Document:

Exhibit 10.1

 

PROMISSORY
NOTE

 

	$1,500	April
    20, 2021

 

FOR
VALUE RECEIVED, RIVULET MEDIA, INC., a Delaware corporation with an address of 1206 E. Warner Rd, Suite 101-I, Gilbert, AZ 85296
(“Maker”), agrees and promises to pay to the order of CROSS ENTERTAINMENT, L.L.C., an Arizona limited liability
company with an address of 2700 N. Central Avenue, Ste. 950, Phoenix, AZ 85004 (“Holder”), the sum of One Thousand
Five Hundred Dollars ($1,500), with such amount payable to Holder at the address set forth above, or at such other place as Holder
may designate.

 

1.       No
Interest. No interest shall accrue under this promissory note (this “Note”).

 

2.       Payments.
The entire balance of this Note is due and payable on or before May 20, 2021 (the “Maturity Date”). Maker may
prepay all or any portion of this Note at any time without penalty.

 

3.       Security.
This Note is unsecured.

 

4.       Default.
The existence or occurrence of any one or more of the following will constitute an “Event of Default” under
this Note:

 

    4.1     Non-Performance.
Maker’s failure to comply timely and fully with any of the terms or provisions of this Note, including, without limitation,
the failure to pay all amounts due within ten (10) days after the due date.

 

    4.2     Bankruptcy;
Insolvency. Maker being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or Maker
committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against Maker of
a voluntary or involuntary petition in bankruptcy or for the appointment of a receiver (and any involuntary petition is not dismissed
within thirty (30) days from the filing thereof); or if there commences under any law relating to bankruptcy, insolvency, reorganization
or relief of debtors, proceedings affecting any significant part of Maker’s property or for the composition, extension, arrangement,
or adjustment of any of their respective obligations; or if a writ of attachment, execution, or any similar process is issued
or levied against any significant part of Maker’s property that is not released, stayed, bonded, or vacated within a reasonable
time after its issue or levy.

 

5.       Default
Interest. Upon the occurrence of an Event of Default, Holder shall be entitled to receive and Maker shall pay interest on
the entire unpaid principal balance at a rate (the “Default Rate”) equal to ten percent (10%) per annum. The
Default Rate shall be computed from the occurrence of the Event of Default until payment in full. This clause, however, shall
not be construed as an agreement or privilege to extend the Maturity Date, nor as a waiver of any other right or remedy accruing
to Holder by reason of the occurrence of any Event of Default.

 

6.       Acceleration.
In addition to all other rights and remedies at law and/or equity Holder may have if an Event of Default occurs, Holder, at its
option without further notice to Maker, may declare immediately due and payable the unpaid principal balance of this Note together
with all other sums owed by Maker under this Note.

 

7.       Notices.
All notices that Holder or Maker is required or permitted to give under this Note shall be delivered to the addresses of Maker
and Holder as set forth in the opening paragraph.

     

     

    

8.     Severability.
If any term or provision of this Note is, to any extent, determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Note will not be affected, and the invalid or enforceable term or provision will be reduced or otherwise
modified by the court or authority only to the minimum extent necessary to make it valid and enforceable. If any term or provision
cannot be reduced or modified to make it reasonable and permit its enforcement, it will be severed from this Note and the remaining
terms will be interpreted in a way as to give maximum validity and enforceability to this Note. It is the intention of Maker that,
if any provision of this Note is capable of two constructions, one of which would render the provisions void and the other of
which would render the provisions valid, then the provision will have the meaning that renders it valid.

 

9.     Time
of the Essence. Time is of the essence of this Note. Whenever notice must be given, payment made, document delivered, or an
act done under this Note on a day that is not a Business Day, the notice may be given, payment made, document delivered, or act
done on the next following day that is a Business Day. “Business Day” means a day other than a Saturday, Sunday,
or a day observed as a legal holiday by the United States government or the State of Arizona.

 

10.   Governing
Law; Jurisdiction and Venue. This Note is to be governed by and interpreted in accordance with the laws of the State of Arizona.
Any legal action or proceeding with respect to this Note or any document related hereto shall be brought in Maricopa County, Arizona
in any court of competent jurisdiction, and, by execution and delivery of this Note, Maker and the Holder hereby accept the jurisdiction
and venue of such courts.

