Narrative
Full Description
Project narrative
On or around August 5, 2016, the Bank of China (UK) Limited (BOC UK) signed a facility agreement with Easy Karaoke Ltd — an England and Wales-incorporated privately-held company that manufactures karaoke equipment — for unspecified purposes. This loan was secured by (i.e. collateralized against) a first fixed charge on all properties acquired by Easy Karaoke Ltd, all present and future interests of it not effectively mortgaged or charged already in or over freehold or leasehold property, all present and future rights, licenses, guarantees, rents, deposits, contracts, covenants, and warranties relating to each property, all licenses, consents, and authorizations (statutory or otherwise) held or required in connection with the borrower's business or the use of any secured asset, and all rights in connection with them, all its present and future goodwill, all its uncalled capital, all the equipment, all the intellectual property, all the book debts, all the investments, all monies from time to time standing to the credit of its accounts with any bank, financial institution or other person, all its right in each insurance policy, including all claims, the proceeds of all claims, and all returns of premium in connection with each insurance policy, the benefit of each relevant agreement and the benefit of any guarantee or security for the performance of an relevant agreement and a first floating charge of all the undertaking, property, assets, and rights of the borrower at any time not effectively mortgaged, charged, or assigned as charged by Easy Karaoke Ltd in a debenture dated August 5, 2016. This charge was satisfied on August 15, 2019.