Document:

LOC-
Instalment Loan Credit QUE Feb 2016

 

		Canadian
                                         Imperial Bank of Commerce

        1006-2540
        Daniel-Johnson, Blvd.

        Laval,
        Quebec, Canada

        H7T
        2S3

        Office;
        (450) 687-6048

        Fax;
        (450) 687-0484

July
10, 2017

 

Les
Systèmes d’Écran Strong/MDI Inc.

Strong/MDI
Screen Systems Inc.

1440
rue Raoul-Charette

Joliette,
Quebec

Canada

J6E
8S7

 

Attention:

Mr.
D. Kyle Cerminara, Chairman and Chief Executive Officer

Mr.
Ray F. Boegner, President

Mr.
Lance V. Schulz, Senior Vice-President, Chief Financial Officer & Treasurer

Mr.
Ryan Turner, Vice-President of Strategic Investments, Ballantyne Strong Inc.

 

Dear
Sirs:

 

We
are pleased to establish the following credit facilities. Each credit offered is referred to as a “Facility”.

 

A
- Revolving Line of Credit Facility

 

	Credit
    Limit:	CDN
    $3,500,000.
	 	 
	Purpose:	This
    revolving line of credit is to be used for: Day to day operating requirements under Business Operating Account # [redacted].
	 	 
	Description:	A
    revolving demand credit. Principal that is borrowed and repaid may be re-borrowed up to the above Credit Limit.
	 	 
	Rate:	Prime
    Rate per annum.
	 	 
	Repayment:	On
    demand.

 

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LOC-
Instalment Loan Credit QUE Feb 2016

 

	Borrowing
                                         Base Requirement:

         
	The
                                         total amount available under this Facility shall be calculated as the lesser of:

        a)       The
        Credit Limit noted above; and

        b)       The
        sum of:

        i.       80%
        of Eligible Account Receivable Value which includes all Account Receivable domestic and foreign, plus,

        ii.       50%
        of Eligible Inventory Value (Raw materials and Finished goods) subject to an inventory cap of 1,000,000 $, less,

        iii.       Prior
        Ranking Claims.

 

B
- Instalment Loan Facility

 

	Loan
    Amount:

    (rounded to the nearest dollar)	CDN
    $ 6,000,000
	 	 
	Purpose:	This
    Facility is to be used for: Loan # [redacted] required to finance building located at 1440 rue Raoul-Charette, Joliette, Quebec,
    Canada.
	 	 
	Description	A
    non-revolving Demand Instalment Loan. Principal that is repaid is not available to be re-borrowed.
	 	 
	Last
    Regular Scheduled Payment Date:	240
    months from the date of the first regular payment date.
	 	 
	Repayment:	On
    demand. Until demand, this Facility is repayable as follows: 
	 	240
    regular monthly payments of CDN $25,000.00 each, plus accrued interest payable monthly commencing 30 days after the date of
    advance (or the final date of advance, in the case of multiple draws under this Facility) of this Demand Instalment Loan,
    and until such time, accrued interest is payable monthly.
	 	 
	 	You
    may only prepay this Facility in accordance with Schedule A.

 

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LOC-
Instalment Loan Credit QUE Feb 2016

 

C
- Instalment Loan Facility

 

	Loan
    Amount:

    (rounded to the nearest dollar)	CDN$
    500,000.
	 	 
	Purpose:	This
    Facility is to be used for: Loan # [redacted] required to finance equipment.
	 	 
	Description	A
    non-revolving Demand Instalment Loan. Principal that is repaid is not available to be re-borrowed.
	 	 
	Rate:	Prime
    Rate plus 0.50% per annum.
	 	 
	Last
    Regular Scheduled Payment Date:	60
    months from the date of the first regular payment date.
	 	 
	Repayment:	On
    demand. Until demand, this Facility is repayable as follows: 
	 	60
    regular monthly payments of CDN$ 8,333.33 each, plus accrued interest payable monthly commencing 30 days after the date of
    advance (or the final date of advance, in the case of multiple draws under this Facility) of this Demand Instalment Loan,
    and until such time, accrued interest is payable monthly. 
	 	 
	 	You
    may only prepay this Facility in accordance with Schedule A.

 

Security

 

	The
    following security is required:
	 	 
	Movable
    Hypothec-Enterprise:	First
                                         ranking movable hypothec for a principal amount of CDN$ 6,000,000:

        (a)    On
        all your present and future movable property, including all claims, inventory, equipment, incorporeal rights (including
        intellectual property) and securities.

	 	 
	Immovable
    Hypothec — Commercial :

    
	First
    ranking immovable hypothec in the principal amount of CDN $6,000,000 over the immovable property situated at 1440 rue Raoul-Charette,
    Joliette, Quebec, Canada with supporting resolution, plus appropriate confirmation of hypothec of fire and other perils insurance,
    with loss payable to CIBC as first payee.
	 	 
	Other
    Security:	●     An
    acknowledged hypothec and assignment of adequate fire and other perils insurance on equipment and inventory of the Borrower
    that are subject to CIBC’s security, with loss payable to CIBC as first payee.

 

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LOC-
Instalment Loan Credit QUE Feb 2016

 

Financial
Covenants

 

	You
    will maintain and respect the following ratios and other covenants:
	 	 
	Total
    Liabilities to Effective Equity Ratio:	2.00
    to 1.0 or less. This will be monitored on a quarterly basis.
	 	 
	Current
    Ratio:	1.50
    to 1.0 or more. This will be monitored on a quarterly basis.
	 	 
	Minimum
    Effective Equity:	CDN
    $8,000,000 or more. This will be monitored on a quarterly basis.
	 	 
	Conditions:	The
                                         covenants above are to be calculated as follows:

        ●     On
        an unconsolidated basis

 

Conditions
Precedent and Other Covenants

 

We
will not be obliged to make any funds available under the Facilities until we receive (in addition to the documentation and conditions
specified in this Letter and in Schedule A):

 

		(a)	The
    Year End Financial Statements as at December 31,2016 completed and reviewed by BDO and satisfactory to CIBC 

 

Reporting
Requirements

 

 
The following reporting is required to be provided to us.

 

	 	(a)	Review
    Engagement annual financial statements signed by your officer, within 120 days after the end of each fiscal year, on
    an unconsolidated basis.
	 	 	 
	 	(b)	Audited
    annual financial statements signed by your officer for Ballantyne Strong Inc., within 120 days after the end of each
    fiscal year, on a consolidated basis.
	 	 	 
	 	(c)	Monthly
    certificate signed by your officer, including an aged Accounts Receivable Listing, an Inventory Declaration, an aged Payable
    Listing along with a list of any advances or priority payables within 20 day(s) of the end of each month.
	 	 	 
	 	(d)	A
    annual budget for your next fiscal year, including quarterly projected income statement within 120 days after the end
    of each fiscal year end, on an unconsolidated basis.
	 	 	 
	 	(e)	Internally
    Generated quarterly interim financial statements signed by your officer, within 30 days after the end of each fiscal
    quarter-end for Strong/MDI Screens Systems Inc, on an unconsolidated basis.

 

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LOC-
Instalment Loan Credit QUE Feb 2016

 

	 	(f)	Confirmation
    of insurance in a form satisfactory to us, as required under your Facilities, from the insurance broker of Les Systèmes
    d’Écran Strong/MDI Inc. prior to any advance under a Facility if required, and thereafter, within 120 days after
    the renewal of each insurance policy.

 

Fees

 

	These
    fees are in addition to fees, costs or expenses described in Schedule A Standard Credit Terms.
	 	 
	Loan
    Administration Fee:	CDN
    $125 per month payable in arrears. This fee will be charged for each month the Facility is available, even if you do not use,
    or maintain a balance in, the Facility.
	 	 
	Structuring
    Fee:	CDN
    $15,000.
	 	 
	Annual
    Fee:	CDN
    $7,500.
	 	 
	Amendment
    Fee: 	CDN
    $500 payable on the date you sign such amendment.

 

Other
Provisions

 

	Currency
    and Interest Rate Risk Management:	You
    may, from time to time, enter into derivative transactions with CIBC to manage currency or interest rate risk associated with
    Credits under this letter agreement. Derivative transactions shall be governed by separate documentation entered into with
    CIBC which may include, without limitation, an International Swaps and Derivatives Association (“ISDA”) master
    agreement. Notwithstanding the agreed-upon terms of the derivative transactions, you agree and acknowledge that the terms
    of the Credits are independent of the terms of the derivative transactions. CIBC reserves the right to review and amend the
    terms and conditions of the related loan or Facility, including without limitation amending interest spreads on Prime Rate
    or US Base Rate at any time and from time to time in accordance with the terms of this Letter. You further agree and acknowledge
    that security provided under the terms of this Letter that secures all of your present and future indebtedness and liabilities
    shall secure your indebtedness owing to each of CIBC and CIBC’s affiliates under any Facility-related derivative transactions,
    in addition to any security required under ISDA or other documentation.
	 	 
