Loan Agreement between Weifang Lakeland Safety Products Co., Ltd. and Bank of China Anqiu Branch

Contract Categories: Business Finance › Loan Agreements
Summary

Weifang Lakeland Safety Products Co., Ltd. (WF) has entered into a loan agreement with Bank of China Anqiu Branch (BOCAB) for a credit limit of up to RMB 5 million. WF can choose the amount and term of each loan, up to one year. The loan is secured by WF's inventory, valued at RMB 18,357,925, and a professional firm will supervise the inventory for an annual fee of RMB 40,000. Interest is set at 123% of the benchmark rate, with payments due on the 21st of each month.

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EX-10.2 3 v391294_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: Bank of China Anqiu Branch (“BOCAB)

 

2.The borrowing amounts limit: RMB 5 million, WF can select the borrowing amounts within RMB 5 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 123% of the benchmark rate. Payment requirements are the 21st of each month.

 

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