Document:

<PAGE>
                                                                    EXHIBIT 10.3

                     ACKNOWLEDGMENT, WAIVER AND AMENDMENT #6
                                       TO
                               FINANCING AGREEMENT

         This ACKNOWLEDGMENT, WAIVER AND AMENDMENT #6 ("Amendment") TO THE
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT is made as of June 28, 2002 by
and between Pemstar Inc., duly organized under the laws of the State of
Minnesota ("Customer"), Turtle Mountain Corporation, duly organized under the
laws of the State of North Dakota ("Turtle Mountain") and Pemstar Pacific
Consultants Inc., duly organized under the laws of the State of California
("Pemstar Pacific Consultants") (Customer, Turtle Mountain and Pemstar Pacific
Consultants, collectively, the "Credit Parties", individually, a "Credit
Party"), and IBM Credit Corporation, a Delaware corporation ("IBM Credit").

                                    RECITALS:

         WHEREAS, the Credit Parties and IBM Credit have entered into that
certain Amended and Restated Revolving Credit Agreement dated as of June 29,
2001 (as amended, supplemented or otherwise modified from time to time, the
"Agreement");

         WHEREAS, the Credit Parties are in default (as more specifically
explained in Section 2 hereof);

         WHEREAS, the Credit Parties are requesting that IBM Credit waive
certain defaults; and

         WHEREAS, IBM Credit is willing to waive such defaults subject to the
terms and conditions set forth below.

                                    AGREEMENT

         NOW THEREFORE, in consideration of the premises set forth herein, and
for other good and valuable consideration, the value and sufficiency of which is
hereby acknowledged, the parties hereto agree that the Agreement is amended as
follows:

Section 1. Definitions. All capitalized terms not otherwise defined herein shall
have the respective meanings set forth in the Agreement.

Section 2. Acknowledgment.

The Credit Parties acknowledge that the following defaults occurred:

<TABLE>
<CAPTION>
           Term                                  Requirement                             Default
           ----                                  -----------                             -------
<S>        <C>                                   <C>                                     <C>
(a)        Unpaid Shortfall  Amount              As defined in Section                   Unpaid Shortfall of
                                                 2.5 of the Agreement                    $6,100,000 as of
                                                                                         June 12, 2002

(b)        Monthly Financial Statements;         as soon as available and in any         Monthly Financial
                                                 event within twenty (20) days after     Statements for April
                                                 the end of each fiscal month of         2002 were received late
                                                 Customer as required in Section
                                                 7.1 (C) of the Agreement

(c)        Direct Lockbox Participation          As required under Section 9.1 (U)       Direct lockbox
                                                 of the Agreement                        participation totaled 52%
                                                                                         as of the June 14, 2002
                                                                                         on-site audit
</TABLE>

                                       Page 1 of 9

<PAGE>
<TABLE>
<CAPTION>
<S>        <C>                                   <C>                                     <C>
(d)        Unsatisfactory Collateral audit as    As required under Section 9.1 (D) of    As evidenced by a
           of June 14, 2002                      the Agreement                           Collateral audit
                                                                                         performed by IBM Credit
                                                                                         of the Credit Parties as
                                                                                         of June 14, 2002
(e)        Credit Parties not in good            As required under Section 7.4 of the    As evidenced by corporate
           standing or qualified to do           Agreement                               status checks performed
           business                                                                      by IBM Credit on the
                                                                                         Credit Parties as of
                                                                                         June 21, 2002
(f)        Failure of Credit Parties to          As required under Section 6. (a) of     Not received by IBM
           provide IBM Credit with an            the Acknowledgment, Waiver #2 and       Credit
           executed lockbox agreement and        Amendment to Financing Agreement
           Contingent Blocked Account            dated March 29, 2002 (as amended,
           Amendment                             modified or supplemented)
</TABLE>

Section 3. Waivers to Agreement. Subject to the terms and conditions set forth
herein including, without limitation, Section 5 hereof, IBM Credit hereby waives
the defaults of the Credit Parties with the terms of the Agreement to the extent
such defaults are set forth in Section 2 hereof and for the periods indicated
above. The waiver shall not be effective until the conditions to effectiveness
set forth in Section 5 have been fulfilled to IBM Credit's satisfaction in its
sole discretion and shall not be deemed a waiver of compliance with these
Sections after the date hereof. The waiver set forth herein shall not apply to
any other or subsequent failures to comply with the Financing Agreement or this
Amendment.

Section 4. Amendment.

The Agreement is hereby amended as follows:

         A. Attachment A to the Agreement is hereby amended by deleting such
Attachment A in its entirety and substituting, in lieu thereof, the Attachment A
attached hereto. Such new Attachment A shall be effective as of the date
specified in the new Attachment A. The changes contained in the new Attachment A
include, without limitation, the following:

1.       Section 1. (B) of Attachment A is amended in its entirety to read as
         follows:

"(B)     Borrowing Base:

         (i) 90% of the amount of each Credit Party's Eligible Accounts from
International Business Machines Corp. ("IBM") or its domestic subsidiaries as
account debtor pursuant to agreements between such Credit Party and IBM, in form
and substance satisfactory to IBM Credit as of the date of determination as
reflected in the Customer's most recent Collateral Management Report;

Notwithstanding Section 3.1 (A) of the Agreement, for purposes of this Section
(i), Accounts from IBM that allow for payment to be made within 60 days shall be
included for purposes of calculating the Borrowing Base provided that such
Accounts from IBM are on standard terms and otherwise satisfy the criteria for
eligibility in IBM Credit's sole discretion.

         (ii) 80% of the amount of each Credit Party's Eligible Accounts from
Honeywell Inc. ("Honeywell"), Minnesota Mining & Manufacturing Company ("3M"),
and Applied Materials, Inc. ("Applied Materials") as account debtor, provided
such account debtors remain investment grade, in IBM Credit's sole discretion,
and pursuant to agreements between such Credit Party and such account debtor, in
form and substance satisfactory to IBM Credit as of the date of determination as
reflected in the Customer's most recent Collateral Management Report;

                                       Page 2 of 9

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Notwithstanding Section 3.1 (A) of the Agreement, for purposes of this Section
(ii), Accounts from Honeywell that allow for payment to be made within 45 days
shall be included for purposes of calculating the Borrowing Base provided that
such Accounts from Honeywell are on standard terms and otherwise satisfy the
criteria for eligibility in IBM Credit's sole discretion;

(iii) 80% of the amount of each Credit Party's other Eligible Accounts, other
than Concentration Accounts, as of the date of determination as reflected in the
Customer's most recent Collateral Management Report provided, however, IBM
Credit has a first priority security interest in such Eligible Account;

(iv) a percentage, determined from time to time by IBM Credit in its sole
discretion, of the amount of Customer's Concentration Accounts for a specific
Concentration Account Debtor as of the date of determination as reflected in the
Customer's most recent Collateral Management Report; unless otherwise notified
by IBM Credit, in writing, the percentage for Concentration Accounts for a
specific Concentration Account Debtor shall be the same as the percentage set
forth in paragraph (ii) of the Borrowing Base;

The following subsections (v), (vi), (vii) and (viii) specify valuation rates
for Eligible Finished Goods Inventory, Eligible Parts Inventory and Eligible
Inventory (as such terms are defined below) for the following Credit Parties' at
the specified locations:

Pemstar Inc. =  Rochester, MN
Pemstar Inc. =  San Jose, CA
Pemstar Inc. =  Taunton, MA
Turtle Mountain Corporation = Dunseith, ND

         (v) Rochester, MN = 95%, San Jose, CA = 0%, Taunton, MA = 0%, Dunseith,
ND = 100% of the lower of (x) book value or (y) fair market value of each Credit
Party's Eligible Finished Goods Inventory destined for IBM less than 180 days
old;

         (vi) Rochester, MN = 85%, San Jose, CA = 0%, Taunton, MA = 0%,
Dunseith, ND = 83% of the lower of (x) book value or (y) fair market value of
each Credit Party's Eligible Parts Inventory destined for IBM less than 180 days
old;

         (vii) Rochester, MN = 66%, San Jose, CA = 0%, Taunton, MA = 0%,
Dunseith, ND = 80% of the lower of (x) book value or (y) fair market value of
each Credit Party's Eligible Inventory destined for Honeywell, 3M, and Applied
Materials less than 180 days old;

         (viii) Rochester, MN (other than Eligible Finished Goods Inventory,
Eligible Parts Inventory and Eligible Inventory destined for Celestica) = 54%,
Rochester, MN (for Eligible Finished Goods Inventory, Eligible Parts Inventory
and Eligible Inventory destined for Celestica) = 49%, San Jose, CA = 46%,
Taunton, MA = 60%, Dunseith, ND = 49% of the lower of (x) book value or (y) fair
market value of each Credit Party's other Eligible Inventory aged less than 180
days old, provided, however, IBM Credit has a first priority security interest
in such Eligible Inventory.

Eligible Finished Goods Inventory shall mean finished goods inventory in salable
condition less than 180 days old, owned by a Credit Party free and clear of any
Liens (other than Liens pursuant to this Agreement), and designated and
identified as product to be sold to IBM as evidenced by (i) non-cancellable
purchase orders from IBM or (ii) a non-cancellable written agreement that IBM
will purchase such inventory, in each case, in form and substance satisfactory
to IBM Credit.

Eligible Parts Inventory shall mean parts inventory and floor stock raw
materials in good condition less than 180 days old, owned by a Credit Party free
and clear of any Liens (other than Liens pursuant to this Agreement), and
designated and identified as parts to be used to manufacture product (the
Eligible Finished Goods Inventory) to be sold to IBM as evidenced by (i)
non-cancellable purchase orders from

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IBM to such Credit Party or (ii) a non-cancellable written agreement that IBM
will purchase such inventory, in each case, in form and substance satisfactory
to IBM Credit.

