Document:

EXHIBIT
10.5

    Stock
Repurchase Agreement

    

    
      This
Stock Repurchase Agreement (this “Agreement”) is made as of March 18,
2009, by and between Glen
Burnie Bancorp, a Maryland corporation (the “Buyer”), and Eugene
P. Nepa, Lot 36, Summerhill Trailer Park, Crownsville, Maryland 21032
(the “Seller”).

    

    

    Explanatory
Statement

    

    The
Seller is the record and beneficial holder of 274,179 shares of common stock,
par value $1.00 per share (“Common Stock”), of the Buyer (the
“Shares”).  The Buyer desires to purchase the Shares from the Seller
and the Seller desires to sell the Shares to the Buyer.

    

    now,
therefore, in consideration of the foregoing and the mutual agreements
set forth herein, the Buyer and the Seller hereby agree as follows:

    

    
      	
              1. 

            	
              Purchase
      and Sale of Shares; Consideration

            

    

    

    
      	
              
              

            	
              1.1. 

            	
              Purchase and Sale of
      Shares.

            

    

    

    (a)           Upon
the terms and subject to the conditions of this Agreement, on the Closing Date
the Seller shall sell, transfer, assign, convey and deliver to the Buyer, and
the Buyer shall purchase from the Seller, the Shares, free and clear of all
Encumbrances.

    

    (b)           
For purposes of this Agreement, “Encumbrances” shall mean all liens, claims,
charges, assessments, options, security interests, proxies, agreements to vote
and other legal and equitable encumbrances.

    

    1.2.      Consideration.  In
consideration for the Shares, the Buyer will pay to the Seller $9.30 per Share,
for a total purchase price of $2,549,864.70.

    

    
      	
              2. 

            	
              Closing

            

    

    

    2.1.           Closing
Date.  The purchase and sale of the Shares (the “Closing”)
shall take place on or before March 25, 2009 at the offices of the Buyer at 101
Crain Highway, S.E., Glen Burnie, Maryland, or at such other location or
locations as the Buyer and the Seller may agree. The time and date on which the
Closing is actually held is referred to herein as the “Closing
Date.”

    

    2.2.           Delivery of Shares and
Consideration.  At the Closing, the Seller shall take all
necessary actions and make all necessary arrangements to transfer the Shares to
the Company directly, or to or through a designated agent of the Company, so
that the transfer of the Shares to the Company is properly reflected on the
books and records of the Company.  At the Closing, the Buyer shall pay
to the Seller the cash amount set forth in Section 1.2, by wire transfer of
immediately available funds to an account designated by the Seller.

    

    
      	
              3.

            	
              Representations,
      Warranties and Agreements of the
Parties

            

    

    

    
      	
               

            	
              3.1. 
      

            	
              Representations,
      Warranties and Agreements of the Seller.

            

    

    

    (a)           Authority of
Seller.  The Seller has the requisite power and authority to
execute, deliver and perform this Agreement.  This Agreement has been
duly executed and delivered by Seller and is the legal, valid and binding
obligation of the Seller enforceable in accordance with its terms.

    

    (b)           
No
Conflict.  Neither the execution and delivery of this Agreement
or the consummation of any of the transactions contemplated hereby nor
compliance with or fulfillment of the terms, conditions and provisions hereof
will conflict with, result in a breach of the terms, conditions or provisions
of, or constitute a default, an event of default or an event creating rights of
acceleration, termination or cancellation or a loss of rights under, or result
in the creation or imposition of any Encumbrance upon any of the Shares, under
(A) any material note, instrument, agreement, mortgage, lease, license,
franchise, permit or other authorization, right, restriction or obligation to
which the Seller is a party or the Shares are subject or by which the Seller is
bound, (B) any court order to which the Seller is a party or any of the
Shares are subject or by which the Seller is bound, or (C) any requirements
of laws, rules or regulations affecting the Seller or the Shares or
otherwise applicable to the transactions contemplated by this
Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)           Title to
Shares.  The Seller represents and warrants to the Buyer that
the Seller is the sole record and beneficial owner of the Shares, free and clear
of all Encumbrances, and that the delivery and/or release, as applicable, of the
Shares to the Buyer pursuant to this Agreement will transfer and convey good and
valid title thereto to the Buyer, free and clear of all
Encumbrances.  The Seller represents and warrants to the Buyer that
the Shares constitute all of the equity interests of the Buyer owned, directly
or indirectly, by the Seller.

    

    (d)         
Economic Risk;
Sophistication.

    

    (i)           The
Seller represents and warrants that he has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and
risks of the proposed sale of the Shares to the Buyer and that he has made an
independent decision to sell the Shares to the Buyer based on the Seller’s
knowledge about the Buyer and its business and other information available to
the Seller, which it has determined is adequate for that purpose.  The
Seller represents and warrants that he (A) has not received or relied upon any
information (in any form, whether written or oral) furnished by the Buyer or on
behalf of the Buyer in making that decision, or (B) requested any such
information from the Buyer which the Buyer has not furnished to the
Seller.

