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

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Summary

Weifang Lakeland Safety Products Co., Ltd. has entered into a loan agreement with Bank of China Anqui Branch for a credit line of up to RMB 5 million (about USD $789,000). The loan is secured by mortgaged property and land valued at RMB 12,699,700. The annual interest rate is 7%, with monthly interest payments of RMB 29,167. The loan term is up to one year, starting October 10, 2015, and ending October 9, 2016. No inventory evaluation fee is required this year.

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EX-10.2 3 v422214_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 Anqui Branch (“BOC”)

 

2.The borrowing amounts limit: RMB 5 million, WF can select the borrowing amounts within RMB 5 million (approximately USD $789,000).

 

3.Borrowing method: Trading financial, WF is using last year’s line of credit and mortgaged the building property and land use which is valued at RMB 12,699,700 to the bank. The inventory evaluation fee was paid last year, so there is no fee this year.

 

4.Interests: The annum interest rate is 7.0%. Monthly interest is RMB 29,167 which will be paid monthly.

 

5.Borrowing period: up to one year. The longest borrowing period is one year beginning October 10, 2015 and ending October 9, 2016.