to the Borrower, to same
      at
      the address of Borrower set forth above, fax number 212-504-2800 ;
      and
      (ii) if to the Holder, to the address of Holder set forth above, fax number:
      ____________________ .

    

    4.3
      Amendment Provision. The term "Note" and all reference thereto, as used
      throughout this instrument, shall mean this instrument as originally executed,
      or if later amended or supplemented, then as so amended or
      supplemented.

    

    4.4
      Assignability. The Holder may not assign the rights and obligations under this
      Note to a third party without the prior written consent of the Borrower. This
      Note shall be binding upon the Borrower and its successors and assigns, and
      shall inure to the benefit of the Holder and its successors and assigns.

    

    4.5
      Governing Law. This Note has been executed in and shall be governed by the
      internal laws of the State of New York, without regard to the principles of
      conflict of laws. Borrower consents to the jurisdiction of the courts sitting
      in
      New York in connection with any and all actions arising under this
      Note.

    

    

    IN
      WITNESS WHEREOF, Borrower has caused this Note to be signed in its name
      by
      its duly authorized officer on this 5th day of October, 2007.

     

    
      	 	 	 
	 	MUSTANG ALLIANCES, INC.
	 
 	 
 	 
 
	 	By:  	/s/
              Joseph Levi
	 	
              
Name:
              Joseph Levi
	 	Title:
              President

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    GRID
      for
      PROMISSARY NOTE 

     

    
      	Date	
              Amount
                Advanced

            	
              Date
                and Amount of Payment

            
	 	 	 
	
              October
                5, 2007

            	
              $40,000

            	 
	 	 	 
	 	 	 
	 	 	 

    

    

    
      
         

      

      
        5AGREEMENT

    

    THIS
      AGREEMENT (this “Agreement”) is entered into and shall be effective as of
      November 30, 2007, by and between Mustang Alliances, Inc., a Nevada corporation
      (“Mustang”), with an address at 410 Park Avenue, 15th
      Floor,
      New York, New York 10022 and Chongqing Jeneng ABS Corporation, Limited., a
      Chinese corporation (“Jeneng ABS”), with an address at 8F District, Chongqing,
      Nepune Mansion, No. 62, Xingquang Road, New and North Zone, Yebei District,
      Chongqing, China (together, the “Parties”).

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Jeneng ABS warrants that it is in the business of manufacturing ISO9001
      compliant anti-lock brakes and associated components in China (the
“Technology”); and 

     

    WHEREAS,
      Jeneng ABS warrants that is the sole and exclusive owner of the technology
      and
      manufacturing equipment, that are necessary in order to manufacture the
      Technology; and 

     

    WHEREAS,
      Mustang is a development stage company which desires to sell the Technology
      in
      the United States and its territories; and

     

    WHEREAS,
      Mustang desires to have the exclusive license sell the Technology in the United
      States and its territories upon the terms and conditions contained in this
      Agreement; and without limitation of the foregoing, precluding Jeneng from
      sales
      of the Technology in the United States and its territories; 

     

    NOW,
      THEREFORE, in consideration of the mutual covenants and agreements herein
      contained, and other good and valuable consideration, the adequacy, sufficiency
      and receipt of which are hereby acknowledged, the Parties agree as
      follows:

    

    Section
      1.  License.
      Jeneng
      ABS hereby grants to Mustrang and Mustang accepts, on the terms and conditions
      set forth herein, an exclusive, non-transferable license to sell the Technology
      (the “License”) in connection with the business of Mustang. In consideration for
      the License, Mustang shall pay to Juneng ABS a license fee equal to ten percent
      (10%) of all gross revenues from sale of the Technology (the “license fee”). The
      license fee shall be payable by Mustang to Jeneng ABS on a quarterly
      basis.

