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CREG.OB > SEC Filings for CREG.OB > Form 8-K on 17-Apr-2009All Recent SEC Filings

Show all filings for CHINA RECYCLING ENERGY CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CHINA RECYCLING ENERGY CORP

17-Apr-2009

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement

On April 13, 2009, China Recycling Energy Corporation announced that its wholly owned subsidiary, Xi'an TCH Energy Technology Co., Ltd ("Xi'an TCH"), entered into a short-term working capital loan agreement (the "Loan Agreement") with Industrial Bank Co., Ltd., Xi'an Branch (the "Lender"), whereby the Lender has agreed to loan RMB 20,000,000 (approximately $2,941,176) to Xi'an TCH for a term of one year. The Loan Agreement has a fixed annual interest rate of 5.31%, and Xi'an TCH is required to make quarterly interest payments on the outstanding loan balance. The Loan Agreement contains standard representations, warranties and covenants, and the borrowed funds are to be guaranteed through a separate guaranty contract with Shanxi Zhongze Investment Co., Ltd.

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