Loan Agreement Summary
EX-10.2 3 v420992_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 (approximately USD $1,300,000). |
| 3. | Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 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 46,000. |
| 4. | Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 5.52%. Monthly interest is RMB 36,800 which will be paid monthly. |
| 5. | Borrowing period: up to six months. The longest borrowing period is six months beginning September 21, 2015 and ending March 18, 2016. |
