Document:

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                                                                   EXHIBIT 10.52

                                 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) Company 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

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         (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.

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         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, 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

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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 or 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

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         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

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         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, or issue or agree to issue any shares, debentures or
                  other securities of the Borrower or any rights or options with
                  respect to such securities,

                                       6

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         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 indebtedness 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

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         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

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         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

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         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

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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) Company 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

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                                   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) Company Limited as the Borrower, we ; Pemstar (Thailand) Company
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) Company Limited

                                       12

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                                   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<PAGE>

                                                                   EXHIBIT 10.53

                                 AMENDMENT NO. 5

                                       TO

                 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

         This Amendment No. 5 ("Amendment") to the Amended and Restated
Revolving Credit Agreement is made as of June 27, 2002 by and among 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:
         A. The Credit Parties have entered into that certain Amended and
Restated Revolving Credit Agreement dated as of June 29, 2001 (as heretofore
amended, modified and supplemented from time to time, the "Agreement").

         B. The parties have agreed to modify the Agreement as more specifically
set forth below, upon and subject to the terms and conditions set forth herein.

AGREEMENT

         NOW THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Credit Parties and IBM Credit herebyagree as follows:

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

Section 2. Amendment. The Agreement and Attachment C are hereby amended as
follows:

         A. The following new definitions are added:

"Amendment No. 5": means Amendment No. 5 to the Amended and Restated Revolving
Credit Agreement dated June 26, 2002 among IBM Credit and the Credit Parties.

"Pemstar Singapore": shall mean Pemstar Singapore Pte Ltd.

"Pemstar Thailand": shall mean Pemstar (Thailand) Co. Ltd.

"Proposed Sale Leaseback": as defined in Amendment No. 5.

"Thai Closing Date": shall mean the date all of the Thai Documents have been
executed and delivered by the parties thereto and all the conditions precedent
to funding have been satisfied.

"Thai Documents": shall mean, collectively, the Thai Loan Agreement, the Thai
Mortgage and theThai Guaranty.

"Thai Guaranty:" shall mean the guaranty from the Customer to Thai Farmers Bank
dated June 27, 2002 guaranteeing certain obligations of Pemstar Thailand under
the Thai Loan Agreement.

<PAGE>

"Thai Farmers Bank": shall mean the Thai Farmers Bank Limited.

"Thai Mortgage:" shall mean the mortgage agreement between Pemstar Thailand and
Thai Farmers Bank dated June 27, 2002.

"Thai Loan Agreement": shall mean the Loan Agreement dated June 27, 2002 by and
between Pemstar Thailand and Thai Farmers Bank.

         B. The definition of Unrestricted Foreign Subsidiary is amended in its
entirety to read as follows:

"Unrestricted Foreign Subsidiary": means a direct or indirect Subsidiary of a
Credit Party (x) that is borrowing money in the form of a loan, note or similar
instrument from a financial institution other than IBM Credit and (y) is owned
directly or indirectly by the Customer or a Subsidiary of the Customer for which
the shares (one share less than two-thirds of the Subsidiary) have been pledged
to IBM Credit. As of June 26, 2002, the Unrestricted Foreign Subsidiaries are
Pemstar (Tianjin) Enterprise Ltd., Pemstar B.V Pemstar Thailand and Pemstar
Singapore."

