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EX-10.1 - Harbin Electric, Incv191976_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
 
150060
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code:
86-451-86116757
 
 

(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
 
Loan Agreement dated July 28, 2010, by and between the Company and Abax Emerald Ltd.

 

 
 
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.
 
By:
/s/ Tianfu Yang
Name:
 
Tianfu Yang
Title:
 
Chairman and Chief Executive
Officer
 
Dated: July 30, 2010

 

 

Exhibit Index

Exhibit No.
 
Description
10.1
 
Loan Agreement dated July 28, 2010, by and between the Company and Abax Emerald Ltd.