Loan Agreement Summary
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.) |
