Document:

Exhibit
4.1

 

[Face of Note]

 

Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company
or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such
other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

	CUSIP No. 87612E
BP0	PRINCIPAL AMOUNT: $____________

ISIN US87612EBP07

 

REGISTERED NO. ___

 

TARGET CORPORATION

 

4.500% Notes due 2032

 

TARGET
CORPORATION, a corporation duly organized and existing under the laws of the State of Minnesota (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of ____________ MILLION DOLLARS ($___________) on September 15,
2032 and to pay interest thereon from September 13, 2022 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for semi-annually on March 15 and September 15 of each year, commencing March 15, 2023, at
the rate of 4.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next
preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be the date 15 calendar days prior to
that Interest Payment Date (whether or not a Business Day). As used herein, “Business Day” means a day, other than
a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation
to close in New York, New York.

 

Any interest not punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a

 

     

     

    

 

Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of
this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

 

Payment of interest on this
Security shall be made in immediately available funds at the office or agency of the Company maintained for that purpose in New York,
New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that, at the option of the Company, payment of interest may be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may
have been designated by such Person in writing not less than 10 days prior to the date of such payment. Payment of principal of and interest
on this Security at Maturity shall be made against presentation of this Security at the office or agency of the Company maintained for
that purpose in New York, New York.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

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IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed under its corporate seal.

 

DATED:

 

	 	TARGET CORPORATION

 

		By:	
	 	 	Name:
	 	 	Title:

 

[SEAL]

 

		Attest:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

This is one of the Securities of the 

series referred to in the 

within-mentioned Indenture.

 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 
	as Trustee	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

[Reverse of Note]

 

TARGET CORPORATION

 

4.500% Notes due 2032

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture dated as of August 4, 2000 between the Company and The Bank of New York Mellon Trust Company, N.A.
(as successor to Bank One Trust Company, N.A.), as trustee, as supplemented by the First Supplemental Indenture dated as of May 1,
2007, between the Company and The Bank of New York Trust Company, N.A., as trustee, and as further amended or supplemented from time to
time (herein called the “Indenture”) (in its capacity as trustee, The Bank of New York Mellon Trust Company, N.A.,
being herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, such series being limited
in initial aggregate principal amount to $1,000,000,000; provided, however, that the Company may, without the consent of the Holders
of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional
Securities shall be considered part of the same series under the Indenture as the Securities of this series.

 

This Security is issuable
only in registered form in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.

 

The Securities of this series
shall not be entitled to any sinking fund.

 

Optional Redemption

 

Prior to June 15, 2032 (three months prior
to the Stated Maturity of the Securities of this series, the “Par Call Date”), the Company may redeem the Securities
of this series at its option, on at least 10 days’, but no more than 45 days’, prior written notice sent (or otherwise
delivered in accordance with the applicable procedures of DTC) to each Holder of the Securities to be redeemed, in whole or in part, at
any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places)
equal to the greater of:

 

(1) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities of

 

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this series matured
on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20
basis points less (b) interest accrued to the Redemption Date, and

 

(2) 100% of the principal amount of the Securities to
be redeemed,

 

plus, in either case, accrued and unpaid interest thereon to the Redemption
Date.

 

On or after the Par Call Date, the Company may
also redeem the Securities of this series, on at least 10 days’, but no more than 45 days’, prior written notice
sent (or otherwise delivered in accordance with the applicable procedures of DTC) to each Holder of the Securities to be redeemed, in
whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of the Securities being
redeemed plus accrued and unpaid interest thereon to the Redemption Date.

 

“Treasury Rate” means, with
respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption
or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield
for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields
 – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the
Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a
straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the Redemption Date.

 

If on the third Business Day preceding the Redemption
Date H.15 TCM (or any successor designation or publication) is no longer published, the Company shall calculate the Treasury Rate based
on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business
Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that

 

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is closest to, the Par
Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United
States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call
Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more
United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more
United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid
and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance
with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon
the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United
States Treasury security, and rounded to three decimal places.

