Document:

Exhibit
10.1

 

MULTIPLE
ADVANCE PROMISSORY NOTE

 

	$1,000,000 (the “Principal Amount”)	October 26, 2020

 

FOR
VALUE RECEIVED, Rivulet Films, Inc., a Delaware corporation with an address of 1206 E Warner Rd, Suite 101-I, Gilbert, AZ 85296
(“Company”), promises to pay to Lawrence M. Silver, an individual with an address of 55 E. Erie St. #2505,
Chicago IL, 60611, or his assignee, (“Lender”), the Principal Amount, or such lesser amount thereof as may
be outstanding from time to time, under the terms and provisions as set forth below.

 

1.          Advances.
Company may borrow under this promissory note (this “Note”) up to the Principal Amount on any Business Day
(as defined below) upon providing Lender irrevocable written notice prior to 12:00 p.m. Arizona time two (2) Business Days prior
to the borrowing date specifying the amount to be borrowed, and Lender shall advance the specified amount within two (2) Business
Days following receipt of such notice. For clarity, until the Maturity Date (as defined below), funds that have been borrowed
and repaid may be re-borrowed by providing such notice provided that the aggregate principal outstanding at any given time does
not exceed the Principal Amount.

 

Lender
is authorized to endorse the date and amount of each advance made hereunder and each payment of principal with respect thereto
on Schedule A attached hereto and made a part hereof, or on a continuation thereof which shall be attached hereto and made
a part hereof, which endorsement shall be conclusive and binding on the undersigned, absent manifest error, or to the items so
endorsed.

 

2.          Use
of Proceeds. All amounts advanced hereunder shall be primarily used by Company to pay production costs associated with the
movie production currently entitled “Please Baby Please.”

 

3.          Interest.
Interest shall accrue on the unpaid principal balance at rate of ten percent (10%) per annum until the entire principal balance
is paid in full. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed for each individual
advance made.

 

4.          Payments.
Company shall make payments under this Note as follows:

 

4.1       Maturity
Date. The entire balance outstanding under this Note, including accrued interest, is due and payable on the date that is twelve
months from the date shown above (the “Maturity Date”). All payments (including prepayments) made hereunder
shall be made by Company, without setoff or counterclaim, in United States Dollars and in immediately available funds to Lender
at the address set forth above.

 

4.2       Prepayments.
Company may prepay all or any portion of this Note at any time without penalty.

 

4.3       Use
of Other Funds. Any funds received by Company or its subsidiaries for the sole purpose of film financing, other than funds
received under this Note, shall first be used to pay any amounts outstanding under this Note.

 

5.          Security.
This Note is secured by (a) a first lien security interest on all of Company’s assets (including its equity interest in
PBP Productions LLC, an Arizona limited liability company), pursuant to a Security Agreement to be executed by Company (b) a guaranty
by Michael Witherill, (c) a guaranty by Aaron Klusman, and (d) a guaranty by Rivulet Media, Inc.

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6.          Default.
The existence or occurrence of any one or more of the following will constitute an “Event of Default” under
this Note:

 

6.1       Non-Performance.
Company’s failure to comply timely and fully with any of the terms or provisions of this Note, including, without limitation,
the failure to pay all amounts due within ten (10) days after the due date.

 

6.2       Bankruptcy;
Insolvency. Company being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or
Company committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against
Company of a voluntary or involuntary petition in bankruptcy or for the appointment of a receiver (and any involuntary petition
is not dismissed within thirty (30) days from the filing thereof); or if there commences under any law relating to bankruptcy,
insolvency, reorganization or relief of debtors, proceedings affecting any significant part of Company’s property or for
the composition, extension, arrangement, or adjustment of any of their respective obligations; or if a writ of attachment, execution,
or any similar process is issued or levied against any significant part of Company’s property that is not released, stayed,
bonded, or vacated within a reasonable time after its issue or levy.

 

7.           Representations
and Warranties of Company. Company represents and warrants to Lender, which representations and warranties shall be deemed
to be repeated or confirmed upon each request for an advance hereunder, that: (a) Company is a corporation duly organized, validly
existing, and in good standing under the laws of Delaware and has full power, authority, and legal right to own its property and
assets and to transact the business in which it is engaged; (b) Company has full power, authority and legal right to execute and
deliver, and to perform its obligations under, this Note, and has taken all necessary corporate and legal action to authorize
the borrowing evidenced hereby on the terms and conditions of this Note, and to authorize the execution and delivery of this Note
and the performance of its obligations hereunder; (c) this Note constitutes a legal, valid, and binding obligation of Company
enforceable in accordance with its terms; (d) the execution, delivery, and performance of this Note, and the use of the proceeds
of the borrowings evidenced hereby, will not violate any provision of any law or regulation or of any judgment, order, decree,
determination, or award of any court, arbitrator, or government authority, or of the charter or bylaws or other corporate rules
of Company or of any other loan or security agreement, lease, contract, or other agreement, instrument, or undertaking to which
Company is a party or which purports to be binding upon it or any of its property or assets.

 

8.          Acceleration.
In addition to all other rights and remedies at law and/or equity Lender may have if an Event of Default occurs, Lender may, at
its option without further notice to Company, declare immediately due and payable the unpaid principal balance of this Note together
with all other sums owed by Company under this Note.

 

9.          Notices.
All notices that Company or Lender is required or permitted to give under this Note shall be delivered to the addresses of Company
or Lender set forth in the opening paragraph.

 

10.        Severability.
If any term or provision of this Note is, to any extent, determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Note will not be affected, and the invalid or enforceable term or provision will be reduced or otherwise
modified by the court or authority only to the minimum extent necessary to make it valid and enforceable. If any term or provision
cannot be reduced or modified to make it reasonable and permit its enforcement, it will be severed from this Note and the remaining
terms will be interpreted in a way as to give maximum validity and enforceability to this Note. It is the intention of Company
that, if any provision of this Note is capable of two constructions, one of which would render the provisions void and the other
of which would render the provisions valid, then the provision will have the meaning that renders it valid.

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11.          Time
of the Essence. Time is of the essence of this Note. Whenever notice must be given, payment made, document delivered, or an
act done under this Note on a day that is not a Business Day, the notice may be given, payment made, document delivered, or act
done on the next following day that is a Business Day. “Business Day” means a day other than a Saturday, Sunday,
or a day observed as a legal holiday by the United States government or the State of Arizona.

 

12.          Governing
Law; Jurisdiction and Venue. This Note is to be governed by and interpreted in accordance with the laws of the State of Arizona.
Any legal action or proceeding with respect to this Note or any document related hereto shall be brought in Maricopa County, Arizona
in any court of competent jurisdiction, and, by execution and delivery of this Note, Company and Lender hereby accept the jurisdiction
and venue of such courts.

 

13.         Successors
and Assigns. This Note shall be binding upon and inure to the benefit of Company and Lender and their respective successors
and permitted assigns. Company may not voluntarily or involuntarily transfer, convey, or assign this Note, or any of its duties
or obligations hereunder, without Lender’s prior written consent, which may be withheld for any reason, or for no reason
at all. As used herein, the term “Lender” means and includes the successors and permitted assigns of Lender.

 

14.         Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Company,
which is absolute and unconditional, to pay the principal amount and accrued interest of this Note at the time, place, and rate,
and in the currency, herein prescribed. This Note is a direct debt obligation of Company.

 

15.         Attorneys’
Fees and Costs. Each party shall bear its own expenses in connection with the issuance of this Note; provided, however, that
if any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled
to its reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled.

 

16.          No
Waiver by Lender. No delay or failure of Lender in exercising any right hereunder shall affect such right, nor shall any single
or partial exercise of any right preclude further exercise thereof.

 

17.          Further
Assurances. Company agrees to execute and deliver such further documents and to do such other acts and things as Lender may
reasonably request in order further to effect the purposes of this Note and the due performance by Company of its obligations
hereunder.

 

	 	COMPANY
	 	Rivulet
    Films, Inc.,
	 	a
    Delaware corporation
	 	 
	 	By: 	/s/ Michael
    Witherill
	 	 	Michael
    Witherill, CEO
	 	 
	 	 
	 	LENDER

                                                                      

	 	/s/
    Lawrence
    Silver 
	 	Lawrence
    M. Silver

 

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Schedule
A

Advances
Make Under Multiple Advance Promissory Note

 

	Date	Amount

        of
        Loan
	Amount
    of Principal Paid	Unpaid
    Principal Balance	Notation
    Made By
	 

         
	 	 	 	 
	 

         
	 	 	 	 
	 

         
	 	 	 	 

    4Exhibit 10.2

 

SECURITY
AGREEMENT

 

THIS
SECURITY AGREEMENT, dated October 26, 2020 (as amended, supplemented, or otherwise modified from time to time, this “Agreement”),
is made by and between Rivulet Films, Inc., a Delaware corporation with an address of 1206 E Warner Rd, Suite 101-I, Gilbert,
AZ 85296 (“Grantor”), and Lawrence M. Silver, an individual with an address of 55 E. Erie St. #2505, Chicago
IL, 60611 (“Secured Party”).