         C. Section 7.16. of the Agreement is amended in its entirety to read as
follows:

"7.16. Additional Collateral. (A) With respect to any property acquired after
the Closing Date by any Credit Party or its Domestic Subsidiary, such Credit
Party or its Domestic Subsidiary shall promptly (i) execute and deliver to IBM
Credit such amendments such other documents as IBM Credit deems necessary or
advisable to grant to IBM Credit, a security interest in such property, (ii) in
the case of Investment Property, Deposit Accounts, and any other relevant
Collateral, take any actions requested by IBM Credit to enable IBM Credit to
obtain control (within the meaning of U.C.C.) with respect thereto, (iii) cause
IBM Credit's name to be noted as secured party on any certificate of title for a
titled good if such notation is deemed necessary or advisable by IBM Credit for
the attachment, perfection or priority of, or the ability of IBM Credit to
enforce or realize on, IBM Credit's security interest in such Collateral, (iv)
comply with any material Requirement of Law as to any Collateral if such
compliance is deemed necessary or advisable by IBM Credit for the attachment,
perfection or priority of, or the ability of IBM Credit to enforce, IBM Credit's
security interest in such Collateral, (v) obtain consents and approvals from any
Governmental Authority or other Person, including without limitation any consent
of licensor, lessor or other Person obligated on Collateral, (vi) execute and
deliver such documents, agreements, and instruments as may be required by IBM
Credit to further evidence and perfect its security interests in all
Intellectual Property, (vii) obtain waivers from mortgagees and landlords in
form and substance satisfactory to IBM Credit, and (viii) take all actions
necessary or advisable to grant to IBM Credit a perfected first priority
security interest in such property, including the filing of Uniform Commercial
Code financing statements in such jurisdictions as may be required by law or as
may be requested by IBM Credit.

(B) If any Credit Party shall at any time hold or acquire a Commercial Tort
Claim, then Customer shall immediately notify IBM Credit in a writing signed by
such Credit Party of the details thereof and grant to IBM in such writing a
security interest therein and in the proceeds thereof, all upon the terms of
this Agreement, with such writing to be in form and substance satisfactory to
IBM Credit.

(C) Each Credit Party will permit IBM Credit, or its designee, to inspect the
Collateral at any reasonable time or times, wherever located.

(D) With respect to any new Domestic Subsidiary created or acquired after the
Closing Date by a Credit Party or its Domestic Subsidiary, such Credit Party or
such Domestic Subsidiary shall promptly (i) execute and deliver to IBM Credit
such amendments to this Agreement, and execute such other documents, instruments
and agreements, as IBM Credit deems necessary or advisable to grant to IBM
Credit a perfected first priority security interest in the capital stock of such
new Subsidiary that is owned by such Credit Party or its Domestic Subsidiary,
(ii) deliver to IBM Credit the certificates representing such capital stock,
together with undated stock powers, in blank, executed and delivered by

                                       2

<PAGE>

a duly authorized officer of such Credit Party or the relevant Domestic
Subsidiary, (iii) cause such new Domestic Subsidiary (A) to become a party to
this Agreement or such other agreements, documents or Instruments, as IBM Credit
deems necessary or advisable (B) to take such actions necessary or advisable to
grant to IBM Credit a perfected first priority lien in all of the personal
property of such new Domestic Subsidiary including the filing of Uniform
Commercial Code financing statements in such jurisdictions as may be required or
by law or as may be requested by IBM Credit and (iv) if requested by IBM Credit,
deliver to the IBM Credit legal opinions relating to the matters described
above, which opinions shall be in form and substance, and from counsel,
reasonably satisfactory to IBM Credit.

(E) Notwithstanding the foregoing, if a Credit Party or its Domestic Subsidiary
acquires a Domestic Subsidiary (and such acquisition is not financed by IBM
Credit) such Credit Party or such Subsidiary can request that IBM Credit
subordinate its lien in the assets of the new Subsidiary in favor of the lender
who financed the acquisition ("Other Lender") and IBM Credit shall not
unreasonably withhold its consent to such request provided that (i) the
Borrowing Base exceeds the Revolving A Credit Facility, (ii) no Default or Event
of Default shall have occurred and be continuing at the time of or after giving
effect to such acquisition and (iii) IBM Credit and the Other Lender shall have
entered into an intercreditor agreement in form and substance satisfactory to
IBM Credit.

