Side Letter Agreement Regarding Promissory Note Between Motorsport Gaming US LLC and Motorsport Network, LLC (September 4, 2020)
Motorsport Gaming US LLC and Motorsport Network, LLC have entered into this side letter agreement related to a promissory note dated April 1, 2020. Under this agreement, Motorsport Network, as the note holder, agrees not to demand or accelerate repayment of the note in a way that would harm Motorsport Gaming's financial stability or ability to continue operating. The agreement is governed by Florida law and is effective as of September 4, 2020.
Exhibit 10.26
September 4, 2020
Motorsport Network, LLC
5972 NE 4th Avenue,
Miami, FL 33137, USA
Attn: Mike Zoi, Manager
Dear Mr. Zoi:
This side letter agreement (this “Letter Agreement”) is being entered into in connection with that that certain Promissory Note (the “Note”) dated April 1, 2020, made by Motorsport Gaming US LLC, a Florida limited liability company (“Maker”), for the benefit of Motorsport Network, LLC, a Florida limited liability company (“Holder”).
Effective as of the date hereof, Holder hereby agrees to not demand or otherwise accelerate any amount due under the Note that would otherwise constrain the Maker’s liquidity position, including the Maker’s ability to continue as a going concern
This Letter Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida without regard to its principles of conflicts of law. If the foregoing accurately sets forth our understanding, please indicate your acceptance by signing below and returning a signed copy of this letter to my attention at ***@***.
| Sincerely, | ||
| Motorsport Gaming US LLC | ||
| By: | /s/ Dmitry Kozko | |
| Dmitry Kozko, CEO | ||
| Accepted and agreed: | ||
| Motorsport Network, LLC | ||
| By: | /s/ Mike Zoi | |
| Name: | Mike Zoi | |
| Title: | Manager | |
| Date: | September 4, 2020 | |