 

11.   Successors
and Assigns. This Note shall be binding upon and inure to the benefit of Maker and Holder and their respective successors
and permitted assigns. Maker may not voluntarily or involuntarily transfer, convey, or assign this Note, or any of its duties
or obligations hereunder, without Holder’s prior written consent, which may be withheld for any reason, or for no reason
at all. As used herein, the term “Holder” means and includes the successors and permitted assigns of the Holder.

 

12.   Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Maker,
which is absolute and unconditional, to pay the principal amount and accrued interest of this Note at the time, place, and rate,
and in the currency, herein prescribed. This Note is a direct debt obligation of Maker.

 

13.   Attorneys’
Fees and Costs. Each party shall bear its own expenses in connection with the issuance of this Note; provided, however, that
if any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled
to its reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled.

 

14.   No
Waiver by Holder. No delay or failure of Holder in exercising any right hereunder shall affect such right, nor shall any single
or partial exercise of any right preclude further exercise thereof.

 

	 	MAKER
	 	Rivulet
Media, Inc., a Delaware corporation
	 	 
	 	By: 	/s/ Michael Witherill
	 	 	Michael Witherill, President and CFOExhibit 4.16
(Summary Translation)
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Working Capital Loan Agreement with Chongqing Rural Commercial Bank, Wanzhou Branch
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	Date of the Agreement
	June 29, 2020  

	 
	 

	Lender (Party A)
	Chongqing Rural Commercial Bank, Wanzhou Branch  

	 
	 

	Borrower (Party B)
	Xinjiang Daqo New Energy Co., Ltd.  

	 
	 

	Type of loan
	Mid- to long-term working capital loan

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	Use of loan proceeds
	Business operation  

	 
	 

	Amount
	RMB100 million  

	 
	 

	Term of loan
	24 months, from June 29, 2020 to June 28, 2022 

	 
	 

	Interest rate
	Fixed rate at 4.7%, which will not change during the term of loan

	 
	 

	Penalty rate
	In the event of failure to repay the loan in accordance with the Agreement, breach of covenants under the Agreement, false statements in credit documents or breach of any other obligations under the Agreement, the penalty rate shall be 50% over the interest rate.
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In the event of misappropriation of the loan proceeds under the Agreement, the penalty rate shall be 100% over the interest rate.

	 
	 

	Repayment of interest
	Interest shall be paid monthly at the 20th day of each month  

	 
	 

	Repayment of principal
	RMB2 million shall be repaid by December 21, 2020; RMB2 million shall be repaid by June 21, 2021; RMB50 million shall be repaid by December 21, 2021 and the remaining principal shall be paid by June 28, 2022.

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	Guarantee and Security
	Joint and several liability guarantee provided by Daqo Group Co., Ltd., Chongqing Daqo New Energy Co., Ltd., Nanjing Daqo New Energy Co., Ltd., Zhenjiang Daqo Solar Co., Ltd. and Najing Daqo Transportation Equipment Co., Ltd. (南京大全交通设备有限公司) 
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	Land, building and equipment of the Phase 1 project, expansion project and Phase 2A project provided by Xinjiang Daqo as collateral

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	Party A’s rights and
obligations
	(1) Party A has the right to be informed about Party B’s operations, financial condition and inventory, supervise and inspect the use of the loan, and require Party B to provide financial statements and other documents and information;
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(2) Party A has the right to deduct any amount due under the Agreement from the balance of the account Party B opens with Party A under the Agreement;
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(3) Party A has the obligation to fund the loan in accordance with the Agreement;
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(4) In the event that Party B fails to perform its obligations, Party A has the right to disclose to the public such default by Party B;
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(5) Party A shall keep information regarding Party B’s liabilities, financial condition and operations confidential except for reasonable internal use by Party A, use for corporate credit purposes and other permissible uses under laws and regulations; and
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(6) Party A has the right to participate in Party B’s material financing, asset disposal, merger, spinoff, restructuring, liquidation and dissolution and other activities in order to protect Party A’s creditor’s rights.  

