REVOLVING CREDIT
 AND
 SECURITY AGREEMENT
 PNC BANK, NATIONAL ASSOCIATION
(AS LENDER AND AS AGENT)
 WITH
 VALUEVISION MEDIA, INC.
VALUEVISION INTERACTIVE, INC.
VVI FULFILLMENT CENTER, INC.
VALUEVISION MEDIA ACQUISITIONS, INC.
VALUEVISION RETAIL, INC.
 (BORROWERS)
 November 25, 2009




---



##### 



TABLE OF CONTENTS
 PageI. DEFINITIONS
    
    
    11.1. Accounting Terms
    
    
    11.2. General Terms
    
    
    11.3. Uniform Commercial Code Terms
    
    
    271.4. Certain Matters of Construction
    
    
    271.5. Fiscal Periods
    
    
    28II. ADVANCES, PAYMENTS
    
    
    282.1. Revolving Advances
    
    
    282.2. Procedure for Revolving Advances Borrowing
    
    
    292.3. Disbursement of Advance Proceeds
    
    
    312.4. Intentionally Omitted
    
    
    322.5. Maximum Advances
    
    
    322.6. Repayment of Advances
    
    
    322.7. Repayment of Excess Advances
    
    
    322.8. Statement of Account
    
    
    332.9. Letters of Credit
    
    
    332.10. Issuance of Letters of Credit
    
    
    332.11. Requirements For Issuance of Letters of Credit
    
    
    342.12. Disbursements, Reimbursement
    
    
    342.13. Repayment of Participation Advances
    
    
    362.14. Documentation
    
    
    362.15. Determination to Honor Drawing Request
    
    
    362.16. Nature of Participation and Reimbursement Obligations
    
    
    372.17. Indemnity
    
    
    382.18. Liability for Acts and Omissions
    
    
    382.19. Additional Payments
    
    
    402.20. Manner of Borrowing and Payment
    
    
    402.21. Mandatory Prepayments
    
    
    412.22. Use of Proceeds
    
    
    412.23. Defaulting Lender
    
    
    42III. INTEREST AND FEES
    
    
    433.1. Interest
    
    
    433.2. Letter of Credit Fees
    
    
    433.3. Closing Fee and Facility Fee
    
    
    443.4. Collateral Evaluation Fee, Collateral Monitoring Fee and Appraisal Fee
    
    
    443.5. Computation of Interest and Fees
    
    
    453.6. Maximum Charges
    
    
    453.7. Increased Costs
    
    
    453.8. Basis For Determining Interest Rate Inadequate or Unfair
    
    
    463.9. Capital Adequacy
    
    
    47
 i




---



##### 



Page3.10. Gross Up for Taxes
    
    
    473.11. Withholding Tax Exemption
    
    
    47IV. COLLATERAL: GENERAL TERMS
    
    
    484.1. Security Interest in the Collateral
    
    
    484.2. Perfection of Security Interest
    
    
    494.3. Disposition of Collateral
    
    
    494.4. Preservation of Collateral
    
    
    494.5. Ownership of Collateral
    
    
    504.6. Defense of Agents and Lenders Interests
    
    
    504.7. Books and Records
    
    
    514.8. Financial Disclosure
    
    
    514.9. Compliance with Laws
    
    
    514.10. Inspection of Premises
    
    
    514.11. Insurance
    
    
    524.12. Failure to Pay Insurance
    
    
    524.13. Payment of Taxes
    
    
    534.14. Payment of Leasehold Obligations
    
    
    534.15. Receivables
    
    
    534.16. Inventory
    
    
    564.17. Maintenance of Equipment
    
    
    564.18. Exculpation of Liability
    
    
    564.19. Environmental Matters
    
    
    564.20. Financing Statements
    
    
    58V. REPRESENTATIONS AND WARRANTIES
    
    
    585.1. Authority
    
    
    585.2. Formation and Qualification
    
    
