Document:

Exhibit 10.29

 

Credit Line Agreement

 

No.fj1122021141

 

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 Zip Code: 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:
Lin Jie

 

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

 

Zip Code: 350000

 

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

 

To develop a friendly and mutually beneficial
cooperative relationship, this Agreement is signed by Party A and Party B through equal and genuine consultation.

 

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 line:

 

Currency: RMB.

 

Amount: ¥80,000,000.00.

 

This loan is a short-term working capital loan
of ¥80,000,000.00.

 

Article 3 Application of the Credit Line

 

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

 

(1) Recycling. The specific type is: short-term
working capital loans.

 

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

 

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

 

2. Credit obtained by Party A from Party B before
the effective date of this Agreement in previously valid or similar credit line and single agreements will be deemed as using the credit
in this Agreement.

 

Article 4 Situations of Credit Line Use

 

There are three situations of credit line use
as stipulated in Article 2 of this Agreement:

 

1. Non Usage: for business under the single agreements,
if Party A can provide sufficient margin or guarantee of pledged cash equivalent (including but not limited to Treasury bonds and certificates
of deposit), or if the credit risk of the business is completely transferred to the financial institutions recognized by Party B (including
but not limited to Party A providing the bank acceptance bill pledge from financial institutions recognized by Party B), then the credit
line is not considered to be used.

 

2. Partial Usage: for the part which Party A can
provide with sufficient margin or guarantee of pledged cash equivalent (including but not limited to Treasury bonds and certificates of
deposit), or if the credit risk of the business is completely transferred to the financial institutions recognized by Party B (including
but not limited to Party A providing the bank acceptance bill pledge from financial institutions recognized by Party B), the credit line
is not considered to be used; The part not covered by the margin or cash equivalent pledge guarantee and the part of which the business
credit risk is not transferred to the financial institutions recognized by Party B, are considered as using the credit line amount.

 

    2

     

    

 

3. Full Usage: business other than those specified
in Items 1 and 2 above shall be considered using the credit line according to Article 2 in this Agreement.

 

All single agreements mentioned above shall each
constitute an integral part of this Agreement unless otherwise agreed in the single agreements.

 

The situations of credit line use also applies
to Article 3 (2) in this Agreement.

  

Article 5 Agreements to be Signed for Single
Credit Business

 

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

 

Article 6 Term of Use of the Credit Line

 

The term of use of the credit line specified in
Article 2 in this Agreement shall be from the effective date of this Agreement to June 27, 2022.

 

At the expiration of the credit line, Party B
can continue to provide Party A with a new credit line by both parties signing a supplementary agreement in writing to specify the new
credit line and its 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. The supplementary agreement 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. All signed single business agreements under
this Agreement between Party A and Party B shall continue to be valid and all rights and obligations shall be fulfilled.

 

Article 7 Preconditions for Single Credit Business

 

To apply for other single credit business, Party
A must:

 

1. Reserve relevant company documents, bills,
seals, relevant personnel list and signature samples for signing this and the single agreements, and fill in corresponding vouchers;

 

2. Have accounts necessary for single credit business
opened;

 

3. Have guarantee needed in this Agreement and
the single agreements effectively set;

 

4. Meet other preconditions as agreed in the single
agreements;

 

5. Meet other conditions as required by Party
B.

 

    3

     

    

 

Article 8 Guarantee 

 

For liabilities of Party A to Party B occurring
in this Agreement and the single agreements, both parties agree with the following guarantee types:

 

☐ Maximum Guarantee:

 

Liu Yongxu shall provide the maximum amount
guarantee and sign the corresponding contract, No. fj1122021143, which constitutes the main guarantee contract.

 

☐ Maximum Mortgage:

 

Suzhou Shengfeng Logistics Co., Ltd. shall
provide the maximum amount of mortgage and sign the corresponding contract, No. fj1122021142, which constitutes the main guarantee
contract.

 

If Party A or the guarantor has an event that
Party B thinks that an event happened to Party A or the guarantor 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 request Party A to provide a new guarantee, as well as the right to replace
the guarantor, etc.

 

Article 9 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 approvals, licenses, records 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 for this Agreement and the single agreements are true, complete, accurate and valid;

 

4. The transaction background provided by Party
A in the application is true and legal, and no money laundering or other illegal activities are involved;

 

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

 

    4

     

    

 

Party A promises as follows:

 

1. Party A is going to provide its financial statements
(including but not limited to annual report, quarterly report and monthly report) and other relevant information to Party B on a regular
basis or timely as required by Party B;

 

2. Party A will accept and cooperate with Party
B’s inspection and supervision on the use of the credit line, and on Party A’s 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 in this Agreement;

 

4. In case of any circumstances that may affect
the financial status and performance ability 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. The funds obtained under this Agreement and
the single agreements will not be used for refinancing or purchases of other financial products for arbitrage.

