Document:

Exhibit 10.1

 

CREDIT, SECURITY AND GUARANTY AGREEMENT

 

dated as of May 21, 2021

 

by and among

 

CHICKEN SOUP FOR THE SOUL ENTERTAINMENT INC.

AND THE OTHER BORROWERS REFERRED TO HEREIN,

 

THE OTHER CREDIT PARTIES REFERRED TO HEREIN

 

and

 

MIDCAP FINANCIAL TRUST,

 

as Administrative Agent and as a Lender,

 

and

 

THE ADDITIONAL LENDERS

 

FROM TIME TO TIME PARTY HERETO

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1 - DEFINITIONS	1
	Section 1.1	Certain Defined Terms	1
	Section 1.2	Accounting Terms and Determinations	30
	Section 1.3	Other Definitional and Interpretive Provisions	31
	Section 1.4	Time is of the Essence	31
	Section 1.5	Agent Discretion	31
	Section 1.6	Divisions	31
	 	 	 
	ARTICLE 2 – LOANS	32
	Section 2.1	Loans.	32
	Section 2.2	Interest, Interest Calculations and Certain Fees	34
	Section 2.3	Notes	36
	Section 2.4	General Provisions Regarding Payment; Loan Account	36
	Section 2.5	Maximum Interest	37
	Section 2.6	Taxes; Capital Adequacy	37
	Section 2.7	Appointment of Borrower Representative	40
	Section 2.8	Joint and Several Liability; Rights of Contribution; Subordination and Subrogation	41
	Section 2.9	Collections and Lockbox Account	43
	Section 2.10	Termination; Restriction on Termination	45
	Section 2.11	Provisions Relating to the Borrowing Base	46
	 	 	 
	ARTICLE 3 - REPRESENTATIONS AND WARRANTIES	47
	Section 3.1	Existence and Power	47
	Section 3.2	Organization and Governmental Authorization; No Contravention	47
	Section 3.3	Binding Effect	48
	Section 3.4	Capitalization	48
	Section 3.5	Financial Information	48
	Section 3.6	Litigation	48
	Section 3.7	Ownership of Property	49
	Section 3.8	No Default	49
	Section 3.9	Labor Matters	49
	Section 3.10	Regulated Entities	49
	Section 3.11	Margin Regulations	49
	Section 3.12	Compliance With Laws; Anti-Terrorism Laws	49
	Section 3.13	Taxes	50
	Section 3.14	Compliance with ERISA	50
	Section 3.15	Consummation of Financing Documents; Brokers	50
	Section 3.16	Related Transactions	50
	Section 3.17	Material Contracts	51

 

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	Section 3.18	Compliance with Environmental Requirements; No Hazardous Materials	52
	Section 3.19	Solvency	52
	Section 3.20	Full Disclosure	52
	Section 3.21	Subsidiaries	53
	Section 3.22	Copyrights and Other Rights	53
	Section 3.23	Security Interest	54
	Section 3.24	Representations and Warranties Incorporated from Financing Documents	54
	 	 	 
	ARTICLE 4 - AFFIRMATIVE COVENANTS	54
	Section 4.1	Financial Statements and Other Reports	54
	Section 4.2	Payment and Performance of Obligations	56
	Section 4.3	Maintenance of Existence	56
	Section 4.4	Maintenance of Property; Insurance	56
	Section 4.5	Compliance with Laws and Material Contracts	58
	Section 4.6	Inspection of Property, Books and Records	58
	Section 4.7	Use of Proceeds	59
	Section 4.8	Estoppel Certificates	59
	Section 4.9	Notices of Litigation and Defaults	59
	Section 4.10	Hazardous Materials; Remediation	60
	Section 4.11	Further Assurances	60
	Section 4.12	Power of Attorney	61
	Section 4.13	Copyrights	61
	Section 4.14	Third Party Audit Rights	62
	Section 4.15	Observance of Agreements	62
	Section 4.16	Distribution Agreements; Letters of Credit	62
	Section 4.17	Location of Bank Accounts	63
	Section 4.18	Borrowing Base Collateral Administration	64
	Section 4.19	Solvency	64
	 	 	 
	ARTICLE 5 - NEGATIVE COVENANTS	64
	Section 5.1	Debt; Contingent Obligations	64
	Section 5.2	Liens	64
	Section 5.3	Distributions	64
	Section 5.4	Restrictive Agreements	64
	Section 5.5	Payments and Modifications of Subordinated Debt	64
	Section 5.6	Consolidations, Mergers and Sales of Assets	65
	Section 5.7	Investments	66
	Section 5.8	Transactions with Affiliates	66
	Section 5.9	Modification of Organizational Documents	66
	Section 5.10	Modification of Certain Agreements	66
	Section 5.11	Conduct of Business	66
	Section 5.12	Deposit Accounts and Securities Accounts; Payroll and Benefits Accounts	67

 

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	Section 5.13	Compliance with Anti-Terrorism Laws	67
	Section 5.14	Fiscal Year End	67
	Section 5.15	Use of Proceeds	67
	Section 5.16	Swap Agreements	68
	Section 5.17	Subsidiaries	68
	 	 	 
	ARTICLE 6 - FINANCIAL COVENANTS	68
	Section 6.1	Minimum Liquidity	68
	 	 	 
	ARTICLE 7 - CONDITIONS	68
	Section 7.1	Conditions to Closing Date	68
	Section 7.2	Conditions to Each Loan	69
	Section 7.3	Searches	70
	 	 	 
	ARTICLE 8 – GUARANTY	70
	Section 8.1	Guaranty	70
	 	 	 
	ARTICLE 9 - SECURITY AGREEMENT	73
	Section 9.1	Generally	73
	Section 9.2	Representations and Warranties and Covenants Relating to Collateral	73
	 	 	 
	ARTICLE 10 - EVENTS OF DEFAULT	76
	Section 10.1	Events of Default	76
	Section 10.2	Acceleration and Suspension or Termination of Revolving Loan Commitment	79
	Section 10.3	UCC Remedies	79
	Section 10.4	Default Rate of Interest	81
	Section 10.5	Setoff Rights	81
	Section 10.6	Application of Proceeds	81
	Section 10.7	Waivers	82
	Section 10.8	Injunctive Relief	84
	Section 10.9	Marshalling; Payments Set Aside	84
	 	 	 
	ARTICLE 11 - AGENT	85
	Section 11.1	Appointment and Authorization	85
	Section 11.2	Agent and Affiliates	85
	Section 11.3	Action by Agent	85
	Section 11.4	Consultation with Experts	86
	Section 11.5	Liability of Agent	86
	Section 11.6	Indemnification	86
	Section 11.7	Right to Request and Act on Instructions	87
	Section 11.8	Credit Decision	87
	Section 11.9	Collateral Matters	87

 

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	Section 11.10	Agency for Perfection	87
	Section 11.11	Notice of Default	88
	Section 11.12	Assignment by Agent; Resignation of Agent; Successor Agent	88
	Section 11.13	Payment and Sharing of Payment	89
	Section 11.14	Right to Perform, Preserve and Protect	91
	Section 11.15	Additional Titled Agents	92
	Section 11.16	Amendments and Waivers	92
	Section 11.17	Assignments and Participations	93
	Section 11.18	Funding and Settlement Provisions Applicable When Non-Funding Lenders Exist	97
	Section 11.19	Buy-Out Upon Refinancing	97
	 	 	 
	ARTICLE 12 - MISCELLANEOUS	97
	Section 12.1	Survival	97
	Section 12.2	No Waivers	98
	Section 12.3	Notices	98
	Section 12.4	Severability	99
	Section 12.5	Headings	99
	Section 12.6	Confidentiality	99
	Section 12.7	Waiver of Consequential and Other Damages	100
	Section 12.8	GOVERNING LAW; SUBMISSION TO JURISDICTION	100
	Section 12.9	WAIVER OF JURY TRIAL	100
	Section 12.10	Publication; Advertisement	101
	Section 12.11	Counterparts; Integration	101
	Section 12.12	No Strict Construction	101
	Section 12.13	Lender Approvals	101
	Section 12.14	Expenses; Indemnity	102
	Section 12.15	Confession of Judgment	104
	Section 12.16	Reinstatement	104
	Section 12.17	Successors and Assigns	104
	Section 12.18	USA PATRIOT Act	104
	Section 12.19	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	105
	Section 12.20	ERISA Matters	105

 

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ANNEXES, EXHIBITS AND SCHEDULES

 

ANNEXES

 

	Annex A	Commitment Annex

 

EXHIBITS

 

	Exhibit A	Form of Assignment Agreement
	Exhibit B	Form of Compliance Certificate
	Exhibit C	Form of Borrowing Base Certificate
	Exhibit D	Form of Notice of Borrowing
	Exhibit E-1	Form of Copyright Security Agreement
	Exhibit E-2	Form of Copyright Security Agreement Supplement
	Exhibit F	Form of Instrument of Assumption and Joinder
	Exhibit 2.6	Form of Tax Certificates

 

SCHEDULES

 

	Schedule 2.11	Acceptable Obligors and Allowable Amounts
	Schedule 3.1(a)	Existence, Organizational ID Numbers, Foreign Qualification, Prior Names
	Schedule 3.4(a)	Capitalization
	Schedule 3.4(b)	Organizational Chart
	Schedule 3.6	Litigation
	Schedule 3.17(a)	Material Contracts
	Schedule 3.17(c)	Distribution Agreements with Key Person Provisions
	Schedule 3.18	Environmental Compliance
	Schedule 3.22(a)	Programs
	Schedule 3.22(c)	Applications and Registrations Not in Full Force and Effect
	Schedule 3.23	Filing Offices for Financing Statements
	Schedule 4.9	Litigation, Governmental Proceedings and Other Notice Events
	Schedule 5.1	Debt; Contingent Obligations
	Schedule 5.2	Liens
	Schedule 5.7	Permitted Investments
	Schedule 5.8	Affiliate Transactions
	Schedule 5.12	Deposit Accounts
	Schedule 7.1	Closing Checklist
	Schedule 9.2(a)	Location of Collateral
	Schedule 9.2(c)	Letter-of-Credit Rights
	Schedule 10.4	Default Rate of Interest

 

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CREDIT, SECURITY AND GUARANTY AGREEMENT

 

THIS CREDIT, SECURITY AND
GUARANTY AGREEMENT (as the same may be amended, supplemented, restated or otherwise modified from time to time, the “Agreement”)
is dated as of May 21, 2021, by and among CHICKEN SOUP FOR THE SOUL ENTERTAINMENT INC., a Delaware corporation (“Parent”),
the other Borrowers and Credit Parties (each as defined below) from time to time party hereto, MIDCAP FINANCIAL TRUST, a Delaware
statutory trust, individually as a Lender, and as Agent, and the financial institutions or other entities from time to time parties hereto,
each as a Lender.

 

RECITALS

 

Borrowers have requested that
Lenders make available to Borrowers the financing facilities as described herein. Lenders are willing to extend such credit to Borrowers
under the terms and conditions herein set forth.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants herein contained, the Credit Parties, Lenders and Agent agree
as follows:

 

Article 1 - DEFINITIONS

 

Section 1.1          
Certain Defined Terms. The following terms have the following meanings:

 

“Acceleration
Event” means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any portion of the
Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in
respect of which Agent has suspended or terminated the Revolving Loan Commitment pursuant to Section 10.2, and/or (c) pursuant
to either Section 10.1(e) and/or Section 10.1(f).

 

“Acceptable
L/C” means an irrevocable standby letter of credit which: (a) is in form and on terms reasonably acceptable to the Agent;
(b) is payable in Dollars at an office of the issuing or confirming bank in New York City or another city in the United States which is
acceptable to the Agent; (c) is issued or confirmed by any Person that on the date of issuance or confirmation of the letter of credit
is (i) a Lender that is not a Defaulted Lender, (ii) a commercial bank or domestic branch of a foreign commercial bank that is not a Lender
and has (or which is the principal operating Subsidiary of a holding company which has) long term senior unsecured debt outstanding with
a rating of at least A by S&P or at least A-3 by Moody’s, or capital and surplus in excess of $2,000,000,000 or (iii) any other
bank which the Agent may determine to be of acceptable credit quality; and (d) names the Agent as a beneficiary.

 

“Acceptable
Obligor” means any Person or Affiliated Group identified as such on Schedule 2.11 (as modified from time
to time in accordance with Section 2.11).

 

“Account
Debtor” means (i) each Acceptable Obligor, (ii ) any “account debtor,” as defined in Article 9 of the
UCC, and (iii) any other obligor of any Credit Party (including, for the avoidance of doubt, any Person from whom the Borrowers
expect to receive payment for any Eligible Account).

 

     

     

    

 

“Accounts”
means, collectively, (a) any right to payment of a monetary obligation, whether or not earned by performance (including, for the avoidance
of doubt, all rights to payment expected from any Eligible Account), (b) without duplication, any “account” (as defined in
the UCC), any accounts receivable (whether in the form of payments for services rendered or goods sold, license fees or otherwise), any
 “payment intangibles” (as defined in the UCC) and all other rights to payment or reimbursement of every kind and description,
whether or not earned by performance, (c) all “general intangibles” (as defined in the UCC), rights, remedies, Guarantees,
 “supporting obligations” (as defined in the UCC), “letter-of-credit rights” (as defined in the UCC) and security
interests in respect of the foregoing, all rights of enforcement and collection, all books and records evidencing or related to the foregoing,
and all rights under the Financing Documents in respect of the foregoing, (d) all information and data compiled or derived by any Credit
Party or to which any Credit Party is entitled in respect of or related to the foregoing, and (e) all proceeds of any of the foregoing.

 

“Additional Tranche”
means an additional amount of Revolving Loan Commitment equal to $10,000,000 to be made available by Agent pursuant to a single activation
in accordance with the terms and conditions of Section 2.1(b).

 

“Affiliate”
means, with respect to any Person, (a) any Person that directly or indirectly controls such Person, (b) any Person which is controlled
by or is under common control with such controlling Person, and (c) each of such Person’s (other than, with respect to any Lender,
any Lender’s) officers or directors (or Persons functioning in substantially similar roles) and the spouses, parents, descendants
and siblings of such officers, directors or other Persons. As used in this definition, the term “control” of a Person means
the possession, directly or indirectly, of the power to vote five percent or more of any class of voting securities of such Person or
to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract
or otherwise. Notwithstanding the foregoing, neither the Agent nor any Lender (solely by virtue of being the Agent or a Lender, as applicable)
shall be deemed to be an Affiliate of any Credit Party.

 

“Affiliated
Group” means a group of Persons, each of which is an Affiliate (other than by reason of having common directors or officers)
of some other Person in the group.

 

“Agent”
means MCF, in its capacity as administrative agent for itself and for Lenders hereunder, as such capacity is established in, and subject
to the provisions of, Article 11, and the successors and assigns of MCF in such capacity.

 

“Allowable
Amount” means, with respect to any Acceptable Obligor, such amount as may be specified on Schedule 2.11 as the
maximum aggregate exposure with respect to Eligible Accounts for such Acceptable Obligor (as modified from time to time in accordance
with Section 2.11).

 

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“Anti-Terrorism
Laws” means any Laws relating to terrorism, money laundering, bribery or corruption, including, without limitation, Executive
Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act and the
Laws administered by OFAC.

 

“APA” means
that certain Asset Purchase Agreement dated as of April 8, 2021, among Borrower Representative, Halcyon Television, Sonar Entertainment,
Inc. and the other entities collectively referred to therein.

 

“Applicable Accounts
Advance Rate” means 85% with respect to Eligible Accounts.

 

“Applicable
Margin” means, with respect to each Type of Loan, 4.00% per annum.

 

“Applicable Programs”
has the meaning set forth in Section 3.22(a).

 

“Approved
Fund” means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course of Business,
or (b) any Person (other than a natural person) which temporarily warehouses loans for any Lender or any entity described in the preceding
clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed by (i) a Lender, (ii) an Affiliate
of a Lender, or (iii) a Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers
or manages a Lender.

 

“Asset
Disposition” means any sale, lease, license, transfer, assignment or other consensual disposition by any Credit Party
of any asset.

 

“Assignment
Agreement” means an assignment agreement substantially in the form of Exhibit A
hereto.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an
EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as the same may be amended, modified
or supplemented from time to time, and any successor statute thereto.

 

    3

     

    

 

“Base LIBOR
Rate” means, for each Interest Period, the rate per annum, determined by Agent in accordance with its customary
procedures, and utilizing such electronic or other quotation sources as it considers appropriate (rounded upwards, if necessary, to
the next 1/100%), to be the rate at which Dollar deposits (for delivery on the first day of such Interest Period or, if such day is
not a Business Day on the preceding Business Day) in the amount of $1,000,000 are offered to major banks in the London interbank
market on or about 11:00 a.m. (Eastern time) two Business Days prior to the commencement of such Interest Period, for a term
comparable to such Interest Period, which determination shall be conclusive in the absence of manifest error. Notwithstanding the
foregoing, as a result of the announcement on March 5, 2021, by ICE Benchmark Administration Limited of its intention to cease
publication of one-week and two- month US Dollar LIBOR settings on December 31, 2021, and all other US Dollar LIBOR settings on June
30, 2023, as confirmed by the Financial Conduct Authority on March 5, 2021 (the “LIBOR Cessation Announcement”),
the Agent shall establish an alternate rate of interest to the Base LIBOR Rate prior to the cessation of such other US Dollar LIBOR
settings that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated
loans in the United States, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such
other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include
a reduction of the Applicable Margin); provided, that (a) if at any time other than by reason of the LIBOR Cessation
Announcement, the Agent determines (which determination shall be conclusive absent manifest error) that by reason of circumstances
affecting the relevant market, adequate and reasonable means do not then exist for ascertaining the Base LIBOR Rate (including
because the quotation source is not available or published on a current basis) for any Interest Period and such circumstances are
unlikely to be temporary, then the Agent shall establish an alternate rate of interest as noted above promptly following such
determination and (b) if any such alternate rate of interest as so determined herein (whether by reason of the LIBOR Cessation
Announcement or otherwise) would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
Notwithstanding anything to the contrary in this Agreement, any such amendment shall become effective without any further action or
consent of any other party to this Agreement so long as the Agent shall not have received, within five Business Days of the date
notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such
Required Lenders object to such amendment. Following written notice by the Agent to the Borrower Representative that (i) the Base
LIBOR Rate is no longer available hereunder as a result of the LIBOR Cessation Announcement and until such time that the Agent
establishes an alternate rate of interest, or (ii) the Agent has otherwise determined that by reason of circumstances affecting the
relevant market, adequate and reasonable means do not then exist for ascertaining the Base LIBOR Rate, (A) any interest election
request that requests the conversion of any borrowing under any Loan to, or continuation of any borrowing under any Loan, as a LIBOR
Loan shall be ineffective and (B) if any Revolving Loan Borrowing requests a LIBOR Loan, such borrowing shall be made as a Base Rate
Loan.

 

“Base
Rate” means the per annum rate of interest announced, from time to time, within Wells Fargo at its principal office in
San Francisco as its “prime rate,” with the understanding that the “prime rate” is one of Wells Fargo’s
base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for
those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as
Wells Fargo may designate; provided, however, that Agent may, upon prior written notice to Borrower, choose a reasonably
comparable index or source to use as the basis for the Base Rate.

 

    4

     

    

 

“Base Rate Loan”
means a Loan bearing interest at a rate determined by reference to the Base Rate in accordance with the provisions of Article 2.

 

“Blocked
Person” means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order No.
13224; (b) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to
the provisions of, Executive Order No. 13224; (c) with which any Lender is prohibited from dealing or otherwise engaging in any transaction
by any Anti-Terrorism Law; (d) that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive
Order No. 13224; or (e) that is named a “specially designated national” or “blocked person” on the most current
list published by OFAC or other similar list or is named as a “listed person” or “listed entity” on other lists
made under any Anti-Terrorism Law.

 

“Borrower”
and “Borrowers” mean the entity(ies) described in the
first paragraph of this Agreement and any additional borrower that may hereafter be added to this Agreement and each of their successors
and permitted assigns.

 

“Borrower
Representative” means Chicken Soup for the Soul Entertainment Inc., a Delaware corporation, in its capacity as Borrower
Representative pursuant to the provisions of Section 2.7, or any successor Borrower Representative selected by Borrowers and approved
by Agent.

 

“Borrowing
Base” means, at any date for which the amount thereof is to be determined, an amount equal to the aggregate (without
double counting) of the following:

 

(i)                 Applicable Accounts Advance Rate multiplied by Eligible Accounts; minus

 

(ii)                the sum of all Reserves;

 

provided, however:

 

(a)          All of the foregoing amounts are without duplication of any deductions contained within any of the components of the Borrowing
Base and, to the extent not otherwise deducted in computing the Borrowing Base, the amount of credit provided under the Borrowing Base
shall be reduced dollar-for-dollar by any payments which a Credit Party is required to pay to any third party in respect of such amount
included in the Borrowing Base, including, without limitation, any Third Party Entitlements, and any other projected expenses of the Credit
Parties arising in connection with such amounts.

 

(b)          For the avoidance of doubt, the portion of the Borrowing Base that is reduced by the Reserves shall be available, on any date of
determination and subject to the terms and conditions hereof, for Loans requested as of such date to fund Participations or Residuals
included in the Participations and Residuals Reserve. Any cap or limit on Borrowing Base credit that is determined according to a percentage
of Borrowing Base shall be calculated prior to deduction for the Reserves.

 

    5

     

    

 

“Borrowing
Base Certificate” means a certificate, duly executed by a Responsible Officer of Borrower Representative, appropriately
completed and substantially in the form of Exhibit C
hereto.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which either the New York Stock Exchange is closed, or on
which commercial banks in Washington, DC, or New York City are authorized by law to close.

 

“Business
Plan” means each annual business plan of the Borrowers, in a form acceptable to the Agent.

 

“Cash Management
System” means the system used by Parent and its affiliated companies through which, from time to time, funds are transferred
on an intercompany  basis to fulfill joint business costs and expenses and liquidity requirements settled on an ongoing basis.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.A. § 9601 et seq., as the
same may be amended from time to time.

 

“Change
in Management” means either William J. Rouhana, Jr., Chris Mitchell, or David Fannon (solely with respect to any Distribution
Agreement providing for a minimum guarantee or other fixed payments in excess of the Material Payments Threshold with Locomotive Global,
Inc. or Film Mode Entertainment LLC), shall have for any reason ceased to function for Parent or the other Borrowers in the same or similar
capacities as in existence on the Closing Date and a replacement of each such individual reasonably proposed by Parent and acceptable
to the Agent (which acceptance may not be unreasonably withheld) has not been retained within a period of 90 days following the last day
that such individual shall have ceased to serve in such capacity or to perform such functions and services as aforesaid.

 

“Change
of Control” means any event, transaction or occurrence as a result of which (a) William J. Rouhana, Jr. and his Affiliate
Trema, LLC shall cease to collectively own and control, legally and beneficially, and directly or indirectly, more than 50% of the total
voting power of the outstanding Equity Interests in Parent, and (b) except as expressly permitted hereunder, Parent shall cease to own
and control, legally and beneficially, and directly or indirectly, the voting power and economic interests associated with ownership of
(i) more than 50% of the outstanding Equity Interests in Landmark, (ii) more than 50% of the outstanding Equity Interests in CSS AVOD
Inc. and (iii) all of the outstanding Equity Interests in the other Credit Parties.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

    6

     

    

 

“Collateral”
means, with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to the following personal property,
tangible or intangible, wherever located or situated and whether now owned, presently existing or hereafter acquired or created, mortgaged
or pledged to, or purported to be subjected to a Lien in favor of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement
and the other Security Documents:

 

(a)              
 all Accounts;

 

(b)              
all contracts and other documents (and contract rights thereunder) governing, evidencing or relating to Accounts;

 

(c)              
all accounts receivable, credit or similar types of insurance relating to Accounts;

 

(d)              
all Deposit Accounts, Securities Accounts, Lockbox Accounts and amounts on deposit therein; and

 

(e)              
all products and proceeds of any of the foregoing;

 

provided, that Collateral
shall in no event include any Excluded Property or any Intellectual Property.

 

“Commitment
Annex” means Annex A to this Agreement.

 

“Competitor”
means a Person (or an Affiliate of such Person or a member of an Affiliated Group related to such Person) that competes with any Borrower
or any of their Affiliates in their primary businesses of the production, development, marketing, distribution and/or exploitation of
television programs or other entertainment content; provided, that each of the following persons shall not constitute a Competitor
hereunder: (a) an institutional investor that invests in media and entertainment companies but (x) does not actively participate in the
management of such companies and (y) does not actively participate in the management or control of any Competitor (for the avoidance of
doubt, maintaining board seats with the applicable Competitor shall not on its own be sufficient to constitute “actively participating
in the management or control of any Competitor”), and (b) the Agent or any Lender that would otherwise become a Competitor by virtue
of having foreclosed on or otherwise exercised any right or remedy resulting in, or having as a creditor received any recovery in any
insolvency proceeding resulting in, the acquisition or ownership of the equity or assets of a Competitor and related activities, including,
without limitation, directly or indirectly managing a Competitor as a result thereof.

 

“Complete”
or “Completed” or “Completion” means, with respect to any Program, that (a) either: (i) sufficient
elements thereof have been delivered by the applicable Credit Party to, and accepted, deemed accepted and/or exploited by, any Distributor
whose payment obligations are included in the Borrowing Base, to permit such Distributor to exploit such Program in the medium for which
such Program is intended for initial exploitation in the United States or elsewhere or (ii) the completion and delivery requirements
under any completion bond therefor have been satisfied; or (b) if such Program was acquired by a Credit Party from a third Person, the
entire fixed acquisition price or minimum advance shall have been paid to the extent then due and there is no condition or event, other
than the payment of money not yet due, the occurrence of which might result in the applicable Credit Party losing any of its rights in
such Program.

 

    7

     

    

 

“Compliance Certificate” means a certificate,
duly executed by a Responsible Officer of Borrower Representative, appropriately completed and substantially in the form of Exhibit B
hereto.

 

“Consolidated
Subsidiary” means, at any date, any Subsidiary the accounts of which would be consolidated with those of “parent”
Borrower (or any other Person, as the context may require hereunder) in its consolidated financial statements if such statements were
prepared as of such date.

 

“Contingent
Obligation” means, with respect to any Person, any direct or indirect liability of such Person: (a) with respect to any
Debt of another Person (a “Third Party Obligation”)
if the purpose or intent of such Person incurring such liability, or the effect thereof, is to provide assurance to the obligee of such
Third Party Obligation that such Third Party Obligation will be paid or discharged, or that any agreement relating thereto will be complied
with, or that any holder of such Third Party Obligation will be protected, in whole or in part, against loss with respect thereto; (b)
to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (c)
for any obligations of another Person pursuant to any Guarantee or pursuant to any agreement to purchase, repurchase or otherwise acquire
any obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to
preserve the solvency, financial condition or level of income of another Person. The amount of any Contingent Obligation shall be equal
to the amount of the obligation so Guaranteed or otherwise supported or, if not a fixed and determinable amount, the maximum amount so
Guaranteed or otherwise supported.

 

“Controlled
Group” means all members of any group of corporations, trades or businesses (whether or not incorporated) under common
control which, together with any Borrower, are treated as a single employer under Section 414(b) or (c) of the Code, or solely for purposes
of Section 302 of ERISA and Section 412 of the Code, Section 414(m) or (o) of the Code.

 

“Copyright
Security Agreement” means a Copyright Security Agreement, substantially in the form of Exhibit E-1, as the
same may be amended, supplemented or otherwise modified, renewed or replaced from time to time by delivery of a Copyright Security Agreement
Supplement or otherwise.

 

“Copyright
Security Agreement Supplement” means a Copyright Security Agreement Supplement substantially in the form of Exhibit E-2.

 

“Credit
Parties” means each of the Borrowers and the Guarantors; and “Credit
Parties” means all such Persons, collectively.

 

“CSS” means
Chicken Soup for the Soul, LLC.

 

“CSS License Agreement”
means the License Agreement entered into as of May 12, 2016, by and between Chicken Soup for the Soul, LLC, as Licensor, and Parent (as
the same may be amended, restated, supplemented or otherwise modified from time to time with the approval of the Parent’s independent
directors).

 

    8

     

    

 

“CSS Management Agreement”
means the management agreement by and between Parent and its parent company, Chicken Soup for the Soul, LLC, dated May 12, 2016, as amended
on August 1, 2019, and March 15, 2021 (as the same may be amended from time to time with the approval of the Parent’s independent
directors).

 

“Debt”
of a Person means at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase
price of property or services, except trade accounts payable arising and paid on a timely basis and in the Ordinary Course of Business,
(d) all capital leases of such Person, (e) all non-contingent obligations of such Person to reimburse any bank or other Person in respect
of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (f) all equity securities of such Person subject
to repurchase or redemption other than at the sole option of such Person, (g) all obligations secured by a Lien on any asset of such Person,
whether or not such obligation is otherwise an obligation of such Person, (h) “earnouts,” purchase price adjustments, profit
sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such
Person arising out of purchase and sale contracts, (i) all Debt of others Guaranteed by such Person and (j) obligations arising under
bonus, deferred compensation, incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business.
Without duplication of any of the foregoing, Debt of Borrowers shall include any and all Loans.

 

“Default”
means any condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of
Default.

 

“Defaulted
Lender” means any Lender, as determined by the Agent, that has (i) failed to fund any portion of its Loans within
three Business Days after the date required to be funded by it hereunder, unless determined by the Agent in its sole discretion to
be the subject of a good faith dispute, (ii) notified the Agent, any Lender (subject to such Lender having given notice thereof to
the Agent) or any Borrower (subject to such Borrower having given notice thereof to the Agent) in writing that it does not intend to
comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend
to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit, unless
with respect to such other agreements, the Agent, in its sole discretion, determines there to be a good faith dispute, (iii) failed,
within three Business Days after request by the Agent, to confirm that it will comply with the terms of this Agreement relating to
its obligations to fund prospective Loans, (iv) otherwise failed to pay over to the Agent or any other Lender any other amount
required to be paid by it hereunder within three Business Days after the date when due, unless determined by the Agent in its sole
discretion to be the subject of a good faith dispute, or (v) on or after the Closing Date (A) become or is insolvent or has a parent
company that has become or is insolvent, (B) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, custodian, assignee for the benefit of creditors, or similar Person charged with the reorganization or
liquidation of its business, appointed for it, or, in the good faith determination of the Agent, has taken any action in furtherance
of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has
become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, assignee for
the benefit of creditors, or similar Person charged with the reorganization or liquidation of its business, appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, except
that a Lender shall not become a Defaulted Lender pursuant to this clause (v) solely as a result of the acquisition or maintenance
of an ownership interest in such Lender or Person controlling such Lender, or the exercise of control over such Lender or Person
controlling such Lender, in each case by a Governmental Authority or instrumentality thereof, unless such ownership interest results
in or provides such Lender or Person with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender or Person (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Person or Lender, or (C) has become the subject of a
Bail-In Action.

 

    9

     

    

 

“Deficiency
Amount” has the meaning set forth in Section 2.8(e).

 

“Deposit
Account” means a “deposit account” (as defined in Article 9 of the UCC), an investment account, or other
account in which funds are held or invested for credit to or for the benefit of any Borrower.

 

“Deposit
Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, any
Borrower and each financial institution in which such Borrower maintains a Deposit Account, pursuant to which Agent shall obtain “control”
(as defined in Article 9 of the UCC) over such Deposit Account.

 

“Distribution
Agreement” means any distribution agreement or license agreement heretofore or hereafter entered into by a Credit Party,
as licensor, with a Distributor, as licensee, with respect to the distribution, license or other exploitation of one or more Programs
in any medium or territory, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time in
accordance with the terms hereof and thereof.

 

“Distribution”
means (a) any distribution, dividend or other direct or indirect payment (whether in cash, securities or other property) on account of
any Equity Interest in any Credit Party (except those payable solely in its Equity Interests of the same class), (b) any payment by any
Credit Party on account of (i) the purchase, redemption, retirement, defeasance, surrender, cancellation, termination or acquisition of
any Equity Interest in such Credit Party or any claim respecting the purchase or sale of any Equity Interest in such Credit Party, or
(ii) any option, warrant or other right to acquire any Equity Interest in such Credit Party, (c) any management fees, salaries or other
fees or compensation (excluding employment compensation to employees of any Credit Party) to any Person holding an Equity Interest in
a Credit Party or a Subsidiary of a Credit Party, (d) any lease or rental payments to an Affiliate or Subsidiary of a Credit Party or
(e) repayments of or debt service on loans or other indebtedness held by any Person (other than a Credit Party) holding an Equity Interest
in a Credit Party or a Subsidiary of a Credit Party, an Affiliate of a Credit Party or an Affiliate of any Subsidiary of a Credit Party
unless permitted under and made pursuant to a Subordination Agreement applicable to such loans or other indebtedness.

 

    10

     

    

 

“Distributor”
means any Person which a Credit Party engages to distribute, license or otherwise exploit a Program in any medium.

 

“Dollars”
or “$” means the lawful currency of the United States
of America.

 

“EEA Financial Institution”
means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)
any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible
Account” means, at any date at which the amount thereof is to be determined, an amount equal to the following (discounted
to present value, in the case of amounts which are not due and payable within twelve months following the date of determination, on a
quarterly basis by a rate of interest equal to the interest rate in effect on the Revolving Loans on the date of computation): (i) all
net amounts that, pursuant to a binding agreement for a Program, are contractually obligated to be paid to a Credit Party either unconditionally
or subject only to the provision by the applicable Credit Party of an invoice therefor and are reasonably expected by the Credit Parties
to be payable and collected from, the relevant Acceptable Obligors (or backed by Acceptable L/Cs, cash deposits or other form of credit
support acceptable to the Agent) minus (ii) the sum of (x) without double counting, the following items payable by a Credit Party
in respect of such amount (based on the Credit Parties’ then best estimates): royalties, Residuals, commissions, Participations
and other payments to third Persons, collection/distribution expenses and commissions, fulfillment costs, Taxes (including foreign withholding,
remittance and similar Taxes) chargeable in respect of such amounts, and any other projected expenses of the Credit Parties arising in
connection with such amounts, but excluding for the avoidance of doubt trade payables incurred in the Ordinary Course of Business and
payable on normal trade terms, and (y) any portion of the Eligible Accounts subject to repayment or reduction pursuant to contractual
obligations. The net amount of an Eligible Account at any time shall be the face amount of such Eligible Account as originally billed
minus all cash collections and other proceeds of such Account received from or on behalf of the Account Debtor thereunder as of such date
and any and all returns, rebates, discounts (which may, at Agent’s option, be calculated on shortest terms), credits, allowances
or excise taxes of any nature at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with
such Accounts at such time. Without limiting the generality of the foregoing, no Account shall be an Eligible Account if and to the extent
that:

 

(a)              
the Account is more than (i) 120 days past due with respect to any Account payable to Crackle Plus, LLC and (ii) 90 days past due
with respect to any other Account;

 

    11

     

    

 

(b)              
 the Account is subject to any defense, setoff, recoupment, counterclaim, deduction, discount, credit, chargeback, allowance, or
adjustment of any kind (but only to the extent of such setoff, recoupment, counterclaim, deduction, discount, credit, chargeback, allowance
or adjustment), or the applicable Credit Party is not able to bring suit or otherwise enforce its remedies against the Account Debtor
through judicial process;

 

(c)              
the Account arose from services that were undertaken in violation of any Law;

 

(d)              
the Account is subject to a Lien other than a Permitted Lien of the type specified in clauses (a), (d), (e) or (g) of the definition
thereof, or Agent does not have a first priority, perfected Lien on such Account (subject as to priority only to Specified Permitted Liens);

 

(e)              
the Account Debtor is an Affiliate of a Credit Party or if the Account Debtor holds any Debt of a Credit Party;

 

(f)               
more than 50% of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account are ineligible under
subclause (a) above (in which case all Accounts from such Account Debtor shall be ineligible);

 

(g)              
to the extent such Accounts of the Account Debtor obligated on the Account exceed the Allowable Amount with respect to such Acceptable
Obligor or, in the case of an Affiliated Group, to the extent such Accounts in the aggregate due from the entities in such Affiliated
Group exceed the Allowable Amount with respect to such Affiliated Group (but in each case only to the extent of such excess), in each
case unless secured by an Acceptable L/C or other financial assurances satisfactory to the Agent;

 

(h)              
any material covenant, representation or warranty contained in the Financing Documents with respect to such Account has been breached
in any respect and is not cured after notice and opportunity applicable to such Financing Documents;

 

(i)                
the Account is an obligation of an Account Debtor that has suspended business, made a general assignment for the benefit of creditors,
is unable to pay its debts as they become due, or as to which a petition has been filed (voluntary or involuntary) under any applicable
bankruptcy or insolvency Law, or the Account is an Account as to which any facts, events or occurrences exist which could reasonably be
expected to impair the validity, enforceability or collectability of such Account or reduce the amount payable or delay payment thereunder;

 

(j)                
the Account is payable in a currency other than Dollars and, when taken together with all other such Accounts, is in excess of
the Dollar equivalent of $500,000 (unless the applicable Credit Party has entered into a Swap Agreement in a manner and with a Person
reasonably acceptable to the Agent);

 

(k)              
the Account Debtor is a natural person;

 

    12

     

    

 

(l)               
 the Account is included in the estimated bad debts of the applicable Credit Party;

 

(m)             
the Account is attributable to an Uncompleted Program;

 

(n)              
if applicable, the Account is attributable to a Program or right in which the applicable Credit Party cannot warrant sufficient
title to the underlying rights to justify such Account;

 

(o)              
to the extent that the Account is or will be subject to material conditions precedent to payment (including a material performance
obligation or a material executory aspect on the part of the applicable Credit Party or any other party or obligations contingent upon
future events not within the applicable Credit Party’s direct control, including, without limitation, subjective approvals by a
third party); provided, however, once such conditions have been fulfilled or are no longer applicable to such Account, this
provision shall not apply to such Account;

 

(p)              
[reserved];

 

(q)              
the Account may be rendered unenforceable against the obligor due to the failure of any Credit Party to be in good standing as
a foreign limited liability company (unless the applicable Credit Party has subsequently obtained the necessary good standing status to
allow enforcement);

 

(r)               
the Account is payable pursuant to a Distribution Agreement with respect to which the Agent has not received (i) so long as such
Distribution Agreement provide for a minimum guarantee or other fixed payments in excess of the Material Payments Threshold, a copy of
such Distribution Agreement, (ii) certificates or binders of insurance for each Program that is the subject of such Distribution Agreement
as required by Section 4.4, together with endorsements naming the Agent as an “additional insured,” or (iii) a
Copyright Security Agreement Supplement, as applicable, covering each Applicable Program identified in such Distribution Agreement;

 

(s)               
a Deposit Account Control Agreement has not been entered into for each Deposit Account maintained by a Credit Party in connection
with such Account;

 

(t)                
the Account is payable pursuant to an agreement under which any Person (including, without limitation, any Credit Party or Distributor)
has breached any material non-payment term or covenant in the underlying agreement or if any payment obligation thereunder is more than
90 days past due;

 

(u)              
the Account is payable pursuant to a Distribution Agreement under which the Distributor has failed to pay any installment of the
Minimum Guarantee (as defined in each Distribution Agreement) as and when due thereunder, subject first to a cure period of thirty (30)
days from the date such payment was due;

 

(v)               the
Account Debtor is organized outside of the United States or Canada; provided that Account Debtors may be organized in the
United Kingdom so long as the aggregate amount of Accounts permitted to be included in the Borrowing Base for all such Account
Debtors shall not exceed 10% of the aggregate value of all Eligible Accounts included in the Borrowing Base as of any date of
determination; or

 

    13

     

    

 

(w)            
any “key person” under any Distribution Agreement ceases to function for any Credit Party as required under such Distribution
Agreement until a replacement Person has been approved by the contract counterparty under the applicable Distribution Agreement and functions
for such Credit Party as required thereunder.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than
a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, other than during the occurrence of
an Event of Default, (x) “Eligible Assignee” shall not include any Borrower or any Borrower’s Affiliates or any Competitor,
and (y) no proposed assignee shall be an Eligible Assignee unless such proposed assignee either already holds a portion of such Revolving
Loan Commitment or has been approved as an Eligible Assignee by Agent.

