BANK LOANS AND NOTES

12 Months Ended

Dec. 31, 2012

12.

BANK LOANS AND NOTES

The following table provides the name of the lender, due date, interest rate, and amounts outstanding at December 31, 2012 and 2011 for the Company's bank loans and notes payable.

Continuing Operations
				Interest			At		At
				Rate Per			December 31,		December 31,
Subsidiary	Type	Name of Lender	Due Date	Annum			2012		2011
Short-term
Wuhan Blower	Bank Loans	Hankou Bank	7/13/2012		5.47	%		-		1,571,166
Wuhan Blower	Bank Loans	Hankou Bank	7/18/2013		7.872	%		3,483,163		-
Wuhan Blower	Bank Loans	Hankou Bank	7/20/2013		7.88	%		3,324,837		-
Wuhan Blower	Bank Loans	Hankou Bank	10/12/2013		7.88	%		1,583,256
Wuhan Blower	Bank Loans	Hankou Bank	10/19/2013		6.30	%		2,216,558
Wuhan Blower	Bank Loans	Hankou Bank	10/14/2012		5.47	%		-		1,571,166
Wuhan Blower	Bank Loans	Gansu Trust Co., Ltd.	12/14/2013		7.80	%		11,082,788
Wuhan Blower	Bank Loans	Gansu Trust Co., Ltd.	12/15/2012		8.53	%		-		10,998,162
Wuhan Blower	Bank Loans	China Minsheng Banking Corp., Ltd.	1/8/2012		9.6	%		-		3,927,915
Wuhan Blower	Bank Loans	China Minsheng Banking Corp., Ltd.	5/14/2013		12	%		3,166,511		-
Wuhan Blower	Bank Loans	Shenzhen Development Bank	6/3/2013		7.2	%		4,749,766		-
Wuhan Blower	Bank Loans	Wuhan Jiang Han District Fu Bang Petty Loan Co., Ltd.	10/31/2013		16	%		829,626		-
Wuhan Blower	Bank Loans	Wuhan Jiang Han District Fu Bang Petty Loan Co., Ltd.	12/09/2012		18	%		-		1,571,166
Wuhan Blower	Bank Loans	Wuhan Min Ze Investment Co., Ltd.	10/31/2013		4.8	%		3,768,148		-
Wuhan Blower	Bank Loans	Wuhan Min Ze Investment Co., Ltd.	12/1/2012		0.00	%		-		3,739,375
Wuhan Blower	Bank Loans	Agricultural Bank of China	9/21/2012		5.40	%		-		12,883,561
Wuhan Blower	Bank Loans	Agricultural Bank of China	2/22/2013		6.72	%		2,058,232		-
Wuhan Blower	Bank Loans	Agricultural Bank of China	4/24/2013		7.872	%		2,691,534		-
Wuhan Blower	Bank Loans	Agricultural Bank of China	6/29/2013		7.872	%		2,691,534		-
Wuhan Blower	Bank Loans	Agricultural Bank of China	9/14/2013		7.2	%		2,691,534		-
Wuhan Blower	Bank Loans	Agricultural Bank of China	9/19/2013		7.2	%		2,849,860		-
Wuhan Blower	Bank Loans	China Construction Bank	7/1/2012		5.40	%		-		3,299,449
Wuhan Generating	Bank Loans	Hankou Bank	6/13/2012		6.56	%		-		4,713,498
Wuhan Generating	Bank Loans	Hankou Bank	6/13/2013		8.244	%		4,749,766		-
Wuhan Generating	Bank Loans	Hankou Bank	6/21/2013		7.872	%		158,327		-
Wuhan Generating	Bank Loans	Hankou Bank	9/30/2013		7.872	%		4,116,464		-
Wuhan Generating	Bank Loans	Hankou Bank	6/21/2013		7.872	%		79,164		-
Wuhan Generating	Bank Loans	Hankou Bank	10/11/2013		7.827	%		1,266,604		-
Wuhan Generating	Bank Loans	Hankou Bank	12/12/2013		7.827	%		3,799,813		-
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	5/19/2012		8.30	%		-		7,855,830
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/13/2012		8.30	%		-		4,713,498
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/16/2012		8.30	%		-		6,284,664
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/7/2013		8.53	%		4,749,766		-
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/11/2013		8.53	%		6,333,022		-
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/13/2013		8.53	%		3,166,511		-
Wuhan Generating	Bank Loans	Industrial Bank Co., Ltd.	6/14/2013		8.53	%		4,749,766		-
Wuhan Generating	Bank Loans	Agricultural Bank of China	6/15/2012		6.63	%		-		6,756,014
Wuhan Generating	Bank Loans	Agricultural Bank of China	7/14/2012		6.89	%		-		2,670,982
Wuhan Generating	Bank Loans	Agricultural Bank of China	5/27/2013		7.872	%		3,641,487
Wuhan Generating	Bank Loans	Agricultural Bank of China	7/16/2013		7.872	%		2,691,534		-
Wuhan Generating	Bank Loans	Agricultural Bank of China	8/18/2013		7.872	%		3,166,511
Wuhan Generating	Bank Loans	Shenzhen Development Bank	6/2/2012		7.57	%		-		4,713,498
Wuhan Generating	Bank Loans	Shenzhen Development Bank	3/12/2012		6.10	%		-		3,142,331
Wuhan Generating	Bank Loans	Shenzhen Development Bank	6/5/2013		7.38	%		4,749,766		-
Wuhan Generating	Bank Loans	Wuhan Dong Xi Hu District Wu Yi Petty Loan Co., Ltd.	N/A		N/A			2,374,883		-

