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This Loan Agreement involves
PEMSTAR INC | INDUSTRIAL BANK CO. LTD. | TIANJIN BRANCH | Tianjin Branch, Industrial Bank Co. Ltd.
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CONTRACT FOR SHORT TERM LOAN
Signed at: Hexi District, Tianjin
Whereas the Borrower (or the Accreditee) has applied for a short term loan with the Loaner due to the need of production and operation and the Loaner (or the Accreditee) agrees to extension such loan, the two parties has entered into this Contract for mutual observance through negotiation on the basis of equality and in compliance with the relevant laws and regulations of the country in order to clarify respective liabilities and to stand by credit.
Article I Master Contract
This Contract is a subcontract under the Industrial Bank Co. Ltd. Basic Credit Extension Contract (or the Master Contract) numbered with the line of credit being, as converted into Renminbi, RMB 100 million and term of validity of credit extension from Feb-23-2005 to Feb-22-2006. The amount of this loan shall be counted into the line of credit.
The Loaner agrees to extend the Borrower a loan RMB twenty million only.
Article III The Purpose of the Loan
The Loan shall be used for purchasing raw materials.
Article IV The Term of the Loan