 

The Company’s actions and determinations
in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

 

Any redemption of the Securities of this series
may, at the Company’s discretion, be subject to one or more conditions precedent. Any related written notice of redemption will
describe the conditions precedent and, at the Company’s discretion, will indicate that any Redemption Date may be delayed or the
written notice rescinded if all such conditions precedent shall not have been satisfied or waived by the Company.

 

A partial redemption of the Securities of this
series may be effected by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption
of a portion of the principal amount of the Securities of this series equal to an authorized denomination.

 

Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date interest shall cease to accrue on the Securities of this series or portions thereof called for
redemption.

 

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Change of Control Offer

 

If a Change of Control Triggering
Event occurs, unless the Company has exercised its option to redeem the Securities of this series, the Company shall be required to make
an offer (a “Change of Control Offer”) to each Holder of the Securities of this series to repurchase all or any part
(equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth herein.
In a Change of Control Offer, the Company shall be required to offer the Change of Control Payment. Within 30 days following any Change
of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction
that constitutes or may constitute the Change of Control, a notice shall be mailed to Holders of the Securities of this series describing
the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Securities on
the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed
(a “Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of
Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the
Change of Control Payment Date.

 

In order to accept the Change
of Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date,
this Security together with the form entitled “Election Form” (which form is annexed hereto) duly completed, or a telegram,
telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority
or a commercial bank or trust company in the United States setting forth:

 

(i)            the
name of the Holder of this Security;

 

(ii)            the
principal amount of this Security;

 

(iii)            the
principal amount of this Security to be repurchased;

 

(iv)            the
certificate number or a description of the tenor and terms of this Security;

 

(v)            a
statement that the Holder is accepting the Change of Control Offer; and

 

(vi)            a
guarantee that this Security, together with the form entitled “Election Form” duly completed, will be received by the Paying
Agent at least five Business Days prior to the Change of Control Payment Date.

 

Any exercise by a Holder of its election to accept
the Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount
of this Security, but in that event the principal amount of this Security remaining outstanding after repurchase must be equal to $2,000
or an integral multiple of $1,000 in excess thereof.

 

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On the Change of Control Payment
Date, the Company shall, to the extent lawful:

 

		(i)	accept for payment all Securities of this series or portions of such Securities properly tendered pursuant
to the Change of Control Offer;

 

		(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities
of this series or portions of such Securities properly tendered; and

 

		(iii)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together
with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions of such Securities
being repurchased.

 

The Company shall not be required
to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in
the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases
all Securities of this series properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities
of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company shall comply with
the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase
of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities
laws or regulations conflict with the Change of Control Offer provisions of the Securities of this series, the Company shall comply with
those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions
of the Securities of this series by virtue of any such conflict.

 

For purposes of the Change
of Control Offer provisions of the Securities of this series, the following terms are applicable:

 

“Change of Control”
means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other
than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or

 

    9 

     

    

 

changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person,
or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the
Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities
or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior
to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any
direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or (4) the adoption
of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed
to involve a Change of Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or
(B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence)
is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control
Payment” means a payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased, plus
accrued and unpaid interest, if any, on the Securities to the date of repurchase.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Fitch”
means Fitch Ratings, Inc., and its successors.

 

“Investment Grade
Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating
agencies selected by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc., and its successors.

 

“Rating Agencies”
means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Securities
of this series or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company
(as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P,
or all of them, as the case may be.

 

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“Rating Event”
means the rating on the Securities of this series is lowered by at least two of the three Rating Agencies and the Securities of this series
are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period shall
be extended so long as the rating of the Securities of this series is under publicly announced consideration for a possible downgrade
by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s
intention to effect a Change of Control and ending 60 days following consummation of such Change of Control.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as
of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

The provisions of Article Thirteen
of the Indenture shall apply to the Change of Control Offer provisions of this Security except as and to the extent otherwise specified
in this Security. For purposes of the Indenture, a Change of Control Payment Date shall be deemed to be a Repayment Date.

 

Other Provisions

 

If an Event of Default with
respect to Securities of this series as set forth in the Indenture shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series
at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

 

The Indenture contains provisions
for defeasance at any time of (i) the entire indebtedness on this Security and (ii) certain restrictive covenants and certain
Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security.