    595.3. Survival of Representations and Warranties
    
    
    595.4. Tax Returns
    
    
    595.5. Financial Statements
    
    
    595.6. Entity Names
    
    
    605.7. OSHA and Environmental Compliance
    
    
    605.8. Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance
    
    
    615.9. Patents, Trademarks, Copyrights and Licenses
    
    
    625.10. Licenses and Permits
    
    
    625.11. Default of Indebtedness
    
    
    635.12. No Default
    
    
    635.13. No Burdensome Restrictions
    
    
    635.14. No Labor Disputes
    
    
    635.15. Margin Regulations
    
    
    635.16. Investment Company Act
    
    
    635.17. Disclosure
    
    
    635.18. Intentionally Omitted
    
    
    635.19. Swaps
    
    
    645.20. Conflicting Agreements
    
    
    645.21. Application of Certain Laws and Regulations
    
    
    64
 ii




---



##### 



Page5.22. Business and Property of Borrowers
    
    
    645.23. Section 20 Subsidiaries
    
    
    645.24. Anti-Terrorism Laws
    
    
    645.25. Trading with the Enemy
    
    
    655.26. Federal Securities Laws
    
    
    655.27. Equity Interests
    
    
    655.28. Credit Card Arrangements
    
    
    655.29. Inactive Subsidiaries
    
    
    66VI. AFFIRMATIVE COVENANTS
    
    
    666.1. Payment of Fees
    
    
    666.2. Conduct of Business and Maintenance of Existence and Assets
    
    
    666.3. Violations
    
    
    666.4. Government Receivables
    
    
    666.5. Financial Covenants
    
    
    666.6. Execution of Supplemental Instruments
    
    
    676.7. Payment of Indebtedness
    
    
    676.8. Standards of Financial Statements
    
    
    676.9. Federal Securities Laws
    
    
    686.10. Post Closing Matters
    
    
    68VII. NEGATIVE COVENANTS
    
    
    687.1. Merger, Consolidation, Acquisition and Sale of Assets
    
    
    687.2. Creation of Liens
    
    
    697.3. Guarantees
    
    
    697.4. Investments
    
    
    697.5. Loans
    
    
    697.6. Capital Expenditures
    
    
    697.7. Dividends
    
    
    697.8. Indebtedness
    
    
    707.9. Nature of Business
    
    
    707.10. Transactions with Affiliates
    
    
    707.11. Leases
    
    
    707.12. Subsidiaries
    
    
    707.13. Fiscal Year and Accounting Changes
    
    
    707.14. Pledge of Credit
    
    
    707.15. Amendment of Articles of Incorporation, By-Laws
    
    
    707.16. Compliance with ERISA
    
    
    717.17. Prepayment of Indebtedness
    
    
    717.18. Anti-Terrorism Laws
    
    
    717.19. Trading with the Enemy Act
    
    
    727.20. Credit Card Arrangements
    
    
    727.21. Inactive Subsidiaries
    
    
    727.22. Direct TV Payment
    
    
    72VIII. CONDITIONS PRECEDENT
    
    
    728.1. Conditions to Initial Advances
    
    
    72
 iii




---



##### 



Page8.2. Conditions to Each Advance
    
    
    75IX. INFORMATION AS TO BORROWERS
    
    
    759.1. Disclosure of Material Matters
    
    
    769.2. Schedules
    
    
    769.3. Environmental Reports
    
    
    769.4. Litigation
    
    
    769.5. Material Occurrences
    
    
    769.6. Government Receivables
    
    
    779.7. Annual Financial Statements
    
    
    779.8. Quarterly Financial Statements
    
    
    779.9. Monthly Financial Statements
    
    
    779.10. Other Reports
    
    
    789.11. Additional Information
    
    
