Document:

Exhibit 10.11

 

Execution Version

 

SECOND AMENDMENT TO CREDIT AGREEMENT

  

This SECOND AMENDMENT
TO CREDIT AGREEMENT is dated as of August 29, 2016 (this “Second Amendment”) and is entered into among
Products Licensing LLC (the “Borrower”), the Lender party hereto and DBD Credit Funding LLC (“Administrative
Agent”).

 

RECITALS

 

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

 

WHEREAS, Borrower and
Lender have agreed to certain modifications to the Credit Agreement including provisions relating to prepayments of the Loan;

 

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

 

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

 

1.           Amendments
to Credit Agreement. Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties
set forth in Section 4 herein, the Credit Agreement is hereby amended, as of the Second Amendment Effective Date, as
follows:

 

(a)           The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to delete the following definitions:

 

“Aggregate
Contract Value,”, “Debt Service Reserve Account,” “Debt Service Reserve Required Amount”,
Excess Cash Flow Holiday Period,” and “Minimum Aggregate Contract Value”.

 

(b)          The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Amortization
Payment” in full to read as follows:

 

 “Amortization Payment Amount” means (i) for the Settlement Periods beginning on July 1, 2016, October 1, 2016 and January 1, 2017, $500,000 and (ii) for the Settlement Period beginning on April 1, 2017 and each Settlement Period thereafter $1,000,000, in each case, less the amount of any prepayments made pursuant to Section 2.06(b)(ix) that have been applied to reduce such scheduled amortization payment from and after the Second Amendment Effective Date until the last day of such Settlement Period.”

 

     

     

    

 

(c)           The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change in full the definition of “Applicable
Margin” to read as follows:

 

““Applicable Margin” means, (i) from the Second Amendment Effective Date until the next date of determination as described below, 4.25% per annum for Base Rate Loans and 5.25% per annum for Eurodollar Rate Loans, and (ii) for any subsequent date of determination of the “Applicable Margin”, a percentage equal to the percentage set forth below in the column opposite the level corresponding to the Leverage Ratio as of the last day of the most recently ended Settlement Period:

 

	LEVEL	LEVERAGE RATIO	BASE RATE

LOANS	EURODOLLAR

RATE LOANS
	I	Greater than 3.75 to 1.00	5.25%	6.25%
	II	Less than or equal to 3.75 to 1.00 but greater than 3.25 to 1.00	4.75%	5.75%
	III	Less than or equal to 3.25 to 1.00	4.25%	5.25%

 

 Each date of determination for the “Applicable Margin” shall be the first Business Day of the month after delivery by the Borrower to the Administrative Agent of a new Compliance Certificate pursuant to Section 5.01(c) in connection with the delivery of quarterly financial reporting pursuant to Section 5.01(b). In the event that any financial statement or Compliance Certificate is inaccurate (regardless of whether this Agreement is in effect when such in accuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (x) the Borrower shall immediately deliver to the Administrative Agent a corrected financial statement and a corrected Compliance Certificate for such Applicable Period, (y) the Applicable Margin shall be determined based on the corrected Compliance Certificate for such Applicable Period and (z) the Borrower shall immediately pay to the Administrative Agent (for the account of the Lenders that hold the Loans at the time such payment is received, regardless of whether those Lenders held the Loans during the Applicable Period) the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Period.

 

 For the avoidance of doubt, nothing in this definition of “Applicable Margin” shall limit the rights of the Administrative Agent or the Lenders with respect to Section 2.04(b) and Article 7 hereof, and shall survive the termination of this Agreement.”

 

    	 	2	 

     

    

 

(d)          The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Excess
Cash Flow Percentage” in full to read as follows:

 

		““Excess Cash Flow Percentage” means,
as of any Settlement Date:

 

		(i)	for all Settlement Periods
through the Settlement Period ending March 31, 2017, 0%;

 

		(ii)	for all Settlement Periods
ended after March 31, 2017, if the Leverage Ratio is 4.0:1.00 or less, 50%;

 

		(iii)	for all Settlement Periods
ended after March 31, 2017, if the Leverage Ratio is greater than 4.0:1.00, 75%; and

 

		(iv)	for all Settlement Periods ended after March 31,
2017, if the Borrowing Base Ratio is 85% or above, 75%, irrespective of the Leverage Ratio.