 

“Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations, standards,
policies and other governmental directives or requirements, as well as common law, pertaining to the environment, natural resources, pollution,
health (including any environmental cleanup statutes and all regulations adopted by any local, state, federal or other Governmental Authority,
and any statute, ordinance, code, order, decree, law rule or regulation all of which pertain to or impose liability or standards of conduct
concerning medical waste or medical products, equipment or supplies), safety or clean-up that apply to any Borrower and relate to Hazardous
Materials, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.
 § 9601 et seq.), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et seq.), the Federal Water
Pollution Control Act (33 U.S.C. § 1251 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 5101 et
seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C.
 § 136 et seq.), the Emergency Planning and Community Right-to-Know Act (42 U.S.C. § 11001 et seq.), the Occupational
Safety and Health Act (29 U.S.C. § 651 et seq.), the Residential Lead-Based Paint Hazard Reduction Act (42 U.S.C. § 4851
et seq.), any analogous state or local laws, any amendments thereto, and the regulations promulgated pursuant to said laws, together
with all amendments from time to time to any of the foregoing and judicial interpretations thereof.

 

“Equity
Interests” means shares of the capital stock, partnership interests, membership interests or other ownership units in
a limited liability company, beneficial interests in a trust or other equity or voting interests in any Person, or any warrants, options
or other rights to acquire such interests.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended, modified or supplemented from time to time, and
any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

    14

     

    

 

“ERISA
Plan” means (i) any “employee benefit plan”, as such term is defined in Section 3(3) of ERISA (other
than a Multiemployer Plan) and (ii) any fund or other employee benefit plan or other applicable pension benefits standards
legislation in any jurisdiction, as amended from time to time (or any successor statute), whether or not in existence as of the date
hereof, in either case, which any Borrower maintains, sponsors or contributes to, or, in the case of an employee benefit plan which
is subject to Section 412 of the Code or Title IV of ERISA, to which any Borrower or any member of the Controlled Group may have any
liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at
any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in
effect from time to time.

 

“Excluded Closing
Date Subsidiaries” means (i) Safehaven 2020 Inc., (ii) 757 Film Acquisition LLC, (iii) Digital Media Enterprises LLC, (iv) Screen
Media Films, LLC, (v) BD Productions, LLC, (vi) PH2017, LLC, (vii) VRPT, LLC, (viii) VRP2018, LLC, (ix) RSHOOD2017, LLC, (x) The Fixer
2018, LLC, and (xi) GFBS2, LLC; provided, that Borrower Representative may elect for any Excluded Closing Date Subsidiary to become
a Credit Party under this Agreement subject to compliance with all applicable provisions under this Agreement for inclusion of any such
Excluded Closing Date Subsidiary as a Credit Party.

 

“Event
of Default” has the meaning set forth in Section 10.1.

 

“Excluded Deposit
Account” means any deposit account used solely for purposes of funding payroll, payroll taxes and other compensation and benefits
to employees.

 

“Excluded Property”
means (i) to the extent any such property would otherwise constitute Collateral hereunder, any personal property constituting “Collateral”
until the applicable “Expiration Date” therefor (as each such term is defined in the MidCap 2021 Agreement referred to in
the APA) and (ii) any Excluded Deposit Account.

 

“Excluded SPV”
means with respect to any Credit Party, any SPV Affiliate thereof, but only for so long as SPV Repayment (if applicable) shall not have
occurred with respect to the Third Party Financing Facility under which such SPV Affiliate is a borrower or other obligor.

 

“Excluded Subsidiary”
means (a) each Excluded SPV and (b) each Excluded Closing Date Subsidiary.

 

“Existing Notes”
means the Parent’s publicly traded 9.50% notes due July 31, 2025 (Nasdaq Symbol: CSSEN).

 

“Existing Notes Maturity
Date” means the stated maturity date of the Existing Notes.

 

“Existing Notes Obligations”
means the outstanding Debt owing to the various holders of Existing Notes from time to time and at any time of reference under the Existing
Notes.

 

“Expiry
Date” means the date that is 36 months following the Closing Date.

 

    15

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor versions of Sections 1471
through 1474 of the Code that are substantively comparable and not materially more onerous to comply with) and any current or future regulations
or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor
version described above), and any intergovernmental agreement entered into in connection with the implementation of such Sections of the
Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement.

 

“Federal
Funds Rate” means, for any day, the rate of interest per annum (rounded upwards, if necessary, to the nearest whole multiple
of 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day, provided, however, that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such
rate on such transactions on the next preceding Business Day, and (b) if no such rate is so published on such next preceding Business
Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on such day on such transactions as determined by Agent.

 

“Financing
Documents” means this Agreement, any Notes, each Subordination Agreement, the Copyright Security Agreement, the Copyright
Security Agreement Supplements, the Instruments of Assumption and Joinder, the Deposit Account Control Agreements, the Securities Account
Control Agreements, any other Security Documents, any subordination or intercreditor agreement pursuant to which any Debt and/or any Liens
securing such Debt is subordinated to all or any portion of the Obligations or the Liens securing same and all other documents, instruments
and agreements related to the Obligations and heretofore executed, executed concurrently herewith or executed at any time and from time
to time hereafter, as any or all of the same may be amended, supplemented, restated or otherwise modified from time to time.

 

“Foreign
Lender” has the meaning set forth in Section 2.6(c).

 

“Fraudulent
Conveyance” has the meaning set forth in Section 2.8(b).

 

“GAAP”
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board (or agencies with similar functions of comparable stature and authority within the United States accounting profession), which are
applicable to the circumstances as of the date of determination.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any agency, department
or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation
or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing, whether domestic or foreign.

 

    16

     

    

 

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other obligation
of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise,
of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether
arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise), or (b) entered into for the purpose of assuring in any other manner the obligee
of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),
provided, however, that the term Guarantee shall not include endorsements for collection or deposit in the Ordinary Course of Business.
The term “Guarantee” used as a verb has a corresponding
meaning.

 

“Guarantor”
means each Borrower with respect to the Obligations of the other Borrowers.

 

“Halcyon Television”
means Halcyon Television, LLC.

 

“Hazardous
Materials” means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and
oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based
paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing any substance;
any substance the presence of which is prohibited by any Environmental Laws; toxic mold, any substance that requires special handling;
and any other material or substance now or in the future defined as a “hazardous substance,” “hazardous material,”
 “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,” “pollutant”
or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous substance” defined
as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien” Law, including the judicial
interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33); (c) any material
now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum by-products, including crude
oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel; (f) any “hazardous
chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful substances, wastes, materials, pollutants or contaminants
(including, without limitation, asbestos, polychlorinated biphenyls (“PCB’s”),
flammable explosives, radioactive materials, infectious substances, materials containing lead-based paint or raw materials which include
hazardous constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or other past or present
requirement of any Governmental Authority.

 

“Hazardous
Materials Contamination” means contamination (whether now existing or hereafter occurring) of the improvements, buildings,
facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any derivatives
thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives thereof, generated on, emanating from or
disposed of in connection with the relevant property.

 

“Indemnitee”
has the meaning set forth in Section 12.14(b).

 

    17

     

    

 

“Initial Purchase
Price” has the meaning set forth in the APA.

 

“Instrument”
means “instrument,” as defined in Article 9 of the UCC.

 

“Instrument
of Assumption and Joinder” means an Instrument of Assumption and Joinder, substantially in the form of Exhibit F.

 

“Intellectual
Property” means, with respect to any Person, all Programs, patents, patent applications and like protections, including
improvements divisions, continuation, renewals, reissues, extensions and continuations in part of the same, trademarks, trade names, trade
styles, trade dress, service marks, logos and other business identifiers and, to the extent permitted under applicable Law, any applications
therefor, whether registered or not, and the goodwill of the business of such Person connected with and symbolized thereby, copyright
rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative works, whether
published or unpublished, technology, know-how and processes, operating manuals, trade secrets, computer hardware and software, rights
to unpatented inventions and all applications and licenses therefor, used in or necessary for the conduct of business by such Person and
all claims for damages by way of any past, present or future infringement of any of the foregoing.

 

“Interest
Period” means any period commencing on the first day of a calendar month and ending on the last day of such calendar
month.

 

“Investment”
means any investment in any Person, whether by means of acquiring (whether for cash, property, services, securities or otherwise), making
or holding Debt, securities, capital contributions, loans, time deposits, advances, Guarantees or otherwise. The amount of any Investment
shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or
decreases in value, or write-ups, write-downs or write-offs with respect thereto.

 

“Landmark”
means Landmark Studio Group LLC.

 

“Laws”
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations, ordinances,
rules, judgments, orders, decrees, codes, injunctions, permits, governmental agreements and governmental restrictions, whether now or
hereafter in effect, which are applicable to any Credit Party in any particular circumstance. “Laws”
includes, without limitation, Environmental Laws.

 

“Lender”
means each of (a) MCF, in its capacity as a lender hereunder, (b) each other Person party hereto in its capacity as a lender hereunder,
(c) each other Person that becomes a party hereto as Lender pursuant to Section 11.17, and (d) the respective successors of
all of the foregoing, and “Lenders” means all of the
foregoing.

 

“LIBOR Loan”
means a Loan bearing interest at a rate determined by reference to the LIBOR Rate in accordance with the provisions of Article 2.

 

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“LIBOR
Rate” means, for each LIBOR Loan for any Interest Period, a per annum rate of interest equal to the greater of (a) 0.75%,
and (b) the rate determined by Agent (rounded upwards, if necessary, to the next 1/100th%) by dividing (i) the Base LIBOR Rate
for such Interest Period, by (ii) one minus the daily average during such Interest Period of the aggregate maximum reserve
requirement (expressed as a decimal) then imposed under Regulation D of the Board of Governors of the Federal Reserve System (or any successor
thereto) for “Eurocurrency Liabilities” (as defined therein).

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, in respect of such
asset. For the purposes of this Agreement and the other Financing Documents, any Borrower or any Subsidiary shall be deemed to own subject
to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement,
capital lease or other title retention agreement relating to such asset.

 

“Litigation”
means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority.

 

“Loan
Account” has the meaning set forth in Section 2.4(b).

 

“Loan(s)”
means the Revolving Loans.

 

“Lockbox”
has the meaning set forth in Section 2.9.

 

“Lockbox
Account” means an account or accounts maintained at the Lockbox Bank into which collections of Accounts are paid, which
account or accounts shall be, if requested by Agent, opened in the name of Agent (or a nominee of Agent).

 

“Lockbox
Bank” has the meaning set forth in Section 2.9.

 

“Material
Adverse Effect” means (a) with respect to any event, act, condition or occurrence of whatever nature (including any adverse
determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any
other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, a material adverse change
in, or a material adverse effect upon, any of (i) the condition (financial or otherwise), operations, business or properties of the Credit
Parties taken as a whole, (ii) the rights and remedies of Agent or Lenders under any Financing Document or the ability of Agent or Lenders
to enforce the Obligations or realize upon the Collateral, or the ability of any Credit Party to perform any of its obligations under
any Financing Document to which it is a party, (iii) the legality, validity or enforceability of any Financing Document, (iv) the existence,
perfection or priority of any security interest granted under any Financing Document or (v) the value of the Collateral as a whole, or
(b) the imposition of a fine against or the creation of any liability of the Credit Parties to any Governmental Authority in excess of
$400,000 in the aggregate.

 

“Material
Contracts” has the meaning set forth in Section 3.17.

 

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“Material Payments
Threshold” means $1,000,000.

 

“Maximum
Lawful Rate” has the meaning set forth in Section 2.5.

 

“MCF”
means MidCap Financial Trust, a Delaware statutory trust, and its successors and assigns.

 

“Minimum
Balance” means, at any time, an amount that equals the product of: (i) the average Revolving Loan Limit during the immediately
preceding month multiplied by (ii) the Minimum Balance Percentage.

 

“Minimum
Balance Fee” means a fee equal to (a) the positive difference, if any, remaining after subtracting (i) the average end-of-day
principal balance of Revolving Loans outstanding during the immediately preceding month (without giving effect to the clearance day calculations
referenced above or in Section 2.2(a)) from (ii) the Minimum Balance multiplied by (b) the highest interest rate applicable
to the Revolving Loans during such month.

 

“Minimum
Balance Percentage” means forty percent (40%).

 

“Multiemployer
Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Borrower or any other
member of the Controlled Group (or any Person who in the last five years was a member of the Controlled Group) is making or has an obligation
to make contributions or has within the preceding five plan years (as determined on the applicable date of determination) made contributions.

 

“Non-Funding Lender”
has the meaning set forth in Section 11.18.

 

“Notes”
has the meaning set forth in Section 2.3.

 

“Notice
of Borrowing” means a notice of a Responsible Officer of Borrower Representative, appropriately completed and substantially
in the form of Exhibit D hereto and delivered
to the Agent.

 

“Obligations”
means all obligations, liabilities and indebtedness (monetary (including, without limitation, the payment of interest and other amounts
arising after the commencement of any case with respect to any Credit Party under the Bankruptcy Code or any similar statute which would
accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part
in such case) or otherwise) of each Credit Party under this Agreement or any other Financing Document, in each case howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

 

“Obligations Repayment
Date” means the date on which the Obligations are indefeasibly paid in cash and performed in full (other than unasserted contingent
obligations) and the Revolving Loan Commitments have terminated.

 

“OFAC”
means the U.S. Department of Treasury Office of Foreign Assets Control.

 

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“OFAC
Lists” means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to
Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained
pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

 

“Ordinary
Course of Business” means, in respect of any transaction involving any Credit Party, the ordinary course of business
of such Credit Party, as conducted by such Credit Party in accordance with past practices.

 

“Organizational
Documents” means, with respect to any Person other than a natural person, the documents by which such Person was organized
(such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including, without limitation,
any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of
such Person (such as by-laws, a partnership agreement or an operating, limited liability company or members agreement), including any
and all shareholder agreements or voting agreements relating to the capital stock or other equity interests of such Person.

 

“Parent”
has the meaning ascribed to such term in the preamble of this Agreement.

 

“Participation”
means any amount payable to any third Person who furnishes rights and/or renders services in connection with any Program, whether characterized
as a deferment, gross participation, net participation, profit participation, contingent compensation, box office bonus, award or credit
bonus or otherwise, which amount is based, dependent, computed, or payable, in whole or in part, on the net or gross receipts, earnings,
or proceeds derived from such Program or any percentage of the foregoing or is payable at such time as any such receipts, earnings or
proceeds equal a specified amount, or any similar type of payment or the economic equivalent thereof, but the term “Participations”
shall not, in any case, include obligations to any Credit Party or Affiliate thereof.

 

“Participations and
Residuals Reserve” means, on any date of determination and without double-counting for any Participations or Residuals amounts
already deducted from the Borrowing Base, an amount equal to the sum of (i) estimated Participations payable by a Credit Party in respect
of amounts included in the Borrowing Base based on the historical percentage of such amounts payable as Participations, plus (ii)
estimated Residuals payable by a Credit Party in respect of amounts included in the Borrowing Base based on the historical percentage
of such amounts payable as Residuals, in each case during the immediately preceding six-month period.

 

“Payment
Account” means the account specified on the signature pages hereof into which all payments by or on behalf of each Borrower
to Agent under the Financing Documents shall be made, or such other account as Agent shall from time to time specify by notice to Borrower
Representative.

 

“PBGC”
means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all of its functions under ERISA.

 

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“Pension
Plan” means any ERISA Plan that is subject to Section 412 of the Code or Title IV of ERISA.

 

“Permits”
means all governmental licenses, authorizations, provider numbers, supplier numbers, registrations, permits, drug or device authorizations
and approvals, certificates, franchises, qualifications, accreditations, consents and approvals of a Credit Party required under all applicable
Laws and required for such Credit Party in order to carry on its business as now conducted.

 

“Permitted
Contest” means, with respect to any Tax or other obligation allegedly or potentially owing from any Borrower or its Subsidiary
to any governmental tax authority or other third party, a contest maintained in good faith by appropriate proceedings promptly instituted
and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as shall be required in conformity
with GAAP shall have been made on the books and records and financial statements of the applicable Credit Party(ies); provided,
however, that (a) compliance with the obligation that is the subject of such contest is effectively stayed during such challenge;
(b) Borrowers’ and its Subsidiaries’ title to, and its right to use, the Collateral is not adversely affected thereby and
Agent’s Lien and priority on the Collateral are not adversely affected, altered or impaired thereby; (c) the Borrowers have given
prior written notice to Agent of a Borrower’s or its Subsidiary’s intent to so contest the obligation; (d) the Collateral
or any part thereof or any interest therein shall not be in any danger of being sold, forfeited or lost by reason of such contest by Borrowers
or its Subsidiaries; (e) Borrowers have given Agent notice of the commencement of such contest and upon request by Agent, from time
to time, notice of the status of such contest by Borrowers and/or confirmation of the continuing satisfaction of this definition; and
(f) upon a final determination of such contest, Borrowers and its Subsidiaries shall promptly comply with the requirements thereof.

 

“Permitted
Contingent Obligations” means: (a) Contingent Obligations arising in respect of the Debt under the Financing
Documents; (b) Contingent Obligations outstanding on the date of this Agreement and set forth on Schedule 5.1 (including any
refinancings, extensions, increases or amendments to the indebtedness underlying such Contingent Obligations not otherwise
prohibited under this Agreement); (c) performance guarantees in the Ordinary Course of Business under guild agreements, or to
suppliers, talent, licensees or laboratories which are providing services in connection with the production, acquisition,
distribution or other exploitation of any Program by or for any Credit Party; (d) customary Guarantees in connection with
participations and deferments relating to a Program; (e) Guarantees by the Credit Parties under any Subordinated Debt Documents; (f)
Guarantees of obligations of another Credit Party that the Credit Party could have incurred directly as primary obligor without
violating the terms of any Financing Document; (g) the endorsement of negotiable instruments for deposit or collection in the
Ordinary Course of Business; (h) unsecured Guarantees by a Credit Party of any of the Debt or other obligations of any SPV Affiliate
under any Third Party Financing Facility permitted hereunder; (i) other Contingent Obligations; provided that the aggregate
amount of all Contingent Obligations permitted under this definition (excluding amounts permitted by clauses (c), (d), (e), (f)
(solely to the extent that such amounts constitute Guarantees of amounts in any of clauses (e) through (m) of the definition of
 “Permitted Debt”), (g), and (h)) plus amounts included in the definition of “Permitted Debt” (excluding
amounts in clauses (e), (f), (g), (h), (i), (j), (k), (l) and (m)), without duplication shall not exceed 6 times EBITDA (per
Parent’s publicly reported financial statements, including financial statements reflecting pro forma EBITDA adjustments for
the acquisition of Sonar) in the aggregate at the time such Contingent Obligation is incurred.

 

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“Permitted
Debt” means: (a) Debt of the Credit Parties to Agent and each Lender under this Agreement and the other Financing Documents;
(b) to the extent constituting Debt, Guarantees constituting Permitted Contingent Obligations; (c) purchase money Debt not to exceed $5 million
at any time (whether in the form of a loan or a lease) used solely to acquire equipment used in the Ordinary Course of Business and secured
only by such equipment; (d) Debt existing on the date of this Agreement and described on Schedule 5.1 (including any refinancings, extensions,
increases or amendments to such Debt not otherwise prohibited under this Agreement); (e) Debt in the form of insurance premiums financed
through the applicable insurance company; (f) Debt of the Credit Parties under any Subordinated Debt Documents; (g) ordinary course liabilities
relating to profit participations and other contingent compensation, including royalties, deferments and guild residuals; (h) Debt of
a Credit Party to a co-financier or special purpose vehicle in relation to a co-financed Program, provided that such Debt is non-recourse
to the Credit Parties other than with respect to such Program or special purpose vehicle; (i) to the extent constituting Debt, amounts
payable to a completion guarantor from the proceeds of a Program to recoup its contribution to the direct negative costs of such Program
and other amounts recoupable by such completion guarantor with regard to such Program pursuant to the terms of the applicable completion
bond; (j) Debt pursuant to Swap Agreements permitted under Section 5.16; (k) to the extent constituting Debt, unsecured liabilities for
acquisitions of rights in any Program and trade payables in each case incurred in the Ordinary Course of Business and payable on normal
trade terms and not otherwise prohibited hereunder; (l) Debt in respect of intercompany advances or intercompany receivables between one
or more Credit Parties; (m) Debt in respect of intercompany advance payments of management fees due to CSS pursuant to the CSS Management
Agreement not otherwise prohibited under this Agreement; (n) Debt evidenced by the Existing Notes; and (o) other Debt; provided that
the aggregate amount of all Debt permitted under this definition (excluding amounts permitted by clauses (e), (f), (g), (h), (i), (j),
(k), (l) and (m)) plus amounts included in the definition of “Permitted Contingent Obligations” (excluding amounts in clauses (c),
(d), (e), (f) (solely to the extent that such amounts constitute Guarantees of amounts in any of clauses (e) through (m) of this definition),
(g), and (h)), without duplication shall not exceed 6 times EBITDA (per Parent’s publicly reported financial statements, including
financial statements reflecting pro forma EBITDA adjustments for the acquisition of Sonar) in the aggregate at the time such Debt is incurred.

 

“Permitted
Distributions” means the following Distributions: (a) dividends, payments or distributions by any Borrower to any
other Borrower; (b) dividends payable solely in common stock of Borrower Representative; (c) regularly scheduled distributions,
dividends or other direct or indirect payments on account of the Parent’s Series A preferred stock (Nasdaq Symbol: CSSEP), or
other series of publicly traded preferred stock issued by Parent; (d) distributions or payments to employees related to ownership
stakes in a Borrower; and (e) so long as no Default or Event of Default under Sections 10.1(a)(i) or 10.1(a)(iii) (solely in
connection with a Default under Article 6) shall have occurred and be continuing at the time of such Distribution or would result
therefrom: (i) any management fees and license fees and similar fees and compensation payable by Borrower Representative to CSS
pursuant to the CSS Management Agreement or CSS License Agreement, and any other distributions, advances or payments to CSS pursuant
to the Cash Management System; (ii) the call or redemption of Parent’s common stock purchase warrants at a price not to
exceed $0.05 per warrant; (iii) any redemption, purchase, repurchase, retiring or otherwise acquiring for value of any Equity
Interest of any Borrower or any of Parent’s Series A preferred stock; (iv) dividends or distributions (whether in cash,
securities or other property) on account of the Parent’s common stock (Nasdaq Symbol: CSSE); and (v) to the extent
constituting Distributions, repayments of any Permitted Debt or Third Party Financing Facility prior to their respective scheduled
maturities.

 

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“Permitted
Investments” means: (a) Investments shown on Schedule 5.7 and existing on the Closing Date; (b) Investments in the form
of cash and cash equivalents; (c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar
transactions in the Ordinary Course of Business; (d) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances to any employee of any Credit Party in the Ordinary Course of Business, and (ii) loans to employees, officers
or directors of any Credit Party relating to the purchase of equity securities of Borrowers or their Subsidiaries pursuant to employee
stock purchase plans or agreements approved by Borrowers’ Board of Directors (or other governing body); (e) Investments (including
debt obligations) received in connection with the bankruptcy, reorganization or distress of customers or suppliers of any Credit Party
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business;
(f) to the extent constituting Investments, (x) Guarantees constituting Permitted Contingent Obligations and (y) Debt constituting Permitted
Debt under clause (l) of the definition thereof; (g) Investments consisting of Deposit Accounts or Securities Accounts in which Agent
has received a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, to the extent required hereunder;
(h) Investments by any Credit Party in any other Credit Party (or Person who becomes a Credit Party through such Investment) made in compliance
with Section 4.11(c); (i) acquisitions by any Credit Party of audiovisual content, audiovisual-related assets, or consumer data and consumer
data-related assets including by way of asset purchase, merger or other business combination (which transactions may include the acquisition
of related contracts, software and other assets related to the acquired business; provided such business is primarily focused on the provision,
production, streaming, dissemination or distribution of audiovisual content or consumer data) so long as (1) no Default or Event
of Default shall have occurred and be continuing at the time of such acquisition by any Credit Party or would result therefrom, and (2)
such acquisition is consummated in compliance with all applicable Laws, and all consents and approvals from any Governmental Authority
or other Person required in connection with such acquisition have been obtained; and (j) Investments in an Excluded SPV by contributing
or otherwise transferring to such Excluded SPV applicable Collateral in accordance with this Agreement (including Sections 5.6 hereof).

 

“Permitted
Liens” means: (a) Liens on Collateral for Taxes or other governmental charges not at the time delinquent or
thereafter payable without penalty or the subject of a Permitted Contest; (b) attachments, appeal bonds, judgments and other similar
Liens on Collateral; provided, however, that the execution or other enforcement of such Liens is effectively stayed
and the claims secured thereby are the subject of a Permitted Contest and such Liens do not otherwise constitute an Event of
Default; (c) Liens on the Collateral attributable to a Program granted pursuant to written security agreements (on customary terms
acceptable to the Agent) in favor of guilds that are required pursuant to collective bargaining agreements; (d) Liens and
encumbrances in favor of Agent under the Financing Documents; (e) Liens pursuant to any Subordinated Debt Documents provided that
such Liens are subject to a Subordination Agreement; (f) Liens existing on the Closing Date and listed on Schedule 5.2
hereof; (g) Liens arising by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or
similar rights with respect to deposit accounts; and (h) Liens on any property or rights that do not constitute Collateral so long
as Agent and each applicable secured party enter into an intercreditor agreement that is in form and substance satisfactory to Agent
if Agent determines in its reasonable credit judgment that such an intercreditor agreement is appropriate to protect its rights
hereunder and under the other Financing Documents and its interests in the Collateral.

 

    24

     

    

 

“Permitted
Modifications” means such amendments or other modifications to a Borrower’s or Subsidiary’s Organizational
Documents as are required under this Agreement or by applicable Law and fully disclosed to Agent within five Business Days after such
amendments or modifications have become effective.

 

“Person”
means any natural person, corporation, limited liability company, professional association, limited partnership, general partnership,
joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, and any Governmental Authority.

 

“Program”
means any television product (including movies of the week, mini-series and series and any episode thereof), motion picture or other audiovisual
product, in any case whether recorded on film, videotape, cassette, cartridge, disc or on or by any other means, method, process or device
whether now known or hereafter developed, with respect to which a Credit Party (i) has an ownership interest in the copyright (in whole
or in part) or (ii) acquires any direct or indirect equity interest or participation rights, or any distribution rights, sales agency
rights or other rights (including rights as a production services entity). The term “Program” shall include, without limitation,
the scenario, screenplay, teleplay or script upon which such Program is based, all of the properties thereof, tangible and intangible,
and whether now in existence or hereafter to be made or produced, whether or not in possession of the Credit Parties, and all rights therein
and thereto, of every kind and character. For purposes of this definition as it relates to television or digital product, all episodes
of any television series for a broadcast season and all episodes or webisodes of any internet series for a production cycle shall be deemed
to constitute one Program.

 

“Pro
Rata Share” means (a) with respect to a Lender’s obligation to make Revolving Loans, such Lender’s right
to receive the unused line fee described in Section 2.2(b), the Revolving Loan Commitment Percentage of such Lender, (b) with
respect to a Lender’s right to receive payments of principal and interest with respect to Revolving Loans, such Lender’s Revolving
Loan Exposure with respect thereto; and (c) for all other purposes (including, without limitation, the indemnification obligations arising
under Section 11.6) with respect to any Lender, the percentage obtained by dividing (i) the Revolving Loan Commitment
Amount of such Lender (or, in the event the Revolving Loan Commitment shall have been terminated, such Lender’s then existing Revolving
Loan Outstandings), by (ii) the Revolving Loan Commitment Amount (or, in the event the Revolving Loan Commitment shall have been
terminated, the then existing Revolving Loan Outstandings) of all Lenders.

 

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“Recipient”
means, as applicable, (a) the Agent and (b) any Lender.

 

“Recovery
Amount” has the meaning set forth in Section 2.8(e).

 

“Required
Lenders” means at any time Lenders holding (a) sixty-six and two thirds percent (66 2/3%) or more of the Revolving Loan
Commitment, or (b) if the Revolving Loan Commitment has been terminated, sixty-six and two thirds percent (66 2/3%) or more of the sum
of the then aggregate outstanding principal balance of the Revolving Loans.

 

“Reserves”
means the Participations and Residuals Reserve.

 

“Residuals”
means, with respect to any Program, all amounts required to be paid to third parties pursuant to collective bargaining, union or guild
agreements (in all applicable jurisdictions) by reason of, in connection with, as a condition to or arising from the use or exploitation
of such Program, or any part thereof, or any use or reuse thereof, in any media, including residuals, supplemental market payments, pension,
health and welfare payments, and employer share of taxes.

 

“Responsible
Officer” means as to any Credit Party, the Chief Executive Officer or Chief Financial Officer thereof, or any other Person
approved by the Agent in its sole discretion (as such approval is provided to the applicable Credit Party(ies) in writing).

 

“Revolving
Lender” means each Lender having a Revolving Loan Commitment Amount in excess of $0 (or, in the event the Revolving Loan
Commitment shall have been terminated at any time, each Lender at such time having Revolving Loan Outstandings in excess of $0).

 

“Revolving
Loan Borrowing” means a borrowing of a Revolving Loan.

 

“Revolving
Loan Commitment” means, as of any date of determination, the aggregate Revolving Loan Commitment Amounts of all Lenders
as of such date, which amount shall be $20,000,000 on the Closing Date.

 

“Revolving
Loan Commitment Amount” means, as to any Lender, the dollar amount set forth opposite such Lender’s name on the
Commitment Annex under the column “Revolving Loan Commitment Amount” (if such Lender’s name is not so set forth thereon,
then the dollar amount on the Commitment Annex for the Revolving Loan Commitment Amount for such Lender shall be deemed to be $0), as
such amount may be adjusted from time to time (a) by any amounts assigned (with respect to such Lender’s portion of Revolving Loans
outstanding and its commitment to make Revolving Loans) pursuant to the terms of any and all effective assignment agreements to which
such Lender is a party, and (b) any Additional Tranche(s) activated by the Borrower Representative. For the avoidance of doubt, the aggregate
Revolving Loan Commitment Amount of all Lenders on the Closing Date shall be $20,000,000 and if the Additional Tranche is fully activated
by the Borrower Representative pursuant to the terms of this Agreement such amount shall increase to $30,000,000.

 

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“Revolving
Loan Commitment Percentage” means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite
such Lender’s name on the Commitment Annex under the column “Revolving Loan Commitment Percentage” (if such
Lender’s name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be
zero), and (b) on any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender
on such date divided by the Revolving Loan Commitment on such date.

 

“Revolving
Loan Exposure” means, with respect to any Lender on any date of determination, the percentage equal to the amount of
such Lender’s Revolving Loan Outstandings on such date divided by the aggregate Revolving Loan Outstandings of all Lenders
on such date.

 

“Revolving
Loan Limit” means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

 

“Revolving
Loan Outstandings” means, at any time of calculation, (a) the sum of the then existing aggregate outstanding principal
amount of Revolving Loans and (b) when used with reference to any single Lender, the sum of the then existing outstanding principal amount
of Revolving Loans advanced by such Lender.

 

“Revolving
Loans” has the meaning set forth in Section 2.1(a).

 

“Sanctioned
Country” means, at any time, a country or territory which is the subject or target of any Sanctions.

 

“Sanctioned
Person” means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by the
Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security
Council, the European Union, any European Union member state or the United Kingdom (to the extent it ceases to be a member of the European
Union), (ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Secured
Party” or “Secured Parties” means
the Agent, the Lenders and any other Person which is secured by the Liens granted to the Agent under the Financing Documents from time
to time pursuant to the terms thereof.

 

“Securities
Account” means a “securities account” (as defined in Article 9 of the UCC), an investment account, or other
account in which investment property or securities are held or invested for credit to or for the benefit of any Borrower.

 

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“Securities
Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to Agent, among Agent, any
applicable Borrower and each securities intermediary in which such Borrower maintains a Securities Account pursuant to which Agent shall
obtain “control” (as defined in Article 9 of the UCC) over such Securities Account.

 

“Security
Document” means this Agreement and any other agreement, document or instrument executed concurrently herewith or at any
time hereafter pursuant to which one or more Credit Parties or any other Person either (a) Guarantees payment or performance of all or
any portion of the Obligations and/or (b) provides, as security for all or any portion of the Obligations, a Lien on any of its assets
in favor of Agent for its own benefit and the benefit of the Lenders, as any or all of the same may be amended, supplemented, restated
or otherwise modified from time to time.

 

“Settlement Date”
has the meaning set forth in Section 11.13(a)(ii).

 

“Settlement
Service” has the meaning set forth in Section 11.17(a)(v).

 

“Solvent”
means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of which are (i) greater than
the total amount of its liabilities (including Contingent Obligations), and (ii) greater than the amount that will be required to pay
the probable liabilities of its then existing debts as they become absolute and matured considering all financing alternatives and potential
asset sales reasonably available to it; (b) has capital that is not unreasonably small in relation to its business as presently conducted
or after giving effect to any contemplated transaction; and (c) does not intend to incur and does not believe that it will incur debts
beyond its ability to pay such debts as they become due. “Insolvent” shall mean, with respect to any Person, that:
(A) it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under statute or dissolved; (B)
an application or order has been made, resolution passed or any other action taken, in respect of (A) above; (C) it is or is presumed
or deemed at law to be unable or admits inability to pay its debts as they fall due or suspends making payments on any of its debts; or
(D) it is otherwise unable to pay its debts as and when they fall due.

 

“Specified Permitted
Liens” means those Liens (a) permitted under clause (g) of the definition of Permitted Liens and (b) that the Agent has agreed
in writing pursuant to the terms of an interparty agreement or intercreditor agreement.

 

“SPV Affiliate”
means, with respect to any Credit Party, any wholly-owned special purpose subsidiary thereof formed to act as the borrower or other obligor
under any Third Party Financing Facility.

 

“SPV Repayment”
shall have the meaning set forth in clause (vi) of Section 5.6.

 

“Stated
Rate” has the meaning set forth in Section 2.5.

 

“Subordinated
Debt” means any Debt of Borrowers incurred pursuant to the terms of any Subordinated Debt Documents and with the prior
written consent of Agent, all of which documents must be in form and substance acceptable to Agent in its sole discretion.

 

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“Subordinated
Debt Documents” means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all of which
documents must be in form and substance acceptable to Agent in its sole discretion.

 

“Subordination
Agreement” means any agreement between Agent and another creditor of any Credit Party, as the same may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which the Debt owing from any Credit
Party(ies) and/or the Liens securing such Debt granted by any Credit Party(ies) to such creditor are subordinated in any way to the Obligations
and the Liens created under the Security Documents, the terms and provisions of such Subordination Agreements to have been agreed to by
and be acceptable to Agent in the exercise of its sole discretion.

 

“Subsidiary”
means, with respect to any Person, (a) any corporation of which an aggregate of more than fifty percent of the outstanding capital stock
having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time,
capital stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or more Subsidiaries of such
Person, or with respect to which any such Person has the right to vote or designate the vote of more than fifty percent of such capital
stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership or limited liability company in which such Person
and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital
contribution) of more than fifty percent or of which any such Person is a general partner or may exercise the powers of a general partner.
Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of a Borrower.

 

“Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction, financial exchange
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or
debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value
or any similar transaction or any combination of these transactions.

 

“Taxes”
has the meaning set forth in Section 2.6.

 

“Termination
Date” means the earlier to occur of (a) the Expiry Date, (b) six months prior to the Existing Notes Repayment Date, (c)
any date on which Agent accelerates the maturity of the Loans pursuant to Section 10.2, or (d) the termination date stated
in any notice of termination of this Agreement provided by Borrowers in accordance with Section 2.10.

 

“Third Party
Entitlements” means, with respect to any Program in which any Credit Party has acquired any right, title or interest, and
without duplication, amounts based, computed or dependent on the proceeds derived from the exploitation of such Program that the
applicable Credit Party is obligated to pay to any other Person that is not an Affiliate of any Credit Party, including, without
limitation, Residuals and Participations to the extent not paid or otherwise assumed by the applicable Distributor, amounts payable
to co-financiers under any co-financing agreement, payments to any producer or licensor required pursuant to the applicable rights
acquisition agreement.

 

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“Third Party Financing
Facility” means a secured or unsecured financing arrangement that complies with the requirements of clause (vi) of Section 5.6.

 

“Type”
means, when used in reference to a Loan, refers to whether the rate of interest on such Loan is determined by reference to the LIBOR Rate
or the Base Rate.

 

“UCC”
means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied in connection
with the perfection or priority of, or remedies with respect to, security interests in any Collateral.

 

“Uncompleted”
means, with respect to a Program, such Program is not Completed.

 

“United Kingdom”
means the United Kingdom of Great Britain and Northern Ireland.

 

“United
States” means the United States of America.

 

“Unused
Line Fee” has the meaning set forth in Section 2.2(b).

 

“USCO”
means the United States Copyright Office.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(20) of the Code.

 

“Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

Section 1.2           Accounting
Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder (including, without limitation, determinations made pursuant to the exhibits hereto) shall be
made, and all financial statements required to be delivered hereunder shall be prepared on a consolidated basis in accordance with
GAAP applied on a basis consistent with the most recent audited consolidated financial statements of each Borrower and its
Consolidated Subsidiaries delivered to Agent and each of the Lenders on or prior to the Closing Date. If at any time any change in
GAAP would affect the computation of any financial ratio or financial requirement set forth in any Financing Document, and either
Borrowers or the Required Lenders shall so request, the Agent, the Lenders and Borrowers shall negotiate in good faith to amend such
ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the
Required Lenders); provided, however, that until so amended, (a) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (b) Borrowers shall provide to the Agent and the Lenders financial statements
and other documents required under this Agreement which include a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP. Notwithstanding any other provision contained herein, all terms of an
accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall
be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial
Accounting Standard having a similar result or effect) to value any Debt or other liabilities of any Credit Party or any Subsidiary
of any Credit Party at “fair value,” as defined therein.