(F) Notwithstanding anything herein to the contrary, no Credit Party nor any
Subsidiary of a Credit Party shall at any time (i) provide a guarantee of any
Indebtedness of any Unrestricted Domestic Subsidiary (if any) or Foreign
Subsidiary except that (x) the Customer may, pursuant to the Thai Guaranty,
guarantee the obligations of Pemstar Thailand in connection with the Thai Loan
Agreement provided that the aggregate amount of Customer's liability under such
guaranty shall not exceed the lesser of (i) Two Million Five Hundred Thousand
Dollars ($2,500,000) and (ii) the amounts due under the Thai Loan Agreement and
(y) the Customer may provide guaranties to support Foreign Subsidiaries
obligations under operating leases provided that the obligations under all such
guaranties do not exceed Fourteen Million Dollars ($14,000,000) in the
aggregate, (ii) be liable for any other Indebtedness of any Unrestricted
Domestic Subsidiary (if any) or Foreign Subsidiary, or (iii) be liable for any
other Indebtedness (other than Indebtedness to U.S. Bank) which provides that
the holder thereof may (upon notice, lapse of time or both) declare a default
therein (or cause such Indebtedness or the payment thereof to be accelerated,
payable or subject to repurchase prior to its final scheduled maturities) upon
the occurrence of a default with respect to any Indebtedness of an Unrestricted
Domestic Subsidiary (if any) or Foreign Subsidiary, (iv) make loans, advances,
payment of money or goods to an Unrestricted Domestic Subsidiary (if any) or
Foreign Subsidiary except as otherwise provided in Section 8.15 hereof, (v) make
Restricted Payments to an Unrestricted Domestic Subsidiary (if any) or Foreign
Subsidiary or (vi) make any Investment or equity contribution in an Unrestricted
Domestic Subsidiary (if any) or Foreign Subsidiary except that a Credit Party
may make an equity contribution in (x) the Unrestricted Foreign Subsidiaries
(other than Pemstar Thailand) provided that the aggregate amount of all such
Investments and equity contributions in all the Unrestricted Foreign
Subsidiaries (other than Pemstar Thailand) do not exceed Twenty-two Million
Dollars ($22,000,000) in the aggregate (y) Foreign Subsidiaries (other than
Unrestricted Foreign Subsidiaries) provided that the aggregate amount of all
equity investments made by the Credit Parties in any Foreign Subsidiary (other
than Unrestricted Foreign Subsidiaries) shall not exceed One Million Five
Hundred Thousand Dollars ($1,500,000) in the aggregate per such Foreign
Subsidiary and (z) Pemstar Thailand provided that the aggregate amount of all
such Investments and equity investments in Pemstar Thailand shall not exceed
Three Million Six Hundred Thousand Dollars ($3,600,000) in the aggregate. No
Unrestricted Domestic Subsidiary (if any) or Foreign Subsidiary may be merged
into the Customer or any Credit Party or liquidate into or transfer
substantially all of its assets to the Customer or any other Subsidiary (other
than an Unrestricted Subsidiary) without the prior written consent of IBM
Credit. The Credit Parties acknowledge that Unrestricted Domestic Subsidiaries
are not permitted without the prior written consent of IBM Credit."

(b) Section 8.4.(iv) of the Agreement is hereby deleted in its entirety and
restated as follows:

"(iv) guaranty to suppliers of the Credit Parties' subsidiaries' obligations in
the aggregate less than One Million Dollars ($1,000,000)."

(c) Section 8.15.(b) of the Agreement is hereby deleted in its entirety to read
as follows:

                                       3

<PAGE>

"(b) Credit Parties may make loans and advances either individually or jointly
and otherwise make payment of money to Unrestricted Foreign Subsidiaries
provided that after giving effect to such loan or advance or payment of money,
the aggregate amount of all loans, advances and other payment of money made by
all of the Credit Parties to all Unrestricted Foreign Subsidiaries does not
exceed, in the aggregate, the following amounts for the period specified:

         (i) as of March 31, 2002, the aggregate amount of all loans, advances
and other payment of money made by all of the Credit Parties to all Unrestricted
Foreign Subsidiaries does not exceed $51,000,000;

         (ii) from April 1, 2002 through and including June 30, 2002, the
aggregate amount of all loans, advances and other payment of money made by all
of the Credit Parties to all Unrestricted Foreign Subsidiaries does not exceed
$39,000,000; and

         (iii) from July 1, 2002 and thereafter, the aggregate amount of all
loans, advances and other payment of money made by all of the Credit Parties to
all Unrestricted Foreign Subsidiaries does not exceed $32,000,000."

