Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 3 
 Dated
as of June 8, 2015 
 to 

CREDIT AGREEMENT 
 Dated as
of February 6, 2013 
 THIS AMENDMENT NO. 3 (this “Amendment”) is made as of June 8, 2015 by and among API
Technologies Corp., a Delaware corporation (the “Borrower”), the Lenders party hereto and Guggenheim Corporate Funding, LLC, as Agent for each member of the Lender Group (in such capacity, together with its successors and assigns,
the “Agent”), under that certain Credit Agreement, dated as of February 6, 2013, by and among the Borrower, the Lenders and the Agent (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 

WHEREAS, the Borrower has requested that (a) the Lenders and the Agent agree to certain amendments to the Credit Agreement and
(b) certain Lenders (the “Amendment No. 3 Incremental Lenders”) make available to the Borrower a term loan in an aggregate principal amount equal to $85 million (the “Amendment No. 3 Incremental Term
Loan”); 
 WHEREAS, (a) the Borrower, the Lenders party hereto and the Agent have agreed to such amendments and (b) the
Amendment No. 3 Incremental Lenders have agreed to provide their Pro Rata Share of the Amendment No. 3 Incremental Term Loan, in each case, on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Agent hereby agree to enter into this Amendment. 

1. Amendment No. 3 Incremental Term Loan. Subject to the terms and conditions of this Amendment, on the Amendment No. 3
Effective Date (as defined below), each Amendment No. 3 Incremental Lender agrees (severally, not jointly or jointly and severally) to make the Amendment No. 3 Incremental Term Loan to Borrower in an amount equal to 98.5% of such Amendment
No. 3 Incremental Lender’s commitment as set forth in Annex I hereto. Notwithstanding the fact that the Amendment No. 3 Incremental Term Loan may be issued at a discount, all payments and calculations hereunder shall be based
on the aggregate amount of the Amendment No. 3 Incremental Term Loan. Notwithstanding anything to the contrary in the Credit Agreement, each Lender hereby consents to the incurrence of the Amendment No. 3 Incremental Term Loan and for the
Amendment No. 3 Incremental Term Loan to be treated in the same manner as the Term Loan made on the Closing Date for all purposes of the Credit Agreement and references to Term Loan and Term Loan Amount shall be deemed to include the Amendment
No. 3 Incremental Term Loan, except as expressly provided herein to the contrary. For the avoidance of doubt, the Amendment No. 3 Incremental Term Loan shall have the same maturity date as the Term Loan and shall share ratably in all
mandatory and optional prepayments, including, without limitation, amortization based on the “Amortization Percentage” for each Fiscal Quarter; provided, that the Amendment No. 3 Incremental Lenders hereby agree to waive any
amortization payment that would 

 
otherwise be due on May 31, 2015 in respect of the Amendment No. 3 Incremental Term Loan. The Amendment No. 3 Incremental Term Loan shall be made in the same manner as described in
Section 2.3 of the Credit Agreement. 
 2. Amendments to the Credit Agreement. Effective as of the date of satisfaction
of the conditions precedent set forth in Section 3 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 

(a) The definition of “Applicable Margin” set forth in Schedule 1.1 of the Credit Agreement is restated in its entirety as
follows: 
 “Applicable Margin” means (a) from the Amendment No. 3 Effective Date until the date
that is six months after the Amendment No. 3 Effective Date, 6.50% for Base Rate Loans and 7.50% for LIBOR Rate Loans and (b) from the date that is six months after the Amendment No. 3 Effective Date, 7.50% for Base Rate Loans and
8.50% for LIBOR Rate Loans; provided, that Agent may, in its sole discretion, increase each such Applicable Margin by the amount of basis points that the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Index”) average has
increased on or prior to the Amendment No. 3 Effective Date since the execution of the Amendment No. 3 Incremental Commitment Letter (e.g., a 26 basis point increase in the Index equals a 26 basis points increase in the Applicable
Margin). 
 (b) Clause (iv) of the definition of “Consolidated EBITDA” set forth in Schedule 1.1 of the Credit
Agreement is restated in its entirety as follows: 
 “(iv) adjustments for cost savings in connection with the Aeroflex
Acquisition that are realized or reasonably expected to be realized within 12 months of the related actions (which cost savings shall be calculated on a pro forma basis as though such cost savings had been realized on the first day of such
period); provided, that such adjustments shall be subject to an aggregate cap of (a) $1.4 million for the Test Period ending May 31, 2015; (b) $1.05 million for the Test Period ending August 31, 2015; (c) $700,000 for
the Test Period ending November 30, 2015; (d) $350,000 for the Test Period ending February 29, 2016; and (e) $0 for any Test Period thereafter, in each case, in the aggregate for all such Test Periods;” 

(c) The following sentence shall be added to the end of the definition of “Consolidated EBITDA”: 

“For purposes of calculating Consolidated EBITDA for any period which includes historical amounts in respect of the
Aeroflex Acquired Entities, the Consolidated EBITDA for such Aeroflex Acquired Entities shall be deemed to be the amounts set forth in the grid below in respect of the relevant fiscal period: 

 

					
	 Fiscal Quarter Ending
	  	Acquired Business Consolidated
EBITDA	 
	 May 31, 2014
	  	$	3,100,500	  
	 August 31, 2014
	  	$	887,000	  
	 November 30, 2014
	  	$	4,288,000	  
	 February 28, 2015
	  	$	2,474,000	  

  
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 (d) The definition of “Permitted Acquisition” set forth in Schedule 1.1 of the
Credit Agreement shall be amended to add the following sentence to the end of the definition: 
 “Notwithstanding
anything herein to the contrary, the Aeroflex Acquisition shall constitute a Permitted Acquisition hereunder.” 
 (e) The definition of
“Prepayment Premium” set forth in Schedule 1.1 of the Credit Agreement is restated in its entirety as follows: 

“Prepayment Premium” means with respect to prepayment pursuant to Section 2.4(d), Section 2.4(e)(i),
Section 2.4(e)(ii) and Section 2.4(e)(iv) of the Agreement: 
 (a) with respect to the Term Loan, 

(i) from and after the Amendment No. 3 Effective Date through the date that is six months after the Amendment No. 3
Effective Date, 3.00% of the Term Loan Amount prepaid; 
 (ii) from and after the date that is six months after the
Amendment No. 3 Effective Date and on or prior to the date that is 18 months after the Amendment No. 3 Effective Date, 5.00% of the Term Loan Amount prepaid; 