	Schedule
    A:	The
    attached Schedule A, which contains certain additional provisions applicable to the Facilities and certain definitions, forms
    part of this Letter.
	 	 
	Repayment:	All
    amounts under any Facility are repayable immediately on demand by us unless otherwise indicated. We may terminate any Facility
    in whole or in part at any time.

 

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LOC-Instalment Loan Credit QUE Feb 2016

 

	Replacements:	This
    Letter supersedes and replaces all prior discussions, letters and agreements (if any) describing the terms and conditions
    of Facilities contained in this Letter. This Letter does not however operate as a novation of any Facility previously granted.
    CIBC retains all of its rights in respect of any Security that has been granted to secure your obligations with respect to
    the Facilities.
	 	 
	English
    Language:	The
    parties confirm their express wish that this Letter and all documents related thereto be drawn up in English. Les parties
    confirment leur volonté expresse de voir le présent contrat et tous les documents s’y rattachant être
    rédigés en anglais.

 

Please
indicate that you have read and accept the foregoing terms and conditions (including the terms and conditions in any Schedule
attached to this Letter) by signing the enclosed duplicate copy of this Letter.

 

If
we have not received a duly executed copy of this Letter and you have not fulfilled all the conditions required for us to advance
funds under the Facilities indicated in this Letter by October 10, 2017, we may in our sole discretion and without notice to you,
cancel all of the Facilities listed in this Letter and we will be under no further obligation to advance any funds to you under
this Letter.

 

We
would like to take this opportunity to thank you for choosing CIBC. We look forward to assisting you and your business with any
future financial needs you may have.

 

	 	Yours
    truly,	 
	 	CANADIAN
    IMPERIAL BANK OF COMMERCE	 
	 	 	/s/
    Denis Lemire	 
	 	 	 	Signature
	 	Name:	Denis
    Lemire	
	 	Title:	Manager,
    Commercial Banking	 

 

	 	 	/s/
    Marco Folini	
	 	 	 	Signature
		Name:	Marco
    Folini	 
		Title:	Senior
    Manager, Commercial Banking	 

 

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LOC-
Instalment Loan Credit QUE Feb 2016

 

Accepted
                                         this SEP 5 - 2017 day of _____________.

 

	 	Les
                                         Systèmes d’Écran Strong/MDI Inc.

	 
	 	Strong/MDI
    Screen Systems Inc.	 
	 	 	 
	 	 	/s/
    Francois Barrette	
	 	 	 	Signature
	 	Name:	François
    Barrette	 
	 	Title:	General
    Manager	 

 

	 	 	/s/
    Suzanne Thouin	
	 	 	 	Signature
	 	Name:	Suzanne
    Thouin	 
	 	Title:	Executive
    Director	 

 

Acknowledged
this Aug 29 2017 day of _____________.

 

	 	Ballantyne
    Strong Inc.	 
	 	 	 
	 	 	/s/
    D. Kyle Cerminara	
	 	 	 	Signature
	 	Name:	D.
    Kyle Cerminara	 
	 	Title:	Chairman
    & Chief Executive Officer	 

 

	 	 	/s/
    Lance V. Schulz	 
	 	Name:	Lance
    V. Schulz	Signature
	 	Title:	Senior
    Vice-President, Chief Financial Officer & Treasurer	 

 

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LOC
— Instalment Loan Credit (QUE Feb 2016)

 

 

	1.	INTEREST

 

	1.1	Interest
                                         Rates And Calculations: Unless otherwise specified in this Agreement, and provided
                                         that in no event shall the interest rate be less than zero:

 

	 	a)	Each
    variable interest rate provided for in this Agreement will change automatically, without notice, whenever the Prime Rate or
    US Base Rate changes. Prime Rate and US Base Rate shall be determined by us and such determination shall be conclusive.
	 	 	 
	 	b)	Unless
    otherwise stated, any interest rate stated as an annual rate of interest is an interest rate for 365 days, and for the purpose
    of the Interest Act (Canada), shall be the stated interest rate multiplied by the actual number of days in the calendar
    year in which such rate is to be applied and divided by 365. For the purpose of the Interest Act (Canada) and all other
    purposes, the principle of deemed re-investment of interest is not applicable and the rates of interest specified in this
    Agreement are nominal rates and not effective rates or yields.
	 	 	 
	 	c)	In
    calculating interest for any period, the first day of such period shall be included and the last day of such period shall
    be excluded, and interest shall be calculated on the applicable balance at the end of each day.
	 	 	 
	 	d)	Interest
    is payable in arrears at the frequency specified in the Letter (and if not specified is payable once a month) prior to the
    end of the specified payment period and on the day required by us. Interest on interest, and interest on overdue amounts is
    also payable on demand.
	 	 	 
	 	e)	Interest
    that is charged to you and is unpaid compounds at the frequency in which interest is payable and continues to compound whether
    or not CIBC demands payment from you or starts a legal action, or obtains judgment against you.

 

	 	f)	(i)	Interest
    charged on a Canadian dollar Facility that is: (x) based on the Prime Rate; or (y) a Fixed Rate Loan, is calculated based
    on a fraction whereby the numerator is equal to the principal balance multiplied by number of days in the year in which interest
    is calculated multiplied by the applicable interest rate, and the denominator is equal to 365 (or 366 in a leap year for a
    Fixed Rate Loan or Variable Rate Loan);
	 	 	 	 
	 	 	(ii)	Interest
    charged on a US dollar Facility that is: (x) based on the US Base Rate per year; or (y) a Fixed Rate Loan, is calculated based
    on a fraction whereby the numerator is equal to the principal balance multiplied by number of days in the payment period multiplied
    by the applicable interest rate, and the denominator is equal to 365 (or 366 in a leap year for a Fixed Rate Loan or Variable
    Rate Loan).

 

	2.	PAYMENTS
                                         AND FEES

 

	2.1	Payments:
    Unless you have made other arrangements with us, you agree that CIBC shall be entitled to automatically debit your Operating
    Account for any payments owing (including without limitation, scheduled payments, interest and fees). If your Operating Account
    is in overdraft and you do not deposit to the account an amount equal to the payment being debited, the effect is that we
    will be charging interest on the overdue amount at the Excess Interest Rate. If any payment is due on a day other than a Business
    Day, then the payment is due on the next Business Day.
	 	 
	2.2	Applying
    Money Received: All payments and money we receive from you or from any Security may
    be applied on such parts of your liabilities to us as we may determine. This means that we may choose which Facility to apply
    the money against, or what mix of principal, interest, fees and overdue amounts within any Facility will be paid.
	 	 
	2.3	Right
                                         Of Off-Set: We may at any time off-set, or effect
                                         compensation and apply any deposits held by us and any other amounts owed by us to or
                                         for your credit against any and all of your obligations with respect to the Facilities,
                                         even though we have not made any demand and even though any such obligations may not
                                         yet be due and payable.

 

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LOC
— Instalment Loan Credit (QUE Feb 2016)

 

	2.4	Our
    Records: Our loan accounting records will provide conclusive evidence of all terms and
    conditions of the Facilities such as principal loan balances, interest calculations, and payment dates. The Loan Amount on
    a Term Facility that is disclosed in a renewal or amending Letter is rounded to the nearest dollar and is an approximation
    of the principal outstanding balance. The actual outstanding principal amount is reflected in the account statement for your
    Term Facility provided or made available to you.
	 	 
	2.5	Foreign
    Currencies: We may convert any amount stated in a foreign currency to an amount in Canadian
    dollars according to our usual practice and at an exchange rate determined by us.
	 	 
	2.6	Fees:
    For any fee that is stated as a percentage, the amount charged will be based on the total authorized amount of all Facilities
    to which that fee applies.

