Document:

Exhibit 10.16

 

Credit
Line Agreement

 

No.fj1122019222

 

Party
A: Shengfeng Logistics Group Co., Ltd

 

Unified
social credit Code: *************

 

Legal
representative / person in charge: Liu Yongxu

 

Address:
No.478, Fuxin East Road, Jin’an District, Fuzhou City postcode: 350011

 

Financial
institution and account number: Bank of China Limited Fuzhou Jin’an Sub-branch Business department *************

 

Tel:
********** Fax: **********

 

Party
B: Bank of China Limited Fuzhou Jin’an Sub-branch

 

Legal
representative / person in charge: Li Jiyong

 

Address:
Fusheng Qianlong international annex building, 1F No.3, Midlle Changle Road, Wangzhuang street, Jin’an District, Fuzhou City (east
side of original lecture Road), postal code: 350011

 

Tel:
********** Fax: **********

 

Article
1 Business Scope

 

According
to this agreement, Party B shall provide credit lines to Party A. Complying with other relevant single agreements, Party A may apply
to Party B for circulation, adjustment or one-time use for short-term loans, overdraft of corporate account, bank acceptance, trade financing,
letter of guarantee, capital business and other credit business (collectively referred to as “single credit business”).

 

The
trade financing business mentioned in this agreement includes the opening of domestic and international letter of guarantee, import documentary,
delivery guarantee, packaged loans, outward documentary, outward bill discount, buyer’s documentary of domestic letter of credit,
seller’s documentary of domestic letter of credit, negotiation of domestic letter of credit and other international and domestic
trade financing business.

 

The
guarantee business mentioned in this agreement includes various international and domestic guarantee businesses such as issuing guarantee
and standby letter of credit.

 

     

     

    

 

Article
2 Type and Amount of Credit Lines

 

Party
B agrees to provide Party A with the following credit lines:

 

Currency:
RMB.

 

Amount:¥80,000,000.00.

 

The
specific types and amounts are:

 

1.
The loan limit is ¥80,000,000.00, including short term working capital loan lines of ¥80,000,000.00.

 

Article
3 Use of Credit Lines

 

1.
Within the service life of the credit lines agreed in this agreement, Party A may use the corresponding credit lines in the following
way __(1)___ within the limit of each single credit business agreed in this Agreement:

 

(1)
Recycling. The specific types include: short-term working capital loans.

 

(2)
One time use. The specific types of quotas are: / /.

 

If
Party A needs to adjust and use the credit lines agreed in Article 2, Party A shall submit an application to Party B in writing, and
Party B shall decide whether to adjust and the specific method of adjustment, and notify Party A in writing.

 

2.
As of the effective date of this agreement, based on the previously valid “credit line agreement” or similar agreements and
their individual agreements, the credit balance of Party A in Party B shall be deemed as the credit under this agreement and the balance
shall be regarded as using the credit lines under this agreement.

 

3.
Unless there are other agreements, the following businesses will not be regarded as using the credit lines:

 

(1)
Outward bills with full corresponding documents;

 

(2)
The negotiation or financing used for export or domestic letter of credit that is accepted by Party B, confirmed and guaranteed by the
issuing guaranteeing bank;

 

(3)
If Party A can provide margin, national debt, certificate of deposit issued by Party B, or bank acceptance bill, letter of guarantee
or standby letter of credit accepted by Party B, the corresponding credit amount will not use the credit lines;

 

(4)
Other business agreed and confirmed by both parties in writing that do not use credit lines.

 

Although
business above does not use the credit lines, each of these business agreement is still a single part which contributes to and is bounded
by the overall agreement, unless otherwise agreed in other individual agreements.

 

    2

     

    

 

Article
4 Agreements to be Signed for Single Credit Business

 

When
Party A applies to Party B for single credit business under this agreement, Party A shall submit the corresponding application form and/or
sign corresponding contract or agreement with Party B (collectively referred to as single agreements).

 

Article
5 Term of the Credit Lines

 

The
term of use of the credit lines specified in Article 2 in this Agreement shall be from the effective date of this agreement to May 28,
2020.

 

At
the expiration of the term, Party B can continue to provide Party A with new credit lines by both parties signing a supplementary agreement
in writing to specify the new credit line and term of use. The supplementary agreement constitutes an integral part of this agreement,
and the provisions of this Agreement shall apply to the matters not agreed in the supplementary agreement, which has the same legal effect
as this agreement.

 

The
expiration of the credit line does not affect the legal effect of this Agreement and does not lead to the termination of this agreement.
Party A and Party B shall continue to perform the single credit business described in this single agreement in accordance with this Agreement
and relevant single agreements, and the rights and obligations incurred shall be fulfilled.

 

Article
6 Preconditions for Conducting Single Credit Business

 

For
single credit business, Party A shall meet the following conditions according to the requirements of Party B:

 

1.
Reserve company documents, bills, seals, relevant personnel list and signature samples related to the signing of this Agreement and single
agreements with Party B, and fill in relevant vouchers;

 

2.
Have accounts necessary for single credit business opened;

 

3.
Guarantee needed in this Agreement and single agreements has been effectively established;

 

4.
Other preconditions as agreed in the single agreements;

 

5.
Other conditions that Party B needs Party A to meet.

 

    3

     

    

 

Article
7 Guarantee

 

For
the debts of Party A to Party B arising from this Agreement and the single agreements, both parties agree to guarantee in the following
ways:

 

þ
Maximum guarantee

 

Liu
Yongxu shall provide the maximum amount guarantee and sign the corresponding maximum amount guarantee contract, No. fj1122019223,
which belongs to the main guarantee contract.

 

þ Maximum
mortgage

 

Suzhou
Shengfeng Logistics Co., Ltd. shall provide the maximum amount mortgage and sign the corresponding maximum amount mortgage contract,
No. fj1122019224, which belongs to the main guarantee contract.

