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Summary
of Loan Agreement Entered into by and between Shenzhen BAK Battery
Co., Ltd. (“the Company”) and Shenzhen Branch, China
CITIC Bank Co., Ltd (“the Creditor”) dated March
6 th , 2009
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Contract
number: (2009) Shenyinsun daizi 003;
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Loan principal:
RMB 50 million;
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Loan term:
from March 6 th , 2009 to March 6
th
, 2010;
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Interest rate:
fixed at 5.31%;
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Penalty
interest rate for delayed repayment: 5.31% plus 50%
*5.31%;
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Penalty
interest rate for embezzlement of loan proceeds: 5.31%
*1;
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Interest
accrued and settled per month, interest settlement day is
20 th
of each month;
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Purpose of the
loan is to provide working capital for the Company;
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In the event of
occurrence of any of the following during the term of loan, the
Creditor is entitled to demand repayment of loan principal before
maturity and withdraw directly from any accounts of the Company for
the repayment:
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Delay in
repayment of interest for the loan;
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The Company
suffers operation loss or sharp decline in operation;
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Being involved
in or threatened to be involved in lawsuit, arbitration or other
legal disputes;
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Providing
untrue financial statements or information;
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