- VIP Play, Inc. entered into a **First Amended and Restated Discretionary Convertible Revolving Line Of Credit Demand Note** with **Excel Family Partners, LLLP** on **March 31, 2025**, for a principal amount not exceeding **$14,000,000**.  **[1832161_0001641172-25-025623_form8-k.htm:1]**  Excel Family Partners, LLLP is controlled by Mr. Bruce Cassidy, the company's Secretary and sole board member.  **[1832161_0001641172-25-025623_form8-k.htm:1]** 
- The Note is **not a committed line of credit**, and loans are made at Excel's sole discretion.  **[1832161_0001641172-25-025623_form8-k.htm:1]** 
- As of the Note's inception on **March 31, 2025**, the outstanding principal balance was **$12,097,000**.  **[1832161_0001641172-25-025623_form8-k.htm:1]** 
- The company borrowed an additional **$824,665** in four separate draws between **August 1, 2025, and August 20, 2025**.  **[1832161_0001641172-25-025623_form8-k.htm:1]** 
- As of **August 25, 2025**, the aggregate outstanding principal balance under the Note is **$17,290,665**.  **[1832161_0001641172-25-025623_form8-k.htm:1]**  The Note accrues interest at a **fixed rate of 12.0% per annum** and is **due and payable upon demand**.  **[1832161_0001641172-25-025623_form8-k.htm:1]**  Excel also has the option to convert the debt into common stock.  **[1832161_0001641172-25-025623_form8-k.htm:1]**

VIP Play (VIPZ)