Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LAKELAND INDUSTRIES INC | v405746_8-k.htm |
| EX-10.1 - EXHIBIT 10.1 - LAKELAND INDUSTRIES INC | v405746_ex10-1.htm |
Exhibit 10.2
Loan Agreement Summary
| 1. | Lender and borrower: |
| Borrower: | Weifang Lakeland Safety Products Co., Ltd. (“WF”) |
| Lender: | Weifang Rural Credit Cooperative Bank (“WRCCB”) |
| 2. | The borrowing amounts limit: RMB 8 million, WF can select the borrowing amounts within RMB 8 million (approximately USD $1,300,000). |
| 3. | Borrowing method: Trading financial, WF mortgaged inventory valued RMB 18,291,748 to the bank. The bank hired a professional firm to supervise WF’s inventory flow, which WF will pay at a yearly rate of RMB 46,000. |
| 4. | Interests: Interest based on 120% of the benchmark rate. The annum interest rate is 6.42%. Monthly interest is RMB 42,800 which will be paid monthly. |
| 5. | Borrowing period: up to six months. The longest borrowing period is six months beginning March 25, 2015 and ending September 21, 2015. |