 

In each case, the Borrowing Base Ratio
shall be determined as of the last day of the related Settlement Period.”

 

(e)            The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Eligible
Receivables Balance” in full to read as follows:

 

““Eligible Receivables Balance” means as of any date of determination, and without duplication, the sum of (x) the Overages Amount, (y) the aggregate Contract Values for all Qualifying Licenses, and (z) 50% of Projected Overages, in each case as of such date of determination, provided that in no event may 50% of the sum of Projected Overages exceed 15% of the aggregate Eligible Receivables Balance.”

 

(f)           The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Maximum
Corporate Allocation Amount” for any Settlement Period after the Settlement Period ending June 30, 2016, to be the
amount set forth below opposite such the Settlement Period appearing in the following table:

 

	SETTLEMENT PERIOD ENDING	AMOUNT
	September 30, 2016	$1,250,000
	December 31, 2016	$1,250,000

 

    	 	3	 

     

    

 

	SETTLEMENT PERIOD ENDING	AMOUNT
	March 31, 2017	$1,250,000
	June 30, 2017	$1,250,000
	September 30, 2017	$1,250,000
	December 31, 2017	$1,250,000
	March 31, 2018	$1,250,000
	June 30, 2018	$1,250,000
	September 30, 2018	$1,250,000
	December 30, 2018	$1,250,000
	March 31, 2019	$1,250,000

  

(g)          The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Maturity Date”
to read as follows:

 

	“(i)     Maturity
Date means June 30, 2019.”

 

(h)            The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to change the definition of “Required Revenue
Amount” by replacing the figure $32,500,000 with $20,000,000.

 

(i)            The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to add the following definition of “Projected
Overages”:

 

 ““Projected Overages” means the amounts of Overages projected by Borrower to be earned from existing Licenses (which Licenses are not included in the “Overages Amount”) in excess of Guaranteed Royalties, discounted to the date of determination in the same manner as “Contract Value” is calculated.”

 

(j)            The
Definitions section of the Credit Agreement (Section 1.01) is hereby amended to add the following definition of “Second
Amendment Effective Date”:

 

 ““Second Amendment Effective Date” means the date that all conditions precedent to the effectiveness of the Second Amendment have been satisfied.”

 

    	 	4	 

     

    

 

(k)           Section 2.06(b)(i) of
the Credit Agreement is amended in full to read as follows:

 

 “(i) Excess Cash Flow. On each Settlement Date commencing with the first Settlement Date after the Settlement period ending June 30, 2017, the Borrower shall pay an amount equal to the Excess Cash Flow Percentage of Excess Cash Flow for the most recently ended Settlement Period.”

 

(l)            Section 2.06(b)(vii) of
the Credit Agreement is amended to add the following immediately after the present text: “...,provided, however, that
no payment shall be required as a result of the receipt by Borrower or any Affiliate of Mansion Sale Proceeds in excess of amounts
paid on or prior to the Second Amendment Effective Date.”

 

(m)          Section 2.06(b)(ix) of
the Credit Agreement is amended to delete the word, “this”, in the second full sentence in that Section.

 

(n)           Section 2.06(c) of
the Credit Agreement is amended in full to read as follows:

 

 “If the Borrower prepays the Loans in full, or in part, pursuant to Section 2.06(a), at any time following the Second Amendment Effective Date, no prepayment fees shall be payable by Borrower.”

 

(o)           Section 5.01
and each other section of the Credit Agreement including a reference to “Minimum Aggregate Contract Value”,
shall be amended to delete such reference.

 

(p)           Section 5.01(d) of
the Credit Agreement is amended to delete subdivision (ii) thereof and to change the caption of such Section to read
 “Revenue Reporting; Material Agreements”.

