Non-Revolving Line of Credit Promissory Note Amendment, dated as of December 14, 2022, by and between the Company and Excel Family Partners, LLLP
Exhibit 10.18
NON-REVOLVING LINE OF CREDIT PROMISSORY NOTE AMENDMENT
This Non-Revolving Line of Credit Promissory Note Amendment (the “Amendment”) is dated as of December 14, 2022, between Loop Media, Inc., a Nevada corporation (the “Borrower”) and Excel Family Partners LLLP and its successors and assigns (together with successors and assigns, the “Lender”). Each of the Borrower and Lender is a “Party” to this Amendment and together are “Parties.” Terms used herein but not otherwise defined herein have the meaning given to such terms in the Note (defined below).
WHEREAS, the Borrower has issued to Lender that certain Non-Revolving Line of Credit Promissory Note (the “Note”), dated as of April 25, 2022, in the principal amount of US$4,022,986.00.
WHEREAS, the Parties have agreed that the Maturity Date of the Note shall be extended from eighteen (18) months from the date of the Note to twenty-four (24) months from the date of the Note.
NOW, THEREFORE, in consideration of the mutual covenants contained in this Amendment, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Borrower and the Lender agree as follows:
| 1. | Extension of Maturity Date. |
The definition of “Maturity Date” in the Note is hereby removed and replaced in its entirety by the following:
“For purposes of this Note, the maturity date shall be twenty-four (24) months from the date of this Note (the “Maturity Date”).”
| 2. | Miscellaneous. |
| (a) | Governing Law. This Amendment will be governed by and construed in accordance with the internal laws of the State of Florida without giving effect to any choice or conflict of law provision or rule. |
| (b) | Counterparts. This Amendment may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including PDF or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes. |
| (c) | Entire Agreement. This Amendment, together with the Note, constitute the full and entire understanding and agreement between the parties with regard to the subject hereof. |
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.
BORROWER
LOOP MEDIA, INC.
Address for Notice:
700 N. Central Avenue, Suite 430
Glendale, CA 91203
Email: ***@***; ***@***
By: /s/ Neil Watanabe
Name: Neil Watanabe
Title: CFO
Agreed to and accepted:
LENDER
Excel Family Partners, LLLP
Address for Notice:
103 Plaza Dr. Suite B
St. Clairsville, OH 43950
Email: ***@***
By: Fortress Holdings, LLC, its General Partner
By: /s/ Bruce A. Cassidy, Sr.
Authorized Signatory: Bruce A. Cassidy, Sr.
Title: Manager