Eligible Inventory shall mean raw materials, floor stock raw materials and
finished goods inventory less than 180 days old and owned by a Credit Party free
and clear of any Liens (other than Liens pursuant to this Agreement) designated
and identified by the Customer in its periodic collateral report or borrowing
request to IBM Credit as inventory applicable to product sold, or to be
manufactured and sold, by a Credit Party to an end user pursuant to
non-cancellable purchase orders or other written agreements binding such end
user to purchase such product, in each case, in form and substance satisfactory
to IBM Credit.

Notwithstanding the foregoing, IBM Credit may consider Eligible Finished Goods
Inventory, Eligible Parts Inventory and/or Eligible Inventory in the Borrowing
Base greater than 180 days old provided that (i) a purchase order is in place
between the end-user and the Credit Party, in form and substance satisfactory to
IBM Credit or (ii) Credit Party provides evidence to IBM Credit, in form and
substance satisfactory to IBM Credit, that the end-user is paying all carrying
costs associated with such Eligible Finished Goods Inventory, Eligible Parts
Inventory and/or Eligible Inventory. Under no circumstances will Eligible
Inventory be considered in the Borrowing Base if older than 365 days.

IBM Credit will consider Eligible Finished Goods Inventory, Eligible Parts
Inventory and/or Eligible Inventory to be ineligible if the end-user customer
with respect to such Eligible Finished Goods Inventory, Eligible Parts Inventory
and/or Eligible Inventory becomes delinquent in its payments of accounts
receivable to the Credit Parties and such accounts receivable owing from such
account debtor are not eligible pursuant to the terms of Section 3.1 (C) of the
Agreement.

Notwithstanding the foregoing, assets of Pemstar Pacific Consultants shall not
be included for the purposes of calculating the Borrowing Base. For purposes of
calculating the Borrowing Base, Pemstar Pacific Consultants shall not be deemed
a Credit Party."

2. Section I. (D) of Attachment A is amended in its entirety to read as follows:

"(D) Applicable Margin:  Prime Rate Plus 3.50%."

3. Section III. Financial Covenants of Attachment A immediately after the
definitions is amended and restated as follows:

Customer will be required to maintain the following financial ratios,
percentages and amounts as of the last day of the fiscal period under review by
IBM Credit:

On a consolidated basis:

           Covenant                    Covenant Requirement
           --------                    --------------------

(a)        Net Profit after Tax        Equal to or Greater than (0.25) percent
           to Revenue                  quarterly for the fiscal quarter ending
           (Quarterly)                 September 30, 2002

                                       Equal to or Greater than .75 percent
                                       quarterly for the fiscal quarter ending
                                       December 31, 2002

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                                       Equal to or Greater than .25 percent
                                       quarterly for the fiscal quarter ending
                                       March 31, 2003
                                       Equal to or grater than .75 percent
                                       quarterly for the fiscal quarter ending
                                       June 30, 2003 and at all times thereafter
(b)        Net Profit After Tax        Equal to or greater than (3.25) percent
           to Revenue (on an annual    quarterly for the fiscal quarter ending
           basis)                      March 31, 2003 and 1.25 percent for all
                                       fiscal year ends thereafter
(c)        Total Liabilities to        Greater than Zero and Equal to or Less
           Tangible Net Worth          than 1.6:1.0
(d)        Current Assets to           Greater than 2.0:1.0
           Current Liabilities
(e)        Fixed Charge Coverage       Equal to or Greater than 1.00:1.0 for
           Ratio                       each fiscal month beginning December 31,
                                       2002, including the fiscal months ending
                                       January 31, 2003 and February 28, 2003,
                                       and 1.30:1.0 for each fiscal month
                                       beginning March 31, 2003 and for all
                                       fiscal months thereafter
(f)        Maximum Capital             Less than or equal to $18,000,000 for
           Expenditures                the fiscal year ending March 31, 2003
                                       and all fiscal quarters thereafter
                                       provided, however, no Credit Party may
                                       make any Capital Expenditure in excess
                                       of $1,000,000 without the prior written
                                       consent of IBM Credit.

                                       Page 5 of 9

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(g)        Net Profit After            Equal to or greater than 1.5 percent for
           Tax to Revenue              the fiscal quarter ending December 31,
           (U.S. Credit Parties        2002 and all fiscal quarters thereafter
           operations only)
(h)        EBITDA                      Equal to or Greater than ($19,000,000)
           (U.S. Credit Parties        for six months ending June 30, 2002 and
           operations only)            $5,500,000 for all fiscal quarters
                                       thereafter
(i)        EBITDA                      Equal to or Greater than ($23,000,000)
                                       for six months ending June 30, 2002 and
                                       $6,000,000 for all fiscal quarters
                                       thereafter

3. Attachment C to the Agreement is hereby amended by deleting such Attachment C
in its entirety and substituting, in lieu thereof, the Attachment C attached
hereto. Such new Attachment C shall be effective as of the date specified in the
new Attachment A.

4. The following new definitions are added to the Agreement in their correct
alphabetical order:

""ENI":  shall mean Efficient Networks, Inc."

""ENI Payment": shall mean the $10,400,000 aggregate payment made by ENI in
respect of inventory returned by the Customer."

""Maximum Permitted Shortfall Amount": (i) For the period from June 27, 2002
until July 2, 2002, at the time of determination any Shortfall Amount equal to
$6,100,000 and (ii) on and after July 2, 2002, the Maximum Permitted Shortfall
Amount shall be $0."

5. The definition of "Termination Date" in the Agreement is amended in its
entirety to read as follows:

""Termination Date": shall mean September 30, 2003 or such other date as IBM
Credit and Customer may agree from time to time in writing."

6. The following new Sections 9.1(Y) and (Z) are added as new Events of Default
under the Agreement:

"(Y) The Credit Parties failure to have a satisfactory collateral control audit
(in IBM Credit's determination);" and

"(Z) The failure of IBM Credit to receive directly from ENI the first
installment of the ENI Payment in an amount not less than $6,900,000 by July 2,
2002 in immediately available funds."

Section 5. Conditions to Effectiveness of Waiver . The waiver set forth in
Section 3 hereof shall become effective only upon the fulfillment of all of the
following conditions precedent, to the satisfaction of IBM Credit in its sole
discretion:

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<PAGE>

(i) this Amendment shall have been executed by each of the parties hereto and
IBM Credit shall have received a fully executed copy of this Amendment by no
later than June 28, 2002;

(ii) IBM Credit shall have received evidence satisfactory to it in its sole
discretion that U.S. Bank shall have waived (in writing) all defaults under its
financing facility with the Credit Parties and amended its financial covenants
by no later than June 28 2002 and such waiver and amendment shall be in form and
substance satisfactory to IBM Credit;

(iii)  the Special Accounts shall have been blocked in favor of IBM Credit;

(iv) the Credit Parties shall pay to IBM Credit a waiver fee, in immediately
available funds, equal to One Hundred Fifty Thousand Dollars ($150,000.00) on or
prior to June 28, 2002. Such waiver fee payable to IBM Credit hereunder shall be
nonrefundable and shall be in addition to any other fees IBM Credit may charge
the Credit Parties;

(v) before and after giving effect to this Amendment, the representations and
warranties in Section 6 of the Agreement shall be true and correct as though
made on the date hereof. The execution by the Credit Parties of this Amendment
shall be deemed a representation that the Credit Parties have complied with the
foregoing condition; and

(vi) the Credit Parties acknowledging (as indicated by their signature hereby)
that the execution and delivery of this Amendment do not require the consent of
the holders of the Subordinated Debt (2002) under the terms of the Subordinated
Debt (2002) and that the execution and delivery of these documents will not
trigger an event of default, default or Triggering Event (as defined in the
Subordinated Convertible Notes) under the terms of the Subordinated Debt (2002)
and after giving effect to this Amendment, no Default and no Event of Default
shall have occurred and be continuing under the Agreement. The execution by the
Credit Parties shall be deemed a representation that the Credit Parties have
complied with the foregoing conditions.

Section 6. Additional Requirements. The Agreement is hereby amended by inserting
the following additional covenants:

Additional Covenants.

(a) On or before July 5, 2002 the Credit Parties shall distribute a plan to IBM
Credit, which shall set forth a plan for improving the direct lockbox
participation to at least 85% and such plan shall be in form and substance
satisfactory to IBM Credit in its sole discretion.

(b) On or before July 5, 2002 the Credit Parties shall distribute a plan to IBM
Credit which shall set forth a plan for ensuring (i) that the IBM Credit
Collateral (as defined in the Intercreditor Agreement dated June 29, 2001, with
U.S. Bank, as amended, modified and supplemented) does no go to any U.S. Bank
lockbox or special account and (ii) that the Collateral of IBM Credit is not
commingled with U.S. Bank's collateral and such plan shall be in form and
substance satisfactory to IBM Credit.

(c) On or prior to September 30, 2002 IBM Credit shall have received an
appraisal for the Inventory conducted by an appraiser satisfactory to IBM Credit
(at the expense of the Customer) and such appraisal shall be in form and
substance satisfactory to IBM Credit.

(d) Commencing for the weekly period ending June 28, 2002 and each weekly period
thereafter, the Credit Parties shall on each Tuesday deliver a Collateral
Management Report (in form and substance satisfactory to IBM Credit) for the
immediately preceding weekly period ending on Friday.

(e) The Credit Parties shall maintain a financing facility with U.S. Bank, or
such other bank or financial institution acceptable to IBM Credit, in an amount
of not less than $15,000,000.00.

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<PAGE>

(f) The Credit Parties shall immediately pay any Shortfall Amount in excess of
the Maximum Permitted Shortfall Amount.

(g) Simultaneously with any request for an Advance, the Customer shall deliver
to IBM Credit a Collateral Management Report (and a sources and uses of funds
schedule) which shall be in form and substance satisfactory to IBM Credit in its
sole discretion.

(h) By no later than August 31, 2002 the Credit Parties shall maintain at all
times Direct Lockbox Participation equal to or greater than 85% in IBM Credit's
determination.