 

(q)           Section 5.12(a) of
the Credit Agreement is amended to add a subdivision (iii) thereof, which is to read in full as follows:

 

 “Notwithstanding anything to the contrary contained in this Agreement, from and after the Second Amendment Effective Date, no new filings, registrations, or other comparable documentation shall be required in any jurisdiction outside of the United States in which an IP Security Agreement has not been filed or registered prior to the Second Amendment Effective Date, other than the People’s Republic of China.”

 

(r)            Section 5.12(c) of
the Credit Agreement is amended to add the following at the beginning of the first sentence thereto:

 

 “other than any filings, registrations, or other comparable documentation in any jurisdiction outside of the United States in which an IP Security Agreement has not been filed or registered prior to the Second Amendment Effective Date, excepting only the People’s Republic of China in which Borrower will complete the filings of the various License Agreements heretofore executed.”

 

    	 	5	 

     

    

 

(s)           Section 6.13
of the Credit Agreement is amended in full to read as follows:

 

 “No Loan Party shall open or maintain any bank account other than the Collection Accounts, or any other bank account for which an Account Control Agreement has been executed and delivered to the Administrative Agent or with respect to which a Bank Instruction Letter has been delivered.”

 

(t)            Section 6.16
of the Credit Agreement is amended to delete subdivision (i) thereof.

 

(u)           Section 6.17
is hereby amended to substitute for all periods ending September 30, 2016 and thereafter, a Maximum Leverage Ratio of 4.50
to 1.00.

 

(v)           Section 7.01(h) of
the Credit Agreement is amended in full to read as follows:

 

 “the Administrative Agent shall at any time not have a valid and perfected first priority security interest (subject to Permitted Liens) in any of the Collateral with an aggregate value (as determined by the Administrative Agent in its sole discretion), of greater than $1,000,000 as to which the Loan Documents require a perfected first priority security interest, other than due to (i) any action or inaction on the part of the Administrative Agent or the Lenders or (ii) missing or insufficient filings registrations, or other comparable documentation in any jurisdiction outside of the United States; or

 

(w)           Section 8.03(a) of
the Credit Agreement is amended to delete subdivision (6) thereof.

 

(x)            Section 8.03(b) of
the Credit Agreement is hereby amended to delete the entire last sentence thereof beginning with the words “Notwithstanding
the foregoing,...”

 

(y)           Section 8.04
of the Credit Agreement is amended in full to read as follows: “Intentionally Omitted”.

 

(z)            Sections
8.05 and 8.06 and each other section of the Credit Agreement including a reference to the “Debt Service Reserve Account”,
shall be amended to delete such reference.

 

(aa)         The
form of Compliance Certificate attached as Exhibit E to the Credit Agreement is modified to eliminate item (ii) of Section 6
thereof.

 

    	 	6	 

     

    

 

2.             Waiver.
All Defaults and Events of Default, are hereby permanently waived; provided, however, no waiver is granted hereunder with respect
to (x) any failure by Borrower to make any payment under any Loan Document that is due and owing and unpaid as of the Second
Amendment Effective Date (other than Default Interest), (y) any Default or Event of Default occurring following the Second
Amendment Effective Date and (z) any Default or Event of Default known to Borrower as of the Second Amendment Effective Date
and not disclosed on Schedule I hereto.

 

3.             City
National Funds. Pursuant to Section 4(d) of this Second Amendment, all of the funds held by City National Bank in
the Debt Service Reserve Account (as defined in the Credit Agreement, prior to this Second Amendment) shall be released to the
Borrower on or after the Second Amendment Effective Date. Borrower and Administrative Agent shall execute any and all documents
required to release the funds in the Debt Service Reserve Account and to terminate the Account Control Agreement related thereto.