 

	3.	REPRESENTATIONS
                                         AND WARRANTIES

 

	3.1	Representations
    And Warranties: To induce us to establish and maintain the Facilities, you represent and warrant to us as follows:

 

	 	a)	You
    have all necessary capacity, power and authority to own your property, to carry on the business carried on by you, and to
    enter into and perform your obligations under this Agreement and the Security.
	 	 	 
	 	b)	This
    Agreement and the Security have been duly authorized, executed and delivered, and constitute legal, valid and binding obligations
    and are enforceable in accordance with their terms.
	 	 	 
	 	c)	The
    execution and delivery by you of this Agreement and the Security and the performance by you of your obligations thereunder,
    and the obtaining by you of amounts under the Facilities, will not conflict with or result in a breach of any applicable law,
    and will not conflict with or result in a breach of or constitute a default under any of the provisions of your constating
    documents or by laws or any agreement or restriction to which you are a party or by which you are bound.
	 	 	 
	 	d)	All
    financial statements for you that you deliver to us will present fairly your financial position in accordance with Generally
    Accepted Accounting Principles, as of the dates thereof and for the fiscal periods then ended.
	 	 	 
	 	e)	Since
    the date of the most recent financial statements of you delivered to us, there has occurred no event which, individually or
    with any other events, has had, or which may reasonably be expected to have, a Material Adverse Effect.
	 	 	 
	 	f)	You
    have not failed to observe or perform, beyond any period of grace permitted by us, any of your obligations in this Agreement.
	 	 	 
	 	g)	Except
                                         as disclosed in writing by you to us prior to the date of this Agreement with specific
                                         reference to this Agreement, to the best of your knowledge (i) the business carried on
                                         and the property owned or used at any time by you and your predecessors has at all times
                                         been carried on, owned or used in compliance with all environmental laws; (ii) there
                                         are no circumstances that could reasonably be expected to give rise to any civil or criminal
                                         proceedings or liability regarding the release from or presence of any hazardous substance
                                         on any lands used in or related to your business or property; (iii) there are no proceedings
                                         and there are no circumstances or material facts which could give rise to any proceeding
                                         in which it is or could be alleged that you are responsible for any domestic or foreign
                                         clean up or remediation of lands contaminated by hazardous substances or for any other
                                         remedial or corrective action under any environmental laws; and (iv) you have maintained
                                         all environmental and operating documents and records relating to your business and property
                                         in the manner and for the time periods required by any environmental laws. Except as
                                         disclosed to us in writing with reference to this Agreement, you have never conducted
                                         an environmental audit of your business or property.

         

 

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	 	h)	No
    representation or warranty made by you herein or in any other document furnished to us from time to time contains or will
    contain any untrue statement of a material fact or omits or will omit to state any material fact necessary to make such statements
    not misleading. All projections and pro forma information delivered to us from time to time by you are and will be
    prepared in good faith based on assumptions believed by you to be reasonable at the time of delivery.

 

	3.2	Survival:
    All representations and warranties contained in this Agreement shall survive the execution and delivery of this Agreement
    and the obtaining of amounts under the Facilities, and the obtaining of any amount under any Facility shall constitute a reaffirmation
    on and as of such delivery date and such borrowing date, of all representations and warranties contained in this Agreement,
    in each case with reference to the then existing facts and circumstances.

 

	4.	ADDITIONAL
                                         OBLIGATIONS

 

	4.1	Failure
    To Perform: You will notify us promptly if you fail to perform or observe any of your
    obligations in this Agreement.
	 	 
	4.2	Expenses:
    You will reimburse us for all reasonable fees (including legal fees) and out of pocket expenses incurred in (i) performing
    any searches (whether the Facility is secured or unsecured) or preparing or filing any registrations in relation to the approval,
    maintenance, review, renewal or amendment of your Facilities; (ii) preparing, registering, maintaining, renewing, reviewing,
    assessing, appraising or amending any Security; (iii) responding to requests from you for waivers, amendments, renewals and
    other matters; (iv) enforcing our rights under this Agreement or any Security; (v) discharging or replacing any Security;
    and (vi) having mortgaged property appraised periodically to determine its value, but not more often than once a year. Unless
    you have made other arrangements with us, we will automatically debit your Operating Account for any of these amounts owing
    to us on the date when they are payable as advised by us.
	 	 
	4.3	Further
    Information: You will provide such further information about you and/or your business
    and your Subsidiaries as is reasonably requested by us from time to time, and such information shall be in a form acceptable
    to us.
	 	 
	4.4	Further
    Assurances: You will from time to time promptly upon request by us do and execute all
    such acts and documents as may be reasonably required by us to give effect to the Facilities and the Security.
	 	 
	4.5	Insurance:
    You will keep all your assets and property insured (to the full insurable value) against loss or damage by fire and all other
    risks usual for similar property and for any other risks we may reasonably require. Upon request, you will provide to us either
    the policies themselves or adequate evidence of their existence. If any insurance coverage for any reason stops, we may (but
    shall have no obligation to) insure the related property. Finally, you will notify us immediately of any loss or damage to
    any of your property.
	 	 
	4.6	Liens
    And Dispositions Of Property: There is no Lien on any of your present or future assets,
    and you shall not assign any right to any income, without our prior consent, except in the case of: (i) a Purchase Money Lien;
    (ii) a Lien existing on an asset when it was acquired; (iii) a renewal or replacement of a Purchase Money Lien or a Lien referred
    to in (ii) above, so long as the principal amount secured by the Lien does not increase; or (iv) a Normal Course Lien. You
    will not create or cause or permit anyone else to create, a Lien on any material part of your property (other than a Normal
    Course Lien) and you will not sell, transfer, or otherwise dispose of, all or any material part of your property, except for
    sales in the normal course of your business for fair market value or as otherwise consented by CIBC in writing.
	 	 
	4.7	Additional
    Financing: Unless otherwise agreed in the Letter, you will not obtain any additional
    financing or enter into any long-term leases without our prior written consent (which consent will not be unreasonably withheld).

 

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LOC
— Instalment Loan Credit (QUE Feb 2016)

 

	4.8	Investments:
    Unless otherwise agreed in the Letter, you will not make any Investment without our prior written consent.
	 	 
	4.9	Transactions
    With Affiliates: Except as specifically permitted by us, you will not enter into any
    transaction, including the purchase, sale or exchange of any property or the rendering of any services, with any of your shareholders
    or Affiliates, or with any of your or their directors or officers, or enter into, assume or permit to exist any employment,
    consulting or similar agreement or arrangement with any such shareholder or Affiliate or with any of your or their directors
    or officers, except a transaction or agreement or arrangement which is in the ordinary course of your business and which is
    upon fair and reasonable terms not less favourable to you than it would obtain in a comparable arms-length transaction. You
    will ensure that your Subsidiaries (if any) comply with this section.
	 	 
	4.10	Notice
    Of Change, Amalgamations, Corporate Restructuring: You will provide us with at least
    30 days’ prior notice (or as otherwise required by applicable law) of any name or legal status change, amalgamation,
    corporate restructuring or similar transaction. You must also notify CIBC immediately of any change in the ownership of or
    title of any property subject to the Security.
	 	 
	4.11	Application
    To Subsidiaries: If requested by us, you will ensure that each of your Subsidiaries
    complies with this Agreement as if the references to you therein were references to each such Subsidiary.
	 	 
	4.12	Immovable
    Hypothec: In the case of Facilities or a Facility that is secured by an immovable hypotec,if
    the property is sold, or if another charge is registered against it, we may require you to repay the full amount secured by
    the immovable hypothec. If the owner of the property is a natural person and such person dies, you (or your executors, administrators
    or liquidators, as applicable) agree to notify us immediately and agree to provide us with equivalent security satisfactory
    to CIBC forthwith.

 

	5.	INDEMNITIES

 

	5.1	Legal
    And Regulatory Change: You agree to pay us the amount necessary to compensate us if,
    after the date of this Agreement, our cost of offering or providing the Facilities to you is increased, or the amount that
    we receive under the Facilities is reduced because of a change in the law, or the introduction of a new law, or our compliance
    with any request or directive by any central bank, superintendent of financial institutions or other comparable authority
    which (i) subjects us to any tax with respect to the Facilities; (ii) changes the basis of taxation of payments to us under
    the Facilities (except for changes in the rate of tax on our overall net income); (iii) imposes any capital maintenance or
    capital adequacy requirement, reserve requirement or similar requirement with respect to the Facilities; or (iv) imposes any
    other condition or restriction on us. We will notify you promptly of any such event. Our certificate containing reasonable
    details of our calculations shall be conclusive evidence of the amount you must pay us.
	 	 
	5.2	Tax
    Withholding: You will, whenever legally permitted, pay all amounts due to us under this
    Agreement without any reduction or withholding on account of Taxes, other than Excluded Taxes. If you are required by law
    to make any such reduction or withholding, then the amount payable by you shall be increased so as to yield to us on a net
    basis, after payment of all Taxes and after payment of all Excluded Taxes on any additional amounts payable under this section,
    the rates of interest and the amounts specified in this Agreement.
	 	 