 

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Section 1.3          
Other Definitional and Interpretive Provisions. References in this Agreement
to “Articles,” “Sections,” “Annexes,” “Exhibits,” or “Schedules” shall be
to Articles, Sections, Annexes, Exhibits or Schedules of or to this Agreement unless otherwise specifically provided. Any term defined
herein may be used in the singular or plural. “Include,” “includes” and “including” shall be deemed
to be followed by “without limitation.” The word “or” is not exclusive. Except as otherwise specified or limited
herein, references to any Person include the successors and assigns of such Person. References “from” or “through”
any date mean, unless otherwise specified, “from and including” or “through and including,” respectively. Unless
otherwise specified herein, the settlement of all payments and fundings hereunder between or among the parties hereto shall be made in
lawful money of the United States and in immediately available funds. References to any statute or act shall include all related current
regulations and all amendments and any successor statutes, acts and regulations. All amounts used for purposes of financial calculations
required to be made herein shall be without duplication. References to any statute or act, without additional reference, shall be deemed
to refer to federal statutes and acts of the United States. References to any agreement, instrument or other document shall include all
schedules, exhibits, annexes and other attachments thereto and shall be construed as referring to such agreement, instrument or other
document as from time to time amended, restated, supplemented or otherwise modified, renewed or replaced (subject to any restrictions
on such amendments, restatements, supplements, modifications, renewals or replacements set forth herein or in any other Financing Document).
As used in this Agreement, the meaning of the term “material” or the phrase “in all material respects” is intended
to refer to an act, omission, violation or condition which reflects or could reasonably be expected to result in a Material Adverse Effect.
References to capitalized terms that are not defined herein, but are defined in the UCC, shall have the meanings given them in the UCC.
All references herein to times of day shall be references to daylight or standard time, as applicable.

 

Section 1.4          
Time is of the Essence. Time is of the essence in each Borrower’s and each other Credit Party’s payment
obligations under this Agreement and all other Financing Documents.

 

Section 1.5          
Agent Discretion. Unless otherwise expressly provided for herein, any
judgment, determination, approval, consent or action required or permitted to be taken by the Agent pursuant to this Agreement may be
exercised, made or withheld in the sole discretion of the Agent.

 

Section 1.6          
Divisions. For all purposes under the Financing Documents, in connection
with any division or plan of division under Delaware Law (or any comparable event under a different jurisdiction’s Laws): (a) if
any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then
it shall be deemed to have been transferred from the original Person to the subsequent Person; and (b) if any new Person comes into existence,
such new Person shall be deemed to have been organized on the first date of its existence by the holders of the Equity Interests at such
time.

 

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Article 2
 – LOANS

 

Section 2.1          
Loans.

 

(a)     
Revolving Loans.

 

(i)            Revolving Loans and Borrowings. On the terms and subject to the conditions set forth herein, each Lender severally
agrees to make loans to Borrowers from time to time as set forth herein (each a “Revolving
Loan”, and collectively, “Revolving
Loans”) equal to such Lender’s Revolving Loan Commitment Percentage of Revolving Loans requested by Borrowers hereunder;
provided, however, that after giving effect thereto, the Revolving Loan Outstandings shall not exceed the Revolving Loan Limit.
Borrowers shall deliver to Agent a Notice of Borrowing with respect to each proposed Revolving Loan Borrowing, such Notice of Borrowing
to be delivered before 1:00 p.m. (Eastern time) three Business Days prior to the date of such proposed borrowing. Each Borrower and each
Revolving Lender hereby authorizes Agent to make Revolving Loans on behalf of Revolving Lenders, at any time in its sole discretion, to
pay principal owing in respect of the Revolving Loans and interest, fees, expenses and other charges payable by any Credit Party from
time to time arising under this Agreement or any other Financing Document. The Borrowing Base shall be determined by Agent based on the
most recent Borrowing Base Certificate delivered to Agent in accordance with this Agreement and such other information as may be available
to Agent. Without limiting any other rights and remedies of Agent hereunder or under the other Financing Documents, the Revolving Loans
shall be subject to Agent’s continuing right to withhold from the Borrowing Base reserves, and to increase and decrease such reserves
from time to time, if and to the extent that in Agent’s good faith credit judgment and discretion, such reserves are necessary.

 

(ii)           Revolving Loan Commitment Termination. The Revolving Loan Commitment shall terminate on the Termination Date.

 

(iii)          Mandatory Revolving Loan Repayments and Prepayments.

 

(A)            On the Termination Date, there shall become due, and Borrowers shall pay, the entire outstanding principal amount of each
Revolving Loan, together with accrued and unpaid Obligations pertaining thereto incurred to, but excluding the Termination Date; provided,
however, that such payment is made not later than 12:00 Noon (Eastern time) on the Termination Date.

 

(B)             If at any time the Revolving Loan Outstandings exceed the Revolving Loan Limit, then, on the next succeeding Business Day,
Borrowers shall repay the Revolving Loans in an aggregate amount equal to such excess.

 

(C)             Principal
payable on account of Revolving Loans shall be payable by Borrowers to Agent (I) immediately upon the receipt by any Borrower or
Agent of any payments on or proceeds from any of the Accounts or other Collateral, to the extent of such payments or proceeds, as
further described in Section 2.9 below, and (II) in full on the Termination Date.

 

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(iv)          Optional Revolving Loan Repayments and Prepayments. The Borrowers shall have the right at any time and from time
to time to voluntarily prepay Revolving Loans in whole or in part, without premium or penalty, by giving written notice to the Agent no
later than three (3) Business Days prior to any such prepayment; provided, however, that each such prepayment shall be in an amount
equal to $100,000 or a higher integral multiple of $25,000. Each such notice shall be irrevocable and shall specify the proposed date
of such prepayment and the principal amount of the Revolving Loans or the portion thereof to be prepaid. If such notice is given, the
aggregate amount specified in such notice shall be due and payable on the date designated in such notice, together with accrued interest
to such date on the amount so prepaid. Upon receipt of any such notice, the Agent shall promptly notify each affected Lender of the contents
thereof and of such Lender’s Pro Rata Share of any such prepayment.

 

(v)           LIBOR Rate.

 

(A)            Except as provided in subsection (C) below, Revolving Loans shall accrue interest at the LIBOR Rate plus the Applicable
Margin.

 

(B)             The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional
or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes
in applicable Law occurring subsequent to the commencement of the then applicable Interest Period, including changes in tax laws (except
changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors
of the Federal Reserve System (or any successor), which additional or increased costs would increase the cost of funding loans bearing
interest based upon the LIBOR Rate; provided, however, that notwithstanding anything in this Agreement to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “change in applicable Law”, regardless of the date
enacted, adopted or issued. In any such event, the affected Lender shall give Borrowers and Agent notice of such a determination and adjustment
and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrowers
may, by notice to such affected Lender (I) require such Lender to furnish to Borrowers a statement setting forth the basis for adjusting
such LIBOR Rate and the method for determining the amount of such adjustment, or (II) repay the Revolving Loans bearing interest based
upon the LIBOR Rate with respect to which such adjustment is made.

 

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(C)             In the event that any change in any law, regulation, treaty, or directive, or any change therein or in the interpretation of application
thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful for such Lender to fund or
maintain Loans bearing interest based upon the LIBOR Rate or to continue such funding or maintaining, or to determine or charge interest
rates at the LIBOR Rate, such Lender shall give notice of such changed circumstances to Agent and Borrowers and Agent promptly shall
transmit the notice to each other Lender and (I) in the case of any outstanding Loans of such Lender bearing interest based upon the
LIBOR Rate, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such Loans,
and interest upon such Lender’s Loans thereafter shall accrue interest at Base Rate plus the Applicable Margin, and (II)
such Loans shall continue to accrue interest at Base Rate plus the Applicable Margin until such Lender determines that it would
no longer be unlawful or impractical to maintain such Loans at the LIBOR Rate.

 

(D)            Anything to the contrary contained herein notwithstanding, neither Agent nor any Lender is required actually to acquire
eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBOR Rate

 

(b)              Additional Tranche(c). After the Closing Date, so long as no Default or Event
of Default exists and subject to the terms of this Agreement, with the prior written consent of Agent and all Lenders in their sole discretion,
the Revolving Loan Commitment may be increased by the amount of the Additional Tranche upon the written request of Borrower Representative
(which such request shall be made at least 30 days prior to the proposed effective date of the Additional Tranche) to Agent to activate
the Additional Tranche; provided, however, that Agent and Lenders shall have no obligation to consent to any requested activation
of the Additional Tranche and the written consent of Agent and all Lenders shall be required in order to activate the Additional Tranche.
Upon activating the Additional Tranche, each Lender’s Revolving Loan Commitment shall increase by a proportionate amount so as to
maintain the same Pro Rata Share of the Revolving Loan Commitment as such Lender held immediately prior to such activation.

 

Section 2.2          
Interest, Interest Calculations and Certain Fees.

 

(a)     
Interest. From and following the Closing Date, except as expressly set forth in this
Agreement, Loans and the other Obligations shall bear interest at the sum of the LIBOR Rate plus the Applicable Margin. Interest
on the Loans shall be paid in arrears on the first day of each month and on the maturity of such Loans, whether by acceleration or otherwise.
Interest on all other Obligations shall be payable upon demand. For purposes of calculating interest, all funds transferred to the Payment
Account for application to any Revolving Loans shall be subject to a three Business Day clearance period and all interest accruing on
such funds during such clearance period shall accrue for the benefit of Agent, and not for the benefit of the Lenders.

 

(b)      Unused
Line Fee. From and following the Closing Date, Borrowers shall pay Agent, for the benefit of all Lenders committed to make
Revolving Loans, in accordance with their respective Pro Rata Shares, a fee (the “Unused Line Fee”) in an amount
equal to (i) (A) the Revolving Loan Commitment minus (B) the average daily balance of the sum of the Revolving Loan
Outstandings during the preceding month multiplied by (ii) 0.50% per annum. Such fee is to be paid monthly in arrears on the
first day of each month.

 

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(c)       Minimum
Balance Fee Section 2.2. On the first day
of each month, commencing on June 1, 2021, the Borrowers agree to pay to Agent, for the ratable benefit of all Lenders, the sum of
the Minimum Balance Fees due for the prior month. The Minimum Balance Fee shall be deemed fully earned when due and payable and,
once paid, shall be non-refundable.

 

(d)      Collateral Management Fee. From and following the Closing Date, Borrowers shall pay
Agent, for its own account and not for the benefit of any other Lenders, (i) a fee in an amount equal to the product obtained by multiplying
(x) the average end-of-day principal balance of Revolving Loans outstanding during the immediately preceding month by (y) 0.042%
per month. For purposes of calculating the average end-of-day principal balance of Revolving Loans, all funds paid into the Payment Account
(or which were required to be paid into the Payment Account hereunder) or otherwise received by Agent for the account of Borrowers shall
be subject to a three Business Day clearance period. The collateral management fee shall be deemed fully earned when due and payable and,
once paid, shall be non-refundable. Such fee is to be paid monthly in arrears on the first day of each month.

 

(e)     
Origination Fee. Contemporaneous with the initial funding of the Revolving Loans,
Borrowers shall pay Agent, for the benefit of all Lenders committed to make Revolving Loans on the Closing Date, in accordance with their
respective Pro Rata Shares, a fee in an amount equal to (i) the Revolving Loan Commitment multiplied by (ii) 1.00%. All fees payable
pursuant to this paragraph shall be non-refundable as of the Closing Date.

 

(h)     
Audit Fees. Borrowers shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable
fees and expenses in connection with audits and inspections of Borrowers’ books and records, audits, valuations or appraisals of
the Collateral, audits of Borrowers’ compliance with applicable Laws and such other matters as Agent shall deem appropriate, which
shall be due and payable on the first Business Day of the month following the date of issuance by Agent of a written request for payment
thereof to Borrowers.

 

(i)       
Wire Fees. Borrowers shall pay to Agent, for its own account and not for the account
of any other Lenders, on written demand, fees for incoming and outgoing wires made for the account of Borrowers, such fees to be based
on Agent’s then current wire fee schedule (available upon written request of the Borrowers).

 

(j)        Late Charges. If payments of principal (other than a final installment of principal
upon the Termination Date), interest due on the Obligations, or any other amounts due hereunder or under the other Financing Documents
are not timely made and remain overdue for a period of five days, Borrowers, without notice or demand by Agent, promptly shall pay to
Agent, for its own account and not for the benefit of any other Lenders, as additional compensation to Agent in administering the Obligations,
an amount equal to five percent of each delinquent payment.

 

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(k)       Computation
of Interest and Related Fees. All interest and fees under each Financing Document shall be calculated on the basis of a 360-day year
for the actual number of days elapsed. The date of funding of a Loan shall be included in the calculation of interest. The date of payment
of a Loan shall be excluded from the calculation of interest. If a Loan is repaid on the same day that it is made, one day’s interest
shall be charged.

 

Section 2.3          
Notes. The portion of the Loans made by each Lender shall be evidenced,
if so requested by such Lender, by one or more promissory notes executed by Borrowers on a joint and several basis (each, a “Note”)
in an original principal amount equal to such Lender’s Revolving Loan Commitment Amount. Upon activation of the Additional Tranche
in accordance with Section 2.1(b) hereof, Borrowers shall deliver to each Lender to whom Borrowers previously delivered a
Note, a restated Note evidencing such Lender’s Revolving Loan Commitment Amount.

 

Section 2.4          
General Provisions Regarding Payment; Loan Account.

 

(a)      All payments to be made by each Borrower under any Financing Document, including payments
of principal and interest made hereunder and pursuant to any other Financing Document, and all fees, expenses, indemnities and reimbursements,
shall be made without setoff, recoupment or counterclaim. If any payment hereunder becomes due and payable on a day other than a Business
Day, such payment shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall
be payable at the then applicable rate during such extension (it being understood and agreed that, solely for purposes of calculating
financial covenants and computations contained herein and determining compliance therewith, if payment is made, in full, on any such extended
due date, such payment shall be deemed to have been paid on the original due date without giving effect to any extension thereto). Any
payments received in the Payment Account before 12:00 Noon (Eastern time) on any date shall be deemed received by Agent on such date,
and any payments received in the Payment Account at or after 12:00 Noon (Eastern time) on any date shall be deemed received by Agent on
the next succeeding Business Day.

 

(b)      Agent shall maintain a loan account (the “Loan
Account”) on its books to record Loans and other extensions of credit made by the Lenders hereunder or under any other
Financing Document, and all payments thereon made by each Borrower. All entries in the Loan Account shall be made in accordance with Agent’s
customary accounting practices as in effect from time to time. The balance in the Loan Account, as recorded in Agent’s books and
records at any time shall be conclusive and binding evidence of the amounts due and owing to Agent by each Borrower absent manifest error;
provided, however, that any failure to so record or any error in so recording shall not limit or otherwise affect any Borrower’s
duty to pay all amounts owing hereunder or under any other Financing Document. Agent shall endeavor to provide Borrowers with a monthly
statement regarding the Loan Account (but neither Agent nor any Lender shall have any liability if Agent shall fail to provide any such
statement). Unless any Borrower notifies Agent of any objection to any such statement (specifically describing the basis for such objection)
within thirty days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrowers in all respects
as to all matters reflected therein.

 

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Section 2.5          
Maximum Interest. In no event shall the interest charged, with respect to the Loans or any other Obligations
of any Borrower under any Financing Document, exceed the maximum amount permitted under the laws of the State of New York or of any other
applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest payable hereunder
or under any Note or other Financing Document (the “Stated Rate”)
would exceed the highest rate of interest permitted under any applicable Law to be charged (the “Maximum
Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall
be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the Stated Rate is less than the Maximum
Lawful Rate, each Borrower shall, to the extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time
as the total interest received is equal to the total interest which would have been received had the Stated Rate been (but for the operation
of this provision) the interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated
Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest
received by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof
at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the Maximum
Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts (other than
interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof remaining shall
be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest
shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation
is made.

 

Section 2.6          
Taxes; Capital Adequacy.

 

(a)      All
payments of principal and interest on the Loans and all other amounts payable hereunder shall be made free and clear of and without
deduction for any present or future income, excise, stamp, documentary, payroll, employment, property, withholding or franchise
taxes and other taxes, fees, duties, levies, assessments, withholdings or other charges of any nature whatsoever (including interest
and penalties thereon) imposed by any taxing authority, excluding taxes imposed on or measured by Agent’s or any
Lender’s net income branch profits or any franchise taxes imposed, in each case, as a result of a present or former connection
between the Agent or such Lender, as applicable, and the jurisdiction imposing such Tax (other than solely as the result of entering
into any of the Financing Documents or taking any action thereunder) (all non-excluded items being called “Taxes”).
If any withholding or deduction from any payment to be made by or on account of any obligation of any Borrower hereunder is required
in respect of any Taxes pursuant to any applicable Law, then Borrowers will: (i) pay directly to the relevant authority the full
amount required to be so withheld or deducted; (ii) promptly forward to Agent an official receipt or other documentation
satisfactory to Agent evidencing such payment to such authority; and (iii) pay to Agent for the account of Agent and Lenders such
additional amount or amounts as is necessary to ensure that the net amount actually received by each Lender and Agent will equal the
full amount such Lender or Agent would have received had no such withholding or deduction been required (including any withholding
or deduction in respect of such additional amounts). If any Taxes are directly asserted against Agent or any Lender with respect to
any payment received by Agent or such Lender hereunder, Agent or such Lender may pay such Taxes and Borrowers will promptly pay such
additional amounts (including any penalty, interest or expense imposed by the Taxing authority) as is necessary in order that the
net amount received by such Person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the
amount such Person would have received had such Taxes not been asserted so long as such amounts have accrued on or after the day
which is 270 days prior to the date on which Agent or such Lender first made written demand therefor. The term “Taxes”
shall not include (i) any U.S. federal withholding taxes that are imposed on amounts payable to or for the account of such
Lender with respect to an applicable interest in a Loan or Revolving Loan pursuant to a law in effect on the date on which
(a) such Lender acquires such interest in the Loan or Revolving Loan Commitment (other than pursuant to a request by any
Borrower) or (b) such Lender changes its lending office, except in each case to the extent that, pursuant to this Section 2.6,
amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Lender’s
failure to comply with Section 2.6(c), (d) any withholding taxes imposed under FATCA.

 

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(b)     
If any Borrower fails to pay any Taxes when due to the appropriate taxing authority or fails
to remit to Agent, for the account of Agent and the respective Lenders, the required receipts or other required documentary evidence,
Borrowers shall indemnify Lenders for any incremental Taxes, interest or penalties that may become payable by such Lender as a result
of any such failure.

 

(c)      Each
Lender that (i) is organized under the laws of a jurisdiction other than the United States, and (ii)(A) is a party hereto on the
Closing Date or (B) becomes an assignee of an interest as a Lender under this Agreement after the Closing Date (unless such Lender
was already a Lender hereunder immediately prior to such assignment) (each such Lender a “Foreign
Lender”) shall to the extent it is legally entitled to do so execute and deliver to Borrower Representative and
Agent one or more (as Borrower Representative or Agent may request) United States Internal Revenue Service Forms W-8ECI, W-8BEN,
W-8BEN-E, W-8IMY (as applicable) U.S. Tax Compliance Certificates substantially in the form of Exhibit 2.6 and any successor
forms, certificates or documents prescribed by the United States Internal Revenue Service and reasonably requested by Borrower
Representative or Agent certifying as to such Lender’s entitlement to a reduction in or complete exemption from United States
federal (including backup) withholding Taxes. Each Lender that is a U.S. Person shall deliver to Borrower Representative and Agent
on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of Borrower Representative or Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from
U.S. federal backup withholding tax. If a payment made to a Lender under any Facility Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower
Representative and Agent at the time or times prescribed by Law and at such time or times reasonably requested by Borrower
Representative or Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of
the Code) and such additional documentation reasonably requested by Borrower Representative or Agent as may be necessary for the
Borrowers and Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of
the preceding sentence, “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify Borrower Representative and Agent in writing of its legal inability to do
so.

 

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(d)     
If any Lender shall determine in its commercially reasonable judgment that the adoption or taking effect of, or any change
in, any applicable Law regarding capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the
interpretation, administration or application thereof by any Governmental Authority, central bank or comparable agency charged with the
interpretation, administration or application thereof, or the compliance by any Lender or any Person controlling such Lender with any
request, guideline or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority,
central bank or comparable agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing
the rate of return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations
hereunder to a level below that which such Lender or such controlling Person could have achieved but for such adoption, taking effect,
change, interpretation, administration, application or compliance (taking into consideration such Lender’s or such controlling Person’s
policies with respect to capital adequacy) then from time to time, upon written demand by such Lender (which demand shall be accompanied
by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall
be furnished to Agent), Borrowers shall promptly pay to such Lender such additional amount as will compensate such Lender or such controlling
Person for such reduction, so long as such amounts have accrued on or after the day which is 270 days prior to the date on which such
Lender first made demand therefor; provided, however, that notwithstanding anything in this Agreement to the contrary, (i)
the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “change in applicable Law”, regardless of the date
enacted, adopted or issued. This Section 2.6(d) shall not apply to any Taxes payable pursuant Section 2.6(a),
(b) or (c) above.

 

(e)      If
any Lender requires compensation under this Section 2.6, then, upon the written request of Borrower Representative, such
Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign
its rights and obligations hereunder (subject to the terms of this Agreement) to another of its offices, branches or affiliates, if,
in the judgment of such Lender, such designation or assignment (i) would eliminate or materially reduce amounts payable pursuant to
any such subsection, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender (as determined in its sole discretion). Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

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(f)      
The Agent (and any assignee or successor) will deliver, to Borrower Representative, on or prior to the execution and delivery
of this Agreement (or, assignment or succession, if applicable), either (i) (A) two (2) executed copies of IRS Form W-8ECI with respect
to any amounts payable to Agent for its own account and (B) two (2) duly completed copies of IRS Form W-8IMY (certifying that it
is either a “qualified intermediary” or a “U.S. branch”) for the amounts Agent receives for the account of others,
or (ii) two (2) executed copies of IRS Form W-9, whichever is applicable, and in each case of (i) and (ii), with the effect that
Borrower Representative can make payments to Agent without deduction or withholding of taxes imposed by the United States.

 

(g)      Any Lender that is entitled to an exemption from or reduction of Taxes in respect of payments
hereunder, including under the law of the jurisdiction in which a Borrower is resident for tax purposes, or any treaty to which such jurisdiction
is a party, shall, at the request of a Borrower, deliver to such Borrower (with a copy to the Agent), at the time or times prescribed
by Law or reasonably requested by such Borrower or the Agent, such properly completed and executed documentation prescribed by Law (if
any) as will permit such payments to be made without withholding or at a reduced rate of withholding or a reduced rate of Taxes. In addition,
any Lender, if requested by a Borrower or the Agent, shall deliver such other documentation prescribed by Law or administrative practice
(if any) or reasonably requested by such Borrower or the Agent as will enable such Borrower or the Agent to determine whether or not such
Lender is subject to withholding or information reporting requirements. Notwithstanding the foregoing, no Lender shall be required to
deliver any documentation pursuant to this Section 2.6(g) (i) that such Lender is not legally able to deliver or (ii) if
in the Lender’s reasonable judgment, the delivery of such documentation would subject the Lender to any material unreimbursed cost
or expense or would materially prejudice the legal or commercial position of such Lender.

 

Section 2.7          
Appointment of Borrower Representative.

 

(a)     
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent and attorney-in-fact to request
and receive Loans in the name or on behalf of such Borrower and any other Borrowers, deliver Notices of Borrowing and Borrowing Base Certificates,
give instructions with respect to the disbursement of the proceeds of the Loans, give and receive all other notices and consents hereunder
or under any of the other Financing Documents and take all other actions (including in respect of compliance with covenants) in the name
or on behalf of any Borrower or Borrowers pursuant to this Agreement and the other Financing Documents. Agent and Lenders may disburse
the Loans to such bank account of Borrower Representative or a Borrower or otherwise make such Loans to a Borrower as Borrower Representative
may designate or direct, without notice to any other Borrower. Notwithstanding anything to the contrary contained herein, Agent may at
any time and from time to time require that Loans to or for the account of any Borrower be disbursed directly to an operating account
of such Borrower.

 

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(b)     
 Borrower Representative hereby accepts the appointment by Borrowers to act as the agent and attorney-in-fact of Borrowers
pursuant to this Section 2.7. Borrower Representative shall ensure that the disbursement of any Loans that are at any time requested
by or to be remitted to or for the account of a Borrower shall be remitted or issued to or for the account of such Borrower.

 

(c)     
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its
agent to receive statements on account and all other notices from Agent and Lenders with respect to the Obligations or otherwise under
or in connection with this Agreement and the other Financing Documents.

 

(d)     
Any notice, election, representation, warranty, agreement or undertaking made or delivered
by or on behalf of any Borrower by Borrower Representative shall be deemed for all purposes to have been made or delivered by such Borrower,
as the case may be, and shall be binding upon and enforceable against such Borrower to the same extent as if made or delivered directly
by such Borrower.

 

Section 2.8          
Joint and Several Liability; Rights of Contribution; Subordination and Subrogation.

 

(a)     
Borrowers and Credit Parties, as applicable are defined collectively to include all Persons
named as one of the Borrowers or Credit Parties (as applicable) herein; provided, however, that any references herein to “any
Borrower,” “each Borrower,” “any Credit Party,” “each Credit Party” or similar references, shall
be construed as a reference to each individual Person named as one of the Borrowers or Credit Parties (as applicable) herein. Each Credit
Party so named shall be jointly and severally liable for all of the obligations of Borrowers under this Agreement. Each Credit Party,
individually, expressly understands, agrees and acknowledges, that the credit facilities would not be made available on the terms herein
in the absence of the collective credit of all of the Persons named as the Credit Parties herein, the joint and several liability of all
such Persons, and the cross-collateralization of the collateral of all such Persons. Accordingly, each Credit Party individually acknowledges
that the benefit to each of the Persons named as one of the Credit Parties as a whole constitutes reasonably equivalent value, regardless
of the amount of the credit facilities actually borrowed by, advanced to, or the amount of collateral provided by, any individual Credit
Party. In addition, each entity named as one of the Credit Parties herein hereby acknowledges and agrees that all of the representations,
warranties, covenants, obligations, conditions, agreements and other terms contained in this Agreement shall be applicable to and shall
be binding upon and measured and enforceable individually against each Person named as one of the Credit Parties herein as well as all
such Persons when taken together. By way of illustration, but without limiting the generality of the foregoing, the terms of Section 10.1
of this Agreement are to be applied to each individual Person named as one of the Credit Parties herein (as well as to all such Persons
taken as a whole), such that the occurrence of any of the events described in Section 10.1 of this Agreement as to any Person
named as one of the Credit Parties herein shall constitute an Event of Default even if such event has not occurred as to any other Persons
named as the Credit Parties or as to all such Persons taken as a whole.

 

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(b)     
 Notwithstanding any provisions of this Agreement to the contrary, it is intended that the
joint and several nature of the liability of each Credit Party for the Obligations and the Liens granted by the Credit Parties to secure
the Obligations, not constitute a Fraudulent Conveyance (as defined below). Consequently, Agent, Lenders and each Credit Party agree that
if the liability of a Credit Party for the Obligations, or any Liens granted by such Credit Party securing the Obligations would, but
for the application of this sentence, constitute a Fraudulent Conveyance, the liability of such Credit Party and the Liens securing such
liability shall be valid and enforceable only to the maximum extent that would not cause such liability or such Lien to constitute a Fraudulent
Conveyance, and the liability of such Credit Party and this Agreement shall automatically be deemed to have been amended accordingly.
For purposes hereof, the term “Fraudulent Conveyance”
means a fraudulent conveyance under Section 548 of Chapter 11 of Title II of the Bankruptcy Code or a fraudulent conveyance or fraudulent
transfer under the applicable provisions of any fraudulent conveyance or fraudulent transfer law or similar law of any state, nation or
other governmental unit, as in effect from time to time.

 

(c)     
Agent is hereby authorized, without notice or demand and without affecting the liability
of any Credit Party hereunder, at any time and from time to time, to (i) renew, extend or otherwise increase the time for payment
of the Obligations; (ii) with the written agreement of any Credit Party, change the terms relating to the Obligations or otherwise modify,
amend or change the terms of any Note or other agreement, document or instrument now or hereafter executed by any Credit Party and delivered
to Agent for any Lender; (iii) accept partial payments of the Obligations; (iv) take and hold any Collateral for the payment of the Obligations
or for the payment of any guaranties of the Obligations and exchange, enforce (upon the occurrence and during the continuation of any
Event of Default), waive and release any such Collateral; and (v) upon the occurrence and during the continuation of any Event of Default,
(A) apply any such Collateral and direct the order or manner of sale thereof as Agent, in its sole discretion, may determine and (B) settle,
release, compromise, collect or otherwise liquidate the Obligations and any Collateral therefor in any manner, all guarantor and surety
defenses being hereby waived by each Credit Party. Without limitations of the foregoing, with respect to the Obligations, each Borrower
hereby makes and adopts each of the agreements and waivers set forth in each Guarantee (and the Guarantee made in Section 8.1),
the same being incorporated hereby by reference. Except as specifically provided in this Agreement or any of the other Financing Documents,
Agent shall have the exclusive right to determine the time and manner of application of any payments or credits, whether received from
any Borrower or any other source, and such determination shall be binding on all Borrowers. All such payments and credits may be applied,
reversed and reapplied, in whole or in part, to any of the Obligations that Agent shall determine, in its sole discretion, without affecting
the validity or enforceability of the Obligations of the other Borrower.

 

(d)      Each
Credit Party hereby agrees that, except as hereinafter provided, its obligations hereunder shall be unconditional, irrespective of
(i) the absence of any attempt to collect the Obligations from any obligor or other action to enforce the same; (ii) the waiver or
consent by Agent with respect to any provision of any instrument evidencing the Obligations, or any part thereof, or any other
agreement heretofore, now or hereafter executed by a Credit Party and delivered to Agent; (iii) failure by Agent to take any steps
to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for the Obligations; (iv)
the institution of any proceeding under the Bankruptcy Code, or any similar proceeding, by or against a Credit Party or
Agent’s election in any such proceeding of the application of Section 1111(b)(2) of the Bankruptcy Code; (v) any borrowing or
grant of a security interest by a Credit Party as debtor-in-possession, under Section 364 of the Bankruptcy Code; (vi) the
disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of Agent’s claim(s) for repayment of any of the
Obligations; or (vii) any other circumstance other than payment in full of the Obligations which might otherwise constitute a legal
or equitable discharge or defense of a guarantor or surety.

 

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(e)     
The Credit Parties hereby agree, as between themselves, that to the extent that Agent, on
behalf of Lenders, shall have received from any Credit Party any Recovery Amount (as defined below), then the paying Credit Party shall
have a right of contribution against each other Credit Party in an amount equal to such other Credit Party’s contributive share
of such Recovery Amount; provided, however, that in the event any Credit Party suffers a Deficiency Amount (as defined below),
then the Credit Party suffering the Deficiency Amount shall be entitled to seek and receive contribution from and against the other Credit
Parties in an amount equal to the Deficiency Amount; and provided, further, that in no event shall the aggregate amounts so reimbursed
by reason of the contribution of any Credit Party equal or exceed an amount that would, if paid, constitute or result in Fraudulent Conveyance.
Until all Obligations have been paid and satisfied in full, no payment made by or for the account of a Credit Party including, without
limitation, (i) a payment made by such Credit Party on behalf of the liabilities of any other Credit Party, or (ii) a payment made by
any other guarantor under any Guarantee, shall entitle such Credit Party, by subrogation or otherwise, to any payment from such other
Credit Party or from or out of such other Credit Party’s property. The right of each Credit Party to receive any contribution under
this clause (e) or by subrogation or otherwise from any other Credit Party shall be subordinate in right of payment to the Obligations
and such Credit Party shall not exercise any right or remedy against such other Credit Party or any property of such other Credit Party
by reason of any performance of such Credit Party of its joint and several obligations hereunder, until the Obligations have been indefeasibly
paid and satisfied in full, and no Credit Party shall exercise any right or remedy with respect to this clause (e) until
the Obligations have been indefeasibly paid and satisfied in full. As used in this clause (e),
the term “Recovery Amount” means the amount of proceeds
received by or credited to Agent from the exercise of any remedy of the Lenders under this Agreement or the other Financing Documents,
including, without limitation, the sale of any Collateral. As used in this clause (e), the
term “Deficiency Amount” means any amount that is less
than the entire amount a Credit Party is entitled to receive by way of contribution or subrogation from, but that has not been paid by,
the other Credit Parties in respect of any Recovery Amount attributable to the Credit Party entitled to contribution, until the Deficiency
Amount has been reduced to $0 through contributions and reimbursements made under the terms of this clause (e) or
otherwise.

 

Section 2.9          
Collections and Lockbox Account.

 

(a)      Borrowers
shall maintain a lockbox (the “Lockbox”) with a United States depository institution designated from time to time
by Agent (the “Lockbox Bank”), subject to the provisions of this Agreement, and shall execute with the Lockbox
Bank a Deposit Account Control Agreement and such other agreements related to such Lockbox as Agent may require. Borrowers shall
ensure that all Account Debtors and any other Persons who become Distributors, licensees, buyers or account debtors of any Borrower
and other Persons obligated on the Collateral make payments under or in connection with the Collateral directly into the Lockbox
Account pursuant to instructions contained in any Distribution Agreement or other applicable agreement, including any invoice
provided by the applicable Credit Party to any such Person. The Lockbox Account and each other Deposit Account constituting
Collateral shall be under the control (within the meaning of Section 9-140 of the UCC) of the Agent; provided, that, unless an Event
of Default shall have occurred and be continuing, and except for any amount deposited as cash collateral or otherwise specified as
such pursuant to any provision of any Loan Document, the Agent shall promptly release (or permit the release of) funds from the
Lockbox Account or such other Deposit Account in accordance with the directions of the Borrowers for use by the Borrowers as
permitted hereunder.

 

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(b)     
Notwithstanding anything in any lockbox agreement or Deposit Account Control Agreement to
the contrary, Borrowers agree that they shall be liable for any fees and charges in effect from time to time and charged by the Lockbox
Bank in connection with the Lockbox, the Lockbox Account, and that Agent shall have no liability therefor. Borrowers hereby indemnify
and agree to hold Agent harmless from any and all liabilities, claims, losses and demands whatsoever, including reasonable outside attorneys’
fees and expenses, arising from or relating to actions of Agent or the Lockbox Bank pursuant to this Section or any lockbox agreement
or Deposit Account Control Agreement or similar agreement, except to the extent of such losses arising solely from Agent’s gross
negligence or willful misconduct.

 

(c)     
Agent shall apply, on a daily basis, all funds transferred into the Payment Account pursuant
to this Section 2.9 to reduce the outstanding Revolving Loans in such order of application as Agent shall elect, subject to a three
Business Day clearance period. If as the result of collections of Accounts pursuant to the terms and conditions of this Section 2.9,
a credit balance exists with respect to the Loan Account, such credit balance shall not accrue interest in favor of Borrowers, but Agent
shall transfer such funds into an account designated by Borrower Representative, unless an Event of Default exists. 

 

(d)     
To the extent that any collections of Accounts or proceeds of other Collateral are not sent directly to the Lockbox or Lockbox
Account but are received by any Borrower, such collections shall be held in trust for the benefit of Agent pursuant to an express trust
created hereby and promptly remitted, in the form received, to the applicable Lockbox or Lockbox Account. No such funds received by any
Borrower shall be commingled with other funds of the Borrowers. If any funds received by any Borrower
are commingled with other funds of the Borrowers, or are required to be deposited to a Lockbox or Lockbox Account and are not so deposited
within two Business Days, then Borrowers shall pay to Agent, for its own account and not for the account of any other Lenders, a compliance
fee equal to $500 for each day thereafter that any such conditions exist.

 

(e)      Borrowers
acknowledge and agree that compliance with the terms of this Section is essential, and that Agent and Lenders will suffer immediate
and irreparable injury and have no adequate remedy at law, if any Borrower, through acts or omissions, causes or fails to direct
Account Debtors to send payments other than to the Lockbox or Lockbox Accounts or if any Borrower fails to promptly deposit
collections of Accounts or proceeds of other Collateral in the Lockbox Account as herein required. Accordingly, in addition to all
other rights and remedies of Agent and Lenders hereunder, Agent shall have the right to seek specific performance of the
Borrowers’ obligations under this Section, and any other equitable relief as Agent may deem necessary or appropriate, and
Borrowers waive any requirement for the posting of a bond in connection with such equitable relief.

 

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(f)      
If any Borrower breaches its obligation to direct payments of the proceeds of the Collateral
to the Lockbox Account, Agent, as the irrevocably made, constituted and appointed true and lawful attorney for Borrowers, may, by the
signature or other act of any of Agent’s authorized representatives (without requiring any of them to do so), direct any Account
Debtor and any other Persons who become Distributors, licensees, buyers or account debtors of any Borrower to pay proceeds of the Collateral
to Borrowers by directing payment to the Lockbox Account.

 

Section 2.10      
Termination; Restriction on Termination.

 

(a)     
Termination by Lenders. In addition to the rights set forth in Section 10.2,
Agent may, and at the direction of Required Lenders shall, terminate this Agreement without notice upon or after the occurrence and during
the continuance of an Event of Default.

 

(b)     
Termination by Borrowers. Upon at least 30 days’ prior written notice to Agent and Lenders, Borrowers may,
at its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers have paid
or collateralized to Agent’s satisfaction all of the Obligations in immediately available funds. For the avoidance of doubt,
the Borrowers may not reduce the Revolving Loan Commitment at any time without terminating this Agreement pursuant to this Section 2.10.
Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing and no Lender shall have
any obligation to make any Loans on or after the termination date stated in such notice. Borrowers may elect to terminate this Agreement
in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

 

(c)      Effectiveness
of Termination. All of the Obligations shall be immediately due and payable upon the Termination Date. All undertakings,
agreements, covenants, warranties and representations of Borrowers contained in the Financing Documents shall survive any such
termination and Agent shall retain its Liens in the Collateral and Agent and each Lender shall retain all of its rights and remedies
under the Financing Documents notwithstanding such termination until all Obligations have been discharged or paid, in full, in
immediately available funds, including, without limitation, all Obligations under the terms of any fee letter resulting from such
termination. Notwithstanding the foregoing or the payment in full of the Obligations, Agent shall not be required to terminate its
Liens in the Collateral unless, with respect to any loss or damage Agent may incur as a result of dishonored checks or other items
of payment received by Agent from Borrower or any Account Debtor and applied to the Obligations, Agent shall, at its option, (i)
have received a written agreement satisfactory to Agent, executed by Borrowers and by any Person whose loans or other advances to
Borrowers are used in whole or in part to satisfy the Obligations, indemnifying Agent and each Lender from any such loss or damage
or (ii) have retained cash Collateral or other Collateral for such period of time as Agent, in its discretion, may deem necessary to
protect Agent and each Lender from any such loss or damage.