 

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Upon due presentment for registration
of transfer of this Security at the office or agency of the Company in New York, New York, a new Security or Securities of this series
in authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange herefor, as provided
in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any
tax or other governmental charge imposed in connection therewith.

 

This Security is exchangeable
for definitive Securities in registered form only if (i) the Depositary notifies the Company that it is unwilling or unable to continue
as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act and
a successor depositary is not appointed within 90 days, (ii) the Company, in its sole discretion, determines that this Security shall
be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (iii) an Event of Default with respect
to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence,
it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance,
redemption provisions, Stated Maturity and other terms and of authorized denominations aggregating a like amount.

 

This Security may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee
of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as
provided above, owners of beneficial interests in this global Security shall not be entitled to receive physical delivery of Securities
in definitive form and shall not be considered the Holders hereof for any purpose under the Indenture.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed, except that in the event the Company deposits money or Government Obligations as provided in Section 401 or 403 of the
Indenture, such payments shall be made only from proceeds of such money or Government Obligations.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for
the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based
on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as
such, past, present or future, of the Company or any successor corporation, either directly or through the Company, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the

 

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acceptance hereof and as part of the consideration for, and as a condition of, the issuance hereof, expressly waived and
released.

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security.

 

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ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	--	as
                                            tenants in common
	 	 	 
	TEN ENT	--	as
                                            tenants by the entireties
	 	 	 
	JT TEN	--	as
                                            joint tenants with right 

                                            of survivorship and not 

                                            as tenants in common

 

	UNIF GIFT MIN ACT	--	 	Custodian	 	 
	 	 	(Cust)	 	(Minor)	 

 

Under Uniform Gifts to Minors Act

 

 

	(State)	 

 

Additional abbreviations may
also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

Please Insert Social Security or 

Other Identifying Number of Assignee

 

 

	 	 

 

 

 

(Please
print or type name and address including postal zip code of Assignee)

 

     

     

    

 

the within Security of TARGET CORPORATION and
does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security on the books of the Company,
with full power of substitution in the premises.

 

Dated: __________________________________

 

	 	 
	 	 

 

NOTICE: The signature to this assignment must
correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any
change whatever.

 

     

     

    

 

 

 

ELECTION FORM

 

TO BE COMPLETED ONLY IF THE HOLDER 

ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER

 

 

 

The undersigned hereby
irrevocably requests and instructs the Company to repurchase the within Security (or the portion thereof specified below), pursuant
to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment
specified in the within Security, to the undersigned, ________________________________________________________________, at ___________________________________________________________ (please print or typewrite name and address of the undersigned).

 

For this election to accept
the Change of Control Offer to be effective, the Company must receive, at the address of the Paying Agent set forth below or at such other
place or places of which the Company shall from time to time notify the Holder of the within Security, either (i) this Security with
this “Election Form” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member
of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United
States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal
amount of the Security to be repurchased, (d) the certificate number or description of the tenor and terms of the Security, (e) a
statement that the option to elect repurchase is being exercised, and (f) a guarantee stating that the Security to be repurchased,
together with this “Election Form” duly completed will be received by the Paying Agent five Business Days prior to the Change
of Control Payment Date. The address of the Paying Agent is The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York,
101 Barclay Street, New York, New York 10286.

 