 

 

4.             Effectiveness.
This Second Amendment shall be effective on the date when all of the following have been received by Administrative Agent (“Second
Amendment Effective Date”):

 

(a)            counterparts
of this Second Amendment executed by each of the Borrower, the Administrative Agent, and Lender;

 

(b)           a
certificate of the secretary or other officer of the Borrower certifying as to (A) the names and specimen signatures of each
officer of the Borrower authorized to execute and deliver this Second Amendment and/or any other documents in connection with the
Credit Agreement (including Notice(s) of Borrowing), (B) the Organizational Documents of the Borrower attached to such
certificate are complete and correct copies of such Organizational Documents as in effect on the date of such certification, and
(C) the resolutions of the Borrower’s board of directors or other appropriate governing body approving and authorizing
the execution, delivery and performance of this Second Amendment; and

 

(c)            a
prepayment pursuant to Section 2.06(b)(vii) of the Credit Agreement, of a portion of the outstanding Loan to the Administrative
Agent for the ratable benefit of the Lenders, in the amount of $25,000,000. The parties acknowledge and agree that upon payment
of such amounts, Borrower shall have fully discharged its obligations under Section 2.06(b)(vii).

 

    	 	7	 

     

    

 

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

 

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

 

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

 

    	 	8	 

     

    

 

6.             Representations
and Warranties.

 

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

 

(b)           The
Borrower hereby represents and warrants that, as of the date hereof, to the best of its knowledge, no Default or Event of Default
has occurred and is continuing under the Credit Agreement or any of the other Loan Documents (in each case, as amended hereby)
except for the Default (and/or Event of Default) listed on Schedule I hereto.

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

12.           Costs
and Expenses. Borrower agrees to reimburse Administrative Agent promptly for all reasonable and documented out of pocket costs
and expenses (including the reasonable legal fees and disbursements of its legal counsel) in connection with the preparation and
negotiation of this Second Amendment and/or all of the matters relating to the Loan referenced herein.

 

[Remainder of page intentionally
left blank]

 

    	 	10	 

     

    

 

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

 

	 	PRODUCTS LICENSING LLC
	 	 
	 	By:	/s/ David Israel
		Name:	David Israel
	 	Title:	Chief Financial Officer

 

[Signature
Page to Second Amendment to Credit Agreement]

 

     

     

    

 

	 	DBD
CREDIT FUNDING LLC, as Administrative Agent
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	Fortress Credit
opportunities i lp
	 	By: Fortress Credit Opportunities I GP LLC 

its
General Partner
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	DBDB FUNDING
LLC
	 	By: 
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	Fortress Credit
opportunities iII CLO lp
	 	By: FCO III CLO GP LLC

 its General Partner
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	Fortress Credit
opportunities V CLO limited
	 	By: FCO V CLO CM LLC

 its Collateral Manager
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	Fortress Credit
opportunities vi clo limited
	 	By: FCO VI CLO CM LLC

 its Collateral Manager
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

	 	Fortress Credit
opportunities viI clo limited
	 	By: FCO VII CLO CM LLC

 its Collateral Manager
	 	 
	 	By:	/s/ Constantine M. Dakolias
		Name:	Constantine M. Dakolias
	 	Title:	President

 

[Signature Page to Second Amendment
to Credit Agreement]

 

     

     

    

 

CONSENT

 

The undersigned, being
a Guarantor of the Loan pursuant to that certain Joinder Agreement dated August 12, 2015 and / or Guaranty and Security Agreement
dated as of June 24, 2014, (each, as amended, supplemented or modified to date) hereby consent to the foregoing Second Amendment
and acknowledge that the “Secured Obligations” so guaranteed, shall include the Secured Obligations as modified pursuant
to the foregoing Second Amendment.

 

 

	 	PLAYBOY ENTERPRISES, INC.
	 	 
	 	By:	/s/ David Israel                
		Name:	David Israel
	 	Title:	Chief Financial Officer

 

 

	 	PLAYBOY ENTERPRISES
INTERNATIONAL, INC.
	 	 
	 	By:	/s/ David Israel                   
		Name:	David Israel 
	 	Title:	Chief Financial OfficerExhibit 10.12

 

Execution Version

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

This THIRD AMENDMENT
TO CREDIT AGREEMENT is dated as of July 20, 2017 (this “Third Amendment”) and is entered into among Products
Licensing LLC (the “Borrower”), the Lender party hereto and DBD Credit Funding LLC (“Administrative
Agent”).

