EXHIBIT 10.19
Summary of Loan Agreement by and between Shenzhen BAK Battery Co., Ltd. (the
"Company") and Longgang Division, Shenzhen Development Bank ("Shenzhen
Development Bank") dated as of April 1, 2004.
The contract number for this agreement is Shenfa Longgang Daizi NO.
200403055. The contract term is April 1, 2004 to April 1, 2005, and the amount
of credit to be extended by Shenzhen Development Bank is RMB 100,000,000 Yuan.
This agreement is conditioned upon the execution of the Comprehensive Credit
Facilities Agreement as summarized in Exhibit 10.12. Remedies in the event of
breach of contract include the suspension of unused credit, the calling back of
the loan principal in whole or part before maturity, the imposition of penalty
interest and compound interest and compensation for loss. The agreement provides
that the loan shall not be used by the Company for the distribution of profits
and that the Company cannot mortgage its new factory and dormitory buildings to
a third party. In the event that any of the foregoing should occur, the loan
becomes mature immediately.