If less than the entire principal
amount of the within Security is to be repurchased, specify the portion thereof (which principal amount must be $2,000 or an integral
multiple of $1,000 in excess thereof) which the Holder elects to have repurchased: $__________.Exhibit 10.A
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EXECUTION VERSION
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FIFTH AMENDMENT AND JOINDER TO LOAN AND SECURITY AGREEMENT
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THIS FIFTH AMENDMENT AND JOINDER TO LOAN AND SECURITY AGREEMENT (this
“Amendment”), dated as of May 6, 2022, is entered into by and among IMEDIA BRANDS, INC., a Minnesota corporation (“iMedia” or “Borrowing Agent”), VALUEVISION INTERACTIVE, INC., a Minnesota corporation (“Value Interactive”), VALUEVISION RETAIL, INC., a Delaware corporation (“Value Retail”), PW ACQUISITION COMPANY, LLC, a Minnesota limited liability company (“PW Acquisition”), FL ACQUISITION COMPANY, a Minnesota corporation (“FL Acquisition”), VALUEVISION MEDIA ACQUISITIONS, INC., a Delaware corporation (“Value Media”), TCO, LLC, a Delaware limited liability company (“TCO”), JWH ACQUISITION COMPANY, a Minnesota corporation (“JWH Acquisition”), NORWELL TELEVISION, LLC, a Delaware limited liability company (“Norwell”), 867 GRAND AVENUE LLC, a Minnesota limited liability company (“867 Grand Avenue” and together with iMedia, Value Interactive, Value Retail, PW Acquisition, FL Acquisition, Value Media, TCO, JWH Acquisition, Norwell, and any other Person who from time to time becomes a Borrower under the Loan Agreement, collectively, the “Existing Borrowers”, VVI FULFILLMENT CENTER, INC., a Minnesota corporation (“VVI Fulfillment”), EP PROPERTIES, LLC, a Minnesota limited liability company (“EP Properties”), PORTAL ACQUISITION COMPANY, a Minnesota corporation (“Portal”), IMEDIA&123TV HOLDING GMBH (“iMedia&123tv Holding” and together with VVI Fulfillment, EP Properties, and Portal, collectively, the “Existing Guarantors”), SIENA LENDING GROUP LLC, as a lender (“Siena” and together with any other financial institutions who become part to the Loan Agreement referred to below from time to time, each a “Lender” and collectively, the “Lenders”) and SIENA LENDING GROUP LLC, as administrative and collateral agent for the Lenders (in such capacity, the “Agent”). Terms used herein without definition shall have the meanings ascribed to them in the Loan Agreement defined below.
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RECITALS
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A.Agent, Lenders and Existing Borrowers have previously entered into that certain Loan and Security Agreement dated as of July 30, 2021 (as amended, modified and supplemented from time to time, the “Loan Agreement”), pursuant to which Lenders have made certain loans and financial accommodations available to Borrowers.
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B.Existing Borrowers have requested that Agent and Lenders (i) agree to join Portal as a new borrower (the “New Borrower”) under the Loan Agreement and (ii) amend the Loan Agreement, in each case on the terms and conditions set forth herein.
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C.Agent and Lenders are willing to agree to such joinder and Agent, Lenders and Existing Borrowers now wish to amend the Loan Agreement, in each case on the terms and conditions set forth herein.
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D.Existing Borrowers, New Borrower and Guarantors are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Agent’s or any Lender’s rights or remedies as set forth in the Loan Agreement or any other Loan Document are being waived or modified by the terms of this Amendment.
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AGREEMENT
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NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
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1.Joinder of New Borrower to the Loan Agreement. New Borrower hereby expressly (a) agrees that from and after the date of this Agreement it shall be a party to the Loan Agreement as a “Borrower” and shall be bound by all of the terms, conditions, covenants, agreements and obligations set forth in the Loan Agreement as if it were an original Borrower party thereto, (b) assumes and agrees to be directly liable to Agent and Lenders, jointly and severally with all other Borrowers, present and future, for all Obligations, (c) agrees to perform, comply with and be bound by all terms, conditions and covenants of the Loan Agreement and the other Loan Documents applicable to Borrowers, with the same force and effect as if such New Borrower had originally executed and been an original Borrower party signatory to the Loan Agreement and the other Loan Documents, (d) is deemed to make, and is, in all respects, bound by all representations and warranties made by a Borrower set forth in the Loan Agreement and in any of the other Loan Documents, and (e) confirms that the representations and warranties contained in the Loan Agreement and the other Loan Documents are true and correct as they relate to New Borrower as of the date of this Agreement.
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		2.	Amendments to Loan Agreement. As of the effective date of this Amendment:

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(a)Section 1(b) of Schedule A of the Loan Agreement is hereby amended to add the following new subsection (iii) at the end thereto:
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“(iii) Portal Accounts Advance Rate:      80%    of    Eligible    Portal    Accounts;
provided, a Dilution Reserve of $750,000 shall be implemented as of the Fifth Amendment Effective Date. Agent may at its option adjust such Dilution Reserve based upon future dilution calculations.”

(b)Section 1(c) set forth on Schedule A of the Loan Agreement is hereby amended and restated in its entirety as follows:
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“(c) Sublimits for In-transit Credit Card Receipts and Portal Accounts:

(i)In-transit Credit Card Receipts Sublimit:$3,500,000
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(ii)Portal Accounts Sublimit:$8,000,000”
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(c)Section 4 set forth on Schedule A to the Loan Agreement is hereby amended and restated in its entirety as follows:
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“4.Maximum Days re: Eligible Consumer Accounts and Eligible Portal Accounts:

(a)Maximum days after original invoice
date for Eligible Consumer Accounts:One hundred
eighty (180) days
(b)Maximum days after original invoice due date for Eligible Consumer
Accounts:Seven (7) days, in
connection with the Value Pay Plan
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		(c)	Maximum days after original invoice

date for Eligible Portal Accounts:Ninety (90) days”
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(d)The definition of “Borrowing Base” set forth on Schedule B to the Loan Agreement is hereby amended and restated in its entirety as follows:
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““Borrowing Base” means, as of any date of determination, the Dollar Equivalent Amount as of such date of determination of:

(a)the aggregate amount of Eligible Consumer Accounts of each Borrower multiplied by the Accounts Advance Rate; plus
(b)the aggregate amount of In-transit Credit Card Receipts multiplied by the Accounts Advance Rate (but in no event to exceed the In-transit Credit Card Receipts Sublimit), plus
(c)the aggregate amount of Eligible Portal Accounts of Portal multiplied by the Portal Accounts Advance Rate (but in no event to exceed the Portal Accounts Sublimit); plus
(d)the Net Orderly Liquidation Value of the applicable Eligible Inventory multiplied by the Inventory Advance Rate (but not to exceed the sublimit applicable to all Inventory), plus
(e)the Net Orderly Liquidation Value of the applicable Eligible Slow Moving Inventory multiplied by the Inventory Advance Rate (but not to exceed the sublimit applicable to Eligible Slow Moving Inventory) plus
(f)the Net Orderly Liquidation Value of Eligible In-Transit Inventory multiplied by the Inventory Advance Rate (but not to exceed the sublimit applicable to Eligible In-Transit Inventory) minus
		(g)	all Reserves which Agent has established pursuant to Section 1.2.”

(e)Schedule B of the Loan Agreement is amended to add the following new definitions in the appropriate alphabetical order, as follows:
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““Eligible Portal Account” shall mean and include with respect solely to Portal, each Account of Portal arising in the ordinary course of business which Agent, in its Permitted Discretion, shall deem to be an Eligible Portal Account. An Account shall not be deemed eligible unless such Account is subject to Agent’s first priority perfected security interest and no other Lien (other than Permitted Liens), and is evidenced by an invoice or other documentary evidence satisfactory to Agent. In addition, no Account shall be an Eligible Portal Account if:

(a)the Customer fails to make any payment due the number of days after the original invoice date set forth in Section 4(c) of Schedule A;
(b)any covenant, representation or warranty contained in this Agreement with respect to such Account has been breached;
(c)the Customer shall (i) apply for, suffer, or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property or call a meeting of its creditors, (ii) admit in writing its inability, or be generally unable, to pay its debts as they become due or cease operations of its present business, (iii) make a general assignment for the benefit of creditors, (iv) commence a voluntary case or proceeding under any state or federal bankruptcy laws (as
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now or hereafter in effect), (v) be adjudicated a bankrupt or insolvent, (vi) file a petition seeking to take advantage of any other law providing for the relief of debtors or (vii) acquiesce to, or fail to have dismissed, any petition which is filed against it in any involuntary case under such bankruptcy laws;

