Loan agreement
Exhibit 10.2
Lender: (Party A) Xxxx Xxxx
Borrower: (Party B) Zhengzhou Feizhiyue Automobile Sales Co., Ltd
| I. | Party B borrows RMB 2,163,500 from Party A for 36 months, starting from April 29, 2020, to May 13, 2023. The starting date is subject to change, depending on actual date of funding. |
| II. | Party B agrees to use its fully owned motor vehicles as collateral, including 5 BYD Ditai and 15 BYD E3. |
| III. | Party A has the right to repledge the collaterals to third parties during loan term. Any fees associated with the repledge should be covered by Party B. |
| IV. | Xinyang Tanyao Auto Sales Co., Ltd is going to fund the loan on behalf of Party A. Party B shall make monthly payment to the designated account as shown below: |
Account Name: Chun Hong
Bank Name: Daqing Village Commercial Bank Co., Ltd
Account Number: 0000000000000000000
| V. | Party B agrees to make timely payment and be held liable for any economic damages caused by late payment. |
| VI. | This agreement is made in two copies, and each party holds one copy. |
Lender Signature: Xxxx Xxxx
Borrower Signature (Seal): Zhengzhou Feizhiyue Automobile Sales Co., Ltd
Date: April 28, 2020
Repayment Schedule
| Loan Start Date: 20200429 | Loan Maturity Date: 20230427 |
| Repayment Method: Fixed monthly payment | Loan Amount: 1,054,000 |
| Origination Fee: 124500 (due on maturity) | Interest rate (monthly): 0.5% |
Loan Schedule
| Number
of Period |
Payment
Due Date |
Monthly Payment | Principal | Interest | Remaining Balance |
| 1 | 5/29/2020 | 32,064.72 | 26,794.72 | 5,270.00 | 1,027,205.28 |
| 2 | 6/29/2020 | 32,064.72 | 26,928.70 | 5,136.03 | 1,000,276.58 |
| 3 | 7/29/2020 | 32,064.72 | 27,063.34 | 5,001.38 | 973,213.24 |
| 4 | 8/29/2020 | 32,064.72 | 27,198.66 | 4,866.07 | 946,014.59 |
| 5 | 9/29/2020 | 32,064.72 | 27,334.65 | 4,730.07 | 918,679.94 |
| 6 | 10/29/2020 | 32,064.72 | 27,471.32 | 4,593.40 | 891,208.62 |
| 7 | 11/29/2020 | 32,064.72 | 27,608.68 | 4,456.04 | 863,599.94 |
| 8 | 12/29/2020 | 32,064.72 | 27,746.72 | 4,318.00 | 835,853.21 |
| 9 | 1/29/2021 | 32,064.72 | 27,885.46 | 4,179.27 | 807,967.76 |
| 10 | 2/28/2021 | 32,064.72 | 28,024.88 | 4,039.84 | 779,942.88 |
| 11 | 3/29/2021 | 32,064.72 | 28,165.01 | 3,899.71 | 751,777.87 |
| 12 | 4/29/2021 | 32,064.72 | 28,305.83 | 3,758.89 | 723,472.03 |
| 13 | 5/29/2021 | 32,064.72 | 28,447.36 | 3,617.36 | 695,024.67 |
| 14 | 6/29/2021 | 32,064.72 | 28,589.60 | 3,475.12 | 666,435.07 |
| 15 | 7/29/2021 | 32,064.72 | 28,732.55 | 3,332.18 | 637,702.53 |
| 16 | 8/29/2021 | 32,064.72 | 28,876.21 | 3,188.51 | 608,826.32 |
| 17 | 9/29/2021 | 32,064.72 | 29,020.59 | 3,044.13 | 579,805.73 |
| 18 | 10/29/2021 | 32,064.72 | 29,165.69 | 2,899.03 | 550,640.03 |
| 19 | 11/29/2021 | 32,064.72 | 29,311.52 | 2,753.20 | 521,328.51 |
| 20 | 12/29/2021 | 32,064.72 | 29,458.08 | 2,606.64 | 491,870.43 |
| 21 | 1/29/2022 | 32,064.72 | 29,605.37 | 2,459.35 | 462,265.06 |
| 22 | 2/28/2022 | 32,064.72 | 29,753.40 | 2,311.33 | 432,511.67 |
| 23 | 3/29/2022 | 32,064.72 | 29,902.16 | 2,162.56 | 402,609.50 |
| 24 | 4/29/2022 | 32,064.72 | 30,051.67 | 2,013.05 | 372,557.83 |
| 25 | 5/29/2022 | 32,064.72 | 30,201.93 | 1,862.79 | 342,355.89 |
| 26 | 6/29/2022 | 32,064.72 | 30,352.94 | 1,711.78 | 312,002.95 |
| 27 | 7/29/2022 | 32,064.72 | 30,504.71 | 1,560.01 | 281,498.24 |
