China Security (NYSE:CSR)

On March 1, 2011, China Security & Surveillance Technology, Inc., a Delaware corporation entered into a term loan facility agreement with China Development Bank Corporation Hong Kong Branch (“CDB”), as original lender, arranger and facility agent  pursuant to which CDB agrees to make available to the Company a term loan facility in an aggregate principal amount of up to US$200,000,000 (the “Facility”) subject to the terms and conditions of the Loan Agreement. Any loan under the Facility will mature on the third anniversary of the first date when the Facility is utilized by the Company (the “First Utilization Date”) and will have an interest rate of LIBOR plus 3% per annum. The Company will repay the principal amount in two installments, with 50% of the principal due on 30 months after the First Utilization Date and the remaining 50% due on the final maturity date. The interest will be paid every six months starting on May 20, 2011. The loan will be unsecured and used for working capital purposes. The Company submitted the utilization notice to draw down US$200 million from the Facility on March 1, 2011.