Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
Borrowings under the term loan agreement are secured by all of the Registrant's
tangible and intangible assets and by a mortgage on the real estate of the
Registrant's headquarters facility. In addition, the term loan is secured by a
personal guarantee(s) by three of the Registrant's significant shareholders
("Guarantors"). In consideration for the personal guarantee(s), the Registrant
will pay a one-time aggregate payment of
Proceeds from the term loan agreement were used to pay off the Registrant's
The foregoing description of the loan agreement and promissory note is qualified in its entirety by reference to the Agreement and Note filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No. Description 10.1 Loan Agreement betweenEnterprise Bank and Trust andReliv International, Inc. ,Reliv World Corporation ,Reliv, Inc. ,SL Technology, Inc. , andChesterfield Partners LLC datedNovember 5, 2020 (filed herewith). 10.2 Promissory Note betweenEnterprise Bank and Trust andReliv International ,
Inc.,Reliv World Corporation ,Reliv, Inc. ,SL Technology, Inc. , andChesterfield Partners LLC datedNovember 5, 2020 (filed herewith). 1
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