CREDIT TRANSACTION AGREEMENT
To : Hyundai Marine and Fire Insurance Co., LTD.
Borrower : NewState Capital Co., Ltd
By : Xxxxx Ki Xxx, President
(Corporate seal affixed)
Guarantor : Xxxxx Ki Xxx (Signed)
Guarantor : Xxxxx Xxxxx Koh (Personal seal affixed)
We acknowledge that, in connection with borrowing money from you
pursuant to the terms and conditions of Article 1 below, the terms of your
standard credit transaction rules shall apply to this transaction and we hereby
agree to comply with the following terms and conditions.
Article 1 ( Terms and Conditions)
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Classification : Discount of corporate notes Loan amount : 4.5 billion
won Date of Loan : January 7 , 2000 Date of Maturity : July 7 , 2000
Interest Rate : 11.75% p.a Overdue Interest Rate : 19% p.a
Calculation of Interest : 365 day year ; calculated on a daily basis
Payment of Interest : Paid every three months
Collateral :
Article 2 (Delivery of Blank Note)
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(1) We agree to deliver to you promissory note(s) (or checks) with
blank amount and due date. We also agree to deliver guarantor's guarantee to you
(2) We authorize you to fill out the blanks at your discretion whenever
you deem it necessary.
Article 3 (Repayment)
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We agree to make the payment of principal and interest by means of bank
wire transfer, automatic transfer, etc. and any damages incurred by you due to
our default shall be borne by
(1) In the event we do not receive your statement by the day before any
due day, we agree to make the payment at your office of at a bank account
designated by you.
(2) In the event of prepayment of all or part of the principal or in
the event of default, we agree to make the payment at your office of at a bank
account designated by you.
(3) We agree that, for the purpose of automatic transfer, you may
withdraw deposit form out bank account without our withdrawal request or
presentment of check notwithstanding any contrary bank deposit regulation or
agreement.
(4) In the event our deposit balance is not sufficient to make the
necessary payment, we agree to make the payment at your office or at a bank
account designated by you.
(5) If we intend to change or cancel the automatic payment method, we
agree to submit to you request for change (or cancellation) of automatic payment
at least 30 days prior to the due date.
Article 4 (Guarantee)
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(1) Guarantor agrees to guarantee the performance of all the
obligations of the borrower, jointly and severally with the borrower, and
further agrees to comply with all the provisions of your standard credit
transaction regulations and this agreement.
(2) The obligations of the guarantor herein shall not be affected by
changes of the collateral or other security which may be made by you from time
to time as you may deem it necessary.
(3) Guarantor's obligations herein shall not be offset with the
borrower's deposit with you or other credits.
(4) Guarantor agrees not to exercise his rights of subrogation while
the transaction between you and the borrower is in effect. Guarantor further
agrees to subordinate his rights to your rights and to transfer agrees to
subordinate his rights to your rights and to transfer his right to you without
compensation when requested by you..
(5) Guarantor's obligations herein shall not be affected even if the
guarantor has previously provided you with another guarantee with respect to the
same borrower hereof. In the event the previous guarantee is a limited
guarantee, the guarantor's obligations shall be treated as cumulative. The same
applies to any guarantee of the guarantor to be provided to you in the future.
Article 5 (Extension of Transaction Period and Guarantee)
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Guarantor agrees that, in the event the maturity date is extended,
the guarantor's obligations shall also be extended accordingly without notice to
the guarantor.
Article 6 (Miscellaneous)
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(1) We acknowledge that our credit request shall be subject to the
availability of your funds and that you will not be liable for any damages that
may be incurred by us due to the unavailability of your funds.
(2) In the event we use the loan proceeds for purposes different from
those as described in our loan application, you have the right to demand
immediate repayment of loan and we agree to repay the loan without delay upon
your demand.
(3) Whenever you demand for submission of additional information or
inspection, we agree to fully comply with your demand.
Borrower : NewState Capital Co., Ltd.
By : Xxxxx Ki Xxx (Signed)
(Corporate seal affixed)
Guarantor: Xxxxx Ki Xxx (Signed)
Guarantor: Xxxxx Ryong Koh (Personal seal affixed)
(Revenue stamps affixed)
