Contract
Summary of Loan Agreement
Entered into by and between Shenzhen BAK Battery Co., Ltd. (“the Company”)
and Shenzhen
Branch, Bank of
China (the
“Creditor”) Dated June 2, 2009
Main
articles:
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Contract
number: (2009)Zhenzhongyin Sijiezi
60312;
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Loan
principal: XXX 00 xxxxxxx;
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X
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Xxxx
Xxxx: from June 2, 2009 to June 2,
2010;
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Interest
rate: fixed at 4.779%;
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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: 4.779% plus 50%
*4.779%;
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Penalty
interest rate for embezzlement of loan proceeds: 4.779%
*1;
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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:
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n
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Delay
in repayment of loan interest and the
loan principal;
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n The
Company uses loan proceeds for purposes other than what is agreed without
the consent of the Creditor;
n The
Company provides untrue declaration or hide important financial
information about its operation;
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n
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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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This
Loan Agreement is in compliance with the Comprehensive Credit Facility
Agreement of Maximum Amount (No. Zhenzhongyin Exiezi
000024).
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Advanced
repayment of loan needs to be approved by the
Creditor;
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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.
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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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Fee
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Attachment
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Other
agreements
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Validity
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