Loan Agreement Summary
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. |
