Term Loan AgreementLoan Agreement • May 1st, 2020 • Universal Security Instruments Inc • Wholesale-electronic parts & equipment, nec • Hong Kong
Both parties hereby acknowledge and recognize the Debtor owes the Lender a debt with an amount of USD1,081,439.59 (the “Debt”) as of April 20, 2020. Both parties hereby agree to convert the Debt into a variable interest rate term loan (“Term Loan") with the following details:
SHARE PURCHASE AGREEMENTShare Purchase Agreement • May 1st, 2020 • Universal Security Instruments Inc • Wholesale-electronic parts & equipment, nec • Hong Kong
Upon being duly signed by both parties, this Agreement shall supersede the 2002 JOINT VENTURE AGREEMENT signed on October 22, 2002 and all its addendums, memorandums and amendments, the 2002 JOINT VENTURE AGREEMENT and all its addendums, memorandums and amendments shall cease to have legal effect. The two parties hereby waive and release against each other and forever discharge any claims arising out of or in connection with the 2002 JOINT VENTURE AGREEMENT and all its addendums, memorandums and amendments.
