Exhibit 10.4
LaSalle Business Credit, LLC Member ABN AMRO Group
000 Xxxxx XxXxxxx Xxxxxx
Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
(312) 904-8490
March 25, 2003
The Singing Machine Company, Inc.
0000 Xxxxx Xxxx
Xxxxx X-0
Xxxxxxx Xxxxx, Xxxxxxx 00000
Re: Ninth Amendment
Gentlemen:
The Singing Machine Company, Inc., a Delaware corporation ("Borrower")
and LaSalle Business Credit, LLC, a Delware limited liability company
("Lender")have entered into that certain Loan and Security Agreement dated April
26, 2001 (the "Security Agreement"). From time to time thereafter, Borrower and
Bank may have executed various amendments (each an "Amendment" and collectively
the "Amendments") to the Security Agreement (the Security Agreement and the
Amendments hereinafter are referred to, collectively, as the "Agreement").
Borrower and Lender now desire to further amend the Agreement as provided
herein, subject to the terms and conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:
1. The Agreement hereby is amended as follows:
(a) Exhibit B to the Agreement is amended and restated as the Third
Amended and Restated Exhibit B as attached hereto and made a part hereof.
2. This Amendment shall not become effective until fully executed by
all parties hereto.
3. Except as expressly amended hereby and by any other supplemental
documents or instruments executed by either party hereto in order to effectuate
the transactions contemplated hereby, the Agreement and Exhibit A thereto hereby
are ratified and confirmed by the parties hereto and remain in full force and
effect in accordance with the terms thereof.
LaSalle Business Credit, LLC Member ABN AMRO Group
The Singing Machine Company, Inc.
March 25, 2003
Page 2
LASALLE BUSINESS CREDIT, LLC, A
DELAWARE LIMITED LIABILITY COMAPANY
By /s/ Xxxxxx Xxxxx
--------------------------------
Title: 1st VP/Counsel
ACKNOWLEDGED AND AGREED TO
this 25th day of March, 2003.
The Singing Machine Company, Inc.
By /s/ Xxxx X. Xxxxxx
-----------------------
Xxxx X. Xxxxxx
Title President/Secretary
THIRD AMENDED AND RESTATED
EXHIBIT B - BUSINESS AND COLLATERAL LOCATIONS
---------------------------------------------
Attached to and made a part of that certain Loan and Security Agreement
as it may be amended in accordance with its terms from time to time, including
all exhibits attached thereto (the "Agreement") dated April 26, 2001 between THE
SINGING MACHNE COMPANY, INC. ("Borrower") and LASALLE BUSINESS CREDIT LLC, A
DELAWARE LIMITED LIABILITY COMPANY, SUCCESSOR BY MERGER TO LASALLE BUSINESS
CREDIT, INC. ("Lender").
A. Borrower's Business Locations (please indicate which location is the
principle place of business and at which locations originals and all copies of
Borrower's books, records and accounts are kept).
1. 0000 Xxxxx Xxxx
Xxxxx X-0 (including Suite A-6 and Suite A-8)
Xxxxxxx Xxxxx, Xxxxxxx 00000
(leased location/principal place of business)
B. Other locations of Collateral (including, without limiitation, warehouse
locations, processing locations, consignment locations) and all post office
boxes of Borrower. Please indicate the relationship of such location to Borrower
(i.e. public warehouse, processor, etc.).
1. Mirror Tower 2. x/x Xx Xxx Xxxxxxxx
00 Xxxx Xxxx 000 Xxxxxx Xxxxxx
Xxxxxxxxxxx Xxxx Xxxxxx Xxxx, Xxxxxxxxxx 00000
Units 2 and 3 of the Lower One Floor (public warehoue location)
Kowloon, Hong Kong
(bailed equipment location of subsidiary)
3. c/o Hanmi Express Corp. 4. c/o Hanmi Express Corp.
000 Xxxx Xxxxxx Xxxxxx 000 Xxxx Xxxxxxxx
Xxxxxx Xxxx, Xxxxxxxxxx 00000 Xxxxxx Xxxx, Xxxxxxxxxx 00000
(public warehouse location) (public warehouse location)
5. 000 Xxxx Xxxxxxx Xxxx. 6. 0000 Xxxxxxx Xxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxx 00000 Los Angeles, California
(leased location) (leased location)
7. Ocean Centre
0 Xxxxxx Xx, Xxxxx 0000
XXX
Xxxx Xxxx
(lease office space)
THIRD AMENDED AND RESTATED
EXHIBIT B - BUSINESS AND COLLATERAL LOCATIONS
---------------------------------------------
PAGE 2
C. Bank Accounts of Borrower:
Bank (with address) Account Number Type of Account
1. Republic Securities 0323002325 Operating I Account
0000 Xxxx Xxxxxx Xxxx Xxxxx
Xxxx Xxxxx, XX 00000
2. Republic Securities Bank 0323002323 Payroll Account
0000 Xxxx Xxxxxx Xxxx Xxxxx
Xxxx Xxxxx, XX 00000
Borrower's Initials: /s/ JK
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Officer's Initials: /s/ TH
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