Attached files
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EX-10.1 - Harbin Electric, Inc | v191976_ex10-1.htm |
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act 1934
Date of
Report (Date of earliest event reported): July 28, 2010
Harbin Electric,
Inc.
(Exact
name of registrant as specified in charter)
Nevada
(State or
other jurisdiction of incorporation)
000-51006
|
98-0403396
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
No.
9, Ha Ping Xi Lu, Ha Ping Lu Ji Zhong Qu
Harbin
Kai Fa Qu, Harbin, China
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150060
|
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(Address
of principal executive offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area code:
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86-451-86116757
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(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of registrant under any of the following
provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
240.14a-12(b))
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive
Agreement.
On July
28, 2010, Harbin Electric, Inc. a Nevada corporation (the “Company”) entered
into a Loan Agreement, dated July 28, 2010 (the “Agreement”) with Abax
Emerald Ltd., a Cayman Islands limited company (“Abax”), pursuant to
which Abax agreed to provide up to $15,000,000 in loans to the Company (the
“Loan”). The
Loan shall be made pursuant to one or more borrowings (each, an “Advance”) from time
to time from the Closing Date (July 28, 2010) to the date falling on the
expiration of five (5) months after the Closing Date upon delivering a notice
from the Company to Abax. In lieu of payment of interest in cash on each
Advance, the outstanding principal amount thereof shall accrete in value for the
period commencing on the Borrowing Date (the date on which any Advance is made
from the Company to Abax) for such Advance and ending on the day on which such
Advance is repaid, at a rate equal to 10% per annum, computed as described in
the Agreement. The Company may voluntarily prepay any Advance (or portion
thereof in an integral multiple of $100,000) at its accreted value at any time
upon written notice to Abax. On the Maturity Date (six months after the date of
the Agreement), the Company shall repay the remaining outstanding obligations
not theretofore paid, together with all fees and other amounts payable under the
Loan.
A copy of
the Agreement is filed herewith as Exhibit 10.1 and is incorporated herein by
reference.
Item
9.01. Financial Statements and Exhibits
(d)
Exhibits
Exhibit No.
|
Description
|
|
10.1
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Loan
Agreement dated July 28, 2010, by and between the Company and Abax Emerald
Ltd.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
HARBIN
ELECTRIC, INC.
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||
By:
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/s/
Tianfu
Yang
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Name:
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Tianfu
Yang
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Title:
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Chairman
and Chief Executive
Officer
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Dated:
July 30, 2010
Exhibit
Index
Exhibit No.
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Description
|
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10.1
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Loan
Agreement dated July 28, 2010, by and between the Company and Abax Emerald
Ltd.
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