 

If
Party A or the guarantor has an event that Party B thinks may affect its performance capability, the guarantee contract becomes invalid,
canceled or terminated, the financial situation of Party A or the guarantor deteriorates, Party A or the guarantor is involved in a major
lawsuit or arbitration case, the guarantor breaches the guarantee contract or other contracts with Party B, or the collateral is devalued,
damaged or lost, Party B has the right to require, and Party A has the obligation to provide new guarantee, replace the guarantor,
etc. to guarantee the debt under this agreement.

 

Article
8 Declaration and Commitment

 

Party
A declares as follows:

 

1.
Party A exists and is legally registered. Party A has full capacity and civil rights to conduct the signing and performing of this Agreement;

 

2.
The signing and performance of this Agreement and single agreements is based on the true intention of Party A. Party A will not violate
any agreement, contract or other legal documents with its obligations in. Party A has obtained or will obtain all relevant approval,
license, record or registration required for signing and performing this Agreement;

 

3.
All documents, financial statements, vouchers and other information provided by Party A to Party B under this Agreement and the single
agreements are true, complete, accurate and valid;

 

4.
The transaction background of Party A’s application to Party B is true and legal, and it is not used for money laundering and other illegal
purposes;

 

5.
Party A does not conceal from Party B any events that may affect the financial status and performance ability of Party A and the guarantor.

 

    4

     

    

 

Party
A promises as follows:

 

1.
Party A is going to submit its financial statements (including but not limited to annual report, quarterly report and monthly report)
and other relevant information to Party B regularly or timely according to Party B’s requirements;

 

2.
Party A will accept and cooperate with Party B’s inspection and supervision on the use of credit lines and related production, operation
and financial activities;

 

3.
If Party A and the guarantor of this agreement sign a counter guarantee contract or a similar contract, the contract will not damage
any rights of Party B under this Agreement;

 

4.
In case of any circumstances that may affect the financial status and performance capability of Party A or the guarantor, including but
not limited to any form of separation, merger, joint venture, joint venture with foreign investors, cooperation, contracted operation,
reorganization, restructuring, planned listing and other changes in business methods, reduction of registered capital, transfer of major
assets or equity, and assumption of major liabilities, setting up new guarantee on the collateral, sealing up, dissolution, cancellation,
application for bankruptcy, or involving in major litigation or arbitration cases, Party A shall inform Party B in time;

 

5.
Party A shall provide its environmental and social risk report to Party B. Party A declares and guarantees to strengthen the environmental
and social risk management, and undertakes to accept the supervision of Party B. Party A’s violation of the above agreement shall constitute
or be deemed as an event of default under this agreement, and Party B may take remedial measures for breach of contract in accordance
with this agreement.

 

6.
If Party A has plans to increase external financing, provide external guarantee (including guarantee, mortgage, etc.), or carry out shareholders’
dividends and repay shareholders’ loans, party A must inform Party B in advance and obtain Party B’s consent, otherwise Party B has the
right to request to recover the loan in advance.

 

7.
The purpose of the credit is limited to Party A’s daily operation, payment of fuel fee, road and bridge fee, combined transportation
fee, vehicle maintenance fee, etc. If it is used to pay for combined transportation fee to Party A’s subsidiaries, the transaction
counter parties are limited to the five subsidiaries in Suzhou, Guangdong, Hangzhou, Xiamen and Hubei and meanwhile, the following requirements
shall be implemented:

 

(1)
The amount of loans used under related party transactions shall not exceed 50 million yuan, and the accumulated use shall not exceed
70% of the income of corresponding subsidiaries in the same period or the same period of last year;

 

(2)
When drawing the loan, Party A shall provide Party B with the combined transport contract signed with the subsidiary, the VAT invoice,
and relevant supporting materials for the purpose of external payment of the subsidiary;

 

(3)
When Party A’s subsidiary receives the loan funds, it shall use the funds on the purpose that was notified to Party B in advance. The
purpose is limited to daily operation, payment of fuel, road and bridge fees, combined transport fees, vehicle maintenance fees, etc.
Party A shall provide Party B with the corresponding payment voucher on the next day;

 

    5

     

    

 

(4)
Within 2 months after the loan is granted, Party A shall provide Party B with the invoice related to the use of the subsidiary’s funds
as evidence;

 

(5)
If Party A’s loan funds return, or the proof materials for the purpose of credit are insufficient, Party B has the right to request to
recover the corresponding loan in advance.

 

8.
Party A’s total short-term financing in all financial institutions shall not exceed 25% of its annual income, otherwise Party B has the
right to reduce the credit line.

 

9.
Party A agrees Party B to set the financial constraint indicators as: the asset-liability ratio shall not exceed 40%, the current ratio
shall not be less than 1.5, and the current assets deducting other receivables shall not be less than the current liabilities. If these
indicators are triggered, Party A agrees that Party B controls the credit line within the scope of full mortgage, and further reduces
the credit line according to the situation.

 

10.
According to the requirements of Party B, Party A promises to transfer the funds from the payment collection account to the settlement
account opened in Party B each week; Party A agrees that the business volume of Party A’s settlement account opened in Party B shall
be assessed quarterly from three months after the activation of the credit. If the credit amount and deposit share of the settlement
account opened in Party B do not match the credit share, and if the credit balance exceeds 70% of the credit amount in the previous quarter,
Party B has the right to recover the credit funds or reduce the credit line.

 

11.
The payment collected by Party A in Party B’s settlement account can only be used for daily operating expenses. If it is transferred
to other bank’s account with the same name or related party, and if it makes payment to related party, Party A shall provide Party B
with materials to prove the use of funds and the necessity of payment.

 

12.
For matters not mentioned in this Agreement and the single agreements, Party A agrees to handle them in accordance with relevant regulations
and business practices of Party B.