 

RECITALS

 

A.            Secured
Party has made or will make one or more advances (the “Loan”) to Grantor pursuant to that certain Multiple
Advance Promissory Note of even date herewith (as amended, supplemented, or otherwise modified from time to time, the “Note”)
made by Grantor payable to the order of Secured Party.

 

B.            This
Agreement is given by Grantor in favor of Secured Party to secure the payment and performance of all of the Secured Obligations
(as defined below).

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the mutual covenants, terms, and conditions herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.
          Definitions.

 

(a)           Unless
otherwise defined, terms used in this Agreement that are defined in the UCC have the meanings assigned to them in the UCC. However,
if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified
in Article 9.

 

(b)          For
purposes of this Agreement, the following terms have the following meanings:

 

“Collateral”
has the meaning set forth in Section 2.

 

“Event
of Default” has the meaning set forth in the Note.

 

“First
Priority” means, with respect to any lien and security interest purported to be created in any Collateral pursuant to
this Agreement, such lien and security interest is the most senior lien to which such Collateral is subject (subject only to liens
permitted under the Note).

 

“Proceeds”
means “proceeds” as such term is defined in section 9-102 of the UCC and, in any event, includes, without limitation,
all dividends or other income from the Collateral, collections thereon or distributions with respect thereto.

 

“Secured
Obligations” has the meaning set forth in Section 3.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of Arizona or, when the laws of any other state
govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial
Code as in effect from time to time in such state.

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2.
         Grant of Security Interest. Grantor hereby pledges and grants to Secured Party,
and hereby creates a continuing First Priority lien and security interest in favor of Secured Party in and to all of its right,
title, and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or
acquired (collectively, the “Collateral”):

 

(a)
          all fixtures and personal property of every kind and nature (including all
of Grantor’s equity interest in PBP Productions LLC, an Arizona limited liability company (“PBP Productions”)),
including all accounts, goods (including inventory and equipment), documents (including, if applicable, electronic documents),
instruments, promissory notes, chattel paper (whether tangible or electronic), letters of credit, letter-of-credit rights (whether
or not the letter of credit is evidenced by a writing), securities and all other investment property, general
intangibles (including all payment intangibles), money, deposit accounts, and any other contract rights or rights to
the payment of money; and

 

(b)           all Proceeds
and products of each of the foregoing, all books and records relating to the foregoing, all supporting obligations
related thereto, and all accessions to, substitutions and replacements for, and rents, profits and products of, each
of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Grantor
from time to time with respect to any of the foregoing.

 

3.
         Secured Obligations. The Collateral secures the due and prompt payment and performance
of:

 

(a)            the
obligations of Grantor from time to time arising under the Note, this Agreement, or otherwise with respect to the due and prompt
payment of (i) the principal of and premium and interest, if any, on the Loan (including any interest accruing during the pendency
of any bankruptcy, insolvency, receivership, or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment, or otherwise, and (ii) all other
monetary obligations, including fees, costs, attorneys’ fees and disbursements, reimbursement obligations, contract causes
of action, expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
of Grantor under or in respect of the Note and this Agreement; and

 

(b)          all
other covenants, duties, debts, obligations, and liabilities of any kind of Grantor under or in respect of the Note, this Agreement,
or any other document made, delivered, or given in connection with any of the foregoing, in each case whether evidenced by a note
or other writing, whether allowed in any bankruptcy, insolvency, receivership, or other similar proceeding, whether arising from
an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification, or otherwise, and whether
primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed
or otherwise (all such obligations, covenants, duties, debts, liabilities, sums and expenses set forth in Section 3 are collectively
the “Secured Obligations”).

 

4.          Perfection of Security Interest and Further Assurances.

 

(a)           Grantor
will, from time to time, as may be required by Secured Party with respect to all Collateral, take all actions as may be requested
by Secured Party to perfect the security interest of Secured Party in the Collateral, including, without limitation, with respect
to all Collateral over which control may be obtained within the meaning of sections 8-106, 9-104, 9-105, 9-106, and 9-107 of the
UCC, as applicable, Grantor will take all actions as may be requested from time to time by Secured Party so that control of such
Collateral is obtained and at all times held by Secured Party. All of the foregoing will be at the sole cost and expense of Grantor.