(iii) from and after the date that is 18 months after the Amendment No. 3 Effective Date and on or prior to the date that
is 30 months after the Amendment No. 3 Effective Date, 3.00% of the Term Loan Amount prepaid; 
 (iv) from and after
the date that is 30 months after the Amendment No. 3 Effective Date and on or prior to the date that is 42 months after the Amendment No. 3 Effective Date, 1.00% of the Term Loan Amount prepaid; 

(v) from and after the date that is 42 months after the Amendment No. 3 Effective Date, 0.0% of the Term Loan Amount
prepaid. 
 (b) with respect to the Amendment No. 3 Incremental Term Loan only, any prepayment on or prior to the date
that is six months after the Amendment No. 3 Effective Date shall require a prepayment fee payable to the Amendment No. 3 Incremental Lenders equal to the amount of interest that would have been due pursuant to the terms of this Agreement
if such portion of the Amendment No. 3 Incremental Term Loan had not been paid until the six month anniversary of the Amendment No. 3 Effective Date (reduced by any interest payments in respect of the Amendment No. 3 Incremental Term
Loan made prior to the date of such prepayment, but not reduced by any other Prepayment Premium or additional prepayment fees otherwise payable to the Amendment No. 3 Incremental Lenders hereunder). 

(c) an additional prepayment fee in connection with any Term Loan prepayment (including, for the avoidance of doubt, any Term
Loan made prior to the Amendment No. 3 Effective Date and any Amendment No. 3 Incremental Term Loan) on or prior to the date that is six months after the Amendment No. 3 Effective Date in an amount equal to 1.75% of the Term Loan
Amount prepaid (up to $85 million in the aggregate) (provided, that for the avoidance 

  
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of doubt, any Term Loan Amount prepaid in excess of $85 million shall not be subject to the additional prepayment fee due pursuant to this paragraph (c) in the definition of “Prepayment
Premium”), which fee shall be shared among such Amendment No. 3 Incremental Lenders based on the percentage of the Amendment No. 3 Incremental Term Loan held by each such Amendment No. 3 Incremental Lender immediately prior to
such prepayment. 
 (f) Schedule 1.1 of the Credit Agreement is amended to include the following new definitions alphabetically
therein: 
 “Aeroflex Acquired Entities” means, collectively, Aeroflex / Inmet, Inc. and Aeroflex /
Weinschel, Inc. and any of their respective Subsidiaries. 
 “Aeroflex Acquisition” means the
Borrower’s acquisition of the Aeroflex Acquired Entities pursuant to the Aeroflex Acquisition Agreement. 

“Aeroflex Acquisition Agreement” mean that certain Stock Purchase Agreement, dated as of April 23, 2015,
by and between Aeroflex Microelectronic Solutions, Inc. and the Borrower. 
 “Amendment No. 3” means
that certain Amendment No. 3 to the Credit Agreement, dated as of the Amendment No. 3 Effective Date, by which the Lenders agreed to amend certain provisions of this Agreement and certain Lenders agreed to advance to the Borrower the
Amendment No. 3 Incremental Term Loan. 
 “Amendment No. 3 Effective Date” means the date on which
each of the conditions precedent set forth in Amendment No. 3 is satisfied. 
 “Amendment No. 3 Incremental
Commitment Letter” means that certain Commitment Letter, dated as of April 23, 2015 by and among the Borrower, the Agent and the Amendment No. 3 Incremental Lenders. 

“Amendment No. 3 Incremental Lender” means each lender who provides a portion of the
Amendment No. 3 Incremental Term Loans on the Amendment No. 3 Effective Date. 
 “Amendment
No. 3 Incremental Term Loan” means a term loan in an aggregate principal amount equal to $85 million made to the Borrower on the Amendment No. 3 Effective Date on the terms and conditions set forth in
Amendment No. 3. 

  
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 (g) Section 7(a) of the Credit Agreement shall be restated in its entirety as
follows: 
 Interest Coverage Ratio. Have an Interest Coverage Ratio, measured on a quarter-end basis, of at least the required amount
set forth in the following table for the applicable period set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	 Applicable Period

	 1.50:1.00
	  	For the one quarter period ending on February 28, 2013
	 1.70:1.00
	  	For the two quarter period ending on May 31, 2013
	 1.90:1.00
	  	For the three quarter period ending on August 31, 2013
	 1.90:1.00
	  	For the Test Period ending on November 30, 2013
	 2.10.1.00
	  	For the Test Period ending on February 28, 2014
	 2.10.1.00
	  	For the Test Period ending on May 31, 2014
	 2.10.1.00
	  	For the Test Period ending on August 31, 2014
	 2.10.1.00
	  	For the Test Period ending on November 30, 2014
	 2.20.1.00
	  	For the Test Period ending on February 28, 2015
	 1.90.1.00
	  	For the Test Period ending on May 31, 2015
	 1.90.1.00
	  	For the Test Period ending on August 31, 2015
	 1.90.1.00
	  	For the Test Period ending on November 30, 2015
	 1.90:1.00
	  	For the Test Period ending on February 29, 2016
	 1.95:1.00
	  	For the Test Period ending on May 31, 2016
	 2.00:1.00
	  	For the Test Period ending on August 31, 2016
	 2.05:1.00
	  	For the Test Period ending on November 30, 2016
	 2.10:1.00
	  	For the Test Period ending on February 28, 2017
	 2.15:1.00
	  	For the Test Period ending on May 31, 2017
	 2.20:1.00
	  	For the Test Period ending on August 31, 2017
	 2.25:1.00
	  	For the Test Period ending on November 30, 2017
	 2.30:1.00
	  	For the Test Period ending on February 28, 2018

  
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 (h) Section 7(c) of the Credit Agreement restated in its entirety as follows: 

Leverage Ratio. Have a Leverage Ratio, measured on a quarter-end basis, of not greater than the applicable ratio set forth in the
following table for the applicable date set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	 Test Period Ending