    789.12. Projected Operating Budget
    
    
    789.13. Variances From Operating Budget
    
    
    789.14. Notice of Suits, Adverse Events
    
    
    789.15. ERISA Notices and Requests
    
    
    789.16. Additional Documents
    
    
    79X. EVENTS OF DEFAULT
    
    
    7910.1. Nonpayment
    
    
    7910.2. Breach of Representation
    
    
    7910.3. Financial Information
    
    
    8010.4. Judicial Actions
    
    
    8010.5. Noncompliance
    
    
    8010.6. Judgments
    
    
    8010.7. Bankruptcy
    
    
    8010.8. Inability to Pay
    
    
    8010.9. Affiliate Bankruptcy
    
    
    8010.10. Material Adverse Effect
    
    
    8110.11. Lien Priority
    
    
    8110.12. Intentionally Omitted
    
    
    8110.13. Cross Default
    
    
    8110.14. Breach of Guaranty or Pledge Agreement
    
    
    8110.15. Change of Ownership
    
    
    8110.16. Invalidity
    
    
    8110.17. Licenses
    
    
    8110.18. Seizures
    
    
    8110.19. Pension Plans
    
    
    8210.20. Direct TV
    
    
    82XI. LENDERS RIGHTS AND REMEDIES AFTER DEFAULT
    
    
    8211.1. Rights and Remedies
    
    
    8211.2. Agents Discretion
    
    
    8311.3. Setoff
    
    
    8411.4. Rights and Remedies not Exclusive
    
    
    84
 iv




---



##### 



Page11.5. Allocation of Payments After Event of Default
    
    
    84XII. WAIVERS AND JUDICIAL PROCEEDINGS
    
    
    8512.1. Waiver of Notice
    
    
    8512.2. Delay
    
    
    8512.3. Jury Waiver
    
    
    85XIII. EFFECTIVE DATE AND TERMINATION.
    
    
    8513.1. Term
    
    
    8513.2. Termination
    
    
    86XIV. REGARDING AGENT
    
    
    8614.1. Appointment
    
    
    8614.2. Nature of Duties
    
    
    8714.3. Lack of Reliance on Agent and Resignation
    
    
    8714.4. Certain Rights of Agent
    
    
    8814.5. Reliance
    
    
    8814.6. Notice of Default
    
    
    8814.7. Indemnification
    
    
    8814.8. Agent in its Individual Capacity
    
    
    8814.9. Delivery of Documents
    
    
    8914.10. Borrowers Undertaking to Agent
    
    
    8914.11. No Reliance on Agents Customer Identification Program
    
    
    8914.12. Other Agreements
    
    
    89XV. BORROWING AGENCY
    
    
    8915.1. Borrowing Agency Provisions
    
    
    8915.2. Waiver of Subrogation
    
    
    90XVI. MISCELLANEOUS
    
    
    9016.1. Governing Law
    
    
    9016.2. Entire Understanding
    
    
    9116.3. Successors and Assigns; Participations; New Lenders
    
    
    9316.4. Application of Payments
    
    
    9516.5. Indemnity
    
    
    9516.6. Notice
    
    
    9616.7. Survival
    
    
    9816.8. Severability
    
    
    9816.9. Expenses
    
    
    9816.10. Injunctive Relief
    
    
    9816.11. Consequential Damages
    
    
    9816.12. Captions
    
    
    9816.13. Counterparts; Facsimile Signatures
    
    
    9916.14. Construction
    
    
    9916.15. Confidentiality; Sharing Information
    
    
    9916.16. Publicity
    
    
    9916.17. Certifications From Banks and Participants; USA PATRIOT Act
    
    
    99
 v




---



##### 



ExhibitsExhibit 1
    
    Certificate of DesignationExhibit 1.2
    
    Borrowing Base CertificateExhibit 2.1(a)
    
    Revolving Credit NoteExhibit 4.15(d)(ii)
    
    Credit Card NotificationsExhibit 8.1(i)
    