(O) Section 8.15.(c) of the Agreement is hereby deleted in its entirety and
restated as follows:

"(c) Credit Parties may make loans and advances individually or jointly and
payment of money to Foreign Subsidiaries (other than Unrestricted Foreign
Subsidiaries) provided that after giving effect to such loan or advance or
payment of money, the aggregate amount of all loans, advances and other payment
of money made to all such Foreign Subsidiaries (excluding Unrestricted Foreign
Subsidiaries pursuant to clause (b) hereof) shall not be greater than
($10,000,000) (negative Ten Million Dollars) in the aggregate."

(P) Attachment C is amended by deleting such Attachment C in its entirety and
substituting, in lieu thereof, the Attachment C attached hereto.

Section 3. Consents. Subject to the terms and conditions of this Amendment,
including without limitation the conditions to effectiveness set forth in
Section 9 hereof, IBM Credit consents to the following:

         (a) Pemstar Thailand's execution of the Thai Loan Agreement and the
Thai Mortgage provided that (i) the Thai Loan Agreement is in an amount not to
exceed 300 Million Thai Baht (approximately U.S. $7,180,000) and (ii) the Thai
Loan Agreement and the Thai Mortgage are otherwise in form and substance
satisfactory to IBM Credit in all respects; (iii) all of the proceeds of the
Thai Loan Agreement (which may be disbursed in two tranches, the aggregate
principal of which will be 300 million Thai Baht) (approximately U.S.
$7,180,000) shall be wired in immediately available funds in U.S. dollars to the
IBM Credit account referred to on Schedule II attached hereto ("IBM Credit
Account"); (iv) the first tranche of debt under the Thai Loan Agreement in an
amount equal to 200 Million Thai Baht (approximately U.S. $4,700,000) shall be
wired in immediately available funds in U.S. dollars to the IBM Credit Account
and received by IBM Credit no later than the earlier of (x) 10 Business Days
after the Thai Closing Date and (y) July 12, 2002; and (v) the second tranche of
debt under the Thai Loan Agreement in an amount equal to 100 million Thai Baht
(approximately U.S. $2,400,000) shall be wired in immediately available funds in
U.S. dollars to the IBM Credit Account and received by IBM Credit on the earlier
of (x) 13 Business Days after the Thai Closing Date and (y) July 15, 2002.

         (b) Customer's execution of the Thai Guaranty provided that (i)
Customer's obligations under such guaranty does not exceed the lesser of (x) Two
Million Five Hundred Thousand Dollars ($2,500,000) and (y) the amounts due under
the Thai Loan Agreement, (ii) the Guaranty is unsecured and (iii) such guaranty
is otherwise in form and substance satisfactory to IBM Credit; and

         (c) Customer's sale-leaseback of the Equipment listed on Schedule I
hereto ("Proposed Sale Leaseback") with J.M Dale Corp. provided that (i) the
documentation relating to the Proposed Sale

                                       4

<PAGE>

Leaseback is in form and substance satisfactory to IBM Credit, and (ii) all of
the proceeds from the Proposed Sale Leaseback in an amount not less than Eight
Hundred Twenty-three Thousand Five Hundred Dollars ($823,500.00) are wired in
immediately available funds directly to the IBM Credit Account on the earlier of
(x) within 1 Business Day the closing of the Proposed Sale Leaseback and (y)
June 28, 2002.

Section 4. Representations and Warranties. Each Credit Party makes to IBM Credit
the following representations and warranties all of which are material and are
made to induce IBM Credit to enter into this Amendment.

