Item 8.01 Other Events Brazil Financings Partial Conversion of Existing loan with Mercantil do Brasil, S.A. On December 30, 2013 , Lakeland Brasil, S.A. , a wholly owned subsidiary of the Company, converted $R500,000 (approximately USD $213,000 ) of the outstanding portion of its already existing loan with Mercantil do Brasil S.A. to a term loan at an interest rate of 1.50% per month. The material terms of the loan, as converted, are as follows: Lender: Mercantil do Brasil S.A. Conversion of existing overdraft facility to a term loan: 24 monthly payments with first payment on 02/10/14 with total value of R$ 33.705,57 (about USD $14,342 ) Interest Rate: 1.5% monthly or 19.56% yearly. Start Date: 12/30/13 Total Value: R$ 500.000,00 (about USD $ 213,000 ) End Date: 01/11/16 with payment of R$ 12.446,46 Collateral: Personal guaranty of Eduardo Tavares and Fabio Silva Overdraft with Mercantil do Brasil SA was reduced from R$ 800k to R$ 300k with R$ 500k converted to this loan.
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