	 5.65:1.00
	  	February 28, 2013
	 5.65:1.00
	  	May 31, 2013
	 5.50:1.00
	  	August 31, 2013
	 5.50:1.00
	  	November 30, 2013
	 5.75:1.00
	  	February 28, 2014
	 5.50:1.00
	  	May 31, 2014
	 5.50:1.00
	  	August 31, 2014
	 5.50:1.00
	  	November 30, 2014
	 5.25:1.00
	  	February 28, 2015
	 5.50:1.00
	  	May 31, 2015
	 5.25:1.00
	  	August 31, 2015
	 5.25:1.00
	  	November 30, 2015
	 5.00:1.00
	  	February 29, 2016
	 5.00:1.00
	  	May 31, 2016
	 5.00:1.00
	  	August 31, 2016
	 5.00:1.00
	  	November 30, 2016
	 4.75:1.00
	  	February 28, 2017
	 4.75:1.00
	  	May 31, 2017
	 4.50:1.00
	  	August 31, 2017
	 4.50:1.00
	  	November 30, 2017
	 4.25:1.00
	  	February 28, 2018

 3. Conditions to Effectiveness. The effectiveness of this Amendment and any making of the Amendment
No. 3 Incremental Term Loan is subject to the following conditions precedent on or prior to July 15, 2015: 
 (a)
The Agent shall have received counterparts of this Amendment duly executed by the Borrower, each of the Lenders, each of the Amendment No. 3 Incremental Lenders and the Agent. 

(b) The Agent shall have received counterparts of the Consent and Reaffirmation substantially in the form attached as
Exhibit A hereto duly executed by each Loan Party. 

  
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 (c) The Aeroflex Acquisition shall have been consummated in accordance with the
terms of the Aeroflex Acquisition Agreement, without giving effect to any waiver, modification, consent or amendment thereto, or in respect thereof, that is materially adverse to the interests of Agent or the Lenders in their respective capacities
as such without the consent of the Agent. 
 (d) The Agent shall have received copies of each Loan Party’s Governing
Documents, as amended, modified, or supplemented prior to the Amendment No. 3 Effective Date, certified by the Secretary or other authorized officer of such Loan Party; provided, however, that such certificate may certify that the
Governing Documents of such Loan Party have not changed since delivered to the Agent on the Closing Date, Amendment No. 1 Effective Date or Amendment No. 2 Effective Date, as applicable. 

(e) The Agent shall have received a solvency certificate from the Chief Financial Officer of the Borrower, in form and
substance satisfactory to the Agent, certifying to the solvency of Borrower and its Subsidiaries on a consolidated basis. 

(f) The Agent shall have received an opinion of the Loan Parties’ counsel in form and substance satisfactory to the Agent
in each of the following jurisdictions: Delaware; Maryland; New York; Pennsylvania; and Canada. 
 (g) To the extent
applicable, the Agent shall have received a certificate of status with respect to the Borrower, dated within 30 days of the Amendment No. 3 Effective Date, such certificate shall (i) be issued by the appropriate officer of the
Borrower’s jurisdiction of organization, and (ii) indicate that the Borrower is in good standing in such jurisdiction. 

(h) The Borrower shall have paid in full all fees due and payable under that certain fee letter, dated as of April 23,
2015, among the Borrower and Agent, including, without limitation, to Agent for the account of each Lender that provides its consent to this Amendment No. 3, an amendment fee (the “Amendment Fee”) equal to 0.50% of such
Lender’s outstanding Term Loan as of the Amendment No. 3 Effective Date, which Amendment Fee shall be earned by, and due and payable to, each such Lender on the initial funding of the Amendment No. 3 Incremental Term Loan. 

(i) The Loan Parties shall have paid all Lender Group Expenses outstanding and/or incurred in connection with the transactions
evidenced by this Amendment and requested by Agent to be paid, in each case, to the extent invoiced at least two Business Days prior to the Amendment No. 3 Effective Date. 

(j) There shall not have occurred a Material Adverse Effect; it being understood that “Material Adverse
Effect” for purposes hereof means “any change, occurrence, circumstance or event that, individually or together with other changes, occurrences, circumstances or events, has a material adverse effect on the business, results of
operations or financial condition of the Acquired Companies, taken as a whole, provided that none of the following shall be taken into account when determining whether or not a Material Adverse Effect has occurred: (a) any change in
economic conditions in any of the markets or geographical areas in which either of the Acquired Companies operate or the financial, banking, currency or capital markets in general (whether in the United States or any other country or in any
international market) or changes in currency exchange rates or currency fluctuations; (b) any conditions generally affecting any of the industries in which either of the Acquired Companies operate; (c) acts of God or other

  
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calamities, national or international political or social actions or conditions, including the engagement by any country in hostilities, whether commenced before or after the date of this
Agreement, and whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack; (d) changes in Law, GAAP or other applicable accounting standards or interpretations thereof;
(e) any failure to meet internal projections, public estimates or expectations with respect to either of the Acquired Companies; (f) the resignation or termination of any employee of either of the Acquired Companies; (g) the
announcement of, or the taking of any action expressly contemplated by, this Agreement and the other agreements contemplated hereby, including by reason of the identity of Buyer or any communication by Buyer regarding the plans or intentions of
Buyer with respect to the conduct of the business of either of the Acquired Companies; or (h) the effect of any matter set forth on Schedule 1.1 to this Agreement; provided, however, that the exceptions set forth in
clauses (a), (b) and (c) shall not apply to the extent that the Acquired Companies, taken as a whole, are disproportionately affected thereby relative to other companies of comparable size in the same industries and geographies in
which the Acquired Companies operate”, with all capitalized terms used in such definition having the definitions ascribed to such terms in the Aeroflex Acquisition Agreement. 

(k) The Specified Representations and the Acquisition Agreement Representations (each as defined below) shall be true and
correct in all material respects (or in the case of any representations and warranties qualified by materiality, shall be true and correct in all respects) as of the Amendment No. 3 Effective Date. “Specified Representations”
means the representations in the Credit Agreement relating to corporate or other organizational existence, organizational power and authority of the Loan Parties (solely as they relate to due authorization, execution, delivery and performance of
this Amendment and the related Consent and Reaffirmation); due authorization, execution, delivery and enforceability (in each case solely relating to the entering into and performance of this this Amendment and the related Consent and
Reaffirmation); perfection of liens; solvency as of the Closing Date (after giving effect to the Aeroflex Acquisition and the incurrence Amendment No. 3 Incremental Term Loan) of the Borrower and its subsidiaries, on a consolidated basis; no
conflicts of this Amendment and the related Consent and Reaffirmation with any Governing Documents; compliance with laws; margin stock; governmental regulation; PATRIOT Act; and OFAC. “Acquisition Agreement Representations” means
such representations made by or with respect to the Aeroflex Acquired Business as are material to the interests of the Lenders, but only to the extent that Borrower or any of its affiliates has the right to terminate the Borrower’s or such
affiliate’s obligations under the Aeroflex Acquisition Agreement or decline to consummate the Aeroflex Acquisition as a result of a breach of such representations in the Aeroflex Acquisition Agreement. 