(d)the sale is to a Customer outside the United States of America or Canada (a “Foreign Account Debtor”); provided, that, the immediately foregoing criteria shall not apply to a Subsidiary of a Foreign Account Debtor who remits payment to Portal in Dollars from a bank account maintained in the United States;
(e)the Accounts of the Customer exceed a credit limit determined by Agent, (and which Agent has notified Borrowers in writing), in its Permitted Discretion, to the extent such Account exceeds such limit;
(f)Agent believes, in its Permitted Discretion, that such Account will likely not be paid by reason of the Customer’s financial inability to pay;
(g)the Account is subject to any offset, deduction, defense, dispute, or counterclaim (to the extent of such offset, deduction, defense or counterclaim);

(i)the contract under which such Account arises is not directly between the Customer and Portal (or the Seller, which contract was validly assigned to Portal in the asset purchase agreement between Portal and the Seller) or not payable directly to a Borrower;

(k)the Account Debtor or its Affiliates are not past due on other Accounts owing to Portal comprising more than 50% of all of the Accounts owing to Portal by such Account Debtor or its Affiliates; or
(l)all Eligible Portal Accounts owing by RhythmOne, LLC and its Subsidiaries and Affiliates that in the aggregate represent more than 50% of all otherwise Eligible Portal Accounts (provided, that Accounts which are deemed to be ineligible solely by reason of this clause (l) shall be considered Eligible Portal Accounts to the extent of the amount thereof which does not exceed 50% of all otherwise Eligible Portal Accounts) and
(ii)all Eligible Portal Accounts (other than those described in the immediately foregoing clause (i)) owing by any single Account Debtor and its Subsidiaries and Affiliates that represent more than 20% of all otherwise Eligible Portal Accounts (provided, that Accounts which are deemed to be ineligible solely by reason of this clause (ii) shall be considered Eligible Portal Accounts to the extent of the amount thereof which does not exceed 20% of all otherwise Eligible Portal Accounts); or

(m)such Account is not otherwise satisfactory to Agent as determined in good faith by Agent in the exercise of its Permitted Discretion.”
““Fifth Amendment Effective Date” shall mean May 6, 2022.”

(f)Section 5.15(h) of the Loan Agreement is hereby amended and restated in its entirety as follows:
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“(h) Updates on Controls and Procedures. Not later than fifteen (15) days after the end of each month, updates in form and substance reasonably acceptable to Agent as to Borrower’s efforts to resolve the deficiencies in the control environment, risk assessment, control activities, information and communication, and monitoring components of the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission that as of January 29, 2022 constituted material weaknesses, either individually or in the aggregate and progress-to-
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date. Upon the reasonable request of the Agent, the Loan Parties shall deliver, and hereby do irrevocably authorize and direct any independent auditor working with the Loan Parties on the matter to share with Agent, progress reports, updates, financial information and other information and reports relating to the immediately foregoing from time to time.

(g)Section 5.25(d)(ii)(A) of the Loan Agreement is hereby amended and restated in its entirety as follows:
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“(A) any sale, lease, transfer or other disposition by a Loan Party to any other Loan Party (other than iMedia&123tv Holding, VVI Fulfillment and EP Properties);”

(h)Section 5.25(e)(i)(B) of the Loan Agreement is hereby amended and restated in its entirety as follows:
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“(B) to other Loan Parties (other than iMedia&123tv Holding, VVI Fulfillment and EP Properties) that do not constitute Domestic Subsidiaries in an aggregate amount not to exceed $100,000,”

3.Amendment Fee. In consideration of the agreements set forth herein, Borrowers hereby agree to jointly and severally pay to Agent for the benefit of the Lenders an amendment fee in the amount of $10,000 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of and due and payable on the date of this Amendment.
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4.Consent Fee. In consideration of the agreements set forth herein, Borrowers hereby agree to jointly and severally pay to Agent for the benefit of the Lenders a consent fee in the amount of $40,000 (the “Consent Fee”), which fee is non-refundable when paid and is fully-earned as of and due and payable on the date of this Amendment.
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5.Effectiveness of this Amendment. This Amendment shall become effective upon the satisfaction, as determined by Agent, of the following conditions:
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(a)Amendment. Agent shall have received this Amendment fully executed by the other parties hereto;
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(b)Amendment Fee. Agent shall have received the Amendment Fee, which may be paid as a charge to Borrowers’ Loan Account. Borrowers hereby authorize Agent to charge Borrower’s Loan Account in full payment of such Amendment Fee on the date of this Amendment;
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(c)Consent Fee. Agent shall have received the Consent Fee, which may be paid as a charge to Borrowers’ Loan Account. Borrowers hereby authorize Agent to charge Borrower’s Loan Account in full payment of such Consent Fee on the date of this Amendment;
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(d)Representations and Warranties. The representations and warranties set forth herein and in the Loan Agreement must true and correct in all material respects (without duplication of materiality qualifiers therein) as of the date hereof (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties shall be true and correct in all material respects (without duplication of materiality qualifiers therein) as of such earlier date); and
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(e)Other Required Documentation. All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded, as reasonably required by Agent in its Permitted discretion.
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		6.	Representations and Warranties. Each Loan Party represents and warrants as follows:

