Company: ORBS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011052
Chunk: 10

Company: Eightco Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 10
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 not otherwise included, all Proceeds of each of the foregoing and all products, additions, increases and accessions to, substitutions
and replacements for, and rents, profits and products of each of the foregoing.

As
of the date of this filing, $2,375,000 has been committed by the lenders.

Series
B Financing

On
October 6, 2023, the Borrower entered into a Series B Loan and Security Agreement (the “Series B Agreement”) with an individual
as lender. Under the terms of the Series B Agreement, the lender will make available to Borrower, in an amount not to exceed its respective
Commitment, a Loan Advance amount to be determined by the lender (as such amount may be increased, the “Aggregate Commitment”)
in the aggregate, of which (x) a certain amount will be deposited into an account of the Borrower in accordance with its written instructions
(the “Initial Loan Advance”) and (y) the remaining balance of the Aggregate Commitment after deducting the Initial Loan Advance
shall be deposited into the Escrow Account (the “Escrow Funds”). The Borrower may, at any time, request a Subsequent Draw
for all or a portion of the Escrow Funds.

The
Borrower issued a Promissory Note to the lender in the amount of the lender’s Initial Loan Advance. The principal balance of the
Initial Loan Advance and each Subsequent Draw shall bear interest thereon from the Closing Date and applicable Advance Date, respectively,
at 15.00% per annum. The Borrower shall pay the lender, according to its Applicable Percentage, an Unused Commitment Fee on the actual
daily amount of the Unused Commitment Amount during the immediately preceding calendar quarter at the rate of five percent (5.00%) per
annum. In the event any payment is not paid on or within five (5) Business Days of the scheduled payment date, an amount equal to
two percent (2.00%) of the past due amount shall be payable on demand, in addition to interest accruing. In addition, upon the occurrence
and during the continuation of an Event of Default hereunder, the Initial Loan Advance and all Subsequent Draws, including principal,
interest, compounded interest, and professional fees thereupon, shall upon the election of the lender, bear interest at the Interest
Rate, plus five (5) percentage points. In the event any interest is not paid when due hereunder, delinquent interest shall