    

    Section
      2.  Delivery
      of Technology; Support and Technical Assistance.
      The
      Technology shall be ready to be shipped by sea, securely and properly packaged
      so as to prevent any damage in transit, by Juneng ABS to Mustang within fourteen
      (14) days of receipt of orders therefor. Juneng ABS shall provide to Mustang
      reasonable levels of support and technical assistance in connection with the
      Technology as may reasonably be requested by Mustang from time to time. Juneng
      ABS shall make its personnel available by email, phone or fax during normal
      business hours for feedback, problem-solving, or general questions. Additionally
      Juneng ABS shall provide Mustang with the know-how and other expertise with
      respect to the Technology and its use and deployment, including, without
      limitation, the provision of technical assistance in general to Mustang to
      address or resolve queries, problems or questions.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Section
      3.  Approvals.
      Immediately after the execution of this Agreement, Mustang shall begin the
      process of obtaining, and shall obtain, any necessary permits, approvals, and
      certifications with respect to the import of the Technology to the United States
      as may be required by the state or local laws and the federal laws of the United
      States (collectively, the “Approvals”). Except as otherwise agreed, the
      Approvals shall be issued in the name of, and shall be owned by, Mustang.

    

    Section
      4.  The
      Business.
      Mustang
      undertakes to use commercially reasonable efforts to:

    

    A.
       Design,
      review and prepare literature, catalogs, brochures, fliers and other related
      materials with respect to the business of selling the Technology in the United
      States (the “Business”).

    

    B.
       Develop
      an internet web site for the purpose of marketing the Technology.

     

    Section
      5. Term
      and Termination.
      

    

    5.1
       Term.
      The
      term of this Agreement shall be five (5) years, commencing as of the date
      hereof, unless cancelled or terminated earlier as provided in this Agreement
      (the “Term”). 

    

    5.2
       Termination.
      

    

    A.
       Mustang
      shall be
      entitled to terminate this Agreement by giving not less than twenty (20) days’
prior written notice to Juneng ABS if there is any change in the management,
      ownership or control of Juneng ABS. Juneng ABS shall provide written notice
      to
      Mustang no less than thirty (30) business days prior to the consummation of
      any
      change in the management, ownership or control of Mustang.

    

    B.
       Without
      prejudice to any other provision in this Agreement, either of the Parties shall
      be entitled to terminate this Agreement by giving not less than five (5) days’
written notice to the other Party upon the occurrence of any of the following:
      

    

    1. The
      other
      Party
      commits
      any breach of any of the provisions of this Agreement and fails to remedy the
      same within fifteen (15) days after receipt of a written notice giving full
      particulars of the breach and requiring it to be remedied; or

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2. 
      The
      other
      Party shall file for bankruptcy proceedings, moratorium, receivership,
      liquidation, or
      anything
      analogous to any of the foregoing under the law of any jurisdiction.

    

    Section
      6.  Representations
      and Warranties.
      

    

    6.1
       Juneng
      ABS
      warrants
      that (a) it (i) is the sole owner of the Technology, including all copyright
      and
      other intellectual property rights therein, (ii) has the right to Technology
      and
      grant all of the rights herein granted; (iii) has obtained any and all necessary
      permissions from third parties to license the Technology, and (b) the use of
      the
      Technology by Mustang in accordance with the terms of this Agreement shall
      not
      infringe the rights of any third party. 

    

    6.2
       Juneng
      ABS
      warrants
      that the Technology shall be manufactured in accordance with pre-approved
      specifications and shall be free from defects throughout the Term.

    

    Section
      7.  Confidential
      Information.
      During
      the Term and for one year thereafter, each of the Parties shall hold in
      strictest confidence and shall not directly or indirectly disclose, use or
      publish any of the Confidential Information (defined below) of the other party
      unless expressly authorized in writing by such other Party. As used in this
      Agreement, the term "Confidential Information" means all items, materials and
      information which belong to a Party and are not generally known to the public,
      or which have been confidentially provided to the other Party. Confidential
      Information includes, but is not limited to, pricing information and policies;
      trade secrets (as defined by applicable law); computer programs (code);
      software; research and development projects and materials; methods of operation;
      technical information; processes; formulas; compositions; systems; techniques;
      non-public know-how of the Business; customer account information, lists and
      data; estimating procedures; sources of supplies or materials; marketing plans
      or strategies; the existence and contents of agreements; financial information,
      data, statements or accounts; and all documentation, reports and data (recorded
      in any form) relating to the foregoing. 

    

    Section
      8.  Indemnity.
      Juneng
      ABS
      shall
      indemnify and hold harmless Mustang and its affiliates, officers, directors,
      stockholders, employees, and agents, and the successors and assigns of all
      of
      them (the "Indemnified Parties"), and shall reimburse the Indemnified Parties
      for, any loss, liability, claim, damage, expense (including, but not limited
      to,
      costs of investigation and defense and attorneys' fees) directly or indirectly
      arising from or in connection with (a) any failure by Juneng
      ABS
      to
      perform or comply with any agreement, covenant or obligation in this Agreement,
      (b) any claim made at any time by any governmental authority or third person
      with respect to the business of Juneng
      ABS;
      and (c)
      any claim made at any time by any third party of an alleged infringement of
      copyright or any other property right arising out of the use of the anti-lock
      brake systems and components by Mustang in accordance with the terms of this
      Agreement. This indemnity shall survive the expiration of the Term.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Section
      9. Liability.
      Juneng
      ABS shall obtain a policy of liability insurance in an amount reasonably
      agreeable to Mustang to insure against claims for personal injury and/or
      property damages due to any defects or malfunctions in the Technology alleged
      to
      have caused damage. Juneng ABS shall add Mustang as an additional insured in
      such insurance policy.

    

    Section
      10. Miscellaneous.

    

    9.1 Notices.
      All
      notices, requests, demands, claims and other communications hereunder shall
      be
      in writing. Any notice, request, demand, claim or other communication hereunder
      shall be deemed duly given (a) if by personal delivery, when so delivered,
      (b)
      if mailed, two (2) business days after having been sent by registered or
      certified mail, return receipt requested, postage prepaid and addressed to
      the
      intended recipient as set forth on the first page of this Agreement, (c) if
      sent
      through an overnight delivery service in circumstances to which such service
      guarantees next day delivery, the day following being addressed to the intended
      recipient as set forth on the first page of this Agreement; or (d) if given
      by
      facsimile, once such notice is transmitted to the facsimile number specified
      in
      writing by the intended recipient for such purpose and the appropriate answer
      back or telephonic confirmation is received. Either of the Parties may change
      the address to which notices, requests, demands, claims and other communications
      hereunder are to be delivered by giving the other Party notice in the manner
      herein set forth.

    

    9.2
       Choice
      of Law.
      This
      Agreement shall be governed, construed and enforced in accordance with the
      laws
      of the State of Nevada, without giving effect to principles of conflicts of
      law.

    

    9.3
       Jurisdiction.
      The
      parties hereby irrevocably consent to the in personam jurisdiction of the state
      or federal courts located in the state of Nevada, United States, in connection
      with any action or proceeding arising out of or relating to this Agreement
      or
      the transactions and the relationships established thereunder. Such courts
      shall
      be the venue and exclusive and proper forum in which to adjudicate such matters
      and neither of the Parties shall contest or challenge the jurisdiction or venue
      of these courts.

    

    9.4 Waiver
      of All Rights to a Trial by Jury. The
      Parties unconditionally, irrevocably and expressly hereby waive any and all
      right to trial by jury in any action, proceeding, suit, counterclaim or
      cross-claims arising directly or indirectly in any matter, whether sounding
      in
      tort, contract or otherwise, in any way arising out of or otherwise relating
      to
      this Agreement or to the transactions and/or relationships established
      hereunder. The Parties acknowledge that this waiver of a trial by jury is
      informed and freely made. 