	5.3	Indemnity:
    You hereby indemnify and agree to hold CIBC, its directors, officers, employees and agents harmless from all losses, damages,
    costs, demands, claims, expenses (including out-of-pocket expenses) and other consequences incurred, sustained or suffered,
    other than pursuant to the indemnified parties’ own negligence or wilful misconduct, in relation to any of your Facilities
    or any Security, or enforcing or protecting the provisions thereof, including, without limitation: (i) legal and other professional
    expenses reasonably incurred by CIBC and whether incurred in defending any action brought against CIBC, or in any proceedings
    brought by CIBC against you, any guarantor of your liabilities to CIBC hereunder or with respect to your or any guarantor’s
    property charged or pledged to CIBC for the purpose of protecting, taking possession thereof, holding or realizing thereon,
    or otherwise in connection herewith; (ii) all sales taxes, and goods and services taxes, and similar taxes that are payable
    with respect to any goods or services CIBC makes available to you under this Agreement, and any other taxes, interest, penalties
    or other liabilities that may become payable by CIBC or to which CIBC may be subjected as a result of your failure to pay
    such taxes; (iii) your giving of notice to CIBC that you wish to obtain funds under a Facility and your subsequent failure
    to accept such funds; (iv) your repayment of any amount on which interest is fixed until a certain date, other than on that
    date, or you repay any other amount other than on its maturity date; (v) your failure to make any payment you are required
    to make, or to fulfil any other obligation promptly under this Agreement; (vi) the cost of any environmental assessment or
    other reports, or of defending any lawsuits, or of any fines, or for any preventative, remedial, or clean-up activity, or
    to compensate for any loss or damage to any property or person, in each case arising from any failure by you to carry on your
    business, and maintain your assets and property in accordance with all applicable environmental laws and regulations, or arising
    from any release, deposit, discharge or disposal of pollutants of any sort in connection with either your business or property.
    Your indemnity obligations under this section continue even after the Facilities have been repaid or cancelled or this Agreement
    has terminated.

 

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	6.	GENERAL

 

	6.1	Calculations
    Relating To Financial Covenants: All calculations relating to financial covenants may
    be done, at our option on a consolidated basis, as indicated in the Letter, and each amount derived from your profit and loss
    statement shall be calculated as the total of such amount during your four most recently completed fiscal quarters (or, if
    agreed upon by us in our sole discretion, during your most recently-completed fiscal year), as shown in your most recent financial
    statements delivered to us.
	 	 
	6.2	Reporting
    Requirements: We may, at our option and as indicated in the Letter, require certain
    reports to be delivered on a consolidated or unconsolidated basis.
	 	 
	6.3	Our
    Pricing Policy: The fees, interest rates and other charges for your banking arrangements
    with us are dependent upon each other. Accordingly, if you cancel or do not follow through with, in the manner originally
    contemplated, any of these arrangements, we reserve the right to require payment by you of increased or added fees, interest
    rates and charges as a condition of the continuation of your banking arrangements.
	 	 
	6.4	Our
    Rights Re: Demand Facilities: We may, at our discretion, demand immediate repayment
    of any outstanding amount under any demand Facility. We may also, at any time, and for any reason, cancel the unused portion
    of any demand Facility.
	 	 
	6.5	Pre-Conditions:
    You may use the Facilities granted to you in the Letter only if:
	 	 
	a)	We
    have received properly signed copies of all documentation that we may require in connection with the Facilities, the operation
    of your accounts and your ability to borrow and give us the Security we require;
	 	 
	b)	All
    the required Security has been received and, if we require it, registered to our satisfaction;
	 	 
	c)	Any
    special provisions or conditions set forth in the Letter have been complied with; and
	 	 
	d)	If
    applicable, you have given us the required number of days notice for drawing under a Facility.
	 	 
	6.6	Miscellaneous:
    You allow us to provide particulars of any of the Facilities where we determine it is necessary for purposes of approving,
    setting up, maintaining, renewing, amending, restating, replacing or discharging any Facility or any Security, and you allow
    us to give a copy of this Agreement and any Security granted by you or any other person to CIBC, to each existing guarantor
    (as well as to any future guarantors) and any signing officer of the business that we have on file as an authorized signing
    officer, each as we may determine necessary, together with copies of all renewals, replacements, restatements, supplements
    or amendments to this Agreement or any Security.

 

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	6.7	Confidentiality:
    The terms of this Agreement are confidential between you and us, and accordingly you will not disclose the contents of this
    Agreement to anyone except your professional advisors or except as may be required by law.
	 	 
	6.8	Assignment
    / Participation And Consent To Information Release: You acknowledge that we may assign,
    or offer a participation in, the Facilities, or your liabilities thereunder, to an assignee or participating third party,
    other entity, CIBC subsidiary or CIBC business unit (the “beneficial owner”), whether or not such beneficial owner
    is named in this Agreement or any other document referencing such Facilities. You agree that we may disclose any information
    relating to such Facilities (including any personal guarantee) to such beneficial owner (including, without limitation, any
    personal information), or its agents, any assignee of such beneficial owner, and any Service Provider (as defined below).
    Personal information includes all information provided by a principal of the business or a guarantor of your debt or other
    information obtained by us in connection with your credit application and/or the credit agreement, and any ongoing information
    and documentation about you, any guarantor of your obligations, or your Facilities, to the extent required by the beneficial
    owner, its agent or assignee, or any service provider, to enable such person to administer the Facilities and exercise its
    rights thereunder. “Service Provider” means a person or entity that has been engaged in connection with the servicing,
    maintenance, collection or operation of your Facilities or the provision of services or benefits to you and/or any guarantor
    of your debt (including loyalty programs). You may not transfer or assign this Agreement or any Facility without CIBC’s
    express written consent.
	 	 
	6.9	Waiver:
    No delay on our part in exercising any right or privilege will operate as a waiver thereof, and no waiver of any failure or
    default will operate as a waiver thereof unless made in writing and signed by an authorized officer of us, or will be applicable
    to any other failure or default.
	 	 
	6.10	Counterparts:
    This Agreement may be executed in one or more counterparts, including electronic counterparts, which together shall constitute
    one and the same agreement.
	 	 
	6.11	Notice:
    Any communication or notice to be given with respect to the Facilities may be effectively given by delivering the same at
    the addresses set out herein (or as set out in any guarantee or other documentation provided to CIBC in relation to the Facilities),
    or by sending the same by facsimile, or by regular or prepaid registered mail to the parties at such addresses. Any notice
    so mailed will be deemed to have been received on the fifth (5th) day next following the mailing thereof, provided that postal
    service is in normal operation during such time. Any facsimile notice will be deemed to have been received on transmission
    if sent on a Business Day and, if not, on the next Business Day following transmission. Any notice delivered by hand (including
    without limitation, by courier) will be deemed received on the date of delivery. Either party may from time to time notify
    the other party, in accordance with this section, of any change of its address which thereafter will be the address of such
    party for all purposes of the Facilities. It is your responsibility to notify CIBC of any change to your address and the address
    of any Guarantor. If CIBC is not advised of such change of address, the last known address we have will be deemed to be the
    current address for purposes of notice and service hereunder.
	 	 
	6.12	Governing
    Law: The laws of the province or territory in which you have your principal place of
    business (or where your chief executive office is, if you have more than one principal place of business) at the time of the
    signing of this Agreement, and the federal laws of Canada applicable therein shall apply to this Agreement. The parties submit
    to the non-exclusive jurisdiction of the courts in that province or territory.

 

	7.	REVOLVING
                                         FACILITIES

 

A
revolving Facility (including a Revolving Instalment Loan Facility unless otherwise indicated) may also be referred to in this
Agreement as a Line of Credit. Unless otherwise stated in the Letter, the following terms apply to each Facility that is described
in the Letter as a revolving Facility.

 

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	7.1	Changes:
    The Facility offered, the Credit Limit, the interest rate, interest rate spread, minimum payments required and other terms
    of the Facility and the Agreement may be changed at our sole discretion and without prior notice (unless otherwise required).
    Such changes will take effect immediately or, in the event that we are required to provide you with prior notice under an
    applicable statute, regulation or otherwise, will take effect on the date indicated in such notice. These changes may apply
    to all amounts owing on or arising after the date that you receive notice of the change. If agreement to such change is required
    by applicable law, regulation or otherwise, if you continue to use the Facility after the date on which such changes will
    take effect (as may be indicated in any notice we send to you), you will be deemed to have agreed to any such change.
	 	 
	7.2	We
    may, without notice to you, return any debit from your Operating Account to which your Line of Credit is attached that, if
    paid, would result in the Credit Limit for that particular Facility being exceeded, unless you have made prior arrangements
    acceptable to CIBC. If we pay any of these debits, you must repay us immediately the amount by which the Credit Limit for
    that particular Facility is exceeded.
	 	 
	7.3	Credit
    Limit: If you exceed your Credit Limit on any Facility, we may not advance money, even
    if we have done so in the past. In cases where we do advance money when you have exceeded your Credit Limit on any Facility,
    you agree to repay the excess amount immediately.
	 	 
	7.4	Circular
    Payments: You agree not to use each revolving Facility to move debt from one Facility
    to another. If nevertheless you use a revolving Facility to make a payment on another Facility, then you must deposit, to
    the Operating Account to which the revolving Facility is attached, from other sources, in addition to any other amount you
    are required to deposit, the amount of such payment.

 

	8.	NON-REVOLVING
                                         FACILITIES

 

A
non-revolving Facility may also be referred to as an Instalment Loan Facility. Unless otherwise stated in this Agreement, the
following terms apply to each non-revolving Facility. The terms of this Section shall also apply to all non-revolving Demand Instalment
Loans advanced under a Revolving Instalment Loan Facility.

 

	8.1	Changes:
    CIBC may at any time change the interest rate, interest rate spread, term, other terms of a Loan, and the type of repayment
    we require, including, without limitation, changing a blended payment Loan to payments of principal plus interest, or to any
    other type of Loan. We may also change the amortization period on a Loan, the amount of the regular instalment payments to
    be made and/or the frequency of the instalment payments, each without advanced notice (unless required by an applicable law,
    regulation or otherwise) and such changes will become effective immediately (unless we are required to give prior notice by
    applicable law, regulation or otherwise, in which case the change will take effect on the date indicated in the notice). If
    we make any such changes, we will notify you.
	 	 
	8.2	Renewal
    Agreement: If your Instalment Loan Facility is not paid in full by the last regular
    payment date indicated in the Letter, we may offer to amend the terms and conditions of such Facility by sending you a renewal
    agreement which will extend the term of the Facility, and which may change, among other things, your interest rate, your regular
    payment amount, payment frequency, the amortization period and the type of payments required (blended, interest only or principal
    plus interest). Accrued interest to the renewal date may be added to your outstanding Loan amount. Unless otherwise stated
    in the renewal agreement, all other terms and conditions of your Instalment Loan Facility will remain the same. If you do
    not pay the balance owing on your Facility at the end of the term, you will be conclusively deemed to have accepted our offer
    on the terms and conditions set out in the renewal agreement. If you do not accept our offer, you will be required to immediately
    repay all amounts owing including outstanding principal, interest and other applicable charges.
	 	 
	8.3	Payments:
    Any payment we receive that is applied to a non-revolving Facility is applied first to overdue interest, then to current interest
    owing, then to overdue principal, then to any fees and charges owing, and finally to current principal.

 

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	8.4	Interest
    On Fixed Rate Loans: The interest rate specified in this Agreement for each Fixed Rate
    Loan that you have not yet drawn will be fixed on the date of advance of the Loan. We will notify you of the actual interest
    rate on the date of advance. The interest rate quoted in this Agreement is used for reference purposes only, being the rate
    that would have been applicable if the Loan had been advanced on the date of this Agreement.
	 	 
	8.5	Prepayment:
    The following terms apply to any Instalment Loan Facility, except Revolving Instalment Loan Facilities:

 

	 	a)	If
    you are repaying a Variable Rate Loan in instalments of principal plus interest, and you are not in default, you may prepay
    all or part of the Loan at any time without notice or penalty.
	 	 	 
	 	b)	Subject
    to paragraph (c) below, you may prepay all or part of a Fixed Rate Loan on the following condition. You must pay us, on the
    prepayment date, a prepayment fee equal to the greater of (i) three months’ interest on the Loan calculated at your
    existing annual interest rate on the date of prepayment (plus any discount you received on your existing annual interest rate),
    on the amount prepaid; and (ii) the Interest Rate Differential for the remainder of the term of the Loan, determined in accordance
    with the formula described in 8.7 below. For prepayment fee calculations, see the “Interest Rate Differential Calculation
    below.
	 	 	 
	 	c)	If
    (a) you are not a corporation; (b) the Fixed Rate Loan being prepaid is secured by a mortgage or hypothec on immovables; and
    (c) the initial term or any renewal term of the Fixed Rate Loan is more than five years, you may prepay all or part of the
    Fixed Rate Loan at any time after the date that is five years from the date the Fixed Rate Loan was advanced to you or the
    most recent date as of which the Fixed Rate Loan has been renewed for a new term, as the case may be, in addition to principal
    and interest to the date of such prepayment and instead of notice, three months’ further interest calculated at your
    existing annual interest rate on the date of prepayment (plus any discount you received on your existing annual interest rate)
    on the principal amount prepaid.
	 	 	 
	 	d)	We
    will apply the prepayment against instalments in reverse order of due date.
	 	 	 
	 	e)	The
    prepayment fee required by paragraph (b) above is not applicable to any Fixed Rate Loans in an original principal amount of
    less than $100,000 granted to a sole proprietor or individual unless it is secured by a collateral mortgage or hypothec on
    immovables.

 

	8.6	Hypothec
    And Prepayment: If the Fixed Rate Loan is secured by a hypothec on immovable, the applicable
    deed of hypothec is amended by deletion of all terms (if any) that relate to prepayment of the Fixed Rate Loan. The only prepayment
    terms that apply to the Fixed Rate Loan are the ones set forth in this Agreement.
	 	 
	8.7	Interest
    Rate Differential Calculation: For the purpose of calculating prepayment fees noted
    above, “Interest Rate Differential for the remainder of the term”
    means, in the case of a Fixed Rate Loan, the difference between the net present value of the Fixed Rate Loan and the amount
    being prepaid. For purposes of calculating the Interest Rate Differential for the remainder of the term for Fixed Rate Loans,
    the calculation of “net present value of the Fixed Rate Loan” is based on a formula (determined by CIBC in accordance
    with its usual banking practice) that takes into account (i) CIBC’s cost of funds for the Fixed Rate Loan at the time
    the Loan was made; (ii) the number of interest periods (i.e. weekly, monthly, quarterly, etc.) remaining in the term of the
    Fixed Rate Loan (calculated from the beginning of the last interest period that falls on or before the date of prepayment);
    (iii) the amount of principal and interest that would have been payable for each regularly scheduled payment period (i.e.
    weekly, monthly, quarterly etc.) and/or interest period, as the case may be, had the Fixed Rate Loan not been prepaid; (iv)
    the remaining amortization period of the Fixed Rate Loan; and (v) CIBC’s cost of funds to provide a new Fixed Rate Loan
    on the date of prepayment for a term closest to the remaining period of the Fixed Rate Loan for which CIBC has posted interest
    rates (as indicated in the Fixed Rate Loan Reinvestment Table below).
	 	 

 

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The
following table indicates the term that CIBC will use to calculate the Interest Rate Differential for the remainder of the term
by setting out the period that CIBC will use as the remaining term to reinvest in a Fixed Rate Loan for a fixed term. Column A
lists the remaining period in the term of the Fixed Rate Loan, and Column B lists the term used to determine the cost of funds
to CIBC to reinvest in the same type of Loan on the prepayment date:

 

	Fixed
    Rate Loan Reinvestment Table
	Column
    A	 	Column
    B
	Less
    than or equal to 3 months	 	Monthly
    basis
	Greater
    than 3 months and less than or equal to 17 months	 	1
    year
	Greater
    than 17 months and less than or equal to 29 months	 	2
    years
	Greater
    than 29 months and less than or equal to 41 months	 	3
    years
	Greater
    than 41 months and less than or equal to 53 months	 	4
    years
	Greater
    than 53 months and less than or equal to 77 months	 	5
    years
	Greater
    than 77 months and less than or equal to 101 months	 	7
    years

 

Sample
Prepayment Fee Calculation For a Fixed Rate Loan

 

For
example, the Interest Rate Differential for the remainder of the term of a Fixed Rate Loan that has a fixed term is as follows:

 

	a)	If
    the original Fixed Rate Loan advanced on February 1, 2002 was for $100,000 at 6.5% per year for a 5-year term, and you elected
    to prepay $75,000 on October 27, 2003:

 

	 	(i)	The
    net present value of $75,000 calculated for the remaining 39 months is $77,222.75;
	 	 	 
	 	(ii)	The
    Interest Rate Differential for the remainder of the term is the difference between the net present value and the total prepayment
    amount, or in this case $2,222.75. ($77,222.75 — $75,000);
	 	 	 
	 	(iii)	3
    months’ interest on $75,000 (based on separate principal and interest payments) calculated at 6.5% per year is $1,218.75.

 

	b)	The
    prepayment fee payable on this Fixed Rate Loan would be $2,222.75, being the greater of (ii) and (iii) above.

 

This
is a sample calculation only. To find out the amount and calculation of the Interest Rate Differential for the remainder of the
term on your Fixed Rate Loan, please contact CIBC.

 

	9.	LETTERS
                                         OF CREDIT (L/Cs)

 

Unless
otherwise agreed in the documentation described in the “Standard Agreements” section below or in other documentation,
the following terms apply to each Letter of Credit issued by CIBC pursuant to this Agreement.

 

	9.1	Reimbursement,
    Payment Or Prepayment: You agree, forthwith upon demand, to provide CIBC with cash in
    the proper currency to meet each drawing that CIBC is required to pay under an L/C or to reimburse CIBC for each drawing that
    CIBC has paid under an L/C or L/C Acceptance. If we demand payment of any Letter of Credit Facility, or if you elect to permanently
    repay or terminate any Letter of Credit Facility, and we have any obligation to a beneficiary or holder of any L/C, L/C Acceptance
    or other similar instrument which remains outstanding under that Letter of Credit Facility, you must provide CIBC with cash,
    in the same currency as the L/C or L/C Acceptance, or marketable securities satisfactory to us (collectively the “Cash
    Collateral”) in an amount equal to CIBC’s maximum potential liability under the L/C or L/C Acceptance, or otherwise
    under any Facility. We shall release any Cash Collateral that is no longer required for such purposes.
	 	 