 

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Section 2.11      
Provisions Relating to the Borrowing Base.

 

(a)     
The Agent may from time to time by written notice to Borrower Representative (i) remove
any Acceptable Obligor or Affiliated Group from Schedule 2.11, or (ii) decrease the Allowable Amount for any Acceptable Obligor
or Affiliated Group, in each case, as the Agent acting in good faith may deem appropriate as a result of an adverse change in the
circumstances of such Acceptable Obligor or Affiliated Group; provided, however, that any such
removal or decrease shall be effective on a prospective basis only (as more fully set forth in Sections 2.11(c) and (d)
below).

 

(b)     
The Agent may (either independently or after a request has been received from the Borrower
Representative) from time to time by written notice to the Borrower Representative, as it may deem appropriate, (i) add or reinstate an
Acceptable Obligor or Affiliated Group to Schedule 2.11, or (ii) increase the Allowable Amount for any Acceptable Obligor or Affiliated
Group.

 

(c)     
In the event the Agent notifies the Borrower Representative that an Acceptable Obligor or
Affiliated Group is removed from Schedule 2.11 in accordance with Section 2.11(a), then (subject to the exceptions
set forth in Section 2.11(a)) no new Eligible Account from such Person or Affiliated Group may be included in the Borrowing
Base, and no new extensions of credit shall be made on the basis of Eligible Accounts from such Acceptable Obligor or Affiliated Group,
in each case subsequent to such notice, unless supported by an Acceptable L/C or such Acceptable Obligor or Affiliated Group is reinstated
as an Acceptable Obligor in accordance with Section 2.11(b). 

 

(d)     
In the event the Agent notifies the Borrower Representative that the Allowable Amount with
respect to an Acceptable Obligor or Affiliated Group is to be reduced in accordance with Section 2.11(a), then (subject to the
exceptions set forth in Section 2.11(a)) (i) no new Eligible Account from such Acceptable Obligor or Affiliated Group may
be included in the Borrowing Base subsequent to such notice if such inclusion would result in the aggregate amount of Eligible Accounts
from such Acceptable Obligor or Affiliated Group being in excess of the Allowable Amount for such Acceptable Obligor or Affiliated Group
after giving effect to such reduction, and (ii) no further Loans shall be made on the basis of Eligible Accounts from such Acceptable
Obligor or Affiliated Group subsequent to such notice that are not otherwise subject to any of the exceptions set forth in Section 2.11(a)
if such Loans would result in the Revolving Loan Exposure exceeding the Revolving Loan Limit after giving effect to such reduction, in
each case, to the extent of such excess only, unless such excess is supported by an Acceptable L/C or the Allowable Amount for such Acceptable
Obligor or Affiliated Group is increased in accordance with Section 2.11(b).

 

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Article 3 - REPRESENTATIONS
AND WARRANTIES

 

To induce Agent and Lenders
to enter into this Agreement and to make the Loans and other credit accommodations contemplated hereby, each Credit Party hereby represents
and warrants to Agent and each Lender that:

 

Section 3.1          
Existence and Power.

 

(a)     
Each Credit Party is an entity as specified on Schedule 3.1(a), is duly organized,
validly existing and in good standing under the laws of the jurisdiction specified on Schedule 3.1(a) and no other jurisdiction,
has the same legal name as it appears in such Credit Party’s Organizational Documents and an organizational identification number
(if any), in each case as specified on Schedule 3.1(a), and has all powers and all Permits necessary or desirable in the operation
of its business as presently conducted or as proposed to be conducted, except where the failure to have such Permits could not reasonably
be expected to have a Material Adverse Effect. Each Credit Party is qualified to do business as a foreign entity in each jurisdiction
in which it is required to be so qualified, which jurisdictions as of the Closing Date are specified on Schedule 3.1(a), except
where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 3.1(a),
no Credit Party (i) has had, over the five year period preceding the Closing Date, any name other than its current name, or (ii) was incorporated
or organized under the laws of any jurisdiction other than its current jurisdiction of incorporation or organization.

 

(b)     
Each Credit Party has the power and authority (i) to execute, deliver and perform, as applicable,
its obligations under the Financing Documents and any other documents contemplated thereby to which it is or will be a party, (ii) to
guaranty the Obligations as contemplated in Article 8 and (iii) in the case of the Credit Parties, to grant to the Agent a security
interest in the Collateral as contemplated by Article 9. 

 

Section 3.2          
Organization and Governmental Authorization; No Contravention.

 

(a)     
The execution, delivery and performance by each Credit Party of the Financing Documents to which it is a party are within
its powers, have been duly authorized by all necessary action pursuant to its Organizational Documents, require no further action by,
or in respect of, or filing with, any Governmental Authority (other than applicable UCC financing statements or other foreign equivalents),
which will be delivered to the Agent on or prior to the Closing Date, in form suitable for filing with the appropriate filing office and
do not (i) violate any Law applicable to any Credit Party or contravene any of the Organizational Documents of any Credit Party, or (ii)
conflict with or cause a breach or a default under any agreement or instrument binding upon any Credit Party, except for such violations,
conflicts, breaches or defaults as could not, with respect to this clause (ii), reasonably be expected to have a Material Adverse Effect.

 

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(b)      
The grant by each Credit Party to the Agent of the security interest in the Collateral, as contemplated by the Financing Documents,
and in the case of the Borrowers, the Loans hereunder and the execution, delivery and performance of the Notes and, in the case of
each Credit Party, the guaranty of the Obligations as contemplated by Article 8, (i) will not violate any provision of,
be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or create any
right to terminate, any Distribution Agreement, or any indenture, agreement, bond, note or other similar instrument to which such
Person is a party or by which such Person or any of its properties or assets are bound, other than where any such violation,
conflict, breach, default or termination could not, either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, and (ii) will not result in the creation or imposition of any Lien, charge or encumbrance of any nature
whatsoever upon any of the properties or assets of such Person other than pursuant to the Financing Documents

 

Section 3.3          
Binding Effect. Each of the Financing Documents to which any Credit Party
is a party constitutes a valid and binding agreement or instrument of such Credit Party, enforceable against such Credit Party in accordance
with its respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating
to the enforcement of creditors’ rights generally and by general equitable principles.

 

Section 3.4          
Capitalization.

 

(a)        
The authorized equity securities of each of the Credit Parties as of the Closing Date are as set forth on Schedule 3.4(a).
All issued and outstanding equity securities of each of the Credit Parties are duly authorized and validly issued, fully paid, nonassessable,
free and clear of all Liens, and such equity securities were issued in compliance with all applicable Laws. The identity of the holders
of the equity securities of each of the Credit Parties and the percentage of their fully-diluted ownership of the equity securities of
each of the Credit Parties as of the Closing Date is set forth on Schedule 3.4(a). No shares of the capital stock or other
equity securities of any Credit Party, other than those described above, are issued and outstanding as of the Closing Date. Except as
set forth on Schedule 3.4(a), as of the Closing Date there are no preemptive or other outstanding rights, options, warrants,
conversion rights or similar agreements or understandings for the purchase or acquisition from any Credit Party of any equity securities
of any such entity.

 

(b)        
Attached hereto as Schedule 3.4(b) is a correct and complete organizational chart as of the date hereof reflecting
the organizational structure of each Credit Party.

 

Section 3.5          
Financial Information. All information delivered by any Credit Party to
Agent and pertaining to the financial condition of any Credit Party fairly presents the financial position of such Credit Party as of
such date in conformity with GAAP (and as to unaudited financial statements, subject to normal year-end adjustments and the absence of
footnote disclosures). Since December 31, 2020, there has been no material adverse change in the business, operations, properties or condition
(financial or otherwise) of any Credit Party.

 

Section 3.6           Litigation.
Except as set forth on Schedule 3.6 as of the Closing Date, and except as hereafter disclosed to Agent in writing, there
is no Litigation pending against, or to such Credit Party’s knowledge threatened against or affecting, any Credit Party or, to
such Credit Party’s knowledge, any party to any Financing Document other than a Credit Party. There is no Litigation pending
in which an adverse decision could reasonably be expected to have a Material Adverse Effect or which in any manner draws into
question the validity of any of the Financing Documents.

 

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Section 3.7          
Ownership of Property. Each Credit Party and each of its Subsidiaries
(other than any Excluded Subsidiary) is the lawful owner of, has good and marketable title to and is in lawful possession of, or has valid
leasehold interests in, all personal property and other assets (tangible, intangible or mixed) purported or reported to be owned or leased
(as the case may be) by such Person.

 

Section 3.8          
No Default. No Event of Default, or to such Credit Party’s knowledge, Default, has occurred and is continuing.
No Credit Party is in breach or default under or with respect to any contract, agreement, lease or other instrument to which it is a party
or by which its property is bound or affected, which breach or default could reasonably be expected to have a Material Adverse Effect.

 

Section 3.9          
Labor Matters. As of the Closing Date, there are no strikes or other labor
disputes pending or, to any Credit Party’s knowledge, threatened against any Credit Party. Hours worked and payments made to the
employees of the Credit Parties have not been in violation of the Fair Labor Standards Act or any other applicable Law dealing with such
matters. All payments due from the Credit Parties, or for which any claim may be made against any of them, on account of wages and employee
and retiree health and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case may be.
The consummation of the transactions contemplated by the Financing Documents will not give rise to a right of termination or right of
renegotiation on the part of any union under any collective bargaining agreement to which any Credit Party is a party or by which any
Credit Party is bound.

 

Section 3.10      
Regulated Entities. No Credit Party is an “investment company”
or a company “controlled” by an “investment company” or a “subsidiary” of an “investment company,”
all within the meaning of the Investment Company Act of 1940.

 

Section 3.11      
Margin Regulations. None of the proceeds from the Loans have been or will
be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” (as defined in Regulation U
of the Federal Reserve Board), for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry
any “margin stock” or for any other purpose which might cause any of the Loans to be considered a “purpose credit”
within the meaning of Regulation T, U or X of the Federal Reserve Board.

 

Section 3.12      
Compliance With Laws; Anti-Terrorism Laws.

 

(a)     
Each Credit Party is in compliance with the requirements of all applicable Laws, except
for such Laws the noncompliance with which could not reasonably be expected to have a Material Adverse Effect.

 

(b)      None
of the Credit Parties and, to the knowledge of the Credit Parties, none of their Affiliates (i) is in violation of any
Anti-Terrorism Law, (ii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading
or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law, (iii) is a Blocked Person, or is
controlled by a Blocked Person, (iv) is acting or will act for or on behalf of a Blocked Person, (v) is associated with, or will
become associated with, a Blocked Person or (vi) is providing, or will provide, material, financial or technical support or other
services to or in support of acts of terrorism of a Blocked Person. No Credit Party nor, to the knowledge of any Credit Party, any
of its Affiliates or agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement,
(A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of
any Blocked Person, or (B) deals in, or otherwise engages in any transaction relating to, any property or interest in property
blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law.

 

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Section 3.13      
Taxes. All federal, state and local tax returns, reports and statements
required to be filed by or on behalf of each Credit Party have been filed with the appropriate Governmental Authorities in all jurisdictions
in which such returns, reports and statements are required to be filed and, except to the extent subject to a Permitted Contest, all Taxes
imposed on or with respect to any Credit Party (including, if applicable, all real property Taxes) and other charges shown to be due and
payable, in respect thereof, have been timely paid prior to the date on which any fine, penalty, interest, late charge or loss may be
added thereto for nonpayment thereof. Except to the extent subject to a Permitted Contest, all state and local sales and use Taxes required
to be paid by each Credit Party have been paid. All federal and state returns have been filed by each Credit Party for all periods for
which returns were due with respect to employee income tax withholding, social security and unemployment taxes, and, except to the extent
subject to a Permitted Contest, all amounts due in respect of such taxes have been paid in full or adequate provisions therefor have been
made.

 

Section 3.14      
Compliance with ERISA.

 

(a)          No Credit Party has or is subject to any Pension Plan, Multiemployer Plan or Multi-Employer Pension Plan.

 

(b)          Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each Credit
Party is in compliance with the applicable provisions of ERISA and the applicable provisions of the Code relating to ERISA Plans and the
regulations and published interpretations therein.

 

Section 3.15      
Consummation of Financing Documents; Brokers. Except for fees payable
to Agent and/or Lenders, no broker, finder or other intermediary has brought about the obtaining, making or closing of the transactions
contemplated by the Financing Documents, and no Credit Party has or will have any obligation to any Person in respect of any finder’s
or brokerage fees, commissions or other expenses in connection herewith or therewith.

 

Section 3.16      
Related Transactions. All transactions contemplated by the Financing Documents
to be consummated on or prior to the date hereof have been so consummated (including, without limitation, the disbursement and transfer
of all funds in connection therewith) in all material respects pursuant to the provisions of the applicable Financing Documents, true
and complete copies of which have been delivered to Agent, and in compliance with all applicable Law, except for such Laws the noncompliance
with which would not reasonably be expected to have a Material Adverse Effect.

 

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Section 3.17      
Material Contracts; Distribution Agreements.

 

(a)       Except for the Financing Documents and the other agreements set forth on Schedule 3.17(a)
(collectively with the Financing Documents, the “Material Contracts”), as of the Closing Date there are no (i) employment
agreements covering the management of any Credit Party, (ii) collective bargaining agreements or other similar labor agreements covering
any employees of any Credit Party, (iii) agreements for managerial, consulting or similar services to which any Credit Party is a party
or by which it is bound, (iv) agreements regarding any Credit Party, its assets or operations or any investment therein to which any of
its equity holders is a party or by which it is bound, (v) real estate leases, Intellectual Property licenses or other lease or license
agreements to which any Credit Party is a party, either as lessor or lessee, or as licensor or licensee (other than licenses arising from
the purchase of “off the shelf” products), (vi) customer, distribution, marketing or supply agreements to which any Credit
Party is a party, (vii) partnership agreements to which any Credit Party is a general partner or joint venture agreements to which any
Credit Party is a party, (viii) third party billing arrangements to which any Credit Party is a party, (ix) credit agreements, indentures,
notes and other agreements related to any indebtedness for borrowed money of any Credit Party, (x) Distribution Agreements that are expected
to be included in the Borrowing Base and that provide for a minimum guarantee or other fixed payments in excess of the Material Payments
Threshold, (xi) agreements or other arrangements pursuant to which any Credit Party has granted a Lien to any Person, (xii) co-financing
agreements or other material contractual arrangements entered into by any Credit Party or by which any Credit Party is bound, including
but not limited to, material guarantees and material employment agreements, (xiii) agreements pursuant to which any Credit Party
acquired the rights to a scenario, screenplay or script upon which a Program is based or any other agreements
or instruments to which any Credit Party is a party, the breach, nonperformance or cancellation of which, or the failure of which to renew,
in each case, with respect to the foregoing clauses (i) through (xiii), could reasonably be expected to have a Material Adverse Effect.
Schedule 3.17(a) sets forth, with respect to each real estate lease agreement to which any Credit Party is a party (as a lessee)
as of the Closing Date, the address of the subject property and the annual rental (or, where applicable, a general description of the
method of computing the annual rental). The consummation of the transactions contemplated by the Financing Documents will not give rise
to a right of termination in favor of any party to any Material Contract (other than any Credit Party), except for such Material Contracts
the noncompliance with which would not reasonably be expected to have a Material Adverse Effect. 

 

(b)       No Credit Party is in default in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument to which such Credit Party is a party, except where such
default could not reasonably be expected to result in a Material Adverse Effect.

 

(c)       Other
than as set forth on Schedule 3.17(c), no Distribution Agreement in respect of which Eligible Accounts are included in the
Borrowing Base and that provides for a minimum guarantee or other fixed payments in excess of the Material Payments Threshold has
any “key person” provisions. At any time any “key person” ceases to function for any Credit Party as
required under any such Distribution Agreement, then the Borrowers shall promptly notify the Agent in writing and provide the name
of the Person that is being proposed as the replacement for such “key person” and whether such Person is acceptable to
the contract counterparty under such Distribution Agreement.

 

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Section 3.18      
Compliance with Environmental Requirements; No Hazardous Materials. Except
in each case as set forth on Schedule 3.18:

 

(a)       no notice, notification, demand, request for information, citation, summons, complaint or
order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending, or to such
Credit Party’s knowledge, threatened by any Governmental Authority or other Person with respect to any (i) alleged violation
by any Credit Party of any Environmental Law, (ii) alleged failure by any Credit Party to have any Permits required in connection with
the conduct of its business or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation
or disposal of any Hazardous Materials, or (iv) release of Hazardous Materials; and

 

(b)       no property now owned or leased by any Credit Party and, to the knowledge of each Credit
Party, no such property previously owned or leased by any Credit Party, to which any Credit Party has, directly or indirectly, transported
or arranged for the transportation of any Hazardous Materials, is listed or, to such Credit Party’s knowledge, proposed for listing,
on the National Priorities List promulgated pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or any similar state list or is the
subject of federal, state or local enforcement actions or, to the knowledge of such Credit Party, other investigations, which may lead
to claims against any Credit Party for clean-up costs, remedial work, damage to natural resources or personal injury claims, including,
without limitation, claims under CERCLA.

 

For purposes of this Section 3.18,
each Credit Party shall be deemed to include any business or business entity (including a corporation) that is, in whole or in part, a
predecessor of such Credit Party.

 

Section 3.19      
Solvency. After giving effect to each Loan advance under this Agreement
and the liabilities and obligations of each Credit Party under the Financing Documents, each Borrower and each additional Credit Party
is Solvent.

 

Section 3.20      
Full Disclosure. None of the written information (financial or otherwise)
furnished by any Credit Party (or a third Person authorized to act on behalf of any Credit Party for purposes of this Agreement) to Agent
or any Lender in connection with the consummation of the transactions contemplated by the Financing Documents, contains any untrue statement
of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not misleading in any
material respect in light of the circumstances under which such statements were made. All financial projections delivered to Agent and
the Lenders by Credit Parties (or their agents) have been prepared on the basis of the assumptions stated therein. Such projections represent
each Credit Party’s best estimate of such Credit Party’s future financial performance and such assumptions are believed by
such Credit Party to be fair and reasonable in light of current business conditions; provided, however, that the Credit
Parties can give no assurance that such projections will be attained.

 

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Section 3.21      
Subsidiaries. No Credit Party owns any stock, partnership interests, limited liability company interests or
other equity securities, except for Permitted Investments.

 

Section 3.22      
Copyrights and Other Rights.

 

(a)     
The Programs listed on Schedule 3.22(a) (as updated from time to time in accordance
with this Agreement) comprise all of the Programs (i) in which any Credit Party has any right, title or interest (either directly, through
a joint venture, partnership license or otherwise), (ii) that have been registered, or with respect to which applications for registration,
have been submitted to the USCO and (iii) in respect of which Eligible Account(s) are included in the Borrowing Base (“Applicable
Programs”). Set forth across from the title of each such Applicable Program on Schedule 3.22(a) (as updated from
time to time in accordance with this Agreement) is listed (i) the copyright registration number (or, with respect to pending applications
for registration, the filing receipt/control number, when available), (ii) the name of the relevant copyright registrant (or, with respect
to pending applications the applicant for copyright registration), and (iii) the nature of all interests held by the relevant Credit Party
in such Programs (i.e., whether such Credit Party owns, licenses or has a financial entitlement in such Programs). The Credit Party
holding such interests has duly recorded or caused to be duly recorded (or, with respect to pending applications for registration, has
submitted for recordation or caused to be submitted for recordation) such interests with the USCO and has delivered copies of all such
recordations to the Agent to the extent required under this Agreement.

 

(b)     
All such Applicable Programs and all component parts thereof do not and will not violate
or infringe upon any copyright, right of privacy, trademark, patent, trade name, performing right or any literary, dramatic, musical,
artistic, personal, private, civil, contract, property or copyright right or any other right of any Person or contain any libelous or
slanderous material, except as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
There is no claim, suit, action or proceeding pending or, to the best of each Credit Party’s knowledge, threatened against any Credit
Party or any other Person that involves a claim of infringement of any copyright with respect to any Program listed on Schedule 3.22(a),
and no Credit Party has any knowledge of any existing infringement by any other Person of any copyright held by or licensed to any Credit
Party with respect to any Program listed on Schedule 3.22(a). Each Applicable Program set forth on Schedule 3.22(a)
as of the Closing Date has been included on Schedule A to the Copyright Security Agreement delivered to the Agent on the Closing
Date. 

 

(c)     
Except as disclosed on Schedule 3.22(c) (as updated from time to time in accordance
with this Agreement), all applications and registrations for all copyrights listed on Schedule 3.22(a) in which any Credit Party
has any right, title or interest, are valid and in full force and effect and are not and will not be subject to the payment of any Taxes
or maintenance fees (other than renewal or extension fees) or the taking of any other actions by any Credit Party to maintain their validity
or effectiveness, other than renewals or extensions to maintain the effectiveness thereof.

 

(d)      No
Credit Party is party to, or bound by, any material license or other agreement with respect to which any such Credit Party is the
licensee that prohibits or otherwise restricts such Credit Party from granting a security interest in such Credit Party’s
interest in such license or agreement or other property.

 

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Section 3.23      
Security Interest.

 

(a)       This Agreement and the other Financing Documents, when executed and delivered will create and grant to the Agent, upon (i)
the filing of the appropriate UCC financing statements (or foreign equivalent) with the filing offices listed on Schedule 3.23,
(ii) the filing of the Copyright Security Agreement with the USCO covering Programs giving rise to Eligible Accounts attributable
to Applicable Programs and, (iii) the execution and delivery of any applicable Deposit Account Control Agreements and (iv) the payment
of all applicable filing fees for the documents referenced in the preceding clauses (i) and (ii), a valid and perfected
security interest in the Collateral (prior to all other Liens other than Specified Permitted Liens).

 

(b)       When the filings in subsection (a) of this Section 3.23 are made and when, if applicable, the Copyright Security
Agreements are filed in the USCO, this Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title
and interest of the Credit Parties in the Copyrights, if any, in which a security interest may be perfected by filing or recording a security
agreement or financing statement or recording an analogous document in the USCO, in each case prior and superior in right to any other
Person in such jurisdiction.

 

Section 3.24      
Representations and Warranties Incorporated from Financing Documents. As of the Closing Date, each of the representations
and warranties made in the Financing Documents by each of the parties thereto is true and correct in all material respects, and such representations
and warranties are hereby incorporated herein by reference with the same effect as though set forth in their entirety herein, as qualified
therein, except to the extent that such representation or warranty relates to a specific date, in which case such representation and warranty
shall be true as of such earlier date.

 

Article 4 - AFFIRMATIVE
COVENANTS

 

Each Credit Party, as applicable,
agrees that, until the Obligations Repayment Date:

 

Section 4.1          
Financial Statements and Other Reports. Each Credit Party, as applicable,
will deliver to Agent:

 

(a)     
 as soon as available, but no later than 60 days after the last day of each of the first
three fiscal quarters of each fiscal year of each Credit Party, a consolidated balance sheet, cash flow and income statement (including
year-to-date results) covering the Credit Parties, setting forth in comparative form the corresponding figures as at the end of the corresponding
quarter of the previous fiscal year and the projected figures for such period based upon the projections required hereunder, all in reasonable
detail and in a form acceptable to the Agent, together with a certificate in a form acceptable to the Agent signed by a Responsible
Officer of the Borrower Representative;

 

(b)      as
soon as available, but no later than 120 days after the last day of each Credit Party’s immediately preceding fiscal year,
audited consolidated financial statements of each Credit Party prepared under GAAP, consistently applied, together with an
unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Agent
in its discretion (it being understood that the “Big Four” accounting firms and BDO and the Parent’s current
auditor, Rosenfield & Co., are hereby approved by the Agent);

 

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(c)     
promptly following the delivery or filing thereof, copies of all statements, reports and
notices made available to any Credit Party’s security holders or to any holders of Subordinated Debt and copies of all reports and
other filings made by Borrower with any stock exchange on which any securities of any Credit Parties are traded and/or the SEC to the
extent not publicly filed and available through the SEC’s EDGAR system;

 

(d)     
within 60 days after the end of each fiscal year of the Borrower, a copy of the Business
Plan for the then current fiscal year (with quarterly figures) consistent with the model previously provided to Agent by the Parent prior
to the date hereof; provided, that any material changes to the model format shall require the approval of the Agent (not to be
unreasonably withheld);

 

(e)     
concurrently with the delivery of the financial statements required under Sections 4.1(a) and 4.1(b), a brief
narrative report by management outlining the business, financial condition and results of operations of the Credit Parties, in a form
reasonably acceptable to the Agent signed by a Responsible Officer of the Borrower Representative; provided, however that Reports on Forms
10-Q and 10-K filed with the SEC shall be deemed to satisfy this requirement;

 

(f)      
from time to time such additional information regarding the financial condition or business
of any Credit Party or otherwise regarding the Collateral, as the Agent may reasonably request in writing;

 

(g)     
within ten days after receipt thereof by a Credit Party, copies of all management letters
received by a Credit Party from its auditors;

 

(h)     
prompt written notice of an event that materially and adversely affects the value of the
Collateral as a whole; 

 

(i)        concurrently
with the delivery of the financial statements required under Sections 4.1(a) and 4.1(b), a duly completed Compliance
Certificate signed by a Responsible Officer of the Borrower Representative (i) certifying
that all filings required under Section 4.13 have been made and listing each such filing that has been made since the
later of the Closing Date and the date of the last Compliance Certificate, and also listing any recordation or registration number
received by any Credit Party with respect to such filings or any prior filings that have not previously been provided pursuant to a
certificate delivered under this Section 4.1(i), (ii) providing updates (in a form reasonably acceptable to the
Agent) to all Schedules provided pursuant to this Agreement necessary to make the applicable representations set forth in Article 3
(excluding any such representation or warranty that relates to the Closing Date or other specific date) true
and correct in all material respects as of the date of such Compliance Certificate and (iii) certifying that no Responsible Officer
is aware of any Default or Event of Default under this Agreement;

 

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(j)       
promptly upon request by the Agent, copies of all Material Contracts if such Schedule of
Material Contracts is updated pursuant to Section 4.1(i); 

 

(k)     
if not delivered to the Agent during the current fiscal month, on the last Business Day
of each fiscal month, deliver to Agent a duly completed Borrowing Base Certificate signed by a Responsible Officer of the Borrower
Representative, together with supporting schedules showing the calculation of each component of the Borrowing
Base as of such date of delivery of the applicable Borrowing Base Certificate (it being understood that the Borrower Representative, at
its option, may furnish additional Borrowing Base Certificates setting forth the foregoing information as of such more recent dates as
it may deem appropriate); and

 

(l)       
within 23 days following the end of each calendar month, a duly completed Compliance Certificate signed by a Responsible
Officer of the Borrower Representative evidencing compliance with the financial covenant set forth in Article 6 of this Agreement,
and, if applicable, compliance therewith.

 

Section 4.2          
Payment and Performance of Obligations. Each Credit Party (a) will pay
and discharge on a timely basis as and when due, all of their respective obligations and liabilities, except for such obligations and/or
liabilities (i) that may be the subject of a Permitted Contest, and (ii) the nonpayment or nondischarge of which could not reasonably
be expected to have a Material Adverse Effect or result in a Lien against any Collateral, except for Permitted Liens, (b) without limiting
anything contained in the foregoing clause (a), pay all amounts due and owing in respect of Taxes (including without limitation, payroll
and withholdings tax liabilities) on a timely basis as and when due, and in any case prior to the date on which any fine, penalty, interest,
late charge or loss may be added thereto for nonpayment thereof, (c) will maintain, and cause each Subsidiary (other than any Excluded
Subsidiary) to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities
and (d) will not breach or permit to exist any default under the terms of any lease, commitment, contract, instrument or obligation to
which it is a party, or by which its properties or assets are bound, except for such breaches or defaults which could not reasonably be
expected to have a Material Adverse Effect.

 

Section 4.3          
Maintenance of Existence. Each Credit Party will preserve, renew and keep
in full force and effect and in good standing their respective existence and their respective rights, privileges and franchises necessary
or desirable in the normal conduct of business.

 

Section 4.4          
Maintenance of Property; Insurance.

 

(a)     
Each Credit Party will keep all property that is material to its business in
good working order and condition, ordinary wear and tear excepted. 

 

(b)      Upon
completion of any Permitted Contest by any Credit Party, each Credit Party shall promptly pay the amount due, if any, and deliver to
Agent proof of the completion of the contest and payment of the amount due, if any, following which Agent shall return the security,
if any, deposited with Agent pursuant to the definition of Permitted Contest.

 

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(c)     
Each Credit Party will (i) keep its assets which are of an insurable character insured
(to the extent and for the time periods consistent with, or greater than, customary industry standards) by financially sound and reputable
insurers against all risks of loss or damage by fire, explosion, theft or other hazards which are included under extended coverage in
amounts not less than the insurable replacement value of the property insured or such lesser amounts, and with such self-insured retention
or deductible levels, as are consistent with normal industry standards and (ii) maintain with financially sound and reputable insurers
insurance against other hazards and risks and liability to Persons and property to the extent and in the manner consistent with, or greater
than, customary standards.

 

(d)     
Each Credit Party will maintain, or cause to be maintained, in effect during the period from the commencement of principal
photography of each Program produced by any Credit Party, or from the date of acquisition of each Program acquired by (or licensed to)
any Credit Party, as applicable, through the date required by applicable contracts, a so-called “Errors and Omissions” policy
covering all such Programs, and cause such Errors and Omissions policy to provide coverage to the extent and in such manner as is customary
for television product of like type, but at a minimum to the extent and in such manner as is required under all applicable Distribution
Agreements and other contracts relating thereto.

 

(e)     
On or prior to the Closing Date, and at all times thereafter, each Credit Party will cause
Agent to be named as an additional insured, assignee and lender loss payee (which shall include, as applicable, identification as mortgagee),
as applicable, on each insurance policy required to be maintained pursuant to this Section 4.4 pursuant to endorsements in
form and substance acceptable to Agent. Each Credit Party shall deliver to Agent and the Lenders (i) on the Closing Date, a certificate
from the Credit Parties’ insurance broker dated such date showing the amount of coverage as of such date, and that such policies
will include effective waivers (whether under the terms of any such policy or otherwise) by the insurer of all claims for insurance premiums
against all loss payees and additional insureds and all rights of subrogation against all loss payees and additional insureds, and that
if all or any part of such policy is canceled, terminated or expires, the insurer will forthwith give notice thereof to each additional
insured, assignee and loss payee and that no cancellation, reduction in amount or material change in coverage thereof shall be effective
until at least thirty days after receipt by each additional insured, assignee and loss payee of written notice thereof, (ii) on an annual
basis, and upon the request of any Lender through Agent from time to time, a broker’s report in form and substance reasonably satisfactory
to the Agent as to all such insurance coverage, (iii) within 30 days of receipt of notice from any insurer, a copy of any notice of cancellation,
nonrenewal or material change in coverage from that existing on the date of this Agreement, (iv) forthwith, notice of any cancellation
or nonrenewal of coverage by any Credit Party, and (v) at least 15 days prior to expiration of any policy of insurance, evidence of renewal
of such insurance upon the terms and conditions herein required.

 

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(f)       In
the event any Credit Party fails to provide Agent with evidence of the insurance coverage required by this Agreement, Agent may
purchase insurance at Borrowers’ expense to protect Agent’s interests in the Collateral. The coverage purchased by Agent
may not pay any claim made by such Credit Party or any claim that is made against such Credit Party in connection with the
Collateral. Such Credit Party may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that
such Credit Party has obtained insurance as required by this Agreement. If Agent purchases insurance for the Collateral, Credit
Parties will be responsible for the costs of that insurance to the fullest extent provided by law, including interest and other
charges imposed by Agent in connection with the placement of the insurance, until the effective date of the cancellation or
expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than
the cost of insurance such Credit Party is able to obtain on its own.

 

Section 4.5          
Compliance with Laws and Material Contracts. Each Credit Party will comply
with the requirements of all applicable Laws and Material Contracts, except to the extent that failure to so comply could not reasonably
be expected to (a) have a Material Adverse Effect, or (b) result in any Lien upon a material portion of the Collateral of any such Person
that does not constitute a Permitted Lien.

 

Section 4.6          
Inspection of Property, Books and Records.

 

(a)     
Each Credit Party will keep proper books of record substantially in accordance with GAAP
in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and
will permit, at the sole cost of the applicable Credit Party, representatives of Agent (and at any time after an Event of Default shall
have occurred and be continuing, any Lender) to visit and inspect any of their respective properties, to examine and make abstracts or
copies from any of their respective books and records, to conduct a collateral audit and analysis of their respective operations and the
Collateral, to verify the amount and age of the Accounts, the identity and credit of the respective Account Debtors, to review the billing
practices of Credit Parties and to discuss their respective affairs, finances and accounts with their respective officers, employees and
independent public accountants; provided, that (i) if no Event of Default shall have occurred and be continuing, no more
than one such visit shall occur in any twelve month period and (ii) any such visit conducted by the Lenders (as opposed to the Agent)
shall be coordinated through the Agent. In the absence of an Event of Default, Agent or any Lender exercising
any rights pursuant to this Section 4.6 shall give the applicable Credit Party commercially reasonable prior notice of such
exercise and may only exercise such rights during normal business hours. No notice shall be required during the existence and continuance
of any Event of Default.

 

(b)      If
at any time when no Event of Default has occurred and is continuing, the Agent wishes to confirm with account debtors and other
payors the amounts and terms of any or all Account of any Credit Party, the Agent will so
notify such Credit Party. The Agent agrees to have such confirmation made through the Credit Parties’ auditors. If for any
reason such auditors fail to proceed with the confirmations in a timely manner, the Agent may proceed to make such confirmations
directly with account debtors and other payors after prior written notice to the Borrower Representative. Each of the Credit Parties
hereby agrees that, upon the occurrence and during the continuance of an Event of Default, the Agent shall be entitled to confirm
directly with account debtors and other payors, the amounts and terms of all Accounts of the Credit Parties.

 

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(c)     
At the expense of the Borrowers, the Credit Parties shall permit the Agent and its representatives
(accompanied by any Lenders) to conduct field audits of the Borrowing Base and any other assets of any Credit Party and procedures and
controls relating thereto once each fiscal year upon reasonable notice (which may be delivered telephonically) and during regular business
hours (in each case unless an Event of Default shall have occurred and be continuing, in which case no such limitations shall apply).
For the avoidance of doubt, the Agent may engage, at the Credit Party’s expense, an independent auditor to conduct such audits on
its behalf.

 

Section 4.7          
Use of Proceeds. Borrowers shall use the proceeds of the Loans solely
(a) to finance a portion of the Initial Purchase Price under the APA, (b) to pay interest, fees, costs and expenses under the Financing
Documents and transaction fees and costs associated with the Financing Documents and (c) for general working capital requirements of the
Credit Parties. No portion of the proceeds of the Loans will be used for principal or interest payments due and payable in connection
with the Existing Notes.

 

Section 4.8          
Estoppel Certificates. After written request by Agent, if Agent in good faith determines same is required to
protect its interest hereunder, Borrowers, within fifteen days and at their expense, will execute and return to Agent a statement prepared
by Borrowers, duly acknowledged and certified, in form reasonably satisfactory to Agent, setting forth (a) the amount of the original
principal amount of the Notes, and the unpaid principal amount of the Notes, (b) the rate of interest of the Notes, (c) the date payments
of interest and/or principal were last paid, (d) any offsets or defenses to the payment of the Obligations, and if any are alleged, the
nature thereof, (e) that the Notes and this Agreement have not been modified or if modified, giving particulars of such modification,
and (f) that there has occurred and is then continuing no Default or if such Default exists, the nature thereof, the period of time it
has existed, and the action being taken to remedy such Default. After written request by Agent, Borrowers, within fifteen days and at
their expense, will execute and return to Agent a certificate prepared by Borrowers, signed by a Responsible Officer of Borrowers, updating
all of the representations and warranties contained in this Agreement and the other Financing Documents and certifying that all of the
representations and warranties contained in this Agreement and the other Financing Documents, as updated pursuant to such certificate,
are true, accurate and complete as of the date of such certificate.

 

Section 4.9           Notices
of Litigation and Defaults. Borrowers will give prompt written notice to Agent upon any Responsible Officer obtaining
knowledge (a) of any litigation or governmental proceedings pending or threatened (in writing) against Borrowers or any other Credit
Party or any other action or event which would reasonably be expected to have a Material Adverse Effect with respect to Borrowers or
any other Credit Party or which in any manner calls into question the validity or enforceability of any Financing Document, (b) of
any Default or Event of Default, (c) of any event which could reasonably be expected to materially and adversely impact upon the
amount or collectability of Accounts of the Credit Parties or otherwise materially decrease the value of the Collateral as a whole,
(d) if any Credit Party is in breach or default under or with respect to any Material Contract, or if any Credit Party is in breach
or default under or with respect to any other contract, agreement, lease or other instrument to which it is a party or by which its
property is bound or affected, (e) if there is any infringement or claim of infringement by any other Person with respect to any
Intellectual Property rights of any Credit Party, or if there is any claim by any other Person that any Credit Party in the conduct
of its business is infringing on the Intellectual Property Rights of others, in each case, that could reasonably be expected to have
a Material Adverse Effect, and (f) of all returns, recoveries, disputes and claims that result in or could reasonably be expected to
result in an aggregate reduction in the value of the Collateral in excess of $300,000. Borrowers represent and warrant that Schedule 4.9 sets
forth a complete list of all matters existing as of the Closing Date for which notice could be required under this Section and all
litigation or governmental proceedings pending or threatened (in writing) against Borrowers or other Credit Party as of the Closing
Date.

 

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Section 4.10      
Hazardous Materials; Remediation.

 

(a)       If any release or disposal of Hazardous Materials shall occur or shall have occurred on
any real property or any other assets of any Borrower or any other Credit Party, such Borrower will cause, or direct the applicable Credit
Party to cause, the prompt containment and removal of such Hazardous Materials and the remediation of such real property or other assets
as is necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting
the generality of the foregoing, each Borrower shall, and shall cause each other Credit Party to, comply with each Environmental Law requiring
the performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened
release of a Hazardous Material.

 

(b)       Borrowers will provide Agent within thirty days after written demand therefor with a bond,
letter of credit or similar financial assurance evidencing to the satisfaction of Agent that sufficient funds are available to pay the
cost of removing, treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment
which may be established on any property as a result thereof, such demand to be made, if at all, upon Agent’s reasonable business
determination that the failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure
to discharge any such assessment could reasonably be expected to have a Material Adverse Effect.

