Loan Agreement between Weifang Lakeland Safety Products Co., Ltd. and Chinese Rural Credit Cooperative Bank

Contract Categories: Business Finance › Loan Agreements
Summary

Weifang Lakeland Safety Products Co., Ltd. (WF) has entered into a loan agreement with Chinese Rural Credit Cooperative Bank (CRCCB) for a credit limit of up to RMB 6 million (about USD $957,500). The loan is secured by a mortgage on WF’s building and land, valued at RMB 12,749,263. WF will pay a 5.52% annual interest rate, with monthly interest payments of RMB 27,600, and cover an annual supervision fee of RMB 37,000 for inventory monitoring. The loan term is up to one year, from December 1, 2015, to November 18, 2016.

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EX-10.2 3 v426415_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 6 million, WF can select the borrowing amounts within RMB 6 million (approximately USD $957,500).

 

3.Borrowing method: Trading financial, WF mortgaged the building property and land use which is valued at RMB 12,749,263 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 37,000.

 

4.Interests: The annum interest rate is 5.52%. Monthly interest is RMB 27,600 which will be paid monthly.

 

5.Borrowing period: up to one year. The longest borrowing period is one year beginning December 1, 2015 and ending November 18, 2016.