	9.2	L/C
    Fees: Unless you have made other arrangements with us, we will automatically debit your
    Operating Account for all fees payable with respect to L/Cs or L/C Acceptances.

 

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	9.3	Standard
    Agreements: The terms and conditions of our standard Application for Irrevocable Documentary
    Credit or Application for Standby Letter of Credit, as applicable, and any of our other standard documentation relating to
    L/Cs or L/C Acceptances, in effect from time to time will be applicable to each L/C or L/C Acceptance, as applicable, whether
    or not any such Application or other documentation has been executed by you or on your behalf. A copy of any such Application
    or other documentation is available from CIBC.

 

	9.4	Definitions:

 

“L/C
Acceptance” means a draft (as defined under the Bills of Exchange Act (Canada) ) payable
to the beneficiary of a documentary L/C which the L/C applicant or beneficiary, as the case may be, has presented to us for acceptance
under the terms of the L/C.

 

“Letter
of Credit” or “L/C” means
a documentary or stand-by letter of credit, a letter of guarantee, or a similar instrument in form and substance satisfactory
to us.

 

“Letter
of Credit Facility” means any Facility in the Letter made available by way of documentary
import L/Cs and L/C Acceptances or standby L/Cs.

 

	10.	DEFINITIONS

 

In
this Agreement “you” and “your” refer to the customer in whose favour, subject to the terms of this Agreement,
the Facilities are established (and for greater certainty, if the customer is a business, such terms refer to the business and
not a key principal, principal, guarantor or signing officer of the business), and “CIBC”, “we”, “us”
and “our” refer to Canadian Imperial Bank of Commerce.

 

Unless
otherwise stated in this Agreement:

 

“Affiliate”
means any other person or entity that directly or indirectly controls, is controlled by, or is under direct or indirect common
control with you and includes any person or entity in like relation to an Affiliate. One person or entity shall be deemed to control
another person or entity if the first person or entity possesses, directly or indirectly, the power to direct or cause the direction
of the management and policies of the other person or entity, whether through the ownership of voting securities, by contract
or otherwise.

 

“Agreement”
means the Letter, including this Schedule and any other Schedules to the Letter, as amended, renewed, replaced or supplemented
from time to time.

 

“Amendment
Fee” means the fee charged for each amendment request by you. The amendment fee compensates us for the due diligence,
analysis and administration necessary to amend your Facility(ies).

 

“Annual
Fee” means the fee payable upon your acceptance of the Facility(ies), and to be charged when you are renewing an existing
Facility(ies). This fee compensates us for the review, due diligence and financial statement analysis necessary to renew your
Facility(ies).

 

“Business
Day” means any day excluding Saturday, Sunday and excluding any day which is a legal holiday in the province or territory
where you have your Operating Account.

 

“Capital
Expenditures” means the outlay of money to acquire or improve capital assets such as buildings, machinery, vehicles,
etc.

 

“Cash
Flow” means the EBITDA, less unfunded Capital Expenditures and Debt Service.

 

“CIBC
Base Rate” means the current posted interest rate per year which varies by term as declared by CIBC for CIBC brand closed
fixed rate fixed term loans in Canada.

 

“Cost
of funds to CIBC” or “CIBC’s cost of funds” for purposes of calculating the Interest Rate Differential
for the remainder of the term is the “Transfer Price Rate” as determined by CIBC’s Treasury Balance Sheet
and Risk Management area based on Canadian cash and swap markets for the date on which cost of funds is being determined.

 

“Credit
Limit” means, in respect of any Facility, the credit limit indicated in the Letter.

 

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“Current
Assets” means cash, accounts receivable, inventory and other assets that are likely to be converted into cash, sold,
exchanged or expended in the normal course of business within one year or less, excluding amounts due from related parties.

 

“Current
Liabilities” means debts that are or will become payable within one year or one operating cycle, whichever is longer,
and which will require Current Assets to pay. They usually include accounts payable, accrued expenses, deferred revenue, operating
loans and the current portion of long-term debt.

 

“Current
Ratio” means the sum of Current Assets divided by the sum of Current Liabilities.

 

“Debt”
includes (i) an obligation for borrowed money; (ii) an obligation evidenced by a note, bond, debenture or other similar instrument;
(iii) an obligation for the deferred purchase price of property or services; (iv) a capitalized lease obligation; (v) a guarantee,
indemnity or financial support obligation, determined in accordance with GAAP; (vi) an obligation (of you or any other person
or entity) secured by a Lien on any of your property, even though you have not otherwise assumed or become liable for the payment
of such obligation; (vii) an obligation arising in connection with an acceptance facility or letter of credit issued for your
account; and (viii) a capital share that is redeemable by you either at a fixed time or on demand by the holder of such share,
valued at the maximum purchase price at which you may be required to redeem, repurchase or otherwise acquire such share.

 

“Debt
Service” means EBITDA minus the current portion of long-term debt and interest expense.

 

“Debt
Service Ratio” means EBITDA divided by the sum of principal payments and interest expense.

 

“Demand
Instalment Loan” means a loan that is repayable in regular instalments (or interest only) as indicated in the Letter
and is repayable in full upon demand, even if certain Facilities in the Letter indicate that regular instalments (or interest
only) are payable and there is reference to a Last Regular Scheduled Payment Date. Such Demand Instalment Loan may be either a
Fixed Rate Loan or a Variable Rate Loan.

 

“Dividends”
means payments to shareholders reflected as a charge against retained earnings. Dividends may be paid on both preferred and common
shares. Dividends must be approved by the company’s board of directors, and may only be declared if the company meets specified
financial tests.

 

“EBITDA”
means earnings before income taxes, plus interest and depreciation/amortization.

 

“Effective
Equity” means Shareholders’ Equity, plus all Postponed Debt.

 

“Eligible
Inventory Value” means, at any time, the value of your inventory, determined at the lower of cost and market on a first
in, first out basis. For purposes of this valuation we exclude any inventory (i) that is work-in-progress; (ii) that is not located
in Canada; (iii) that is not subject to the applicable duly perfected Liens created by the Security; (iv) that is subject to any
Lien not specifically permitted by us; (v) that may be seized by your landlord; (vi) that is obsolete or not readily saleable
in the ordinary course of business; (vii) that has not been paid for in full and is subject to a right of repossession; or (viii)
that is otherwise excluded by us in our reasonable discretion.

 

“Eligible
Receivable Value” means, at any time, the receivables of the Borrower and its Subsidiaries then existing, less any receivable
that (i) is not then subject to the applicable duly perfected Liens created by the Security; (ii) is subject to any Lien other
than as specifically permitted by CIBC; (iii) is payable more than 30 days after the date of shipment of the inventory or the
provision of the service that created such receivable; (iv) has been outstanding for 90 days or more; (v) is subject to any offset
or counterclaim by the applicable account debtor; (vi) is owed by any person whose principal place of business is located outside
Canada or the United States of America; (vii) is payable in a currency other than Canadian or US dollars; (viii) is owed by an
Affiliate of the Borrower or any employee, agent or representative of the Borrower or of any such Affiliate; (ix) with respect
to which a cheque, note, draft or other payment instrument has not been honoured in accordance with its terms; or (x) has been
specifically identified by CIBC as an excluded receivable for the purpose hereof or is owed by any person that is insolvent or
is otherwise doubtful of collection in the reasonable opinion of CIBC.

 

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“Excess
Interest Rate”, means the variable reference interest rate per year declared by CIBC from time to time to be its interest
rate on accounts that exceed their authorized Credit Limit, which is currently an annual rate of 21%.

 

“Excluded
Taxes” means Taxes imposed on CIBC’s overall net income or franchise taxes, taxes on doing business or taxes measured
by our capital or net worth.

 

“Fixed
Charge Coverage Ratio” means the ratio of X to Y, where X is EBITDA, less the sum of cash taxes, Dividends, net shareholder
and related party disbursements and unfunded Capital Expenditures; and Y is principal and interest payments.

 

“Fixed
Rate Loan” means a non-revolving Facility on which interest is calculated at a fixed rate of interest.

 

“GAAP”
or “Generally Accepted Accounting Principles” means those accounting principles which are recognized as being
generally accepted in Canada and which are in effect from time to time as set out in the handbook published by the Canadian Institute
of Chartered Accountants. If you have, or the party to which references to GAAP are intended to apply has, adopted International
Financial Reporting Standards (“IFRS”), then the applicable references in this Agreement to GAAP or Generally Accepted
Accounting Principles may be interpreted to mean IFRS, but only if CIBC has consented to such change.

