Purchase Order Financing Loan Agreement between Weifang Lakeland Safety Products Co., Ltd. and Bank of China, Anqiu Branch

Summary

Weifang Lakeland Safety Products Co., Ltd. has entered into a loan agreement with the Bank of China, Anqiu Branch, for a $720,000 loan to be used exclusively for material purchases. The loan term is 12 months, from August 12, 2013, to August 11, 2014, with an annual interest rate of 6.6%. Interest payments are due at six months and at the end of the loan. The borrower must repay the loan on time and use the funds only for the agreed purpose, or face default interest charges.

EX-10.2 3 v353265_ex10-2.htm EXHIBIT 10.2

Exhibit 10.2

Purchase orders Financing loan main items

Borrower:	Weifang Lakeland Safety Products Co., Ltd.
Lender:	Bank of China, Anqiu Branch
	Both parties agree that this contract is based on both sides for the development of friendly, mutual cooperation, voluntary, equality and the principle of good faith.

Loan borrowing main clause as below:

Article 1.	Amount of purchase order loan: USD $720,000.
Article 2.	Life of loan: 12 months - beginning August 12, 2013 and ending August 11, 2014.
Article 3.	Purpose of loan: Material purchase.
	Borrower cannot change the loan purpose without the approval from the lender.
Article 4.	Interest rate of loan and calculation.
	Yearly interest amount: USD $47,520;
	Effective per annum interest rate: 6.6%;
	Interest payment will be made at 6 months and at the end of the loan.
	If borrower fails to repay the principal and interest before the due date, or fails to use the loan for purposes as agreed in this contract, the lender shall be entitled to collect default interest pursuant to the relevant rules.
Article 5.	Repayment of loan
	The borrower is required to open an account with the Lender;
	The account name is: Weifang Lakeland Safety Products Co., Ltd;
	Borrower to deposit sufficient money for repayment before each due date.