 

RECITALS

 

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

 

WHEREAS, Borrower and
Lender have agreed to certain modifications to the Credit Agreement including provisions relating to prepayments of the Loan;

 

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

 

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

 

1.             Amendments
to Credit Agreement. Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties
set forth in Section 4 herein, the Credit Agreement is hereby amended, as of the Third Amendment Effective Date, as
follows:

 

(a)           The
Recitals of the Credit Agreement are hereby amended and restated in their entirety to read as follows:

 

“WHEREAS,
the Borrower has requested, and the Lenders have agreed to make available to the Borrower term loans, upon the terms and subject
to the conditions set forth in this Agreement; and

 

WHEREAS,
the Borrower used the proceeds of the Initial Term Loan made by the Lenders to it on the Closing Date to (a) make a distribution
to Parent and (b) fund certain fees and expenses associated with and incurred with respect to the funding of the Initial
Term Loan made hereunder; and

 

NOW, THEREFORE,
in consideration of the mutual agreements, provisions and covenants contained herein, the parties hereto agree as follows:”

 

(b)           Article 1
of the Credit Agreement is hereby amended by inserting the following new definitions in their proper alphabetical location:

 

    

     

    

 

i.            ““2017
Term Loan” shall have the meaning given to such term in Section 2.01.”

 

ii.            ““Artwork
Holdings” means Artwork Holdings LLC, a Delaware limited liability company.”

 

iii.            ““Third
Amendment” means that certain Third Amendment to Credit Agreement dated July 20, 2017 among the Borrower, Guarantors,
Lenders and the Administrative Agent.”

 

iv.            ““Third
Amendment Effective Date” means the date that all conditions precedent to the effectiveness of the Third Amendment have
been satisfied.”

 

(c)           Article 1
of the Credit Agreement is hereby amended to change the definition of “Amortization Payment” in full to read
as follows:

 

“Amortization
Payment Amount” means for any Settlement Date $1,065,000 less the amount of any prepayments made pursuant to
Section 2.06(b)(ix) that have been applied to reduce such scheduled amortization payment from and after the Third Amendment
Effective Date until the last day of such Settlement Period.”

 

(d)           Article 1
of the Credit Agreement is hereby amended to change the definition of “Commitment” in full to read as follows:

 

“Commitment”
means (a) as to any Lender, the aggregate commitment of such Lender to make a Loan as set forth on Schedule 2.01 or the most
recent Assignment and Assumption and (b) as to all Lenders, the aggregate commitment of all Lenders to make Loans, which
aggregate commitment shall be $150,000,000 on the Closing Date and $106,804,155.17 on the Third Amendment Effective Date.

 

(e)           Article 1
of the Credit Agreement is hereby amended to change the definition of “Excess Cash Flow Percentage” in full
to read as follows:

 

““Excess
Cash Flow Percentage” means, as of any Settlement Date:

 

(i)           for
all Settlement Periods through the Settlement Period ending September 30, 2017, 0%;

 

(ii)          for
all Settlement Periods ending on or after December 31, 2017, if the Leverage Ratio is 4.0:1.00 or less, 50%;

 

(iii)         for
all Settlement Periods ending on or after December 31, 2017, if the Leverage Ratio is greater than 4.0:1.00, 75%;

 

(iv)         for
all Settlement Periods ending after December 31, 2017, if the Borrowing Base Ratio is 85% or above, 75%, irrespective of
the Leverage Ratio; and

 

    2

     

    

 

In each case, the Borrowing
Base Ratio shall be determined as of the last day of the related Settlement Period.”

 

(f)            Article 1
of the Credit Agreement is hereby amended to change the definition of “Guaranty and Security Agreement” in
full to read as follows:

 

““Guaranty
and Security Agreement” means that certain Amended and Restated Guaranty and Security Agreement dated as of July 20,
2017, executed by PBE, Parent, and the Loan Parties in favor of Administrative Agent (as amended, restated, supplemented or otherwise
modified from time to time).”

 

(g)           Section 2.01
of the Credit Agreement is hereby amended in full to read as follows:

 

““Each
Lender severally agrees, on the terms and conditions hereinafter set forth, to make a term loan (the “Initial Term Loans”)
to the Borrower, on the Closing Date, in a principal amount equal to such Lender’s Commitment then in effect. Each Lender
severally agrees, on the terms and conditions hereinafter set forth, to make an additional term loan (the “2017 Term
Loans”, and together with the Initial Term Loans, each a “Loan” and, collectively, the “Loans”)
to the Borrower, on the Third Amendment Effective Date, in a principal amount equal to such Lender’s pro rata portion of
the aggregate Commitment on the Third Amendment Effective Date as set forth in the definition of “Commitment”.”

 

(h)           Section 2.06(a) of
the Credit Agreement is hereby amended in full to read as follows:

 

“(a) Optional
Prepayments. The Borrower may prepay all or a portion of the Loans upon at least five (5) Business Days’ written
notice to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, together with (i) interest
accrued to and including the date of such prepayment on the principal amount prepaid and (ii) any Additional Financing Costs
(including the prepayment fee applicable thereto (if any) pursuant to Section 2.06(c)), and provided that any partial prepayment
shall be in an aggregate minimum principal amount of $1,000,000. Voluntary prepayments pursuant to this Section 2.06(a) shall
be applied to reduce the remaining installments of the Loans in the order directed by the Borrower (or, in the absence of any
such direction, ratably to the remaining installments thereof).”

 

(i)            Section 2.06(b)(i) of
the Credit Agreement is hereby amended by replacing the date “June 30, 2017” with “December 31, 2017.”

 

    3

     

    

 

(j)           Section 2.06(c) of
the Credit Agreement is hereby amended in full to read as follows:

 

“If
the Borrower prepays the Loans in full, or in part, pursuant to Section 2.06(a), at any time prior to June 30,
2018, such prepayment shall include a prepayment fee equal to $65,000.”

 

(k)          Section 3.01
of the Credit Agreement is hereby amended by replacing “Loan” in the second line thereof with “Initial Term
Loan”.

 

(l)           Section 6.01
is hereby amended by designating subsection (vi) thereof as subsection (vii) and adding a new subsection (vi) to
read as follows:

 

“(vi) Liens
in favor of City National Bank with respect to the existing letter-of- credit facility, dated as of August 21, 2014 (as amended,
supplemented or otherwise modified), among, inter alia, City National Bank and Parent, including, without limitation, pursuant
to (i) that certain Guaranty Agreement, by Artwork Holdings LLC in favor of City National Bank, and (ii) that certain
Security Agreement by Artwork Holdings LLC in favor of City National Bank, each dated as of August 12, 2015”

 

(m)         Schedule
2.01 attached to the Credit Agreement is hereby amended by replacing the figure “150,000,000” with “$106,804,155.17”
each place it appears.

 

2.            Effectiveness.
This Third Amendment shall be effective on the date when all of the following have been received by Administrative Agent (“Third
Amendment Effective Date”):

 

(a)          counterparts
of this Third Amendment executed by each of the Borrower, the Administrative Agent, and each Lender;

 

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

 

(c)          the
Notes for each Lender requesting a Note executed by the Borrower;

 

(d)          one
fully executed copy of an amended and restated version of the Guaranty and Security Agreement together with the Pledged Stock
(as defined therein), to the extent such Pledged Stock is certificated and has not previously been delivered, with appropriate
undated stock powers executed in blank (to the extent relevant under Applicable Law);

 

(e)          one
fully executed copy of a negative pledge agreement by Artwork Holdings in favor of Administrative Agent;

 

(f)           a
copy of the duly recorded UCC-1 financing statement, with Parent, as debtor, and the Administrative Agent as secured party;

 

    4

     

    

 

