Summary of Loan Agreement Entered into by and between
Shenzhen BAK Battery Co., Ltd. (“the Company”) and Shenzhen
Longgang Branch, Bank of China (the “Creditor”) Dated
November 8, 2011
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Xxxxxxxx xxxxxx: 0000 Xxxxxxxxxxxx
Xxxxxxxxx 00000; |
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Loan principal: XXX 00 xxxxxxx; |
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Xxxx Xxxx: from November 8, 2011 to
November 7, 2012; |
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Floating interest rate: Interest rate
of loan shall be 110% of the benchmark rate |
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announced by the People’s Bank of
China, and be adjusted every 3 months; |
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Interest accrued and settled per month,
interest settlement day is the 20th day of each month; |
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Penalty interest rate for delayed repayment:
current interest rate plus 50% * current interest rate; |
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Penalty interest rate for embezzlement of loan
proceeds: current interest rate *1; |
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If any of the following occurs, the
Creditor is entitled to demand prepayment of |
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loan principal and interest before
maturity and cancel all loans unprovided: |
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Delay in repayment of loan interest and the
loan principal; |
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The Company uses loan proceeds for purposes
other than what is agreed without the consent of the Creditor; |
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The Company provides untrue declaration or hide
important financial information about its operation; |
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The Company terminates operation or is stopped
from operation; |
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Purpose of the loan is to provide
working capital for the Company; |
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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 |
