Document:

Exhibit 3.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

	 	 

 

	Principal Amount: $1,000,000	 Dated as of August 10, 2021

Vistas Media Acquisition Company
Inc., a Delaware corporation (the “Maker”), promises to pay to the order of Vistas Media Sponsor, LLC or its registered
assigns or successors in interest (the “Payee”) the principal sum of One Million Dollars ($1,000,000) in lawful money
of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire
transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate
by written notice in accordance with the provisions of this Note.

 

	1.	Principal. The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date on which the Maker consummates an initial business combination (a “Business Combination”) with a target business (as described in its initial public offering prospectus dated August 6, 2020 (the “Prospectus”)). The principal balance may not be prepaid without the consent of the Payee.

 

	2.	Conversion Rights. The Payee has the right, but not the obligation, to convert this Note, in whole or in part, into private units (the “Units”) of the Maker containing the same securities as issued in the Maker’s initial public offering and as described in the Prospectus, by providing the Maker with written notice of its intention to convert this note at least one (1) business day prior to the closing of a Business Combination. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee, by (y) $10.00.

 

	 	(a)	Fractional Securities. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this note that would otherwise be converted into such fractional share.
	 	 	 
	 	(b)	Effect of Conversion. If the Maker timely receives notice of the Payee’s intention to convert this note at least one (1) business day prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the Business Combination closes. At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing of a Business Combination (assuming receipt of timely notice of conversion), issue and deliver to Payee, at Payee’s address or such other address requested by Payee, a certificate or certificates for the number of Units to which Payee is entitled upon such conversion (bearing such legends as are customary pursuant to applicable state and federal securities laws), including a check payable to Payee for any cash amounts payable as a result of any fractional shares as described herein.
	3.	Interest. No interest shall accrue on the unpaid principal balance of this Note.
	 	 
	4.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.
	 	 
	5.	Events of Default. The following shall constitute an event of default (“Event of Default”):
	 	 	 	 

 

     

     

    

 

	 	(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.
	 	 	 
	 	(b)	Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
	 	 	 
	 	(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

	6.	Remedies.

 

	 	(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
	 	 	 
	 	(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.
	7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
	 	 
	8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.
	 	 
	9.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by facsimile or (v) sent by e-mail to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

     

     

    

 

If to Maker:

 

Vistas Media Acquisition Company Inc.

30 Wall Street, 8th Floor

New York, New York 10005

Attn: F. Jacob Cherian

Email: fjc@vmac.media

 

If to Payee:

Vistas Media Sponsor, LLC

30 Wall Street, 8th Floor

New York, New York 10005

Attn: F. Jacob Cherian

Email: fjc@vmac.media

 

Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected on
a signed delivery receipt, or (iv) two (2) business days following tender of delivery or dispatch by express mail or delivery service.

 

	10.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
	 	 
	11.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.
	 	 
	12.	Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
	 	 
	13.	No Claims Against Trust Account. The Payee has been provided a copy of the Prospectus. The Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the proceeds of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described in greater detail in the Prospectus, were placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from the trust account or any distribution therefrom for any reason whatsoever. If Maker does not consummate the Business Combination, this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.
	 	 
	14.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.
	 	 
	15.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.
	 	 
	16.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Promissory Note.

 

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IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.

	 	
     

    Vistas Media Acquisition Company Inc.

	 	 	 
	 	By: 	/s/ F. Jacob Cherian
	 	Name:	 F. Jacob Cherian
	 	Title: 	Chief Executive Officer, Secretary and Director

 

	Accepted and Agreed:	 
	 	 	 
	Vistas Media Sponsor, LLC	 
	 	 	 
	By:	/s/ F. Jacob Cherian	 
	Name:	 F. Jacob Cherian	 
	Title:	ManagerEX-4.1

 Exhibit 4.1 

SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of August 6, 2021, among CAESARS ENTERTAINMENT, INC.,
a Delaware corporation (“Parent”), CRC FINCO, INC., a Delaware corporation (“Finance”), CAESARS RESORT COLLECTION, LLC, a Delaware limited liability company and wholly-owned subsidiary of Parent (“CRC”,
and together with Finance, the “Issuers”), and U.S. BANK NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”). 

W I T N E S E T H : 
 WHEREAS,
CRC and Finance have heretofore executed and delivered to the Trustee and the original collateral agent an indenture, dated as of July 6, 2020, providing for the issuance of 5.750% Senior Secured Notes due 2025 (the “Notes”),
initially in the aggregate principal amount of $1,000,000,000, as supplemented by that certain supplemental indenture, dated as of July 20, 2020, by and among the Issuers, the Subsidiary Guarantors party thereto, the Trustee and the original
collateral agent, pursuant to which the Issuers assumed, jointly and severally, the obligations of Colt Merger Sub, Inc., a Delaware corporation (the “Escrow Issuer”) under the Notes and the Indenture, and the guarantors became
party thereto (as further amended, supplemented or otherwise modified, the “Indenture”); 
 WHEREAS, Parent desires to
fully and unconditionally guarantee (the “Note Guarantee”) all of the payment obligations of the Issuers under the Notes and the Indenture so as to make available certain exemptions from the financial statements requirements of
Moody’s Investors Service, Inc. (“Moody’s”) in connection with obtaining credit ratings from Moody’s. 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without
the consent of the holders of the Notes. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders. The
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

2. Parent Guarantee.     

(a) Subject to the provisions of this Section 2, Parent hereby irrevocably and unconditionally guarantees, on a senior unsecured basis, to
the holders of the Notes and to the Trustee the full and punctual payment (whether at stated maturity, by declaration of acceleration, upon required repurchase or otherwise) of the principal of, premium, if any, and interest on, and all other
amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Issuers under the Indenture. Upon failure by the Issuer to pay punctually any such amount, Parent shall forthwith on demand pay the amount not so
paid at the place and in the manner specified in the Indenture. 
 (b) The obligations of Parent hereunder are unconditional and absolute
and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by: 