 

Article
9 Disclosure of Related Parties and Related Transactions within Party A’s Group

 

Term
1 below is agreed by both parties:

 

1.
Party A is not a group customer determined by Party B according to the guidelines on risk management of group customer credit business
of commercial banks (hereinafter referred to as the guidelines).

 

2.
Party A belongs to the group customer determined by Party B according to the guidelines. Party A shall, in accordance with Article 17
of the guidelines, timely report to Party B about its related party transactions with more than 10% of the net assets, including the
related party relationship, transaction items and trading nature, transaction amount or corresponding proportion, and pricing policy
(including transactions with no amount or only symbolic amount).

 

    6

     

    

 

Article
10 The Breach of Contract

 

Any
of the following shall constitute or be deemed as an event of default of Party A under this Agreement and the single agreements:

 

1.
Party A fails to perform the payment and discharge obligations to Party B according to this Agreement and the single agreements;

 

2.
Party A fails to use the funds obtained for the agreed purpose in accordance with this Agreement and the single agreements;

 

3.
The statements made by Party A in this agreement or single agreements are untrue or violate its commitment in this agreement or single
agreements;

 

4.
In case of any circumstance specified in Item 4 of paragraph 2 of Article 8 of this agreement, if Party B thinks that it may affect the
financial status and performance capability of Party A, or the guarantor, but Party A fails to provide new guarantee or replace the guarantor;

 

5.
Party A’s termination of business, or dissolution, cancellation and bankruptcy;

 

6.
Party A violates other provisions on the rights and obligations of the parties in this Agreement and the single agreements;

 

7.
Party A breaches any other contract with Party B or other institutions of Bank of China Limited;

 

8.
The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with Party B or other institutions
of Bank of China Limited.

 

In
the event of breach of contract as mentioned in the preceding paragraph, Party B has the right to take the following measures respectively
or simultaneously according to the specific circumstances:

 

1.
Require Party A and the guarantor to correct their breach of contract within a time limit;

 

2.
Reduce, suspend or terminate the credit line to Party A in whole or in part;

 

3.
Suspend or terminate business applications from Party A in whole or in part under this Agreement with the single agreements and other
agreements between Party A and Party B; For the loans that have not yet been issued, the trade financing and guarantee business that
have not yet been handled, all or part of them shall be suspended or terminated;

 

4.
Declare that all or part of the outstanding loans, trade financing funds, principal and interest of advance payment of letter of guarantee
and other payable funds under this agreement, single agreement or other agreements between Party A and Party B shall become due immediately;

 

    7

     

    

 

5.
Terminate or rescind this agreement, and the single agreement and other agreements between Party A and Party B in whole or in part;

 

6.
Ask Party A to compensate Party B for the loss caused by its breach of contract, Including but not limited to the loss of litigation
costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of creditor’s rights;

 

7.
Deduct the balance from the account opened by Party A in Party B to pay off all or part of Party A’s debt to Party B. The unexpired amount
in the account shall be regarded as early maturity. If the account currency is different from Party B’s business valuation currency,
it shall be converted according to the exchange rate applicable to Party B at the time of deduction;

 

8.
Exercise the security interest;

 

9.
Require the guarantor to undertake the guarantee responsibility;

 

10.
Other measures that Party B considers necessary.

 

Article
11 Rights Reserved

 

If
one party fails to exercise part or all of its rights under this Agreement and the single agreements, or fails to require the other party
to perform or assume part or all of its obligations and liabilities, it shall not constitute a waiver of such rights or an exemption
from such obligations and liabilities.

 

Any
tolerance, extension or delay by one party to the other party in exercising its rights under this Agreement and the single agreements
shall not affect any rights it has under this Agreement and the single agreements, laws and regulations, nor shall it be deemed as a
waiver of such rights.

 

Article
12 Change, Modification, Termination and Partial Invalidity

 

This
agreement can be changed or modified in written form by both parties through negotiation. Any change or modification shall constitute
an integral part of this agreement.

 

Unless
otherwise stipulated by laws and other regulations or agreed by both parties, this Agreement shall not be terminated until all rights
and obligations have been fulfilled.

 

Unless
otherwise stipulated by laws and regulations or agreed by both parties, the invalidity of any provision of this Agreement shall not affect
the legal effect of other provisions.

 

Article
13 Applications of Law and Settlement of Disputes

 

Unless
otherwise agreed by both parties, this Agreement and the agreements shall be governed by the laws of the people’s Republic of China.

 

    8

     

    

 

When
this Agreement and the single agreements take effect, unless otherwise agreed by both parties, all disputes arising from the conclusion
and performance of this Agreement and the single agreements may be settled by both parties through negotiation. If the negotiation fails,
either party may adopt the second way as follows:

 

1.
Submit an application to the Arbitration Commission for arbitration.

 

2.
Bring a lawsuit to the People’s Court of the place where Party B or other institutions of Bank of China limited exercise their rights
and obligations.

 

3.
Bring a suit to the People’s Court with jurisdiction according to law.

 

During
the dispute settlement period, if the dispute does not affect the performance of other provisions of this Agreement and the single agreements,
the other provisions shall continue to be performed.

 

Article
14 Appendixes

 

The
following appendixes and other appendixes and individual agreements confirmed by both parties constitute an integral part of this Agreement
and have the same legal effect as this Agreement.

 

Appendix:
credit agreement / contract related to working capital loan business.

 

Article
15 Other Agreements

 

1.
Without the written consent of Party B, Party A shall not transfer any rights and obligations under this Agreement and single agreements
to a third party.

 

2.
If Party B has to entrust other institutions of Bank of China Limited to perform the rights and obligations under this Agreement and
the single agreements due to business needs, Party A shall recognize it; Other institutions of Bank of China Limited authorized by Party
B have the right to exercise all the rights under this Agreement and the single agreements, and have the right to bring a lawsuit to
the court or submit to the arbitration organization for adjudication on the disputes under this Agreement and the single agreements.

