Document:

exhibit_10-1

 

Exhibit 10.1

 

 

PROMISSORY NOTE

 

	
$85,000 

	
  January 29, 2021

 

FOR VALUE RECEIVED, RIVULET MEDIA, INC., a
Delaware corporation with an address of 1206 E. Warner Rd, Suite
101-I, Gilbert, AZ 85296 (“Maker”),
agrees and promises to pay to the order of CROSS ENTERTAINMENT,
L.L.C., an Arizona limited liability company with an address of
2700 N. Central Avenue, Ste. 950, Phoenix, AZ 85004
(“Holder”),
the sum of Eighty Five Thousand Dollars ($85,000), with such amount
payable to Holder at the address set forth above, or at such other
place as Holder may designate.

 

1. No
Interest. No interest shall
accrue under this promissory note (this “Note”).

 

2. Payments.
The entire balance of this Note is due and payable on or before
February 28, 2021 (the “Maturity
Date”). Maker may prepay
all or any portion of this Note at any time without
penalty.

 

3. Security.
This Note is unsecured.

 

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

 

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

 

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

 

5. Default
Interest. Upon the occurrence
of an Event of Default, Holder shall be entitled to receive and
Maker shall pay interest on the entire unpaid principal balance at
a rate (the “Default
Rate”) equal to ten
percent (10%) per annum. The Default Rate shall be computed from
the occurrence of the Event of Default until payment in full. This
clause, however, shall not be construed as an agreement or
privilege to extend the Maturity Date, nor as a waiver of any other
right or remedy accruing to Holder by reason of the occurrence of
any Event of Default.

 

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

 

7. Notices.
All notices that Holder or Maker is required or permitted to give
under this Note shall be delivered to the addresses of Maker and
Holder as set forth in the opening paragraph.

 

	

 

 

1

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

	

 

	

MAKER

Rivulet
Media, Inc., a Delaware corporation 

	

 

	

 

	

 

	

 

 

	

 

	
 

	
By:  

	
/s/ 
Michael
Witherill

	

 

	

 

	

 

	
Michael
Witherill, President and CFO

	

 

	

 

	

 

	
	

 

 

 

	

 

 

2Exhibit 10.6

 

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

 

PROMISSORY NOTE

 

	Principal Amount:   Up to $300,000	 	Dated as of January 15, 2021

Los Angeles, California

 

Excolere Acquisition Corp., a Delaware
corporation and blank check company (the “Maker”), promises to pay to the order of Excolere Acquisition Sponsor
LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up
to Three Hundred Thousand Dollars ($300,000) in lawful money of the United States of America, on the terms and conditions described
below.  All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise
determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions
of this Note.

 

1.            
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) June 30, 2021
or (ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be
prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee
or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.            
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.            
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for
costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down
from time to time prior to the earlier of: (i) June 30, 2021 or (ii) the date on which Maker consummates an initial public
offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown
Request must state the amount to be drawn down, and must not be an amount less than One Thousand Dollars ($1,000) unless agreed
upon by Maker and Payee. Payee shall fund each Drawdown Request no later than one (1) business day after receipt of a Drawdown
Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars
($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request
by Maker.

 

4.            
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of
any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

5.            
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)            
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)            
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)            
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

 

6.            
Remedies.

 

(a)             Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)             Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7.            
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in
writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to
such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail,
to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF.

 

11.           Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

     

     

    

 

12.           Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account (the
“Trust Account”) to be established in which the proceeds of the initial public offering (the
“IPO”) to be conducted by the Maker (including the deferred underwriters discounts and commissions) and
certain of the proceeds of the sale of warrants to be issued in a private placement to occur in connection with the closing
of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with
the U.S. Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

13.          
Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the
written consent of the Maker and the Payee.

 

14.          
Assignment.  No assignment or transfer of this Note or any rights or obligations hereunder may be made by any
party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	EXCOLERE ACQUISITION CORP.
	 	 
	 	By:	/s/ Anthony Miller
	 	 	Name: Anthony Miller
	 	 	Title: Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]