    

    (ii)           
The Seller represents, warrants, acknowledges and agrees that the Buyer and its
affiliates, officers and directors, may possess material non-public information
not known to the Seller regarding or relating to the Buyer, including, but not
limited to, information concerning the business, financial condition, results of
operations or prospects of the Buyer, and the Seller represents, warrants,
acknowledges and agrees that the Seller has not received or requested any such
information, including any information with respect to the Buyer’s fiscal
quarter ending March 31, 2009, and agrees that neither the Buyer nor its
affiliates, officers or directors shall have any liability whatsoever with
respect to the nondisclosure of any such material non-public information,
whether before or after the date of this Agreement.

    

    (e)           
Value of the
Shares.  The Seller acknowledges and confirms that it is aware
that the closing sale price of the Common Stock (the “Stock Price”) has
fluctuated since the Seller purchased the Shares and is likely to continue to
fluctuate after the date of this Agreement, including possible increases to such
Stock Price.  The Seller further acknowledges and confirms that he is
aware that future changes and developments in (A) the Buyer’s business and
financial condition and operating results, and (B) overall market and
economic conditions, may have a favorable impact on the value of the Common
Stock after the sale by the Seller of the Shares to the Buyer pursuant to terms
of this Agreement.

    

    (f)           
The Seller represents and warrants that it is not relying on any representation
or warranty by the Buyer in connection with the transactions contemplated by
this Agreement except as expressly set forth in this Agreement.

    

    
      	
            	
              3.2. 

            	
              Representations,
      Warranties and Agreements of the
Buyer.

            

    

    

    (a)           
Authority of
Buyer.  The Buyer has the requisite corporate power and
authority to execute, deliver and perform this Agreement.  This Agreement
has been duly authorized, executed and delivered by the Buyer and is the legal,
valid and binding obligation of the Buyer enforceable in accordance with its
terms.

    

    (b)           
No
Conflict.  Neither the execution and delivery of this Agreement
or the consummation of any of the transactions contemplated hereby nor
compliance with or fulfillment of the terms, conditions and provisions hereof
will conflict with, result in a breach of the terms, conditions or provisions
of, or constitute a default, an event of default or an event creating rights of
acceleration, termination or cancellation or a loss of rights under (A) the
certificate of incorporation or by-laws of the Buyer, (B) any material note,
instrument, agreement, mortgage, lease, license, franchise, permit or other
authorization, right, restriction or obligation to which the Buyer is a party or
by which the Buyer is bound, (C) any court order to which the Buyer is a
party or by which the Buyer is bound, or (D) any requirements of laws,
rules or regulations affecting the Buyer or otherwise applicable to the
transactions contemplated by this Agreement.

    

    
      	
              4.

            	
              Covenants
      of the Parties

            

    

    

    4.1.           No Proxy and Voting of the
Shares.  The Seller covenants and agrees that it shall not
grant to any person or entity any proxy with respect to any of the Shares (other
than to a designated representative of the Buyer pursuant to a proxy statement
of the Buyer).  The Seller further covenants and agrees that it shall
cause all of the Shares for which it has the right to vote as of the record date
for any meeting of stockholders of Buyer to be present for quorum purposes and
to be voted at any such meeting or at any adjournments or postponements thereof,
(x) in favor of each director nominated and recommended by the Board of
Directors of Buyer (the “Board”) for election at any such meeting and
(y) in accordance with the recommendation of the Board for each other
matter that is subject to a vote of the stockholders at any such
meeting.

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    
      	
            	
              4.2. 

            	
              Mutual
      Releases.

            

    

    

    (a)           The
Seller, and anyone claiming through him or on his behalf, as the case may be,
agrees to irrevocably and unconditionally release, waive and forever discharge
the Buyer and his Affiliates (as hereinafter defined) from, and covenants not to
sue the Buyer Released Parties (as hereinafter defined) with respect to, any and
all actions, causes of action, claims, demands, rights, remedies, expenses and
liabilities of whatever kind or character, at law or in equity, whether now
known or unknown, that the Seller now has, has ever had, or may ever have
against any of the Buyer Released Parties with respect to the Buyer, arising
from or related to the operations of the Buyer or the purchase by the Buyer of
the Shares from the Seller as contemplated by the terms of this Agreement other
than a breach by the Buyer of its representations and warranties
hereunder.