    Financial Condition CertificateExhibit 16.3
    
    Commitment Transfer SupplementSchedulesSchedule 1.2
    
    Permitted EncumbrancesSchedule 4.5
    
    Equipment and Inventory LocationsSchedule 4.15(h)
    
    Deposit and Investment AccountsSchedule 4.19
    
    Real PropertySchedule 5.1
    
    ConsentsSchedule 5.2(a)
    
    States of Qualification and Good StandingSchedule 5.2(b)
    
    SubsidiariesSchedule 5.4
    
    Federal Tax Identification NumberSchedule 5.6
    
    Prior NamesSchedule 5.7
    
    EnvironmentalSchedule 5.8(b)
    
    LitigationSchedule 5.8(d)
    
    PlansSchedule 5.9
    
    Intellectual Property, Source Code Escrow AgreementsSchedule 5.10
    
    Licenses and PermitsSchedule 5.14
    
    Labor DisputesSchedule 5.27
    
    Equity InterestsSchedule 5.28
    
    Credit Card ArrangementsSchedule 7.3
    
    Guarantees
 vi




---



##### 



REVOLVING CREDIT
 AND
 SECURITY AGREEMENT
 ValueVision Media,
Inc ValueVision Interactive, Inc VVI Fulfillment Center, Inc ValueVision Media Acquisitions, Inc. ValueVision Retail,
Inc PNC Bank, National Association
   Accounting Terms
 General Terms
 Accountants
 Advance Rates
 Advances
 Affiliate




---



##### 



Agent
 Agreement
 Alternate Base Rate plus plus
 Anti-Terrorism Laws
 Applicable Law
 Applicable Margin
 APPLICABLE MARGINS
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGIN FORFOR DOMESTIC RATE LOANS
    
    FOR EURODOLLAR RATE LOANS
    
    UNUSED LINE FEERevolving Advances
    
    Revolving Advances3.50%
    
    
    4.50
    %
    
    
    .50
    %
 Adjustment Date
 2




---



##### 



NINETY (90) AVERAGE
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINSUNDRAWN AVAILABILITY
    
    FOR BASE RATE RATE LOANS
    
    FOR EURODOLLAR RATE LOANS
    
    FOR UNUSED LINE FEERevolving Advances
    
    Revolving AdvancesGreater than $20,000,000
    
    
    3.00
    %
    
    
    4.00
    %
    
    .50% to be reduced
to .375% if the
average outstanding
balance of
Revolving Advances
during such quarter
are greater than
$10,000,000
  FIXED CHARGE
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINSCOVERAGERATIO
    
    FOR BASE RATE RATE LOANS
    
    FOR EURODOLLAR RATE LOANS
    
    FOR UNUSED LINE FEERevolving Advances
    
    Revolving AdvancesLess than 1.10 to 1.00
    
    4.00%
    
    5.00%
    
    .50%  to be reducedto .375% if theaverage outstandingbalance ofRevolving Advancesduring such quarterare greater than
 3




---



##### 



FIXED CHARGE
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINS
    
    APPLICABLE MARGINSCOVERAGERATIO
    
    FOR BASE RATE RATE LOANS
    
    FOR EURODOLLAR RATE LOANS
    
    FOR UNUSED LINE FEE$10,000,000Greater than or equal
    
    3.50%
    
    4.50%
    
    .50%  to be reducedto 1.10 to 1.00 but
    
    
    
    
    
    to .375% if theless than 1.50 to
    
    
    
    
    
    average outstanding1.00
    
    
    
    
    
    balance ofRevolving Advancesduring such quarterare greater than$10,000,000Greater than or equal
    
    3.00%
    
    4.00%
    
    .50%  to be reducedto 1.50 to 1.00
    
    
    
    
    
    to .375% if theaverage outstandingbalance ofRevolving Advancesduring such quarterare greater than$10,000,000
   4




