Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Loop Media, Inc. incurred term loan of $1,000,000 with Excel Family Partners, LLLP at 12% per year maturing one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement.
- Instrument
- term loan
- Principal
- $1,000,000
- Counterparty
- Excel Family Partners, LLLP
- Rate
- 12% per year
- Maturity
- one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement
- Event
- incurrence
Exact text from the filing
Effective March 28, 2024, Loop Media, Inc. (the “ Company ”) entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (“ Excel ”), an entity managed by Bruce Cassidy, executive chairman of the Company’s board of directors (the “Excel Secured Line of Credit Agreement ”), for the principal amount of up to one million dollars ($1,000,000) (the “ Excel Line of Credit ”), evidenced by a Secured Non-Revolving Line of Credit Promissory Note, also effective as of March 28, 2024 (the “ Excel Note ”). The Excel Line of Credit has been fully drawn upon, matures one hundred eighty (180) days from the date of the Excel Secured Line of Credit Agreement (the “ Maturity Date ”), and accrues interest, payable on the Maturity Date in arrears, at a fixed rate of interest equal to twelve percent (12%) per year.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Loop Media, Inc. entered into Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP valued at up to one million dollars ($1,000,000) (effective 2024-03-28).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Excel Family Partners, LLLP
- Value
- up to one million dollars ($1,000,000)
- Effective
- 2024-03-28
Exact text from the filing
Effective March 28, 2024, Loop Media, Inc. (the “ Company ”) entered into a Secured Non-Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (“ Excel ”), an entity managed by Bruce Cassidy, executive chairman of the Company’s board of directors (the “Excel Secured Line of Credit Agreement ”), for the principal amount of up to one million dollars ($1,000,000) (the “ Excel Line of Credit ”), evidenced by a Secured Non-Revolving Line of Credit Promissory Note, also effective as of March 28, 2024 (the “ Excel Note ”).
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