Exhibit 99.7
Summary of Loan Agreement Entered into by and between
Shenzhen BAK Battery Co., Ltd. ("the Company") and Shenzhen Eastern Branch,
Agricultural Bank of China ("the Creditor") dated November 20, 2009
Main contents
Contract number:
81101200900002212;
Loan principal: RMB 60
million;
Loan term: from November
20, 2009 to May 19, 2010;
Floating interest rate: annually 4.86%, rate
adjustment in a 3-month cycle;
Interest accrued and
settled per month, interest settlement day is the 20th day of each month;
Penalty interest rate
for delayed repayment: 4.86% plus 30% *4.86%;
Penalty interest rate for embezzlement of loan
proceeds: 4.86% plus 50% *4.86%;
Purpose of the loan is to
provide working capital for purchasing raw material of the Company;
Advanced repayment of
loan needs to be approved by the Creditor;
Breach of
contract penalties: correct the breach of contract in time limit; suspension
of loan unprovided; release loan agreement, demand prepayment of loan
principal and interest before maturity; imposition of punitive interest
incurred due to delayed loan; imposition of punitive interest for embezzlement
of loan; imposition of plural interest for unpaid interest; withdraw from any
accounts of the Company the loan principal, interest and other fees;
compensation for the Creditors expenses incurred due to demanding the loan
principal and interest in case of litigation, etc.
Supplemental: in the event that the Company repaid
the loan in advance, it has to pay extra handling fee: advanced repaid amount
* share months * 1.
Headlines of the articles omitted:
Loan arrangement
Interest clearing of the
loan
Payment of the loan
Rights and obligation of
the Creditor
Rights and obligations of
the Company
Interest penalty of loan
Guarantee of the loan
agreement
Disputation settlement
Validity
Text
Notification