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(b)           Grantor
irrevocably authorizes Secured Party at any time and from time to time to file in any relevant jurisdiction any financing statements
and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing
of any financing statement or amendment relating to the Collateral, including any financing or continuation statements or other
documents for the purpose of perfecting, confirming, continuing, enforcing, or protecting the security interest granted by Grantor
hereunder, without the signature of Grantor where permitted by law, including the filing of a financing statement describing the
Collateral as all assets now owned or hereafter acquired by Grantor, or words of similar effect. Grantor agrees to provide all
information required by Secured Party pursuant to this section promptly to Secured Party upon request.

 

(c)           If
Grantor at any time holds or acquires any certificated securities, promissory notes, tangible chattel paper, negotiable documents,
or warehouse receipts relating to the Collateral, Grantor will endorse, assign and deliver the same to Secured Party, accompanied
by such instruments of transfer or assignment duly executed in blank as Secured Party may from time to time specify.

 

(d)           If
any Collateral is at any time in the possession of a bailee, Grantor will promptly notify Secured Party and, at Secured Party’s
request and option, will promptly obtain an acknowledgment from the bailee, in form and substance satisfactory to Secured Party,
that the bailee holds such Collateral for the benefit of Secured Party and the bailee agrees to comply, without further consent
of Grantor, at any time with instructions of Secured Party as to such Collateral.

 

(e)           Grantor
agrees that at any time and from time to time, at the expense of Grantor, Grantor will promptly execute and deliver all further
instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary or desirable,
or that Secured Party may request, in order to create and/or maintain the validity, perfection or priority of and protect any
security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and
remedies hereunder or under any other agreement with respect to any Collateral.

 

(f)           Secured
Party agrees that, unless an Event of Default has occurred and is continuing, Grantor may, to the extent Grantor has such right,
vote and give consents, ratifications, and waivers with respect to its interest in PBP Productions, except to the extent that,
in Secured Party’s reasonable judgment, any such vote, consent, ratification, or waiver would detract from the value thereof
as Collateral or which could be inconsistent with or result in any violation of any provision of this Agreement.

 

(g)           Secured
Party agrees that Grantor may, unless an Event of Default has occurred and is continuing, receive and retain all dividends and
other distributions with respect to its interest in PBP Productions.

 

5.
         Representations and Warranties. Grantor represents and warrants as follows:

 

(a)           At
the time the Collateral becomes subject to the lien and security interest created by this Agreement, Grantor will be the sole,
direct, legal, and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option, or right
of others except for the security interest created by this Agreement.

 

(b)           The
pledge of the Collateral pursuant to this Agreement creates a valid and perfected First Priority security interest in the Collateral,
securing the payment and performance when due of the Secured Obligations.

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(c)           It
has full power, authority, and legal right to borrow the Loan and pledge the Collateral pursuant to this Agreement.

 

(d)           This
Agreement and the Note have each been duly authorized, executed, and delivered by Grantor and constitutes a legal, valid, and
binding obligation of Grantor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium, or other similar laws affecting creditors’ rights generally and subject to equitable principles (regardless
of whether enforcement is sought in equity or at law).

 

(e)           No
authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the borrowing of the Loan and the pledge by Grantor of the Collateral pursuant to this Agreement or for the execution
and delivery of this Agreement by Grantor or the performance by Grantor of its obligations thereunder.

 

(f)           The
execution and delivery of the Note and this Agreement by Grantor and the performance by Grantor of its obligations thereunder
will not violate any provision of any applicable law or regulation or any order, judgment, writ, award, or decree of any court,
arbitrator, or governmental authority, domestic or foreign, applicable to Grantor or any of its property, or the organizational
or governing documents of Grantor or any agreement or instrument to which Grantor is party or by which it or its property is bound.

 

6.
         Covenants. Grantor covenants as follows:

 

(a)          
Grantor will not, without providing at least 30 days’ prior written notice to Secured Party, change its legal name,
location of its residence, or its taxpayer identification number. Grantor will, prior to any change described in the
preceding sentence, take all actions requested by Secured Party to maintain the perfection and priority of Secured
Party’s security interest in the Collateral.

 

(b)           Grantor
will, at its own cost and expense, defend title to the Collateral and the First Priority lien and security interest of Secured
Party therein against the claim of any person claiming against or through Grantor and will maintain and preserve such perfected
First Priority lien and security interest for so long as this Agreement remains in effect.

 

(c)           Grantor
will not sell, offer to sell, dispose of, convey, assign, or otherwise transfer, grant any option with respect to, restrict, or
grant, create, permit, or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance
or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein except with the
prior written consent of Secured Party.

