Loan Agreement Summary
EX-10.2 3 v397714_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: Chinese Rural Credit Cooperative Bank (“CRCCB”)
| 2. | The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million. |
| 3. | Borrowing method: Trading financial, WF Lakeland need to mortgage inventory valued RMB 18,357,925.01 to the bank, the bank finds a professional supervising firm to supervise WF’s inventory flowing situation. WF Lakeland needs to pay for the professional supervising firm RMB 40,000 each year as supervising fees. |
| 4. | Interests: Interest to be at 120% of the benchmark rate. The effective rate is 6.72%, and should pay the interest on 20th of every month. |
| 5. | Borrowing period: 90 days from December 25, 2014 to March 24, 2015. |