    

    9.5 Entire
      Agreement.
      This
      Agreement and the attachments hereto set forth the entire agreement and
      understanding of the Parties in respect of the transactions contemplated hereby
      and supersedes all prior or contemporaneous agreements, arrangements and
      understandings of the Parties relating to the subject matter hereof. No
      representation, promise, inducement, waiver of rights, agreement or statement
      of
      intention has been made by any of the Parties which is not expressly embodied
      in
      this Agreement, such other agreements, notes or instruments related to this
      transaction executed simultaneously herewith, or the written statements,
      certificates, schedules or other documents delivered pursuant to this Agreement
      or in connection with the transactions contemplated hereby.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    9.6 Assignment.
      The
      rights and obligations of a Party under this Agreement shall not be assigned
      or
      delegated, by operation of law or otherwise, without the other Party’s prior
      written consent, and any such assignment or attempted assignment shall be void,
      of no force or effect, and shall constitute a material default by such Party.
      

    

    9.7
       Amendments.
      This
      Agreement may be amended, modified, superseded or cancelled, and any of the
      terms, covenants, representations, warranties or conditions hereof may be
      waived, only by a written instrument executed by both Parties or, in the case
      of
      a waiver, by the Party waiving compliance.

    

    9.8 Waivers.
      The
      failure of either Party at any time or times to require performance of any
      provision hereof shall in no manner affect the right at a later time to enforce
      the same. No waiver by either Party of any condition, or the breach of any
      term,
      covenant, representation or warranty contained in this Agreement, whether by
      conduct or otherwise, in any one or more instances shall be deemed to be or
      construed as a further or continuing waiver of any such condition or breach
      or a
      waiver of any other term, covenant, representation or warranty of this
      Agreement.

    

    9.9 Counterparts;
      Fascimile Signatures.
      This
      Agreement may be executed simultaneously in two or more counterparts, each
      of
      which shall be deemed an original, but all of which together shall constitute
      one and the same instrument. Signatures transmitted by facsimile shall have
      the
      same force and effect as original signatures.

    

    9.10
      Corporate
      Authority.
      Each
      Party hereby represents and warrants that it is a validly-organized and existing
      corporation and has obtained all necessary corporate authority and approval
      in
      order to execute this Agreement. 

    

    9.11.
      Construction.
      As used
      herein, the singular or plural numbers shall each be deemed to include the
      other
      whenever the context so requires. This Agreement shall be construed as a whole
      and in accordance with its fair meaning and without regard to any presumption
      or
      other rule requiring construction against the drafter hereof. The language
      used
      herein will be deemed to be the language chosen by the Parties to express their
      mutual consent, and no rules of strict construction will be applied against
      either Party.

    

    9.12.
      Representation
      by Counsel.
      The
      Parties hereby acknowledge that each has reviewed this Agreement thoroughly
      and
      has had the opportunity to have it reviewed by legal counsel of their choice
      prior to execution.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    9.13.
      Striking
      of Language.
      If any
      words or phrases are stricken or otherwise eliminated from this Agreement,
      whether or not other words or phrases have been added, this Agreement shall
      be
      construed as if the words or phrases stricken or otherwise eliminated were
      never
      included herein, provided
      that the
      initials of the signatories hereto are placed in each instance where language
      has been stricken or eliminated. 

    
 

    IN
      WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date
      first above written.

    
 

    
      	 	
              Mustang
                Alliances, Inc.

            
	 	 
	 	
              By:
                /s/ Joseph
                Levi                                           
                

            
	 	
              Name:
                Joseph Levi

            
	 	
              Title:
                President & Chief Executive Officer

            
	 	 
	
               

            	 
	 	
              Juneng
                ABS Corporation

            
	 	 
	 	
              By:
                /s/ ShiYong
                Gan                                         
                

            
	 	
              Name:
                ShiYong Gan

            
	 	
              Title:
                President

            

    

    

     

    
      
         

      

      
        6

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