Loan Agreement between Shenzhen BAK Battery Co., Ltd. and Agricultural Bank of China (Shenzhen Eastern Branch) dated July 23, 2009

Contract Categories: Business Finance › Loan Agreements
Summary

Shenzhen BAK Battery Co., Ltd. entered into a loan agreement with the Shenzhen Eastern Branch of the Agricultural Bank of China on July 23, 2009. The bank agreed to lend RMB 50 million to the company for purchasing raw materials, with a term from July 23, 2009, to January 22, 2010, at a floating annual interest rate of 4.617%. The agreement includes monthly interest payments, penalties for late or improper use of funds, and requires bank approval for early repayment, which incurs an extra fee. The bank has rights to demand early repayment and recover costs if the company breaches the agreement.

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EX-10.91 4 cbak121109exh1091.htm EXHIBIT 10.91 China BAK Battery, Inc.: Exhibit 10.- Prepared by TNT Filings Inc.

Exhibit 10.91

Summary of Loan Agreement Entered into by and between Shenzhen BAK
Battery Co., Ltd. (“the Company”) and Shenzhen Eastern Branch, Agricultural
Bank of China (“the Creditor”) dated July 23, 2009

Main contents

  • Contract number: 81101200900001669;
  • Loan principal: RMB 50 million;
  • Loan term: from July 23, 2009 to January 22, 2010;
  • Floating interest rate: annually 4.617%, rate adjustment in a 3-month cycle;

  • Interest accrued and settled per month, interest settlement day is the 20th day of each month;

  • Penalty interest rate for delayed repayment: 4.617% plus 30% *4.617%;

  • Penalty interest rate for embezzlement of loan proceeds: 4.617% plus 50% *4.617%;

  • Purpose of the loan is to provide working capital for purchasing raw material of the Company;
  • Advanced repayment of loan needs to be approved by the Creditor;
  • 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.
  • Supplemental: in the event that the Company repaid the loan in advance, it has to pay extra handling fee: advanced repaid amount * share months * 1%.

Headlines of the articles omitted:

  • Loan arrangement
  • Interest clearing of the loan
  • Payment of the loan
  • Rights and obligation of the Creditor
  • Rights and obligations of the Company
  • Interest penalty of loan
  • Guarantee of the loan agreement
  • Disputation settlement
  • Validity
  • Text
  • Notification