 

Section 4.11      
Further Assurances.

 

(a)       Each Borrower will, and will cause each Subsidiary (other than any Excluded Subsidiary)
to, at its own cost and expense, promptly and duly take, execute, acknowledge and deliver all such further acts, documents and assurances
as may from time to time be necessary or as Agent or the Required Lenders may from time to time reasonably request in order to carry out
the intent and purposes of the Financing Documents and the transactions contemplated thereby, including all such actions to (i) establish,
create, preserve, protect and perfect a first priority Lien (subject as to priority only to Specified Permitted Liens) in favor of Agent
for itself and for the benefit of the Lenders on the Collateral (including Collateral acquired after the date hereof), and (ii) cause
all such Subsidiaries (other than any Excluded Subsidiary) of Borrowers to be jointly and severally obligated with the other Borrowers
under all covenants and obligations under this Agreement, including the obligation to repay the Obligations.

 

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(b)        Upon receipt of an affidavit of an authorized representative of Agent or a Lender as to
the loss, theft, destruction or mutilation of any Note or any other Financing Document which is not of public record, and, in the case
of any such mutilation, upon surrender and cancellation of such Note or other applicable Financing Document, Borrowers will issue, in
lieu thereof, a replacement Note or other applicable Financing Document, dated the date of such lost, stolen, destroyed or mutilated Note
or other Financing Document in the same principal amount thereof and otherwise of like tenor.

 

(c)       Promptly following the formation or acquisition of a new Subsidiary, Borrowers shall (i)
cause such new Subsidiary (other than any Excluded Subsidiary) to take such other actions (including entering into or joining any Security
Documents) as are necessary or advisable in the opinion of the Agent in order to grant the Agent, acting on behalf of the Lenders, a first
priority Lien on all Collateral of such Subsidiary, which first priority Liens are required to be granted pursuant to this Agreement;
(ii) cause such new Subsidiary (other than any Excluded Subsidiary) to become a Borrower hereunder by delivering to the Agent an Instrument
of Assumption and Joinder duly executed by such new Subsidiary; (iii) cause such new Subsidiary (other than any Excluded Subsidiary) to
deliver certified copies of such Subsidiary’s certificate or articles of incorporation, together with good standing certificates,
by-laws (or other operating agreement or governing documents), resolutions of the Board of Directors or other governing body, approving
and authorizing the execution and delivery of the Security Documents, incumbency certificates and to execute and/or deliver such other
documents and legal opinions or to take such other actions as may be requested by the Agent, in each case, in form and substance satisfactory
to the Agent; and (iv) deliver an appropriate UCC financing statement (or other foreign equivalent) naming such Subsidiary (other than
any Excluded Subsidiary) as debtor and the Agent as secured party.

 

Section 4.12      
Power of Attorney. Each of the authorized representatives of Agent is
hereby irrevocably made, constituted and appointed the true and lawful attorney for each Credit Party (without requiring any of them to
act as such) with full power of substitution to do the following upon the occurrence and during the continuance of an Event of Default:
(a) endorse the name of Borrowers upon any and all checks, drafts, money orders, and other instruments for the payment of money that are
payable to Borrowers and constitute collections on Borrowers’ Accounts; (b) execute in the name of Borrowers any schedules, assignments,
instruments, documents, and statements that Borrowers are obligated to give Agent under this Agreement; (c) take any action Borrowers
are required to take under this Agreement; (d) do such other and further acts and deeds in the name of Borrowers that Agent may deem necessary
or desirable to enforce any Account or other Collateral or perfect Agent’s security interest or Lien in any Collateral; and (e)
do such other and further acts and deeds in the name of Borrowers that Agent may deem necessary or desirable to enforce its rights with
regard to any Account or other Collateral. This power of attorney shall be irrevocable and coupled with an interest.

 

Section 4.13      
Copyrights.

 

(a)       As
soon as practicable but in any event no later than concurrently with the delivery of the financial statements required under Sections
4.1(a) and 4.1(b), (i) updates to Schedule 3.22(a), if any, identifying all Applicable Programs in which any
Credit Party has acquired an interest during the immediately preceding fiscal quarter and (ii) if not previously delivered (x)
written evidence of the submission for registration and subsequently of registration of any and all such copyrights or copyrightable
interests of the Credit Parties in respect of such Applicable Program, and (y) a Copyright Security Agreement Supplement relating to
such copyright or such other copyrightable interest executed by the relevant Credit Parties.

 

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(b)       Each Credit Party shall obtain instruments of transfer or other documents evidencing the interest of any Credit Party with
respect to the copyright relating to Applicable Programs and promptly record, or cause to be recorded, if such interest may be recorded
with the USCO or such other jurisdictions, such instruments of transfer in the assignment records of the USCO or such other jurisdictions
as the Agent may specify and promptly record, or cause to be recorded, if such interest may be recorded with the USCO or such other jurisdictions,
such instruments of transfer in the assignment records of the USCO or such other jurisdictions as the Agent may reasonably specify.

 

Section 4.14      
Third Party Audit Rights.

 

(a)       The applicable Credit Party shall promptly notify the Agent of, and at all times allow the Agent or its designee access
to the results of, all audits conducted by (i) any Credit Party of any third party licensee, partnership, or joint venture, or (ii) any
contract counterparty of any Credit Party, in each case, pertaining to the Collateral. Upon the reasonable request of the Agent, and,
so long as no Event of Default has occurred and is continuing, with the consent of the Borrowers (not to be unreasonably withheld, conditioned
or delayed), to the extent that the Credit Parties shall have the right to conduct such audits, the Credit Parties will exercise their
audit rights with respect to any such third party licensees, partnerships and joint ventures. If an Event of Default shall have occurred
and be continuing, the Agent shall have the right to exercise directly such Credit Party’s audit rights under any agreement with
respect to any Program included in the Collateral.

 

(b)       The Agent may demand specific performance of the Credit Parties’ obligations under this Section 4.14. The Credit
Parties waive any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific
performance in any action brought by the Agent with respect to this Section.

 

Section 4.15      
Observance of Agreements. Each Credit Party shall duly observe and perform
all material terms and conditions of each Distribution Agreement and all other material agreements to which it is a party relating to
the acquisition, distribution and other exploitation of each Program and use commercially reasonable efforts to diligently protect and
enforce (or cause to be protected and enforced) the rights of the Credit Parties under all such agreements in a manner consistent with
prudent business judgment; provided that the Credit Parties shall have no obligation to renew or extend the term of any rights
that may lapse or otherwise expire in accordance with the terms of any applicable contract.

 

Section 4.16      
Distribution Agreements; Letters of Credit.

 

(a)      Promptly
upon, and in any event within 30 days of, receipt thereof, the Borrowers shall deliver or make available to the Agent true and
complete copies of (i) each Distribution Agreement executed after the Closing Date in respect of Eligible Accounts included in the
Borrowing Base that provides for a minimum guarantee or other fixed payments in excess of the Material Payments Threshold, and (ii)
all amendments and modifications, executed after the Closing Date, to any such Distribution Agreements.

 

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(b)     
From time to time the Credit Parties shall (i) furnish to the Agent such information and
reports in the possession of or reasonably available to a Credit Party regarding the Distribution Agreements in respect of Eligible Accounts
included in the Borrowing Base that provide for a minimum guarantee or other fixed payments in excess of the Material Payments Threshold
as the Agent may reasonably request and (ii) upon the occurrence and during the continuance of an Event of Default, at the request of
the Agent, make such demands and requests to the other parties to such Distribution Agreements for information and reports or for action
as the applicable Credit Party is entitled to make under each such Distribution Agreement.

 

(c)     
Promptly notify the Agent upon any Credit Party determining that it intends to extend the
term of any Distribution Agreement in respect of Eligible Accounts included in the Borrowing Base that provide for a minimum guarantee
or other fixed payments in excess of the Material Payments Threshold and provide any additional information regarding such extension as
the Agent may reasonably request.

 

(d)     
Promptly upon receipt thereof by a Credit Party, the applicable Credit Party shall deliver
to the Agent to be held as part of the Collateral, the original of all letters of credit (including any amendments thereto) with a face
amount exceeding $250,000 under which a Credit Party is the beneficiary (whether pursuant to a Distribution Agreement or otherwise) and
that serves as a supporting obligation for any Collateral after the date hereof; provided, that, so long as no Event of Default
shall have occurred and be continuing, the Agent shall, upon written request by a Credit Party, release any such letter of credit to the
applicable Credit Party in order to permit such Credit Party to present such letter of credit at the time of a drawing.

 

(e)     
The applicable Credit Party shall take all action on its part to be performed necessary
to effect timely payments under all such letters of credit under which a Credit Party is the beneficiary, including, without limitation,
timely preparation, acquisition and presentation of all documents, drafts or other instruments required to effect payment thereunder.

 

(f)      
Promptly after the end of each fiscal quarter and in any event no later than five Business Days after such fiscal quarter
end the Borrowers shall deliver or make available to the Agent a written schedule listing (i) each new Distribution Agreement entered
into that provides for a minimum guarantee or other fixed payments in excess of $500,000, and (ii) each such Distribution Agreement that
was amended or otherwise modified (including any Distribution Agreement that after giving effect to such amendment or modification provides
for a minimum guarantee or other fixed payments in excess $500,000), in each case, during such fiscal quarter. The Administrative Agent
shall have the right to request that the Borrowers deliver to the Administrative Agent copies of any such Distribution Agreement or amendment
or modification thereto.

 

Section 4.17      
Location of Bank Accounts. Promptly upon the establishment thereof, inform
the Agent of the location and purpose of each Deposit Account or Securities Account of the Credit Parties.

 

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Section 4.18      
Borrowing Base Collateral Administration. All data and other information relating to Accounts or other intangible
Collateral shall at all times be kept by Borrowers, at their respective principal offices and shall not be moved from such locations
without (s) providing prior written notice to Agent, and (b) obtaining the prior written consent of Agent, which consent shall not be
unreasonably withheld.

 

Section 4.19      
Solvency. At all times after the Closing Date, and after giving effect to each Loan advance made pursuant to
this Agreement, the Borrower Representative together with its Consolidated Subsidiaries in the aggregate, and each Credit Party individually,
shall remain Solvent.

 

Article 5 - NEGATIVE
COVENANTS

 

Each Borrower agrees that, until
the Obligations Repayment Date:

 

Section 5.1          
Debt; Contingent Obligations. No Credit Party will, directly or indirectly,
create, incur, assume, guarantee or otherwise become or remain directly or indirectly liable with respect to, any Debt, except for Permitted
Debt. No Credit Party will directly or indirectly, create, assume, incur or suffer to exist any Contingent Obligations, except for Permitted
Contingent Obligations.

 

Section 5.2          
Liens. No Credit Party will, directly or indirectly, create, assume or
suffer to exist any Lien on any of the Collateral, except for Permitted Liens.

 

Section 5.3          
Distributions. No Credit Party will, directly or indirectly, declare,
order, pay, make or set apart any sum for any Distribution, except for Permitted Distributions.

 

Section 5.4          
Restrictive Agreements. No Credit Party will, or will permit any Subsidiary (other than any Excluded Subsidiary)
to, directly or indirectly (a) enter into or assume any agreement (other than (x) the Financing Documents, (y) any agreements for purchase
money debt permitted under clause (c) of the definition of Permitted Debt and (z) any other agreements approved in writing by the Agent)
prohibiting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or (b) create
or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind (except as provided by
the Financing Documents) on the ability of any Subsidiary (other than any Excluded Subsidiary) to: (i) pay or make Distributions to any
Borrower or any Subsidiary; (ii) pay any Debt owed to any Borrower or any Subsidiary; (iii) make loans or advances to any Borrower or
any Subsidiary; or (iv) transfer any of its property or assets to any Borrower or any Subsidiary.

 

Section 5.5           Payments
and Modifications of Subordinated Debt and Existing Notes. No Credit Party will, directly or indirectly, (a)
declare, pay, make or set aside any amount for payment in respect of Subordinated Debt, except for payments made in full compliance
with and expressly permitted under any Subordination Agreement, (b) amend or otherwise modify the terms of any Subordinated Debt
except for amendments or modifications made in full compliance with and expressly permitted under any Subordination Agreement,
(c) declare, pay, make or set aside any amount for payment in respect of any Debt hereinafter incurred that, by its terms, or
by separate agreement, is subordinated to the Obligations, except for payments made in full compliance with and expressly permitted
under the subordination provisions applicable thereto as approved in writing by the Agent or (d) (i) amend the maturity date under
the Existing Notes to be earlier than six months following the Expiry Date or (ii) make any prepayment of principal or payment of
interest or other amounts under the Existing Notes (other than regularly scheduled interest payments due under the Existing
Notes).

 

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Section 5.6          
Consolidations, Mergers and Sales of Assets. No Credit Party will, directly
or indirectly, (a) consolidate or merge or amalgamate with or into any other Person, or (b) consummate any Asset Dispositions involving
any Collateral, except: (i) any Credit Party (other than Parent) may merge with and into, or transfer assets to, another Credit Party
(other than to Parent); (ii) any Credit Party that is a production services company may dissolve so long as all of the assets owned by
such production services company, if any, are transferred to another Credit Party; (iii) any Borrower that is a production services company
may dissolve so long as all of the assets owned by such Borrower, if any, are transferred to another Credit Party or sold for fair market
value; (iv) dispositions of any non-material items of Collateral; (v) the granting of Permitted Liens and making of Permitted Investments;
and (vi) from time to time after the Closing Date, provided no Default or Event of Default has occurred and is continuing, the Credit
Parties may transfer their interest in any Collateral to any SPV Affiliate or other Person in connection with a Third Party Financing
Facility; provided that:

 

(A)       any
Guarantees of any of the Debt or other obligations of such SPV Affiliate under such Third Party Financing Facility by a Credit Party are
unsecured and subject to clause (h) in the definition of “Permitted Contingent Obligations”;

 

(B)       the
Debt or other obligations under such Third Party Financing Facility are secured by a security interest solely in such Collateral (and
not by any of the assets of any Credit Party other than the Equity Interests in such SPV Affiliate);

 

(C)       within
thirty (30) days after such Third Party Financing Facility has been repaid in full (collectively, “SPV Repayment”),
the Credit Parties shall cause (i) such SPV Affiliate to assign all of its rights in such Collateral to a Credit Party or become a Credit
Party hereunder or (ii) such other Person to assign its rights in such Collateral to a Credit Party;

 

(D)       the
material terms of such Third Party Financing Facility shall otherwise be on terms and conditions customary for transactions of such type;

 

(E)       after
giving pro forma effect to such transaction, the Borrowers are in compliance with the terms of this Agreement (including, without
limitation, the financial covenant set forth in Article 6); and

 

(F)       promptly
after the closing of such Third Party Financing Facility, the Agent shall be provided with an executed copy of the documentation evidencing
such Third Party Financing Facility (subject to any applicable confidentiality restrictions) and of the documents evidencing the transfer
of the Credit Parties’ rights in such Collateral to the SPV Affiliate;

 

provided, that, in connection with
any such Third Party Financing Facility, the Agent shall enter into or provide such further documentation, including partial lien
subordination or intercreditor arrangements, as the financial institution(s) providing such Third Party Financing Facility (or any
collateral agent therefor) may reasonably request, which shall be in form and substance satisfactory to the Agent.

 

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Section 5.7          
Investments. No Credit Party will, directly or indirectly, create, make
or incur any Investment, except for Permitted Investments.

 

Section 5.8          
Transactions with Affiliates. Except with respect to the CSS Management
Agreement, annual payments and equity issuances to outside members of the Parent’s board of directors for their service as directors
as disclosed in the Parent’s SEC reports, and as otherwise disclosed on Schedule 5.8, and except for transactions that are
disclosed to Agent in advance of being entered into and which contain terms that are no less favorable to the applicable Credit Party
than those which might be obtained from a third party not an Affiliate of any Credit Party, no Credit Party will, directly or indirectly,
enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any
service) with any Affiliate of any Credit Party unless such transaction (a) is approved by the Agent or (b) is solely between or among
Credit Parties.

 

Section 5.9          
Modification of Organizational Documents. No Credit Party will, directly
or indirectly, amend or otherwise modify any Organizational Documents of such Person, except for Permitted Modifications.

 

Section 5.10      
Modification of Certain Agreements. No Credit Party will, directly or
indirectly, amend or otherwise modify any Material Contract (excluding employment agreements), which amendment or modification in any
case: (a) is contrary to the terms of this Agreement or any other Financing Document; (b) could reasonably be expected to be adverse to
the rights, interests or privileges of the Agent or the Lenders or their ability to enforce the same; (c) solely in connection with any
Distribution Agreement providing for a minimum guarantee or other fixed payments in excess of $1,000,000, would (i) increase the
conditions to, delay the timing of, or decrease the amount of, payments, contributions or loans to be made to the Credit Parties thereunder
or (ii) decrease the conditions to, shorten the timing of, or increase the amount of, any payments, contributions or loans to be
made by the Credit Parties thereunder; (d) results in the imposition or expansion in any material respect of any obligation of or restriction
or burden on any Credit Party; (e) reduces in any material respect any rights or benefits of any Credit Party (it being understood and
agreed that any such determination shall be in the discretion of the Agent); or (f) would result in the Revolving Loan Outstandings exceeding
the Revolving Loan Limit, in each case without the prior written consent of Agent. Each Credit Party shall, prior to entering into any
such amendment or other modification, deliver to Agent reasonably in advance of the execution thereof, any final or execution form copy
of such amendments or other modifications, and such Credit Party agrees not to take any such action with respect to any such documents
without obtaining such approval from Agent.

 

Section 5.11      
Conduct of Business. No Credit Party will, or will permit any Subsidiary
to, directly or indirectly, engage in any line of business other than those businesses engaged in on the Closing Date and businesses reasonably
related thereto.

 

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Section 5.12       Deposit
Accounts and Securities Accounts; Payroll and Benefits Accounts. No Credit Party will, directly or indirectly, establish
any new Deposit Account or Securities Account without prior written notice to Agent, and unless Agent, such Credit Party and the
bank, financial institution or securities intermediary at which the account is to be opened enter into a Deposit Account Control
Agreement or Securities Account Control Agreement prior to or concurrently with the establishment of such Deposit Account or
Securities Account (to the extent not waived by Agent pursuant to Section 11.1(b)). The Credit Parties represent and warrant
that Schedule 5.12 lists all of the
Deposit Accounts and Securities Accounts of each Credit Party as of the Closing Date. For avoidance of doubt, the provisions of this Section
5.12 requiring Deposit Account Control Agreements shall not apply to Excluded Deposit Accounts.

 

Section 5.13      
Compliance with Anti-Terrorism Laws. Agent hereby notifies the Credit
Parties that pursuant to the requirements of Anti-Terrorism Laws, and Agent’s policies and practices, Agent is required to obtain,
verify and record certain information and documentation that identifies the Credit Parties and its principals, which information includes
the name and address of each Credit Party and its principals and such other information that will allow Agent to identify such party in
accordance with Anti-Terrorism Laws. No Credit Party will, directly or indirectly, knowingly enter into any Material Contracts with any
Blocked Person or any Person listed on the OFAC Lists. Each Credit Party shall immediately notify Agent if such Credit Party has knowledge
that any Credit Party, any additional Credit Party or any of their respective Affiliates or agents acting or benefiting in any capacity
in connection with the transactions contemplated by this Agreement is or becomes a Blocked Person or (a) is convicted on, (b) pleads
nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to
money laundering. No Credit Party will, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with
any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the
benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property
blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire
to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

 

Section 5.14      
Fiscal Year End. No Credit Party may change its fiscal year end to other
than December 31st.

 

Section 5.15      
Use of Proceeds. No Credit Party may:

 

(a)     
Use, or permit the use of, the proceeds of Loans other than for the purposes set forth in
Section 4.7.

 

(b)     
Request a Loan, or use the proceeds of any Loan, in each case (i) in furtherance of
an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation
of any Anti-Terrorism Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of
or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.

 

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Section 5.16       Swap
Agreements. No Credit Party may enter into any Swap Agreement, except Swap Agreements entered into in order to (i)
effectively cap, collar or exchange interest rates (from floating to fixed rates) with respect to any interest-bearing liability
or investment of a Credit Party or (ii) hedge foreign currency exposure in the Ordinary Course of Business for the negative costs of
Programs and anticipated receipts from Distributors; provided that the Agent shall have received written notice thereof from
the Borrower Representative or the applicable Lender (other than the Agent) within 30 days after execution of any such Swap
Agreement and, in the case of an affiliate of a Lender that is a counterparty to such Swap Agreement, the applicable Lender shall
cause such affiliate, to the extent is it legally entitled to do so, to provide such properly completed and executed documentation
reasonably requested by the Agent as will permit payments by the Agent pursuant to the Financing Documents made with respect to such
Swap Agreement to be made without withholding or at a reduced rate of withholding.

 

Section 5.17      
Subsidiaries. No Credit Party shall acquire or create any new direct or
indirect Subsidiary except to the extent that the applicable requirements of Section 4.11(c) have been met with respect to
such Subsidiary.

 

Article 6 - FINANCIAL
COVENANTS

 

Section 6.1          
Minimum Liquidity. The Borrowers shall maintain minimum liquidity in the form of Borrowing Base availability
or, as may be agreed by Agent in its sole discretion, cash on hand in an aggregate amount of not less than $6,000,000.

 

Article 7 - CONDITIONS

 

Section 7.1          
Conditions to Closing Date. The Closing Date shall occur, and the Revolving
Loan Commitment of each Lender shall become effective, subject to the satisfaction of the following conditions precedent, each to the
satisfaction of Agent and Lenders and their respective counsel in their sole discretion (unless waived by Agent and Lenders):

 

(a)     
evidence of the consummation of the transactions (other than the funding of the Loan) contemplated
by the Financing Documents including, without limitation, the funding of any and all investments contemplated by the Financing Documents;

 

(b)     
evidence of the consummation of the transactions contemplated by the APA (except with respect
to payment of that portion of Initial Purchase Price to be funded by Loans to be made on the Closing Date);

 

(c)     
the payment of all fees, expenses and other amounts due and payable under each Financing
Document;

 

(d)     
the Agent shall have received a copy of the Business Plan for the current fiscal year (with
quarterly figures), in form and substance satisfactory to Agent;

 

(e)     
completion of the Agent’s business, legal and collateral due diligence, including,
but not limited to, a collateral audit and a review of the Credit Parties’ books and records, the results of which are satisfactory
to Agent;

 

(f)       the
Credit Parties shall have furnished the Agent with (i) a summary of all existing insurance coverage, (ii) evidence acceptable to the
Agent that the insurance policies required by Section 4.4 have been obtained and are in full force and effect, and
(iii) certificates of insurance (accompanied by endorsements) with respect to all existing insurance coverage which
certificates and endorsements shall name the Agent as additional insured and/or loss payee and shall evidence the Credit
Parties’ compliance with Section 4.4;

 

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(g)     
the Agent shall have received evidence satisfactory to it that (i) each Credit Party has
sufficient right, title and interest in and to the Collateral and other assets which it purports to own (including appropriate licenses
under copyright), as set forth in the documents and other materials presented to the Lenders, to enable the applicable Credit Party to
perform under the Distribution Agreements to which it is a party, and as to each Credit Party, to grant to the Agent the security interests
contemplated by the Financing Documents and (ii) all financing statements, copyright filings and other filings under applicable Law
necessary to provide the Agent with a perfected Lien in the Collateral have been filed or delivered to the Agent in satisfactory form
for filing;

 

(h)     
the Agent shall have received a copy of each agreement listed on Schedule 3.17(a)
hereto;

 

(i)       
on the Closing Date, no change or development shall have occurred and no new information shall have been received or discovered
by the Agent or the Lenders since December 31, 2020, that either individually or in the aggregate could reasonably be expected to have
a Material Adverse Effect; 

 

(j)       
the Agent shall have received all documentation and other information about the Credit Parties that is reasonably requested
by Administrative Agent at least ten days prior to the Closing Date as required by bank regulatory authorities
under applicable “know-your-customer” and anti-money laundering rules and regulations;

 

(k)     
the Agent shall have received each other agreement, document and instrument set forth on
the closing checklist attached hereto as Schedule 7.1 that are required to be delivered on or prior to the Closing Date; and

 

(l)       
the Agent shall have received the results of Lien searches (including a search as to judgments,
bankruptcy, tax and intellectual property matters) satisfactory to it indicating that no other filings, encumbrances or transfers (other
than in connection with Permitted Liens) with regard to the Collateral are of record in any jurisdiction in which it shall be necessary
or desirable for the Agent to make a filing in order to provide the Agent (for the benefit of the Secured Parties) with a perfected first
priority security interest (subject, as to priority, to Specified Permitted Liens) in the Collateral.

 

Section 7.2          
Conditions to Each Loan. The obligation of the Lenders to make a Loan
or an advance in respect of any Loan is subject to the satisfaction of the following additional conditions:

 

(a)        receipt by Agent of a Notice of Borrowing (or telephonic notice if permitted by this Agreement)
and a Borrowing Base Certificate dated as of a recent date showing sufficient Borrowing Base (and, as applicable, other available resources)
to effect such borrowing;

 

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(b)        the
fact that, immediately after such borrowing and after application of the proceeds thereof or after such issuance, the Revolving Loan
Outstandings will not exceed the Revolving Loan Limit; 

 

(c)        the fact that, immediately before and after such advance or issuance, no Default or Event
of Default shall have occurred and be continuing; and

 

(d)        the fact that the representations and warranties of each Credit Party contained in Article
3 hereof and in the other Financing Documents shall be true, correct and complete in all material respects on and as of the date of
such borrowing or issuance, except to the extent that any such representation or warranty relates to a specific date in which case such
representation or warranty shall be true and correct in all material respects as of such earlier date.

 

Each giving of a Notice of
Borrowing hereunder and each acceptance by any Borrower of the proceeds of any Loan made hereunder shall be deemed to be (y) a representation
and warranty by each Borrower on the date of such notice or acceptance as to the facts specified in this Section 7.2, and (z) a
restatement by each Borrower that each and every one of the representations made by it in Article 3 hereof and in the other Financing
Documents is true and correct in all material respects as of such date (except to the extent that such representations and warranties
expressly relate solely to an earlier date).

 

Section 7.3          
Searches. Before the Closing Date, and thereafter (as and when determined by Agent in its discretion), Agent
shall have the right to perform, all at Borrowers’ expense, the searches described in clauses (a), (b), and (c) below against Borrowers
and any other Credit Party, the results of which are to be consistent with Borrowers’ representations and warranties under this
Agreement and the satisfactory results of which shall be a condition precedent to all advances of Loan proceeds: (a) UCC searches
with the Secretary of State of the jurisdiction in which the applicable Person is organized and USCO and such other searches reasonably
requested by it; (b) judgment, pending litigation, federal tax lien, personal property tax lien, and corporate and partnership tax
lien searches, in each jurisdiction searched under clause (a) above; and (c) searches of applicable corporate, limited
liability company, partnership and related records to confirm the continued existence, organization and good standing of the applicable
Person and the exact legal name under which such Person is organized.

 

Article 8 – GUARANTY

 

Section 8.1          
Guaranty.

 

(a)     
Guaranty of Guarantors.

 

(i)        Each
Guarantor unconditionally and irrevocably guarantees to the Agent and the Lenders the due and punctual payment by, and performance
of, the Obligations (including interest accruing on and after the filing of any petition in bankruptcy or of reorganization of the
obligor whether or not post filing interest is allowed in such proceeding). Each Guarantor further agrees that the Obligations may
be increased, extended or renewed, in whole or in part, without notice or further assent from it (except as may be otherwise
required herein), and it will remain bound upon this Guaranty notwithstanding any extension or renewal of any Obligation.

 

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(ii)       Each Guarantor waives presentment to, demand for payment from and protest to, as the case may be, any other Credit Party
or any other guarantor of any of the Obligations, and also waives notice of protest for nonpayment, notice of acceleration and notice
of intent to accelerate. The obligations of each Guarantor hereunder shall not be affected by (i) the failure of Agent or the Lenders
to assert any claim or demand or to enforce any right or remedy against any other Credit Party or any other guarantor under the provisions
of this Agreement or any other agreement or otherwise, (ii) any extension or renewal of any provision hereof or thereof, (iii) the failure
of the Agent or the Lenders to obtain the consent of such Guarantor with respect to any rescission, waiver, compromise, acceleration,
amendment or modification of any of the terms or provisions of this Agreement, the Notes or any other agreement, (iv) the release, exchange,
waiver or foreclosure of any security held by the Agent (on behalf of the Secured Parties) for the Obligations or any of them, (v) the
failure of a Secured Party to exercise any right or remedy against any other Credit Party or any other guarantor of the Obligations, (vi)
any bankruptcy, reorganization, liquidation, dissolution or receivership proceeding or case by or against any other Credit Party, or any
change in the corporate existence, structure, ownership or control of any other Credit Party (including any of the foregoing arising from
any merger, consolidation, amalgamation, reorganization or similar transaction), or (vii) the release or substitution of any Credit Party
or any other guarantor of the Obligations. Without limiting the generality of the foregoing or any other provision hereof to the extent
permitted by applicable Law, each Guarantor hereby expressly waives any and all benefits which might otherwise be available to it under
California Civil Code Sections 2787-2855, inclusive, 2899 and 3433 or similar applicable Law.

 

(iii)      Each Guarantor further agrees that this guarantee is a continuing guarantee of the Obligations and any ultimate balance
thereof, notwithstanding that any Borrower or any other Person may from time to time satisfy the Obligations in whole or in part and thereafter
incur further Obligations, and that this guarantee constitutes a guarantee of performance and of payment when due and not just of collection,
and waives any right to require that any resort be had by Agent or any Lender to any security held for payment of the Obligations or to
any balance of any deposit, account or credit on the books of Agent or any Lender in favor of any other Credit Party, or to any other
Person.

 

(iv)      Each Guarantor hereby expressly assumes all responsibilities to remain informed of the financial condition of the other
Credit Parties and any other guarantors of the Obligations and any circumstances affecting the Collateral or the ability of any other
Credit Party to perform under this Agreement.

 

(v)       Each
Guarantor’s obligations under the Guarantee shall not be affected by the genuineness, validity, regularity or enforceability
of the Obligations, the Notes or any other instrument evidencing any Obligations, or by the existence, validity, enforceability,
perfection, or extent of any collateral therefor or by any other circumstance relating to the Obligations which might otherwise
constitute a defense to this guarantee. The Agent and the Lenders make no representation or warranty with respect to any such
circumstances and have no duty or responsibility whatsoever to any Credit Party with respect to the management and maintenance of
the Obligations or any collateral security for the Obligations.

 

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(b)     
No Impairment of Guarantee, Etc. The obligations of each Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (except payment and performance in full of the Obligations), including, without limitation,
any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment
or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected
by the failure of the Agent or any Lender to assert any claim or demand or to enforce any remedy under this Agreement or any other agreement,
by any waiver or modification of any provision hereof or thereof, by any default, failure or delay, willful or otherwise, in the performance
of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or
to any extent vary the risk of such Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law, until the
Obligations Repayment Date.

 

(c)     
Continuation and Reinstatement, Etc.

 

(i)        Each Guarantor further agrees that its guarantee hereunder shall continue to be effective or be reinstated, as the case
may be, if at any time payment of any Obligation or any part thereof, is rescinded or must otherwise be restored by Agent or the Lenders
upon the bankruptcy or reorganization of any other Credit Party, or otherwise. In furtherance of the provisions of this Section 8.1,
and not in limitation of any other right which Agent or the Lenders may have at law or in equity against any other Credit Party or any
other Person by virtue hereof, upon failure of any Borrower to pay any Obligation when and as the same shall become due, whether at maturity,
by acceleration, after notice or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Agent on
behalf of itself and/or any of the other Secured Parties, forthwith pay or cause to be paid to the Agent (for the benefit of itself and/or
the Secured Parties, as applicable), in cash an amount equal to the unpaid amount of such unpaid Obligations with interest thereon from
the due date at a rate of interest equal to the rate specified under this Agreement and thereupon the Agent shall assign such Obligation,
together with all security interests, if any, then held by the Agent in respect of such Obligation, to the Guarantor or Guarantors making
such payment; such assignment to be subordinate and junior to the rights of the Agent (on behalf of the Secured Parties) with regard to
amounts payable by the Borrowers in connection with the remaining unpaid Obligations and to be pro tanto to the extent to which the Obligation
in question was discharged by the Guarantor or Guarantors making such payments.

 

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(ii)       All
rights of each Guarantor against the Borrowers, arising as a result of the payment by such Guarantor of any sums to the Agent or
directly to the Lenders hereunder by way of right of subrogation or otherwise, shall in all respects be subordinated and junior in
right of payment to, and shall not be exercised by such Guarantor until the Obligations Repayment Date. If any amount shall be paid
to such Guarantor for the account of any Borrower, such amount shall be held in trust for the benefit of the Agent (on behalf of the
Secured Parties), segregated from such Guarantor’s own assets, and shall forthwith be paid to the Agent to be credited and
applied to the Obligations, whether matured or unmatured.

 

(d)     
Limitation on Guaranteed Amount, Etc. Notwithstanding any other provision of this Section 8.1, the amount
guaranteed by each Guarantor hereunder shall be limited to the extent, if any, required so that its obligations under this Section
8.1 shall not be subject to avoidance under Section 548 of the Bankruptcy Code or to being set aside or annulled under any applicable
Law relating to fraud on creditors. In determining the limitations, if any, on the amount of any Guarantor’s obligations hereunder
pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such
Guarantor may have under this Section 8.1, any other agreement or applicable Law shall be taken into account. For the avoidance
of doubt, no Excluded Subsidiary shall be a Guarantor, unless the Borrower Representative otherwise elects.

 

Article 9 - SECURITY
AGREEMENT

 

Section 9.1          
Generally. As security for the payment and performance of the Obligations,
and without limiting any other grant of a Lien and security interest in any Security Document, each Credit Party hereby assigns and grants
to Agent, for the benefit of itself and Lenders, a continuing first priority (subject, as to priority, to Specified Permitted Liens) Lien
on and security interest in, upon, and to all of the Collateral.

 

Section 9.2          
Representations and Warranties and Covenants Relating to Collateral.

 

(a)     
Schedule 9.2(a) sets forth (i) each chief executive office and principal place of
business of each Credit Party and each of their respective Subsidiaries (other than any Excluded Subsidiary), and (ii) all of the addresses
(including all warehouses) at which any of the Collateral is located and/or books and records of the Credit Parties regarding any of the
Collateral are kept, which such Schedule 9.2(a) indicates in each case which of the Credit Parties have Collateral and/or books
and records located at such address, and, in the case of any such address not owned by one or more of the Credit Parties, indicates the
nature of such location (e.g., leased business location operated by the Credit Parties, third party warehouse, etc.) and the name and
address of the third party owning and/or operating such location.

 

(b)      Without
limiting the generality of Section 3.2, except as indicated on Schedule 3.22 with respect to any rights of any Credit
Party as a licensee under any license of Intellectual Property owned by another Person, and except for the filing of financing
statements under the UCC (or foreign equivalent), the filing of Copyright Security Agreements with the USCO, or consent, approval or
filings required in connection with a disposition of collateral under applicable Law, no authorization, approval or other action by,
and no notice to or filing with, any Governmental Authority or consent of any other Person is required for (i) the grant by each
Credit Party to Agent of the security interests and Liens in the Collateral provided for under this Agreement and the other Security
Documents (if any), or (ii) the exercise by Agent of its rights and remedies with respect to the Collateral provided for under this
Agreement and the other Security Documents or under any applicable Law, including the UCC and neither any such grant of Liens in
favor of Agent or exercise of rights by Agent shall violate or cause a default under any agreement between any Credit Party and any
other Person relating to any such collateral, including any license to which a Credit Party is a party, whether as licensor or
licensee, with respect to any Intellectual Property, whether owned by such Credit Party or any other Person.

 

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(c)     
As of the Closing Date, except as otherwise disclosed on Schedule 9.2(c), no Credit
Party has any ownership interest in any letter-of-credit rights included in the Collateral and the Credit Parties shall give notice to
Agent promptly (but in any event not later than the delivery by the Credit Parties of the next Compliance Certificate required pursuant
to Section 4.1 above) upon the acquisition by any Credit Party of any such letter-of-credit rights. No Person other than Agent
or (if applicable) any Lender has “control” (as defined in Article 9 of the UCC) over any Deposit Account, Securities Account
or letter-of-credit rights in which any Credit Party has any interest (except for such control arising by operation of law in favor of
any bank with whom any Deposit Account or Securities Account of the Credit Parties is maintained).

 

(d)     
The Credit Parties shall not take any of the following actions or make any of the following
changes unless the Credit Parties have given at least 15 days’ (or such shorter period as approved in writing by Agent) prior written
notice to Agent of the Credit Parties’ intention to take any such action (which such written notice shall include an updated version
of any Schedule impacted by such change) and have executed any and all documents, instruments and agreements and taken any other actions
which Agent may request after receiving such written notice in order to protect and preserve the Liens, rights and remedies of Agent with
respect to the Collateral: (i) change the legal name or organizational identification number of any Credit Party as it appears in official
filings in the jurisdiction of its organization, (ii) change the jurisdiction of incorporation or formation of any Credit Party or allow
any Credit Party to designate any jurisdiction as an additional jurisdiction of incorporation for such Credit Party, or change the type
of entity that it is, or (iii) change its chief executive office, principal place of business, or the location of material records concerning
the Collateral or move any Collateral to or place any Collateral on any location that is not then listed on the Schedules and/or establish
any business location at any location that is not then listed on the Schedules.

 

(e)      The
Credit Parties shall not adjust, settle or compromise the amount or payment of any Account included in the Borrowing Base, or
release wholly or partly any Account Debtor obligated thereon, or allow any credit or discount thereon without the prior written
consent of Agent. Without limiting the generality of this Agreement or any other provisions of any
of the Financing Documents relating to the rights of Agent after the occurrence and during the continuance of an Event of Default,
Agent shall have the right at any time after the occurrence and during the continuance of an Event of Default to: (i) exercise the
rights of the Credit Parties with respect to the obligation of any Account Debtor to make payment or otherwise render performance to
the Credit Parties and with respect to any property that secures the obligations of any Account Debtor or any other Person obligated
on the Collateral, and (ii) adjust, settle or compromise the amount or payment of such Accounts.

 

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(f)      
Without limiting the generality of Sections 9.2(a) and 9.2(e):

 

(i)        The Credit Parties shall promptly advise Agent upon any Credit Party becoming aware that
it has any interests in any commercial tort claim that constitutes part of the Collateral, which such notice shall include descriptions
of the events and circumstances giving rise to such commercial tort claim and the dates such events and circumstances occurred, the potential
defendants with respect to such commercial tort claim and any court proceedings that have been instituted with respect to such commercial
tort claims, and the Credit Parties shall, with respect to any such commercial tort claim, execute and deliver to Agent such documents
as Agent shall request to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to any such commercial tort
claim.

