On September 27, 2022, the Group entered into a $111 million (RMB800 million) loan facilities agreement with a group of lenders led by a PRC Bank (the "2022 Facility Agreement"). The 2022 Facility Agreement has an effective drawdown period until June 9, 2023 and the interest rate is prime plus 115 basis points where prime is based on Loan Prime Rate published by the National Inter-bank Funding Center of the PRC. The interest is payable on a quarterly basis. The loan facilities can only be used for the construction project of manufacturing capacity expansion at the Group’s facility located in Huzhou, China. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without consent of the lender, and certain customary events of default.

The repayment schedule of the 2022 Facility Agreement is listed in the below table. As of September 30, 2022, the Group had outstanding borrowings of $42,173 under the 2022 Facility Agreement.


Repayment Date						Repayment Amount
June 10, 2023						$4.2 million (RMB30 million)
December 10, 2023						$9.8 million (RMB70 million)
June 10, 2024						$14.1 million (RMB100 million)
December 10, 2024						$14.1 million (RMB100 million)
June 10, 2025						$14.1 million (RMB100 million)
December 10, 2025						$14.1 million (RMB100 million)
June 10, 2026						$21.1 million (RMB150 million)
December 10, 2026						$21.1 million (RMB150 million)

The Group also entered into short-term loan agreements and bank facilities with Chinese banks. The original terms of the loans from Chinese banks are within 12 months and the interest rates range from 4.50% to 4.75% per annum.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2022		2021		2022
Beginning balance	$	26,458	$	8,807	$	12,184	$	13,301
Proceeds from bank borrowings	—		45,242		26,603		58,708
Repayments of principal	(3,400)		(7,150)		(15,665)		(24,482)
Exchange difference	(207)		(1,914)		(271)		(2,542)
Ending balance	$	22,851	$	44,985	$	22,851	$	44,985

Certain assets of the Group have been pledged to secure the above bank facilities granted to the Group. The aggregate carrying amount of the assets pledged by the Group as of December 31, 2021 and September 30, 2022 are as follows: