Document:

Exhibit 10.19

 

TENTH AMENDMENT TO CREDIT AGREEMENT

 

This TENTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is dated as of March 27, 2020 (the “Tenth Amendment Date”)
and is entered into among Products Licensing LLC (the “Products”), Playboy Enterprises International, Inc.,
(“Parent”), Playboy Enterprises, Inc. (“PEI”), and Yandy Enterprises LLC (f/k/a Y Acquisition
Co. LLC), a Delaware limited liability company (the “New Borrower” and together with Products, Parent, and PEI
, collectively, “Borrowers”), DBD Credit Funding LLC, as Administrative Agent, and the Lenders whose signatories
are affixed hereto.

 

RECITALS

 

WHEREAS, the Borrowers,
certain Lenders, and Administrative Agent have entered into that certain Credit Agreement dated as of June 24, 2014 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit
Agreement”; capitalized terms used (including in the preamble and recitals hereto) but not defined herein shall have
the meanings assigned to such terms in the Credit Agreement as amended hereby);

 

WHEREAS, Borrowers
and the Required Lenders have agreed to certain modifications to the Credit Agreement, including changes to the required amortization
and excess cash flows prepayments of the Loan under the Credit Agreement;

 

WHEREAS, since the
date of the Ninth Amendment to the Credit Agreement, there have been a number of assignments of portions of the Loan to a new Lender,
which transfers are intended to be memorialized herein; and

 

WHEREAS, Borrowers,
the Required Lenders party hereto, and Administrative Agent desire to amend the Credit Agreement to effect the agreed changes,
all as set forth herein.

 

NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Amendments
to Credit Agreement. The Credit Agreement is hereby amended as follows:

 

(a)          The
definition of “Amortization Payment Amount” set forth in Section 1.01 of the Credit Agreement is hereby amended
and restated to read as follows:

 

““Amortization Payment
Amount” means, for each Quarterly Settlement Period, the amount due on the Quarterly Settlement Date for such Quarterly
Settlement Period set forth below (in each case, except as reduced pursuant to Section 2.06(b)(ix)):

 

    

     

    

 

	Ending Date of Quarterly Settlement Period	 	Amortization Payment Amount	 
	March 31, 2020	 	$	0	 
	June 30, 2020	 	$	0	 
	September 30, 2020	 	$	835,000.00	 
	December 31, 2021	 	$	835,000.00	 
	March 31, 2021	 	$	1,252,500.00	 
	June 30, 2021	 	$	1,252,500.00	 
	September 30, 2021	 	$	1,252,500.00	 
	December 31, 2021	 	$	1,252,500.00	 
	March 31, 2022	 	$	835,000.00	 
	June 30, 2022	 	$	835,000.00	 
	September 30, 2022	 	$	835,000.00	 
	December 31, 2022	 	$	835,000.00	 
	March 31, 2023	 	$	835,000.00	 
	June 30, 2023	 	$	835,000.00	 
	September 30, 2023	 	$	835,000.00	 
	December 31, 2023	 	$	835,000.00	 

 

(b)            Section 2.06(b)(i) of
the Credit Agreement is hereby amended and restated as follows:

 

“(i)     Excess
Cash Flow. Commencing with the first Settlement Date for the period ending March 31, 2019, and on each Settlement Date
thereafter (other than the Settlement Dates immediately following the Fiscal Quarters ended December 31, 2019, March 31,
2020, and June 30, 2020 , an amount equal to Excess Cash Flow, in each case as provided in Sections 8.03(a) and
(b). In addition, commencing with the first Settlement Date for the period ending March 31, 2021, and for each of the next
three (3) Settlement Dates, Borrowers shall make an additional mandatory payment of principal, equal to one-fourth (25%) of
the sum of (i) the greater of (x) 100% of Excess Cash Flow for the quarter ended March 31, 2020, less $1,000,000,
or (y) 63% of Excess Cash Flow for such quarter plus (ii)100% of Excess Cash Flowduring the quarter ending June 30, 2020.

 

    

     

    

 

(c)            Section 6.13
of the Credit Agreement is hereby amended and restated as follows:

 

“Section 6.13     Bank
Accounts. No Borrower shall open or maintain any bank account other than the Collection Accounts, the Fortress Excess Cash
Account, any other bank account for which an Account Control Agreement has been executed and delivered to the Administrative Agent
or with respect to which a Bank Instruction Letter has been delivered, and any Disqualified Account. Borrower Representative shall
provide Administrative Agent with one or more account control agreements covering all bank accounts of New Borrower, not later
than [April 30, 2020].”