 

“Insured
Receivables” means your receivables that are insured by an insurance company acceptable to us.

 

“Intangibles”
means assets of the business that have no value in themselves but represent value in the context of the business operation, including,
without limitation, such personal property as goodwill; copyrights, patents and trademarks; franchises; licences; leases; research
and development costs; capitalized advertising costs; organization costs; exploration permits; and deferred development costs.

 

“Interest
Coverage Ratio” means the ratio of X to Y, where X is EBIT (earnings before interest and income taxes) and Y is interest
expense.

 

“Investment”
means any direct or indirect investment in or purchase or other acquisition of the securities of or any equity interest in any
person or entity, any loan or advance to, or arrangement for the purpose of providing funds or credit to (excluding extensions
of trade credit in the ordinary course of business in accordance with customary commercial terms), or capital contribution to,
any person or entity, or any purchase or other acquisition of all or substantially all of the property of any person or entity.

 

“Letter”
means the letter agreement between you and CIBC to which this Schedule and any other Schedules are attached, as the same may be
amended, restated, supplemented, renewed or replaced from time to time.

 

“Lien”
includes without limitation a mortgage, charge, lien, hypothec, prior claim, security interest or encumbrance of any sort on any
property or asset, and includes conditional sales contracts, title retention agreements, capital trusts and capital leases.

 

“Loan”
means an instalment loan under a Facility.

 

“Loan
Administration Fee” means the monthly fee charged for monitoring and administering any Facility that is a revolving
Facility.

 

“Material
Adverse Effect” means a material adverse effect on your business, property, condition (financial or otherwise) or prospects
considered as a whole, or a material adverse effect on your ability to perform your obligations under any of this Agreement and
the Security.

 

    	Page 12 of 14 	Les Systèmes d’Écrans Strong/MDI Inc – Strong/MDI Screens Systems Inc.	July 10, 2017

     

    

 

LOC
— Instalment Loan Credit (QUE Feb 2016)

 

“Normal
Course Lien” means a Lien that (a) arises by operation of law or in the ordinary course of business as a result of owning
any such asset (but does not include a Lien given to another creditor to secure debts owed to that creditor) and (b), taken together
with all other Normal Course Liens, does not materially affect the value of the asset or its use in the business.

 

“Operating
Account” means your Canadian dollar or US dollar business operating account(s) with us selected by us from time to time.

 

“Other
Fees” or “Fees” means any other fees charged for your Facility(ies), which could relate to the type
of instrument used in connection with a Facility, the discharge of Security, site inspection fees, environmental reports prepared
by us or completed by an environmental engineering company, fees required to be paid for government sponsored programs, etc. The
specific reason and amount of the fee is detailed in the Letter or as advised by us.

 

“Postponed
Debt” means Debt (i) where priority of both repayment and security is formally postponed by the holder of such Debt
in our favour by a written postponement satisfactory to us; (ii) incurred without breaching any obligation to us and at a time
when you are not in default of any obligation to us; (iii) no principal of which is repayable so long as any amount is owed by
you to us (or until such earlier date as we may agree in writing); (iv) which is not secured by any covenant that is more onerous
than or in excess of the covenants in our favour in this Agreement.

 

“Prime
Rate” means a fluctuating annual interest rate equal at all times to the rate of interest (however designated) announced
from time to time by CIBC as its reference rate for determining interest chargeable by CIBC on loans in Canadian dollars made
in Canada.

 

“Prior
Ranking Claims” means, at any time, any of your liabilities that ranks, in right of payment in any circumstances, equal
to or in priority to any of your liabilities to us. Examples are unpaid wages, salaries and commissions, unremitted source deductions
for vacation pay, arrears of rent, unpaid taxes, amounts owed in respect of worker’s compensation, amounts owed to unpaid
vendors who have a right of repossession, and amounts owing to creditors which may claim priority by statute or under a Purchase
Money Lien.

 

“Purchase
Money Lien” means any Lien which secures a Purchase Money Obligation permitted by this Agreement, provided that such
Lien is created not later than 30 days after such Purchase Money Obligation is incurred and does not affect any asset other than
the asset financed by such Purchase Money Obligation.

 

“Purchase
Money Obligation” means any Debt (including without limitation a capitalized lease obligation) incurred or assumed to
finance all or any part of the acquisition price (and not exceeding the fair market value) of any asset acquired by you.

 

“Revolving
Instalment Loan Facility” means a Revolving Instalment Loan Facility indicated in the Letter.

 

“Security”
means any security (including, without limitation, any guarantee) held by us for your indebtedness, obligations and liabilities
to us, whether granted in respect of a particular Facility or all Facilities.

 

“Shareholders’
Equity” means the total shareholders’ equity (or, as the case may be, partners’ capital or proprietor’s
capital) that would be shown on your balance sheet prepared in accordance with GAAP but excluding (i) any accounts owed to you
by an Affiliate or any shareholder, director, officer, employee, agent or representative of you or an Affiliate; and (ii) any
Intangibles.

 

“Standby
Fee” means the fee that applies to the unused portion of any Facility that is a revolving Facility. For example, if
the total approved amount of a revolving Facility is $100,000 and the unused portion over the month is $60,000, then $60,000 is
multiplied by the Standby Fee percentage (%) and divided by twelve to determine the Standby Fee payable per month.

 

“Structuring
Fee” means the fee payable in advance upon your acceptance of the Facility(ies) and to be charged when you are requesting
a new Facility. The structuring fee provides compensation for the time spent by CIBC to process your Facility application.

 

    	Page 13 of 14 	Les Systèmes d’Écrans Strong/MDI Inc – Strong/MDI Screens Systems Inc.	July 10, 2017

     

    

 

LOC
— Instalment Loan Credit (QUE Feb 2016)

 

“Subsidiary”
means any person or entity of which you, directly or indirectly, beneficially own or control, shares or other equity units having
ordinary voting power to elect a majority of the board of directors or other individuals performing comparable functions, or which
are entitled to or represent more than 50% of the owners’ equity or capital or entitlement to profits, and shall include
any other person or entity in like relationship to a Subsidiary of you.

 

“Taxes”
means all income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed,
levied, collected, withheld or assessed and includes sales taxes, value added taxes and goods and services taxes.

 

“Total
Liabilities” means all Debt and other balance sheet liabilities classified under GAAP as current and long term liabilities.

 

“Total
Liabilities to Effective Equity Ratio” means the ratio of X to Y, where X is Total Liabilities, less all Postponed Debt,
and Y is the total of Shareholders’ Equity plus all Postponed Debt.

 

“Unfunded
Capital Expenditures” means capital expenditures that are not specifically financed with long term Debt.

 

“US
Base Rate” means a fluctuating annual interest rate equal at all times to the rate of interest (however designated)
announced from time to time by CIBC at its reference rate for determining interest chargeable by CIBC on loans in US dollars made
in Canada.

 

“Variable
Rate Loan” means a non-revolving Facility on which interest is calculated at a fluctuating rate of interest.

 

“Withdrawals”
means money paid to the owners of the Company beyond normal salaries or transfers to related parties.

 

    	Page 14 of 14 	Les Systèmes d’Écrans Strong/MDI Inc – Strong/MDI Screens Systems Inc.	July 10, 2017Exhibit

EXECUTION VERSION

AMENDMENT NO. 3 TO AMENDED AND RESTATED SENIOR 
SECURED REVOLVING CREDIT AGREEMENT 
This AMENDMENT NO. 3 (this “Amendment) dated as of September 1, 2017, is made with respect to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 28, 2015 (as amended by that certain Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 16, 2016, and by that certain Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 8, 2017, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MEDLEY CAPITAL CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative Agent”), and solely for purposes of Section 2.8, MCC INVESTMENT HOLDINGS LLC, a Delaware limited liability company (“MCCIH”), MCC INVESTMENT HOLDINGS SENDERO LLC, a Delaware limited liability company (“MCCIHS”), MCC INVESTMENT HOLDINGS RT1 LLC, a Delaware limited liability company (“MCC RT1”), MCC INVESTMENT HOLDINGS OMNIVERE LLC, a Delaware limited liability company (“MCC Omnivere”), MCC INVESTMENT HOLDINGS AMVESTAR, LLC, a Delaware limited liability company (“MCC Amvestar”), MCC INVESTMENT HOLDINGS AAR, LLC, a Delaware limited liability company (together with MCCIH, MCCIHS, MCC RT1, MCC Omnivere and MCC Amvestar, the “Subsidiary Guarantors”, and together with the Borrower, the “Obligors”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (as amended hereby).  
W I T N E S S E T H:
WHEREAS, pursuant to the Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and
WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent amend certain provisions of the Credit Agreement and the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment; 
NOW THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION I  AMENDMENT TO CREDIT AGREEMENT
Effective as of the Third Amendment Effective Date (as defined below), and subject to the terms and conditions set forth below, the Credit Agreement is hereby amended as follows: 

