Effective as of December 14, 2023, Loop Media, Inc. entered into a Revolving Line of Credit Loan Agreement with Excel Family Partners, LLLP (Excel), an entity managed by Bruce Cassidy, Sr., Chairman of Board of Directors (the Line of Credit Agreement) for up to a principal sum of $2,500,000, under which Loop may pay down and re-borrow up to the maximum amount of $2,500,000 (the Line of Credit). The company's drawdown on the Line of Credit is limited to no more than 25% of the last three full months' revenue, not to exceed $1,250,000 in any quarter, and not to exceed in aggregate the outstanding debt amount of $2,500,000. The Line of Credit Agreement has a maturity date twelve (12) months from the date of formal notice of termination by Excel, and accrues interest, payable semi-annually in arrears, at a fixed rate of interest equal to 10% per year.

Under the Line of Credit Agreement, the company granted Excel a pari passu senior security interest.