 

3.
Without affecting other provisions of this Agreement and the single agreements, this Agreement shall be legally binding on both parties
and their respective successors and transferees.

 

4.
Unless otherwise agreed, both parties shall designate the place of residence specified in this Agreement as the contact address, and
promise to notify the other party in written form in time of any changes.

 

    9

     

    

 

5.
The title and business name in this Agreement are only used for the convenience of reference, and shall not be used for the interpretation
of the terms and the rights and obligations of the parties.

 

6.
If Party B is unable to perform the agreement due to changes in laws, regulations and regulatory provisions or other requirements of
regulatory authorities, Party B has the right to terminate or change the performance of this Agreement and the single agreements. In
case of termination or change of the agreement due to such reasons, Party B shall be exempted from liabilities.

 

Article
16 Effectiveness of the Agreement

 

This
Agreement shall come into force on the date when it is signed and sealed by the legal representatives, responsible persons or authorized
signers of both parties.

 

This
agreement is made in triplicate, one for each party and one for the guarantor. All of the three copies have the same legal effect.

 

Party
A: Shengfeng Logistics Group Co., Ltd. 

 

Authorized
Signature: /s/ Liu Yongxu

 

May
31, 2019

 

Party
B: Bank of China Limited Fuzhou Jin’an Branch

 

Authorized
Signature: /s/ Chen Yan

 

May
31, 2019

 

 

10Exhibit
10.17

 

Working
Capital Loan Contract

 

No:
fj1122019242

 

Borrower:
Shengfeng Logistics Group Co., Ltd

Unified
social credit Code: *************

Legal
representative / person in charge: Liu Yongxu

Address:
No.478, Fuxin East Road, Jin’an District, Fuzhou City

Zip
Code: 350011

Financial
Institution and Account Number: Bank of China Limited Fuzhou Jin’an Sub-branch Business department *************

Tel:
************* Fax: *************

 

Lender:
Bank of China Limited Fuzhou Jin’an Sub-branch

Legal
Representative / Person in Charge: Li Jiyong

Address:
Fusheng Qianlong international annex building, 1F No.3, Midlle Changle Road, Wangzhuang street, Jin’an District, Fuzhou City

Zip
code: 350011

Tel:
************* Fax: *************

 

This
contract is signed by both of the borrower and the lender through equal consultation serves as a single agreement under the Credit Line
Agreement (No.fj1122019222) signed between Shengfeng Logistics Group Co., Ltd and Bank of China Limited Fuzhou Jin’an
Sub-branch.

 

Article
1 Loan Amount

 

Currency:
RMB;

 

Amount:
¥30,000,000.00.

 

Article
2 Loan Term

 

The
term of the loan term is 12 months from the date when the money is actually withdrawn; If it is drawn by installments, then life
of the loan is 12 months from the first actual drawing date.

 

The
borrower should make the withdrawal in strict accordance with the agreed time. If the actual withdrawal date is later than the agreed
date, the borrower should still make the repayment on the agreed date in this contract.

 

Article
3 Purpose of loan

 

Purpose
of this loan is to pay for fuel, road and bridge, vehicle parts, etc.

 

Without
the written consent of the lender, the borrower shall not change the purpose of the loan, including but not limited to that the borrower
shall not use the loan for fixed assets, equity or other investment, and shall not use it for manufacturing and operation purposes that
are prohibited by People’s Republic of China.

 

     

     

    

 

Article
4 Loan Interest Rate and its Calculation

 

1.
Loan Interest Rate:

 

The
loan interest rate in this contract is the 2nd of the following:

 

(1)
Fixed interest rate with annual interest rate of ///%. The contract interest rate remains unchanged during the whole life of the
loan.

 

(2)
Floating rate, with the actual drawing date (or the first actual drawing date in case of separate drawings) as the starting date. The
rate is adjusted (or repriced) once every 12 months, which is considered a full cycle and the repricing date is the first day of the
next floating cycle. If there is no such date in the current month, the starting date shall be the last day of the current month.

 

For
each withdrawal:

 

Floating
rate of RMB loan (based on National Interbank Funding Center’s LPR)

 

A.
The interest rate of the first period (from the actual drawing date to the expiration date of the floating period) is the average interest
rate of the quoted LPR published by NIFC on the working day before the actual withdrawal date plus 91 basis points;

 

B.
On the repricing date, the interest rate will be recalculated as the average interest rate of LPR published by NIFC on the previous working
day plus 91 basis points, and start to serve as the interest rate of the new floating period.

 

2.
Interest Calculation

 

The
interest shall be calculated from the actual drawing date, concerning the actual amount withdrawn and the number of days the money is
used .

 

The
calculation formula is as below:

 

Interest
= principal × actual days × daily interest rate.

 

Daily
Interest Rate = annual interest rate / 360.

 

3.
Interest Settlement

 

The
borrower in this contract shall settle the interest in way (1):

 

(1)
The interest is settled quarterly. The 20th day of the last month of each quarter is the interest settlement day, and the 21st
day is the interest payment day.

 

(2)
The interest is settled by month. The 20th day of each month is the interest settlement day, and the 21st day is the interest
payment day.

 

The
borrower should pay off all the interest on the last repayment day regardless of whether that day is an interest payment day.

 

4.
Penalty Interest

 

(1)
If the loan is overdue or not used for the purpose specified in the contract, from the date of overdue or misappropriation, the penalty
interest shall be calculated and collected according to the penalty interest rate specified in this paragraph for the overdue or misappropriated
part until the principal and interest are paid off.

 

For
overdue and misappropriated loans, the penalty interest shall be calculated and charged at higher rate.