 

(d)           Grantor
will pay promptly when due all taxes, assessments, governmental charges, and levies upon the Collateral or incurred in connection
with the use or operation of the Collateral or incurred in connection with this Agreement.

 

7.
         Secured Party Appointed Attorney-in-Fact. Grantor hereby appoints Secured Party
as Grantor’s attorney-in-fact, with full authority in the place and stead of Grantor and in the name of Grantor or otherwise,
from time to time in Secured Party’s discretion to take any action and to execute any instrument which Secured Party may
deem necessary or advisable to accomplish the purposes of this Agreement (but Secured Party will not be obligated to and will
have no liability to Grantor or any third party for failure to do so or take action). This appointment, being coupled with an
interest, is irrevocable. Grantor hereby ratifies all actions that attorneys lawfully do or cause to be done by virtue hereof.

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8.
         Secured Party May Perform. If Grantor fails to perform any obligation contained
in this Agreement, Secured Party may itself perform, or cause performance of, such obligation, and the expenses of Secured Party
incurred in connection therewith will be payable by Grantor, provided that Secured Party will not be required to perform or discharge
any obligation of Grantor.

 

9.
         Reasonable Care. Secured Party will have no duty with respect to the care and
preservation of the Collateral beyond the exercise of reasonable care. Secured Party will be deemed to have exercised reasonable
care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially
equal to that which Secured Party accords its own property, it being understood that Secured Party will not have any responsibility
for (a) ascertaining or taking action with respect to any claims, the nature or sufficiency of any payment or performance by any
party under or pursuant to any agreement relating to the Collateral or other matters relative to any Collateral, whether or not
Secured Party has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against
any parties with respect to any Collateral. Nothing set forth in this Agreement nor the exercise by Secured Party of any of the
rights and remedies hereunder relieves Grantor from the performance of any obligation on Grantor’s part to be performed
or observed in respect of any of the Collateral.

 

10.        Remedies
Upon Default.

 

(a)           If
any Event of Default has occurred and is continuing, Secured Party, without any other notice to or demand upon Grantor, may assert
all rights and remedies of a secured party under the UCC or other applicable law, including, without limitation, the right to
take possession of, hold, collect, sell, lease, deliver, grant options to purchase, or otherwise retain, liquidate, or dispose
of all or any portion of the Collateral. If notice prior to disposition of the Collateral or any portion thereof is necessary
under applicable law, written notice mailed to Grantor at its notice address as provided in Section 14 ten (10) days prior to
the date of such disposition will constitute reasonable notice, but notice given in any other reasonable manner is sufficient.
So long as the sale of the Collateral is made in a commercially reasonable manner, Secured Party may sell such Collateral on such
terms and to such purchaser(s) as Secured Party in its absolute discretion may choose, without assuming any credit risk and without
any obligation to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any
other methods of sale, the sale of the Collateral or any portion thereof will have been made in a commercially reasonable manner
if conducted in conformity with reasonable commercial practices of creditors disposing of similar property. At any sale of the
Collateral, if permitted by applicable law, Secured Party may be the purchaser, licensee, assignee, or recipient of the Collateral
or any part thereof and will be entitled, for the purpose of bidding and making settlement or payment of the purchase price for
all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations
as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale. To the extent permitted
by applicable law, Grantor waives all claims, damages, and demands it may acquire against Secured Party arising out of the exercise
by it of any rights hereunder. Grantor hereby waives and releases to the fullest extent permitted by law any right or equity of
redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the
Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by applicable
law, Secured Party or any custodian may bid for and purchase all or any part of the Collateral so sold free from any such right
or equity of redemption. Neither Secured Party nor any custodian will be liable for failure to collect or realize upon any or
all of the Collateral or for any delay in so doing, nor will it be under any obligation to take any action whatsoever with regard
thereto. Grantor agrees that it would not be commercially unreasonable for Secured Party to dispose of the Collateral or any portion
thereof by utilizing internet sites that provide for the auction of assets of the type included in the Collateral or that have
the reasonable capability of doing so, or that match buyers and sellers of assets. Secured Party is not obligated to clean-up
or otherwise prepare the Collateral for sale.