 

6. Party A will cooperate with Party B to carry
out due diligence, provide and update the information of customers and their beneficiaries, and provide background information about the
transaction.

 

7. 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 remedy measures for breach of contract in accordance with this agreement.

 

8. 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.

 

    5

     

    

 

9. The purpose of the credit is limited to Party
A’s daily 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 following requirements shall be implemented:

 

(1) The amount of loans used under related party
transactions shall not exceed 40 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;

 

(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;

 

10. Party A promises that the settlement amount
with Party B (direct or indirect) matches the credit line amount, and the credit balance does not exceed 70% of the debit amount in the
previous quarter. In principle, the assessment of settlement is based on the group standard. The funds shall be used for Party A’s daily
operation, repayment of financing, etc. Party A shall declare to Party B for the purpose when making external payments.

 

11. Party A agrees with the financial constraints
as follows: (1) the current ratio of Party A and its group in the latest financial statement shall not be less than 1; (2) the balance
of Party A’s financing exposure shall not exceed 400 million yuan and shall not exceed 25% of the annual income of its group’s consolidated
financial statement. If any of the above conditions are not met, Party B has the right to reduce the credit balance to less than 50 million
yuan, and consider further measures as needed.

 

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 10 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 11 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 violates other provisions on the rights
and obligations of the parties in this Agreement and single agreement;

 

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

 

9. 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;

 

    7

     

    

 

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;

 

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 12 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 13 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.

 

    8

     

    

 

Article 14 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.

 

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 way 2
as follows:

 

1. Submit an application to the following departments
for arbitration:

 

☐ China International Economic and Trade
Arbitration Commission

 

☐ Beijing Arbitration Commission (Beijing
International Arbitration Center)

 

☐ Other arbitration commissions

 

The arbitration shall be conducted in accordance
with the arbitration rules in force at the time of applying for arbitration. Final result of the arbitration shall be binding on all parties.

 

2. Litigation.

 

☐ 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.

 

☐ Bring a lawsuit to the International
Commercial Court of the Supreme People’s Court (for international commercial disputes with an amount of more than 300 million yuan).

 

☐ Bring a law 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 agreement, the other provisions shall continue to
be performed.

 

Article 15 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: credit agreement / contract related
to the working capital loan.

 

    9

     

    

 

Article 16 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
recognize the place of residence specified in this Agreement as the effective contact address. The address will serve for all kinds of
notices, agreements and other documents when both parties perform the contract, relevant documents and legal documents in case of dispute
over this agreement, as well as the first instance, second instance, retrial and execution procedures after the dispute enters into arbitration
and civil proceedings.

 

In case of any changes in the address, the changing
party shall inform the other party of the changed address in writing 5 working days in advance. During arbitration or civil procedures,
when any party changes its address, the changing party shall timely inform the arbitration institution and the Court. If a party fails
to perform the obligation of notice in the above manner, its address confirmed in this Agreement shall still be regarded as the effective
address.

 

If the legal document is not received by one party
due to the inaccuracy of the service address, the failure to inform the other party and the Court in time after the change of the service
address, or the refusal of the receiver’s signature, the date of return of the document shall be regarded as the date of reception;
if documents are sent directly in person, the date on which the receiver signs on the receipt is considered the date of reception.

 

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.

 

7. Party A has the right to make consultants or
complaints about the content and the business under this Agreement to Party B by the tel numbers listed in this Agreement.

 

    10

     

    

 

Article 17 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 quintuplicate, one for
each party and the guarantors. All of the five copies have the same legal effect.

 

Party A: Shengfeng Logistics Group Co., Ltd.

 

Authorized signature: /s/ Liu Yongxu

 

June 28, 2021

 

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

 

Authorized signature: /s/ Weng Yu

 

June 28, 2021

 

 

11Exhibit 10.30

 

Working Capital Loan Contract

 

No: fj1122021146

 

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:
Lin Jie

 

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, signed by both of the borrower
and the lender through equal consultation, serves as a single agreement under the Credit Line Agreement (No.fj1122021141) signed
between Shengfeng Logistics Group Co., Ltd and Bank of China Limited Fuzhou Jin’an Sub-branch.

 

Article 1 Loan Amount

 

Currency: RMB;

 

Amount: ¥17,000,000.00.

 

Article 2 Life of Loan

 

Life of the loan 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 combined
transport fee and fuel.

 

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 and other investments, shall not use the loan for any fields and purposes prohibited by laws, regulations, and regulatory provisions,
shall not use it for refinancing or purchasing other financial products for arbitrage, or any other uses for which bank loans are prohibited
to be used.

