Bioelectronics Corp (BIEL)

[srinsocal]

No mystery, Lenders want collateral

When IBEX started making large loans to BIEL in 2009 a Security Agreement was established granting priority of BIEL's assets to IBEX in the event of a default.

In 2018 when BIEL asked EXIM for a revised repayment schedule on their loans one of the EXIM conditions was that they received priority to BIEL's assets. IBEX got moved from first lender paid to second in line.


2021 EOY Financials, page 16

"According to the original Security Agreement dated August 1, 2009, the Company grants IBEX a security interest in, all of the right, title, and interest of the Company, in and to all of the Company’s personal property and intellectual property, and all proceeds or replacements as collateral for the convertible promissory note agreements. The Security Agreement has been subordinated to the EX-IM Bank."