Loan Agreement Summary between Shenzhen BAK Battery Co., Ltd. and Agricultural Bank of China (Shenzhen Eastern Branch) dated July 2, 2007
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 for a principal amount of RMB 100 million, to be used as working capital. The loan term is twelve months from the date the funds are provided, with a floating annual interest rate starting at 6.57%, subject to changes in the benchmark rate. Early repayment requires lender approval. Penalties apply for late payment or misuse of funds, and the lender may demand early repayment or compensation for breach of contract. Additional terms cover guarantees, dispute resolution, and other standard provisions.
EX-10.41 8 v097140_ex10-41.htm
Exhibit 10.41
Summary of Loan Agreement by and between Shenzhen BAK Battery Co., Ltd. and Shenzhen Eastern Branch, Agricultural Bank of China dated July 2, 2007.
Summary of the main articles
| · | Contract number: NO.81101200700001183 |
| · | Loan Principal: RMB100 million; |
| · | Loan term: twelve months starting from the date loan is actually provided to the Company. |
| · | Floating interest rate: annually 6.57%, subject to the changing of the benchmark rate of People’s Bank of China. |
| | · | Penalty interest rate for delayed repayment: 5.022% plus 50% *5.022%; |
| · | Penalty interest rate for embezzlement of loan proceeds: 5.022% * 2; |
| · | Purpose of the loan is to provide working capital for the Company; |
| · | Advanced repayment of loan needs to be approved by the Lender; |
| · | Breach of contract penalties: suspension of loan un-provided, demand prepayment of loan principal and interest before maturity; imposition of punitive interest; compensation for the Lender’s expenses incurred due to the Company’s breach of contract such as lawyer’s fee, travel cost in case of litigation, etc. |
Summary of the articles omitted
| · | Types of the loan |
| · | Clearing of the loan interest |
| · | Condition precedent to the drawing of the loan |
| · | Rights and obligations of the borrower |
| · | Rights and obligations of the lender |
| · | Guarantee of the loan |
| · | Dispute settlement |
| · | Miscellaneous |
| · | Validity |
| · | Notes |