---



##### 



Authority
 Availability Block
 Average FICO Score ,
 Base Rate
 Benefited Lender
 Blocked Accounts
 Blocked Account Bank
 Blocked Person
 Borrower Borrowers
 Borrowers on a Consolidated Basis
 Borrowers Account
 Borrowing Agent
 5




---



##### 



Borrowing Base Certificate
 Business Day
 Capital Expenditures
 Capitalized Lease Obligation
 CERCLA
 Change of Ownership provided however
 6




---



##### 



Charges
 Closing Date
 Code
 Collateral
        7




---



##### 



Commitment Percentage
 Commitment Transfer Supplement
 Compliance Certificate
 Consents
 8




---



##### 



Consigned Inventory
 Controlled Group
 Credit Card Notifications
 Credit Card Receivables
 Customer
 Customs
 Daily LIBOR Rate minus
 Debt Payments plus plus plus plus
 Default
 Default Rate
 Defaulting Lender
 Depository Accounts
 Designated Lender
 9




---



##### 



Direct TV
 Direct TV Agreement
 Direct TV Reserve plus plus
 Direct TV Security Documents
 Documents
 Dollar $
 Domestic Rate Loan
 Drawing Date
 Early Termination Date
 Earnings Before Interest and Taxes plus plus
 EBITDA plus plus plus plus
 10




---



##### 



plus plus
 Eligible Consumer Receivables
         11




---



##### 



Eligible Inventory
 Eligible Credit Card Receivables
     12




---



##### 



Environmental Complaint
 Environmental Laws
 Equipment
 Equity Interests
 ERISA
 Eurodollar Rate
 13




---



##### 



Average of London interbank offered rates quoted
by Bloomberg or appropriate Successor as shown onEurodollar Rate =
    
    Bloomberg Page BBAM11.00  Reserve Percentage
  Eurodollar Rate Loan
 Event of Default
 Exchange Act
 Excluded Collateral
   14




---



##### 



Executive Order No. 13224
 Fanbuzz .
 Fanbuzz Retail
 Federal Funds Effective Rate
 Federal Funds Open Rate
 15




---



##### 



Fixed Charge Coverage Ratio minus minus minus
 Foreign Subsidiary
 Formula Amount
 GAAP
 General Intangibles
 Governmental Acts
 Governmental Body
 Guarantor
 Guarantor Security Agreement
 Guaranty
 Hazardous Discharge
 16




---



##### 



Hazardous Substance
 Hazardous Wastes
 Hedge Liabilities
 Indebtedness
 Ineligible Security
 Intellectual Property
 Intellectual Property Claim
 Interest Period
 Interest Rate Hedge
 17




---



##### 



Inventory
 Inventory Advance Rate
 Investment Property
 Iosota .
 Issuer
 Lender Lenders
 Lender Default
 Lender-Provided Interest Rate Hedge
 Letter of Credit Fees
 Letter of Credit Borrowing
 Letter of Credit Sublimit
 Letters of Credit
 License Agreement
 18




---



##### 



Licensor
 Licensor/Agent Agreement
 Lien
 Lien Waiver Agreement
 Material Adverse Effect
 Maximum Face Amount
 Maximum Revolving Advance Amount
 Maximum Undrawn Amount
 19




---



##### 



Modified Commitment Transfer Supplement
 Multiemployer Plan
 Multiple Employer Plan
 Ninety (90) Day Average Undrawn Availability
 Non-Defaulting Lender
 Obligations
 20




---



##### 



Ordinary Course of Business
 Other Documents
 Out-of-Formula Loans
 Parent
 Participant
 Participation Advance
 Participation Commitment
 Payee
 Payment Office
 PBGC
 Pension Benefit Plan
 Perfection Certificates
 21




---



##### 



Permitted Acquisitions
 Permitted Encumbrances provided
 Permitted Redemption Payments
 22




---



##### 



Person
 Plan
 Pledge Agreement
 PNC
 Pro Forma Balance Sheet
 Pro Forma Financial Statements
 Properly Contested
 Projections
 Published Rate
 23




