LOAN AND SECURITY AGREEMENT (“Agreement”)Loan and Security Agreement • November 2nd, 2012 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
This Agreement dated _______________________, 2012, is an agreement between CRESTMARK BANK, a Michigan banking corporation (“Crestmark”), and THE SINGING MACHINE COMPANY, INC., a Delaware corporation and SMC (COMERCIAL OFFSHORE DE MACAU) LIMITADA, a Macau corporation (individually or collectively referred to herein as “Borrower”). In this Agreement, Crestmark and Borrower are collectively the “Parties”. Any person who guarantees the obligations of Borrower (each a “Guarantor”) is required to sign this Agreement. The Parties have the addresses shown on the schedule (“Schedule”) which is attached to this Agreement. These are the addresses of the Parties for all purposes and may be changed by one party giving notice to the other party in writing of the new address.
SUBORDINATION AGREEMENTSubordination Agreement • November 2nd, 2012 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
THIS AGREEMENT is made this ________ day of________________, 2 012, by and between Crestmark Bank, a Michigan banking corporation, having offices at 5480 Corporate Drive, Suite 350, Troy, Michigan 48098(the "Bank"), The Singing Machine Company, Inc., a Delaware corporation whose address is 6301 N.W. 5th Way, Suite 2900, Ft. Lauderdale, FL 33309 and SMC (COMERCIAL OFFSHORE DE MACAU) LIMITADA, a Macau corporation whose address is Alameda Dr. Carlos D'Assumpacao, 181-187 Edificiio Jardim Brilhamtismo, 19 andar D, Macau (individually or collectively referred to herein as the "Borrower"), and Ram Light Management Limited, whose address is 232 Aberdeen Main Road, Shing Dao Industrial Building, 5th Floor, Hong Kong (the "Subordinating Creditor").
SCHEDULE TO LOAN AND SECURITY AGREEMENT DATED: _________________, 2012Loan and Security Agreement • November 2nd, 2012 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks