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(b)           If
any Event of Default has occurred and is continuing, any cash held by Secured Party as Collateral and all cash Proceeds received
by Secured Party in respect of any sale of, collection from, or other realization upon all or any part of the Collateral will
be applied in whole or in part by Secured Party to the payment of expenses incurred by Secured Party in connection with the foregoing
or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Secured
Party hereunder, including reasonable attorneys’ fees, and the balance of such proceeds will be applied or set off against
all or any part of the Secured Obligations in such order as Secured Party elects. Any surplus of such cash or cash Proceeds held
by Secured Party and remaining after payment in full of all the Secured Obligations will be paid over to Grantor or to whomsoever
may be lawfully entitled to receive such surplus. Grantor remains liable for any deficiency if such cash and the cash Proceeds
of any sale or other realization of the Collateral are insufficient to pay the Secured Obligations and the fees and other charges
of any attorneys employed by Secured Party to collect such deficiency.

 

(c)           If
Secured Party chooses to exercise its rights to sell all or any of the Collateral pursuant to this section, Grantor agrees that,
upon request of Secured Party, Grantor will, at its own expense, do or cause to be done all such acts and things as may be necessary
to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.

 

11.
       No Waiver and Cumulative Remedies. Secured Party shall not by any act (except
by a written instrument pursuant to Section 13), delay, indulgence, omission, or otherwise be deemed to have waived any right
or remedy hereunder or to have acquiesced in any default or Event of Default. All rights and remedies provided are cumulative
and are not exclusive of any rights or remedies provided by law.

 

12.
       Security Interest Absolute. To the extent permitted by applicable law, Grantor
waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received
or delivered, or other action taken in reliance hereon and all other demands and notices of any description. All rights of Secured
Party and liens and security interests hereunder, and all Secured Obligations of Grantor hereunder, is absolute and unconditional
irrespective of:

 

(a)           any
illegality or lack of validity or enforceability of any Secured Obligation or any related agreement or instrument;

 

(b)           any
change in the time, place or manner of payment of, or in any other term of, the Secured Obligations, or any rescission, waiver,
amendment or other modification of the Note, this Agreement or any other agreement, including any increase in the Secured Obligations
resulting from any extension of additional credit or otherwise;

 

(c)           any
taking, exchange, substitution, release, impairment, or non-perfection of any Collateral or any other collateral, or any taking,
release, impairment, amendment, waiver, or other modification of any guaranty, for all or any of the Secured Obligations;

 

(d)           any
manner of sale, disposition, or application of proceeds of any Collateral or any other collateral or other assets to all or part
of the Secured Obligations;

 

(e)           any
default, failure or delay, willful or otherwise, in the performance of the Secured Obligations;

 

(f)            any
defense, set-off, or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be
asserted by, Grantor against Secured Party; or

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(g)           any
other circumstance (including, without limitation, any statute of limitations) or manner of administering the Loan or any existence
of or reliance on any representation by Secured Party that might vary the risk of Grantor or otherwise operate as a defense available
to, or a legal or equitable discharge of, Grantor or any other grantor, guarantor or surety.

 

13.
       Amendments. This Agreement may not be amended, modified, supplemented, terminated,
or waived unless in writing and signed by the parties.

 

14.
       Notices. All notices and other communications provided for in this Agreement
must be given in the manner set forth in the Note.

 

15.       Continuing
Security Interest; Further Actions. This Agreement creates a continuing First Priority lien and security interest in the Collateral
and will (a) subject to Section 16, remain in full force and effect until payment and performance in full of the Secured Obligations,
(b) be binding upon Grantor, its successors, and assigns, and (c) inure to the benefit of Secured Party and its successors, transferees,
and assigns; provided that Grantor may not assign or otherwise transfer any of its rights or obligations under this Agreement
without the prior written consent of Secured Party.

 

16.
       Termination; Release. On or promptly after the date on which all Secured Obligations
have been paid and performed in full, Secured Party will, at the request and sole expense of Grantor, (a) duly assign, transfer
and deliver to or at the direction of Grantor (without recourse and without any representation or warranty) such of the Collateral
as may then remain in the possession of Secured Party, together with any monies at the time held by Secured Party hereunder, and
(b) execute and deliver to Grantor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement.

 

17.
       Governing Law. This Agreement and any claim, controversy, dispute, or cause of
action based upon, arising out of, or relating to this Agreement will be governed by and construed in accordance with the laws
of the State of Arizona.

 

18.
       Counterparts. This Agreement may be executed in counterparts, each of which will
constitute an original, and all taken together will constitute a single contract.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	GRANTOR
	 	Rivulet Films, Inc.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Michael Witherill
	 	 	Michael Witherill, CEO
	 	 	 
	 	SECURED PARTY:

                     

	 	/s/ Lawrence  Silver
	 	Lawrence M. Silver

    7

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