 

(d)            A
new Section 10.20 is added the Credit Agreement reading as follows:

 

“Section 10.20.  Good Faith and Fair
Dealing.     Each Borrower hereby agrees that it will at all times act in good faith in observing and complying
with the terms and provisions of this Agreement, including  Borrower’s covenants hereunder, and that it will not take
any action, or engage in any conduct,  for the purpose of avoiding its obligations hereunder, or frustrating the exercise
by the Agent or any Lender of their rightful exercise of rights or remedies hereunder, it being understood that nothing contained
herein shall be interpreted  as limiting any Borrower’s access to the courts, or its rights under the Revised Bankruptcy
Code, 11 USC§§ 101 et seq.”

 

(e)            Attachment
A to this Amendment shall, effective January 1, 2020, substitute for existing Schedule 2.01(A) to the Credit Agreement.

 

2.            Delivery
of 2019 Annual Report. The date for delivery of the audited consolidated balance sheet of PEI and its Subsidiaries and the
unaudited balance sheet for Products and its Subsidiaries for the fiscal year ended 2019, together with a certificate signed a
Responsible Officer of the Borrower Representative (all set forth in further detail in Section 5(a) of the Credit Agreement)
is hereby extended to July 31, 2020, or such other later date that is approved by the Administrative Agent.

 

3.            Guaranty
and Security Agreement. Attached hereto as Annex II is an updated Schedule 4 to the Guaranty and Security Agreement
to reflect the change in name of “Y Acquisition Co. LLC” to “Yandy Enterprises LLC.”

 

4.            Effectiveness.
This Amendment shall be effective as of the Tenth Amendment Date when all of the following have been received by Administrative
Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent:

 

(a)            counterparts
of this Amendment duly executed by each of the Borrowers, the Administrative Agent, and Lenders constituting Required Lenders;

 

    

     

    

 

(b)            a
certificate of the secretary or other officer of each of the Borrowers, certifying as to the resolutions of the Borrowers’
board of directors or other appropriate governing body approving and authorizing the execution, delivery and performance of this
Amendment; ·

 

(c)            a
certificate of the secretary or other officer of the New Borrower, attaching a true, correct and complete copy of the amendment
to its Certificate of Incorporation changing its name to “Yandy Enterprises, Inc.”;

 

(d)            payment
to Agent of the Amendment Fee of $50,000; and

 

(e)            such
other information and documentation as the Administrative Agent may reasonably request.

 

5.            Release.
In consideration of the foregoing amendments to the Credit Agreement, Borrowers and the other Loan Parties signatory hereto or
who consent to this Amendment (on behalf of themselves and each of their respective Subsidiaries and Affiliates), and, to the extent
the same is claimed by right of, through or under any Borrower, for its past, present and future successors in title, representatives,
assignees, agents, officers, directors and shareholders, does hereby and shall be deemed to have forever remised, released and
discharged Lenders and Administrative Agent, and their respective Affiliates, and any of the respective successors-in-title, legal
representatives and assignees, past, present and future officers, directors, shareholders, trustees, agents, employees, consultants,
experts, advisors, attorneys and other professionals and all other persons and entities to whom any Lender or any of its Affiliates
would be liable if such persons or entities were found to be liable to any Borrower or any other Loan Party, or any of them (collectively
hereinafter the “Lender Parties”), from any and all manner of action and actions, cause and causes of action,
claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’
fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever
nature, whether in law, equity or otherwise (including without limitation those arising under 11 U.S.C. §§ 541-550 and
interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential
and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or
unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative,
asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore
accrue against any of the Lender Parties, whether held in a personal or representative capacity, and which are based on any act,
fact, event or omission or other matter, cause or thing occurring at or from any time prior to and including the date hereof in
any way, directly or indirectly arising out of, connected with or relating to the Credit Agreement or any of the other Loan Documents,
and the transactions contemplated hereby and thereby, and all other agreements, certificates, instruments and other documents and
statements (whether written or oral) related to any of the foregoing. Except for the obligations, assignments and agreements set
forth herein, each Borrower and each Loan Party hereby warrants, represents and agrees that it is fully aware of the provisions
of California Civil Code Section 1542, which provides as follows:

 

    

     

    

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

Each Borrower hereby
agrees that if and to the extent California law is applicable to the interpretation and enforcement of this letter agreement, each
such Person expressly agrees to incorporate California Civil Code Section 1542 into this letter agreement and thereupon voluntarily
waives the provisions of California Civil Code Section 1542, and any other similar law, as to any and all claims, demands,
causes of action, or charges, known or unknown, and further agree that this waiver is a material aspect of the consideration for
entering into letter agreement. Each Borrower hereby knowingly, voluntarily, intentionally and expressly waives and relinquishes
any and all rights and benefits that it may have under any provision of any jurisdiction that provides that a general release does
not extend to claims which the creditor does not know or suspect to exist in the creditor’s favor at the time of executing
the release, which if known by the creditor have materially affected the creditor’s settlement with the debtor, or any law
of the any state or territory of the United States or any foreign country or principle of common law that is similar or analogous.
Each Borrower hereby agrees and acknowledges that the foregoing waiver was separately bargained for. This waiver is an essential
term of this Amendment, without which Lenders would not have agreed to execute this Amendment. The release contained herein and
the related provisions shall survive the termination of the Credit Agreement and payment in full of the Obligations.

 

6.            Representations
and Warranties.

 

(a)            Each
Borrower hereby represents and warrants that, as of the date hereof: (i) it has all requisite power and authority to enter
into this Amendment and to carry out the transactions contemplated hereby; (ii) the execution and delivery of this Amendment,
and performance of this Amendment and the Credit Agreement as amended hereby, have been duly authorized by all necessary corporate
or other organizational action on the part of such Borrower; (iii) this Amendment has been duly executed and delivered; and
(iv) this Amendment (and the Credit Agreement as amended hereby) is the legally valid and binding obligation of such Borrower,
enforceable against such Borrower in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principle of equity, regardless of
whether considered in a proceeding in equity or at law.

 

(b)            Each
Borrower hereby represents and warrants that, as of the date hereof, except as set forth in Annex I hereto, no changes to
Schedule 4.01, 4.06 and 4.07 of the Credit Agreement are necessary to make the corresponding representations and warranties in
the Credit Agreement true, correct and complete as of the date hereof.

 

(c)            Each
Borrower hereby represents and warrants that, as of the date hereof, to the best of its knowledge, no Default or Event of Default
has occurred and is continuing under the Credit Agreement or any of the other Loan Documents (in each case, as amended hereby).

 

    

     

    

 

7.            Counterparts;
Severability; Integration. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement via fax or in “.pdf’
format by electronic mail shall be binding, and as effective as delivery of a manually executed counterpart, and may be used as
admissible evidence that the party so transmitting intends to be bound by the terms set forth herein. All provisions of this Amendment
are severable, and the unenforceability or invalidity of any of the provisions of this Amendment shall not affect the validity
or enforceability of the remaining provisions of this Amendment. Should any part of this Amendment be held invalid or unenforceable
in any jurisdiction, the invalid or unenforceable portion or portions shall be removed (and no more) only in that jurisdiction,
and the remainder shall be enforced as fully as possible (removing the minimum amount possible) in that jurisdiction. This Amendment
represents the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
agreements and understandings with respect thereto, both written and oral. This Amendment may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements of the parties. There are no promises, undertakings, representations or warranties
by any party hereto relative to the subject matter hereof not expressly set forth or referred to herein, and there are no unwritten
or oral agreements between the parties.

 

8.            Governing
Law: Consent to Jurisdiction: WAIVER OF JURY TRIAL. This Amendment and the rights and obligations of the parties hereunder
shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard for its
conflicts of laws principles. Sections 10.13 and 10.14 of the Credit Agreement are hereby incorporated by reference as if fully
stated herein. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

9.            Loan
Document; Successors and Assigns. This Amendment shall be deemed to be a Loan Document. This Amendment shall be binding upon
each of the Borrowers, the Lenders, the Administrative Agent, and each of their respective successors and permitted assigns and
shall inure to the benefit of the respective successors and permitted assigns of the parties hereto and any other indemnified parties
hereunder and their respective successors, permitted assigns and representatives.

 

10.            No
Other Modification. The amendments set forth in Section 1 herein are limited as specified and shall not constitute
or be deemed to constitute (i) an amendment, waiver or modification of, or consent to any deviation from, the terms and conditions
of the Credit Agreement or any other Loan Document, except as expressly set forth herein, or (ii) an agreement by the Administrative
Agent, or any Lender to consent to any future amendment, waiver, modification or consent with respect to any provision of the Credit
Agreement or any other Loan Document. Except as expressly set forth herein, the Credit Agreement and each other Loan Document shall
remain in full force and effect and are hereby confirmed and ratified in all respects, including with respect to any security interest
or Lien granted to the Administrative Agent pursuant to the terms of the Loan Documents. Upon the effectiveness of this Amendment,
on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
 “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement, as amended
and modified hereby.

 

    

     

    

 

11.            No
Waiver; Cumulative Remedies. No failure by Administrative Agent or any Lender to exercise any right, remedy, or option under
this Amendment or any other Loan Document, or delay by Administrative Agent or any Lender in exercising the same, will operate
as a waiver thereof. No waiver by Administrative Agent or any Lender will be effective unless it is in writing, and then only to
the extent specifically stated. No waiver by Administrative Agent or any Lender on any occasion shall affect or diminish Administrative
Agent’s and each Lender’s rights thereafter to require strict performance by each Borrower of any provision of this
Amendment. Administrative Agent’s and each Lender’s rights under this Amendment and the other Loan Documents will be
cumulative and not exclusive of any other right or remedy that Administrative Agent or any Lender may have.