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(a)Authority. Such Loan Party has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder, under the Loan Agreement (as amended or modified hereby) and under the other Loan Documents to which it is a party. The execution, delivery and performance by such Loan Party of this Amendment have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions.
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(b)Enforceability. This Amendment has been duly executed and delivered by each Loan Party. This Amendment, the Loan Agreement (as amended or modified hereby) and each other Loan Document is the legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, and is in full force and effect.
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(c)Representations and Warranties. The representations and warranties contained in the Loan Agreement and each other Loan Document (other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) are correct on and as of the date hereof as though made on and as of the date hereof.
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(d)Due Execution. The execution, delivery and performance of this Amendment are within the power of each Loan Party, have been duly authorized by all necessary corporate action, have received all necessary governmental approval, if any, and do not contravene any law or any contractual restrictions binding on any Loan Party.
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(e)No Default. No event has occurred and is continuing that constitutes a Default or an Event of Default.
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7.Choice of Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW). FURTHER, THE LAW OF THE STATE OF NEW YORK SHALL APPLY TO ALL DISPUTES OR CONTROVERSIES ARISING OUT OF OR CONNECTED TO OR WITH THIS AMENDMENT AND ALL SUCH RELATED LOAN DOCUMENTS WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW).
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8.Counterparts; Facsimile Signatures. This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by e-mail, Docusign, facsimile or other similar form of electronic transmission shall be deemed to be an original signature hereto.
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		9.	Reference to and Effect on the other Loan Documents.

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(a)Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement, and each reference in the other Loan Documents to “the Loan Agreement”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as modified and amended hereby.
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(b)Except as specifically amended above, the Loan Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Borrowers to Agent and Lenders.
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(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Agent or any Lender under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents.
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(d)To the extent that any terms and conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the Loan Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended hereby.
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10.Integration. This Amendment, together with the Loan Agreement and the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
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11.Severability. If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
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12. Guarantors’ Acknowledgment. With respect to the amendments to the Loan Agreement effected by this Amendment and after giving effect to the joinder of New Borrower provided for above, each Guarantor hereby acknowledges and agrees to this Amendment and confirms and agrees that its Guaranty (as modified and supplemented in connection with this Amendment) is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, each reference in such Guaranty to the Loan Agreement, “thereunder”, “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended or modified by this Amendment. Although Lender has informed the Guarantors of the matters set forth above, and each Guarantor has acknowledged the same, each Guarantor understands and agrees that Lender has no duty under the Loan Agreement, any Guaranty or any other agreement with any Guarantor to so notify any Guarantor or to seek such an acknowledgement, and nothing contained herein is intended to or shall create such a duty as to any transaction hereafter.
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[remainder of page intentionally blank]
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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.
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BORROWERS:
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IMEDIA BRANDS, INC.
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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VALUEVISION RETAIL, INC.
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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FL ACQUISITION COMPANY
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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PW ACQUISITION COMPANY, LLC
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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VALUEVISION MEDIA ACQUISITIONS, INC.
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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TCO, LLC
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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JWH ACQUISITION COMPANY
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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NORWELL TELEVISION, LLC
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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867 GRAND AVENUE LLC
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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VALUEVISION INTERACTIVE, INC.
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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PORTAL ACQUISITION COMPANY
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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	GUARANTORS:
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VVI FULFILLMENT CENTER, INC.
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By: ___________________________________
Name: Timothy Peterman Its: CEO

