Item 1.01 Entry into a Material Definitive Agreement.
Secured Revolving Promissory Note
On
The use of funds will be used for the purchase of whey protein and other general corporate purposes.
Both the outstanding principal, if any, and all accrued interest under the
Revolving Note are due on
The Revolving Note contains customary events of default, including, among
others, the failure by the Company to make a payment of principal or interest
when due. Following an event of default,
Security Agreement
In connection with the Revolving Note, the Company and
A copy of each of the Revolving Note and the Security Agreement is attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively, and is incorporated herein by reference as though fully set forth herein. The foregoing summary descriptions of the Revolving Note and the Security Agreement are not intended to be complete and are qualified in their entirety by the complete text of the Revolving Note and the Security Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is incorporated by reference herein.
Item 9.01 (d) Exhibits Exhibit No. Description 10.1 Secured Revolving Promissory Note, datedOctober 15, 2020 , betweenMusclePharm Corporation andRyan Drexler 10.2 Fifth Amended and Restated Security Agreement, datedOctober 15, 2020 , betweenMusclePharm Corporation andRyan Drexler
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