CBAK Energy Technology, Inc. - FORM 10-Q - EX-99.5 - EXHIBIT 99.5 - February 9, 2011

Attached files

file filename
10-Q - FORM 10-Q - CBAK Energy Technology, Inc.form10q.htm
EX-31.1 - EXHIBIT 31.1 - CBAK Energy Technology, Inc.exhibit31-1.htm
EX-99.1 - EXHIBIT 99.1 - CBAK Energy Technology, Inc.exhibit99-1.htm
EX-32.1 - EXHIBIT 32.1 - CBAK Energy Technology, Inc.exhibit32-1.htm
EX-99.2 - EXHIBIT 99.2 - CBAK Energy Technology, Inc.exhibit99-2.htm
EX-32.2 - EXHIBIT 32.2 - CBAK Energy Technology, Inc.exhibit32-2.htm
EX-99.3 - EXHIBIT 99.3 - CBAK Energy Technology, Inc.exhibit99-3.htm
EX-31.2 - EXHIBIT 31.2 - CBAK Energy Technology, Inc.exhibit31-2.htm
EX-99.4 - EXHIBIT 99.4 - CBAK Energy Technology, Inc.exhibit99-4.htm
EX-99.6 - EXHIBIT 99.6 - CBAK Energy Technology, Inc.exhibit99-6.htm

Exhibit 99.5

Summary of Loan Agreement Entered into by and between BAK International
(Tianjin) Limited (“the Company”) and Tianjin Branch, Bank of Dalian (“the Creditor”)
dated October 27, 2010

Main contents

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    Contract number: DLLJin 201010270023;
       
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    Loan principal: RMB 40 million;
       
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    Loan term: from October 27, 2010 to October 26, 2011;
       
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    Floating interest rate: annually 6.116%, rate adjustment in one month cycle;
       
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    Interest accrued and settled per month, interest settlement day is the 20th day of each month;
       
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    Penalty interest rate for delayed repayment: 6.116% plus 50% *6.116%;
       
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    Penalty interest rate for embezzlement of loan proceeds: 6.116% *1;
       
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    Purpose of the loan is to provide working capital for the Company;
       
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    Advanced repayment of loan needs to be approved by the Creditor;
       
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    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; compensation for the Creditor’s expenses incurred due to demanding the loan principal and interest in case of litigation, etc.

    Headlines of the articles omitted:

    • Loan arrangement

    • Interest clearing of the loan

    • Payment of the loan

    • Insurance

    • Rights and obligation of the Creditor

    • Declaration and undertaking of the Company

    • Interest penalty of loan

    • Guarantee of the loan agreement

    • Disputation settlement

    • Notification

    CBAK Energy Technology, Inc. Reports