Credit Agreement between Electronic Hardware Corp. and Connecticut Bank of Commerce dated April 11, 2001

Summary

Electronic Hardware Corp. (EHC), a subsidiary of ChinaB2B Sourcing.com, Inc., entered into a $1.5 million senior secured revolving credit facility with Connecticut Bank of Commerce. The funds will be used for working capital and to repay certain debts. The agreement is guaranteed by the parent company, its subsidiaries, and certain officers, and is secured by a first-priority lien on most of their assets. The agreement was signed on April 11, 2001.

EX-10.1 2 chinab2b8k.txt CREDIT AGREEMENT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 11, 2001 CHINAB2BSOURCING.COM, INC. (FORMERLY INTERNATIONAL SMART SOURCING, INC.) (Exact name of registrant as specified in its charter) Delaware 001-14753 ###-###-#### (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 320 Broad Hollow Road 11735 Farmingdale, New York (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (631) 293-4650 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Exhibit Index Located on Page: ___ Total Number of Pages: ___ Item 5. Other Events. On April 11, 2001, Electronic Hardware Corp., a subsidiary of the Registrant, ("EHC") closed a $1.5 million senior secured revolving credit facility with Connecticut Bank of Commerce. EHC intends to use the facility for working capital purposes in the ordinary course of business and to repay indebtedness in the amount of $112,000 of EHC and Registrant to officers of the Registrant. The obligations of EHC under the facility are guaranteed by the Registrant, its other subsidiaries and certain corporate officers, and are secured by a first-priority lien on substantially all of the assets of the Registrant and its other subsidiaries. The terms of the revolving credit facility are set forth in the Credit Agreement (the "Credit Agreement") dated as of April 11, 2001, between the EHC as Borrower, and Connecticut Bank of Commerce, as Lender. The Credit Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit No. Description - --- ----------- 10.1 Credit Agreement dated as of April 11, 2001, between EHC, as Borrower, and Connecticut Bank of Commerce, as Lender. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: April 26, 2001 CHINAB2BSOURCING.COM, INC. By: /s/Steven Sgammato -------------------------- Steven Sgammato Chief Executive Officer and President INDEX TO EXHIBITS Exhibit No. Description 10.1 Credit Agreement dated as of April 11, 2001, between EHC, as Borrower, and Connecticut Bank of Commerce, as Lender.