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approved by Party A with respect to the assessment of inspection of Party B’s environmental and social risks and shall perform duties that Party B believes to in association with environmental and social risks.
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	Party B’s rights and
obligations
	(1) Party B has the right to and shall use the loan in accordance with the Agreement and the law;
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(2) Party B shall repay the principal and interest when due and payable;
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(3) Party B shall promptly notify Party A in writing and implement repayment measures acceptable to Party A in the event that there shall be a change that affects the rights and obligations under this Agreement, threatens Party B’s ordinary operations or materially and adversely affects Party B’s ability to perform its repayment obligations under the Agreement (including but not limited to suspension, termination, closure, bankruptcy, suspension or cancellation of manufacturing or sales permits or business license, illegal activity by Party B, its legal representative or senior management, material safety accidents, material litigation, material difficulty of its operations, or deterioration of its financial condition);
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(4) In the event of any partial or complete loss of the ability of the guarantor under the Agreement to guarantee the loan (including but not limited to suspension, termination, cancellation, bankruptcy, involvement in litigation or arbitration, administrative penalty or operating loss) or in the event of any loss in the collateral for the loan, Party B shall promptly notify Party A and provide other security acceptable to Party A;
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(5) Party B shall notify Party A in writing within 15 days following any change to the registration of its name, registered capital, legal representative, legal address and scope of operations;
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(6) Party B shall bear any loss, risk or liability in the event that the proceeds of loan are seized or withheld by any competent authority after Party A credits the loan proceeds to Party B’s account;
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(7) Throughout the term of the loan, without Party A’s prior consent, Party B shall not dispose of any material assets (other than to repay the loan to Party A) and shall not make any distributions to its shareholder;
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(8) Party B shall promptly inform and report to Party A any permits, approvals, and reviews related to environmental and social risks in the process of commencement of construction, construction, operation and shutdown, assessment and inspection of environmental and social risks, construction and operation of environmental supporting facilities, pollutant discharge and compliance, major complaints and protests from neighboring communities, and other material issues that Party A believes are related to environmental and social risks; and
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(9) Party B shall cooperate with Party A or third parties approved by Party A with respect to the assessment of inspection of Party B’s environmental and social risks and shall perform duties that Party B believes to in association with environmental and social risks.

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	Party B’s Covenants
	(1) Compliance with law and regulation;
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(2) Timely and periodic provision to Party A of financial statements and true, accurate, complete and effective information on accounts payable and receivable, inventory details and activities of capital collection account;
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(3) Diligent and active cooperation with Party A’s supervision of loan funding, post-funding supervision and other relevant inspections;
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(4) Prompt notice to Party A in the event of any material adverse effect on Party B’s repayment abilities and implementation of repayment measures acceptable to Party A;
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(5) No evasion of entrusted payment by Party A;
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(6) Party A has the right to demand prepayment in light of cash collection by Party B; and
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(7) In the event of any merger, spinoff, share equity change or transfer, change of operation method (such as contracting or lease), material asset transfer or disposal, share equity pledge, investment, guarantee, material increase of indebtedness, new project and other material matters, Party B shall notify Party A in advance in writing, and shall not be engaged in these actions without performing obligations under the loan and providing guarantee or other risk management measures acceptable to Party A.

	 
	 

	Breach
	Party A is entitled to make additional requirements of loan disbursement, terminate the disbursement of loan at its discretion, declare the principal and interest immediately due and payable in whole or in part, or take other risk control measures, upon the occurrence of any of the following events:
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(1) Party B fails to comply with its undertakings or provides false financial information or omits material facts;
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(2) Party B fails to repay the loan in accordance with this Agreement;
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(3) Party B fails to use the loan proceeds or draw down the loan in accordance with this Agreement;
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(4) Party B rejects supervision and investigation in connection with Party B’s use of proceeds and business operation;
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(5) Party B takes measures to evade repayment of the loan;
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(6) There is a material change in Party B’s financial condition, or there is a material change in the guarantee; or
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(7) Party A recognizes that Party B violates this Agreement or takes measures that is likely to violate this Agreement.

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