 

12.            Costs
and Expenses. To the extent not already paid by Borrowers, Borrowers agree to reimburse Administrative Agent promptly for all
reasonable and documented out of pocket costs and expenses (including the reasonable legal fees and disbursements of its legal
counsel) in connection with the preparation and negotiation of this Amendment and/or all of the matters relating to the Loan referenced
herein.

 

[Remainder of page intentionally
left blank]

 

    

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year
first above written.

 

		BORROWERS
	 	 	 
	 	PRODUCTS LICENSING LLC
	 	 	 
	 	By:	/s/ David Israel
	 	Name: David Israel
	 	Title: Chief Financial Officer
	 	 	 
	 	PLAYBOY ENTERPRISES INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ David Israel
	 	Name: David Israel
	 	Title: Treasurer
	 	 	 
	 	PLAYBOY ENTERPRISES, INC.
	 	 	 
	 	By:	/s/ David Israel
	 	Name: David Israel
	 	Title: Treasurer
	 	 	 
	 	YANDY ENTERPRISES LLC
	 	 	 
	 	By:	/s/ David Israel
	 	Name: David Israel
	 	Title: Manager

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

	Administrative Agent:	 	 
	 	 	 
	 	DBD CREDIT FUNDING LLC
	 	 	 
	 	By:	/s/ Avraham Dreyfuss         
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial Officer

 

Signature Page to
Tenth Amendment to Credit Agreement

 

    

     

    

 

		DBDB FUNDING LLC
	 	 	 
	 	By:	/s/ Avraham Dreyfuss       
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial Officer

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

		FLF I AB HOLDINGS FINANCE L.P.
	 	 	 
	 	By:	FLF I AB Holdings Finance CM LLC, as Servicer
	 	By:	Fortress Lending I Holdings L.P., its sole member
	 	By:	Fortress Lending Advisors LLC, its investment manager
	 	 	 
	 	By:	/s/ Avraham Dreyfuss        
	 	Name: Avraham Dreyfuss
	 	Title: Authorized Signatory

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

		FLF I HOLDINGS FINANCE L.P.
	 	 	 
	 	By:	FLF I AB Holdings Finance CM LLC, as Servicer
	 	By:	Fortress Lending I Holdings L.P., its sole member
	 	By:	Fortress Lending Advisors LLC, its investment manager
	 	 	 
	 	By:	/s/ Avraham Dreyfuss        
	 	Name: Avraham Dreyfuss
	 	Title: Authorized Signatory

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

	 	FORTRESS CREDIT OPPORTUNITIES
IX CLO LIMITED
	 	 	 
	 	By:	FCOD CLO Management LLC, its collateral manager
	 	 	 
	 	By:	/s/ Avraham Dreyfuss               
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial Officer

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

		FORTRESS CREDIT OPPORTUNITIES VI CLO LIMITED 
	 	 	 
	 	By:	 FCOO CLO Management LLC, its collateral manager
	 	 	 
	 	By:	/s/
                                                    Avraham Dreyfuss             
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial Officer

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

	 	FORTRESS CREDIT OPPORTUNITIES
VII CLO LIMITED
	 	 	 
	 	By:	 FCO VII CLO CM LLC, its collateral manager
	 	 	 
	 	By:	/s/
    Avraham Dreyfuss            
	 	Name: Avraham Dreyfuss
	 	Title: Chief Financial Officer 

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

		FORTRESS CREDIT OPPORTUNITIES
XI CLO LIMITED
	 	 	 
	 	By: 	 FCOD CLO Management LLC, its collateral manager
	 	 	 
	 	By:	/s/ Avraham
    Dreyfuss                
	 	Name: Avraham
    Dreyfuss
	 	Title: Chief Financial Officer 

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

		FORTRESS LENDING I HOLDINGS L.P.
	 	 	 
	 	By: 	Fortress Lending Advisors LLC, its investment manager
	 	 	 
	 	By:	/s/ Avraham
    Dreyfuss          
	 	Name: Avraham
    Dreyfuss
	 	Title: Authorized Signatory

 

Signature
Page to Tenth Amendment to Credit Agreement

 

    

     

    

 

	 	MGG SPECIALTY FINANCE FUND II LP
	 	MGG SF EVERGREEN FUND LP
	 	MGG CANADA FUND LP
	 	MGG (BVI) LIMITED
	 	MGG SF EVERGREEN UNLEVERED FUND LP 

MGG SF DRAWDOWN UNLEVERED FUND II LP 

MGG SF DRAWDOWN UNLEVERED FUND II
	 	(LUXEMBOURG) SCSp
	 	MGG OFFSHORE FUNDING I, LLC
	 	MGG SF DRAWDOWN UNLEVERED MASTER FUND II (CAYMAN) LP
	 	MGG SF EVERGREEN UNLEVERED MASTER FUND II (CAYMAN) LP
	 	MGG INSURANCE FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	By: MGG Investment Group LP, on behalf of each of the above, as Authorized Signatory
	 	 
	 	By:	/s/ Kevin Griffin                      
	 	Name: Kevin Griffin
	 	Title: Chief Executive Officer

 

Signature
Page to Tenth Amendment to Credit AgreementExhibit 10.20

 

ELEVENTH AMENDMENT TO CREDIT AGREEMENT
AND WAIVER

 

This ELEVENTH AMENDMENT
TO CREDIT AGREEMENT AND WAIVER (this “Amendment and Waiver”) is dated as of January 4, 2021 (the “Eleventh
Amendment Date”) and is entered into among Products Licensing LLC (the “Products”), Playboy Enterprises
International, Inc., (“Parent”), Playboy Enterprises, Inc. (“PEI”), and Yandy Enterprises
LLC (f/k/a Y Acquisition Co. LLC), a Delaware limited liability company (the “New Borrower” and together with
Products, Parent, and PEI, collectively, “Borrowers”), DBD Credit Funding LLC, as Administrative Agent, and
the Lenders whose signatories are affixed hereto.

 

RECITALS

 

WHEREAS, the Borrowers,
certain Lenders, and Administrative Agent have entered into that certain Credit Agreement dated as of June 24, 2014 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, including by the
Tenth Amendment to Credit Agreement, dated as of March 27, 2020 (the “Tenth Amendment”), by and among the
Borrowers, the Administrative Agent and the lenders party thereto, the “Credit Agreement”; capitalized terms
used (including in the preamble and recitals hereto) but not defined herein shall have the meanings assigned to such terms in the
Credit Agreement as amended hereby);

 

WHEREAS, Borrowers
and the Required Lenders have agreed to certain modifications to the Credit Agreement, including changes to (i) remove the
Excess Cash Collateral Account and (ii) address the transfer of deposit accounts from City National Bank to Bank of California;

 

WHEREAS, (i) Section 2
of the Tenth Amendment obligates the Borrowers to deliver to the Administrative Agent the audited consolidated balance sheet of
PEI and its Subsidiaries and the unaudited balance sheet for Products and its Subsidiaries for the fiscal year ended 2019, together
with a certificate signed a Responsible Officer of the Borrower Representative for the fiscal year ended December 31, 2019
(the “2019 Audited Financial Statements”) on or before July 31, 2020, and (ii) the Borrowers delivered
the 2019 Audited Financial Statements on September 29, 2020;

 

WHEREAS, (i) Section 6.13
of the Credit Agreement provides that no Borrower shall open or maintain any bank account for which an Account Control Agreement
has not been executed and delivered to the Administrative Agent (the “Control Agreement Requirement”) and (ii) the
Borrowers have informed the Administrative Agent and the Lenders that the Parent intends to open a deposit account at the Bank
of California, National Association (the “Cash Collateral Account”) in connection with that certain $2,030,000
Irrevocable Standby Letter of Credit, issued on November 19, 2020 by Wells Fargo Bank, N.A. in favor of DE Park Avenue 10960,
LLC;

 

WHEREAS, Borrowers,
the Required Lenders party hereto, and Administrative Agent desire to (i) amend the Credit Agreement to effect the agreed
changes, (ii) waive any Default or Event of Default arising under the Credit Agreement as a result of the failure of the Borrowers
to deliver the 2019 Audited Financial Statements on or before July 31, 2020 and (iii) waive the Control Agreement Requirement
solely with respect to the Cash Collateral Account, all as set forth herein.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            Amendments
to Credit Agreement. The Credit Agreement is hereby amended as follows:

 

(a)           The
definition of “Collection Account” is hereby amended and restated as follows:

 

““Collection Account”
means each of the deposit accounts listed on Schedule I attached to the Collection Account Control Agreement.”

 

(b)           The
definition of “Collection Account Control Agreement” is hereby amended and restated as follows:

 

““Collection Account
Control Agreement” means the Deposit Account Control Agreement among Products, PEII, Yandy, the Administrative Agent
and Bank of California dated as of October 16, 2020 (as amended, restated, supplemented or otherwise modified from time to
time).”

 

(c)           The
defined term “Fortress Excess Cash Account” and each reference thereto is hereby deleted in its entirety.

 

(d)           Section 8.01(a) of
the Credit Agreement is hereby amended and restated as follows:

 

“(a)         Collection
Accounts. The Collection Accounts are subject to the Collection Account Control Agreement providing for the exercise by the
Administrative Agent of exclusive dominion and control over, including the sole right of withdrawal from, each Collection Account,
and will direct, by a Direction to Pay (or by other substantially similar instructions satisfactory to the Administrative), all
account debtors of the Loan Parties, including, without limitation, Licensees (or their agents), to make payments under or in connection
with the applicable Licenses and all other applicable agreements and other documentation directly to a Collection Account.”

