Loan Agreement between Shenzhen BAK Battery Co., Ltd. and Bank of China, Shenzhen Longgang Branch (July 17, 2009)

Contract Categories: Business Finance › Loan Agreements
Summary

Shenzhen BAK Battery Co., Ltd. entered into a loan agreement with the Shenzhen Longgang Branch of the Bank of China on July 17, 2009. The agreement provides for a loan of JPY 296,604,000 at a fixed interest rate of 0.74375%, with repayment due by July 20, 2010. If the company fails to meet its obligations, the bank can demand early repayment and impose penalties. The loan is secured by collateral valued at RMB 21,624,000. The agreement also outlines conditions for modification, termination, and dispute resolution.

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EX-10.89 2 cbak121109exh1089.htm EXHIBIT 10.89 China BAK Battery, Inc.: Exhibit 10.89 - Prepared by TNT Filings Inc.

Exhibit 10.89

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 July 17, 2009

Main articles:

  • Contract number: (2009)Zhenzhongyin Ganghuilizi 052;
  • Loan principal: JPY 296,604,000;
  • Loan Term: from July 17, 2009 to July 20, 2010;
  • Interest rate: fixed at 0.74375%;
  • Interest settlement day is the maturity date of the loan;
  • Penalty interest rate for delayed repayment is 2.23%;
    • 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:
  • Delay in repayment of loan interest and the loan principal;
  • The Company provides untrue declaration or breaks promise;
  • The Company breaks other agreements with respect to its obligation;

    • Breach of contract penalties: release loan agreement, demand prepayment of loan principal and interest before maturity; withdraw from any accounts of the Company the loan principal, interest and other fees; any other measures the Creditor believes necessary and possible, etc.

    • Amount of collateral: RMB21,624,000

    Headlines of the articles omitted

    • Loan arrangement
    • Interest clearing of the loan
    • Fee
    • Payment of the loan
    • Guarantee
    • Declaration and Promise of the Company
    • Other agreements
    • Modification, Amendment and Termination of Contract
    • Disputation settlement
    • Attachment
    • Validity
    • Text
    • Notice