(i) By no later than June 28, 2002 the Credit parties shall maintain at all time
100% total lockbox participation in IBM Credit's determination.

(j) The Credit Parties shall deliver a monthly Collateral Management Report to
IBM Credit, in form and substance satisfactory to IBM Credit in its sole
discretion, within 10 Business Days after the close of each month.

(k) Turtle Mountain shall file its Annual Report for 2001 with the Secretary of
State of Minnesota and request for qualification to do business in Minnesota and
become in good standing in Minnesota by no later than July 15, 2002.

(l) The Credit Parties shall provide IBM Credit with an executed Lockbox
Agreement and Contingent Blocked Account Agreement from Customer's Chaska, MN
location, all in form and substance satisfactory to IBM Credit, on or prior to
July 2, 2002.

(m) The Credit Parties shall seek the prior written consent of IBM Credit for
any Capital Expenditure equal to or greater than One Million Dollars
($1,000,000).

(n) The Credit Parties will provide to IBM Credit, on or prior to July 15, 2002,
a copy of a non-binding preliminary term sheet from Lehman Brothers Inc., in
form and substance satisfactory to IBM Credit, that details the terms and
conditions of new unsecured subordinated debt or equity to be infused into
Customer in an amount not less than Five Million Dollars ($5,000,000);

(o) By no later than July 23, 2002, Customer will obtain and deliver to IBM
Credit the written consent and agreement of Bank of America, Leasing & Capital,
LLC ("B of A") pursuant to which B of A agrees to defer the payment obligations
due from Customer to B of A under that certain lease between B of A and Customer
dated August 12, 1999 ("B of A Lease") due Customer until Customer is in
financial covenant and collateral compliance with IBM Credit under the terms of
the Agreement, provided however this covenant shall not restrict Customer from
prepaying the obligations to B of A under the B of A Lease provided that no
Default or Event of Default exists at the time of such prepayment or would
result or occur from such prepayment.

(p) On or prior to July 31, 2002, the Credit Parties shall provide to IBM Credit
documentation (in form and substance satisfactory to IBM Credit in its sole
discretion) that assigns and grants IBM Credit a first priority perfected
security interest in all accounts receivable owed to Chiptronics Inc.
("Chiptronics AR") and the accounts in which such Chiptronics AR are deposited
in (such documentation shall include, without limitation, UCC-1 financing
statements). On or prior to July 31, 2002 Chiptronics Inc. shall instruct all
its account debtors to send their remittances directly to a lockbox. All
remittances in such lockbox shall be deposited in a special account of
Chiptronics Inc. that IBM Credit would have control over pursuant to a control
agreement in form and substance satisfactory to IBM Credit.

(q) The Credit Parties agree that the Credit Parties and IBM Credit will conduct
monthly financial and collateral reviews, beginning on July 25, 2002. At all
times thereafter, until further notice by IBM Credit,

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<PAGE>

such monthly financial and collateral reviews will be conducted between the
Credit Parties and IBM Credit on or about the 25th day of each month.

(r) The Credit Parties agree that IBM Credit may conduct on-site monthly audits
of the Credit Parties's collateral beginning July 31, 2002 (in addition to any
full quarterly audits conducted by IBM Credit).

The failure by any of the Credit Parties to comply with any of the above
covenants or the failure of any of the above requirements to be satisfied
(within the above time frames) in IBM Credit's determination in its sole
discretion shall constitute an immediate Event of Default under the Agreement.

Section 7. Rights and Remedies. Except to the extent specifically waived herein
IBM Credit reserves any and all rights and remedies that IBM Credit now has or
may have in the future with respect to each Credit Party, including any and all
rights or remedies which it may have in the future as a result of each Credit
Parties' failure to comply with its financial covenants or any other covenants
to IBM Credit. Except to the extent specifically waived herein neither this
Amendment, any of IBM Credit's actions or IBM Credit's failure to act shall be
deemed to be a waiver of any such rights or remedies. The Credit Parties and IBM
Credit agree that failure to comply with the terms and provisions of this
Amendment or the Agreement constitute a new default under the Agreement.

Section 8. Governing Law. This Amendment shall be governed by and interpreted in
accordance with the laws which govern the Agreement.

Section 9. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be an original and all of which shall
constitute one agreement.

Section 11. Representations. The Credit Parties hereby represent that this
Amendment is a legal, valid, binding obligation of such parties and enforceable
in accordance with its terms

IN WITNESS WHEREOF, this Amendment has been executed by duly authorized
representatives of the undersigned as of the day and year first above written.

IBM Credit Corporation                       Pemstar Inc.

By:         /s/ Sal Grasso                   By:         /s/ Al Berning
   ----------------------------------------     -------------------------------
Print Name: Sal Grasso                       Print Name: Al Berning
           --------------------------------             -----------------------
Title:      Manager of Credit                Title:      CEO
      -------------------------------------        ----------------------------
Date:       June 28, 2002                    Date:       June 28, 2002
     --------------------------------------       -----------------------------

Turtle Mountain Corporation                  Pemstar Pacific Consultants, Inc.

By:         /s/ Al Berning  /s/ Linda Feuss  By:         /s/ Al Berning
   ----------------------------------------     -------------------------------
Print Name: Al Berning      Linda Feuss      Print Name: Al Berning
           --------------------------------             -----------------------
Title:      CEO             Secretary        Title:      CEO
      -------------------------------------        ----------------------------
Date:       June 28, 2002                    Date:       June 28, 2002
     --------------------------------------       -----------------------------

                                       Page 9 of 9

<PAGE>

                        ATTACHMENT A, ("ATTACHMENT A") TO
                              AMENDED AND RESTATED
                    REVOLVING CREDIT AGREEMENT ("AGREEMENT")
                               DATED JUNE 29, 2001

Customer Name: PEMSTAR INC., TURTLE MOUNTAIN CORPORATION, and PEMSTAR PACIFIC
Consultants, Inc. (together, the "Credit Parties")

Effective Date of this Attachment A: June 28, 2002

I.       Fees, Rates and Repayment Terms:

         (A)      Credit Facility:

                  Revolving A: Sixty-five Million Dollars ($65,000000) Revolving
                  Credit Facility

         (B)      Borrowing Base:

                  (i) 90% of the amount of each Credit Party's Eligible Accounts
                  from International Business Machines Corp. ("IBM") or its
                  domestic subsidiaries as account debtor pursuant to agreements
                  between such Credit Party and IBM in form and substance
                  satisfactory to IBM Credit as of the date of determination as
                  reflected in the Customer's most recent Collateral Management
                  Report;

                  Notwithstanding Section 3.1 (A) of the Agreement, for purposes
                  of this Section (i), Accounts from IBM that allow for payment
                  to be made within 60 days shall be included for purposes of
                  calculating the Borrowing Base provided that such Accounts are
                  on standard terms and otherwise satisfy the criteria for
                  eligibility in IBM Credit's sole discretion.

                  (ii) 80% of the amount of each Credit Party's Eligible
                  Accounts from Honeywell Inc. ("Honeywell"), Minnesota Mining &
                  Manufacturing Company ("3M"), and Applied Materials, Inc.
                  ("Applied Materials") as account debtor, provided such account
                  debtors remain investment grade, in IBM Credit's sole
                  discretion, and pursuant to agreements between such Credit
                  Party and such account debtor, in form and substance
                  satisfactory to IBM Credit as of the date of determination as
                  reflected in the Customer's most recent Collateral Management
                  Report;

                  Notwithstanding Section 3.1 (A) of the Agreement, for purposes
                  of this Section (ii), Accounts from Honeywell that allow for
                  payment to be made within 45 days shall be included for
                  purposes of calculating the Borrowing Base provided that such
                  Accounts from Honeywell are on standard terms and otherwise
                  satisfy the criteria for eligibility in IBM Credit's sole
                  discretion.

                  (iii) 80% of the amount of each Credit Party's other Eligible
                  Accounts, other than Concentration Accounts, as of the date of
                  determination as reflected in the Customer's most recent
                  Collateral Management Report provided, however, IBM Credit has
                  a first priority security interest in such Eligible Account;

                  (iv) a percentage, determined from time to time by IBM Credit
                  in its sole discretion, of the amount of Customer's
                  Concentration Accounts for a specific Concentration Account
                  Debtor as of the date of determination as reflected in the
                  Customer's most recent Collateral Management Report; unless
                  otherwise notified by IBM Credit, in writing, the percentage
                  for Concentration Accounts for a specific Concentration
                  Account Debtor shall be the same as the percentage set forth
                  in paragraph (ii) of the Borrowing Base;

                  The following subsections (v), (vi), (vii) and (viii) specify
                  valuation rates for Eligible Finished Goods Inventory,
                  Eligible Parts Inventory and Eligible Inventory (as such terms
                  are defined below) for the following Credit Parties' at the
                  specified locations:

                                       Page 1 of 8

<PAGE>

                  Pemstar Inc. = Rochester, MN
                  Pemstar Inc. = San Jose, CA
                  Pemstar Inc. = Taunton, MA
                  Turtle Mountain Corporation = Dunseith, ND

                  (v) Rochester, MN = 95, San Jose, CA = 0%, Taunton, MA = 0%,
                  Dunseith, ND = 100% of the lower of (x) book value or (y) fair
                  market value of each Credit Party's Eligible Finished Goods
                  Inventory destined for IBM less than 180 days old;

                  (vi) Rochester, MN = 85%, San Jose, CA = 0%, Taunton, MA = 0%,
                  Dunseith, ND = 83% of the lower of (x) book value or (y) fair
                  market value of each Credit Party's Eligible Parts Inventory
                  destined for IBM less than 180 days old;

                  (vii) Rochester, MN = 66%, San Jose, CA = 0%, Taunton, MA =
                  0%, Dunseith, ND = 80% of the lower of (x) book value or (y)
                  fair market value of each Credit Party's Eligible Inventory
                  destined for Honeywell, 3M, and Applied Materials less than
                  180 days old;

                  (viii) Rochester, MN (other than Eligible Finished Goods
                  Inventory, Eligible Parts Inventory and Eligible Inventory
                  destined for Celestica) = 54%, Rochester, MN (for Eligible
                  Finished Goods Inventory, Eligible Parts Inventory and
                  Eligible Inventory destined for Celestica) = 49%, San Jose, CA
                  = 46%, Taunton, MA = 60%, Dunseith, ND = 49% of the lower of
                  (x) book value or (y) fair market value of each Credit Party's
                  other Eligible Inventory less than 180 days old provided,
                  however, IBM Credit has a first priority security interest in
                  such Eligible Inventory.