 

(e)           Section 8.03(a) of
the Credit Agreement is hereby amended and restated as follows:

 

“(a)         Pre-Event of Default with a Loan to Value less than 85%.
Provided that (i) no Event of Default has occurred and is continuing and (ii)  the Loan to Value is less than 85%
as of the last day of the applicable Settlement Period, Borrowers may withdraw at any time during the Settlement Period all
amounts on deposit in the Collection Accounts. On or prior to the Quarterly Settlement Date for each Quarterly Settlement
Period, Borrowers shall pay the amounts required to be paid pursuant to Section 2.04 and 2.06 to Administrative Agent on
behalf of Lenders, as reflected in the Settlement Report provided by the Borrower Representative to the Administrative
Agent.”

 

     

     

    

 

(f)            Section 8.03(b)(8) of
the Credit Agreement is hereby amended and restated to read as follows:

 

“(8)         eighth,

 

i.          on
the first Monthly Settlement Date of each Quarterly Settlement Period, 33.33% of the lesser of (x) the Quarterly Estimate
of the estimated Excess Cash Flow for such Quarterly Settlement Period and (y) the actual Excess Cash Flow for the applicable
Monthly Settlement Period, to the Administrative Agent for the account of the Lenders as repayment of outstanding Obligations under
this Agreement;

 

ii.         on
the second Monthly Settlement Date of each Quarterly Settlement Period, 66.66% of the lesser of (x) the Quarterly Estimate
of the estimated Excess Cash Flow for such Quarterly Settlement Period and (y) the actual Excess Cash Flow for the applicable
Monthly Settlement Period, to the Administrative Agent for the account of the Lenders as repayment of outstanding Obligations under
this Agreement; and

 

iii.        on
the Quarterly Settlement Date of each Quarterly Settlement Period, to the Administrative Agent for the account of the Lenders as
repayment of outstanding Obligations hereunder in an amount equal to the aggregate Excess Cash Flow for such Quarterly Settlement
Period, provided that, the amount due pursuant to this Section 8.03(b)(8)(iii) shall be reduced by any payments made
to the Administrative Agent for the applicable Quarterly Settlement Period pursuant to sections 8.03(b)(8)(i) and (ii);”

 

(g)           Section 8.04
of the Credit Agreement is hereby amended and restated as follows:

 

“Section 8.04     [Reserved].”

 

2.             Waiver.
The Administrative Agent hereby (i) waives any Default or Event of Default that has arisen or may arise under the Credit Agreement
as a result of the failure of the Borrower to deliver to the Administrative Agent the 2019 Audited Financial Statements on or before
July 31, 2020 and (ii) waive the Control Agreement Requirement solely with respect to the Cash Collateral Account.

 

3.             Effectiveness.
This Amendment and Waiver shall be effective as of the Eleventh Amendment Date when all of the following have been received by
Administrative Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent:

 

(a)           counterparts
of this Amendment and Waiver duly executed by each of the Borrowers, the Administrative Agent, and Lenders constituting Required
Lenders; and

 

(b)           such
other information and documentation as the Administrative Agent may reasonably request.

 

     

     

    

 

4.             Release.
In consideration of the foregoing amendments to the Credit Agreement, Borrowers and the other Loan Parties signatory hereto or
who consent to this Amendment and Waiver (on behalf of themselves and each of their respective Subsidiaries and Affiliates), and,
to the extent the same is claimed by right of, through or under any Borrower, for its past, present and future successors in title,
representatives, assignees, agents, officers, directors and shareholders, does hereby and shall be deemed to have forever remised,
released and discharged Lenders and Administrative Agent, and their respective Affiliates, and any of the respective successors-in-title,
legal representatives and assignees, past, present and future officers, directors, shareholders, trustees, agents, employees, consultants,
experts, advisors, attorneys and other professionals and all other persons and entities to whom any Lender or any of its Affiliates
would be liable if such persons or entities were found to be liable to any Borrower or any other Loan Party, or any of them (collectively
hereinafter the “Lender Parties”), from any and all manner of action and actions, cause and causes of action,
claims, charges, demands, counterclaims, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, damages, judgments, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’
fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever
nature, whether in law, equity or otherwise (including without limitation those arising under 11 U.S.C. §§ 541-550 and
interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential
and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or
unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative,
asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore
accrue against any of the Lender Parties, whether held in a personal or representative capacity, and which are based on any act,
fact, event or omission or other matter, cause or thing occurring at or from any time prior to and including the date hereof in
any way, directly or indirectly arising out of, connected with or relating to the Credit Agreement or any of the other Loan Documents,
and the transactions contemplated hereby and thereby, and all other agreements, certificates, instruments and other documents and
statements (whether written or oral) related to any of the foregoing. Except for the obligations, assignments and agreements set
forth herein, each Borrower and each Loan Party hereby warrants, represents and agrees that it is fully aware of the provisions
of California Civil Code Section 1542, which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

     

     

    

 

