LOAN AGREEMENTLoan Agreement • April 3rd, 2024 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
This Loan Agreement dated as of March 28, 2024, as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof (this “Agreement”), is entered into between The Singing Machine Company, Inc., a Delaware corporation whose address is 6301 NW 5th Way, Suite 2900, Fort Lauderdale, Florida 33309 (the “Borrower”), and Oxford Commercial Finance, a Michigan banking corporation whose address is 64 S. Washington Street, P.O. Box 17, Oxford, Michigan 48371 (the “Lender”).
REVOLVING CREDIT NOTERevolving Credit Note • April 3rd, 2024 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
FOR VALUE RECEIVED, The Singing Machine Company, Inc. a Delaware corporation (the “Borrower”), having an office at 6301 NW 5th Way, Suite 2900, Fort Lauderdale, Florida 33309, unconditionally promises to pay to the order of Oxford Commercial Finance, a Michigan banking corporation (the “Lender”), at its offices at 64 S. Washington Street, P.O. Box 17, Oxford, Michigan 48371 or at such other place as the Lender may designate in writing, ON DEMAND, the principal amount of up to $2,000,000.00 (the “Loan”) together with all accrued interest thereon as provided in this Revolving Credit Note (as the same may be amended, restated, supplemented, or otherwise modified from time to time in accordance with its terms, the “Note”).
SECURITY AGREEMENTSecurity Agreement • April 3rd, 2024 • Singing Machine Co Inc • Phonograph records & prerecorded audio tapes & disks • Michigan
THIS SECURITY AGREEMENT dated as of March 28, 2024, as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof (this “Agreement”), is entered into between The Singing Machine Company, Inc., a Delaware corporation whose address is 6301 NW 5th Way, Suite 2900, Fort Lauderdale, Florida 33309 (the “Grantor”), in favor of Oxford Commercial Finance whose address is 64 S. Washington Street, P.O. Box 17, Oxford, Michigan 48371 (the “Lender”).
