Summary of Loan Agreement Entered into by and between BAK International (Tianjin) Limited (“the Company”) and Tianjin Branch, Bank of Dalian (the “Creditor”) Dated November 24, 2011
Summary of Loan Agreement Entered into by and between BAK International (Tianjin) Limited (“the Company”) and Tianjin Branch, Bank of Dalian (the “Creditor”) Dated November 24, 2011
| Main articles: | ||
| » | Contract number: DLL Jin201111240030; | |
| » | Loan principal: XXX 00 xxxxxxx; | |
| » | Xxxx Xxxx: November 24, 2011 to November 23, 2012; | |
| » | Floating interest rate: Interest rate of loan shall be 130% of the benchmark rate announced by the People’s Bank of China, and be adjusted in line with the adjustment of the benchmark rate; | |
| • | Interest accrued and settled per month, interest settlement day is the 20th day of each month; | |
| • | Penalty interest rate for delayed repayment: current interest rate plus 50% * current interest rate; | |
| • | Penalty interest rate for embezzlement of loan proceeds: current interest rate *1; | |
| » | If any of the following occurs, the Creditor is entitled to demand prepayment of loan principal and interest before maturity and cancel all loans unprovided: | |
| • | The Company provides unture materials; | |
| • | The financial condition of the Company is in serious difficulty; | |
| • | The Company uses loan proceeds for purposes other than what is agreed without the consent of the Creditor; | |
| • | The Company provides untrue declaration or hide important financial information about its operation; | |
| • | Violation of other requirements ruled by the Creditor; | |
| » | Purpose of the loan is to provide working capital to purchase raw materials for the Company; | |
| » | Breach of contract penalties: correct the breach of contract in time limit; suspension of loan unprovided; release loan agreement, demand prepayment of loan principal and interest before maturity; imposition of punitive interest incurred due to delayed loan; imposition of punitive interest for embezzlement of loan; imposition of plural interest for unpaid interest; withdraw from any accounts of the Company the loan principal, interest and other fees; compensation for the Creditor’s expenses incurred due to demanding the loan principal and interest in case of litigation, etc. | |
| Headlines of the articles omitted | |
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Loan arrangement |
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Interest clearing of the loan |
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Payment of the loan |
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Guarantee |
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Declaration and Promise |
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Rights reserved |
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Modification, Amendment and Termination of Contract |
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Disputation settlement |
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Attachment |
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Other agreements |
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Validity |