(l) No default or event of default under the Loan Documents shall have occurred or shall result from the making of Amendment
the No. 3 Incremental Term Loan by the Amendment No. 3 Incremental Lenders and the consummation of the Aeroflex Acquisition. 

(m) The Borrower shall have delivered or caused to be delivered to the Agent or its counsel each stock certificate representing
the Borrower’s ownership of the Aeroflex Acquired Entities and stock powers relating thereto. 
 (n) The Agent shall
have received, at least three Business Days prior to the Amendment No. 3 Effective Date, all documentation and other information with respect to the Borrower, its subsidiaries and/or the Aeroflex Acquired Business that is requested by the Agent
at least ten Business Days prior to the Amendment No. 3 Effective Date and is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the
PATRIOT Act. 
 (o) The Agent shall have received a certificate of the Borrower, dated as of the Amendment No. 3
Effective Date, certifying as to the matters addressed in clauses (j), (k) and (l) above, in form and substance reasonably satisfactory to the Agent. 

  
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 For the avoidance of the doubt, if the Amendment No. 3 Effective Date has not occurred prior
to the date specified in the first sentence of this Section 3, this Amendment (including any provisions relating to the Amendment No. 3 Incremental Term Loan) shall be of no further force or effect and the Credit Agreement shall not
include any of the amendments set forth herein. 
 4. Representations and Warranties of the Borrower. The Borrower hereby represents
and warrants as follows: 
 (a) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligation of
such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and the
availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(b) As of the date hereof and after giving effect to the terms of this Amendment and the incurrence of the Amendment No. 3 Incremental
Term Loan, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Specified Representations and the Acquisition Agreement Representations are true and correct as of the date hereof. 

5. Use of Proceeds. The Borrower hereby covenants to use the proceeds of the Amendment No. 3 Incremental Term Loan to
(a) fund the Aeroflex Acquisition and (b) fund certain fees and expenses associated with the Aeroflex Acquisition. 
 6.
Post-Closing Obligations. 
 (a) Within 60 days of the Amendment No. 3 Effective Date (or such longer period as the Agent may
approve in its sole discretion), the Loan Parties shall deliver or cause to be delivered the following with respect to each property that constitutes Real Property Collateral (each a “Mortgaged Property”), in each case in form and
substance reasonably acceptable to the Agent: 
 (i) fully executed and notarized amendment to each Mortgage (the
“Mortgage Amendments”), in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each Mortgaged Property; 

(ii) an opinion of counsel (which counsel shall be satisfactory to the Agent) in each state in which a Mortgaged Property is
located with respect to the enforceability of the form(s) of Mortgage Amendments to be recorded in such state and such other matters as the Agent may request; 

(iii) (A) an endorsement to Agent’s existing Title Policy or, if required by the relevant title company, a new Title
Policy with respect to each Mortgaged Property, in each case, in amounts not less than the fair market value of each Mortgaged Property, together with a title report issued by a title company with respect thereto, dated not more than thirty days
prior to the Closing Date and copies of all recorded documents 

  
 9 

 
listed as exceptions to title or otherwise referred to therein and insuring that the Agent continues to have a first-priority mortgage lien on each Mortgaged Property and, in the case of any new
Title Policy, together with such endorsements as the Agent shall require, and (B) evidence satisfactory to Agent that such Loan Party has paid to the title company or to the appropriate Governmental Authorities all expenses and premiums of the
title company and all other sums required in connection with the issuance of such endorsement to each Title Policy (or new Title Policy, as applicable) and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in
connection with recording the Mortgage Amendments for each Mortgaged Property in the appropriate real estate records; 

(iv) such affidavits and certificates as shall be required to induce the title company to issue the endorsement contemplated
in clause (iii) above; 
 (v) evidence of flood insurance, in the event any Mortgaged Property or portion
thereof is located in a special flood hazard area as determined by the “Life of Loan” Federal Emergency Agency Standard Flood Hazard Determinations; and 

(vi) a “Life of Loan” Federal Emergency Agency Standard Flood Hazard Determination with respect to each Mortgaged
Property (together with notice about special flood hazard area status and flood disaster assistance, duly executed by the Borrower or the applicable Loan Party). 

(b) Notwithstanding any other time period specified in the Credit Agreement or any other Loan Document, within 60 days of the Amendment
No. 3 Effective Date (or such longer period as the Agent may approve in its sole discretion), the Loan Parties shall deliver or cause to be delivered items consistent with those listed in paragraph 6 of Schedule 5.17 of the Credit Agreement in
respect of any owned real property acquired in connection with the Aeroflex Acquisition. 
 7. Reference to and Effect on the Credit
Agreement and the other Loan Documents. 
 (a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit
Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. 
 (b) The Credit Agreement,
the Loan Documents and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or
the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith (provided that for the avoidance of doubt,
Section 3.1 of the Credit Agreement shall not be applicable with respect to the Amendment No. 3 Incremental Term Loan). 
 (d)
Each of this Amendment and the Consent and Reaffirmation attached as Exhibit A hereto shall constitute Loan Documents. 
 8.
Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 

  
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 9. Headings. Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose. 
 10. Counterparts. This Amendment may be
executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same
force and effect as manual signatures delivered in person. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	API Technologies Corp., as the Borrower
		
	By:		 /s/ Robert E. Tavares

	Name:		Robert E. Tavares
	Title:		President and Chief Executive Officer
	
	Guggenheim Corporate Funding, LLC, individually as the Agent
		
	By:		 /s/ Benjamin Goodman

	Name:		Benjamin Goodman
	Title:		Attorney-in-Fact
	
	5180 CLO LP, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Collateral Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	CLC LEVERAGED LOAN TRUST, as a Lender
	By: Challenger Life Nominees PTY Limited as Trustee
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	DAVINCI REINSURANCE LTD., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	EQUITRUST LIFE INSURANCE COMPANY, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM LIFE AND ANNUITY COMPANY, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM LOAN MASTER FUND, LTD., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM OPPORTUNISTIC U.S. LOAN AND BOND FUND IV, a sub fund of Guggenheim Qualifying Investor Fund, plc, as a Lender
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
		