                  Eligible Finished Goods Inventory shall mean finished goods
                  inventory in salable condition less than 180 days old, owned
                  by a Credit Party free and clear of any Liens (other than
                  Liens pursuant to this Agreement), and designated and
                  identified as product to be sold to IBM as evidenced by (i)
                  non-cancellable purchase orders from IBM or (ii) a
                  non-cancellable written agreement that IBM will purchase such
                  inventory, in each case, in form and substance satisfactory to
                  IBM Credit.

                  Eligible Parts Inventory shall mean parts inventory and floor
                  stock raw materials in good condition less than 180 days old,
                  owned by a Credit Party free and clear of any Liens (other
                  than Liens pursuant to this Agreement), and designated and
                  identified as parts to be used to manufacture product (the
                  Eligible Finished Goods Inventory) to be sold to IBM as
                  evidenced by (i) non-cancellable purchase orders from IBM to
                  such Credit Party or (ii) a non-cancellable written agreement
                  that IBM will purchase such inventory, in each case, in form
                  and substance satisfactory to IBM Credit.

                  Eligible Inventory shall mean raw materials, floor stock raw
                  materials and finished goods inventory less than 180 days old
                  owned by a Credit Party free and clear of any Liens (other
                  than Liens pursuant to this Agreement) designated and
                  identified by the Customer in its periodic collateral report
                  or borrowing request to IBM Credit as inventory applicable to
                  product sold, or to be manufactured and sold, by a Credit
                  Party to an end user pursuant to non-cancellable purchase
                  orders or other written agreements binding such end user to
                  purchase such product, in each case, in form and substance
                  satisfactory to IBM Credit.

                  Notwithstanding the foregoing, IBM Credit may consider
                  Eligible Finished Goods Inventory, Eligible Parts Inventory
                  and/or Eligible Inventory in the Borrowing Base greater than
                  180 days old provided that (i) a purchase order is in place
                  between the end-user and the Credit Party_, in form and
                  substance satisfactory to IBM Credit or (ii) Credit Party
                  provides evidence to IBM Credit, in form and substance
                  satisfactory to IBM Credit, that the end-user is paying all
                  carrying costs associated with such Eligible Finished Goods,
                  Eligible Parts

                                       Page 2 of 8

<PAGE>

                  Inventory and/or Eligible Inventory. Under no circumstances
                  will Eligible Finished Goods, Eligible parts Inventory or
                  Eligible Inventory be considered in the Borrowing Base if
                  older than 365 days.

                  IBM Credit will consider Eligible Finished Goods Inventory,
                  Eligible Parts Inventory and/or Eligible Inventory to be
                  ineligible if the end-user customer with respect to such
                  Eligible Finished Goods Inventory, Eligible Parts Inventory
                  and/or Eligible Inventory becomes delinquent in its payments
                  of accounts receivable to the Credit Parties and such accounts
                  receivable owing from such account debtor are not eligible
                  pursuant to the terms of Section 3.1 (C) of the Agreement.

                  Notwithstanding the foregoing, assets of Pemstar Pacific
                  Consultants shall not be included for the purposes of
                  calculating the Borrowing Base. For purposes of calculating
                  the Borrowing Base, Pemstar Pacific Consultants shall not be
                  deemed a Credit Party.

         (C)      Collateral Insurance Amount: Seventy Million Dollars
                  ($70,000,000).

         (D)      Applicable Margin: Prime Rate plus 3.50%.

         (E)      Delinquency Fee Rate:         Prime Rate plus 6.500%.

         (F)      Shortfall Transaction Fee:    Shortfall Amount multiplied
                                                by 0.30%.

         (G)      Other Charges:

                  (i) Unused Line Fee: 0.375% per annum on the daily average
                  unused portion of the Credit Line for each day from the
                  closing date of the Agreement and shall be computed on the
                  basis of a 360 day year and payable monthly in arrears and
                  upon the maturity or termination of the Agreement.

                  (ii) Prepayment Fee: A prepayment premium, payable to IBM
                  Credit in the event that the Customer terminates the Credit
                  Line prior to Termination Date, in an amount equal to the
                  amount of the Credit Line in effect as of the date of notice
                  of termination or date of default, multiplied by one half of
                  one percent (0.50%).

                  (iii) Waiver Fee of one hundred and fifty thousand dollars
                  ($150,000)

II.      Bank Account

Credit Parties' Lockbox(es) and Special Account(s) will be maintained at the
following Bank(s):

               Name of Bank:              U.S. Bank
               Address:                   155 1st Avenue S.W.
                                          Rochester, MN 55902
               Phone:                     Mr. Bruce Gudlin (507) 285-7943
                                          Ms. Gwen Persons (507) 285-7937
               Lockbox Address:           PEMSTAR INC.
                                          SDS-12-1905
                                          P.O. Box 86
                                          Minneapolis, MN 55486-1905
               Special Account #:         1-047-5581-5495
               Lockbox #                  SDS-12-1905
               Name of Bank:              Citizens Bank of Massachusetts Inc.
               Address:                   11 Fearing Road
                                          Hingham, MA 02043
               Phone:

                                       Page 3 of 8

<PAGE>

               Lockbox Address:           PEMSTAR INC.
                                          P.O. Box 845788
                                          Boston, MA 02284-5788
               Special Account #:         110282378
               Lockbox #                  5788

               Name of Bank:              U.S. Bank
               Address:                   US Bank Place
                                          601 Second Avenue South
                                          Minneapolis, MN 55402-4302
               Phone:                     (651) 962-2499
               Lockbox Address:           Turtle Mountain Corporation
                                          SDS-12-2077
                                          Minneapolis, MN 55486-2077
               Special Account #:         1047-5711-5977
               Lockbox #                  SDS-12-2077

               Name of Bank:              U.S. Bank
               Address:                   155 1st Ave. S.W.
                                          Rochester, MN  55902
               Phone:                     Mr. Bruce Gudlin (507) 285-7943
                                          Ms. Gwen Persons (507) 285-7937
               Lockbox Address:           Pemstar Inc. (San Jose location)
                                          SDS51930
                                          P.O. Box 51930
                                          Los Angeles, CA 90051-6210
               Lockbox #                  SDS51930

               Name of Bank:              U.S. Bank
               Address:                   US Bank Place
                                          601 Second Avenue South
                                          Minneapolis, MN 55402-4302
               Phone:
               Lockbox Address:           Pemstar Pacific Consultants Inc
                                          PO Box 51911 Unit A
                                          Los Angeles, CA 90051-6211
               Special Account #          1-539-1000-7704
               Lockbox #                  51911

III.     Financial Covenants:

Definitions: The following terms shall have the following respective meanings in
this Attachment A. All amounts shall be determined in accordance with generally
accepted accounting principles (GAAP).

         "Capital Expenditure" shall mean any amount debited to the fixed asset
         account on the Customer's consolidated balance sheet in respect of: (a)
         the acquisition (including, without limitation, acquisition by entry
         into a capitalized lease), construction, improvement, replacement or
         betterment of land, buildings, machinery, equipment or of any other
         fixed assets or capitalized leaseholds; and (b) to the extent related
         to and not included in (a) above, materials, contract labor and direct
         labor (excluding expenditures charged to repairs or maintenance in
         accordance with GAAP.

                                       Page 4 of 8

<PAGE>

         "Consolidated Net Income" shall mean, for any period, the net income
         (or loss), after taxes, of Customer on a consolidated basis for such
         period determined in accordance with GAAP.

         "Current" shall mean within the ongoing twelve month period.

         "Current Assets" shall mean assets that are cash or expected to become
         cash within the ongoing twelve months.

         "Current Liabilities" shall mean payment obligations resulting from
         past or current transactions that require settlement within the ongoing
         twelve month period, as determined in accordance with GAAP.

         "EBITDA" shall mean, for any period (determined on a consolidated basis
         in accordance with GAAP), (a) the Consolidated Net Income of Customer
         for such period, plus (b) each of the following to the extent reflected
         as an expense in the determination of such Consolidated Net Income: (i)
         the Customer's provisions for taxes based on income for such period;
         (ii) Interest Expense for such period; and (iii) depreciation and
         amortization of tangible and intangible assets of Customer for such
         period.

         "Fixed Charges" shall mean, for any period, an amount equal to the sum,
         without duplication, of the amounts for such as determined for the
         Customer on a consolidated basis, of (i) scheduled repayments of
         principal of all Indebtedness (as reduced by repayments thereon
         previously made), (ii) Interest Expense, (iii) capital expenditures
         (iv) dividends, (v) leasehold improvement expenditures and (vi) all
         provisions for U.S. and non U.S. Federal, state and local taxes.

         "Fixed Charge Coverage Ratio" shall mean the ratio as of the last day
         of any fiscal period of (i) EBITDA as of the last day of such fiscal
         period to (ii) Fixed Charges.

         "Interest Expense" shall mean, for any period, the aggregate
         consolidated interest expense of Customer during such period in respect
         of Indebtedness determined on a consolidated basis in accordance with
         GAAP, including, without limitation, amortization of original issue
         discount on any Indebtedness and of all fees payable in connection with
         the incurrence of such Indebtedness (to the extent included in interest
         expense), the interest portion of any deferred payment obligation and
         the interest component of any capital lease obligations.

         "Long Term" shall mean beyond the ongoing twelve month period.