 

(2)
For the interest and penalty interest that cannot be paid on time by the borrower, compound interest shall be calculated and collected
by the interest settlement method described in paragraph 3 of this article.

 

(3)
Penalty interest rate

 

Penalty
Interest Rate of the Floating Rate Loan

 

A.
The interest rate shall float according to the floating period specified in this article from the date of overdue or misappropriation.

 

B.
The penalty interest rate of overdue loan is 50% higher than the penalty interest base rate determined in item C of this article,
and the penalty interest rate of misappropriated loan is 100% higher than the penalty interest base rate.

 

C.
In the first floating cycle of the loan, the penalty prime rate is the actual current interest rate in the cycle when overdue or misappropriation
occurs. At the end of each cycle, the penalty interest prime rate of the next floating cycle will be adjusted on the repricing date by
using the method specified in paragraph 1 of this article.

 

    2

     

    

 

Article
5 Conditions for Withdrawing

 

The
borrower’s withdrawal shall meet the following conditions:

 

1.
This contract and its attachments have come into force;

 

2.
The borrower has provided guarantee as required by the lender, and the guarantee contract has become effective through completed legal
approval, registration and filing procedures;

 

3.
The borrower has reserved its documents, seals, personnel list and signature samples necessary for the signing and performance of the
contract to the lender, and has completed all relevant documents;

 

4.
The borrower has opened the account required for the contract as required by the lender;

 

5.
The borrower has submitted written application and relevant loan purpose documents to the lender 3 working days before the withdrawal;

 

6.
Other conditions of withdrawal as stipulated by law and agreed by both parties.

 

If
the conditions above are not met, the lender has the right to refuse the borrower’s application for the withdrawal.

 

Article
6 Time and Method of Withdrawal

 

1.
The borrower shall withdrawal the money in way (2) :

 

(1)
Make an one-time withdrawal on mm / dd / yyyy.

 

(2)
Withdraw within ten working days from July 3, 2019.

 

(3)
Make separate withdrawals as follows:

 

	Time
    of withdrawal	Amount
    of withdrawal
	/
    / /	/
    / /

 

2.
The lender has the right to refuse the withdrawal application if the money is not withdrawn in time by the borrower.

 

Article
7 Payment of Loan

 

1.
The Loan Issuing Account

 

The
borrower shall open the following loan account with the lender through which the loan issuance and payment shall be handled.

 

Account
Name: Shengfeng Logistics Group Co., Ltd

 

Account
Number: *************

 

2.
Payment Method

 

(1)
The payment method of loan funds shall be implemented in accordance with laws and regulations, regulatory provisions and with the contract.
The payment method with a single withdrawal shall be confirmed in the withdrawal application. If the lender considers that the payment
method selected in the withdrawal application does not meet the requirements, the lender has the right to change the payment method or
stop the issuance and payment of the loan funds.

 

    3

     

    

 

(2)
Entrusted Payments. According to CBRC’s and the lender’s internal management regulations, the payment of the loan funds meeting
one of the following conditions shall be made by the lender through an entrusted payment method:

 

A.
A new credit business relationship is established between the lender and the borrower, and the credit rating of the borrower fails to
meet the internal requirements of the lender;

 

B.
When a single amount of withdrawal exceeds 10 million yuan (exclusive). Foreign currency shall be converted at the exchange rate
on the actual withdrawing day);

 

C.
Other circumstances stipulated by the lender or agreed with the borrower.

 

(3)
Independent Payments. After the lender has released the loan funds to the borrower’s account, the borrower shall make independent payment
to the its counter parties for the purpose agreed in the contract. All payments of the loan funds shall be independent except for the
situations in which entrusted payment method should be adopted as stipulated in the preceding paragraph.

 

(4)
Change of Payment Method. For independent payments, if the conditions of borrower’s external payment or credit rating changes after
the withdrawal application is submitted, the payment method of the loan fund shall be changed if the payment meets the conditions specified
in Item (2) of paragraph 2 in this article. The borrower is required to provide the lender with a written application for any changes
in the payment method, to submit a new withdrawal application with relevant documents.

 

3.
Specific Requirements for Entrusted Payment of the Loan Funds

 

(1)
Payment Entrustment. The borrower shall clearly specify the payment entrustment in the withdrawal application, that is, to authorize
and entrust the lender to directly pay the loan funds to the borrower’s designated counterpart after transferring the loan funds into
the borrower’s account. The borrower shall also provide the name of the recipient, the counter party’s account, payment amount
and other necessary payment information.

 

(2)
Providing Transaction Information. The borrower shall provide the lender with the information of its loan account and the counter party’s
account together with supporting materials proving that the withdrawal is in line with the purpose agreed in the loan contract. The borrower
shall guarantee that all information provided to the lender is true, complete and valid. If the entrusted payment obligations of the
lender are not completed in time due to the untrue, inaccurate or incomplete transaction information provided by the borrower, the lender
shall not bear any responsibility, and the repayment obligations of the borrower under this contract shall not be affected.

 

(3)
The Performance of the Lender’s Entrusted Payment Obligation

 

A.
After the borrower provides the payment entrustment and other relevant information, the lender will pay the loan funds to the borrower’s
counter party through the borrower’s account with the borrower’s approval.

 

B.
If the lender finds that the relevant transaction materials provided by the borrower do not conform to the contract or have other defects,
it has the right to require the borrower to supplement, replace, explain or to re-submit relevant materials. Before the borrower completely
submits the materials required by the lender, the lender has the right to refuse the release and payment of the funds.

 

    4

     

    

 

C.
In case of a refund from the counter party’s bank, which causes the lender’s failure to make the payment in time, the lender
shall not bear any responsibilities, and the repayment obligations of the borrower under this contract shall not be affected. The borrower
hereby authorizes the lender to freeze the amount refunded by the the counter party’s bank. In this case, the borrower shall re-submit
relevant transaction materials to the lender.