    

    (b)           
The Buyer, and anyone claiming through it or on its behalf, as the case may be,
agrees to irrevocably and unconditionally release, waive and forever discharge
the Seller and its Affiliates from, and covenants not to sue the Seller Released
Parties (as hereinafter defined) with respect to, any and all actions, causes of
action, claims, demands, rights, remedies, expenses and liabilities of whatever
kind or character, at law or in equity, whether now known or unknown, that such
Seller now has, has ever had, or may ever have against any of the Seller
Released Parties with respect to the Seller, arising from or related to the sale
by the Seller of the Shares to the Buyer as contemplated by the terms of this
Agreement other than a breach by the Seller of his representations and
warranties hereunder.

    

    4.3.           Definitions.  As
used in this Section 4, the terms set forth below shall be defined as
follows:

    

    (a)           
“Affiliates” shall mean a person or entity that directly or indirectly,
controls, is controlled by or is under common control with the Buyer or the
Seller, as the case may be, and with respect to the Buyer, its past, present and
future officers, directors, stockholders, employees and agents.

    

    (b)           
“Buyer Released Parties” shall mean the Buyer and its Affiliates.

    

    (c)           
“Seller Released Parties” shall mean the Seller and his Affiliates.

    

    5.      
      Miscellaneous

     

    5.1.           Confidentiality.  The
Seller agrees that it will treat in confidence all documents, materials and
other information which he shall have obtained in regards to this Agreement and
the transactions being effected hereby (whether obtained before or after the
date of this Agreement).  Except as required by law (including
applicable federal securities laws), the Seller agrees that he shall not
disclose the terms or the nature of this Agreement or the transactions or
consents being effected hereby.  The Seller acknowledges that the
Buyer may disclose the terms or nature of this Agreement as required to comply
with applicable securities laws in the Buyer’s reasonable
discretion.

    

    5.2.           Successors and
Assigns.  This Agreement shall be binding upon, and shall inure
to the benefit of, the parties hereto, their legal representatives, heirs,
executors, administrators, successors, assigns and transferees.

    

    5.3.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Maryland.

    

    5.4.           Amendment.  This
Agreement may not be amended, modified or supplemented except by a writing
signed by an authorized representative of each of the parties
hereto.

    

    5.5.           Specific
Performance.  The parties hereto acknowledge and agree that
irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise
breached.  Accordingly, each of the Seller and the Buyer agrees that,
in the event of any breach of the provisions of this Agreement by such party,
the non-breaching party, without prejudice to any rights to judicial relief it
may otherwise have, shall be entitled to seek equitable relief, including
injunction, and to enforce specifically the terms and provisions of this
Agreement in any court of the United States of America or any state having
jurisdiction.  Each of the parties hereto (to the extent such party is
the breaching party) further agrees that it will not oppose the granting of such
relief on the basis that the non-breaching party has an adequate remedy at
law.

    

    5.6.           Severability.  Wherever
possible, each provision hereof shall be interpreted in such manner as to be
effective and valid under applicable law, but in case any one or more of the
provisions contained herein shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such provision shall be ineffective in
the jurisdiction involved to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder of
such invalid, illegal or unenforceable provision or provisions or any other
provisions hereof, unless such a construction would be
unreasonable.

    

    5.7.           Entire
Agreement.  This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral, among
the parties with respect to the subject matter hereof.

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

    5.8.           Third
Parties.  Nothing contained in this Agreement or in any
instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been
executed for the benefit of, any person or entity that is not a party hereto or
a successor or permitted assign of such a party.

    

    5.9.           Execution;
Counterparts.  This Agreement may be executed by facsimile
signature and in two counterparts, each of which shall be deemed to be an
original, but both of which together shall constitute one and the same
instrument; and shall become binding when both counterparts have been signed by
the parties hereto and delivered to both of the parties hereto.

    

    in
witness whereof, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.

    

    
      
        	
                Glen
      Burnie Bancorp

              
	 
      	 
      
	 
      	 
      
	
                By:       

              	
                /s/

              
	 
      	
                Michael
      G. Livingston

              
	 
      	
                President
      and Chief Executive Officer

              
	 
      	 
      
	 
      	 
      
	
                /s/

              
	
                Eugene
      P. Nepa

              

      

    

    
      
         

      

      
        - 4
-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:

                                  	 
      
	
                                    Fax:

                                  	 
      	
                                    (for
      bank staff)

                                  	 
      

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    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;
      √ 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)

            	
              The
      customer must inform the bank in written form if it pays off any debt of
      large amount or fulfills any duty of guarantee of large amount to any
      third party;

            

    

    
      	
            	
              (5)

            	
              The
      customer must inform the bank in written form if it enters any other debt
      of large amount or provides any privileged guarantee for any third party’s
      debt; from the date the agreement is signed and before repaying off all
      the debt under the agreement, the customer will not do the following
      things without informing the bank in written
  form:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              a.

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

            

    

    
      	
               
      

            	
              b.

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

            

    

    
      	
               
      

            	
              c.

            	
              To
      change its equity structure;

            

    

    
      	
               
      

            	
              d.

            	
              To
      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-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]