AGREEMENT OF EXTENSION OF LOAN REPAYMENT
Borrower (Party A): Xianyang Daming Electronics Co. Ltd.
Creditor (Party B): Construction Bank of China, Xianyang Branch
Guarantor (Party C): Xianyang Pianzhuan Group, Corp.
Due to the expansion of production, Party A was not able to pay back the loan
NO.(95)W014, and requested for extension the repayment to Party B. Through the
investigation, Party B agreed the extension of repayment by Party A, and Party
agreed to provide the guarantee. Thus three parties agreed as follows:
1. Party A borrowed short-term loan designated in US dollar at the amount of
Four Hundred Thousand dollars only, should have been paid off by December 14,
1996, Party A now agreed to extend such repayment for half year, as the result
of the extension, the repayment period will be from December 14, 1996 to June
14, 1997.
2. The floating annual interest rate according to the rate announced by People's
Bank of China will be adjusted to 7.5625%.
3. According to this agreement, Party A's repayment schedule will be as follow:
June 14, 1997 US$400,000
4. In addition to the agreement, three parties should comply with the provision
of loan agreement (95)W014.
5. Other provision agreed among the parties.
6. The agreement is taking effective by authorized signature and seal. The
agreement will be terminated when the loan is paid off.
7. The agreement has three copies for each parties.
Party A (seal) Party B (seal)
Legal Representative Legal Representative
Party C (seal)
Legal Representative
Date: December 14, 1996