 

(4)
The borrower shall not avoid the entrusted payment by breaking the whole payment into parts.

 

4.
After the loan fund is released, the borrower shall timely provide the lender with the loan fund use records and other information including
but not limited to payment vouchers, etc.

 

5.
In case of any of the following circumstances, the lender shall have the right to re-determine the conditions for loan issuance and payment
or to stop the issuance and payment of loan funds:

 

(1)
The borrower violates the contract and avoids the entrusted payment of the lender by breaking the whole payment into parts;

 

(2)
The borrower’s credit status declines or the profitability of its main business is not strong;

 

(3)
There is abnormal use of the loan funds;

 

(4)
The borrower fails to provide the loan fund use records and information in a timely manner as required by the lender;

 

(5)
The borrower uses the loan fund in any way that violates the agreement reached in this article.

 

Article
8 Repayment

 

1.
The account below is designated as the repayment account. The borrower shall timely provide information about the fund activities in
this account to the lender. The lender has the right to require the borrower to explain the inflow or outflow of large or abnormal funds
in this account and supervise the account.

 

Account
Name: Shengfeng Logistics Group Co., Ltd

 

Account
No.: *************

 

2.
Unless otherwise agreed by both parties, the borrower shall repay the loan in this contract with repayment plan (1):

 

(1)
Pay off all loans in this contract on the expiration date of the loan term.

 

(2)
Repay the loan according to the following schedule:

 

	Time
    of Repayment	Repayment
    Amount
	///	///
	///	///

 

(3)
Other plans of repayment.

 

The
borrower shall submit a written application to the lender 3 banking days before the maturity of the corresponding loan. The change
of repayment plan shall be confirmed by both parties in writing.

 

3.
Unless otherwise agreed by both parties, if the borrower defaults on the principal and interest of the loan at the same time, the lender
has the right to decide the order of repayment of the principal and interest; In the case of repayment by installment, if there are multiple
due loans or overdue loans under this contract, the lender has the right to determine the order of a certain repayment; If there are
more than on loan contracts due, the lender has the right to determine the order of the contract to be performed with the borrower’s
each repayment.

 

4.
Unless otherwise agreed by both parties, the borrower may prepay the loan, but shall notify the lender in writing 15 banking days
in advance. The amount of prepayment is first used to repay the last due loan.

 

    5

     

    

 

5.
The borrower shall make the repayment in way (1) as below.

 

(1)
The borrower shall deposit sufficient funds in the repayment account below no later than 3 banking days before the maturity of
each principal and interest, and the lender has the right to withdraw the money from this account on the maturity date.

 

Repayment
Account: Shengfeng Logistics Group Co., Ltd.

 

Account
number: *************.

 

(2)
Other repayment methods agreed by both parties.

 

Article
9 Guarantee

 

1.
The guarantee method of the liabilities in the contract is as follows:

 

This
contract belongs to the main contract under the Maximum Guarantee Contract (No. fj1122019223) signed by the guarantor Liu Yongxu
and the lender. Liu yongxu is going to provide the maximum guarantee.

 

This
contract belongs to the main contract under the Maximum Mortgage contract (No. fj1122019224) signed by the mortgagor Suzhou Shengfeng
Logistics Co., Ltd. and the lender. Suzhou Shengfeng Logistics Co., Ltd. is going to provide the maximum guarantee.

 

2.
If the borrower or the guarantor has an event that the lender considers may affect its performance ability, the guarantee contract becomes
invalid, canceled or terminated, the financial situation of the borrower or the guarantor deteriorates, the borrower or the guarantor
is involved in major litigation or arbitration cases, the guarantor defaults under the guarantee contract or other contracts with the
lender, or the collateral is devalued, damaged, lost or sealed up, resulting in the weakening or loss of the guaranteed value, the lender
has the right to require the borrower to provide new guarantee, replace the guarantor, etc. as the borrower’s obligation.

 

Article
10 Declaration and Commitment

 

1.
The borrower hereby declares that:

 

(1)
The borrower is registered and exists legally, and has full capacity and civil rights to conduct the signing and performing of this contract;

 

(2)
The signing and performance of this contract is based on the true intention of the borrower. The borrower has obtained legal and effective
authorization, and will not violate any agreement, contract or other legal documents binding on the borrower; The borrower has obtained
or will obtain all relevant approval, permission, records and registration required for signing and performing this contract;

 

(3)
All documents, financial statements, vouchers and other information provided by the borrower to the lender for this contract are true,
complete, accurate and effective;

 

(4)
The transaction background provided by the borrower is true and legal, and no money laundering or other illegal activities is involved;

 

(5)
The borrower does not conceal from the lender any event that may affect the financial status and performance ability of the borrower
and the guarantor;

 

(6)
The borrower and the loan projects meet the national environmental protection standards, and there is no risk of energy over-consumption
or pollution identified by the national departments;

 

(7)
Other matters declared by the borrower.

 

    6

     

    

 

2.
The borrower promises:

 

(1)
To provide its financial statements (including but not limited to annual report, quarterly report and monthly report) and other relevant
information to the lender on a regular or timely basis; The borrower shall remain to meet the following financial index requirements:
its asset-liability ratio does not exceed 40%, the current ratio is no less than 1.5, and the current assets deducting
other receivables is no less than the current liabilities;

 

(2)
If the borrower has entered into or will enter into a counter guarantee agreement or similar agreement with the guarantor as this contract,
the agreement will not damage any rights of the lender;

 

(3)
To accept the credit inspection and supervision of the lender with assistance and cooperation; If the borrower adopts the independent
payment method, it shall regularly summarize and report to the lender; The summary report shall be a monthly report;

 

(4)
In case of merger, division, capital reduction, equity transfer, foreign investment, substantial increase in debt financing, transfer
of major assets and creditor’s rights and other matters that may adversely affect the borrower’s solvency, the borrower shall obtain
the written consent of the lender in advance;