Section 4.1 Accuracy and Completeness of Warranties and Representations. All
representations made by each Credit Party in the Agreement were true and
accurate and complete in every respect as of the date made, and, as amended by
this Amendment, all representations made by each Credit Party in the Agreement
are true, accurate and complete in every material respect as of the date hereof,
and do not fail to disclose any material fact necessary to make representations
not misleading.

Section 4.2 Violation of Other Agreements. The execution and delivery of this
Amendment and the performance and observance of the covenants to be performed
and observed hereunder do not violate or cause any Credit Party not to be in
compliance with the terms of any agreement to which any Credit Party is a party.

Section 4.3 Litigation. Except as has been disclosed by the Credit Parties to
IBM Credit in writing, there is no litigation, proceeding, investigation or
labor dispute pending or threatened against any Credit Party, which, if
adversely determined, would materially adversely affect any Credit Party's
ability to perform any Credit Party's obligations under the Agreement and the
other documents, instruments and agreements executed in connection therewith or
pursuant hereto.

Section 4.4 Enforceability of Amendment. This Amendment has been duly
authorized, executed and delivered by the Credit Parties and is enforceable
against each Credit Party in accordance with its terms.

Section 4.5 Consent of Other Lender. The Credit Parties acknowledge and agree
that the execution and delivery of the Thai Documents and documents relating to
the Proposed Sale Leaseback and 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).

Section 5. Ratification of Agreement. Except as specifically amended hereby, all
of the provisions of the Agreement shall remain unamended and in full force and
effect. Nothing herein shall be deemed a waiver of any default or consent. Each
Credit Party hereby ratifies, confirms and agrees that the Agreement, as amended
hereby, represents a valid and enforceable obligation of each Credit Party, and
is not subject to any claims, offsets or defenses. The consent contained herein
shall be effective only with respect to the matters referred to herein and shall
not be deemed a consent for any other purpose whatsoever.

Section 6. Governing Law. This Amendment shall be governed by and interpreted in
accordance with the laws which govern the Agreement.

Section 7. 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 8. Additional Requirements. (a) The Agreement is hereby amended by
inserting therein the following new covenants:

Additional Covenants.

                                       5

<PAGE>

(i) The Customer agrees that the Customer shall arrange for a wire (in U.S.
dollars) of all of the proceeds of the Thai Loan Agreement (in amounts not less
than 300 Million Thai Baht (approximately U.S. $7,180,000)) directly to the IBM
Credit Account for receipt by IBM Credit (in accordance with Section 3 (a) of
Amendment No. 5). The Customer hereby represents that the foregoing use of
proceeds from the Thai Loan Agreement does not violate the terms and conditions
of the Thai Loan Agreement;

(ii) The Customer agrees that it shall direct J.M. Dale Corp. to remit the
purchase price (in an amount not less than $823,500) for the Proposed Sale
Leaseback to the IBM Credit Account for receipt by IBM Credit no later than the
earlier of (x) 1 Business Day after the closing of the Proposed Sale Leaseback
and (y) June 28, 2002;

(iii) The Customer agrees that the that prior to making any payment under the
Thai Guaranty it will notify Thai Farmers Bank that the purpose of the payment
is for the purpose of liquidating the Customer's liability under the Thai
Mortgage; and

(iv) The Customer agrees that it will not amend, modify or alter the Thai
Documents without the prior written consent of IBM Credit.

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

(b) The Agreement is amended by adding the following new Events of Default:

         (i) The failure by IBM Credit to receive (in immediately available
funds) all of the proceeds from the Thai Loan Agreement (in an amount not less
than 300 Million Thai Baht (approximately U.S. $7,180,000 by the dates required
by and in accordance with Section 3 (a) of Amendment No. 5).

         (ii) The failure by IBM Credit to receive (in immediately available
funds) all of the proceeds for the Proposed Sale Leaseback (in an amount not
less than Eight Hundred Twenty-three Thousand Five Hundred Dollars $823,500)) by
the earlier of (x) 1 Business Day after the closing of the Proposed Sale
Leaseback and (y) June 28, 2002.

