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

Contract Categories: Business Finance › Loan Agreements
Summary

Weifang Lakeland Safety Products Co., Ltd. has entered into a loan agreement with Weifang Rural Credit Cooperative Bank for a credit line of up to RMB 8 million. The loan is secured by WF's inventory, valued at over RMB 18 million, and the bank will supervise the inventory through a professional firm at an annual fee of RMB 40,000. The interest rate is set at 120% of the benchmark rate, and the borrowing period can be up to six months, with specific terms to be decided at contract signing.

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EX-10.2 3 v373695_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.

 

3.Borrowing method: Trading financial, WF mortgaged inventory valued at RMB 18,357,925 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 40,000.

 

4.Interest: Interest based on 120% of the benchmark rate. Payment requirements (ex. monthly, quarterly, etc.) will be decided at contract signing.

 

5.Borrowing period: up to six months. The longest borrowing period is six months, WF can select the borrowing period (ex. three months, six months, etc.)