---



##### 



Purchasing CLO
 Purchasing Lender
 RCRA
 Real Property
 Receivables
 Receivables Advance Rate
 Register
 Reimbursement Obligation
 Release
 Reportable Event
 Required Lenders
 Reserve Percentage
 Revolving Advances
 24




---



##### 



Revolving Credit Note
 Revolving Interest Rate plus plus
 SEC
 Section 20 Subsidiary
 Securities Act
 Series B Redeemable Preferred Stock
 Settlement Date
 Shareholder Agreement
 Subsidiary
 Subsidiary Stock
 Tangible Net Worth less
 Term
 Termination Event
 25




---



##### 



Thirty (30) Day Average Undrawn Availability
 Toxic Substance
 Trading with the Enemy Act
 Transferee
 Undrawn Availability less minus plus plus
 Undrawn Availability (Modified) minus plus plus
 Unfunded Capital Expenditures
 Uniform Commercial Code
 Unused Line Fee
 26




---



##### 



USA PATRIOT Act
 Value Pay Plan
 ValueVision
 ValueVision Certificate of Designation
 Week
 Uniform Commercial Code Terms
 Certain Matters of Construction
 27




---



##### 



Fiscal Periods
  Revolving Advances
 Amount of Revolving Advances
 plus
 28




---



##### 



minus
 minus
 minus
 minus
  minus
 Discretionary Rights
 Sublimit for Revolving Advances made against Eligible Inventory
 Procedure for Revolving Advances Borrowing
   29




---



##### 



30




---



##### 



Disbursement of Advance Proceeds
 31




---



##### 



Intentionally Omitted
 Maximum Advances
 Repayment of Advances
     Repayment of Excess Advances
 32




---



##### 



Statement of Account
 Letters of Credit
 Issuance of Letters of Credit
   33




---



##### 



Requirements For Issuance of Letters of Credit
   Disbursements, Reimbursement
 34




---



##### 



35




---



##### 



Repayment of Participation Advances
   Documentation
 Determination to Honor Drawing Request
 36




---



##### 



Nature of Participation and Reimbursement Obligations
        37




---



##### 



Indemnity
 Liability for Acts and Omissions
 38




---



##### 



39




---



##### 



Additional Payments
 Manner of Borrowing and Payment
       40




---



##### 



Mandatory Prepayments
 Use of Proceeds
  41




---



##### 



Defaulting Lender
     42




---



##### 



Interest plus
 Letter of Credit Fees
 less
 43




---



##### 



Closing Fee and Facility Fee
  plus
 Collateral Evaluation Fee, Collateral Monitoring Fee and Appraisal Fee
   44




---



##### 



Computation of Interest and Fees
 Maximum Charges
 Increased Costs
   45




---



##### 



Basis For Determining Interest Rate Inadequate or Unfair
    46




---



##### 



Capital Adequacy
   Gross Up for Taxes
 Withholding Tax Exemption
  47




---



##### 



Security Interest in the Collateral
 48




---



##### 



Perfection of Security Interest
 Disposition of Collateral
 Preservation of Collateral
 49




---



##### 



Ownership of Collateral
   Defense of Agents and Lenders Interests
 50




---



##### 



Books and Records
 Financial Disclosure
 Compliance with Laws
 Inspection of Premises
 51




---



##### 



Insurance
 Failure to Pay Insurance
 52




---



##### 



Payment of Taxes
 Payment of Leasehold Obligations
 Receivables
 Nature of Receivables
 Solvency of Customers
 Location of Borrowers
 53




---



##### 



Collection of Receivables; Credit Card Notifications
  Credit Card
Notification
 Notification of Assignment of Receivables
 Power of Agent to Act on Borrowers Behalf
 54




---



##### 



No Liability
 Establishment of a Lockbox Account, Dominion Account
 55




---



##### 



Adjustments
 Inventory
 Maintenance of Equipment
 Exculpation of Liability
 Environmental Matters
    56