Section 9. Conditions to Effectiveness. This Amendment and the consent contained
in Section 3 hereof, shall only become effective upon the fulfillment of the
following conditions precedent to the satisfaction of IBM Credit:

         1. This Amendment shall have been executed by all the parties hereto;

         2. Before and after giving effect to this Amendment, the
representations and warranties in Section 6 of the Financing 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;

         3. US Bank shall have given its written consent to the transactions
described in Section 3 of this Amendment (and the Credit Parties shall have
obtained any other consents required in connection with the transactions
contemplated hereby) and the foregoing consents shall be in form and substance
satisfactory to IBM Credit;

         4. IBM Credit shall have received fully executed copies of the Thai
Documents and documents relating to the Proposed Sale Leaseback all in form and
substance satisfactory to IBM Credit; and

         5. The Credit Parties acknowledging and agreeing (as indicated by their
signature hereto) that (i) the Customer is in default of certain provisions of
the Agreement and accordingly certain Events of Default exist (ii) whether any
existing Events of Default shall be waived or amended is under discussion, but
IBM Credit has not waived, or committed to waive, any non-compliance, (iii)
nothing herein shall be deemed a waiver or consent to any existing defaults or
events of default and (iv) IBM Credit reserves all of its rights and remedies
with respect to such defaults and events of default.

                                       6

<PAGE>

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

Pemstar Inc.                              Turtle Mountain Corporation

By:          /s/ Al Berning               By:          /s/ L.U. Feuss
   -----------------------------------       ----------------------------------
Print Name:  Al Berning                   Print Name:  L.U. Feuss
           ---------------------------               --------------------------
Title:       CEO                          Title:       Secretary
      --------------------------------          -------------------------------
Date:        June 26, 2002                Date:        June 26, 2002
     ---------------------------------         --------------------------------

ATTEST:                                   ATTEST:

             /s/ Philip Jemielita                      /s/ Philip Jemielita
--------------------------------------    -------------------------------------
Print Name:  Philip Jemielita             Print Name:  Philip Jemielita
           ---------------------------               --------------------------

Pemstar Pacific Consultants Inc.          IBM Credit Corporation

By:          /s/ Al Berning               By:          /s/ Salvatore Grasso
   -----------------------------------       ----------------------------------
Print Name:  Al Berning                   Print Name:  Salvatore Grasso
           ---------------------------               --------------------------
Title:       Director                     Title:       Manager of Credit
      --------------------------------          -------------------------------
Date:        June 26, 2002                Date:        June 27, 2002
     ---------------------------------         --------------------------------

ATTEST:                                   ATTEST:

             /s/ Philip Jemielita                      /s/ Philip Jemielita
--------------------------------------    -------------------------------------
Print Name:  Philip Jemielita             Print Name;  Philip Jemielita
           ---------------------------               --------------------------

Turtle Mountain Corporation

By:          /s/ Al Berning
   -----------------------------------
Print Name:  Al Berning
           ---------------------------
Title:       Director
      --------------------------------
Date:        June 26, 2002
     ---------------------------------

ATTEST:

             /s/ Philip Jemielita
--------------------------------------
Print Name:  Philip Jemielita
           ---------------------------

                                       7

<PAGE>

                                 SCHEDULE II TO

                                 AMENDMENT NO. 5

                                       TO

                 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

Bank One, NA
Pasadena, CA 91105
ABA # 071000013
Acct. # 59-34737

Contact: Sam Zahdan
Phone: (312) 732-6345
Fax: (312) 732-4514

                                       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 0.75 percent
         to Revenue                 quarterly for the fiscal quarter ending
                                    September 30, 2002 and all fiscal quarters
                                    thereafter and Equal to or Greater than
                                    .6 percent for the fiscal year ending
                                    March 31, 2003 and 1.25 percent for all
                                    fiscal year ends thereafter

(b)      Total Liabilities to       Greater than Zero and
         Tangible Net Worth         Equal to or Less than 1.6:1.0

