SECURITY AGREEMENTSecurity Agreement • March 26th, 2008 • Loud Technologies Inc • Radio & tv broadcasting & communications equipment • New York
This SECURITY AGREEMENT (this “Agreement”) is made this 18th day of March 2008, by and among LOUD TECHNOLOGIES INC., a Washington corporation, the other Grantors listed on the signature pages hereto and those additional entities that hereafter become parties hereto by executing the form of Supplement attached hereto as Annex 1 (collectively, jointly and severally, “Grantors” and each individually, “Grantor”), and Sun Mackie, LLC, a Delaware limited liability company (together with its successors and assigns, if any, in such capacity “Secured Party”).
PAYMENT AND THE EXERCISE OF REMEDIES WITH RESPECT TO THIS NOTE, AND ANY LIENS SECURING THIS NOTE, WILL BE SUBJECT TO THE TERMS AND PROVISIONS SET FORTH IN THE SUBORDINATION AGREEMENT (AS DEFINED BELOW). THE MAKER OF THIS NOTE WILL FURNISH A COPY OF...Subordination Agreement • March 26th, 2008 • Loud Technologies Inc • Radio & tv broadcasting & communications equipment • New York
THIS NOTE AND ANY SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY COMPARABLE STATE SECURITIES LAW. EXCEPT AS EXPRESSLY PROVIDED HEREIN, NEITHER THIS NOTE NOR ANY PORTION HEREOF OR INTEREST HEREIN (INCLUDING SECURITIES ISSUABLE UPON CONVERSION HEREOF) MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE AND THE MAKER HAS RECEIVED EVIDENCE OF SUCH EXEMPTION REASONABLY SATISFACTORY TO THE MAKER.