 

Article 4 Loan Interest Rate and its Calculation

 

1. Loan Interest Rate:

 

The loan interest rate in this contract is (2)
as 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 loans

 

A.
The interest rate of the first period (from the actual withdrawing date to the expiration date of the floating cycle) is the average
interest rate of the quoted  þ1-year/☐5-year (choose one) LPR published by NIFC on the working day before the actual
withdrawal date  þplus/☐minus (choose one) 15 basis points;

 

B.
On the repricing date, the interest rate will be recalculated as the average of the þ1-year/☐5-year
(choose one) LPR published by NIFC on the previous working day þplus/☐minus
(choose one) 15 basis points, and will start to serve as the interest rate of the new floating cycle.

 

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.

 

    2

     

    

 

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 the higher penalty interest 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.

 

    3

     

    

 

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, except when the lender approves 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 7 working days from
July 8, 2021.

 

(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.

 

3. Commitment fee

 

In accordance with the principle of “fee
reduction and profit transfer”, the lender exempts the commitment fee for the above commitment services, and the assessed amount
of exemption is RMB 500 yuan.

 

    4

     

    

 

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.

 

(2) Entrusted Payments, which is, the lender to
directly pay the loan funds to the borrower’s designated counterparts for the use specified in this agreement in accordance with the borrower’s
applications for loan withdrawal and entrustment. 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.

 

    5

     

    

 

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.

 

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.

 

    6

     

    

 

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.

 

    7

     

    

 

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. fj1122021143) 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. fj1122021142) 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, cancelled 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;

 

    8

     

    

 

(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, funding terrorism or weapons for mass destruction, tax evasion, fraud, or other illegal
activities is involved, nor can the borrower violate any sanctions imposed by the United Nations, sovereigns like China, or international
organizations;

 

(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.

 

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: in the latest financial statement, the borrower
and its group’s current ratio is no less than 1, and the balance of the borrower’s financing exposure shall not exceed 400 million
yuan and 25% of the annual income of the group’s consolidated statements;

 

(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;

 

    9

     

    

 

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;

 

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

 

(12) 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;

 

(13) The borrower shall cooperate with the lender
to carry out due diligence, provide and update the information of customers and their beneficial owners, and provide background information
about the transaction;

 

(14) Other items promised by the borrower.

 

    10

     

    

 

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).

 

If 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 or the borrower uses the loan funds for refinancing or purchasing other financial products
for arbitrage;

 

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;

 

    11

     

    

 

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

 

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 refuses to cooperate with the
lender to carry out due diligence, the lender finds that the borrower’s transaction is in violation of laws and regulations, or the lender
has reasonable facts to suspect that the borrower or its related transaction / counterpart is subject to money laundering, terrorism or
terrorist financing, or the borrower’s transaction involves violation of relevant sanctions;

 

15. 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;

 

    12

     

    

 

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.

 

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.

 

    13

     

    

 

Article 15 Applications of Law and Settlement
of Disputes

 

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

 

When this Agreement takes effect, all disputes
arising from the conclusion and performance of this Agreement may be settled by both parties through negotiation. If the negotiation fails,
either party may adopt way 2 as follows:

 

1. Submit an application to the following departments
for arbitration:

 

☐ China International Economic and Trade
Arbitration Commission

 

☐ Beijing Arbitration Commission (Beijing
International Arbitration Center)

 

☐ Other arbitration commissions

 

The arbitration shall be conducted in accordance
with the arbitration rules in force at the time of applying for arbitration. Final result of the arbitration shall be binding on all parties.

 

2. Litigation.

 

☐ 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.

 

☐ Bring a lawsuit to the International
Commercial Court of the Supreme People’s Court (for international commercial disputes with an amount of more than 300 million yuan).

 

☐ Bring a law 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 agreement, the other provisions 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.

 

    14

     

    

 

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
recognize the place of residence specified in this Agreement as the effective contact address. The address will serve for all kinds of
notices, agreements and other documents when both parties perform the contract, relevant documents and legal documents in case of dispute
over this agreement, as well as the first instance, second instance, retrial and execution procedures after the dispute enters into arbitration
and civil proceedings.

 

In case of any changes in the address, the changing
party shall inform the other party of the changed address in writing 5 working days in advance. During arbitration or civil procedures,
when any party changes its address, the changing party shall timely inform the arbitration institution and the Court. If a party fails
to perform the obligation of notice in the above manner, its address confirmed in this Agreement shall still be regarded as the effective
address.

 

If the legal document is not received by one party
due to the inaccuracy of the service address, the failure to inform the other party and the Court in time after the change of the service
address, or the refusal of the receiver’s signature, the date of return of the document shall be regarded as the date of reception;
if documents are sent directly in person, the date on which the receiver signs on the receipt is considered the date of reception.

 

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.

 

    15

     

    

 

10. The borrower may consult and complain about
this contract and the business and charges under this contract through the lender’s contact number listed in this contract.

 

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

 

July
3, 2021

 

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

 

Authorized
signature: /s/ Weng Yu

 

July
3, 2021

 

 

16

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