Summary of Guaranty Contract of Maximum Amount Entered into by
and
between Mr. Li Xiangqian and Shenzhen Hi-tech Industrial Park
Branch,
Industrial Bank Co., Ltd on March 24
th
, 2008
M
ain contents
Ø
Contract
number: Xin Yin Shen Gaoxinqu ( Shouxin ) Ge Baozheng Zi
001;
Ø
As
guarantor, Mr. Li Xiangqian undertakes to assume joint and
several liabilities for Shenzhen BAK Battery Co. Ltd.’s
indebtedness towards Industrial
Bank under
the Comprehensive Credit Facility Agreement of Maximum Amount
(reference no.: xingyinshen
gaoxinqu shouxinzi 2008 001 )
from March 25
th ,
2008 to March 25
th ,
2009, and the maximum amount secured is RMB62.5
million.
Ø
Guaranty Responsibility :
The guaranty under this Contract shall be guaranty with joint and
several liability. The guarantor is obligated to pay off the debt
in the event the obligor is unable to pay off the debt (including
the creditor declares the debt becomes mature in advance to its
original expiry date due to default of the obligor or the
guarantor).
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
Guaranty peri
