Exhibit 10.1
Summary
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Comprehensive Credit Facility Agreement of Maximum Amount Entered Between the
Company and Agricultural Bank
Main contents:
>> Contract number: (Shenzhen Longgang Nongyin Shouzi No.200502370001;
>> Maximum amount for credit facilities to be provided: RMB200 million;
>> Term: from May 20th, 2005 to May 20, 2006;
>> Interest rate of loan shall be subject to each loan agreement/contract to
be signed;
>> Purpose: working capital;
>> Adjustment of credit can be made by Agricultural Bank under the any of the
following:
|X| The Company suffers severe operational risk or its financial situation
severely deteriorates;
|X| Guarantor's payment ability is obviously weakened or value of pledged
collaterals decreases obviously;
|X| Occurrence of other instances which make Agricultural Bank think
adjustment of credit facility is necessary.
>> Breach of contract penalty: adjustment of credit, cancellation of unused
credit, imposition of punitive interest, demand prepayment of loan and
other measures;
>> Special term: The Company undertakes that it authorizes Lender to go
through the formalities and procedures required for obtaining title
certificate for BAK Industrial Park and shall complete the afore stated
formalities and procedures before the end of Sep, 2005 and pledge it to
Agricultural Bank in time.
Terms that have been omitted: definition; credit types used for the line of
credit; the guarantee of the loan under this Agreement; adjustment of the line
of credit; dispute settlement; miscellaneous; effectiveness; validity; and
attention.