(c)      Current Assets to          Greater than 2.0:1.0
         Current Liabilities

(d)      Fixed Charge               Equal to or Greater than 1.0 0:1.0 for each
         Coverage Ratio             fiscal month beginning December 31, 2002,
                                    including the fiscal months ending January
                                    31, 2003 and February 28, 2003, and 1.30:1.
                                    for each fiscal month beginning March 31,
                                    2003 and for all fiscal months thereafter

                                       9

<PAGE>

(e)      Maximum Capital            Less than or equal to
         Expenditures               $40,000,000 for the fiscal year ending March
                                    31, 2002 and $18,000,000 for the fiscal year
                                    ending March 31, 2003 and all fiscal year
                                    ends thereafter

(g)      Net Profit After           Equal to or greater
         Tax to Revenue             than 0.1 percent for the fiscal
         (U.S. Credit Parties       quarter ending December 31, 2002
         operations only)           and all fiscal quarters thereafter

(h)      EBITDA                     Equal to or Greater than ($7,300,000) for
         (U.S. Credit Parties       fiscal quarter ending March 31, 2002 and
         operations only)           ($9,100,000) for the six months ending
                                    June 30, 2002

(i)      EBITDA                     Equal to or Greater than ($7,300,000) for
                                    fiscal quarter ending March 31, 2002 and
                                    ($8,850,000) for the six months ending
                                    June 30, 2002

For U.S. Credit Parties operations only:

(i)      Net Profit after Tax
         to Revenue                 Equal to or Greater than 0.1 percent

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

                                       10

<PAGE>

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                                        $14,000,000
under operating leases
(Section 7.16)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Equity contributions in Unrestricted                                      Investments and equity contributions
Foreign Subsidiaries (other than                                          do not exceed $22,000,000
Pemstar Thailand)
(Section 7.16)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Equity Contributions in Foreign                                           $1,500,000
Subsidiaries (other than Unrestricted
Foreign Subsidiaries) (Section 7.16)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Equity Contributions in Pemstar Thailand                                  $3,600,000.00
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Guaranties to suppliers of the Credit                                     Less than $1,000,000
Parties Subsidiaries
(Section 8.4)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Optional payments or prepayments,                                         $250,000
redemption or repurchases of
Indebtedness
(Section 8.5)
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
</TABLE>

                                       11

<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
          Agreement Reference                         Actual                   Aggregate Amount Permitted
----------------------------------------------------------------------------------------------------------------
<S>                                          <C>                          <C>
----------------------------------------------------------------------------------------------------------------
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 $39,000,000
----------------------------------------------------------------------------------------------------------------
                                                                          From July 1, 2003 and thereafter
                                                                          $32,000,000
----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Loans, advances and payment of money to                                              ($10,000,000)
Foreign Subsidiaries (excluding                                              (Negative Ten Million Dollars)
Unrestricted Foreign Subsidiaries, but
including Pemstar Thailand)
(Section 8.15)
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
Capital Expenditures made by Credit                                       Less than or equal to $18,000,000
Parties and Subsidiaries                                                  for the fiscal year ending
(Section 8.6)                                                             March 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:          /s/ Allen Berning
     --------------------------------
Print Name:  Allen Berning
            -------------------------
Title:       Chief Executive Officer
        -----------------------------

                                       12

<PAGE>

TURTLE MOUNTAIN CORPORATION             TURTLE MOUNTAIN CORPORATION

By:         /s/ Linda U. Feuss          By:         /s/ Allen Berning
   -----------------------------------     ------------------------------------
Print Name: Linda U. Feuss              Print Name: Allen Berning
           ---------------------------             ----------------------------
Title:      Secretary                   Title:      Director
      --------------------------------        ---------------------------------

PEMSTAR PACIFIC CONSULTANTS INC.

By:         /s/ Allen Berning
   -----------------------------------
Print Name: Allen Berning
           ---------------------------
Title:      Director
      --------------------------------

                                       13

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