Attached files
file | filename |
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8-K - 8-K - LAKELAND INDUSTRIES INC | v426415_8k.htm |
EX-10.1 - EXHIBIT 10.1 - LAKELAND INDUSTRIES INC | v426415_ex10-1.htm |
Exhibit 10.2
Loan Agreement Summary
1. | Lender and borrower: |
Borrower: | Weifang Lakeland Safety Products Co., Ltd. (“WF”) |
Lender: | Chinese Rural Credit Cooperative Bank (“CRCCB”) |
2. | The borrowing amounts limit: RMB 6 million, WF can select the borrowing amounts within RMB 6 million (approximately USD $957,500). |
3. | Borrowing method: Trading financial, WF mortgaged the building property and land use which is valued at RMB 12,749,263 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 37,000. |
4. | Interests: The annum interest rate is 5.52%. Monthly interest is RMB 27,600 which will be paid monthly. |
5. | Borrowing period: up to one year. The longest borrowing period is one year beginning December 1, 2015 and ending November 18, 2016. |