 

(ii)       Each Credit Party hereby authorizes Agent to file without the signature of such Credit Party
one or more UCC financing statements (or the foreign equivalent thereof) relating to liens on personal property relating to all or any
part of the Collateral, which financing statements may list Agent as the “secured party” and such Credit Party as the “debtor”
and which describe and indicate the collateral covered thereby as all or any part of the Collateral under the Financing Documents (including
an indication of the collateral covered by any such financing statement as “all assets” of such Credit Party now owned or
hereafter acquired or words of similar effect), in such jurisdictions as Agent from time to time determines are appropriate, and to file
without the signature of such Credit Party any continuations of or corrective amendments to any such financing statements, in any such
case in order for Agent to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to the Collateral. Each Credit
Party also ratifies its authorization for Agent to have filed in any jurisdiction any initial financing statements or amendments thereto
if filed prior to the date hereof.

 

(iii)      As of the Closing Date, no Credit Party holds, and after the Closing Date the Credit Parties
shall promptly notify Agent in writing upon creation or acquisition by any Credit Party of, any Collateral in excess of $100,000 which
constitutes a claim against any Governmental Authority, including, without limitation, the federal government of the United States or
any instrumentality or agency thereof, the assignment of which claim is restricted by any applicable Law, including, without limitation,
the federal Assignment of Claims Act and any other comparable Law. Upon the request of Agent, the Credit Parties shall take such steps
as may be necessary or desirable, or that Agent may request, to comply with any such applicable Law.

 

(iv)      The Credit Parties shall furnish to Agent from time to time any statements and schedules
further identifying or describing the Collateral and any other information, reports or evidence concerning the Collateral as Agent may
reasonably request from time to time.

 

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(v)        Termination. The security interests granted under this Article 9 shall terminate upon the Obligations Repayment
Date. Upon request by the Credit Parties (and at the sole cost and expense of the Credit Parties) after any such termination, the Agent
will promptly take all reasonable action and do all things reasonably necessary, including authorizing UCC-3 termination statements, termination
letters to account debtors, terminations of Deposit Account Control Agreements and copyright security agreement releases, to terminate
the security interests granted in such Collateral to the Agent (for the benefit of the Secured Parties) hereunder and under the other
Financing Documents; provided, that the Agent shall only be required to deliver such documents to the Borrower Representative and shall
have no obligation to file or record any such document. In addition, in connection with any sale or other disposition of any asset included
in the Collateral expressly authorized by the Agent hereunder or under the other Financing Documents to be effectuated free of the Liens
created under the Security Documents, upon request by the Credit Parties (and at the sole expense of the Credit Parties), the Agent will
promptly take all reasonable action to do all things reasonably necessary to confirm the release of any and all Liens granted to the Agent
on such asset.

 

Article 10 - EVENTS
OF DEFAULT

 

Section 10.1      
Events of Default. For purposes of the Financing Documents, the occurrence
of any of the following conditions and/or events, whether voluntary or involuntary, by operation of law or otherwise, shall constitute
an “Event of Default”:

 

(a)     
(i) any Borrower shall fail to pay when due any principal, interest, premium or fee under
any Financing Document or any other amount payable under any Financing Document, (ii) there shall occur any default in the performance
of or compliance with any of the following sections of this Agreement: 2.9, 4.1(a), 4.1(b), 4.1(m), 4.3,
4.4(c), 4.7 or Article 5 of this Agreement, or (iii) there shall occur any default in the performance of or compliance
with Sections 4.1(c)–(l) or Article 6 of this Agreement and Borrower Representative has received written notice from
Agent or Required Lenders of such default;

 

(b)     
any Credit Party defaults in the performance of or compliance with any term contained in
this Agreement or in any other Financing Document (other than occurrences described in other provisions of this Section 10.1
for which a different grace or cure period is specified or for which no grace or cure period is specified and thereby constitute immediate
Events of Default) and such default is not remedied by the Credit Party or waived by Agent within 20 days after the earlier of (i) receipt
by Borrower Representative of notice from Agent or Required Lenders of such default, or (ii) actual knowledge of any Borrower or any other
Credit Party of such default;

 

(c)     
any representation, warranty, certification or statement made by any Credit Party or any
other Person in any Financing Document or in any certificate, financial statement or other document delivered pursuant to any Financing
Document is incorrect in any material respect (other than any representation, warranty, certification or statement is by its terms already
qualified as to materiality, in which case such representation, warranty, certification or statement shall prove to be incorrect in any
respect) when made (or deemed made); 

 

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(d)     
 (i) the failure of any Credit Party to pay when due or within any applicable grace period any principal, interest or other
amount on Debt (other than the Loans hereunder), or the occurrence of any breach, default, condition or event with respect to any Debt
(other than the Loans hereunder), if the effect of such failure or occurrence is to cause or to permit the holder or holders of any such
Debt, to cause, Debt or other liabilities having an individual principal amount in excess of $1,000,000 or having an aggregate principal
amount in excess of $1,000,000 to become or be declared due prior to its stated maturity, or (ii) the occurrence of any breach or
default under any terms or provisions of any Subordinated Debt Document or under any agreement subordinating the Subordinated Debt to
all or any portion of the Obligations or the occurrence of any event requiring the prepayment of any Subordinated Debt;

 

(e)     
any Credit Party shall: (i) commence, or consent to, a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar Law; (ii) apply for, or consent
to, the appointment of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property,
or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it; (iii) make a general assignment for the benefit of creditors; (iv) generally fail to pay its debts as
they become due; or (v) take any corporate action to authorize any of the foregoing;

 

(f)      
(i) an involuntary case or other proceeding shall be commenced against any Credit Party seeking liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar Law or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary
case or other proceeding shall remain undismissed and unstayed for a period of 60 days, or (ii) an order for relief shall be entered against
any such Person under applicable federal bankruptcy, insolvency or other similar Law in respect of (A) bankruptcy, liquidation, winding-up,
dissolution or suspension of general operations, (B) composition, rescheduling, reorganization, arrangement or readjustment of, or other
relief from, or stay of proceedings to enforce, some or all of the debts or obligations, or (C) possession, foreclosure, seizure or retention,
sale or other disposition of, or other proceedings to enforce security over, all or any substantial part of the assets of such Person;

 

(g)     
(i) institution by the PBGC of proceedings to terminate a Pension Plan under Section 4042
of ERISA, the filing of a notice by the plan administrator of intent to terminate a Pension Plan, or the treatment of a plan amendment
as a termination of a Pension Plan under Section 4041 or 4041A of ERISA, (ii) the failure of any Borrower or member of the Controlled
Group to meet the minimum finding requirements of Section 302 of ERISA with respect to any Pension Plan which gives rise to the imposition
of a Lien under Section 302(f) of ERISA, or (iii) there shall occur any complete withdrawal or partial withdrawal (within the meanings
of Sections 4203 and 4205 of ERISA) by any Borrower or any member of the Controlled Group from a Multiemployer Plan;

 

(h)      one
or more final judgments or orders for the payment of money aggregating in excess of $1,000,000 (to the extent not paid or fully
covered by insurance maintained in accordance with the requirements of this Agreement and as to which the relevant insurer has not
disputed coverage) shall be rendered against any or all Credit Parties and either (i) enforcement proceedings shall have been
commenced by any creditor upon any such judgments or orders, or (ii) there shall be a period of 30 consecutive days during which a
stay of enforcement of any such judgment or order, by reason of a pending appeal, bond or otherwise, shall not be in effect;

 

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(i)       
any Lien created by any of the Security Documents shall at any time fail to constitute a
valid and perfected Lien on Collateral in excess of $250,000 in the aggregate purported to be encumbered thereby, subject to no prior
or equal Lien except Permitted Liens, or any Credit Party shall so assert;

 

(j)       
any Borrower makes any payment on account of any Debt that has been subordinated to any
of the Obligations, other than payments specifically permitted by the terms of such subordination;

 

(k)     
if any Borrower is or becomes an entity whose equity is registered with the SEC, and/or
is publicly traded on and/or registered with a public securities exchange, such Borrower’s equity fails to remain registered with
the SEC in good standing, and/or such equity fails to remain publicly traded on and registered with a public securities exchange;

 

(l)       
the occurrence of any fact, event or circumstance that results in a Material Adverse Effect,
if such default shall have continued unremedied for a period of ten days after written notice from Agent;

 

(m)   
the Borrowers shall fail to submit any Borrowing Base Certificate to the Agent within
five Business Days after the date on which such Borrowing Base Certificate was due pursuant to the terms of this Agreement; provided,
however, that a failure to deliver a Borrowing Base Certificate when due shall not constitute an Event of Default if and for so
long as there are no Revolving Loans outstanding;

 

(n)     
a Change of Control shall occur;

 

(o)     
a Change in Management shall occur; or

 

(p)     
a material default by Borrower Representative or CSS of its respective obligations under the CSS Management Agreement after
giving effect to any applicable cure periods thereunder.

 

Notwithstanding the foregoing,
if a Credit Party fails to comply with any same provision of this Agreement three times in any twelve month period and Agent has given
to Borrower Representative in connection with each such failure any notice to which Borrowers would be entitled under this Section 10.1
before such failure could become an Event of Default, then all subsequent failures by a Credit Party to comply with such provision of
this Agreement shall effect an immediate Event of Default (without the expiration of any applicable cure period) with respect to all subsequent
failures by a Credit Party to comply with such provision of this Agreement, and Agent thereupon may exercise any remedy set forth in this
Article 10 without affording Borrowers any opportunity to cure such Event of Default.

 

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All cure periods provided
for in this Section 10.1 shall run concurrently with any cure period provided for in any applicable Financing Documents under
which the default occurred.

 

Section 10.2      
Acceleration and Suspension or Termination of Revolving Loan Commitment.
Upon the occurrence and during the continuance of an Event of Default, Agent may, and shall if requested by Required Lenders, (a) by notice
to Borrower Representative suspend or terminate the Revolving Loan Commitment and the obligations of Agent and the Lenders with respect
thereto, in whole or in part (and, if in part, each Lender’s Revolving Loan Commitment shall be reduced in accordance with its Pro
Rata Share), and/or (b) by notice to Borrower Representative declare all or any portion of the Obligations to be, and the Obligations
shall thereupon become, immediately due and payable, with accrued interest thereon, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by each Credit Party and the Credit Parties will pay the same; provided, however, that
in the case of any of the Events of Default specified in Section 10.1(e) or 10.1(f) above, without any notice to any
Credit Party or any other act by Agent or the Lenders, the Revolving Loan and the obligations of Agent and the Lenders with respect thereto
shall thereupon immediately and automatically terminate and all of the Obligations shall become immediately and automatically due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party and the
Credit Parties will pay the same.

 

Section 10.3      
UCC Remedies.

 

(a)     
Upon the occurrence of and during the continuance of an Event of Default under this Agreement
or the other Financing Documents, Agent, in addition to all other rights, options, and remedies granted to Agent under this Agreement
or at law or in equity, may exercise, either directly or through one or more assignees or designees, all rights and remedies granted to
it under all Financing Documents and under the UCC in effect in the applicable jurisdiction(s) and under any other applicable Law, including,
without limitation:

 

(i)        the right to take possession of, send notices regarding, and collect directly the Collateral,
with or without judicial process;

 

(ii)       the right to (by its own means or with judicial assistance) enter any of Credit Parties’
premises and take possession of the Collateral, or render it unusable, or to render it usable or saleable, or dispose of the Collateral
on such premises in compliance with subsection (iii) below and to take possession of Credit Parties’ original books and records,
to obtain access to Credit Parties’ data processing equipment, computer hardware and software relating to the Collateral and to
use all of the foregoing and the information contained therein in any manner Agent deems appropriate, without any liability for rent,
storage, utilities, or other sums, and the Credit Parties shall not resist or interfere with such action (if Credit Parties’ books
and records are prepared or maintained by an accounting service, contractor or other third party agent, the Credit Parties hereby irrevocably
authorize such service, contractor or other agent, upon notice by Agent to such Person that an Event of Default has occurred and is continuing,
to deliver to Agent or its designees such books and records, and to follow Agent’s instructions with respect to further services
to be rendered);

 

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(iii)       the
right to require the Credit Parties at the Credit Parties’ expense to assemble all or any part of the Collateral and make it available
to Agent at any place designated by Lender;

 

(iv)      the right to notify postal authorities to change the address for delivery of the Credit
Parties’ mail to an address designated by Agent and to receive, open and dispose of all mail addressed to any Credit Party; and/or

 

(v)       the right to enforce the Credit Parties’ rights against Account Debtors and other
obligors, including, without limitation, (i) the right to collect Accounts directly in Agent’s own name (as agent for Lenders) and
to charge the collection costs and expenses, including reasonable attorneys’ fees, to the Credit Parties, and (ii) the right, in
the name of Agent or any designee of Agent or the Credit Parties, to verify the validity, amount or any other matter relating to any Accounts
by mail, telephone, facsimile or otherwise, including, without limitation, verification of the Credit Parties’ compliance with applicable
Laws. The Credit Parties shall cooperate fully with Agent in an effort to facilitate and promptly conclude such verification process.
Such verification may include contacts between Agent and applicable federal, state and local regulatory authorities having jurisdiction
over the Credit Parties’ affairs, all of which contacts the Credit Parties hereby irrevocably authorize.

 

(b)     
Each Credit Party agrees that a notice received by it at least ten days before the time
of any intended public sale, or the time after which any private sale or other disposition of the Collateral is to be made, shall be deemed
to be reasonable notice of such sale or other disposition. If permitted by applicable Law, any perishable Collateral which threatens to
speedily decline in value or which is sold on a recognized market may be sold immediately by Agent without prior notice to the Credit
Parties. At any sale or disposition of Collateral, Agent may (to the extent permitted by applicable Law) purchase all or any part of the
Collateral, free from any right of redemption by the Credit Parties, which right is hereby waived and released. Each Credit Party covenants
and agrees not to interfere with or impose any obstacle to Agent’s exercise of its rights and remedies with respect to the Collateral.
Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. Agent may comply with any applicable state or
federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect
the commercial reasonableness of any sale of the Collateral. Agent may sell the Collateral without giving any warranties as to the Collateral.
Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial
reasonableness of any sale of the Collateral. If Agent sells any of the Collateral upon credit, the Credit Parties will be credited only
with payments actually made by the purchaser, received by Agent and applied to the indebtedness of the purchaser. In the event the purchaser
fails to pay for the Collateral, Agent may resell the Collateral and the Credit Parties shall be credited with the proceeds of the sale.
The Credit Parties shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient
to pay all Obligations.

 

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(c)      Without
restricting the generality of the foregoing and for the purposes aforesaid, each Credit Party hereby appoints and constitutes Agent
its lawful attorney-in-fact with full power of substitution in the Collateral, upon the occurrence and during the continuance of an
Event of Default, to (i) use unadvanced funds remaining under this Agreement or which may be reserved, or set aside for any purposes
hereunder at any time, or to advance funds in excess of the face amount of the Notes, (ii) pay, settle or compromise all existing
bills and claims, which may be Liens or security interests, or to avoid such bills and claims becoming Liens against the Collateral,
(iii) execute all applications and certificates in the name of such Credit Party and to prosecute and defend all actions or
proceedings in connection with the Collateral and (iv) do any and all other acts necessary or proper to carry out the intent of the
Financing Documents and the grant of the Liens thereunder; it being understood and agreed that this power of attorney in this
subsection (c) shall be a power coupled with an interest and cannot be revoked.

 

(d)     
Agent and each Lender is hereby granted a non-exclusive, royalty-free license or other right
to use, without charge, upon the occurrence and during the continuation of an Event of Default, the Credit Parties’ labels, mask
works, rights of use of any name, any other Intellectual Property and advertising matter, and any similar property as it pertains to the
Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Agent’s exercise
of its rights under this Article, the Credit Parties’ rights under all licenses (whether as licensor or licensee) inure to Agent’s
and each Lender’s benefit.

 

Section 10.4      
Default Rate of Interest. At the election of Agent or Required Lenders,
after the occurrence of an Event of Default and for so long as it continues, the Loans and other Obligations shall bear interest at rates
as indicated on Schedule 10.4; provided, however, that in the case of any Event of Default specified in Section 10.1(e)
or 10.1(f) above, such default rates shall apply immediately and automatically without the need for any election or action of any
kind on the part of Agent or any Lender.

 

Section 10.5      
Setoff Rights. During the continuance of any Event of Default, each Lender
is hereby authorized by each Credit Party at any time or from time to time, with reasonably prompt subsequent notice to such Credit Party
(any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (a) balances
held by such Lender or any of such Lender’s Affiliates at any of its offices for the account of such Credit Party (regardless of
whether such balances are then due to such Credit Party), and (b) other property at any time held or owing by such Lender to or for
the credit or for the account of such Credit Party, against and on account of any of the Obligations; except that no Lender shall exercise
any such right without the prior written consent of Agent. Any Lender exercising a right to set off shall purchase for cash (and the other
Lenders shall sell) interests in each of such other Lender’s Pro Rata Share of the Obligations as would be necessary to cause all
Lenders to share the amount so set off with each other Lender in accordance with their respective Pro Rata Share of the Obligations. Each
Credit Party agrees, to the fullest extent permitted by law, that any Lender and any of such Lender’s Affiliates may exercise its
right to set off with respect to the Obligations as provided in this Section 10.5.

 

Section 10.6      
Application of Proceeds.

 

(a)      Notwithstanding
anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, each Credit
Party irrevocably waives the right to direct the application of any and all payments at any time or
times thereafter received by Agent from or on behalf of such Credit Party of all or any part of the Obligations, and, as between the
Credit Parties on the one hand and Agent and Lenders on the other, Agent shall have the continuing and exclusive right to apply and
to reapply any and all payments received against the Obligations in such manner as Agent may deem advisable notwithstanding any
previous application by Agent.

 

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(b)     
Following the occurrence and continuance of an Event of Default, but absent the occurrence
and continuance of an Acceleration Event, subject to the terms of any interparty or other intercreditor agreement to which Agent is a
party, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds of Collateral
received by Agent, in such order as Agent may from time to time elect.

 

(c)     
Notwithstanding anything to the contrary contained in this Agreement, if an Acceleration Event shall have occurred, and
so long as it continues, Agent shall (subject to the terms of any interparty or other intercreditor agreement
to which Agent is a party) apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds
of Collateral received by Agent, in the following order: first, to all fees, costs, indemnities, liabilities, obligations
and expenses incurred by or owing to Agent with respect to this Agreement, the other Financing Documents or the Collateral; second,
to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this Agreement,
the other Financing Documents or the Collateral; third, to accrued and unpaid interest on the Obligations (including any
interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts); fourth, to the principal
amount of the Obligations outstanding; and fifth to any other indebtedness or obligations of the Credit
Parties owing to Agent or any Lender under the Financing Documents. Any balance remaining shall be delivered to any holder of Subordinated
Debt, the Borrowers or to whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.
In carrying out the foregoing, (y) amounts received shall be applied in the numerical order provided until exhausted prior to the application
to the next succeeding category, and (z) each of the Persons entitled to receive a payment in any particular category shall receive an
amount equal to its Pro Rata Share of amounts available to be applied pursuant thereto for such category.

 

Section 10.7      
Waivers.

 

(a)      Except
as otherwise provided for in this Agreement and to the fullest extent permitted by applicable Law, each Credit Party waives: (i)
presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest, default,
nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing Documents, the Notes or any
other notes, commercial paper, accounts, contracts, documents, Instruments, Chattel Paper and Guarantees at any time held by Lenders
on which any Credit Party may in any way be liable, and hereby ratifies and confirms whatever Lenders may do in this regard; (ii)
all rights to notice and a hearing prior to Agent’s or any Lender’s taking possession or control of, or to Agent’s
or any Lender’s replevy, attachment or levy upon, any Collateral or any bond or security which might be required by any court
prior to allowing Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation, appraisal and
exemption Laws. Each Credit Party acknowledges that it has been advised by counsel of its choices and decisions with respect to this
Agreement, the other Financing Documents and the transactions evidenced hereby and thereby.

 

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(b)     
Each Credit Party for itself and all its successors and assigns, (i) agrees that its liability
shall not be in any manner affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by
Lender; (ii) consents to any indulgences and all extensions of time, renewals, waivers, or modifications that may be granted by Agent
or any Lender with respect to the payment or other provisions of the Financing Documents, and to any substitution, exchange or release
of the Collateral, or any part thereof, with or without substitution, and agrees to the addition or release of any Credit Party, endorsers,
guarantors, or sureties, or whether primarily or secondarily liable, without notice to any other Credit Party and without affecting its
liability hereunder; (iii) agrees that its liability shall be unconditional and without regard to the liability of any other Credit Party,
Agent or any Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives the benefit of
any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result contrary to or in
conflict with the foregoing.

 

(c)     
To the extent that Agent or any Lender may have acquiesced in any noncompliance with any
requirements or conditions precedent to the closing of the Loans or to any subsequent disbursement of Loan proceeds, such acquiescence
shall not be deemed to constitute a waiver by Agent or any Lender of such requirements with respect to any future disbursements of Loan
proceeds and Agent may at any time after such acquiescence require the Credit Parties to comply with all such requirements. Any forbearance
by Agent or Lender in exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable Law, including
any failure to accelerate the maturity date of the Loans, shall not be a waiver of or preclude the exercise of any right or remedy nor
shall it serve as a novation of the Notes or as a reinstatement of the Loans or a waiver of such right of acceleration or the right to
insist upon strict compliance of the terms of the Financing Documents. Agent’s or any Lender’s acceptance of payment of any
sum secured by any of the Financing Documents after the due date of such payment shall not be a waiver of Agent’s and such Lender’s
right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make prompt payment.
The procurement of insurance or the payment of taxes or other Liens or charges by Agent as the result of an Event of Default shall not
be a waiver of Agent’s right to accelerate the maturity of the Loans, nor shall Agent’s receipt of any condemnation awards,
insurance proceeds, or damages under this Agreement operate to cure or waive any Credit Party’s default in payment of sums secured
by any of the Financing Documents.

 

(d)     
Without limiting the generality of anything contained in this Agreement or the other Financing
Documents, each Credit Party agrees that if an Event of Default is continuing (i) Agent and Lenders shall not be subject to any “one
action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies or privileges provided
to Agent or Lenders shall remain in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and
any other properties owned by the Credit Parties and the Financing Documents and other security instruments or agreements securing the
Loans have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Credit Parties’ obligations under the Financing
Documents.

 

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(e)     
 Nothing contained herein or in any other Financing Document shall be construed as requiring
Agent or any Lender to resort to any part of the Collateral for the satisfaction of any of the Credit Parties’ obligations under
the Financing Documents in preference or priority to any other Collateral, and Agent may seek satisfaction out of all of the Collateral
or any part thereof, in its absolute discretion in respect of the Credit Parties’ obligations under the Financing Documents. In
addition, Agent shall have the right from time to time to partially foreclose upon any Collateral in any manner and for any amounts secured
by the Financing Documents then due and payable as determined by Agent in its sole discretion, including, without limitation, the following
circumstances: (i) in the event any Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments
of principal and/or interest, Agent may foreclose upon all or any part of the Collateral to recover such delinquent payments, or (ii)
in the event Agent elects to accelerate less than the entire outstanding principal balance of the Loans, Agent may foreclose all or any
part of the Collateral to recover so much of the principal balance of the Loans as Lender may accelerate and such other sums secured by
one or more of the Financing Documents as Agent may elect. Notwithstanding one or more partial foreclosures, any unforeclosed Collateral
shall remain subject to the Financing Documents to secure payment of sums secured by the Financing Documents and not previously recovered.

 

(f)      
To the fullest extent permitted by law, each the Credit Party, for itself and its successors
and assigns, waives in the event of foreclosure of any or all of the Collateral any equitable right otherwise available to any Credit
Party which would require the separate sale of any of the Collateral or require Agent or Lenders to exhaust their remedies against any
part of the Collateral before proceeding against any other part of the Collateral; and further in the event of such foreclosure each Credit
Party does hereby expressly consent to and authorize, at the option of Agent, the foreclosure and sale either separately or together of
each part of the Collateral.

 

Section 10.8      
Injunctive Relief. The parties acknowledge and agree that, in the event
of a breach or threatened breach of any Credit Party’s obligations under any Financing Documents, Agent and Lenders may have no
adequate remedy in money damages and, accordingly, shall be entitled to an injunction (including, without limitation, a temporary restraining
order, preliminary injunction, writ of attachment, or order compelling an audit) against such breach or threatened breach, including,
without limitation, maintaining any cash management and collection procedure described herein. However, no specification in this Agreement
of a specific legal or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in
the event of a breach or threatened breach of any provision of this Agreement. Each Credit Party waives, to the fullest extent permitted
by law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents as
a Credit Party, each Credit Party specifically joins in this Section as if this Section were a part of each Financing Document executed
by such Credit Party.

 

Section 10.9       Marshalling;
Payments Set Aside. Neither Agent nor any Lender shall be under any obligation to marshal any assets in payment of any or
all of the Obligations. To the extent that the Credit Parties makes any payment or Agent enforces its Liens or Agent or any Lender
exercises its right of setoff, and such payment or the proceeds of such enforcement or setoff is subsequently invalidated, declared
to be fraudulent or preferential, set aside, or required to be repaid by anyone, then to the extent of such recovery, the
Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and
continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

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Article 11 - AGENT

 

Section 11.1      
Appointment and Authorization. Each Lender hereby irrevocably appoints
and authorizes Agent to enter into each of the Financing Documents to which it is a party (other than this Agreement) on its behalf and
to take such actions as Agent on its behalf and to exercise such powers under the Financing Documents as are delegated to Agent by the
terms thereof, together with all such powers as are reasonably incidental thereto. Subject to the terms of Section 11.16 and
to the terms of the other Financing Documents, Agent is authorized and empowered to amend, modify, or waive any provisions of this Agreement
or the other Financing Documents on behalf of Lenders. The provisions of this Article 11 are solely for the benefit of Agent
and Lenders and neither any Borrower nor any other Credit Party shall have any rights as a third party beneficiary of any of the provisions
hereof. In performing its functions and duties under this Agreement, Agent shall act solely as agent of Lenders and does not assume and
shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower or any other Credit
Party. Agent may perform any of its duties hereunder, or under the Financing Documents, by or through its agents, servicers, trustees,
investment managers or employees. Without limiting the foregoing, the Lenders hereby authorize the Agent:

 

(a)  
to enter into interparty agreements, intercreditor agreements and/or subordination agreements on terms acceptable to the Agent
with (A) unions and/or guilds with respect to the security interests in favor of such unions and/or guilds required pursuant to the terms
of collective bargaining agreements, (B) any Distributor or licensor having any rights to any Program, (C) Persons providing any services
in connection with any Program or (D) sales agents which are permitted by the terms hereof to be involved in the distribution of any Program;

 

(b)  
to determine that the cost to a Credit Party is disproportionate to the benefit to be realized by the Secured Parties by perfecting
a Lien in a given asset or group of assets included in the Collateral (including any bank account) and that such Credit Party should not
be required to perfect such Lien in favor of the Agent (for the benefit of the Secured Parties);

 

(c)  
to appoint subagents to be the holder of record of a Lien to be granted to the Agent (for the benefit of the Secured Parties);

 

(d)  
to enter into and perform its obligations under the other Financing Documents; and

 

(e)  
to determine when a Lender is or becomes a Defaulted Lender.

 

Section 11.2      
Agent and Affiliates. Agent shall have the same rights and powers under
the Financing Documents as any other Lender and may exercise or refrain from exercising the same as though it were not Agent, and Agent
and its Affiliates may lend money to, invest in and generally engage in any kind of business with each Credit Party or Affiliate of any
Credit Party as if it were not Agent hereunder.

 

Section 11.3       Action
by Agent. The duties of Agent shall be mechanical and administrative in nature. Agent shall not have by reason of this
Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Financing Documents is intended
to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any of the Financing Documents except
as expressly set forth herein or therein.

 

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Section 11.4      
Consultation with Experts. Agent may consult with legal counsel, independent
public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts.

 

Section 11.5      
Liability of Agent. Neither Agent nor any of its directors, officers,
agents, trustees, investment managers, servicers or employees shall be liable to any Lender for any action taken or not taken by it in
connection with the Financing Documents, except that Agent shall be liable with respect to its specific duties set forth hereunder but
only to the extent of its own gross negligence or willful misconduct in the discharge thereof as determined by a final non-appealable
judgment of a court of competent jurisdiction. Neither Agent nor any of its directors, officers, agents, trustees, investment managers,
servicers or employees shall be responsible for or have any duty to ascertain, inquire into or verify (a) any statement, warranty or representation
made in connection with any Financing Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or
agreements specified in any Financing Document; (c) the satisfaction of any condition specified in any Financing Document; (d) the validity,
effectiveness, sufficiency or genuineness of any Financing Document, any Lien purported to be created or perfected thereby or any other
instrument or writing furnished in connection therewith; (e) the existence or non-existence of any Default or Event of Default; or (f)
the financial condition of any Credit Party. Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate,
statement, or other writing (which may be a bank wire, facsimile or electronic transmission or similar writing) believed by it to be genuine
or to be signed by the proper party or parties. Agent shall not be liable for any apportionment or distribution of payments made by it
in good faith and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of
any Lender to whom payment was due but not made, shall be to recover from other Lenders any payment in excess of the amount to which they
are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them).

 

Section 11.6      
Indemnification. Each Lender shall, in accordance with its Pro Rata Share,
indemnify Agent (to the extent not reimbursed by the Credit Parties) upon demand against any cost, expense (including reasonable outside
counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from Agent’s gross negligence or
willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction) that Agent may suffer or incur
in connection with the Financing Documents or any action taken or omitted by Agent hereunder or thereunder. If any indemnity furnished
to Agent for any purpose shall, in the opinion of Agent, be insufficient or become impaired, Agent may call for additional indemnity and
cease, or not commence, to do the acts indemnified against even if so directed by Required Lenders until such additional indemnity is
furnished.

 

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Section 11.7       Right
to Request and Act on Instructions. Agent may at any time request instructions from Lenders with respect to any actions
or approvals which by the terms of this Agreement or of any of the Financing Documents Agent is permitted or desires to take or to
grant, and if such instructions are promptly requested, Agent shall be absolutely entitled to refrain from taking any action or to
withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding
any approval under any of the Financing Documents until it shall have received such instructions from Required Lenders or all or
such other portion of the Lenders as shall be prescribed by this Agreement. Without limiting the foregoing, no Lender shall have any
right of action whatsoever against Agent as a result of Agent acting or refraining from acting under this Agreement or any of the
other Financing Documents in accordance with the instructions of Required Lenders (or all or such other portion of the Lenders as
shall be prescribed by this Agreement) and, notwithstanding the instructions of Required Lenders (or such other applicable portion
of the Lenders), Agent shall have no obligation to take any action if it believes, in good faith, that such action would violate
applicable Law or exposes Agent to any liability for which it has not received satisfactory indemnification in accordance with the
provisions of Section 11.6.

 

Section 11.8      
Credit Decision. Each Lender acknowledges that it has, independently and
without reliance upon Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance
upon Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit decisions in taking or not taking any action under the Financing Documents.

 

Section 11.9      
Collateral Matters. Lenders irrevocably authorize Agent, at its option
and in its discretion, to: (a) release any Lien granted to or held by Agent under any Security Document (i) upon termination of the Revolving
Loan Commitment and payment in full of all Obligations or (ii) constituting property sold or disposed of as part of or in connection with
any disposition permitted under any Financing Document (it being understood and agreed that Agent may conclusively rely without further
inquiry on a certificate of a Responsible Officer as to the sale or other disposition of property being made in full compliance with the
provisions of the Financing Documents); (b) subordinate any Lien granted to or held by Agent under any Security Document to a Permitted
Lien that is allowed to have priority over the Liens granted to or held by Agent under the Financing Documents. Upon request by Agent
at any time, Lenders will confirm Agent’s authority to release and/or subordinate particular types or items of Collateral pursuant
to this Section 11.9.

 

Section 11.10  
Agency for Perfection. Agent and each Lender hereby appoint each other
Lender as agent for the purpose of perfecting Agent’s security interest in assets which, in accordance with the Uniform Commercial
Code in any applicable jurisdiction, can be perfected by possession or control. Should any Lender (other than Agent) obtain possession
or control of any such assets, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor, shall deliver
such assets to Agent or in accordance with Agent’s instructions or transfer control to Agent in accordance with Agent’s instructions.
Each Lender agrees that it will not have any right individually to enforce or seek to enforce any Security Document or to realize upon
any Collateral for the Loan unless instructed to do so by Agent (or consented to by Agent), it being understood and agreed that such rights
and remedies may be exercised only by Agent.

 

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Section 11.11   Notice
of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of
Lenders, unless Agent shall have received written notice from a Lender or a Credit Party referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default.” Agent will notify each Lender of
its receipt of any such notice. Agent shall take such action with respect to such Default or Event of Default as may be requested by
Required Lenders (or all or such other portion of the Lenders as shall be prescribed by this Agreement) in accordance with the terms
hereof. Unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain
from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interests of
Lenders.

 

Section 11.12  
Assignment by Agent; Resignation of Agent; Successor Agent.

 

(a)     
Agent may at any time assign its rights, powers, privileges and duties hereunder to (i)
another Lender, or (ii) any Person to whom Agent, in its capacity as a Lender, has assigned (or will assign, in conjunction with such
assignment of agency rights hereunder) 50% or more of its Loan in accordance with this Agreement, in each case, without the consent of
the Lenders or any Credit Party. Following any such assignment, Agent shall give notice to the Lenders and Borrowers. An assignment by
Agent pursuant to this subsection (a) shall not be deemed a resignation by Agent for purposes of subsection (b) below.

 

(b)     
Without limiting the rights of Agent to designate an assignee pursuant to subsection (a)
above, Agent may at any time give notice of its resignation to the Lenders and Borrowers. Upon receipt of any such notice of resignation,
Required Lenders shall have the right to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders
and shall have accepted such appointment within ten Business Days after the retiring Agent gives notice of its resignation, then the retiring
Agent may on behalf of the Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrowers and
the Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with
such notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all payments, communications
and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender directly, until such time as
Required Lenders appoint a successor Agent in accordance with this paragraph.

 

(c)     
Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a successor’s
appointment as Agent pursuant to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations
hereunder and under the other Financing Documents (if not already discharged therefrom as provided above in this paragraph). The ratable
portion of fees payable by the Credit Parties to a successor Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Credit Parties and such successor. After the retiring Agent’s resignation hereunder and under the other Financing
Documents, the provisions of this Article 11 (including this Section 11.12) shall
continue in effect for the benefit of such retiring Agent and its sub-agents in respect of any actions taken or omitted to be taken by
any of them while the retiring Agent was acting or was continuing to act as Agent.

 

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Section 11.13  
Payment and Sharing of Payment.

 

(a)     
 Revolving Loan Advances, Payments and Settlements; Interest and Fee Payments.

 

(i)        Agent shall have the right, on behalf of Revolving Lenders to disburse funds to Borrowers
for all Revolving Loans requested or deemed requested by Borrowers pursuant to the terms of this Agreement. Agent shall be conclusively
entitled to assume, for purposes of the preceding sentence, that each Revolving Lender, other than any Non-Funding Lenders, will fund
its Pro Rata Share of all Revolving Loans requested by Borrowers. Each Revolving Lender shall reimburse Agent on demand, in accordance
with the provisions of the immediately following paragraph, for all funds disbursed on its behalf by Agent pursuant to the first sentence
of this clause (i), or if Agent so requests, each Revolving Lender will remit to Agent its Pro Rata Share of any Revolving Loan before
Agent disburses the same to a Borrower. If Agent elects to require that each Revolving Lender make funds available to Agent, prior to
a disbursement by Agent to a Borrower, Agent shall advise each Revolving Lender by telephone, facsimile or e-mail of the amount of such
Revolving Lender’s Pro Rata Share of the Revolving Loan requested by such Borrower no later than noon (Eastern time) on the date
of funding of such Revolving Loan, and each such Revolving Lender shall pay Agent on such date such Revolving Lender’s Pro Rata
Share of such requested Revolving Loan, in same day funds, by wire transfer to the Payment Account, or such other account as may be identified
by Agent to Revolving Lenders from time to time. If any Lender fails to pay the amount of its Pro Rata Share of any funds advanced by
Agent pursuant to the first sentence of this clause (i) within one Business Day after Agent’s demand, Agent shall promptly notify
Borrower Representative, and Borrowers shall immediately repay such amount to Agent. Any repayment required by Borrowers pursuant to this
Section 11.13 shall be accompanied by accrued interest thereon from and including the date such amount is made available to
a Borrower to but excluding the date of payment at the rate of interest then applicable to Revolving Loans. Nothing in this Section 11.13
or elsewhere in this Agreement or the other Financing Documents shall be deemed to require Agent to advance funds on behalf of any Lender
or to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that Agent or any Borrower
may have against any Lender as a result of any default by such Lender hereunder.

 

(ii)       On
a Business Day of each week as selected from time to time by Agent, or more frequently (including daily), if Agent so elects (each
such day being a “Settlement Date”), Agent will advise each Revolving Lender by telephone, facsimile or e-mail of
the amount of each such Revolving Lender’s percentage interest of the Revolving Loan balance as of the close of business of
the Business Day immediately preceding the Settlement Date. In the event that payments are necessary to adjust the amount of such
Revolving Lender’s actual percentage interest of the Revolving Loans to such Lender’s required percentage interest of
the Revolving Loan balance as of any Settlement Date, the Revolving Lender from which such payment is due shall pay Agent, without
setoff or discount, to the Payment Account before 1:00 p.m. (Eastern time) on the Business Day following the Settlement Date the
full amount necessary to make such adjustment. Any obligation arising pursuant to the immediately preceding sentence shall be
absolute and unconditional and shall not be affected by any circumstance whatsoever. In the event settlement shall not have occurred
by the date and time specified in the second preceding sentence, interest shall accrue on the unsettled amount at the rate of
interest then applicable to Revolving Loans.

 

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(iii)      On each Settlement Date, Agent shall advise each Revolving Lender by telephone, facsimile
or e-mail of the amount of such Revolving Lender’s percentage interest of principal, interest and fees paid for the benefit of Revolving
Lenders with respect to each applicable Revolving Loan, to the extent of such Revolving Lender’s Revolving Loan Exposure with respect
thereto, and shall make payment to such Revolving Lender before 1:00 p.m. (Eastern time) on the Business Day following the Settlement
Date of such amounts in accordance with wire instructions delivered by such Revolving Lender to Agent, as the same may be modified from
time to time by written notice to Agent; provided, however, that, in the case such Revolving Lender is a Defaulted Lender,
Agent shall be entitled to set off the funding short-fall against that Defaulted Lender’s respective share of all payments received
from any Borrower.

 

(iv)      On the Closing Date, Agent, on behalf of Lenders, may elect to advance to Borrowers the
full amount of the initial Loans to be made on the Closing Date prior to receiving funds from Lenders, in reliance upon each Lender’s
commitment to make its Pro Rata Share of such Loans to Borrowers in a timely manner on such date. If Agent elects to advance the initial
Loans to Borrower in such manner, Agent shall be entitled to receive all interest that accrues on the Closing Date on each Lender’s
Pro Rata Share of such Loans unless Agent receives such Lender’s Pro Rata Share of such Loans before 3:00 p.m. (Eastern time) on
the Closing Date.

 

(v)       It is understood that for purposes of advances to Borrowers made pursuant to this Section 11.13,
Agent will be using the funds of Agent, and pending settlement, (A) all funds transferred from the Payment Account to the outstanding
Revolving Loans shall be applied first to advances made by Agent to Borrowers pursuant to this Section 11.13, and (B) all
interest accruing on such advances shall be payable to Agent.

 

(vi)      The provisions of this clause (a) shall be deemed to be binding upon Agent and Lenders
notwithstanding the occurrence of any Default or Event of Default, or any insolvency or bankruptcy proceeding pertaining to any Borrower
or any other Credit Party.

 

(b)     
Return of Payments.

 

(i)        If Agent pays an amount to a Lender under this Agreement in the belief or expectation that
a related payment has been or will be received by Agent from a Borrower and such related payment is not received by Agent, then Agent
will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind, together with
interest accruing on a daily basis at the Federal Funds Rate.

 

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(ii)       If
Agent determines at any time that any amount received by Agent under this Agreement must be returned to any Borrower or paid to any other
Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other
Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to
Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as
Agent is required to pay to any Borrower or such other Person, without setoff, counterclaim or deduction of any kind.

 

(c)     
Defaulted Lenders. The failure of any Defaulted Lender to make any payment required
by it hereunder shall not relieve any other Lender of its obligations to make payment, but neither any other Lender nor Agent shall be
responsible for the failure of any Defaulted Lender to make any payment required hereunder. Notwithstanding anything set forth herein
to the contrary, a Defaulted Lender shall not have any voting or consent rights under or with respect to any Financing Document or constitute
a “Lender” (or be included in the calculation of “Required Lenders” hereunder) for any voting or consent rights
under or with respect to any Financing Document.

 

(d)     
Sharing of Payments. If any Lender shall obtain any payment or other recovery (whether
voluntary, involuntary, by application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Section 2.6(d))
in excess of its Pro Rata Share of payments entitled pursuant to the other provisions of this Section 11.13, such Lender shall
purchase from the other Lenders such participations in extensions of credit made by such other Lenders (without recourse, representation
or warranty) as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of
them; provided, however, that if all or any portion of the excess payment or other recovery is thereafter required to be
returned or otherwise recovered from such purchasing Lender, such portion of such purchase shall be rescinded and each Lender which has
sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of such return
or recovery, without interest. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this
clause (e) may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 10.5)
with respect to such participation as fully as if such Lender were the direct creditor of Borrowers in the amount of such participation).
If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which
this clause (e) applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner
consistent with the rights of the Lenders entitled under this clause (e) to share in the benefits of any recovery on such secured claim.

 

Section 11.14   Right
to Perform, Preserve and Protect. If any Credit Party fails to perform any obligation hereunder or under any other
Financing Document, Agent itself may, but shall not be obligated to, cause such obligation to be performed at Borrowers’
expense. Agent is further authorized by Borrowers and the Lenders to make expenditures from time to time which Agent, in its
reasonable business judgment, deems necessary or desirable to (a) preserve or protect the business conducted by Borrowers, the
Collateral, or any portion thereof, and/or (b) enhance the likelihood of, or maximize the amount of, repayment of the Loan and
other Obligations. Each Borrower hereby agrees to reimburse Agent on demand for any and all costs, liabilities and obligations
incurred by Agent pursuant to this Section 11.14. Each Lender hereby agrees to indemnify Agent upon demand for any and
all costs, liabilities and obligations incurred by Agent pursuant to this Section 11.14, in accordance with the
provisions of Section 11.6.

 

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Section 11.15  
Additional Titled Agents. Except for rights and powers, if any, expressly
reserved under this Agreement to any bookrunner, arranger or to any titled agent named on the cover page of this Agreement, other than
Agent (collectively, the “Additional Titled Agents”),
and except for obligations, liabilities, duties and responsibilities, if any, expressly assumed under this Agreement by any Additional
Titled Agent, no Additional Titled Agent, in such capacity, has any rights, powers, liabilities, duties or responsibilities hereunder
or under any of the other Financing Documents. Without limiting the foregoing, no Additional Titled Agent shall have nor be deemed to
have a fiduciary relationship with any Lender. At any time that any Lender serving as an Additional Titled Agent shall have transferred
to any other Person (other than any Affiliates) all of its interests in the Loan, such Lender shall be deemed to have concurrently resigned
as such Additional Titled Agent.

 

Section 11.16  
Amendments and Waivers.

 

(a)     
No provision of this Agreement or any other Financing Document may be materially amended,
waived or otherwise modified unless such amendment, waiver or other modification is in writing and is signed or otherwise approved by
Borrowers, the Required Lenders and any other Lender to the extent required under clause (b).

 

(b)     
In addition to the required signatures under clause (a), no provision of this Agreement
or any other Financing Document may be amended, waived or otherwise modified unless such amendment, waiver or other modification is in
writing and is signed or otherwise approved by the following Persons:

 

(i)        if any amendment, waiver or other modification would increase a Lender’s funding obligations
in respect of any Loan, by such Lender; and/or

 

(ii)       the rights or duties of Agent are affected thereby, by Agent;

 

provided, however, that, in
each of (i) and (ii) above, no such amendment, waiver or other modification shall, unless signed or otherwise approved in writing by
all the Lenders directly affected thereby: (A) reduce the principal of, rate of interest on or any fees with respect to any Loan or
forgive any principal, interest (other than default interest) or fees (other than late charges) with respect to any Loan;
(B) postpone the date fixed for, or waive, any payment (other than in respect of any mandatory prepayment pursuant to Section 2.1(a)(iii))
of principal of any Loan, or of interest on any Loan (other than default interest) or any fees provided for hereunder (other than
late charges) or postpone the date of termination of any commitment of any Lender hereunder; (C) change the definition of the term
Required Lenders or the percentage of Lenders which shall be required for Lenders to take any action hereunder; (D) release all
or substantially all of the Collateral, authorize any Borrower to sell or otherwise dispose of all or substantially all of the
Collateral or release any guarantor of all or any portion of the Obligations or its Guarantee obligations with respect thereto,
except, in each case with respect to this clause (D), as otherwise may be provided in this Agreement or the other Financing
Documents (including in connection with any disposition permitted hereunder); (E) amend, waive or otherwise modify this clause
(b) or the definitions of the terms used in this clause (b) insofar as the definitions affect the substance of this clause
(b); (F) consent to the assignment, delegation or other transfer by any Credit Party of any of its rights and obligations under
any Financing Document or release any Borrower of its payment obligations under any Financing Document, except, in each case with
respect to this clause (F), pursuant to a merger, consolidation or disposition permitted pursuant to this Agreement; or (G) amend
any of the provisions of Section 10.6 or amend any of the definitions Pro Rata Share, Revolving Loan Commitment,
Revolving Loan Commitment Amount, Revolving Loan Commitment Percentage or any other provision that provides for the Lenders to
receive their Pro Rata Shares of any fees, payments, setoffs or proceeds of Collateral hereunder. It is hereby understood and agreed
that all Lenders shall be deemed directly affected by an amendment, waiver or other modification of the type described in the
preceding clauses (C), (D), (E), (F) and (G) of the preceding sentence.

 

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Section 11.17  
Assignments and Participations.

 

(a)     
Assignments.

 

(i)        Any Lender may (but only with the prior written consent of the Agent (not to be unreasonably
withheld or delayed)) at any time assign to one or more Eligible Assignees all or any portion of such
Lender’s Loan together with all related obligations of such Lender hereunder; provided, that the Agent shall provide the
Borrower Representative with a minimum of 120 days’ written notice of such assignment, unless (x) a Default or an Event of
Default shall have occurred and be continuing at the time of such assignment, or (y) such assignment is to a Lender or an Affiliate of
a Lender. Except as Agent may otherwise agree, the amount of any such assignment (determined as of the
date of the applicable Assignment Agreement or, if a “Trade Date” is specified in such Assignment Agreement, as of such Trade
Date) shall be in a minimum aggregate amount equal to $1,000,000 or, if less, the assignor’s entire interests in the outstanding
Loan; provided, however, that, in connection with simultaneous assignments to two or more related Approved Funds, such Approved
Funds shall be treated as one assignee for purposes of determining compliance with the minimum assignment size referred to above. Borrowers
and Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned to an
Eligible Assignee until Agent shall have received and accepted an effective Assignment Agreement executed, delivered and fully completed
by the applicable parties thereto and a processing fee of $3,500 to be paid by the assigning Lender; provided, however,
that only one processing fee shall be payable in connection with simultaneous assignments to two or more related Approved Funds.

 

(ii)       From
and after the date on which the conditions described above have been met, (A) such Eligible Assignee shall be deemed automatically
to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant to such Assignment
Agreement, shall have the rights and obligations of a Lender hereunder, and (B) the assigning Lender, to the extent that rights and
obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights and
obligations hereunder (other than those that survive termination pursuant to Section 12.1). Upon the request of the
Eligible Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, each Borrower shall
execute and deliver to Agent for delivery to the Eligible Assignee (and, as applicable, the assigning Lender) Notes in the aggregate
principal amount of the Eligible Assignee’s Loan (and, as applicable, Notes in the principal amount of that portion of the
principal amount of the Loan retained by the assigning Lender). Upon receipt by the assigning Lender of such Note, the assigning
Lender shall return to Borrower Representative any prior Note held by it.

 

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(iii)      Agent, acting solely for this purpose as an agent of Borrower, shall maintain at the office
of its servicer located in Bethesda, Maryland a copy of each Assignment Agreement delivered to it and a register for the recordation of
the names and addresses of each Lender, and the commitments of, and principal amount of the Loan owing to, such Lender pursuant to the
terms hereof. The entries in such register shall be conclusive in the absence of manifest error, and Borrower, Agent and Lenders may treat
each Person whose name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. Such register shall be available for inspection by Borrower and any Lender, at any reasonable time upon reasonable
prior notice to Agent.

 

(iv)      Notwithstanding the foregoing provisions of this clause (a)
or any other provision of this Agreement, any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal
Reserve Bank; provided, however, that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(v)       Notwithstanding the foregoing provisions of this clause (a)
or any other provision of this Agreement, Agent has the right, but not the obligation, to effectuate assignments of Loans via an electronic
settlement system acceptable to Agent as designated in writing from time to time to the Lenders by Agent (the “Settlement
Service”). At any time when the Agent elects, in its sole discretion, to implement such Settlement Service, each such
assignment shall be effected by the assigning Lender and proposed assignee pursuant to the procedures then in effect under the Settlement
Service, which procedures shall be consistent with the other provisions of this clause (a).
Each assigning Lender and proposed Eligible Assignee shall comply with the requirements of the Settlement Service in connection with effecting
any assignment of Loan pursuant to the Settlement Service. With the prior written approval of Agent, Agent’s approval of such Eligible
Assignee shall be deemed to have been automatically granted with respect to any transfer effected through the Settlement Service. Assignments
and assumptions of the Loan shall be effected by the provisions otherwise set forth herein until Agent notifies Lenders of the Settlement
Service as set forth herein.

 

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(b)     
 Participations. Any Lender may at any time, without the consent of, or notice to,
any Borrower or Agent, sell to one or more Persons (other than any Borrower or any Borrower’s Affiliates) participating interests
in its Loan, commitments or other interests hereunder (any such Person, a “Participant”).
In the event of a sale by a Lender of a participating interest to a Participant, (i) such Lender’s obligations hereunder shall remain
unchanged for all purposes, (ii) Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations hereunder, and (iii) all amounts payable by each Borrower shall be determined as if such Lender
had not sold such participation and shall be paid directly to such Lender. Each Borrower agrees that each Participant shall be
entitled to the benefits of Section 2.6 (subject to the requirements and limitations therein, including the requirements under
Sections 2.6(c) and 2.6(g) (it being understood that the documentation required under Sections 2.6(c) and 2.6(g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment
under paragraph (a) above; provided, that (A) such Participant agrees to be subject to the provisions of paragraph (c) below
as if it were an assignee under paragraph (a) above and (B) no Participant shall be entitled to receive any greater payment
under Sections 2.1(a)(v) or 2.6, with respect to any participation, than its participating Lender would have been entitled
to receive, except to the extent such entitlement to receive a greater payment results from a “change in applicable Law” that
occurs after the Participant acquired the applicable participation. Each Borrower agrees that if amounts
outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have
the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount
of its participating interest were owing directly to it as a Lender under this Agreement; provided, however, that such right
of setoff shall be subject to the obligation of each Participant to share with Lenders, and Lenders agree to share with each Participant,
as provided in Section 11.5. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Loans or other obligations under the Facility Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including
the identity of any Participant or any information relating to a Participant’s interest in any Loans, Revolving Loan Commitments
or Term Loan Commitments or its other obligations under any Facility Document) to any Person except to the extent that such disclosure
is necessary to establish that such Loan, Revolving Loan Commitments, Term Loan Commitments or other obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent)
shall have no responsibility for maintaining a Participant Register. 

 

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(c)      Replacement
of Lenders. Within thirty days after: (i) receipt by Agent of notice and demand from any Lender for payment of additional costs
as provided in Section 2.6(d), which demand shall not have been revoked, (ii) any Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.6(a)
or (b), (iii) any Lender is a Defaulted Lender, and the circumstances causing such status shall not have been cured or
waived; or (iv) any failure by any Lender to consent to a requested amendment, waiver or modification to any Financing Document in
which Required Lenders have already consented to such amendment, waiver or modification but the consent of each Lender, or each
Lender affected thereby, is required with respect thereto (each relevant Lender in the foregoing clauses (i) through (iv) being an
 “Affected Lender”), each of Borrower
Representative and Agent may, at its option, notify such Affected Lender and, in the case of Borrowers’ election, the Agent,
of such Person’s intention to obtain, at Borrowers’ expense, a replacement Lender (“Replacement
Lender”) for such Lender, which Replacement Lender shall be an Eligible Assignee and, in the event the Replacement
Lender is to replace an Affected Lender described in the preceding clause (iv), such Replacement Lender consents to the requested
amendment, waiver or modification making the replaced Lender an Affected Lender. In the event Borrowers or Agent, as applicable,
obtains a Replacement Lender within 90 days following notice of its intention to do so, the Affected Lender shall sell, at par, and
assign all of its Loan and funding commitments hereunder to such Replacement Lender in accordance with the procedures set forth in
(a); provided, however, that (A) Borrowers shall have reimbursed such Lender for its increased costs and additional
payments for which it is entitled to reimbursement under Section 2.6(a) or (b) or Section 2.6(d), as
applicable, of this Agreement through the date of such sale and assignment, and (B) Borrowers shall pay to Agent the $3,500
processing fee in respect of such assignment. In the event that a replaced Lender does not execute an Assignment Agreement pursuant
to (a) within five Business Days after receipt by such replaced Lender of notice of replacement pursuant to this clause (c)
and presentation to such replaced Lender of an Assignment Agreement evidencing an assignment pursuant to this clause (c),
such replaced Lender shall be deemed to have consented to the terms of such Assignment Agreement, and any such Assignment Agreement
executed by Agent, the Replacement Lender and, to the extent required pursuant to clause (a), Borrowers, shall be effective
for purposes of this clause (c) and clause (a). Upon any such assignment and payment, such replaced Lender shall no
longer constitute a “Lender” for purposes hereof,
other than with respect to such rights and obligations that survive termination as set forth in Section 12.1.

 

(d)     
Credit Party Assignments. No Credit Party may assign, delegate or otherwise transfer
any of its rights or other obligations hereunder or under any other Financing Document without the prior written consent of Agent and
each Lender.

 

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Section 11.18  
Funding and Settlement Provisions Applicable When Non-Funding Lenders Exist.

 

So long as Agent has not
waived the conditions to the funding of the Loans set forth in Article 7, any Lender may deliver a notice to Agent stating
that such Lender shall cease making Loans due to the non-satisfaction of one or more conditions to funding Loans set forth in Article
7, and specifying any such non-satisfied conditions. Any Lender delivering any such notice shall become a non-funding Lender (a
 “Non-Funding Lender”) for purposes of this
Agreement commencing on the Business Day following receipt by Agent of such notice, and shall cease to be a Non-Funding Lender on
the date on which such Lender has either revoked the effectiveness of such notice or acknowledged in writing to each of Agent the
satisfaction of the condition(s) specified in such notice, or Required Lenders waive the conditions to the funding of such Loans
giving rise to such notice by Non-Funding Lender. Each Non-Funding Lender shall remain a Lender for purposes of this Agreement to
the extent that such Non-Funding Lender has Revolving Loan Outstandings in excess of $0; provided, however, that
during any period of time that any Non-Funding Lender exists, and notwithstanding any provision to the contrary set forth herein,
the following provisions shall apply:

 

(a)     
For purposes of determining the Pro Rata Share of each Revolving Lender under clause (c)
of the definition of such term, each Non-Funding Lender shall be deemed to have a Revolving Loan Commitment Amount as in effect immediately
before such Lender became a Non-Funding Lender.

 

(b)     
Except as provided in clause (a) above, the Revolving Loan Commitment Amount of each Non-Funding
Lender shall be deemed to be $0.

 

(c)     
The Revolving Loan Commitment at any date of determination during such period shall be deemed
to be equal to the sum of (i) the aggregate Revolving Loan Commitment Amounts of all Lenders, other than the Non-Funding Lenders as of
such date plus (ii) the aggregate Revolving Loan Outstandings of all Non-Funding Lenders as of such date.

 

(d)     
Agent shall have no right to make or disburse Revolving Loans for the account of any Non-Funding
Lender pursuant to Section 2.1(a)(i) to pay interest, fees, expenses and other charges of any Credit Party.

 

(e)     
To the extent that Agent applies proceeds of Collateral or other payments received by Agent
to repayment of Revolving Loans pursuant to Section 10.6, such payments and proceeds shall be applied first in respect of
Revolving Loans made at the time any Non-Funding Lenders exist, and second in respect of all other outstanding Revolving Loans.

 

Section 11.19  
Buy-Out Upon Refinancing. MCF shall have the right to purchase from the
other Lenders all of their respective interests in the Loan at par in connection with any refinancing of the Loan upon one or more new
economic terms, but which refinancing is structured as an amendment and restatement of the Loan rather than a payoff of the Loan.

 

Article 12 - MISCELLANEOUS

 

Section 12.1      
Survival. All agreements, representations and warranties made herein and
in every other Financing Document shall survive the execution and delivery of this Agreement and the other Financing Documents and the
other Financing Documents. The provisions of Section 2.8 and Articles 11 and 12 shall survive the payment of
the Obligations (both with respect to any Lender and all Lenders collectively) and any termination of this Agreement and any judgment
with respect to any Obligations, including any final foreclosure judgment with respect to any Security Document, and no unpaid or unperformed,
current or future, Obligations will merge into any such judgment.

 

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Section 12.2       No
Waivers. No failure or delay by Agent or any Lender in exercising any right, power or privilege under any Financing
Document shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein and therein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. Any reference in any Financing Document to the
 “continuing” nature of any Event of Default shall not be construed as establishing or otherwise indicating that any
Borrower or any other Credit Party has the independent right to cure any such Event of Default, but is rather presented merely for
convenience should such Event of Default be waived in accordance with the terms of the applicable Financing Documents.

 

Section 12.3      
Notices.

 

(a)       All notices, requests and other communications to any party hereunder shall be in writing
(including prepaid overnight courier, facsimile transmission or similar writing) and shall be given to such party at its address, facsimile
number or e-mail address set forth on the signature pages hereof (or, in the case of any such Lender who becomes a Lender after the date
hereof, in an assignment agreement or in a notice delivered to Borrower Representative and Agent by the assignee Lender forthwith upon
such assignment) or at such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by notice
to Agent and Borrower Representative; provided, however, that notices, requests or other communications shall be permitted
by electronic means only in accordance with the provisions of clause (b)
and clause (c). Each such notice, request or other
communication shall be effective (i) if given by facsimile, when such notice is transmitted to the facsimile number specified by this
Section and the sender receives a confirmation of transmission from the sending facsimile machine, or (ii) if given by mail, prepaid overnight
courier or any other means, when received or when receipt is refused at the applicable address specified by this clause (a).

 

(b)       Notices and other communications to the parties hereto may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved from time to time by Agent,
provided, however, that the foregoing shall not apply to notices sent directly to any Lender if such Lender has notified
the Agent that it is incapable of receiving notices by electronic communication. The Agent or Borrower Representative may, in their discretion,
agree to accept notices and other communications to them hereunder by electronic communications pursuant to procedures approved by it,
provided, however, that approval of such procedures may be limited to particular notices or communications.

 

(c)       Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications posted
to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor, provided, however, that if any such notice or other communication is not sent or posted during normal business hours, such notice
or communication shall be deemed to have been sent at the opening of business on the next Business Day.

 

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Section 12.4       Severability.
In case any provision of or obligation under this Agreement or any other Financing Document shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

Section 12.5      
Headings. Headings and captions used in the Financing Documents (including
the Exhibits, Schedules and Annexes hereto and thereto) are included for convenience of reference only and shall not be given any substantive
effect.

 

Section 12.6      
Confidentiality.

 

(a)        Each Credit Party agrees (i) not to transmit or disclose provisions of any Financing Document
to any Person (other than to such Credit Parties’ auditors, advisors, directors and officers on a need-to-know basis or as otherwise
may be required by Law) without Agent’s prior written consent, and (ii) to inform all Persons of the confidential nature of the
Financing Documents and to direct them not to disclose the same to any other Person and to require each of them to be bound by these provisions.

 

(b)        Agent and each Lender shall hold all non-public information regarding the Credit Parties
and their respective businesses identified as such by Borrowers and obtained by Agent or any Lender pursuant to the requirements hereof
confidential in accordance with such Person’s customary procedures for handling information of such nature, except that disclosure
of such information may be made (i) to their respective agents, employees, Subsidiaries, Affiliates, attorneys, auditors, professional
consultants, rating agencies, insurance industry associations and portfolio management services, (ii) to prospective transferees or purchasers
of any interest in the Loans, the Agent or a Lender, provided, however, that any such Persons are bound by obligations of
confidentiality, (iii) as required by Law, subpoena, judicial order or similar order and in connection with any litigation, (iv) as may
be required in connection with the examination, audit or similar investigation of such Person, and (v) to a Person that is a trustee,
investment advisor or investment manager, collateral manager, servicer, noteholder or secured party in a Securitization (as hereinafter
defined) in connection with the administration, servicing and reporting on the assets serving as collateral for such Securitization. For
the purposes of this Section, “Securitization” shall mean (A) the pledge of the Loans as collateral security for loans
to a Lender, or (B) a public or private offering by a Lender or any of its Affiliates or their respective successors and assigns, of securities
which represent an interest in, or which are collateralized, in whole or in part, by the Loans. Confidential information shall include
only such information identified as such at the time provided to Agent and shall not include information that either: (y) is in the public
domain, or becomes part of the public domain after disclosure to such Person through no fault of such Person, or (z) is disclosed to such
Person by a Person other than a Credit Party, provided, however, Agent does not have actual knowledge that such Person is
prohibited from disclosing such information. The obligations of Agent and Lenders under this Section 12.6 shall supersede
and replace the obligations of Agent and Lenders under any confidentiality agreement in respect of this financing executed and delivered
by Agent or any Lender prior to the date hereof.

 

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Section 12.7       Waiver
of Consequential and Other Damages. To the fullest extent permitted by applicable Law, no Credit Party shall assert, and
each Credit Party hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of this Agreement,
any other Financing Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or
thereby, any Loan or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Financing Documents or the transactions contemplated
hereby or thereby.

 

Section 12.8      
GOVERNING LAW; SUBMISSION TO JURISDICTION.

 

(a)        THIS AGREEMENT, EACH NOTE AND EACH OTHER FINANCING DOCUMENT,
AND ALL DISPUTES AND OTHER MATTERS RELATING HERETO OR THERETO OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE),
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES.

 

(b)        EACH Credit Party HEREBY CONSENTS TO THE JURISDICTION OF ANY
STATE OR FEDERAL COURT LOCATED WITHIN NEW YORK COUNTY AND TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER FINANCING
DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH Credit Party EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS
AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. EACH Credit Party HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH Credit Party BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO
SUCH Credit Party AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN DAYS AFTER THE SAME HAS BEEN POSTED.

 

(c)        Each Credit Party, Agent and each Lender agree that each Loan (including those made on the
Closing Date) shall be deemed to be made in, and the transactions contemplated hereunder and in any other Financing Document shall be
deemed to have been performed in, the State of New York.

 

Section 12.9       WAIVER
OF JURY TRIAL. EACH OF EACH Credit Party, AGENT AND EACH LENDER HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE FINANCING
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND
NOT BEFORE A JURY. EACH Credit Party, AGENT AND EACH LENDER ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS, AND
THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH Credit Party, AGENT AND EACH LENDER WARRANTS
AND REPRESENTS THAT IT HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT IT KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

 

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Section 12.10  
Publication; Advertisement.

 

(a)        Publication. No Credit Party will directly or indirectly publish, disclose or otherwise
use in any public disclosure, advertising material, promotional material, press release or interview, any reference to the name, logo
or any trademark of MCF or any of its Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except
(i) as required by Law, subpoena or judicial or similar order, in which case the applicable Credit Party shall give Agent prior written
notice of such publication or other disclosure, or (ii) with MCF’s prior written consent.

 

(b)        Advertisement. Each Lender and each Credit Party hereby authorizes MCF to publish
the name of such Lender and Credit Party, the existence of the financing arrangements referenced under this Agreement, the primary purpose
and/or structure of those arrangements, the amount of credit extended under each facility, the title and role of each party to this Agreement,
and the total amount of the financing evidenced hereby in any “tombstone”, comparable advertisement or press release which
MCF elects to submit for publication, which, in the case of a press release, will be subject to the approval of Parent, not to be unreasonably
withheld. In addition, each Lender and each Credit Party agrees that MCF may provide lending industry trade organizations with information
necessary and customary for inclusion in league table measurements after the Closing Date. 

 

Section 12.11  
Counterparts; Integration. This Agreement and the other Financing Documents
may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version of any executed
signature page shall bind the parties hereto. This Agreement and the other Financing Documents constitute the entire agreement and understanding
among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter
hereof. To the extent permitted by applicable law, the words “executed”, “execution,” “signed,” “signature,”
and words of like import in this Agreement and any Financing Documents shall be deemed to include electronic signatures or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law.

 

Section 12.12  
No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provisions of this Agreement.

 

Section 12.13   Lender
Approvals. Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction of Agent or
Lenders with respect to any matter that is the subject of this Agreement, the other Financing Documents may be granted or withheld
by Agent and Lenders in their sole and absolute discretion and credit judgment.

 

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Section 12.14  
Expenses; Indemnity.

 

(a)     
Each Credit Party hereby agrees to promptly pay (i) all reasonable and out-of-pocket costs
and expenses of Agent (including, without limitation, the reasonable fees, costs and expenses of counsel to, and independent appraisers
and consultants retained by Agent) in connection with the examination, review, due diligence investigation, documentation, negotiation,
and closing of the transactions contemplated by the Financing Documents, in connection with the performance by Agent of its rights and
remedies under the Financing Documents and in connection with the continued administration of the Financing Documents including (A) any
amendments, modifications, consents and waivers to and/or under any and all Financing Documents, and (B) any periodic public record searches
conducted by or at the request of Agent (including, without limitation, title investigations, UCC searches, fixture filing searches, judgment,
pending litigation and tax lien searches and searches of applicable corporate, limited liability, partnership and related records concerning
the continued existence, organization and good standing of certain Persons); (ii) without limitation of the preceding clause (i), all
reasonable and out-of-pocket costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens pursuant
to the Financing Documents; (iii) without limitation of the preceding clause (i), all reasonable and out-of-pocket costs and expenses
of Agent in connection with (A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any litigation, dispute,
suit or proceeding relating to any Financing Document, and (C) any workout, collection, bankruptcy, insolvency and other enforcement proceedings
under any and all of the Financing Documents; (iv) without limitation of the preceding clause (i), all costs and expenses of Agent in
connection with Agent’s reservation of funds in anticipation of the funding of the initial Loans to be made hereunder; and (v) all
costs and expenses incurred by Lenders in connection with any litigation, dispute, suit or proceeding relating to any Financing Document
and in connection with any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all Financing Documents,
whether or not Agent or Lenders are a party thereto. If Agent or any Lender uses in-house counsel for any of these purposes, Borrowers
further agree that the Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged
by outside legal counsel selected by Agent or such Lender for the work performed.

 

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(b)      Each
Credit Party hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors, employees, trustees,
agents, investment advisors and investment managers, collateral managers, servicers, and counsel of Agent and Lenders (collectively
called the “Indemnitees”) from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements
of any kind or nature whatsoever (including the reasonable fees and disbursements of outside counsel for such Indemnitee) in
connection with any investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such
Indemnitee shall be designated a party thereto and including any such proceeding initiated by or on behalf of a Credit Party, which
may be imposed on, incurred by or asserted against such Indemnitee as a result of or in connection with the transactions
contemplated hereby or by the other Financing Documents (including (i)(A) as a direct or indirect result of the presence on or
under, or escape, seepage, leakage, spillage, discharge, emission or release from, any property now or previously owned, leased or
operated by any Credit Party, any Subsidiary or any other Person of any Hazardous Materials, (B) arising out of or relating to the
offsite disposal of any materials generated or present on any such property, or (C) arising out of or resulting from the
environmental condition of any such property or the applicability of any governmental requirements relating to Hazardous Materials,
whether or not occasioned wholly or in part by any condition, accident or event caused by any act or omission of any Credit Party or
any Subsidiary and (ii) proposed and actual extensions of credit under this Agreement) and the use or intended use of the proceeds
of the Loans, except that the Credit Parties shall have no obligation hereunder to an Indemnitee with respect to (A) any such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements resulting
from the gross negligence or willful misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of
competent jurisdiction, (B) litigation solely between a Credit Party or Credit Parties, on the one hand, and the Agent, or the
Lenders, on the other hand, in connection with this Agreement or the other Financing Documents or in any way relating to the
transactions contemplated hereby or thereby if, after final non-appealable judgment, such Credit Party or Credit Parties is/are the
prevailing party or parties in such litigation and (C) litigation among the Lenders, or between any of the Indemnitees in connection
with this Agreement, the Financing Documents, or in any way relating to the transactions contemplated hereby or thereby that is not
based on action or inaction of a Credit Party or one of its Affiliates. To the extent that the undertaking set forth in the
immediately preceding sentence may be unenforceable, the Credit Parties shall contribute the maximum portion which it is permitted
to pay and satisfy under applicable Law to the payment and satisfaction of all such indemnified liabilities incurred by the
Indemnitees or any of them. This Section 12.14(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim. If any proceeding shall be instituted involving any Indemnitee, in
respect of which indemnity may be sought against the Credit Parties, such Indemnitee shall promptly notify the Borrower
Representative in writing if not prohibited by applicable Law.

 

(c)     
Notwithstanding any contrary provision in this Agreement, the obligations of the Credit
Parties under this Section 12.14 shall survive the payment in full of the Obligations and the termination of this Agreement.
NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO ANY CREDIT PARTY OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE
OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR
CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR
ANY OTHER FINANCING DOCUMENT OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

 

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Section 12.15   Confession
of Judgment. UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, EACH Credit Party
AUTHORIZES ANY ATTORNEY ADMITTED TO PRACTICE BEFORE ANY COURT OF RECORD IN THE UNITED STATES OR THE CLERK OF SUCH COURT TO APPEAR ON
BEHALF OF SUCH Credit Party IN ANY COURT IN ONE OR MORE PROCEEDINGS, OR BEFORE ANY CLERK THEREOF OR PROTHONOTARY OR OTHER COURT
OFFICIAL, AND TO CONFESS JUDGMENT AGAINST the Borrowers and other Credit Parties IN FAVOR OF AGENT (FOR THE BENEFIT OF ALL LENDERS)
IN THE FULL AMOUNT DUE ON THIS AGREEMENT (INCLUDING PRINCIPAL, ACCRUED INTEREST AND ANY AND ALL CHARGES, FEES AND COSTS) PLUS
ATTORNEYS’ FEES EQUAL TO FIFTEEN PERCENT OF THE AMOUNT DUE (EXCEPT THAT AGENT SHALL NOT SEEK TO COLLECT AN AMOUNT IN EXCESS OF
ITS ACTUAL ATTORNEYS’ FEES), PLUS COURT COSTS, ALL WITHOUT PRIOR NOTICE OR OPPORTUNITY OF SUCH Credit Parties FOR PRIOR
HEARING. EACH CrediT Party AGREES AND CONSENTS THAT VENUE AND JURISDICTION SHALL BE PROPER IN THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST A Credit Party SHALL NOT BE
EXHAUSTED BY ONE OR MORE EXERCISES THEREOF, OR BY ANY IMPERFECT EXERCISE THEREOF, AND SHALL NOT BE EXTINGUISHED BY ANY JUDGMENT
ENTERED PURSUANT THERETO; SUCH AUTHORITY AND POWER MAY BE EXERCISED ON ONE OR MORE OCCASIONS FROM TIME TO TIME, IN THE SAME OR
DIFFERENT JURISDICTIONS, AS OFTEN AS AGENT SHALL DEEM NECESSARY, CONVENIENT, OR PROPER.

 

Section 12.16  
Reinstatement. This Agreement shall remain in full force and effect and
continue to be effective should any petition or other proceeding be filed by or against any Credit Party for liquidation or reorganization,
should any Credit Party become insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver,
receiver, receiver and manager or trustee be appointed for all or any significant part of any Credit Party’s assets, and shall continue
to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof,
is, pursuant to applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations,
whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment or performance had not been made. In
the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and
deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

Section 12.17  
Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of Borrowers and Agent and each Lender and their respective successors and permitted assigns.

 

Section 12.18  
USA PATRIOT Act. Agent (for itself and not on behalf of any Lender) and
each Lender hereby notifies the Credit Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify
and record certain information and documentation that identifies the Credit Parties, which information includes the name and address of
the Credit Parties and such other information that will allow Agent or such Lender, as applicable, to identify the Credit Parties in accordance
with the USA PATRIOT Act.

 

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Section 12.19  
Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary
in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Financing Document may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)        the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)       the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)        a reduction in full or in part or cancellation of any such liability;

 

(ii)       a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Financing Document; or

 

(iii)      the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of
any EEA Resolution Authority.

 

Section 12.20  
ERISA Matters. Each Lender represents and warrants to the Agent, the Credit Parties and their Affiliates, that
such Lender is not and will not be (i) an employee benefit plan subject to Title I of ERISA; (ii) a plan or account subject
to Section 4975 of the Code; (iii) an entity deemed to hold “plan assets” of any such plans or accounts for the
purposes of ERISA or the Code that is using “plan assets” of any such plans or accounts to fund or hold Loans or perform its
obligations under this Agreement; or (iv) a “governmental plan” within the meaning of ERISA.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE(S)]

 

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IN WITNESS WHEREOF,
intending to be legally bound, and intending that this Agreement constitute an agreement executed under seal, each of the parties have
caused this Agreement to be executed under seal the day and year first above mentioned.

 

	BORROWERS: 	CHICKEN SOUP FOR THE SOUL ENTERTAINMENT INC.
	 	A SHARP INC.
	 	CRACKLE PLUS, LLC
	 	CSS AVOD INC.
	 	HALCYON TELEVISION, LLC
	 	Landmark Studio Group LLC
	 	PIVOTSHARE, INC.
	 	POWERSLAM, LLC
	 	SCREEN MEDIA VENTURES, LLC
	 	 
	 	By:	/s/ William J. Rouhana, Jr.
	 	Name: William J. Rouhana, Jr.
	 	Title: CEO
	 	 
	 	Address:
	 	 
	 	132 E Putnam Ave
	 	Cos Cob, Connecticut 06807
	 	Attn: William J. Rouhana, Jr.
	 	E-Mail: wrouhana@chickensoupforthesoul.com

 

[Signature Page to Credit, Security and Guaranty Agreement]

 

     

     

    

 

	AGENT:	MIDCAP FINANCIAL TRUST
	 	 
	 	By:	 Apollo Capital Management, L.P.,
 its Investment Manager
	 	 
	 	By:	 Apollo Capital Management GP, LLC,
 its General Partner
	 	 
	 	By:	/s/ Maurice Amsellem
	 	Name: Maurice Amsellem
	 	Title: Authorized Signatory
	 	 
	 	Address:
	 	 
	 	c/o MidCap Financial Services, LLC, as servicer
	 	7255 Woodmont Avenue, Suite 300
	 	Bethesda, Maryland 20814
	 	Attn: Account Manager for Chicken Soup transaction
	 	Facsimile: 301-941-1450
	 	 
	 	Copying, for notice purposes only:
	 	 
	 	c/o MidCap Financial Services, LLC, as servicer
	 	7255 Woodmont Avenue, Suite 300
	 	Bethesda, Maryland 20814
	 	Attn: General Counsel
	 	Facsimile: 301-941-1450
	 	 
	 	Payment Account Designation
	 	 
	 	SunTrust Bank
	 	25 Park Place, Atlanta, GA 30303
	 	ABA #: 061000104
	 	Account Name: MIDCAP FINANCIAL TRUST
	 	Account #: 1000113400435
	 	Account Beneficiary: Chicken Soup for the Soul Entertainment, Inc.
	 	Bank (International SWIFT BIC): SNTRUS3A

 

[Signature Page to Credit,
Security and Guaranty Agreement]

 

     

     

    

 

	LENDER:	MIDCAP FINANCIAL TRUST
	 	 
	 	By:	 Apollo Capital Management, L.P.,
 its Investment Manager
	 	 
	 	By:	 Apollo Capital Management GP, LLC,
 its General Partner
	 	 
	 	By:	/s/ Maurice Amsellem
	 	Name: Maurice Amsellem
	 	Title: Authorized Signatory
	 	 
	 	Address:
	 	 
	 	c/o MidCap Financial Services, LLC, as servicer
	 	7255 Woodmont Avenue, Suite 300
	 	Bethesda, Maryland 20814
	 	Attn: Account Manager for Chicken Soup transaction
	 	Facsimile: 301-941-1450

 

[Signature Page to Credit, Security and Guaranty Agreement]

 

     

     

    

 

Annex A

 

Commitment Annex

 

MidCap Financial
Trust: $20,000,000Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

The following summary of the material
terms of the securities of Vy Global Growth (“we,” “us,” “our” or “the company”) is not
intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference to our
amended and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s Annual Report
on Form 10-K for the year ended December 31, 2020, and applicable Cayman Islands law. We urge you to read our amended and restated memorandum
and articles of association in their entirety for a complete description of the rights and preferences of our securities.

