Loan Agreement between Weifang Lakeland Safety Products Co., Ltd. and Weifang Rural Credit Cooperative Bank

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Summary

Weifang Lakeland Safety Products Co., Ltd. (WF) has entered into a loan agreement with Weifang Rural Credit Cooperative Bank (WRCCB) for a credit line of up to RMB 8 million (about USD $1.3 million). WF will secure the loan by mortgaging inventory valued at RMB 18,291,748, with inventory flow supervised by a professional firm at an annual fee of RMB 46,000. The loan carries an annual interest rate of 6.42%, with monthly interest payments of RMB 42,800. The borrowing period is up to six months, from March 25, 2015, to September 21, 2015.

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EX-10.2 3 v405746_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

Loan Agreement Summary

 

1.Lender and borrower:

 

Borrower:Weifang Lakeland Safety Products Co., Ltd. (“WF”)
Lender:Weifang Rural Credit Cooperative Bank (“WRCCB”)

 

2.The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million (approximately USD $1,300,000).

 

3.Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 to the bank. The bank hired a professional firm to supervise WF’s inventory flow, which WF will pay at a yearly rate of RMB 46,000.

 

4.Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 6.42%. Monthly interest is RMB 42,800 which will be paid monthly.

 

5.Borrowing period: up to six months. The longest borrowing period is six months beginning March 25, 2015 and ending September 21, 2015.