Credit Agreements
In addition to the disclosures made in the Form 8-K filed with the Securities
and Exchange Commission on June 29, 2012, Hoku has received written notice that
the loans under the credit agreements listed below have been accelerated and are
immediately due and payable. In each instance, the lender has advised Hoku that
it has or intends to draw against the letter of credit provided by Tianwei as
collateral for such loans.
Date Date of
of Credit Lender Principal Receipt of
Agreement Amount Acceleration
Notice
China
October Construction July 10,
19, 2010 Bank, $29,000,000 2012
Singapore
Branch
Lesser of
Bank of China, $30,000,000 or
February New York the aggregate July 2, 2012
25, 2011 Branch amount of
letter of
credit
Industrial and
April 6, Commercial
2011 Bank of China $15,000,000 July 9, 2012
Ltd., New York
Branch
Lesser of
Bank of China, $15,000,000 or
August New York the aggregate July 2, 2012
16, 2011 Branch amount of
letter of
credit
Industrial and
October Commercial
5, 2011 Bank of China $13,600,000 July 6, 2012
Ltd., New York
Branch
Lesser of
Bank of China, $22,110,000 or
October New York the aggregate July 2, 2012
12, 2011 Branch amount of
letter of
credit
Industrial and
November Commercial
30, 2011 Bank of China $5,800,000 July 6, 2012
Ltd., New York
Branch
Industrial and
January Commercial July 11,
10, 2011 Bank of China $19,500,000 2012
Ltd., New York
Branch
Industrial and
January Commercial July 11,
11, 2012 Bank of China $10,000,000 2012
Ltd., New York
Branch
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