 

Certain Terms

 

Unless otherwise stated in this Exhibit or the context otherwise
requires, references to:

 

		•	“Companies Act” are to the Companies Act (2021 Revision) of the Cayman Islands as the same may be amended from time to
time;

		•	“founder shares” are to our Class B ordinary shares outstanding as of this Annual Report
on Form 10-K and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares at the time
of our initial business combination (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”)

		•	“Initial Public Offering” are to the company’s offering on October 6, 2020;

		•	“initial shareholders” are to our sponsor and each other holder of founder shares upon the consummation of our Initial
Public Offering;

		•	“ordinary shares” are to our Class A ordinary shares and our Class B ordinary shares;

		•	“private placement warrants” are to the warrants sold to our sponsor in a private placement
simultaneously with the closing of our Initial Public Offering and to be issued upon conversion of working capital loans, if any;

		•	“public shareholders” are to the holders of our public shares, including our sponsor and
founding team to the extent our sponsor and/or members of our founding team purchase public shares, provided that our sponsor’s
and each member of our founding team’s status as a “public shareholder” will only exist with respect to such public
shares;

		•	“public shares” are to our Class A ordinary shares sold as part of the units in our Initial
Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);

		•	“sponsor” are to Vy Global Growth Management Co., a Cayman Islands limited liability company; and

		•	“Vy Capital” are to Vy Capital Holding Company (Cayman) and its affiliates, an affiliate of our sponsor.

General

 

We are a Cayman Islands exempted
company and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common
law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, we are authorized to issue 200,000,000
Class A ordinary shares and 20,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following
description summarizes certain terms of our shares as set out more particularly in our amended and restated memorandum and articles of
association. Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each unit consists of one Class
A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary
share at a price of $11.50 per share, subject to adjustment as described in this Annual Report on Form 10-K. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole
warrant may be exercised at any given time by a warrant holder.

 

Ordinary Shares

 

Upon the closing of the Initial Public Offering, 72,250,000
of our ordinary shares were outstanding, including:

 

	 	•	57,500,000 Class A ordinary shares underlying the units issued as part of the Initial Public Offering; and

		•    	14,750,000 Class B ordinary shares held by our initial shareholders.

 

Ordinary shareholders
of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below,
holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum and
articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the
affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our
shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of
at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of
association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally
serve for terms of three years with only one class of directors being appointed in each year. There is no cumulative voting with
respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment
of directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared
by the board of directors out of funds legally available therefor.

 

     

     

    

 

Prior to our initial business
combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares
will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion of an initial business
combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. The provisions
of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial
business combination may only be amended by a special resolution passed by holders representing at least two- thirds of our issued and
outstanding Class B ordinary shares.

 

Because our amended and restated
memorandum and articles of association authorizes the issuance of up to 200,000,000 Class A ordinary shares, if we were to enter into
a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary
shares which we are authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder
approval in connection with our initial business combination.

 

Our board of directors is divided
into three classes with only one class of directors being appointed in each year and each class (except for those directors appointed
prior to our first annual general meeting) serving a three-year term. In accordance with NYSE corporate governance requirements, we are
not required to hold an annual general meeting until one year after our first fiscal year end following our listing on NYSE. As an exempted
company, there is no requirement under the Companies Law for us to hold annual or extraordinary general meetings to appoint directors.
We may not hold an annual or extraordinary general meeting to appoint new directors prior to the consummation of our initial business
combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee
chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination, holders
of a majority of our founder shares may remove a member of the board of directors for any reason.

 

We will provide our public shareholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to
the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously
released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations
described herein. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred
underwriting commissions we will pay to the underwriters. The redemption rights may include the requirement that a beneficial owner must
identify itself in order to valid redeem its shares. Our sponsor and our founding team have entered into an agreement with us, pursuant
to which they have agreed to waive their redemption rights with respect to their founder shares and any public shares purchased during
or after the Initial Public Offering in connection with (i) the completion of our initial business combination and (ii) a shareholder
vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or
timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with
our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the Initial Public Offering, or 27 months from the closing of the Initial Public Offering if we have executed a letter
of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the Initial Public
Offering, or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business
combination activity. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with
their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business
combinations even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange rule and
we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and
articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the
SEC prior to completing our initial business combination. Our amended and restated memorandum and articles of association requires these
tender offer documents to contain substantially the same financial and other information about the initial business combination and the
redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required
by applicable law or stock exchange rule, or we decide to obtain shareholder approval for business or other reasons, we will, like many
blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to
the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we receive approval
pursuant to an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who
attend and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their
affiliates in privately- negotiated transactions (as described in this Annual Report on Form 10-K), if any, could result in the approval
of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such
initial business combination unless restricted by applicable NYSE rules. For purposes of seeking approval of the majority of our issued
and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.
Our amended and restated memorandum and articles of association will require that at least five days’ notice will be given of any
general meeting.

 

If we seek shareholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated memorandum and articles of association provides that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as
defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our
prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares)
for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment
if they sell such Excess Shares on the open market.

 

Additionally, such shareholders
will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a
result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required
to sell their shares in open market transactions, potentially at a loss.

 

     

     

    

 

If we seek shareholder
approval, we will complete our initial business combination only if we receive approval pursuant to an ordinary resolution under
Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting
of the company. In such case, our sponsor and each member of our founding team have agreed to vote their founder shares and public
shares purchased during or after the Initial Public Offering in favor of our initial business combination. As a result, in addition
to our initial shareholders’ founder shares, we would need 21,562,501, or 37.5%, of the 57,500,000 public shares to be voted
in favor of an initial business combination in order to have our initial business combination approved (assuming all issued and
outstanding shares are voted). The other members of our founding team are subject to the same arrangements with respect to any
public shares acquired by them in or after the Initial Public Offering. Additionally, each public shareholder may appoint to redeem
their public shares irrespective of whether they vote for or against the proposed transaction or vote at all.

 

Pursuant to our amended and restated
memorandum and articles of association, if we do not consummate an initial business combination within 24 months from the Initial Public
Offering, or 27 months from Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement
for an initial business combination within 24 months from the Initial Public Offering, we will (i) cease all operations except for the
purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem the public shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to us to pay our income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of the then- outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors,
liquidate and dissolve, subject in each case of clause (ii) and (iii), to our obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law. Our sponsor and each member of our founding team have entered into an agreement
with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to
any founder shares they hold if we fail to consummate an initial business combination within 24 months from the Initial Public Offering,
or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for
an initial business combination within 24 months from the Initial Public Offering (although they will be entitled to liquidating distributions
from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within 24 months
from the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle
or definitive agreement for an initial business combination within 24 months from the Initial Public Offering ).

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the ordinary shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash
at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in
the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public
shares, upon the completion of our initial business combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are designated
as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in
the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that:

 

		•	prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors;

		•	the founder shares are subject to certain transfer restrictions, as described in more detail below;

		•	our sponsor and our founding team have entered into an agreement with us, pursuant to which they have
agreed to (i) waive their redemption rights with respect to any founder shares and public shares they hold, (ii) to waive their redemption
rights with respect to any founder shares and any public shares purchased during or after the Initial Public Offering in connection with
a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement
in principle or definitive agreement for an initial business combination within 24 months from the Initial Public Offering, (B) with respect
to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination activity and
(iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares or private placement warrants
they hold if we fail to consummate an initial business combination within 24 months from the Initial Public Offering, or 27 months from
the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business
combination within 24 months from the Initial Public Offering (although they will be entitled to liquidating distributions from the trust
account with respect to any public shares they hold if we fail to complete our initial business combination within 24 months from the
Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle
or definitive agreement for an initial business combination within 24 months from the Initial Public Offering);

		•	the founder shares will automatically convert into our Class A ordinary shares at the time of our initial
business combination as described below adjacent to the caption “Founder shares conversion and antidilution rights” and in
our amended and restated memorandum and articles of association; and

		•	the founder shares are entitled to registration rights.

 

If we submit our
initial business combination to our public shareholders for a vote, our sponsor and our founding team have agreed to vote their
founder shares and any public shares purchased during or after the Initial Public Offering in favor of our initial business
combination. If we seek shareholder approval, we will complete our initial business combination only if a majority of the ordinary
shares, represented in person or by proxy and entitled to vote thereon, voted at a general meeting are voted in favor of the
business combination. In such case, our sponsor and each member of our founding team have agreed to vote their founder shares and
any public shares purchased during or after the Initial Public Offering in favor of our initial business combination. As a result,
in addition to our initial shareholders’ founder shares, we would need 21,562,501, or 37.5%, of the 57,500,000 public shares
sold in the Initial Public Offering to be voted in favor of an initial business combination in order to have our initial business
combination approved (assuming all issued and outstanding shares are voted).

 

     

     

    

 

The founder shares will automatically
convert into Class A ordinary shares on the first business day following the consummation of our initial business combination at a ratio
such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-
converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public
Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise
of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible
into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private
placement warrants issued to our sponsor, members of our founding team or any of their affiliates upon conversion of working capital loans.
In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.

 

Except as described herein, our
sponsor and our founding team have agreed not to transfer, assign or sell (i) any of their founder shares until the earliest of (A) one
year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing
price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub- divisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or
other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash,
securities or other property and (ii) any of their private placement warrants and Class A ordinary shares issued upon conversion or exercise
thereof until 30 days after the completion of our initial business combination. Any permitted transferees will be subject to the same
restrictions and other agreements of our sponsor and our founding team with respect to any founder shares, private placement warrants
and Class A ordinary shares issued upon conversion or exercise thereof. We refer to such transfer restrictions throughout this Annual
Report on Form 10-K as the lock- up. Notwithstanding the foregoing, if the closing price of our Class A ordinary shares equals or exceeds
$12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares
will be released from the lock-up.

 

Prior to the completion of our
initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors. Holders
of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior to the completion
of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any
reason. These provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution
passed by holders representing at least two- thirds of our issued and outstanding Class B ordinary shares. With respect to any other matter
submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required by
law, holders of our founder shares and holders of our public shares will vote together as a single class, with each share entitling the
holder to one vote.

 

Register of Members

 

Under the Companies Act, we must keep a register of members
and there should be entered therein:

 

		•	the names and addresses of the members of the company, a statement of the shares held by each member, which:

		•	distinguishes each share by its number (so long as the share has a number);

		•	confirms the amount paid, or agreed to be considered as paid, on the shares of each member; confirms
the number and category of shares held by each member; and

		•	confirms whether each relevant category of shares held by a member carries voting rights under the Articles,
and if so, whether such voting rights are conditional;

		•	the date on which the name of any person was entered on the register as a member; and

		•	the date on which any person ceased to be a member.

 

For these purposes, “voting
rights” means rights conferred on shareholders, including the right to appoint or remove directors, in respect of their shares to
vote at general meetings of the company on all or substantially all matters. A voting right is conditional where the voting right arises
only in certain circumstances.

 

Under Cayman Islands law, the
register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of members will raise a presumption
of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter
of Cayman Islands law to have legal title to the shares as set against its name in the register of members. However, there are certain
limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members
reflects the correct legal position.

 

Further, the Cayman Islands court
has the power to order that the register of members maintained by a company should be rectified where it considers that the register of
members does not reflect the correct legal position. If an application for an order for rectification of the register of members were
made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court.

 

Preference Shares

 

Our amended and
restated memorandum and articles of association authorizes 1,000,000 preference shares and provides that preference shares may be
issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations,
powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and
restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval,
issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of
the ordinary shares and could have anti- takeover effects. The ability of our board of directors to issue preference shares without
shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of our
existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to
issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares have been issued or
registered as of the date of this Annual Report on Form 10-K.

 

     

     

    

 

Warrants

 

Public Shareholders’ Warrants

 

Each whole warrant entitles the
registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at
any time commencing on the later of one year from the closing of the Initial Public Offering and 30 days after the completion of our initial
business combination, provided in each case that we have an effective registration statement under the Securities Act covering the Class
A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders
to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered,
qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole
warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only
whole warrants will trade. Accordingly, unless you purchase at least five units, you will not be able to receive or trade a whole warrant.
The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier
upon redemption or liquidation.

 

We will not be obligated to deliver
any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a
registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective
and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration,
or a valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a Class A ordinary
share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that
the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will
not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net
cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit
containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

 

We have agreed that as soon as
practicable, but in no event later than 20 business days after the closing of our initial business combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants,
and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of
our initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to
those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class
A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the
definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of
public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so appoint, we will not be required to file or maintain in effect a registration statement. If a registration
statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing
of the initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in
accordance with Section 3(a)(9) of the Securities Act or another exemption, but we will use our best efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available.

 

In addition, if (x) we issue additional
Class A ordinary shares or equity linked securities for capital raising purposes in connection with the closing of our initial business
combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective
issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial shareholders
or their affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable,
prior to such issuance including any transfer or reissuance of such shares (the “Newly Issued Price”)), (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding
of our initial business combination, and (z) the volume-weighted average trading price of our Class A ordinary shares during the 10 trading
day period starting on the trading day after the day on which we consummate our initial business combination is below $9.20 per share,
the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the
Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices adjacent to “Redemption of warrants for cash
when the price per Class A ordinary share equals or exceeds $10.00” and “Redemptions of warrants for cash when the
price per Class A ordinary share equals or exceeds

$18.00” will be adjusted (to the nearest cent)
to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

 

Redemptions of warrants for
cash when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become exercisable, we may call the warrants
for redemption (except as described herein with respect to the private placement warrants):

 

		•	in whole and not in part;

		•	at a price of $0.01 per warrant;

		•	upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

		•	if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days
within a 30-trading day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant
holders (the “Reference Value”).

 

     

     

    

 

We will not redeem the
warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary
shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares is available
throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result,
we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise the warrants.

 

We have established the last of
the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to
the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
ordinary shares may fall below the

$18.00 redemption trigger price (as adjusted for share sub-divisions,
share capitalizations, reorganizations, recapitalizations and the like) as well as the

$11.50 (for whole shares) warrant exercise price after the
redemption notice is issued.

 

Redemption of warrants for
cash when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding
warrants:

 

		•	in whole and not in part;

		•	at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided
that during such 30 day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive
that number of shares determined by reference to the table below, based on the redemption date and the “fair market value”
of our Class A ordinary shares (as defined below) except as otherwise described below; provided, further, that if the warrants
are not exercised on a cashless basis or otherwise during such 30 day period, we shall redeem such warrants for $0.10 per share;

		•	if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the
Price per Class A Ordinary Share Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share subdivisions,
share dividends, reorganizations, recapitalizations and the like) on the trading day before we send the notice of redemption to the warrant
holders; and

		•	if the Reference Value is less than $18.00 per share (as adjusted for share subdivisions, share dividends,
reorganizations, recapitalizations and the like), the private placement warrants must also be concurrently called for redemption on the
same terms as the outstanding public warrants, as described above.

 

The numbers in the table below
represent the number of Class A ordinary shares that a warrant holder will receive upon exercise in connection with a redemption by us
pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined
based on volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the
date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption
date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the
final fair market value no later than one business day after the 10-trading day period described above ends.

 

Pursuant to the warrant agreement,
references above to Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary
shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers
in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants
if we are not the surviving entity following our initial business combination.

 

The share prices set forth in the
column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or
the exercise price of the warrant is adjusted as set forth under the heading “Anti-dilution Adjustments” below. If the number
of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices
immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such
adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number
of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of
shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares
deliverable upon exercise of a warrant as so adjusted. If the exercise price of the warrant is adjusted as a result of raising capital
in connection with the initial business combination, the adjusted share prices in the column headings will by multiplied by a fraction,
the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “Anti-dilution
Adjustments” and the denominator of which is $10.00.

 

Fair
Market Value of Class A Ordinary Shares

	Redemption Date (period to expiration of warrants)	 	<$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	 $14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	>$18.00	 
	57 months	 	0.257	 	 	0.277	 	 	0.294	 	 	0.310	 	 	0.324	 	 	0.337	 	 	0.348	 	 	0.358	 	 	0.361	 
	54 months	 	0.252	 	 	0.272	 	 	0.291	 	 	0.307	 	 	0.322	 	 	0.335	 	 	0.347	 	 	0.357	 	 	0.361	 
	51 months	 	0.246	 	 	0.268	 	 	0.287	 	 	0.304	 	 	0.320	 	 	0.333	 	 	0.346	 	 	0.357	 	 	0.361	 
	48 months	 	0.241	 	 	0.263	 	 	0.283	 	 	0.301	 	 	0.317	 	 	0.332	 	 	0.344	 	 	0.356	 	 	0.361	 
	45 months	 	0.235	 	 	0.258	 	 	0.279	 	 	0.298	 	 	0.315	 	 	0.330	 	 	0.343	 	 	0.356	 	 	0.361	 
	42 months	 	0.228	 	 	0.252	 	 	0.274	 	 	0.294	 	 	0.312	 	 	0.328	 	 	0.342	 	 	0.355	 	 	0.361	 
	39 months	 	0.221	 	 	0.246	 	 	0.269	 	 	0.290	 	 	0.309	 	 	0.325	 	 	0.340	 	 	0.354	 	 	0.361	 
	36 months	 	0.213	 	 	0.239	 	 	0.263	 	 	0.285	 	 	0.305	 	 	0.323	 	 	0.339	 	 	0.353	 	 	0.361	 
	33 months	 	0.205	 	 	0.232	 	 	0.257	 	 	0.280	 	 	0.301	 	 	0.320	 	 	0.337	 	 	0.352	 	 	0.361	 
	30 months	 	0.196	 	 	0.224	 	 	0.250	 	 	0.274	 	 	0.297	 	 	0.316	 	 	0.335	 	 	0.351	 	 	0.361	 
	27 months	 	0.185	 	 	0.214	 	 	0.242	 	 	0.268	 	 	0.291	 	 	0.313	 	 	0.332	 	 	0.350	 	 	0.361	 
	24 months	 	0.173	 	 	0.204	 	 	0.233	 	 	0.260	 	 	0.285	 	 	0.308	 	 	0.329	 	 	0.348	 	 	0.361	 
	21 months	 	0.161	 	 	0.193	 	 	0.223	 	 	0.252	 	 	0.279	 	 	0.304	 	 	0.326	 	 	0.347	 	 	0.361	 
	18 months	 	0.146	 	 	0.179	 	 	0.211	 	 	0.242	 	 	0.271	 	 	0.298	 	 	0.322	 	 	0.345	 	 	0.361	 
	15 months	 	0.130	 	 	0.164	 	 	0.197	 	 	0.230	 	 	0.262	 	 	0.291	 	 	0.317	 	 	0.342	 	 	0.361	 
	12 months	 	0.111	 	 	0.146	 	 	0.181	 	 	0.216	 	 	0.250	 	 	0.282	 	 	0.312	 	 	0.339	 	 	0.361	 
	9 months	 	0.090	 	 	0.125	 	 	0.162	 	 	0.199	 	 	0.237	 	 	0.272	 	 	0.305	 	 	0.336	 	 	0.361	 
	6 months	 	0.065	 	 	0.099	 	 	0.137	 	 	0.178	 	 	0.219	 	 	0.259	 	 	0.296	 	 	0.331	 	 	0.361	 
	3 months	 	0.034	 	 	0.065	 	 	0.104	 	 	0.150	 	 	0.197	 	 	0.243	 	 	0.286	 	 	0.326	 	 	0.361	 
	0 months	 	—	 	 	—	 	 	0.042	 	 	0.115	 	 	0.179	 	 	0.233	 	 	0.281	 	 	0.323	 	 	0.361	 

 

     

     

    

 

 

The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the
table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for
each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and
lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable.
For example, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time
there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature,
exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact fair market value
and redemption date are not as set forth in the table above, if the volume-weighted average price of our Class A ordinary shares as
reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the
warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in
connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no
event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per
warrant (subject to adjustment).

 

This redemption feature is structured
to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per share,
which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established
this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per
share threshold set forth above under “Redemptions of warrants for cash when the price per Class A ordinary share equals or exceeds
$18.00”. Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect,
receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of the prospectus
relating to our Initial Public Offering. This redemption right provides us with an additional mechanism by which to redeem all of the
outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would
have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise
this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest
to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure
to remove the warrants and pay the redemption price to the warrant holders.

 

As stated above, we can redeem
the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50,
because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class
A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving
fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary
shares if and when such Class A ordinary shares were trading at a price higher than the exercise price of $11.50.

 

No fractional Class A ordinary
shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will
round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if
we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as
the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its
commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

A holder of a warrant may notify
us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares issued
and outstanding immediately after giving effect to such exercise.

 

Anti-dilution Adjustments. If
the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares,
or by a sub-divisions of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend,
sub- divisions or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling
holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will
be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually
sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or
exercisable for Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights
offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or
exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical
fair market value” means the volume-weighted average price of Class A ordinary shares as reported during the 10 trading day period
ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.

 

In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to
all or substantially all the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into
which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when
combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the
365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to
appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the
exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount
of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (b) to satisfy the redemption rights of
the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum
and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary
shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the Initial Public Offering, or 27 months from
the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial
business combination within 24 months from the Initial Public Offering, or (B) with respect to any other provision relating to the
rights of holders of our Class A ordinary shares or pre-initial business combination activity, or (e) in connection with the
redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will
be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of
any securities or other assets paid on each Class A ordinary share in respect of such event.

 

    

     

    

 

If the number of outstanding Class
A ordinary shares is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares
or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or
similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease
in outstanding Class A ordinary shares.

 

Whenever the number of Class A
ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted
by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number
of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator
of which will be the number of Class A ordinary shares so purchasable immediately thereafter.

 

In case of any reclassification
or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of
such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued
and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other
property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu
of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity
that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within
thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement
based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is
to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants wereissued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the
warrants and the warrant agreement set forth in this Annual Report on Form 10-K, but requires the approval by the holders of at least
50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders. You should
review a copy of the warrant agreement, which on file with the SEC, for a complete description of the terms and conditions applicable
to the warrants.

 

The warrant holders do not have
the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary
shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each
share held of record on all matters to be voted on by shareholders.

 

No fractional shares will be issued
upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder.

 

We have agreed that, subject to
applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought
and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we
irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This
provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal
district courts of the United States of America are the sole and exclusive forum.

 

Private placement warrants

 

Except as described below, the
private placement warrants have terms and provisions that are identical to those of the warrants sold to the public. The private placement
warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable, assignable
or salable until 30 days after the completion of our initial business combination (except pursuant to limited exceptions as described
under “Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities
affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described above
under “Redemption of warrants for cash when the price per Class A ordinary share equals or exceeds $10.00”) so long
as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the
private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our sponsor or its permitted
transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the
same basis as the warrants included in the units sold to the public. Any amendment to the terms of the private placement warrants or any
provision of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 50% of the
number of the then outstanding private placement warrants.

 

If holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its
warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of
Class A ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market value” (defined
below) over the exercise price of the warrants by (y) the historical fair market value. The “historical fair market
value” will mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third
trading day prior to the date on which the notice of warrant exercise is sent to the holders of warrants. The reason that we have
agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and permitted transferees
is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain
affiliated with us, their ability to sell our securities in the open market will be significantly limited. We expect to have
policies in place that restrict insiders from selling our securities except during specific periods of time. Even during such
periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in
possession of material non-public information. Accordingly, unlike public shareholders who could exercise their warrants and sell
the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the
insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to
exercise such warrants on a cashless basis is appropriate.

 

    

     

    

 

In order to fund working capital
deficiencies or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of
our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000
of such loans may be convertible into warrants of the post-business combination company at a price of $1.50 per warrant at the option
of the lender. Such warrants would be identical to the private placement warrants.

 

Dividends

 

We have not paid any cash dividends
on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment
of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition
subsequent to completion of a business combination. The payment of any cash dividends subsequent to a business combination will be within
the discretion of our board of directors at such time, and we will only pay such dividend out of our profits or share premium (subject
to solvency requirements) as permitted under Cayman Islands law. Further, if we incur any indebtedness in connection with a business combination,
our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our ordinary
shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock
Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its shareholders, directors, officers
and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except
for any claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity.

 

Certain Differences in Corporate Law

 

Cayman Islands companies are governed
by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs
from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between
the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their
shareholders.

 

Mergers and Similar Arrangements.
In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between
a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that
other jurisdiction) so as to form a single surviving company.

 

Where the merger or consolidation
is between two Cayman Islands companies, the directors of each company must approve and enter into a written plan of merger or consolidation
containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution
(usually a majority of two-thirds in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b)
such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution
is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary
company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must
be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements
of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the
plan of merger or consolidation.

 

Where the merger or consolidation
involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands
exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements
set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the
foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements
of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed
and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that
no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign
company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has
been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended
or restricted.

 

Where the surviving company is
the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to
the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign
company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured
creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the
surviving or consolidated company

(a) consent or approval to the transfer has been obtained,
released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign
company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have been or will be complied with;
(iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist
under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest
to permit the merger or consolidation.

 

    

     

    

 

Where the above procedures
are adopted, the Companies Act provides certain limited appraisal rights for dissenting shareholders to be paid a payment of the
fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence,
that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation to the constituent
company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for
his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date on which the merger or
consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a
written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent company, give the
constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair
value of his shares; (d)  within seven days following the date
of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or
consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a
written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if
the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must pay
the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20
days following the date on which such 30 day period expires, the company (and any dissenting shareholder) must file a petition with
the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and
addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the
company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair
rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder
whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value
is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding
shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation
system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a
national securities exchange or shares of the surviving or consolidated company.

 

Moreover, Cayman Islands law has
separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement
will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman
Islands as a “scheme of arrangement” which may be tantamount to a merger.

 

In the event that a merger was
sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures
typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number
of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourth in
value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at
a meeting, or meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned
by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the
transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

 

		•	we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory
provisions as to majority vote have been complied with;

 

		•	the shareholders have been fairly represented at the meeting in question; the arrangement is such as a businessman would reasonably
approve; and

 

		•	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies
Act or that would amount to a “fraud on the minority.”

 

If a scheme of arrangement or takeover
offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights
to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting
shareholders of United States corporations.

 

Squeeze-out Provisions. When
a tender offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within
a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be
made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of the shareholders.

 

Further, transactions similar
to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions,
such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.

 

Shareholders’ Suits.
Campbells, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court.
Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such
actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example)
our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English
authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the
foregoing principle apply in circumstances in which:

 

		•	a company is acting, or proposing to act, illegally or ultra vires (beyond the scope of its authority);

 

		•	the act complained of, although not beyond the scope of the authority, could be effected if duly authorized
by more than the number of votes which have actually been obtained; or

 

		•	those who control the company are perpetrating a “fraud on the minority.”

 

A shareholder may have a direct
right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities.The
Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally,
Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

 

    

     

    

 

We have been advised by Campbells,
our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments
of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any
state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability
provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are
penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the
United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction
without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an
obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced
in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine
or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained
in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards
of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings
if concurrent proceedings are being brought elsewhere.

 

Special Considerations for
Exempted Companies. We are an exempted company with limited liability (meaning our public shareholders have no liability, as members
of the company, for liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies
Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but
conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted
company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

 

		•	annual reporting requirements are minimal and consist mainly of a statement that the company has conducted
its operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act;

 

		•	an exempted company’s register of members is not open to inspection;

 

		•	an exempted company does not have to hold an annual general meeting;

 

		•	an exempted company may issue negotiable shares or shares with no par value;

 

		•	an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance);

 

		•	an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

 

		•	an exempted company may register as a limited duration company; and an exempted company may register as a segregated portfolio company.

 

Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum
and articles of association contains provisions designed to provide certain rights and protections relating to the Initial Public Offering
that will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution.
As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved by either (i) the affirmative
vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s shareholders
entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous written resolution of all of the
company’s shareholders. Our amended and restated memorandum and articles of association provides that special resolutions must be
approved either by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold
permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Further, our amended and restated
memorandum and articles of association provides that a quorum at our general meetings will consist of one-third of the ordinary shares
entitled to vote at such meeting and present in person or by proxy; provided that a quorum in connection with any meeting that is convened
to vote on a business combination or any amendment to our amended and restated memorandum and articles of association (A) that would modify
the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in
connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent,
agreement in principle or definitive agreement for an initial business combination within 24 months from the Initial Public Offering,
or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity shall be a majority of the ordinary shares entitled to vote at such meeting being individuals present in person or by proxy or
if a corporation or other non-natural person by its duly authorized representative or proxy.

 

Our initial shareholders and their
permitted transferees, if any, who collectively beneficially own approximately 20% of our ordinary shares upon the closing of the Initial
Public Offering, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the
discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association provides,
among other things, that:

 

		•	if we do not consummate an initial business combination within 24 months from the Initial Public
                                                                      Offering, or 27 months from the Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive
                                                                      agreement for an initial business combination within 24 months from the Initial Public Offering, we will (i) cease all operations
                                                                      except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem
                                                                      the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
                                                                      including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any
                                                                      (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then- outstanding public shares, which
                                                                      redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further
                                                                      liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
                                                                      of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to
                                                                      our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

 

    

     

    

 

		•	prior to the completion of our initial business combination, we may not issue additional securities
that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a)
on our initial business combination or on any other proposal presented to shareholders prior to or in connection with the completion of
an initial business combination or (b) to approve an amendment to our amended and restated memorandum and articles of association to (x)
extend the time we have to consummate a business combination beyond 24 months from the Initial Public Offering, or 27 months from the
Initial Public Offering if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business
combination within 24 months from the Initial Public Offering, or (y) amend the foregoing provisions;

 

		•	although we do not intend to enter into a business combination with a partner business that is affiliated
with our sponsor, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm which is a member of FINRA
or an independent valuation or accounting firm that such a business combination or transaction is fair to our company from a financial
point of view;

 

		•	if a shareholder vote on our initial business combination is not required by applicable law or stock
exchange rule and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares
pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our
initial business combination which contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

		•	our initial business combination must occur with one or more partner businesses that together have an
aggregate fair market value of at least 80% of the net assets held in the trust account (excluding the amount of deferred underwriting
discounts held in trust and taxes payable on the interest earned on the trust account) at the time of signing the agreement to enter into
the initial business combination;

 

		•	if our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their
shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the Initial Public Offering, or 27 months from the Initial Public Offering if we have executed
a letter of intent, agreement in principle or definitive agreement for an initial business combination within 24 months from the Initial
Public Offering, or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial
business combination activity, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary
shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the
number of the then-outstanding public shares, subject to the limitations described herein; and

 

		•	we will not effectuate our initial business combination solely with another blank check company or a similar company with nominal
operations.

 

In addition, our amended and restated
memorandum and articles of association provides that under no circumstances will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001.

 

The Companies Act permits a company
incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution. A company’s
articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority
is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum
and articles of association provides otherwise. Accordingly, although we could amend any of the provisions relating to our proposed offering,
structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of these
provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or
waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

In order to comply with legislation
or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures, and
may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions,
we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information)
to a suitable person.

 

We reserve the right to request
such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further
information is required since an exemption applies under the Anti- Money Laundering Regulations (2020 Revision) of the Cayman Islands,
as amended and revised from time to time (the “Regulations”). Depending on the circumstances of each application, a detailed
verification of identity might not be required where:

 

		(a)	the subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial
institution;

 

		(b)	the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or
formed under the law of, a recognized jurisdiction; or

 

		(c)	the application is made through an intermediary which is regulated by a recognized regulatory authority
and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the
procedures undertaken on the underlying investors.

 

For the purposes of these exceptions,
recognition of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by
reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

 

    

     

    

 

In the event of delay or failure
on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application,
in which case any funds received will be returned without interest to the account from which they were originally debited.

 

We also reserve the right to refuse
to make any distribution payment to a shareholder if our directors or officers suspect or are advised that the payment of such distribution
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant
jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in
any applicable jurisdiction.

 

If any person resident in the
Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in criminal conduct
or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the
course of business in the regulated sector or other trade, profession, business or employment, the person will be required to report such
knowledge or suspicion to

(i) 
the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands
if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the
Financial Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement
with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction
upon the disclosure of information imposed by any enactment or otherwise.

 

Data Protection in the Cayman Islands — Privacy
Notice

 

We have certain duties under the
Data Protection Act, 2017 of the Cayman Islands (the “DPA”) based on internationally accepted principles of data privacy.

 

Introduction

 

This privacy notice puts our shareholders
on notice that through your investment in the company you will provide us with certain personal information which constitutes personal
data within the meaning of the DPA (“personal data”).

 

In the following discussion, the “company” refers
to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor Data

 

We will collect, use, disclose,
retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during
the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to
conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only
transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information
security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss,
destruction or damage to the personal data.

 

In our use of this personal data,
we will be characterized as a “data controller” for the purposes of the DPA, while our affiliates and service providers who
may receive this personal data from us in the conduct of our activities may either act as our “data processors” for the purposes
of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

 

We may also obtain personal data
from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any
individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact
information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport
number, bank account details, source of funds details and details relating to the shareholder’s investment activity.

 

Who this Affects

 

If you are a natural person, this
will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted
limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in
the Company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals
or otherwise advise them of its content.

 

How the Company May Use Your Personal Data

 

The company, as the data controller, may collect, store
and use personal data for lawful purposes, including, in particular:

 

		(i)	where this is necessary for the performance of our rights and obligations under any purchase agreements;

 

		(ii)	where this is necessary for compliance with a legal and regulatory obligation to which we are subject
(such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

 

		(iii)  	where this is necessary for the purposes of our legitimate interests and such interests are not overridden
by your interests, fundamental rights or freedoms.

 

Should we wish to use personal data for other specific purposes
(including, if applicable, any purpose that requires your consent), we will contact you.

 

Why We May Transfer Your Personal Data

 

In certain circumstances, we
may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory
authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this
information with foreign authorities, including tax authorities.

 

    

     

    

 

We anticipate disclosing personal
data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US,
the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

 

The Data Protection Measures We Take

 

Any transfer of personal data
by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of
the DPA.

 

We and our duly authorized affiliates
and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized
or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

 

We shall notify you of any personal
data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to
whom the relevant personal data relates.

 

If you consider that your personal
data has not been handled correctly, or you are not satisfied with the company’s responses to any requests you have made regarding
the use of your personal data, you have the right to complain to the Cayman Islands’ Ombudsman. The Ombudsman can be contacted by
calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

 

Certain Anti-Takeover Provisions of our Amended and
Restated Memorandum and Articles of Association

 

Our amended and restated memorandum
and articles of association provides that our board of directors is classified into three classes of directors. As a result, in most circumstances,
a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general stock meetings.

 

Our authorized but unissued Class
A ordinary shares and preference shares are available for future issuances without shareholder approval and could be utilized for a variety
of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence
of authorized but unissued and unreserved Class A ordinary shares and preference shares could render more difficult or discourage an attempt
to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Securities Eligible for Future Sale

 

Immediately after the Initial
Public Offering we had 57,500,000 Class A ordinary shares issued and outstanding on an as-converted basis. Of these shares, the Class
A ordinary shares sold in the Initial Public Offering will be freely tradable without restriction or further registration under the Securities
Act, except for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act.
All of the outstanding founder shares (14,375,000 founder shares) and all of the outstanding private placement warrants (5,180,000 private
placement warrants) are are restricted securities under Rule 144, in that they were issued in private transactions not involving a public
offering.

 

Rule 144

 

Pursuant to Rule 144, a person
who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell their securities provided that
(i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and

(ii) 
we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all
required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file
reports) preceding the sale.

 

Persons who have beneficially
owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or at any time during the three
months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month
period only a number of securities that does not exceed the greater of:

 

		•	1% of the total number of ordinary shares then outstanding, which equals 718,750 shares immediately after the Initial Public Offering;
and

 

		•	the average weekly reported trading volume of the Class A ordinary shares during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule
144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about
us.

 

Restrictions on the Use of Rule 144 by Shell
Companies or Former Shell Companies

 

Rule 144 is not available for the
resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have
been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following
conditions are met:

 

		•	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		•	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

		•	the issuer of the securities has filed all Exchange Act reports and material required to be filed, as
applicable, during the preceding 12 months (or such shorter period that the issuer was required to
file such reports and materials), other than Form 8-K reports; and

 

		•	at least one year has elapsed from the time that the issuer filed current Form 10 type information with
the SEC reflecting its status as an entity that is not a shell company.

 

As a result, our initial shareholders
will be able to sell their founder shares and our sponsor will be able to sell its private placement warrants, and the securities underlying
the foregoing, pursuant to Rule 144 without registration one year after we have completed our initial business combination.

 

    

     

    

 

Registration and Shareholder Rights

 

The holders of the founder shares,
private placement warrants, Class A ordinary shares underlying the private placement warrants and warrants that may be issued upon conversion
of working capital loans (and any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that
may be issued upon conversion of working capital loans) will be entitled to registration rights pursuant to a registration and shareholder
rights agreement that the holders signed at the closing of our Initial Public Offering. The holders of these securities are entitled to
make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-
back” registration rights with respect to registration statements filed subsequent to our completion of our initial business combination.
However, the registration and shareholder rights agreement provides that we will not permit any registration statement filed under the
Securities Act to become effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares,
as described in the following paragraph, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares
underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred in connection
with the filing of any such registration statements.

 

Except as described herein, our
sponsor and our directors and executive officers have agreed not to transfer, assign or sell (i) any of their founder shares until the
earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination,
(x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share divisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange, reorganization or
other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash,
securities or other property, and (ii) any of their private placement warrants and Class A ordinary shares issued upon conversion or exercise
thereof until 30 days after the completion of our initial business combination. Any permitted transferees will be subject to the same
restrictions and other agreements of our sponsor and directors and executive officers with respect to any founder shares, private placement
warrants and Class A ordinary shares issued upon conversion or exercise thereof. We refer to such transfer restrictions throughout this
Annual Report on Form 10-K as the lock-up.

 

In addition, pursuant to the registration
and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to
nominate three individuals for appointment to our board of directors, as long as the sponsor holds any securities covered by the registration
and shareholder rights agreement.

 

Listing of Securities

 

Our units, Class A ordinary shares
and warrants are listed on NYSE under the symbols “VYGG.U,” “VYGG” and “VYGG.W,” respectively. The
units will automatically separate into their component parts and will not be traded following the completion of our initial business combination.

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