Company: NCL
Filing Date: 2025-12-04
Form Type: DEF 14A
Source: 0001575872-25-000744
Chunk: 69

Company: Northann Corp.
Filing Date: 2025-12-04
Form: DEF 14A
Chunk 69
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 certain restrictions, requests for further advances may also be
made from time to time by 3D PRINTING. The closing date of the Loan Agreement shall be the date on which the initial advance is received
by 3D PRINTING, and the maturity date of the loan under the Loan Agreement is the third anniversary of the closing date, unless such
maturity is extended pursuant to Section 2.04 or accelerated as a result of Section 6.02(a). 3D PRINTING intends to use such funds to
finance the development and expansion of a 3D printing manufacturing facility located at 2251 Catawba River Road, Fort Lawn, South Carolina.

In connection with the Loan Agreement, 3D PRINTING
issued a promissory note to 3DFLOR in an amount of $24,000,000, dated January 27, 2025 (the “Promissory Note”). The Promissory
Note bears the interest of one percent (1%) per year and the interest shall be non-compounding and calculated on the basis of a 366-day
year, payable on the basis of the actual number of days elapsed. Pursuant to the Loan Agreement, the principal is due and is repayable
in full on the third (3rd) anniversary of the closing date of the Loan Agreement.

In connection with the Loan Agreement, on January
27, 2025, Benchwick LLC entered into a membership interest pledge agreement with 3DFLOR and 3D PRINTING, in favor of 3DFLOR (the “Pledge
Agreement”), to pledge to 3DFLOR (i) all 49 million Class A Units of 3D PRINTING it owns (the “Pledged Units”) and
(ii) all proceeds and products of the Pledged Units (collectively with the Pledged Units, “Collateral”), as security for
the performance of 3D PRINTING’s obligations under the Loan Agreement. Under the Pledge Agreement, Benchwick LLC shall, from time
to time, be required by 3DFLOR to perfect the security interest of 3DFLOR in the Collateral. Under the Pledge Agreement, 3DFLOR is granted
a first priority lien on all Collateral. Benchwick cannot transfer or encumber the Collateral without 3DFLOR’s approval, and 3DFLOR
can seize, sell, or liquidate the Collateral if there