  
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 (i) any extension, renewal, settlement, compromise, waiver or release in
respect of any obligation of the Issuers under the Indenture or any Note, by operation of law or otherwise; 
 (ii) any
modification or amendment of or supplement to the Indenture or any Note; 
 (iii) any change in the corporate existence,
structure or ownership of the Issuers, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Issuers or their assets or any resulting release or discharge of any obligation of the Issuers contained in the Indenture
or any Note; 
 (iv) the existence of any claim, set-off or other rights which Parent
may have at any time against the Issuers, the Trustee or any other Person, whether in connection with the Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory
counterclaim; 
 (v) any invalidity or unenforceability relating to or against the Issuers for any reason of the Indenture or
any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Issuers of the principal of or interest on any Note or any other amount payable by the Issuers under the Indenture; or 

(vi) any other act or omission to act or delay of any kind by the Issuers, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to Parent’s obligations hereunder. 

(c) Parent’s obligations hereunder will remain in full force and effect until the earliest of (i) the defeasance or discharge of the
Notes, as provided in Article VIII of the Indenture, (ii) the date on which the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuers under the Indenture have been paid in full, (iii) the
date on which Parent ceases to be the 100% owner, directly or indirectly, of the Equity Interests of the Issuers and (iv) the date on which the Issuers notify the Trustee that the Note Guarantee is not required in order to maintain a credit
rating of the Notes from Moody’s or that the Issuers have elected not to obtain or maintain a credit rating of the Notes from Moody’s. 

(d) Parent irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any
requirement that at any time any action be taken by any Person against the Issuers or any other Person. 
 (e) Upon making any payment with
respect to any obligation of the Issuers under this Section 2, Parent will be subrogated to the rights of the payee against the Issuers with respect to such obligation, provided that Parent may not enforce either any right of subrogation, or
any right to receive payment in the nature of contribution, or otherwise, from any other guarantor under the Indenture, with respect to such payment so long as any amount payable by the Issuers hereunder or under the Notes or Indenture remains
unpaid. 
 (f) If acceleration of the time for payment of any amount payable by the Issuers under the Indenture or the Notes is stayed upon
the insolvency, bankruptcy or reorganization of the Issuers, all such amounts otherwise subject to acceleration under the terms of the Supplemented Indenture are nonetheless payable by Parent hereunder forthwith on demand by the Trustee or the
Holders. 

  
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 (g) The execution by Parent of this Supplemental Indenture evidences the Note Guarantee,
whether or not the person signing as an officer of Parent still holds that office at the time any payment under the Note Guarantee is due. 

(h) The Note Guarantee will terminate upon the earliest of (i) defeasance or discharge of the Notes, as provided in Article VIII of the
Indenture, (ii) the date on which the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuers under the Indenture have been paid in full, (iii) the date on which Parent ceases to be the 100%
owner, directly or indirectly, of the Equity Interests of the Issuers and (iv) the date on which the Issuers notify the Trustee that the Note Guarantee is not required in order to maintain a credit rating of the Notes from Moody’s or that
the Issuers have elected not to obtain or maintain a credit rating of the Notes from Moody’s. Upon delivery by the Issuers to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will
execute any documents reasonably required in order to evidence the release of Parent from its obligations under the Note Guarantee. 
 3.
Notices. All notices or other communications to the Issuers or Parent shall be given as provided in Section 14.02 of the Indenture. 

4. Execution and Delivery. The Issuers agree that the Notes shall remain in full force and effect notwithstanding the absence of any
endorsement of the Issuers or the Notes, and Parent agrees that its Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee. 

5. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. Notwithstanding anything to the contrary in this Supplemental Indenture, the Parent’s duties, responsibilities, liabilities and obligations under the Indenture and the Notes shall be
limited to those expressly set forth in this Supplemental Indenture. Without limiting the foregoing, Parent (i) shall not be deemed to make any representation or warranty set forth in the Indenture or the Notes, (ii) shall not be subject
to any affirmative covenant, negative covenant, financial covenant or other undertaking set forth in the Indenture or the Notes (except for those expressly set forth in this Supplemental Indenture) and (iii) shall not be deemed to have become
an “Issuer,” “Restricted Subsidiary” or “Subsidiary Guarantor” for any purpose under the Indenture or the Notes by virtue of its execution and delivery of this Supplemental Indenture. 

6. No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests in the Issuers or
of Parent or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or Parent under the Notes or the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

  
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 7. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 8. Trustee Makes No Representation. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture. 
 9. Counterparts. The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

10. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	CAESARS RESORT COLLECTION, LLC,
	as Issuer
		
	By:	 	 /s/ Bret Yunker

		 	Name: Bret Yunker
		 	Title: Chief Financial Officer
	
	CRC FINCO, INC.,
	as Issuer
		
	By:	 	 /s/ Bret Yunker

		 	Name: Bret Yunker
		 	Title: Chief Financial Officer
	
	CAESARS ENTERTAINMENT, INC.
	as Parent
		
	By:	 	 /s/ Bret Yunker

		 	Name: Bret Yunker
		 	Title: Chief Financial Officer

 (Signature Page to Second Supplemental Indenture – 5.750% Senior Secured Notes due 2025) 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Laurel Casasanta

		 	Name: Laurel Casasanta
		 	Title: Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	 /s/ Laurel Casasanta

		 	Name: Laurel Casasanta
		 	Title: Vice President

 (Signature Page to Second Supplemental Indenture – 5.750% Senior Secured Notes due 2025)

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