Exhibit 10.9
Summary
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Comprehensive Credit Facilities Agreement by and between Shenzhen BAK Battery
Co., Ltd.and Development Bank dated as of April 7, 2005.
Main contents
>> Contract number: Shenfa Longgang zongzi NO.20050407001.
>> Contract term: from April 30th, 2005 to April 30th, 2006, and the amount of
credit to be extended by Development Bank is RMB 150 million.
>> Remedies in the event of breach of contract: include adjustment of the
credit amount, suspension of credit, imposition of punitive interest and
overdue interest, an increase of guarantee deposit and the call back of
loan principal and interest before maturity
>> Additional terms:
|X| All unsettled credit facilities under the Credit Facility Agreement
with the contract number of Shenfa Longgang Zongzi No.200403055 shall
be under the consolidated management of credit facilities under
Comprehensive Agreement 1.
|X| Credit facilities under Comprehensive Agreement 1 can be used for
working capital;
>> The Company should submit its financial statement to the bank monthly. If
the asset liability ratio of the company exceeds 70%, the sales revenue or
net asset of the Company declines by 10% when compared with the same period
of the previous year, Development Bank is entitled to deem the credit
facilities matured before expiration of their term.
Terms that have been omitted: mode of the comprehensive credit; the use of the
comprehensive credit; the guarantee of the comprehensive credit; expense and
fees for the comprehensive credit; undertakings and representations of the
lender; special covenant in respect of group client credit and affiliated
transaction; applicable law and dispute settlement; effectiveness; validity; and
miscellaneous.
