Chattel Mortgage Contract between Shenzhen BAK Battery Co., Ltd. and Agricultural Bank of China (Shenzhen Eastern Branch) dated May 26, 2009
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Summary
Shenzhen BAK Battery Co., Ltd. (the Mortgager) and the Shenzhen Eastern Branch of the Agricultural Bank of China (the Creditor) entered into a chattel mortgage contract on May 26, 2009. The Mortgager pledged RMB2.16336 million as collateral to guarantee a loan of HKD2.499609 million. The agreement covers the loan principal, interest, penalties, and related costs. If the Mortgager breaches the contract, they must pay an additional 50% of the secured amount and fully compensate the Creditor for any losses. The contract is valid for one year, from May 26, 2009 to May 26, 2010.
EX-10.7 8 v156642_ex10-7.htm
Summary of Chattel Mortgage Contract (“the Contract”) Entered into by and between Shenzhen BAK Battery, Co., Ltd (“the Mortgager”) and Shenzhen Eastern Branch, Agricultural Bank of China (“the Creditor”) dated May 26, 2009
Main contents:
| | Ø | Contract number: 81903200900000096 |
| | Ø | In order to guarantee the indebtedness of Shenzhen BAK Battery Co., Ltd. (the “Obligor”) towards the Creditor under the Loan Agreement (reference no.: 81101200900001026) from May 26, 2009 to May 26, 2010, the Mortgager agrees to pledge its full margin of RMB2.163360 million to the Creditor. |
| | Ø | The amount of guaranteed debt principal is HKD2.499609 million. |
| | Ø | Scope of Guaranty: The guaranty shall cover all of the loan principal, interest, penalty interest, breach of contract compensation, damages, undertaking fee and all the expenses such as litigation cost, lawyer’s fee, notification cost and public notice cost etc. which is incurred to the Creditor in realizing its creditor’s right. |
| | Ø | Collateral: The Mortgager agrees to pledge its full margin of RMB2.163360 million to the Creditor. |
| | Ø | Breach of Contract Penalties: additional 50% of the maximum amount secured in this Contract and full compensation for the Creditor’s loss due to the Mortgager’s breach of contract. |
Headlines of the articles omitted:
| | Ø | Undertakings of the Mortgager |
| | Ø | Validity of the Creditor’s Right |
| | Ø | Transferring and Occupancy of Collateral |
| | Ø | Collateral Security |
| | Ø | Realizing of Creditor’s Right |
| | Ø | Return of Collateral |
| | Ø | Fee |
| | Ø | Disputation settlement |
| | Ø | Supplement articles |
| | Ø | Attachment |
| | Ø | Validity |
| | Ø | Notification |