Each Borrower hereby
agrees that if and to the extent California law is applicable to the interpretation and enforcement of this letter agreement, each
such Person expressly agrees to incorporate California Civil Code Section 1542 into this letter agreement and thereupon voluntarily
waives the provisions of California Civil Code Section 1542, and any other similar law, as to any and all claims, demands,
causes of action, or charges, known or unknown, and further agree that this waiver is a material aspect of the consideration for
entering into letter agreement. Each Borrower hereby knowingly, voluntarily, intentionally and expressly waives and relinquishes
any and all rights and benefits that it may have under any provision of any jurisdiction that provides that a general release does
not extend to claims which the creditor does not know or suspect to exist in the creditor’s favor at the time of executing
the release, which if known by the creditor have materially affected the creditor’s settlement with the debtor, or any law
of the any state or territory of the United States or any foreign country or principle of common law that is similar or analogous.
Each Borrower hereby agrees and acknowledges that the foregoing waiver was separately bargained for. This waiver is an essential
term of this Amendment and Waiver, without which Lenders would not have agreed to execute this Amendment and Waiver. The release
contained herein and the related provisions shall survive the termination of the Credit Agreement and payment in full of the Obligations.

 

5.             Representations
and Warranties.

 

(a)           Each
Borrower hereby represents and warrants that, as of the date hereof: (i) it has all requisite power and authority to enter
into this Amendment and Waiver and to carry out the transactions contemplated hereby; (ii) the execution and delivery of
this Amendment and Waiver, and performance of this Amendment and Waiver and the Credit Agreement as amended hereby, have been
duly authorized by all necessary corporate or other organizational action on the part of such Borrower; (iii) this Amendment
and Waiver has been duly executed and delivered; and (iv) this Amendment and Waiver (and the Credit Agreement as amended
hereby) is the legally valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its
respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principle of equity, regardless of whether considered in a proceeding in equity or at
law.

 

(b)           Each Borrower hereby represents and warrants that, as of
the date hereof, except as set forth in Annex I hereto, no changes to Schedule 4.01, 4.06 and 4.07 of the Credit
Agreement are necessary to make the corresponding representations and warranties in the Credit Agreement true, correct and
complete as of the date hereof.

 

(c)           Each
Borrower hereby represents and warrants that, as of the date hereof, to the best of its knowledge, no Default or Event of Default
has occurred and is continuing under the Credit Agreement or any of the other Loan Documents (in each case, as amended hereby).

 

6.             Counterparts;
Severability; Integration. This Amendment and Waiver may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement via
fax or in “.pdf’ format by electronic mail shall be binding, and as effective as delivery of a manually executed counterpart,
and may be used as admissible evidence that the party so transmitting intends to be bound by the terms set forth herein. All provisions
of this Amendment and Waiver are severable, and the unenforceability or invalidity of any of the provisions of this Amendment
and Waiver shall not affect the validity or enforceability of the remaining provisions of this Amendment and Waiver. Should any
part of this Amendment and Waiver be held invalid or unenforceable in any jurisdiction, the invalid or unenforceable portion or
portions shall be removed (and no more) only in that jurisdiction, and the remainder shall be enforced as fully as possible (removing
the minimum amount possible) in that jurisdiction. This Amendment represents the entire agreement of the parties hereto with respect
to the subject matter hereof and supersedes all prior negotiations, agreements and understandings with respect thereto, both written
and oral. This Amendment and Waiver may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements
of the parties. There are no promises, undertakings, representations or warranties by any party hereto relative to the subject
matter hereof not expressly set forth or referred to herein, and there are no unwritten or oral agreements between the parties.

 

     

     

    

 

7.             Governing
Law: Consent to Jurisdiction: WAIVER OF JURY TRIAL. This Amendment and the rights and obligations of the parties hereunder
shall be governed by, and construed and interpreted in accordance with, the law of the State of New York, without regard for its
conflicts of laws principles. Sections 10.13 and 10.14 of the Credit Agreement are hereby incorporated by reference as if fully
stated herein. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AND WAIVER AND FOR ANY COUNTERCLAIM THEREIN.

 

8.             Loan
Document; Successors and Assigns. This Amendment and Waiver shall be deemed to be a Loan Document. This Amendment and Waiver
shall be binding upon each of the Borrowers, the Lenders, the Administrative Agent, and each of their respective successors and
permitted assigns and shall inure to the benefit of the respective successors and permitted assigns of the parties hereto and any
other indemnified parties hereunder and their respective successors, permitted assigns and representatives.

 

9.             No
Other Modification. The amendments and waiver set forth in Section 1 herein are limited as specified and shall
not constitute or be deemed to constitute (i) an amendment, waiver or modification of, or consent to any deviation from, the
terms and conditions of the Credit Agreement or any other Loan Document, except as expressly set forth herein, or (ii) an
agreement by the Administrative Agent, or any Lender to consent to any future amendment, waiver, modification or consent with respect
to any provision of the Credit Agreement or any other Loan Document. Except as expressly set forth herein, the Credit Agreement
and each other Loan Document shall remain in full force and effect and are hereby confirmed and ratified in all respects, including
with respect to any security interest or Lien granted to the Administrative Agent pursuant to the terms of the Loan Documents.
Upon the effectiveness of this Amendment and Waiver, on and after the date hereof, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be
a reference to the Credit Agreement, as amended and modified hereby.