 

In
case of the following circumstances, the borrower shall timely notify the lender:

 

A.
There are changes in the borrower or guarantor’s articles of association, business scope, registered capital and legal representative;

 

B.
There are any forms of joint venture, cooperation, contracted operation, restructuring, IPO plans and other changes in the operation
mode;

 

C.
The borrower or the guarantor is involved in major litigation or arbitration cases, property or collateral is sealed up, detained or
supervised, or new security is set on collateral;

 

D.
The borrower is to close down, dissolve, liquidate, have its business license revoked, or apply for bankruptcy, etc;

 

E.
Shareholders, directors and current senior managers are suspected of major cases or economic disputes;

 

F.
The borrower violates other contracts;

 

G.
Business difficulties and deterioration of financial situation occur;

 

(5)
The repayment order of the borrower’s debt to the lender is prior to that of the borrower’s shareholders, and is no less than that of
other creditors;

 

(6)
Before the repayment of the loan principal, interests and related expenses in this contract is completed, the borrower shall not distribute
any dividend or bonus to its shareholders in any form;

 

(7)
The borrower shall not dispose of its own assets in a way that reduces its solvency. The borrower promises that the total amount of external
guarantee shall not be more than twice of its own net assets, and that the total amount of external guarantee and the amount of single
guarantee shall not exceed the limit specified in its articles of association;

 

(8)
The borrower shall not transfer the loan fund to the account with the same account name or to the account of the related parties except
for the purpose specified in this contract or with the consent of the lender.

 

To
conduct transfers as mentioned in item (8) above, the borrower must provide the lender with sufficient supporting materials;

 

(9)
The loan conditions such as the loan interest rate, guarantee, and repayment order stated in this contract shall not be lower than those
given by the borrower to any other financial institution now or in the future;

 

    7

     

    

 

(10)
The lender has the right to call in the loan in advance based on the borrower’s fund repayment status;

 

(11)
The borrower shall provide its environmental and social risk report to the lender. The borrower undertakes to strengthen the management
of environmental and social risks with the lender’s supervision. The borrower’s breach of the agreements described above is deemed
as an event of default, and the lender may take remedies for breach of contract;

 

(12)
Other items promised by the borrower.

 

Article
11 Disclosure of Related Party Transactions 

 

Both
parties agree that the following clause 1 shall apply:

 

1.
The borrower is not a group customer determined by the lender according to the Guidelines for Commercial Banks on Risk Management of
Credit Business with Group Customers.

 

2.
The borrower is a group customer determined by the lender according to the Guidelines for Commercial Banks on Risk Management of Credit
Business with Group Customers. The borrower shall timely report to the lender about its related party transactions of more than 10% of
its net assets, including the related party relationship, transaction items and nature, transaction amount, and pricing policy (including
transactions with no amount or with only symbolic amount).

 

Under
any one of the following circumstances, the lender has the right to unilaterally decide to stop offering the unused loan and call in
part or all of the loan principal and interest in advance: the borrower takes advantage of false contract with related parties to obtain
bank funds or credit; The borrower is involved in cases of major merger, acquisition and reorganization where the lender thinks that
it may affect the security of the loan; and other circumstances specified in Article 18 of the Guidelines for Commercial Banks on Risk
Management of Credit Business with Group Customers.

 

Article
12 Breach of Contract

 

Any
of the following events shall constitute or be deemed as an event of default:

 

1.
The borrower fails to perform its obligations of payment and settlement as agreed in this contract;

 

2.
The borrower fails to use the loan funds in the way or for the purpose agreed in this contract;

 

3.
The statement made by the borrower in this contract is untrue or violates its commitment in this contract;

 

4.
In case of any circumstance specified in Article 10.2.(4) where the lender thinks that it may affect the financial status and performance
ability of the borrower or the guarantor, and the borrower fails to provide new guarantee or replace the guarantor;

 

5.
The credit status of the borrower declines, the profitability, solvency, operating capacity, cash flow and other financial indicators
of the borrower deteriorate, or the borrower’s financial indicators break through the constraints as stipulated in this contract;

 

6.
The borrower breaches any other contract with the lender or other institutions of Bank of China Limited; Any event of breaches of credit
business contract happen between the borrower and other financial institutions;

 

7.
The guarantor violates the provisions of the guarantee contract, or defaults under other contracts with the lender or other institutions
of Bank of China Limited;

 

8.
Termination of business, dissolution, cancellation or bankruptcy happens to the borrower;

 

    8

     

    

 

9.
The borrower is involved in or may be involved in major economic disputes, litigation, arbitration, its assets are sealed up, distrained
or enforced, it is being investigated or punished by national legal department;

 

10.
The borrower’s major investors and key management personnel change abnormally, or become missing, subject to judicial investigation or
restriction of personal freedom;

 

11.
The lender finds that there are circumstances that may affect the financial status and performance ability of the borrower or the guarantor
at the annual review;

 

12.
There is a large amount of abnormal capital inflow and outflow in the designated repayment account, and the borrower can not provide
supporting materials approved by the lender;

 

13.
The construction of energy-saving projects is seriously lagged, the energy-saving technology and equipment have serious defects, stopped
or reduced production of the main facilities or equipment results in the actual energy saving significantly lower than the forecast thereafter
the energy-saving income can not return to the designated account in time, the borrower participates in private high interest loans,
the borrower offers other external guarantee or borrow new debts without the consent of the lender, and the borrower’s key financial
indicators are seriously deteriorated;

 

14.
The borrower violates other provisions on the rights and obligations of the parties in this contract.

 

In
case of any event of default specified in the preceding paragraph, the lender shall have the right to take the following actions regarding
the specific circumstances:

 

1.
Require the borrower and the guarantor to correct their breach of contract within a time limit;

 

