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PROMISSORY NOTE

Promissory Note

PROMISSORY NOTE | Document Parties: CHINA ELECTRIC MOTOR, INC. | Attainment Holdings Limited | Excel Profit Global Group Limited | Shenzhen Yuepengcheng Motor Co, Ltd | SRKP 21, Inc You are currently viewing:
This Promissory Note involves

CHINA ELECTRIC MOTOR, INC. | Attainment Holdings Limited | Excel Profit Global Group Limited | Shenzhen Yuepengcheng Motor Co, Ltd | SRKP 21, Inc

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Title: PROMISSORY NOTE
Governing Law: Delaware     Date: 10/14/2009

PROMISSORY NOTE, Parties: china electric motor  inc. , attainment holdings limited , excel profit global group limited , shenzhen yuepengcheng motor co  ltd , srkp 21  inc
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THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

 

PROMISSORY NOTE

 

No. N-__

 

Date of Issuance

US $165,000

 

May 13, 2009

 

FOR VALUE RECEIVED, Excel Profit Global Group Limited, a British Virgin Islands corporation (the “Company”), hereby promises to pay Chen Dong (the “Lender”), the principal sum of One Hundred Sixty Five Thousand United States Dollars (US$165,000), with no interest (this “Note”).  This Note is issued in connection with that certain Share Exchange Agreement dated March 3, 2009, as amended on May 6, 2009 (the “Exchange Agreement”), by and among the Company, China Electric Motor, Inc. (formerly known as SRKP 21, Inc.), a Delaware corporation (“China Electric”), Attainment Holdings Limited, a British Virgin Islands corporation (“Attainment”), and the designees listed on Schedule I of the Exchange Agreement (the “Designees”).  The principal shall be due and payable by the Company on or before the earlier of (a) six (6) months from the date of issuance of this Note or (b) upon the receipt by China Electric of at least $1 million in the Equity Financing, excluding the amounts received in the Equity Financing as of the date of this Note (the “Maturity Date”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 

1.            Payment .  All payments shall be made in lawful money of the United States of America at the principal office of the Company, or at such other place as the holder hereof may from time to time designate in writing to the Company.  Payment shall be credited first to Costs (as defined below), if any, and any remainder applied to principal.  The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

 


 

 

2.            Usury .   It is the intention of the parties hereto to strictly comply with all applicable usury laws.  Accordingly, notwithstanding any provisions to the contrary in this Note, or in any of the documents securing payment hereof or otherwise relating hereto, in no event shall this Note or such documents be construed to contract for, charge, or permit a receipt of interest in excess of the maximum amount permitted by applicable law.  If any such excess interest is contracted for, charged, or received under this Note or under the terms of any of the documents securing payment hereof or otherwise relating hereto, or in the event the maturity of the indebtedness evidenced by this Note is accelerated in whole or in part, or in the event that all or part of the principal or interest of this Note shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged, or received under this Note or under any of the instruments securing payment hereof


 
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