---



##### 



57




---



##### 



Financing Statements
   Authority
 58




---



##### 



Formation and Qualification
   Survival of Representations and Warranties
 Tax Returns
 Financial Statements
  59




---



##### 



Entity Names
 OSHA and Environmental Compliance
   60




---



##### 



Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance
     61




---



##### 



Patents, Trademarks, Copyrights and Licenses
 Licenses and Permits
 62




---



##### 



Default of Indebtedness
 No Default
 No Burdensome Restrictions
 No Labor Disputes
 Margin Regulations
 Investment Company Act
 Disclosure
 Intentionally Omitted
 63




---



##### 



Swaps
 Conflicting Agreements
 Application of Certain Laws and Regulations
 Business and Property of Borrowers
 Section 20 Subsidiaries
 Anti-Terrorism Laws
     64




---



##### 



Trading with the Enemy
 Federal Securities Laws
 Equity Interests
 Credit Card Arrangements
 65




---



##### 



Inactive Subsidiaries
   Payment of Fees
 Conduct of Business and Maintenance of Existence and Assets
 Violations
 Government Receivables
 Financial Covenants
 Fixed Charge Coverage Ratio
 66




---



##### 



Minimum EBITDA
 Tangible Net Worth
 Average FICO Score
  Execution of Supplemental Instruments
 Payment of Indebtedness
 Standards of Financial Statements
 67




---



##### 



Federal Securities Laws
 Post Closing Matters
       Merger, Consolidation, Acquisition and Sale of Assets
   68




---



##### 



Creation of Liens
 Guarantees
 Investments
 Loans
 Capital Expenditures
 Dividends
 69




---



##### 



Indebtedness
 Nature of Business
 Transactions with Affiliates
 Leases
 Subsidiaries
   Fiscal Year and Accounting Changes
 Pledge of Credit
 Amendment of Articles of Incorporation, By-Laws
 70




---



##### 



Compliance with ERISA
 Prepayment of Indebtedness
 Anti-Terrorism Laws
    71




---



##### 



Trading with the Enemy Act
 Credit Card Arrangements Section 4.15(d)(ii) Section 4.15(d)(ii)
 Inactive Subsidiaries
 Direct TV Payment
  Conditions to Initial Advances
 This Agreement, the Note and the Other Documents
 Filings, Registrations and Recordings
 Corporate Proceedings of Borrowers
 72




---



##### 



Incumbency Certificates of Borrowers
 Certificates
 Good Standing Certificates
 Legal Opinion
 No Litigation
 Financial Condition Certificates
 Collateral Examination
 Fees
 Pro Forma Financial Statements
 73




---



##### 



Insurance
 Payment Instructions
 Blocked Accounts
 Consents
 No Adverse Material Change
 Leasehold Agreements
 Contract Review
 Closing Certificate
 Borrowing Base
 Undrawn Availability
 74




---



##### 



Cash on Hand
 Compliance with Laws
 Direct TV
 Other
 Conditions to Each Advance
 Representations and Warranties
 No Default
 Maximum Advances
    75




---



##### 



Disclosure of Material Matters
 Schedules
 Environmental Reports
 Litigation
 Material Occurrences
 76




---



##### 



Government Receivables
 Annual Financial Statements
 Quarterly Financial Statements
 Monthly Financial Statements
 77




---



##### 



Other Reports
 Additional Information
 Projected Operating Budget
 Variances From Operating Budget
 Notice of Suits, Adverse Events
 ERISA Notices and Requests
 78




---



##### 



Additional Documents
   Nonpayment
 Breach of Representation
 79




---



##### 



Financial Information
 Judicial Actions
 Noncompliance
 Judgments
 Bankruptcy
 Inability to Pay
 Affiliate Bankruptcy
 80