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EP PROPERTIES, LLC
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By: ___________________________________
Name: Timothy Peterman Its: CEO
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IMEDIA&123TV HOLDING GMBH
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By: ___________________________________
Name: Timothy Peterman Its:Managing Director

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[Signature Page to Fifth Amendment and Joinder]
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EXHIBIT A
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Schedule D
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Provide Agent and each Lender with each of the documents set forth below at the following times in form satisfactory to Agent:
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	Weekly
	

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reporting of weekly sales, collections and credits,

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a Value Pay Plan ageing summary and

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updated In-transit Credit Card Receipts for the prior week.

	Monthly (no later than the 10th day of each calendar month);
	

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a detailed aging, by total, of Portal’s Accounts, together with an Account roll-forward with supporting details supplied from sales journals, collection journals, credit registers and any other records, with respect to Portal’s Accounts (delivered electronically in an acceptable format)

●
accounts payable schedules solely with respect to Portal, inclusive of reconciliations to the general ledger

	Monthly (no later than the 20th day of each calendar month); provided, that any time after Borrower’s Minimum Liquidity is less than $10,000,000, such requirement shall be Weekly
	

●
summary Inventory reports (including breakout by category), and

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A system generated perpetual inventory report to be submitted on a monthly basis that will capture inventory amounts by product line and related ineligibles in a form satisfactory to Siena.

	Monthly (no later than the 20th day of each calendar month)
	

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accounts receivable ageings inclusive of reconciliations to the general ledger,

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accounts payable schedules inclusive of reconciliations to the general ledger (including ageing of accrued cable access fees included in accounts payable),

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Inventory reports (including breakout by category, including without limitation In-Transit Inventory),

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monthly reporting of the prior month’s Average FICO Score and

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Borrowing Base Certificate in form and substance satisfactory to Agent (which shall be calculated as of the last day of the prior month and which shall not be binding upon Agent or restrictive of Agent’s rights under this Agreement),

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●
 balances.

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copies of bank statements for all bank accounts of Portal, and

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Monthly trial balances.

	Monthly (no later than 30 days after the end of each calendar month), as set forth in Section 5.15(c)
	

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the unaudited interim financial statements of each Loan Party as of the end of such month and of the portion of such Fiscal Year then elapsed,

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Compliance Certificate, and

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updates to the Information Certificate required by Section 5.29

	Quarterly (no later than 45 days after the end of each calendar month), as set forth in Section 5.15(b)
	

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the unaudited interim financial statements of each Loan Party as of the end of such quarter and of the portion of such Fiscal Year then elapsed, and

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Compliance Certificate.

	Yearly (no later than 120 days after the end of each Fiscal Year of Borrowers), as set forth in Section 5.15(a)
	

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unqualified, audited financial statements of each Loan Party as of the end of such Fiscal Year, and

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a Compliance Certificate.

	Yearly (no later than 30 days after the end of each Fiscal Year of Borrowers), as set forth in Section 5.15(e)
	

●
monthly business projections for the following Fiscal Year for the Loan Parties on a consolidated basis

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D-2

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	Yearly (no later than the 120th day after the end of each Fiscal Year of Borrowers)
	

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financial statements of each Guarantor, if any (to the extent such financial statements are not already consolidated with the financial statements of Borrowers).

	Promptly upon delivery or receipt, or request, as applicable, thereof
	

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copies of any and all written notices (including notices of default or acceleration), reports and other deliveries received by or on behalf of any Loan Party from or sent by or on behalf of any Loan Party to, any holder, agent or trustee with respect to any or all of the Term Debt Permitted Indebtedness and Seller Debt Permitted Indebtedness (in such holder’s, agent’s or trustee’s capacity as such),

●
confirmatory assignment schedules as Agent may reasonably request,

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copies of Customer’s invoices as Agent may reasonably request,

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evidence of shipment or delivery as Agent may reasonably request, and

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such further schedules, documents and/or information regarding the Collateral as Agent may reasonably request including trial balances and test verifications.

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D-3

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