	By:		 /s/ Sinead Gray

	Name:		Sinead Gray
	Title:		Manager, For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney

  
 Signature Page to
Amendment No. 3 

 
			
	GUGGENHEIM PRIVATE DEBT FUND NOTE ISSUER, LLC, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM PRIVATE DEBT MASTER FUND, LLC, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM U.S. LOAN FUND, a sub fund of Guggenheim Qualifying Investor Fund, plc, as a Lender
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
		
	By:		 /s/ Sinead Gray

	Name:		Sinead Gray
	Title:		Manager, For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
	
	GUGGENHEIM U.S. LOAN FUND II, a sub fund of Guggenheim Qualifying Investor Fund, plc, as a Lender
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
		
	By:		 /s/ Sinead Gray

	Name:		Sinead Gray
	Title:		Manager, For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney

  
 Signature Page to
Amendment No. 3 

 
			
	GUGGENHEIM U.S. LOAN FUND III, a sub fund of Guggenheim Qualifying Investor Fund, plc, as a Lender
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
		
	By:		 /s/ Sinead Gray

	Name:		Sinead Gray
	Title:		Manager, For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
	
	GUGGENHEIM CREDIT ALLOCATION FUND, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Sub-Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM FUNDS TRUST – GUGGENHEIM HIGH YIELD FUND, as a Lender
	By: Security Investors, LLC as Investment Advisor
		
	By:		 /s/ Amy Lee

	Name:		Amy Lee
	Title:		Senior Vice President and Secretary
	
	GUGGENHEIM FUNDS TRUST – GUGGENHEIM MACRO OPPORTUNITIES FUND, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Investment Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	GUGGENHEIM GLOBAL BANK LOANS FUND, a sub fund of Guggenheim Qualifying Investor Fund PLC, as a Lender
	By: For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
		
	By:		 /s/ Sinead Gray

	Name:		Sinead Gray
	Title:		Manager, For and on behalf of BNY Mellon Trust Company (Ireland) Limited under Power of Attorney
	
	GUGGENHEIM HIGH-YIELD FUND, LLC, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	HIGH-YIELD LOAN PLUS MASTER SEGREGATED PORTFOLIO, as a Lender
	GUGGENHEIM HIGH-YIELD PLUS MASTER FUND SPC, on behalf of and for the account of the HIGH-YIELD LOAN PLUS MASTER SEGREGATED PORTFOLIO
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	INDIANA UNIVERSITY HEALTH, INC., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	MAVERICK ENTERPRISES, INC., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	MERCER FIELD CLO LP, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Collateral Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	NZC GUGGENHEIM MASTER FUND LIMITED, as a Lender
	By: Guggenheim Partners Investment Management, LLC as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	NZCG FUNDING LTD., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Collateral Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	RENAISSANCE REINSURANCE LTD., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	SECURITY BENEFIT LIFE INSURANCE COMPANY., as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	STITCHING PGGM DEPOSITARY, acting in its capacity as depositary of PGGM High Yield Fund, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	VERGER CAPITAL FUND LLC, as a Lender
	By: Guggenheim Partners Investment Management, LLC
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	WILSHIRE INSTITUTIONAL MASTER FUND SPC – GUGGENHEIM ALPHA SEGREGATED PORTFOLIO, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Sub-Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	ZILUX SENIOR LOAN FUND, as a Lender
	By: Guggenheim Partners Investment Management, LLC, as Investment Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	Angel Island Capital SPV, Ltd, as a Lender
		
	By:		 /s/ Rob Stobo

	Name:		Rob Stobo
	Title:		Portfolio Manager
	
	 SPECIAL VALUE CONTINUATION PARTNERS, LP

TENNENBAUM SENIOR LOAN SPV, LLC
 TENNENBAUM SENOR LOAN
FUND II, LP
 TENNENBAUM SENIOR LOAN FUNDING III, LLC

TENNENBAUM SENIOR LOAN SPV IV-A, LLC
 TENNENBAUM SENOR
LOAN FUND IV-B, LP

	
	On behalf of each of the above entities:
	
	 By: TENNENBAUM CAPITAL PARTNERS, LLC

Its: Investment Manager

		
	By:		 /s/ Phillip Tseng

	Name:		Phillip Tseng
	Title:		Managing Partner
	
	MIDLAND NATIONAL LIFE INSURANCE COMPANY, as an Amendment No. 3 Incremental Lender 
	By: Guggenheim Partners Investment Management, LLC
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE, as an Amendment No. 3 Incremental Lender
	By: Guggenheim Partners Investment Management, LLC
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 
			
	GUGGENHEIM LIFE AND ANNUITY COMPANY COMPANY, as an Amendment No. 3 Incremental Lender
	By: Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact
	
	GUGGENHEIM PRIVATE DEBT FUND NOTE ISSUER, LLC, as an Amendment No. 3 Incremental Lender
	By: Guggenheim Partners Investment Management, LLC, as Manager
		
	By:		 /s/ William R. Hagner

	Name:		William R. Hagner
	Title:		Attorney-in-Fact

  
 Signature Page to
Amendment No. 3 

 EXHIBIT A 

CONSENT AND REAFFIRMATION 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 3 to the Credit Agreement, dated as of
February 6, 2013, by and among the API Technologies Corp., a Delaware corporation (the “Borrower”), the Lenders party thereto and Guggenheim Corporate Funding, LLC, as Agent for each member of the Lender Group (in such
capacity, together with its successors and assigns, the “Agent”) (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Amendment No. 3 is dated as of
June 8, 2015 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. 

Without in any way establishing a course of dealing by the Agent or any Lender, each of the undersigned consents to the Amendment and
reaffirms the terms and conditions of the Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement
remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit
Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated. 

[Signature Pages Follow] 

 
			
	API TECHNOLOGIES CORP.,
	a Delaware corporation
		
	By:		  

			Name:
			Title:
	
	 CMT FILTERS, INC.,
 a
Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 SENDEC CORP.,
 a New York
corporation

		
	By:		  

			Name:
			Title:
	
	 API SYSTEMS, INC.,
 a
Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 API CRYPTEK INC.,
 a Delaware
corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 
			
	API DEFENSE, INC.,
	a Delaware corporation
		
	By:		  

			Name:
			Title:
	
	 SPECTRUM CONTROL TECHNOLOGY, INC.,

a Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 SPECTRUM FSY MICROWAVE, INC.,

a Maryland corporation

		
	By:		  

			Name:
			Title:
	
	 SPECTRUM SEI MICROWAVE, INC.,

a Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 SPECTRUM MICROWAVE, INC.,
 a
Delaware corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 
			
	SPECTRUM CONTROL, INC.,
	a Pennsylvania corporation
		
	By:		  

			Name:
			Title:
	
	 SPECTRUM CONTROL, INC.,
 a
Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 SPECTRUM ENGINEERING INTERNATIONAL, INC.,

a Delaware corporation

		
	By:		  

			Name:
			Title:
	
	 API NANOFABRICATION AND RESEARCH CORPORATION,

a Delaware corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 
			
	API DEFENSE USA, INC.,
	a Delaware corporation
		
	By:		  

			Name:
			Title:
	
	 NATIONAL HYBRID, INC.,
 a New
York corporation

		
	By:		  

			Name:
			Title:
	
	 API NANOTRONICS HOLDINGS CORP.,

an Ontario corporation

		
	By:		  

			Name:
			Title:
	
	 API NANOTRONICS SUB, INC.,

an Ontario corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 
			
	API ELECTRONICS GROUP CORP.,
	an Ontario corporation
		
	By:		  

			Name:
			Title:
	
	 EMCON2007 HOLDCO INC.,
 a
Canadian corporation

		
	By:		  

			Name:
			Title:
	
	 EMCON EMANATION CONTROL LTD.,

a Canadian corporation

		
	By:		  

			Name:
			Title:
	
	 FILTRAN LIMITED,
 an Ontario
corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 
			
	API PASSIVE COMPONENTS INC.,
	a Delaware corporation
		
	By:		  

			Name:
			Title:
	
	 EMCON USA, INC.,
 a Delaware
corporation

		
	By:		  

			Name:
			Title:

  
 Signature Page to
Consent and Reaffirmation 

 Schedule I 

Amendment No. 3 Incremental Term Loan Commitments 
  

							
	 Account
Name
	  	 Amendment No. 3 Incremental Lender
	  	Amount	 
	 MIDLAND
	  	Midland National Life Insurance Company	  	$	3,000,000	  
	 MID-ANN
	  	Midland National Life Insurance Company	  	$	24,000,000	  
	 NACOLAH
	  	North American Company for Life and Health Insurance	  	$	1,800,000	  
	 NAC-ANN
	  	North American Company for Life and Health Insurance	  	$	12,000,000	  
	 BOLI-GEN
	  	Midland National Life Insurance Company	  	$	3,000,000	  
	 GLAC-2M
	  	Guggenheim Life and Annuity Company	  	$	1,200,000	  
	 PDFNI
	  	Guggenheim Private Debt Fund Note Issuer, LLC	  	$	40,000,000	  
		  		  	  
	  
	 
			Total		$	85,000,000Exh 10.1 Promissory Note 6.11.15

Exhibit 10.1

LINE OF CREDIT GRID PROMISSORY NOTE

New York, New York
As of June 11, 2015    $10,000,000.00
1)FOR VALUE RECEIVED, on the Maturity Date, Viggle Inc., a Delaware corporation (“Viggle” or the “Borrower”), at its offices at 902 Broadway, 11th Floor, New York, New York 10010, promises to pay to the order of Sillerman Investment Company IV LLC (“SIC IV” or the “Lender”) at its offices, or at such other place as the Lender may designate in writing, the aggregate principal sum of Ten Million Dollars ($10,000,000) or, if less, the unpaid amount of all draws, plus accrued and unpaid interest due with respect to all outstanding draws, made by the Lender hereunder. This Line of Credit Grid Promissory Note shall be referred to herein as the “Grid Note” or this “Note”).  

2)Maturity Date.  The “Maturity Date” shall be the earlier to occur of (i) December 31, 2016 or (ii) upon a Change of Control Transaction, whichever comes first.  For purposes hereof, a “Change of Control Transaction” means (i) a sale of all or substantially all of the assets of the Borrower or (ii) the issuance by the Borrower of Common Stock (as defined below) that results in any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) becoming the “beneficial owner” (as defined in Rule 13d-3 promulgated under the 1934 Act) of a majority of the aggregate ordinary voting power represented by issued and outstanding Common Stock (other than as a result of, or in connection with, any merger, acquisition, consolidation or other business combination in which the Borrower is the surviving entity following the consummation thereof), excluding, with respect to each of (i) and (ii), transactions with affiliates of the Borrower.  For purposes hereof, “Common Stock” means (i) the Borrower’s shares of common stock, $0.001 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

3)Interest.  
(a)    Borrower will pay interest on the unpaid principal amount of all draws from time to time outstanding from the date of each draw until each such draw has been paid in full. Interest shall accrue at the simple interest rate equal to twelve percent (12%) per annum, simple, with respect to each draw.

(b)    Borrower will pay interest, calculated at the rate set forth above, upon the Maturity Date or such earlier date upon which any draw is repaid. In addition, Borrower will pay a default rate equal to two percent (2%) per annum in excess of the rate set forth herein if an Event of Default has occurred and is continuing. Notwithstanding the foregoing however, in no event shall interest exceed the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by Borrower, first to outstanding late charges, then to interest and the remainder, if any, to principal.

4)Requests for Loans; Disbursement of Proceeds. 
Borrower may borrow, and Lender agrees to fund draws hereunder, upon notice of a proposed borrowing, and the requested amount thereof, to the Lender not later than 12:00 Noon (New York time) five (5) days prior to the date on which the proposed borrowing is requested to be made, subject to the satisfaction of all conditions precedent to such draw, including the delivery to the Lender of a funding memorandum substantially in the form attached hereto as Exhibit A (a “Funding Memorandum”); provided, that, the aggregate principal amount of all draws outstanding at any one time shall not exceed $10,000,000.  Lender 

