Guaranty Agreement Between BAK International Limited and China CITIC Bank (March 14, 2007)

Summary

BAK International Limited agrees to act as guarantor for the debts of a company to China CITIC Bank under a Comprehensive Agreement from March 14, 2007, to March 14, 2008, up to a maximum of RMB 200 million. The guarantee covers the loan principal, interest, penalties, damages, and related costs. The guaranty period lasts two years from the date the company’s obligations are due, or from an earlier maturity date if required by law or agreement.

EX-10.2 3 v073753_ex10-2.htm

Exhibit 10.2

Summary of Guaranty Contract of Maximum Amount entered into between BAK International Limited and China CITIC Bank on March 14, 2007

Summary of main contents:

·	Contract number: No. 2007 Shenyin sun’zuibaozi 003

·	As guarantor, BAK International Limited undertakes to assume joint and several liabilities for the Company’s indebtedness towards China CITIC Bank under Comprehensive Agreement from March 14th, 2007 to March 14th, 2008 and maximum amount secured is RMB 200million.

·	Secured items include the loan principal, interest, penalty interest, breach of contract compensation, damage compensation, and all the expenses incurred for China CITIC Bank to realize its creditor’s right under Comprehensive Agreement ;

·	Guaranty period:

(i)	Two years from the expiry date that the Company should fulfill its obligations in accordance with Comprehensive Agreement;

(ii)	If due to the provisions of relevant PRC law or regulations or any agreement reached under Comprehensive Agreement , any loan becomes mature ahead of its term, guaranty period shall be two years starting from the advance mature date.

Headlines of articles omitted:

·	Definition

·	Method of guaranty

·	Representations and undertakings of the Company

·	Rights and obligations of the Company

·	Rights and obligations of the Creditor

·	Breach of Contract

·	Accumulation of rights and obligations

·	Continuity of obligations

·	Miscellaneous