         "Long Term Assets" shall mean assets that take longer than a year to be
         converted to cash. They are divided into four categories: tangible
         assets, investments, intangibles and other.

         "Long Term Debt" shall mean payment obligations of indebtedness which
         mature more than twelve months from the date of determination, or
         mature within twelve months from such date but are renewable or
         extendible at the option of the debtor to a date more than twelve
         months from the date of determination.

         "Net Profit after Tax" shall mean Revenue plus all other income, minus
         all costs, including applicable taxes.

         "Revenue" shall mean the monetary expression of the aggregate of
         products or services transferred by an enterprise to its customers for
         which said customers have paid or are obligated to pay, plus other
         income as allowed.

         "Subordinated Debt" shall mean Customer's unsecured indebtedness to
         third parties as evidenced by an executed Notes Payable Subordination
         Agreement in favor of IBM Credit including, without limitation, the
         Subordinated Debt (2002).

                                       Page 5 of 8

<PAGE>

         "Tangible Net Worth" shall mean:

                  Total Net Worth minus;

                           (a) goodwill, organizational expenses, pre-paid
                           expenses, deferred charges, research and development
                           expenses, software development costs, leasehold
                           expenses, trademarks, trade names, copyrights,
                           patents, patent applications, privileges, franchises,
                           licenses and rights in any thereof, and other similar
                           intangibles (but not including contract rights) and
                           other current and non-current intangible assets as
                           identified in Customer's financial statements;

                           (b) all accounts receivable from employees, officers,
                           directors, stockholders and affiliates; and

                           (c) all callable/redeemable preferred stock.

         "Total Assets" shall mean the total of Current Assets and Long Term
         Assets.

         "Total Liabilities" shall mean the Current Liabilities and Long Term
         Debt less Subordinated Debt, resulting from past or current
         transactions, that require settlement in the future.

         "Total Net Worth" (the amount of owner's or stockholder's ownership in
         an enterprise) is equal to Total Assets minus Total Liabilities.

         "Working Capital" shall mean Current Assets minus Current Liabilities.

Customer will be required to maintain the following financial ratios,
percentages and amounts as of the last day of the fiscal period under review by
IBM Credit:

On a consolidated basis:

                Covenant                   Covenant Requirement
                --------                   --------------------

     (a)        Net Profit after Tax       Equal to or Greater than (.25)
                to Revenue                 percent quarterly for the fiscal
                (Quarterly)                quarter ending September 30, 2002
                                           Equal to or Greater than .75
                                           percent quarterly for the fiscal
                                           quarter ending December 31, 2002.
                                           Equal to or Greater than .25 percent
                                           quarterly for the fiscal quarter
                                           ending March 31, 2003.
                                           Equal to or Greater than .75 percent
                                           quarterly for the fiscal

                                       Page 6 of 8

<PAGE>

                                           quarter ending June 30, 2003 and all
                                           fiscal quarters thereafter.
     (b)        Net Profit after Tax       Equal to or Greater than (3.25)
                to Revenue (Annual)        percent for the fiscal year ending
                                           March 31, 2003 and 1.25 percent for
                                           all fiscal year ends thereafter
     (c)        Total Liabilities to       Greater than Zero and
                Tangible Net Worth         Equal to or Less than 1.6:1.0
     (d)        Current Assets to          Greater than 2.0:1.0
                Current Liabilities
     (e)        Fixed Charge Coverage      Equal to or Greater than 1.00:1.0
                Ratio                      for each fiscal month beginning
                                           December 31, 2002, including the
                                           fiscal months ending January 31, 2003
                                           and February 28, 2003, and 1.30:1.0
                                           for each fiscal month beginning March
                                           31, 2003 and for all fiscal months
                                           thereafter
     (f)        Maximum Capital            Less than or equal to $18,000,000
                Expenditures               for the fiscal year ending March 31,
                                           2003 and all fiscal year ends
                                           thereafter provided, however, no
                                           Credit Party may make any Capital
                                           Expenditure in excess of $1,000,000
                                           without the prior written consent of
                                           IBM Credit
     (g)        Net Profit After           Equal to or greater than 1.5 percent
                Tax to Revenue             for the fiscal quarter ending
                (U.S. Credit Parties       December 31, 2002 and all fiscal
                operations only)           quarters thereafter
     (h)        EBITDA                     Equal to or Greater than
                (U.S. Credit Parties       ($19,000,000) for the six months
                operations only)

                                       Page 7 of 8

<PAGE>
                                           ending June 30, 2002 and $5,500,000
                                           for all fiscal quarters thereafter
     (i)        EBITDA                     Equal to or Greater than
                                           ($23,000,000) for the six months
                                           ending June 30, 2002 and $6,000,000
                                           for all fiscal quarters thereafter

                                       Page 8 of 8

<PAGE>

                                  ATTACHMENT C
          AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT ("AGREEMENT")

                             COMPLIANCE CERTIFICATE

TO:      IBM CREDIT CORPORATION
         ______________________
         ______________________

         The undersigned authorized officers of Pemstar Inc., Turtle Mountain
Corporation and Pemstar Pacific Consultants Inc. (the "Credit Parties"), hereby
certify on behalf of the Credit Parties, with respect to the Amended and
Restated Revolving Credit Agreement executed by and between the Credit Parties
and IBM Credit Corporation ("IBM Credit") on June 29, 2001, as amended from time
to time (the "Agreement"), that (A) each of the Credit Parties has been in
compliance for the period from ______________, 20__ to _________ ____, 20__ with
the financial covenants set forth in Attachment A to the Agreement, as
demonstrated below, and (B) no Default has occurred and is continuing as of the
date hereof, except, in either case, as set forth below. All capitalized terms
used herein and not otherwise defined shall have the meanings assigned to them
in the Agreement.

I.       Financial Covenants:

On a consolidated basis:

           Covenant                    Covenant Requirement
           --------                    --------------------

(a)        Net Profit after Tax        Equal to or Greater than (.25) percent
           to Revenue                  quarterly for the fiscal quarter ending
           (Quarterly)                 September 30, 2002
                                       Equal to or Greater than .75 percent
                                       quarterly for the fiscal quarter ending
                                       December 31, 2002.
                                       Equal to or Greater than .25 percent
                                       quarterly for the fiscal quarter ending
                                       March 31, 2003.
                                       Equal to or Greater than .75 percent
                                       quarterly for the fiscal quarter ending
                                       June 30, 2003 and all fiscal quarters
                                       thereafter.
(b)        Net Profit after Tax        Equal to or Greater than (3.25) percent
           to Revenue (Annual)         for the fiscal year ending March 31,
                                       2003 and 1.25 percent for all fiscal
                                       year ends thereafter
(c)        Total Liabilities to        Greater than Zero and
           Tangible Net Worth          Equal to or Less than 1.6:1.0
(d)        Current Assets to           Greater than 2.0:1.0
           Current Liabilities
(e)        Fixed Charge Coverage       Equal to or Greater than 1.00:1.0
           Ratio                       for each fiscal month beginning December
                                       31, 2002, including the fiscal months
                                       ending January 31, 2003 and February 28,
                                       2003, and 1.30:1.0 for each fiscal month
                                       beginning March 31, 2003 and for all
                                       fiscal months thereafter
(f)        Maximum Capital             Less than or equal to $18,000,000
           Expenditures                for the fiscal year ending March 31, 2003
                                       and all fiscal year ends thereafter
                                       provided, however, no Credit Party may
                                       make any Capital Expenditure inn excess
                                       of $1,000,000 without the prior written
                                       consent of IBM Credit.
(g)        Net Profit After            Equal to or greater
           Tax to Revenue              than 1.5 percent for the fiscal
           (U.S. Credit Parties        quarter ending December 31, 2002

Attachment C                           1

<PAGE>

           operations only)            and all fiscal quarters thereafter
(h)        EBITDA                      Equal to or Greater than ($19,000,000)
           (U.S. Credit Parties        for the six months ending June 30, 2002
           operations only)            and $5,500,000 for all fiscal quarters
                                       thereafter
(i)        EBITDA                      Equal to or Greater than ($23,000,000)
                                       for the six months ending June 30, 2002
                                       and $6,000,000 for all fiscal quarters
                                       thereafter

II.      Calculation of Tangible Net Worth:

         Total Assets MINUS Total Liabilities

LESS:

         goodwill
         organizational expenses
         prepaid expenses
         deferred charges, etc.
         leasehold expenses
         all other
         callable/redeemable preferred stock
         officer, employee, director, stockholder
          and affiliate receivables

                               Total Tangible Net Worth

Attachment C                           2

<PAGE>

                                  ATTACHMENT C
          AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (AGREEMENT")
                                   (Continued)

III.     Permitted Baskets:

In accordance with sections 7.16, 8.4, 8.5, 8.6 and 8.15 of the Agreement, the
following are Pemstar Inc.'s attainment of the affirmative and negative
covenants:

<TABLE>
<CAPTION>
Agreement Reference                                     Actual                 Aggregate Amount Permitted
-------------------                                     ------                 --------------------------
<S>                                                     <C>                  <C>
Guaranties to Pemstar Thailand in                                                       $2,500,000.00
connection with the Credit Facility
Section 7.16)

Guaranties to Foreign Subsidiaries
under operating leases
(Section 7.16)                                                                           $14,000,000

Equity contributions in Unrestricted                                                Investments and equity
Foreign Subsidiaries (other than Pemstar                                         contributions do not exceed
Thailand) (Section 7.16)                                                                 $22,000,000

Equity Contributions in Foreign
Subsidiaries (other than
Unrestricted Foreign Subsidiaries)
(Section 7.16)                                                                            $1,500,000

Equity Contributions in Pemstar Thailand                                                $3,600,000.00

Guaranties to suppliers of the Credit
Parties Subsidiaries (Section 8.4)                                                   Less than $1,000,000

Optional payments or prepayments,
redemption or repurchases of Indebtedness
(Section 8.5)                                                                              $250,000

Loans, advances and payment of money to                                      The aggregate amount of all loans
Unrestricted Foreign Subsidiaries                                            and advances and other payment of
(Section 8.15)                                                               money by all the Credit Parties to
                                                                             all Unrestricted Foreign
                                                                             Subsidiaries:

                                                                             From the date hereof through and
                                                                             including March 31, 2002,
                                                                             $51,000,000
                                                                             From April 1, 2002 through and
                                                                             including June 30, 2002
</TABLE>

Attachment C                           3

<PAGE>
<TABLE>
<CAPTION>
<S>                                                     <C>                  <C>

                                                                             $39,000,000
                                                                             From July 1, 2003 and thereafter
                                                                             $32,000,000

Loans, advances and payment of
money to Foreign Subsidiaries
(excluding Unrestricted Foreign
Subsidiaries)
(Section 8.15)                                                                          ($10,000,000)
                                                                                (Negative Ten Million Dollars)

Capital Expenditures made by                                                 Less than or equal to $18,000,000
Credit Parties and Subsidiaries                                              for the fiscal year ending March
(Section 8.6)                                                                31, 2003 and all fiscal years
                                                                             thereafter
</TABLE>

Attached hereto are Financial Statements as of and for the end of the fiscal
_____________ ended on the applicable date, as required by Section 7.1 of the
Amended and Restated Revolving Credit Agreement.