Total							$	96,980,731	$	80,412,274

Notes Payable
Wuhan Blower	Notes Payable	Hankou Bank	4/15/2013	-		1,583,255		-
Wuhan Blower	Notes Payable	Hankou Bank	4/19/2013	-		2,216,558		-
Wuhan Blower	Notes Payable	Hankou Bank	6/6/2013	-		4,749,766		-
Wuhan Blower	Notes Payable	Hankou Bank	6/10/2013	-		3,324,837		-
Wuhan Blower	Notes Payable	Hankou Bank	1/11/2012	-		-		2,670,982
Wuhan Blower	Notes Payable	Hankou Bank	2/5/2012	-		-		4,713,498
Wuhan Blower	Notes Payable	Hankou Bank	4/7/2012	-		-		4,713,498
Wuhan Blower	Notes Payable	Hankou Bank	6/8/2012	-		-		11,312,395
Wuhan Blower	Notes Payable	Shenzhen Development Bank	5/6/2013	-		158,326		-
Wuhan Blower	Notes Payable	Shenzhen Development Bank	8/2/2013	-		3,166,511		-
Wuhan Blower	Notes Payable	Shenzhen Development Bank	1/1/2012	-		-		442,211
Wuhan Blower	Notes Payable	Shenzhen Development Bank	2/2/2012	-		-		452,316
Wuhan Blower	Notes Payable	Shenzhen Development Bank	3/19/2012	-		-		693,970
Wuhan Blower	Notes Payable	Shenzhen Development Bank	3/12/2012	-		-		180,383
Wuhan Blower	Notes Payable	Shenzhen Development Bank	6/10/2012	-		-		384,815
Wuhan Blower	Notes Payable	Shenzhen Development Bank	6/12/2012	-		-		535,451
Wuhan Blower	Notes Payable	Shenzhen Development Bank	2/18/2012	-		-		227,176
Wuhan Blower	Notes Payable	Shenzhen Development Bank	8/6/2012	-		-		-
Wuhan Generating	Notes Payable	Hankou Bank	6/13/2013	-		759,963
Wuhan Generating	Notes Payable	Hankou Bank	1/23/2013	-		316,651
Wuhan Generating	Notes Payable	Hankou Bank	6/19/2012	-		-		7,227,364
Wuhan Generating	Notes Payable	Hankou Bank	12/21/2012	-				-
Wuhan Generating	Notes Payable	Industrial Bank Co., Ltd.	10/13/2012	-				-
Wuhan Generating	Notes Payable	Industrial Bank Co., Ltd.	10/18/2012	-				-
Wuhan Generating	Notes Payable	Shenzhen Development Bank	12/5/2012	-				-
Wuhan Generating	Notes Payable	Agricultural Bank of China	12/21/2012	-		5,541,393		-

Total					$	21,817,260	$	33,554,059

Total Short Term Bank Loans and Notes					$	118,799,991	$	113,966,333

Banking facilities extended by the Hankou Bank were secured by the Company's and Wuhan Sungreen's mortgage of real property and Hubei Di Long Industrial Group's mortgage of real property in 2011 and 2012.

The loan from Wuhan Jiang Han District Fu Bang Petty Loan Co., Ltd was guaranteed by Wuhan Generating's equity pledge, and guaranteed by Wuhan Generating, Wuhan Sungreen and Jie Xu.

Wuhan Blower's loan from Agricultural Bank of China is secured by the Company's real property and the Company's equity interest in Wuhan Generating. To add further credit enhancements, Hubei Zhongzhou Investment Company and Hubei Huaguang International Trade Co., Ltd. have guaranteed this loan, too.

Wuhan Generating's loan from Agricultural Bank of China is secured by Hubei Libang Investment and Guaranty Co., Ltd, and Hubei Huaguang International Trade Co., Ltd.

Wuhan Generating's loans from Shenzhen Development Bank and Industrial Bank Co., Ltd are guaranteed by Jie Xu, Hongsheng Xu, and Wuhan Blower.

Banking facilities extended by the Agricultural Bank of China were secured by the Company's mortgage of real property.

Certain notes payable, as indicated above, do not have a stated rate of interest. These notes are payable on demand to the Company's creditors. The creditors have given extended credit terms secured by pledge of the Company's restricted cash.

As of December 31, 2012, there were no bank loans associated with the discontinued operations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

WUHAN GENERAL GROUP (CHINA), INC 10-K