Exhibit 10.1

shall not be required to fund any draws hereunder unless, as of the date of the delivery of the Funding Memorandum, the Interest Coverage Ratio (as hereinafter defined) is equal to or greater than 1.00, unless such requirement is waived by the Lender.  Lender shall not be obligated to fund draws more than once per month. Each notice of borrowing shall be delivered by hand or facsimile transmission. Each such notice shall be irrevocable by and binding on Borrower. Unless otherwise directed in writing by Borrower, the Lender shall promptly disburse the proceeds of such draw made hereunder by crediting the amount thereof as instructed in the applicable Funding Memorandum.  The “Interest Coverage Ratio” shall mean the quotient of: (a) the Borrower’s net income for the Measurement Period, plus the Borrower’s interest expense for the Measurement Period, plus the Borrower’s tax expense for the Measurement Period, divided by (b) the Borrower’s interest expense for the Measurement Period, plus the amount of interest expense that would be payable on the amount of the requested draw for the twelve months following the date of the Funding Memorandum.  For purposes hereof, the “Measurement Period” means the twelve months ended as of the last day of the last completed fiscal quarter prior to the delivery of the Funding Memorandum.  For example, if the Borrower delivers a Funding Memorandum on June 15, 2015, the Measurement Period is the twelve months ended March 31, 2015.         
5)Payments and Prepayments; Use of Grid. 
(a)The Lender is hereby authorized by Borrower to enter and record on the schedule attached hereto (i) the loan number, (ii) the date of each draw made under this Grid Note, (iii) the dollar amount of the draw, (iv) the applicable interest rate, (v) interest due on Maturity Date, (vi) each payment and prepayment of any draw thereon, and (vii) date of payment, without any further authorization on the part of Borrower or any endorser or guarantor of this Grid Note; provided, however, that the Lender shall promptly deliver to the Borrower a copy of this Grid Note following the entry of each draw hereunder. The entry of a draw on said schedule shall be prima facie and presumptive evidence of the entered draw and its conditions, absent manifest error. The Lender’s failure to make an entry, however, shall not limit or otherwise affect the obligations of Borrower or any endorser or guarantor of this Grid Note.

(b)Borrower may make prepayments in whole or in part hereunder at any time, provided accrued, but unpaid interest, is paid through the prepayment date.

(c)If any payment of principal or interest becomes due on a day on which the Lender is closed, such payment shall be made not later than the next succeeding Business Day (a “Business Day” shall be considered to be Monday through Friday from 9am to 5pm local time, excluding weekends and public holidays) and such extension shall be included in computing interest in connection with such payment.  All payments by Borrower on account of principal, interest or fees hereunder shall be made in lawful money of the United States of America, in immediately available funds.    

6)Use of Proceeds. The proceeds of each draw hereunder shall be used for general corporate and working capital purposes of Borrower.  Borrower may use the proceeds to repay existing indebtedness of the Borrower, including indebtedness to Lender or any of its affiliates.   Borrower will not, directly or indirectly, use any proceeds of draws hereunder for the purpose of purchasing or carrying any margin stock within the meaning of Regulation X of the Board of Governors of the Federal Reserve System or to extend credit to any person for the purpose of purchasing or carrying any such margin stock, or for any purpose which violates, or is inconsistent with, Regulation X of such Board of Governors.

7) Event of Default. It is expressly agreed that the whole of the indebtedness evidenced by this Grid Note shall immediately become due and payable, at the option of the Lender, on the happening of any default or event constituting an event of default hereunder (each an “Event of Default”). An Event of Default shall occur on: (i) the non-payment of any of the amounts due hereunder within five (5) Business Days after 

Exhibit 10.1

the date such payment is due and payable; (ii) dissolution or liquidation, as applicable, of the Borrower; (iii) any petition in bankruptcy being filed by or against the Borrower or any proceedings in bankruptcy, or under any Acts of Congress relating to the relief of debtors, being commenced for the relief or readjustment of any indebtedness of the Borrower either through reorganization, composition, extension or otherwise; provided, however, that Borrower shall have a sixty (60) day grace period to obtain the dismissal or discharge of involuntary proceedings filed against it, it being understood that during such sixty (60) day grace period, the Lender shall not be obligated to make draws hereunder and the Lender may seek adequate protection in any bankruptcy proceeding; (iv) the making by the Borrower of an assignment for the benefit of creditors, calling a meeting of creditors for the purpose of effecting a composition or readjustment of its debts, or filing a petition seeking to take advance of any other law providing for the relief of debtors; (v) any seizure, vesting or intervention by or under authority of a government, by which the management of the Borrower, is displaced or its authority in the conduct of its business is curtailed; (vi) the appointment of any receiver of any material property of the Borrower; (vii) if any warranty, representation, statement, report or certificate made now or hereafter by Borrower to Lender pursuant hereto is untrue or incorrect in any material respect at the time made or delivered; (viii) the Borrower shall contest, dispute or challenge in any manner, whether in a judicial proceeding or otherwise, the validity or enforceability of any material provision set forth herein or any transaction contemplated in this Grid Note; or (ix) if there shall be a material adverse change in the business plan or prospects of Borrower in the reasonable opinion of Lender.

8)Representations:  In consideration of the commitment by SIC IV to make advances hereunder Borrower represents and warrants:

(a)Organization; Authority.  The Borrower is duly organized and validly existing and in good standing under the laws of the jurisdiction in which it is formed, and has the requisite power and authorization to own its properties and to carry on its business as now being conducted. 

(b)    Authorization; Enforcement; Validity. The Borrower has the requisite power and authority to enter into and perform its obligations under this Note in accordance with the terms hereof. The execution and delivery of this Note by the Borrower, and the consummation by the Borrower of the transactions contemplated hereby have been duly authorized by the Borrower’s board of directors. This Note has been duly executed and delivered by the Borrower and constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

(c)    No Conflicts. The execution, delivery and performance of the Note by the Borrower and the consummation by the Borrower of its obligations set forth herein will not (i) result in a violation of the Company’s Certificate of Incorporation, as amended and as in effect on the date hereof, the Company’s bylaws, as amended and as in effect on the date hereof, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Borrower is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Borrower.

(d)    Consents. The Borrower is not required to obtain any consent from, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory 

Exhibit 10.1

agency in order for it to execute, deliver or perform any of its respective obligations hereunder, except for disclosing the execution of this Note in its filings with the SEC. 

9)Reissuance of this Note.

(a)Transfer. If this Note is to be transferred, the Lender shall surrender this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Lender a new Note (in accordance with Section 9(d)), registered as the Lender may request, representing the outstanding principal being transferred by the Lender and, if less than the entire outstanding principal is being transferred, a new Note (in accordance with Section 9(d)) to the Lender representing the outstanding principal not being transferred. The Lender and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section 1 following payment of any portion of this Note, the outstanding principal represented by this Note may be less than the principal stated on the face of this Note.

(b)Lost, Stolen or Mutilated Note. Upon receipt by the Borrower of evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Lender to the Borrower in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Borrower shall execute and deliver to the Lender a new Note (in accordance with Section 9(d)) representing the outstanding principal.

(c)Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Lender at the principal office of the Borrower, for a new Note (in accordance with Section 9(d)) and in principal amounts of at least $1,000,000) representing in the aggregate the outstanding principal of this Note, and each such new Note will represent such portion of such outstanding principal as is designated by the Lender at the time of such surrender.

(d)Issuance of New Note. Whenever the Borrower is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the principal remaining outstanding (or in the case of a new Note being issued pursuant to Section 9(a) or Section 9(c), the principal designated by the Lender which, when added to the principal represented by the other new Note issued in connection with such issuance, does not exceed the principal remaining outstanding under this Note immediately prior to such issuance of new Note), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the issuance date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid interest and late charges on the principal and interest of this Note, from the issuance date.

10)Governing Law. This Grid Note shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to its rules on conflicts of laws.

11)No Waiver. No failure or delay on the part of the Lender in exercising any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy hereunder. The rights and remedies provided herein are cumulative, and are not exclusive of any other rights, powers, privileges, or remedies, now or hereafter existing, at law or in equity or otherwise.

Exhibit 10.1

12)Costs and Expenses. Borrower shall reimburse the Lender for all costs and expenses incurred by the Lender in connection with the enforcement of this Grid Note or any document, instrument or agreement relating thereto.

13)Amendments. No amendment, modification, or waiver of any provision of this Grid Note nor consent to any departure by Borrower therefrom shall be effective unless the same shall be in writing and signed by the Lender and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

14)Successors and Assigns. This Grid Note shall be binding upon Borrower and the Lender and their respective heirs, legal representatives, successors and assigns and the terms hereof shall inure to the benefit of Lender and its successors and assigns, including subsequent holders hereof.

15)Severability. The provisions of this Grid Note are severable, and if any provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall not in any manner affect such provision in any other jurisdiction or any other provision of this Grid Note in any jurisdiction.

16)Entire Agreement. This Grid Note sets forth the entire agreement of Borrower and the Lender with respect to this Grid Note and may be modified only by a written instrument executed by Borrower and the Lender.

17)Headings. The headings herein are for convenience only and shall not limit or define the meaning of the provisions of this Grid Note.

18)Jurisdiction; Service of Process. Borrower agrees that in any action or proceeding brought on or in connection with this Grid Note (i) any New York State or Federal court sitting in New York County, New York, shall have jurisdiction of any such action or proceeding, (ii) service of any summons and complaint or other process in any such action or proceeding may be made by the Lender upon Borrower by registered or certified mail directed to Borrower at its address referenced above, Borrower hereby waiving personal service thereof, and (iii) within thirty (30) days after such mailing Borrower shall appear or answer to any summons and complaint or other process, and should Borrower fail to appear to answer within said thirty day period, it shall be deemed in default and judgment may be entered by the Lender against Borrower for the amount as demanded in any summons or complaint or other process so served.

19)WAIVER OF THE RIGHT TO TRIAL BY JURY. BORROWER AND, BY ITS ACCEPTANCE HEREOF, THE LENDER, HEREBY IRREVOCABLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, IN ANY MANNER CONNECTED WITH THIS GRID NOTE OR ANY TRANSACTIONS HEREUNDER. NO OFFICER OF THE LENDER HAS AUTHORITY TO WAIVE, CONDITION, OR MODIFY THIS PROVISION.

[Reminder of Page Intentionally Left Blank; Signature Page to Follow]

Exhibit 10.1

IN WITNESS WHEREOF, the Borrower and the Lender have caused this Note to be duly executed as of the date first written above.

VIGGLE INC.

By:    /s/ John C. Small
Name:    John C. Small            
Title:    Chief Financial Officer        

SILLERMAN INVESTMENT COMPANY IV, LLC

By: /s/ Robert FX Sillerman
Name:  Robert FX Sillerman
Title:  Member-Manager

Exhibit 10.1

SCHEDULE TO LINE OF CREDIT GRID PROMISSORY NOTE

Borrower:  Viggle Inc.

Date:  June [__], 2015
	
									
	Loan Number
	Date of draw
	Commitment Amount
	Amount of draw 
	Maturity Date
	Interest 
Rate
	Interest Due upon
Maturity Date
	Amount Paid
	Date Payment

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

Exhibit 10.1

EXHIBIT A

FUNDING MEMORANDUM

_________ __, 2015

____________________
____________________
____________________

Dear ____________________:

We hereby request that you make available in our account No. _____________ the amount of $______________, and which shall constitute a draw under the Line of Credit Grid Note made by Viggle Inc. (“Borrower”) to the order of Sillerman Investment Company IV LLC (the “Lender”) dated as of June [__], 2015 (as amended from time to time, the “Grid Note”).
Under the Grid Note, the Lender is authorized to enter and record on the schedule attached thereto (i) the loan number, (ii) the date of each draw, (iii) the Commitment Amount, (iv) the dollar amount of the draw, (v) the Maturity Date of the draw, (vi) the interest rate, (vii) interest due on Maturity Date, (viii) each payment of any draw and (ix) date of payment, without any further authorization on the part of Borrower.
Borrower represents, warrants and certifies to Lender as follows:
(a)    there does not exist any known deficiency in any of the documents identified in this Funding Memorandum, and Borrower agrees that any deficiencies subsequently discovered will be promptly reported to the Lender;
(b)    both before and after funding the draw requested hereunder Borrower is not in default, no Event of Default exists, and no Event of Default shall result from the making of the draw requested hereunder;
(c)    all of the representations and warranties of Borrower contained herein and in the Grid Note are true and correct in all material respects to the same extent as though made on and as of any making of the draw requested hereunder;
(d)    the Interest Coverage Ratio, as defined in the Grid Note, for the twelve months ended as of the last day of the last completed fiscal quarter prior to the date hereof is equal to or greater than 1.00; and
(e)    after giving effect to the amount of the requested draw, the aggregate amount of outstanding draws under the Grid Note do not exceed $10,000,000;
or, if any of the foregoing representations and warranties set forth in items (a) through (e) above are not true, and the Borrower requests a waiver of such item, so indicate:
__________________________________________________________________

Very truly yours,

Viggle Inc.

By:                     
Name:                    
Title:

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