Submitted by:

PEMSTAR INC.

By:
   ----------------------------------------
Print Name:
           --------------------------------
Title:
      -------------------------------------

TURTLE MOUNTAIN CORPORATION

By:
   ----------------------------------------
Print Name:
           --------------------------------
Title:
      -------------------------------------

PEMSTAR PACIFIC CONSULTANTS INC.

By:
   ----------------------------------------
Print Name:
           --------------------------------
Title:
      -------------------------------------

Attachment C                           4<PAGE>

                                                                    EXHIBIT 10.4

                                 Loan Agreement
                                 --------------

This Agreement is made at the Thai Farmers Bank Public Company Limited,
Navanakom Branch on June 27, 2002 by and between;

The Thai Farmers Bank Public Company Limited having its registered office at No.
1 Thai Farmers Lane, Ratburana Road, Khwaeng Ratburana, Khet Ratburana, Bangkok
10140 Thailand (hereinafter referred to as the "Lender"); and

Pemstar (Thailand) Limited having its registered office at 129/1 Moo 5, Tumbon
Banpoe, Amphur Bangpa-In, Pranakorn Sri Ayudhaya (hereinafter called the
"Borrower") .

Whereas, the Borrower wishes to borrow from the Lender the aggregate principal
amount of Baht 300,000,000.-(Baht Three Hundred Million Only) and;

Whereas, the Lender is willing to lend the Borrower such loan upon the terms and
conditions of this Agreement hereinafter set forth.

Now, therefore, the Lender and the Borrower hereto hereby agree as follows;

1.       The Borrower agrees to borrow from the Lender and the Lender agrees to
         lend the Borrower the aggregate principal amount of Baht 300,000,000.-
         (Baht Three Hundred Million Only) (hereinafter referred to as the
         "Principal"), provided that the Borrower shall draw the Principal from
         the Lender in accordance with the following terms and conditions;

         (a)      the Borrower will draw a portion of the Principal from the
                  Lender in the amount of Baht 200,000,000.-(Baht Two
                  Hundred Million Only) upon the completion of the mortgage
                  registration over the land title deed No. 4789 Tumbon Banlane,
                  Amphur Bangpa-In, Pranakorn Sri Ayudhaya together with the
                  buildings and/or constructions erected and/or to be erected
                  thereon in the future to secure the amount in clause 1(a) plus
                  any accrued interest thereon and to secure the amount which
                  will be provided by short-term loan to be evidenced by
                  promissory notes provided that such amount of short-term loan
                  shall not exceed Baht 100,000,000.-(Baht One Hundred
                  Million Only) plus any interest thereon; and

<PAGE>

         (b)      for the remaining portion of the Principal which is the amount
                  of Baht 100,000,000.- (Baht One Hundred Million Only), the
                  Borrower shall draw such amount upon the completion and
                  acceptance by the Lender of the Letter of Guarantee from
                  Pemstar Inc., United States of America, the Borrower's parent
                  company and the paid up capital of the Borrower must be at
                  least Baht 100,000,000.- (Baht One Hundred Million Only) .

         Provided, always, that, the Borrower shall draw the Principal from the
         Lender upon the Borrower's submission of the request for drawing and
         upon the terms and conditions set forth herein, as well as upon the
         Lender's sole discretion that such request for drawing of the Borrower
         deemed appropriate and necessary. For such request of drawing, the
         Borrower shall inform the Lender by virtue of execution and delivery to
         the Lender a Notice of Drawing in the form of APPENDIX A attached
         hereto which shall be deemed as an integral part hereof.

         The Borrower shall completely draw the Principal from the Lender within
         1 (one) year from the date of this Agreement (hereinafter referred to
         as the "Availability Period"). However, if the Borrower fails to comply
         with the aforesaid condition or fails to draw the Principal in
         compliance with the Availability Period, or if at any time in the
         reasonable discretion of the Lender there shall exist any situation
         which indicates that the performance by the Borrower of its obligations
         under this Agreement cannot be expected, the Lender may; by notice to
         the Borrower; suspend or cancel the right of the Borrower to draw the
         Principal. Upon such giving notice, any non-drawing portion of the
         Principal shall be suspended or cancelled as the case may be. The
         exercise of any right hereof by the Lender shall not preclude the
         Lender from exercising the rights under any other provision of this
         Agreement.

         Any prepayment made under this Agreement shall be made together with a
         fee at the rate of 2% (Two Percent) of the amount prepaid.

         The Borrower may cancel the whole or part of the unutilized commitment
         under this Agreement by giving the Lender not less than 30 (Thirty)
         days prior written notice to that effect specifying the date and the
         amount of the proposed cancellation. Any amount undrawn at the end of
         the Availability Period shall be deemed cancelled.

                                       2

<PAGE>

         Any cancellation shall be made together with a 1% (One Percent) flat
         fee on the amount cancelled.

2.       Upon receipt of a Notice of Drawing, within five working days the
         Lender shall advance to the Borrower the portion of the Principal as
         specified in the Notice of Drawing or the portion of the Principal that
         the Lender deems appropriate on such drawing date, and simultaneously
         the Borrower shall execute and deliver to the Lender the Receipt in the
         substantial form of APPENDIX B attached hereto which shall be deemed as
         an integral part hereof, evidencing the Borrower's receipt of such
         Principal being advanced by the Lender hereunder.

3.       The Borrower agrees to monthly pay interest to the Lender on the unpaid
         balance of the Principal from time to time outstanding, commencing from
         the drawing date until maturity (whether by acceleration or otherwise)
         at the rate per annum and in accordance with the period therefore as
         follows:

         3.1      at the rate of 5% (Five Percent) per annum for the period of
                  24 (Twenty Four) months, commencing from the execution date
                  hereof and;

         3.2      at the rate of Lender's MLR - 1% (Minimum Loan Rate subtract
                  from 1 Percent) for the period of 36 (Thirty Six) months,
                  commencing upon the end of the 24th (Twenty Fourth) month as
                  mentioned in sub-clause 3.1 above.

         The Lender's MLR (Minimum Loan Rate) shall hereby mean the most
         favorable rate as from time to time quoted and charged by the Lender to
         its prime customers for the loan which repayment period not less than
         one year, provided that the Lender's MLR (Minimum Loan Rate) shall be
         subject to change without any prior notice to the Borrower. The said
         Lender's MLR (Minimum Loan Rate) as of the execution date hereof is 7%
         (Seven Percent) per annum.

         The Borrower also agrees to pay interest, on the Lender's demand, on
         overdue Principal from time to time default up to the time of actual
         payment, at the default interest rate announced; from time to time; by
         the Lender and charged from the Lender's customers who defaulted in
         repayment or payment which as of the execution date hereof, the default
         interest rate is 13.50% (Thirteen Point Five Percent) per annum. The
         Borrower agrees and acknowledges that such default interest rate is
         subject to change, without any notice to the Borrower, by the Lender
         from time to time.

                                       3

<PAGE>

4.       The Borrower agrees to monthly repay the drawdown Principal to the
         Lender in 60 (Sixty) installments with each amount being in an amount
         of Baht 5,000,000.-(Baht Five Million Only) for every month.

         If the first drawdown is made within the 15th(Fifteenth) day of any
         month, the first repayment shall commence from the month in which such
         first drawdown is made and be payable on the last banking day of such
         month. If the first drawdown is made after the 15th(Fifteenth) day of
         any month, the first repayment shall commence from the next succeeding
         month and be payable on the last banking day of such month. The
         Borrower shall make such monthly repayment to the Lender within the
         last banking day of each month at the Lender's office and within the
         banking hours. The amount of each repayment installment shall be made
         equally and consecutively.

         However, the Borrower shall completely and fully repay the Principal
         and completely and fully pay the interest accrued thereon to the Lender
         within 60 (Sixty) months from the month in which the first drawdown is
         made.

5.       If any date of repayment and/or payment of the Principal and/or
         interest and/or fees and/or expense, etc. due by the Borrower under
         this Agreement shall fall on the Lender's holiday, the Borrower agrees
         to repay and/or pay such amount due on the business day preceding to
         any of the aforesaid dates.

6.       As collateral and as security for the Borrower's obligations and
         liabilities hereunder, the Borrower shall:

         6.1      provide for the Lender a Letter of Guarantee; from the
                  Borrower's parent company - Pemstar Inc., United States of
                  America - of which such Letter of Guarantee shall guarantee
                  the amount specified in Clause 1(b) and shall be in the form
                  acceptable and satisfactory to the Lender; and

         6.2      execute a first priority mortgage registration over the land
                  title deed No. 4789, Tumbon Banlane, Amphur Bangpa-In,
                  Pranakorn Sri Ayudhaya, together with the buildings and/or
                  constructions erected and/or to be erected thereon in the
                  future to secure the amount specified in Clause 1(a).