| 28 | 8/29/2022 | 32,064.72 | 30,657.23 | 1,407.49 | 250,841.01 |
| 29 | 9/29/2022 | 32,064.72 | 30,810.52 | 1,254.21 | 220,030.50 |
| 30 | 10/29/2022 | 32,064.72 | 30,964.57 | 1,100.15 | 189,065.93 |
| 31 | 11/29/2022 | 32,064.72 | 31,119.39 | 945.33 | 157,946.53 |
| 32 | 12/29/2022 | 32,064.72 | 31,274.99 | 789.73 | 126,671.55 |
| 33 | 1/29/2023 | 32,064.72 | 31,431.36 | 633.36 | 95,240.18 |
| 34 | 2/28/2023 | 32,064.72 | 31,588.52 | 476.20 | 63,651.66 |
| 35 | 3/29/2023 | 32,064.72 | 31,746.46 | 318.26 | 31,905.20 |
| 36 | 4/29/2023 | 32,064.72 | 31,905.20 | 159.53 | 0.00 |
Repayment Schedule
| Loan Start Date: 20200515 | Loan Maturity Date: 20230513 |
| Repayment Method: Fixed monthly payment | Loan Amount: 1,109,500 |
| Origination Fee: 130000 (due on maturity) | Interest rate (monthly): 0.5% |
Loan Schedule
| Number
of Period |
Payment
Due Date |
Monthly Payment | Principal | Interest | Remaining Balance |
| 1 | 6/15/2020 | 33,753.14 | 28,205.64 | 5,547.50 | 1,081,294.36 |
| 2 | 7/15/2020 | 33,753.14 | 28,346.67 | 5,406.47 | 1,052,947.69 |
| 3 | 8/15/2020 | 33,753.14 | 28,488.40 | 5,264.74 | 1,024,459.29 |
| 4 | 9/15/2020 | 33,753.14 | 28,630.84 | 5,122.30 | 995,828.45 |
| 5 | 10/15/2020 | 33,753.14 | 28,774.00 | 4,979.14 | 967,054.45 |
| 6 | 11/15/2020 | 33,753.14 | 28,917.87 | 4,835.27 | 938,136.58 |
| 7 | 12/15/2020 | 33,753.14 | 29,062.46 | 4,690.68 | 909,074.13 |
| 8 | 1/15/2021 | 33,753.14 | 29,207.77 | 4,545.37 | 879,866.36 |
| 9 | 2/15/2021 | 33,753.14 | 29,353.81 | 4,399.33 | 850,512.55 |
| 10 | 3/15/2021 | 33,753.14 | 29,500.58 | 4,252.56 | 821,011.97 |
| 11 | 4/15/2021 | 33,753.14 | 29,648.08 | 4,105.06 | 791,363.89 |
| 12 | 5/15/2021 | 33,753.14 | 29,796.32 | 3,956.82 | 761,567.57 |
| 13 | 6/15/2021 | 33,753.14 | 29,945.30 | 3,807.84 | 731,622.27 |
| 14 | 7/15/2021 | 33,753.14 | 30,095.03 | 3,658.11 | 701,527.24 |
| 15 | 8/15/2021 | 33,753.14 | $30,245.50 | 3,507.64 | 671,281.74 |
| 16 | 9/15/2021 | 33,753.14 | 30,396.73 | 3,356.41 | 640,885.01 |
| 17 | 10/15/2021 | 33,753.14 | 30,548.71 | 3,204.43 | 610,336.29 |
| 18 | 11/15/2021 | 33,753.14 | 30,701.46 | 3,051.68 | 579,634.84 |
| 19 | 12/15/2021 | 33,753.14 | 30,854.97 | 2,898.17 | 548,779.87 |
| 20 | 1/15/2022 | 33,753.14 | 31,009.24 | 2,743.90 | 517,770.63 |
| 21 | 2/15/2022 | 33,753.14 | 31,164.29 | 2,588.85 | 486,606.34 |
| 22 | 3/15/2022 | 33,753.14 | 31,320.11 | 2,433.03 | 455,286.24 |
| 23 | 4/15/2022 | 33,753.14 | 31,476.71 | 2,276.43 | 423,809.53 |
| 24 | 5/15/2022 | 33,753.14 | 31,634.09 | 2,119.05 | 392,175.44 |
| 25 | 6/15/2022 | 33,753.14 | 31,792.26 | 1,960.88 | 360,383.17 |
| 26 | 7/15/2022 | 33,753.14 | 31,951.22 | 1,801.92 | 328,431.95 |
| 27 | 8/15/2022 | 33,753.14 | 32,110.98 | 1,642.16 | 296,320.97 |
| 28 | 9/15/2022 | 33,753.14 | 32,271.53 | 1,481.60 | 264,049.44 |
| 29 | 10/15/2022 | 33,753.14 | 32,432.89 | 1,320.25 | 231,616.54 |
| 30 | 11/15/2022 | 33,753.14 | 32,595.06 | 1,158.08 | 199,021.49 |
| 31 | 12/15/2022 | 33,753.14 | 32,758.03 | 995.11 | 166,263.45 |
| 32 | 1/15/2023 | 33,753.14 | 32,921.82 | 831.32 | 133,341.63 |
| 33 | 2/15/2023 | 33,753.14 | 33,086.43 | 666.71 | 100,255.20 |
| 34 | 3/15/2023 | 33,753.14 | 33,251.86 | 501.28 | 67,003.34 |
| 35 | 4/15/2023 | 33,753.14 | 33,418.12 | $335.02 | 33,585.21 |
| 36 | 5/15/2023 | 33,753.14 | 33,585.21 | 167.93 | 0.00 |
