LOAN AND SECURITY AGREEMENTLoan and Security Agreement • June 19th, 2020 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
This Agreement dated , 2020, is an agreement between CRESTMARK, A DIVISION OF METABANK, NATIONAL ASSOCIATION (“Crestmark”), and THE SINGING MACHINE COMPANY, INC., a Delaware corporation (“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 (including the addresses for written notices relating to this Agreement) and may be changed by one party giving notice to the other party in writing of the new address.
SCHEDULE TO LOAN AND SECURITY AGREEMENTLoan and Security Agreement • June 19th, 2020 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks
SUBORDINATION AGREEMENTSubordination Agreement • June 19th, 2020 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
MACHINE COMPANY, INC., a Delaware corporation whose address is 6301 N.W. 5th Way, Suite 2900, Ft. Lauderdale, Florida 33309 (“Borrower”), STARLIGHT MARKETING DEVELOPMENT LTD., a foreign entity, organized under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (“Subordinating Creditor”) and CRESTMARK, A DIVISION OF METABANK, NATIONAL ASSOCIATION (“Crestmark”).