7.       As the benefit hereof, the Borrower shall take out fire insurance
         against any loss and/or damage with full covering of the buildings and
         /or constructions erected and/or to be

                                       4

<PAGE>

         erected in the future on the lands under the title deeds mentioned in
         Sub-Clause 6.2 above, at the insurance value determined by the Lender.
         The Borrower shall obtain such insurance and/or renewal of the
         insurance policy throughout the period of time that the Lender has not
         been repaid in full amount of the indebtedness as specified hereunder.
         The Borrower hereby agrees that the insurance policy shall be endorsed
         to specify the Lender as the beneficiary under such the insurance
         policies in the event of loss occurring and the Borrower shall be
         responsible for all of the insurance premium. The insurance company
         and/or re-insurance company and form and substance of insurance shall
         have to be satisfactory to the Lender.

8.       Throughout the term of this Agreement and/or as long as the Borrower
         still obligates or still be liable to the Lender hereunder, the
         Borrower shall maintain the Borrower's Debt to Equity Ratio (D/E Ratio)
         at the ratio as follows:

         8.1      as of March 31, 2003; at the ratio not exceeding 2.3:1; and

         8.2      as of March 31, 2004; at the ratio not exceeding 2:1

9.       Upon a declaration of acceleration under Clause 11. and/or Clause 12.
         or on the maturity date of repayment under Clause 4. or on the interest
         payment date under Clause 3, the Lender is hereby irrevocably
         authorized at any time and from time to time, without notice to the
         Borrower to set-off and to appropriate and apply any and all deposits
         (general or special or otherwise) and any other indebtedness at any
         time held or owing by the Lender to or for the credit or the account of
         the Borrower against and on account of the obligations and liabilities
         of the Borrower to the Lender under this Agreement, irrespective of
         whether or not the Lender shall have made any demand hereunder and
         although said obligations, liabilities or claims or any of them, shall
         be contingent or immaturity.

10.      The Borrower covenants and agrees that so long as this Agreement is in
         effect and until all of the obligations of the Borrower incurred
         hereunder are paid in full, unless waived in writing by the Lender; the
         Borrower will:

         10.1     furnish to the Lender within 120 (One Hundred and Twenty) days
                  after the end of each fiscal year, copies of the Borrower's
                  audited financial statements for such fiscal year of which
                  certified by and authorized director of the Borrower including
                  other information respecting to the financial conditions and
                  operations of the Borrower as the Lender may from time to time
                  reasonably request,

                                       5

<PAGE>

         10.2     ensure that the representations and warranties of the Borrower
                  contained in this Agreement remain at all times true and
                  accurate,

         10.3     preserve and maintain its corporate existence and of its
                  rights, licenses, powers, privileges and franchises; conduct
                  its business in an orderly efficient and regular manner;
                  comply with the requirement of all governmental authorities
                  having jurisdiction; and keep proper books and records,

         10.4     promptly give notice to the Lender of all litigation and of
                  all proceedings by or before any governmental agency and of
                  all disputes concerning the Borrower or any of its assets
                  which may have a material adverse effect on the Borrower.

         10.5     upon request of the Lender, give any representative of the
                  Lender access during normal business hours to examine or make
                  extracts from such of the books records and documents of the
                  Borrower as may be pertinent to its ability to perform
                  hereunder and to inspect any of its properties.

         10.6     keep all its properties useful or necessary in its business in
                  good working order and condition.

11.      Until the payment in full of any all amounts payable by the Borrower
         hereunder, the Borrower agrees that the Borrower shall not, without
         prior written consent of the Lender which will not be reasonably
         withheld:

         11.1     create, incur or suffer to exist any mortgage, pledge, lien,
                  security interest of other charge or encumbrance upon or with
                  respect to any of its properties or assets, present or future
                  except to secure the indebtedness of the Borrower under this
                  Agreement.

         11.2     create, incur, issue, assume or guarantee any debt or
                  liability for borrowed money other than the indebtedness to
                  the Lender hereunder,

         11.3     amend or permit to amend in any material or significant
                  respect of any of the provisions of its Memorandum or Articles
                  of Association, including any increase or reduction of its
                  capital,

                                       6

<PAGE>

         11.4     enter into any contract, which may have a material adverse
                  effect on the ability of the Borrower to service its debt,

         11.5     enter into any merger or consolidation, or sell, lease or
                  otherwise transfer all or a substantial potion of its assets,
                  except for the sale in the exercise of good business judgment
                  of any assets being no longer usable because of damage or wear
                  and tear otherwise being uneconomical for continued use,
                  except with in the normal cause of business.

12.      At the option of the Lender and without necessity of demand or notice,
         all obligations and liabilities of the Borrower hereunder shall
         immediately become due and payable irrespective of the period so
         specified in Clause 4. or any extension thereafter and all of the
         commitment of the Lender hereunder shall thereupon cease, upon the
         occurrence of any of the following events:

         12.1     default in payment of any obligation of the Borrower to the
                  Lender when it has been due;

         12.2     default in the due performance of any term, covenant or
                  undertaking of the Borrower in the this Agreement;

         12.3     default in payment of any other indebtedness in excess of four
                  million baht on its maturity;

         12.4     any representation or warranty given, made or deemed to be
                  made by the Borrower in pursuant to this Agreement is on prove
                  to have been untrue, incorrect or misleading in any respect
                  when given, made or deemed to be made;

         12.5     the dissolution, insolvency, failure in business of the
                  Borrower;

         12.6     commission of any act which could be presumed that the
                  Borrower is insolvent under the Bankruptcy Law;

         12.7     the Borrower's position has been materially changed which in
                  the opinion of the Lender may cause detriment to the Lender,
                  substantiated by the circumstances and information obtained
                  and considered to continue when this Agreement was made;

                                       7

<PAGE>

         12.8     the issuance of any notification, regulation, order,
                  instruction, directive, ruling, or any similar instrument of
                  the Bank of Thailand and/or Ministry of Finance thereby shall
                  prevent the Lender from granting any more credit facility or
                  restrict the credit granting activities of the Lender, or
                  further honoring of the drawing(s) hereunder may cause the
                  abuse of such notification, regulation, order, instruction,
                  directive, ruling, or instrument by the Lender;

13.      The Borrower represents and warrants:

         13.1     that it is a limited company duly registered and in good
                  standing under the laws of Thailand, is duly qualified and has
                  all licenses and permission required at this time and is in
                  the process of securing same to carry on it proposed
                  operations;

         13.2     that the making and performance of this Agreement and the
                  transactions contemplated herein are within the Borrower's
                  corporate powers, have been duly authorized by all necessary
                  corporate action, have received all necessary governmental
                  approvals, and do not contravene any law or result in the
                  breach of or constitute a default under any agreement,
                  instrument, order, or injunction by which the Borrower or any
                  of its properties may by bound or effected.

         13.3     that this Agreement will be legal, valid and binding
                  obligations of the Borrower enforceable against the Borrower
                  in accordance with their respective terms.

         13.4     that there are no pending or threatened actions or proceeding
                  before any court or administrative agency which may materially
                  adverse affect the Borrower's financial conditions or
                  operations.

14.      The Borrower shall bear sole responsibility for payment of stamp duties
         of this Agreement together with any expense paid by the Lender in
         connection with this Agreement.

15.      The Borrower agrees to pay and/or reimburse to the Lender for and
         against all expenses whatsoever incurred in connection with this
         Agreement, including legal fees in connection with the preparation,
         execution and enforcement of this Agreement.

16.      The Borrower shall fully indemnify the Lender for and against any
         expense, loss, cost damage or liability (as to the amount of which the
         certificate of the Bank shall, in the

                                       8

<PAGE>

         absence of manifest error, be conclusive) which any of them may incur
         as a consequence of the occurrence of any of any Event of Default, of
         any failure to borrow in accordance with the Drawing Notice or of any
         prepayment under this Agreement or of any increase in the cost to the
         Lender for maintaining the loan under this Agreement or otherwise in
         connection with this Agreement. Without prejudice to its generality,
         the foregoing indemnity shall extend to any interest, fees of other
         sums whatsoever paid or payable on account of any funds borrowed in
         order to carry any unpaid amount and to any loss (excluding loss
         profit) premium, penalty or expense which may be incurred in
         liquidating or employing deposits from third parties acquired to make,
         maintain or fund the loan (or part of it) or any other amount due or
         become due under this Agreement.

17.      This Agreement is executed in English. It shall be governed and
         construed by the Law of Thailand. In the event that it is necessary to
         file a lawsuit with this Agreement, the parties to this Agreement shall
         file the lawsuit with or submit the matter to the Court in Thailand.

18.      No failure or delay on the part of the Lender in exercising any right,
         power or privilege hereunder and no course of dealing between the
         Borrower and the Lender shall operate as a waiver thereof, nor shall
         any single or partial exercise by the Lender of any right hereunder
         preclude any other or further exercise thereof or the exercise of any
         other right. The remedies herein provided are cumulative and not
         exclusive of any remedies provided by law.

19.      If at time any provision hereof is or becomes invalid, illegal or
         unenforceable in any respect, the validity, legality or enforceability
         of the remaining provisions hereof shall not in any way be affected or
         impaired thereby.

20.      The provisions of this Agreement supersede all prior agreements or
         understanding orally or in writing inconsistent herewith, and shall
         constitute the only agreement between the parties with respect to the
         subject matter herein.

21.      This Agreement may be signed in any number of counterparts. Any single
         counterpart or a set of counterparts signed, in either case by all the
         parties hereto shall constitute a full and original agreement for all
         purposes.

22.      All correspondence and/pr notices sent by the Lender to the Borrower by
         registered post, or sent by hand, if sent to the address mentioned
         above, shall be deemed to have

                                       9

<PAGE>

         duly sent to the Borrower, irrespective whether they have been
         received. If such correspondence and/or notices cannot be sent because
         of a change of address or the building had been removed, without the
         Lender having been notified in writing by the Borrower, or if the above
         or the changed address cannot be located, the Borrower shall be deemed
         to have duly received and acknowledged such correspondence and/or
         notices.

23.      Each party hereto hereby declares and confirms that it has thoroughly
         read and understood all the terms of this Agreement and has found that
         such terms correspond with its intention and that prior to its
         execution of this Agreement, and has considered that such terms are
         fair and satisfactory for the purpose of the financial accommodation.

                                       10

<PAGE>

In Witness Whereof, the parties have caused this Agreement to be duly executed
as of the day and year herein above set forth.

         For and on behalf of Pemstar (Thailand) Limited

                   Signed  /s/ Laddawan Maisonti             The Borrower
                           -------------------------------
                           (By Laddawan Maisonti)

                   Signed  /s/ Buranee Arunpairojana         The Lender
                           -------------------------------
                           (By Buranee Arunpairojana)

                   Signed  /s/ Kent Nilubol                  Witness
                           -------------------------------
                           (By Kent Nilubol)

                   Signed  /s/ Wannee Phongsak               Witness
                           -------------------------------
                           (By Wannee Phongsak)

                                       11

<PAGE>

                                   APPENDIX A
                                   ----------

                                NOTICE OF DRAWING
                                -----------------

                                                       Date  June 28, 2002
                                                           --------------------

TO: THE THAI FARMERS BANK PUBLIC COMPANY LIMITED

                      Re: Baht 300,000,000.- Loan Facility
                      ------------------------------------

Dear Sirs:

Pursuant to the terms of Clause 1. of Loan Agreement dated June 27, 2002
between The Thai Farmers Bank Public Company Limited as the Lender and Pemstar
(Thailand) Limited as the Borrower, we; Pemstar (Thailand) Limited;
hereby give you this notice that we wish to draw the Principal sum of
Baht 200,000,000 (two hundred million baht only).

On the 28th date of June, 2002.

We greatly appreciate all your dedicated service.

                                Very truly yours,

                   Signed   /s/ Laddawan Maisonti           The Borrower
                           -------------------------------
                           (By Mrs.  Laddawan Maisonti)

                   For and on behalf of Pemstar (Thailand) Limited

                                       12

<PAGE>

                                   APPENDIX B
                                   ----------

                                     RECEIPT
                                     -------

                                                      Date June 28, 2002
                                                          ---------------------

We Pemstar (Thailand) Company Limited ("the Borrower"), have duly received from
The Thai Farmers Bank Public Company Limited ("the Lender") the Principal amount
of Baht 200,000,000 (two hundred million baht only) in accordance with the Loan
Agreement date entered in to by and between the Borrower and Lender.

In Witness Whereof, the Borrower has caused this receipt to be duly executed and
delivered to the Lender on the date as written above.

                   Signed   /s/ Laddawan Maisonti            The Borrower
                           -------------------------------
                           (By Mrs. Laddawan Maisonti)

             For and on behalf of Pemstar (Thailand) Company Limited

                   Signed   /s/ Kant Nilubol                 The Borrower
                           -------------------------------
                           (By Mr. Kant Nilubol)

                   Signed   /s/ Weera Ruedeesarnt            The Borrower
                           -------------------------------
                           (By Mr. Weera Ruedeesarnt)

                                       13

<PAGE>

                               GUARANTEE AGREEMENT
                               -------------------

                                        Executed at Rochester, Minnesota, U.S.A.
                                                             Date: June 25, 2002

1. In consideration of financial accommodation in the form of a mortgage loan
facility to Pemstar (Thailand), Ltd. with its registered office at Hi-tech
Industrial Estate (EPZ Zone 1), 129/1 Moo 5, Asia-Nakornsawan Highway, Ban-Po,
Bangpa-In, Ayutthaya 13160, Thailand (hereinafter called "the Borrower"), by
Thai Farmers Bank Public Company Limited with its registered office at 1 Thai
Farmers Lane, Ratburana Road, Bangkok, Thailand (hereinafter called "the Bank").
We, Pemstar Inc., a Minnesota U.S.A. Corporation, with our registered office at
3535 Technology Drive NW, Rochester, Minnesota 55901, U.S.A. (hereinafter called
"the Guarantor"), irrevocably and unconditionally guarantee to the Bank for any
due payment and/or for any due repayment, whether by acceleration or otherwise,
of any and all indebtedness or liabilities, whether direct or indirect, absolute
or contingent, joint, several or independent, of the Borrower to the Bank up to
the aggregate principal sum of Baht 100.00 million (Baht One Hundred Million
only), together with interest, commission, charges, expenses as may be due
thereon from the Borrower.

2. The Guarantor agrees that the Bank may, in its absolute discretion and
without prejudice to or in any way limiting or lessening the liability of the
Guarantor under this guarantee, extend credit to the Borrower in such amount as
the Bank may determine, whether for a greater or lesser amount than is hereby
guaranteed, grant extensions of time or other indulgences, change the interest
rate, take or give up or modify, vary, exchange, renew or abstain from
perfecting or taking advantage of any security, accept or make composition or
other arrangements, discharge or release any party or parties, realize on any
security and otherwise deal with the Borrower and co-guarantor and other parties
and security as the Bank may deem expedient.

3. This shall be a continuing guarantee and shall cover all liabilities of the
Borrower, and where more than one, the several obligations of each as well as
the joint obligations, including those incurred up to such time as the Bank
shall have been given notice in writing by the Guarantor to make no further
advantages on this guarantee.

4. This guarantee shall secure any balance due or owing from time to time and at
any time from the Borrower to the Bank, notwithstanding any payments from time
to time made to the Bank or any settlement of account or any other thing
whatsoever, and no payments made by or on behalf of the Guarantor to the Bank
shall be held to discharge or diminish the continuing liability of the Guarantor
hereunder, unless written notice is given to the Bank at the time of making such
payments that the same are being made for the purpose of liquidating such
liability and, until full payment of all indebtedness and liabilities (including
interest), present and future and whether or not payment thereof is guaranteed
hereby, of the Borrower to the Bank, the Guarantor waives all right of
subrogation and all benefit of our right to participate in any security now or
hereafter held by the Bank.

5. All demands, presentments, notices of protest and of dishonor and notices of
every kind or nature, including those of any action or non-action on the part of
the Borrower, the Bank, and co-guarantor or any creditor of the Borrower, the
Bank, and any co-guarantor or any other persons whomsoever, are expressly waived
by the Guarantor. The Guarantor hereby waives the right to require the Bank to
make a prior proceeding against the Borrower, any co-guarantor or any other
party or to prior proceed against or apply any security it may hold, and waives
the right

<PAGE>

to require the Bank to pursue any other remedy for the benefit of the Guarantor,
and agrees that the Bank may proceed against the Guarantor for the amount hereby
guaranteed without taking any action against the Borrower, any co-guarantor or
any other party and without prior proceeding against or applying any security it
may hold. The Guarantor waives the right to plead any and all statutes of
limitations as a defense to this guarantee and to any indebtedness or liability
hereby guaranteed, and shall constitute a further waiver by the Guarantor of the
right to plead any and all statutes of limitations as defense to the guarantee
and to any indebtedness or liability hereby guaranteed.

6. The Bank is not to be concerned to see or inquire into the powers of the
Borrower or its directors, officers, or other agents acting or purporting to act
on its behalf, the Guarantor hereby representing that such power exists, and
money in fact borrowed from the Bank in the professed exercise of such powers
shall be deemed to form part of the liabilities guaranteed, even though the
borrowing or obtaining of such money be in excess of the powers of the Borrower
or of the directors, officers, or other agents thereof, or shall be in any way
irregular or defective or informal.

7. The Guarantor agrees to pay a reasonable attorney's fee and all other costs
and expenses which may be incurred by the Bank in connection with this guarantee
or in the collection of any of said liabilities from the Borrower or the
Guarantor.

8. This guarantee shall inure to the benefit of and bind the successors and
assignors of the Guarantor, and shall be construed as the joint and several
obligation of the Guarantor with the Borrower. This guarantee shall be construed
in accordance with the law of Thailand. In the event that it is necessary to
file a lawsuit in connection with this Agreement, the parties hereto shall file
suit with or submit the matter to the Civil Court of Thailand. Notwithstanding
the foregoing, the Bank shall have the right to proceed against the Guarantor
under this Agreement in appropriate court of any country, as it deems expedient.
Notice of acceptance of this guarantee is hereby waived.

9. This guarantee is in addition to and exclusive of the guarantee(s) of any
other guarantor(s) and of any and all prior guarantees of any of the Guarantor
of indebtedness or liabilities of the Borrower to the Bank; and this guarantee
shall in no way limit or lessen any of the liability, howsoever arising, of any
of the Guarantor for payment of indebtedness or liabilities which are hereby
guaranteed.

                                       2

<PAGE>

         IN WITNESS WHEREOF, the Guarantor, by its authorized representative,
has caused this Guarantee Agreement to be duly executed on the date as herein
above set forth.

GUARANTOR
PEMSTAR INC.

By:  /s/ Allen Berning                  /s/ Linda U. Feuss
     ---------------------------        ---------------------------------------
                                        Witness
Its: Chief Executive Officer
     ---------------------------
                                        /s/ William Kullback
                                        ---------------------------------------
                                        Witness

State of Minnesota
County of Olmsted

This instrument was acknowledged before on June 25, 2002 by Allen Berning as
Chief Executive Officer of Pemstar Inc.

                                        /s/ Jayne M. Desorcie
                                        ---------------------------------------
                                        Notary Public

Sworn to before me this 25th day of June 2002 by Linda U. Feuss.

/s/ Jayne M. Desorcie
------------------------------
Notary Public

Sworn to before me this 25th day of June 2002 by William Kullback.

/s/ Jayne M. Desorcie
------------------------------
Notary Public

                                       3

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