2.
Reduce, suspend, cancel or terminate the credit line to the borrower in whole or in part;

 

3.
Suspend or terminate in whole or in part the acceptance of the borrower’s withdrawal and other business applications; Suspend or cancel
all or part of the loans that have not been granted and the trade financing that have not been handled;

 

4.
Declare all or part of the principal and interest of the outstanding loan / trade financing funds and other accounts payable between
the borrower and the lender due immediately;

 

5.
Terminate or rescind this contract and other contracts between the borrower and the lender in whole or in part;

 

6.
Require the borrower to compensate the losses caused to the lender due to its breach of contract, including but not limited to the litigation
costs, lawyers’ fees, notarization fees, execution fees and other related expenses caused by the realization of the creditor’s rights;

 

7.
Deduct the money balance of the account opened by the borrower with the lender and other institutions of Bank of China Limited to pay
off all or part of the borrower’s debts to the lender. The undue amount in the account shall become due at the time. If the account
currency is different from the lender’s business valuation currency, it shall be converted at the foreign exchange rate at the time of
the deduction;

 

8.
Exercise the security interest;

 

9.
Require the guarantor to undertake the guarantee responsibility;

 

10.
Other measures that the lender considers necessary and possible.

 

    9

     

    

 

Article
13 Rights Reserved

 

If
one party fails to exercise part or all of its rights under this contract, or fails to require the other party to perform or assume part
or all of its obligations and liabilities, it shall not constitute a waiver of such rights or an exemption from such obligations and
liabilities.

 

Any
tolerance, extension or delay offered from one party to the other in exercising its rights under this contract shall not affect any rights
the first party owns under this contract, laws and regulations, nor shall it be deemed as a waiver of such rights.

 

Article
14 Change, Modification and Termination of the Contract

 

This
contract can be changed or modified in written form by both parties through negotiation. Any change or modification shall constitute
an integral part of this contract.

 

Unless
otherwise stipulated by laws and regulations, or agreed by both parties, this contract shall not be terminated until all the rights and
obligations under it have been fulfilled.

 

Unless
otherwise stipulated by laws and regulations or agreed by both parties, the invalidity of any provision of this contract shall not affect
the legal effect of other provisions.

 

Article
15 Application of Law and Dispute Settlement

 

This
contract shall be governed by the laws of the People’s Republic of China.

 

After
this contract comes into effect, all disputes arising from the establishment and performance of this contract can be settled by both
parties through negotiation. If the negotiation fails, either party may adopt the 2nd way as follows:

 

1.
The case shall be submitted to the Arbitration Commission for arbitration at //// (place of arbitration) according to the commission’s
regulations at the time when the case is submitted.

 

2.
Bring a lawsuit to the People’s Court of the place where the lender or any other institution of Bank of China Limited exercise its rights
and obligations.

 

3.
Bring a lawsuit to the People’s Court with jurisdiction according to law.

 

During
the dispute settlement period, if the dispute does not affect the performance of other terms of the contract, the other terms shall continue
to be performed.

 

Article
16 Appendixes

 

The
following attachment and other attachments and individual agreements confirmed by both parties constitute an integral part of this Agreement
and have the same legal effect as this Agreement.

 

Attachment:
Application Form for Withdrawals.

 

Article
17 Other Agreements

 

1.
Without the written consent of the lender, the borrower shall not transfer any rights or obligations in this contract to a third party.

 

2.
The borrower is going to agree if the lender has to entrust other institutions of Bank of China Limited to perform the rights and obligations
in this contract due to business needs, or to transfer the loan business in this contract to other institutions of Bank of China Limited
to undertake and manage. Other institutions of Bank of China Limited authorized by the lender, or other institutions of Bank of China
Limited undertaking the loan business in this contract, shall have the right to exercise all the rights in this contract, and have the
right to file a lawsuit in the name of such institution, submit to an arbitration institution for adjudication or apply for enforcement
according to this contract.

 

    10

     

    

 

3.
Without affecting other provisions of this contract, this contract shall be legally binding on both parties and their respective successors
and transferees.

 

4.
Unless otherwise agreed, both parties shall designate the place of residence specified in this contract as the contact address, and promise
to notify the other party in written form in time in case of any changes.

 

5.
The transactions arising from this contract are based on each party’s own interests independently. According to law, the fairness
of the transaction shall not be affected by any of the lender’s related parties or persons by taking advantage of the relationship.

 

6.
The title and business name in this contract are only used for the convenience of reference, and shall not be used for the interpretation
of the terms and the rights and obligations of the parties.

 

7.
The lender shall have the right to provide the information related to this contract and the borrower to the credit reference system of
the People’s Bank of China and other credit information databases established according to law for inquiry and use by institutions or
individuals with appropriate qualifications. The lender also has the right to inquire the relevant information of the borrower through
the credit information system of the People’s Bank of China and other legally established credit information databases for the purpose
of signing and performing this contract.

 

8.
In case of legal holidays, the withdrawal date and repayment date shall be postponed to the first working day after the holidays.

 

9.
If the lender fails to perform the agreement due to changes in laws and regulations, the lender has the right to terminate or change
the performance of this agreement. If the agreement is terminated or changed due to such reasons, the lender shall be exempted from liability.

 

Article
18 Effectiveness of the Contract

 

This
contract shall come into force on the date when it is signed with official seals by the legal representatives, responsible persons or
authorized signers of both parties.

 

This
contract is made in duplicate with the same legal effect, one for each party.

 

Borrower:
Shengfeng Logistics Group Co., Ltd. 

 

Authorized
signature: /s/ Liu Yongxu

 

June
27, 2019

 

Lender:
Bank of China Limited Fuzhou Jin’an Sub-branch

 

Authorized
signature: /s/ Zhang Changkai

 

June
27, 2019

 

 

11

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