Loan Agreement Summary
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.) |