 

10.           No
Waiver; Cumulative Remedies. No failure by Administrative Agent or any Lender to exercise any right, remedy, or option under
this Amendment and Waiver or any other Loan Document, or delay by Administrative Agent or any Lender in exercising the same, will
operate as a waiver thereof. No waiver by Administrative Agent or any Lender will be effective unless it is in writing, and then
only to the extent specifically stated. No waiver by Administrative Agent or any Lender on any occasion shall affect or diminish
Administrative Agent’s and each Lender’s rights thereafter to require strict performance by each Borrower of any provision
of this Amendment and Waiver. Administrative Agent’s and each Lender’s rights under this Amendment and Waiver and the
other Loan Documents will be cumulative and not exclusive of any other right or remedy that Administrative Agent or any Lender
may have.

 

     

     

    

 

11.           Costs
and Expenses. To the extent not already paid by Borrowers, Borrowers agree to reimburse Administrative Agent promptly for all
reasonable and documented out of pocket costs and expenses (including the reasonable legal fees and disbursements of its legal
counsel) in connection with the preparation and negotiation of this Amendment and Waiver and/or all of the matters relating to
the Loan referenced herein.

 

[Remainder of page intentionally
left blank]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment and Waiver to be duly executed by their respective authorized officers as of the
day and year first above written.

 

 

		BORROWERS
	 	 
	 	PRODUCTS LICENSING LLC
	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Chief Financial Officer
	 	 	 
	 	PLAYBOY ENTERPRISES INTERNATIONAL, INC.
	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Treasurer
	 	 	 
	 	PLAYBOY ENTERPRISES, INC.
	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Treasurer
	 	 	 
	 	YANDY ENTERPRISES LLC
	 	 
	 	By:	/s/ David Israel
	 	Name:	David Israel
	 	Title:	Manager
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

	Administrative Agent:		 
	 	DBD CREDIT FUNDING LLC
	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

	Lenders:      		 
	 	FLF I AB HOLDINGS FINANCE L.P.
	 	 
	 	By: FLF I AB Holdings Finance CM LLC, as Servicer
	 	By: Fortress Lending I Holdings L.P., its sole member
	 	By: Fortress Lending Advisors LLC, its investment
	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

		FLF I HOLDINGS FINANCE L.P.
	 	 
	 	By: FLF I Holdings Finance CM LLC, as Servicer
	 	By: Fortress Lending I Holdings L.P., its member
	 	By: Fortress Lending Advisors LLC, its investment manager
	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

		FORTRESS CREDIT OPPORTUNITIES VI CLO LIMITED
	 	 
	 	By: FCOO CLO Management LLC, its collateral manager
	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

	 	FORTRESS CREDIT OPPORTUNITIES VII CLO LIMITED
	 	 
	 	By: FCO VII CLO CM LLC, its collateral manager
	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

		FORTRESS CREDIT OPPORTUNITIES IX CLO LIMITED
	 	 	 
	 	By: FCOD CLO Management LLC, its collateral manager
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

		FORTRESS CREDIT OPPORTUNITIES XI CLO LIMITED
	 	 
	 	By: FCOD CLO Management LLC, its collateral manager
	 	 	 
	 	By:	/s/ Constantine Dakolias
	 	Name:	Constantine Dakolias
	 	Title:	President
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

 

     

     

    

 

	 	MGG SPECIALTY FINANCE FUND II LP
	 	MGG SF EVERGREEN FUND LP
	 	MGG CANADA FUND LP
	 	MGG (BVI) LIMITED
	 	MGG SF EVERGREEN UNLEVERED FUND LP 

MGG SF DRAWDOWN UNLEVERED FUND II LP

 MGG SF DRAWDOWN UNLEVERED FUND II (LUXEMBOURG) SCSp
	 	MGG OFFSHORE FUNDING I, LLC
	 	MGG SF DRAWDOWN UNLEVERED MASTER FUND II (CAYMAN) LP
	 	MGG SF EVERGREEN UNLEVERED MASTER FUND II (CAYMAN) LP
	 	MGG INSURANCE FUND SERIES INTERESTS OF THE SALI MULTI-SERIES FUND, L.P.
	 	By: MGG Investment Group LP, on behalf of each of the above, as Authorized Signatory
	 	 	 
	 	By:	/s/ Kevin Griffin
	 	Name:	Kevin Griffin
	 	Title:	Chief Executive Officer
	 	 	 
	Signature Page to Eleventh Amendment to Credit Agreement and Waiver

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