---



##### 



Material Adverse Effect
 Lien Priority
 Intentionally Omitted
 Cross Default
 Breach of Guaranty or Pledge Agreement
 Change of Ownership
 Invalidity
 Licenses
 Seizures
 81




---



##### 



Pension Plans
 Direct TV
  Rights and Remedies
  82




---



##### 



Agents Discretion
 83




---



##### 



Setoff
 Rights and Remedies not Exclusive
 Allocation of Payments After Event of Default
         84




---



##### 



Waiver of Notice
 Delay
 Jury Waiver
  Term
 85




---



##### 



Termination
  Appointment
 86




---



##### 



Nature of Duties
 Lack of Reliance on Agent and Resignation
   87




---



##### 



Certain Rights of Agent
 Reliance
 Notice of Default
 Indemnification
 Agent in its Individual Capacity
 88




---



##### 



Delivery of Documents
 Borrowers Undertaking to Agent
 No Reliance on Agents Customer Identification Program
 Other Agreements
  Borrowing Agency Provisions
  89




---



##### 



Waiver of Subrogation
  Governing Law
 90




---



##### 



Entire Understanding
     91




---



##### 



92




---



##### 



Successors and Assigns; Participations; New Lenders
   93




---



##### 



94




---



##### 



Application of Payments
 Indemnity
 95




---



##### 



Notice
     96




---



##### 



(A)
    
    If to Agent or PNC at:PNC Bank, National Association200 South Wacker Drive, Suite 600Chicago, Illinois 60606Attention: Portfolio ManagerTelephone: (312) 454-2920Facsimile: (312) 454-2919with a copy to:Blank Rome LLPOne Logan Square130 N. 18th StreetPhiladelphia, Pennsylvania 19103Attention: Lawrence F. Flick, II, EsquireTelephone: (215) 569-5556Facsimile: (215) 832-5556(B)
    
    If to a Lender other than Agent, as specified on the signature pages hereof(C)
    
    If to Borrowing Agent or any Borrower:ValueVision Media, Inc.6740 Shady Oak RoadEden Prairie, Minnesota 55344Attention: Chief Financial OfficerTelephone: (952) 943-6000Facsimile: (952) 943-6111with a copy to:Maslon, Edelman, Borman & Brand LLP3300 Wells Fargo Center90 South Seventh Street
 97




---



##### 



Minneapolis, Minnesota 55402Attention: William M. Mower, EsquireTelephone: (612) 672-8358Facsimile: (612) 642-8358
 Survival
 Severability
 Expenses
 Injunctive Relief
 Consequential Damages
 Captions
 98




---



##### 



Counterparts; Facsimile Signatures
 Construction
 Confidentiality; Sharing Information
 Publicity
 Certifications From Banks and Participants; USA PATRIOT Act
 99




---



##### 



100




---



##### 



VALUEVISION MEDIA, INC.By:
    /s/   FRANK ELSENBASTName:
    Frank ElsenbastTitle:
    Chief Financial
OfficerVALUEVISION INTERACTIVE, INC.By:
    /s/   FRANK ELSENBASTName:
    Frank ElsenbastTitle:
    Chief Financial
OfficerVVI FULFILLMENT CENTER, INC.By:
    /s/   FRANK ELSENBASTName:
    Frank ElsenbastTitle:
    Chief Financial
OfficerVALUEVISION MEDIA
ACQUISITIONS, INC.By:
    /s/   FRANK ELSENBASTName:
    Frank ElsenbastTitle:
    Chief Financial
OfficerVALUEVISION RETAIL, INC.By:
    /s/   FRANK ELSENBASTName:
    Frank ElsenbastTitle:
    Chief Financial
Officer




---



##### 



PNC BANK, NATIONAL ASSOCIATION,
As Lender and as AgentBy:
    /s/ BRUCE WEIDNERName:
    Bruce WeidnerTitle:
    Vice President200 South Wacker Drive, Suite 600Chicago, Illinois 60606
Commitment Percentage:  100%