(g)           (i) a
commitment fee, for the ratable benefit of the Lenders, in the amount of $130,000 (the “Commitment Fee”), (ii) an
amendment fee, for the ratable benefit of the Lenders, in the amount of $160,206.23 (the “Amendment Fee” together
with the Commitment Fee, the “Fees”), which such Fees shall be deemed fully earned upon payment and shall be
non- refundable (in whole or in part) in all respects and (iii) the reasonable and documented out-of- pocket costs and expenses
(including the reasonable legal fees and disbursements of Administrative Agent’s legal counsel) in connection with the preparation
and negotiation of this Third Amendment (together with the Fees, the “Costs and Expenses”); which such Costs
and Expenses shall be deducted from the 2017 Term Loan advanced on the Third Amendment Effective Date.

 

(h)          such
other documentation as the Administrative Agent may reasonably request;

 

(i)           confirmation
from the Borrower that the representations and warranties contained in Section 4 hereof are true and correct; and

 

(j)           confirmation
from Sidley Austin LLP, counsel for the Administrative Agent, that all legal matters incident to this Third Amendment are satisfactory
to Sidley Austin LLP.

 

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

 

    5

     

    

 

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

 

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

 

4.            Representations
and Warranties.

 

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

 

(b)          The
Borrower hereby represents and warrants that, as of the date hereof, no changes to Schedule 4.01 and 4.06 of the Credit Agreement
are necessary to make the corresponding representations and warranties in the Credit Agreement true as of the date hereof.

 

    6

     

    

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

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

 

[Remainder of page intentionally
left blank]

 

    8

     

    

 

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

 

	 	PRODUCTS LICENSING LLC
	 	 
	 	 
	 	By:	/s/ David Israel
	 	Name: 	David Israel
	 	Title:	Chief Financial Officer

 

[Signature Page to Third Amendment to Credit Agreement]

 

    9

     

    

 

	 	DBD CREDIT FUNDING LLC, as

Administrative Agent
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    10

     

    

 

	 	FORTRESS
    CREDIT OPPORTUNITIES I LP
	 	 
	 	 
	 	By: 	Fortress Credit
    Opportunities I GP LLC
	 	its General Partner
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    11

     

    

 

 

	 	DBDB FUNDING LLC
	 	By:
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    12

     

    

 

	 	FORTRESS
    CREDIT OPPORTUNITIES III CLO LP
	 	By: FCO III CLO GP LLC
	 	its General Partner
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    13

     

    

 

	 	FORTRESS
    CREDIT OPPORTUNITIES V CLO LIMITED
	 	By:     FCO V CLO CM LLC
	 	its Collateral Manager
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    14

     

    

 

	 	FORTRESS CREDIT OPPORTUNITIES VI CLO LIMITED
	 	By:     FCO VI CLO CM LLC
	 	its Collateral Manager
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    15

     

    

 

	 	FORTRESS CREDIT OPPORTUNITIES VII CLO LIMITED
	 	By:     FCO VII CLO CM LLC
	 	its Collateral Manager
	 	 
	 	 
	 	By:	/s/ Constantine M. Dakolias
	 	Name: 	Constantine M. Dakolias
	 	Title:	President

 

    16

     

    

 

CONSENT

 

The undersigned, being
a Guarantor of the Loan pursuant to that certain Amended and Restated Guaranty and Security Agreement dated as of July      ,
2017, (each, as amended, supplemented or modified to date) hereby consent to the foregoing Third Amendment and acknowledge that
the “Secured Obligations” so guaranteed, shall include the Secured Obligations as modified pursuant to the foregoing
Third Amendment.

 

	 	PLAYBOY ENTERPRISES, INC.
	 	 
	 	 
	 	By:	/s/ David Israel                        
	 	Name: 	David Israel
	 	Title:	COO/CFO
	 	 
	 	 
	 	PLAYBOY ENTERPRISES
	 	INTERNATIONAL, INC.
	 	 
	 	 
	 	By:	/s/ David Israel
	 	Name: 	David Israel
	 	Title:	CFO

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