23591069.2.BUSINESS 
US\14053004.7

2

(a)    Section 6.07(c) of the Credit Agreement is hereby amended by deleting the ratio “2.50 to 1” therein and replacing it with the ratio “1.50 to 1.00”.
(b)    Sections 9.01(a)(i) and 9.01(a)(ii) of the Credit Agreement are hereby deleted in their entirety and replaced with the following:
“(i)    if to the Borrower, to it at:
Medley Capital Corporation 
280 Park Avenue, 6th Floor 
New York, New York  10017 
Attention:  Richard Allorto 
Telecopy Number:  (212) 759-0091 
Direct Telephone:  (646) 465-7898 
Main Telephone:  (212) 759-0777 
E-mail:  rallorto@medleycapital.com
with a copy to (which shall not 
constitute notice): 
 
Dechert LLP 
1095 Avenue of the Americas 
New York, New York  10036 
Attention: Jay R. Alicandri, Esq. 
Telecopy Number: 212-698-3599 
E-mail: jay.alicandri@dechert.com
		
	(i)
	if to the Administrative Agent, to it at:

ING Capital LLC 
1133 Avenue of the Americas 
New York, New York 10036 
Attention: Min Jiang 
Telecopy Number: (646) 424–8225 
Telephone Number: (646) 815–3682 
E-mail: min.jiang@ing.com and 
DLNYLoanAgencyTeam@ing.com
with a copy to (which shall not 
constitute notice): 
 
ING Capital LLC 
1133 Avenue of the Americas 
New York, New York 10036 
Attention: Dominik Breuer 
Telecopy Number: (646) 424-6919 

23591069.2.BUSINESS 
US\14053004.7

3

Telephone Number: (646) 424-6269 
E-mail: dominik.breuer@ing.com
with a copy to (which shall not 
constitute notice): 
 
Fried, Frank, Harris, Shriver & Jacobson LLP 
One New York Plaza 
New York, New York  10004 
Attention:  Andrew J. Klein, Esq. 
Telecopy Number: (212) 859-4000 
Telephone Number: (212) 859-8030 
E-mail: andrew.klein@friedfrank.com”
SECTION II      MISCELLANEOUS
2.1.       Conditions to Effectiveness of Amendment.  This Amendment shall become effective as of the date (the “Third Amendment Effective Date”) on which the Borrower and each Subsidiary Guarantor party hereto have satisfied each of the following conditions precedent (unless a condition shall have been waived in accordance with Section 9.02 of the Credit Agreement):
(a)    Documents.  The Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance:
(1)    Executed Counterparts.  From each of the Lenders, the Administrative Agent and the Obligors, either (1) a counterpart of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment.
(2)    Term Loan Amendment No. 3. The Amendment No. 3, dated as of the date hereof, with respect to the Amended and Restated Senior Secured Term Loan Credit Agreement, dated as of July 28, 2015 (as amended by that certain Amendment No. 1 to Term Loan Credit Agreement, dated as of September 16, 2016, and by that certain Amendment No. 2 to Amended and Restated Senior Secured Term Loan Credit Agreement, dated as of February 8, 2017, and as further amended, restated, supplemented or otherwise modified from time to time, the “Term Loan Credit Agreement”), among the Borrower, the lenders party thereto and ING Capital LLC, as administrative agent for the lenders under the Term Loan Credit Agreement, duly executed and delivered by each of the parties thereto.
(b)    Term Loan Prepayment.  The Administrative Agent shall have received evidence reasonably satisfactory to it that the Borrower shall have prepaid the Term Loans on or prior to the Third Amendment Effective Date in an aggregate principal amount of not less than $72,000,000.

23591069.2.BUSINESS 
US\14053004.7

4

(c)    Fees and Expenses.  The Borrower shall have paid in full (x) to the Administrative Agent, for the account of each Lender party hereto, an amendment fee in an amount equal to ten basis points (0.10%) of the aggregate principal amount of such Lender’s Commitments as of the Third Amendment Effective Date and (y) all other fees and expenses owing related to this Amendment and the Credit Agreement owing on Effective Date due to any Lender on the Third Amendment Effective Date. 
(d)    Other Documents.  The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.
The contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Amendment effective and any such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable) of any condition precedent to such effectiveness set forth above. 
2.2.      Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and each of the Lenders that, as of the Third Amendment Effective Date and after giving effect to this Amendment:
(a)     This Amendment has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantors, and constitutes a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantors enforceable in accordance with its terms.  The Credit Agreement, as amended by the Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its respective terms.
(b)    The representations and warranties set forth in Article 3 of the Credit Agreement as amended by this Amendment and the representations and warranties in each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Third Amendment Effective Date or as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as though made on and as of the Third Amendment Effective Date.  
(c)    No Default or Event of Default has occurred or is continuing under the Credit Agreement. 
2.3.      Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Amendment.

23591069.2.BUSINESS 
US\14053004.7

5

2.4.      Payment of Expenses.  The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent, (but excluding, for the avoidance of doubt, the allocated costs of internal counsel).
2.5.      GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
2.6.      Incorporation of Certain Provisions.  The provisions of Sections 9.01, 9.07, 9.09, 9.10 and 9.12 of the Credit Agreement are hereby incorporated by reference with respect to Section I.
2.7.      Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, the Borrower or the Subsidiary Guarantors under the Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions amended herein of the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Amendment and each reference in any other Loan Document shall mean the Credit Agreement as amended hereby.  This Amendment shall constitute a Loan Document.
2.8.      Consent and Affirmation.  Without limiting the generality of the foregoing, by its execution hereof, each of the Borrower and the Subsidiary Guarantors hereby to the extent applicable as of the Third Amendment Effective Date (i) consents to this Amendment and the transactions contemplated, (ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) confirms its guarantee (solely in the case of Subsidiary Guarantors) and affirms its obligations under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such guarantee and/or grant is in full force and effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement).
[Signature pages follow]

    
    

23591069.2.BUSINESS 
US\14053004.7

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written. 
MEDLEY CAPITAL CORPORATION, as Borrower

By:     /s/ Richard T. Allorto, Jr.            
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS LLC, as Subsidiary Guarantor

		
	By:
	Medley Capital Corporation, a Delaware corporation, its managing member

		
	By:
	MCC Advisors, LLC, a Delaware limited liability company, its investment manger

By:     /s/ Richard T. Allorto, Jr.        
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS SENDERO LLC, as Subsidiary Guarantor

		
	By:
	Medley Capital Corporation, a Delaware corporation, its managing member

		
	By:
	MCC Advisors, LLC, a Delaware limited liability company, its investment manger

By:     /s/ Richard T. Allorto, Jr.        
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS RT1 LLC, as Subsidiary Guarantor

By:     /s/ Richard T. Allorto, Jr.            
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS OMNIVERE LLC, as Subsidiary Guarantor

By:     /s/ Richard T. Allorto, Jr.            
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS AMVESTAR, LLC, as Subsidiary Guarantor

		
	By:
	Medley Capital Corporation, a Delaware corporation, its managing member

		
	By:
	MCC Advisors, LLC, a Delaware limited liability company, its investment manger

By:     /s/ Richard T. Allorto, Jr.        
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

MCC INVESTMENT HOLDINGS AAR, LLC, as Subsidiary Guarantor

		
	By:
	Medley Capital Corporation, a Delaware corporation, its managing member

		
	By:
	MCC Advisors, LLC, a Delaware limited liability company, its investment manger

By:     /s/ Richard T. Allorto, Jr.        
Name: Richard T. Allorto, Jr.
Title: Chief Financial Officer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

ING CAPITAL LLC, as Administrative Agent and a Lender

By:     /s/ Patrick Frisch                
Name: Patrick Frisch
Title: Managing Director

By:     /s/ Dominik Breuer                
Name: Dominik Breuer
Title: Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

GOLDMAN SACHS BANK USA, as a Lender
By:     /s/ Chris Lam                
Name: Chris Lam
Title: Authorized Signatory

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
By:     /s/ Doreen Barr            
Name: Doreen Barr
Title: Authorized Signatory
By:     /s/ Warren Van Heyst            
Name: Warren Van Heyst
Title: Authorized Signatory

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

KEYBANK NATIONAL ASSOCIATION, as a Lender
By:     /s/ Richard Andersen                
Name: Richard Andersen
Title: Designated Signer

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

CITY NATIONAL BANK, as a Lender
By:     /s/ Brandon L. Feitelson            
Name: Brandon L. Feitelson, C.F.A.
Title: Senior Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

SIGNATURE BANK, as a Lender
By:     /s/ Richard Ohl                
Name: Richard Ohl
Title: Vice President, Sr. Lender

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

JPMORGAN CHASE BANK, N.A., as a Lender
By:     /s/ Michael Kusner                
Name: Michael Kusner
Title: Vice President, J.P.Morgan 

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

STATE STREET BANK AND TRUST COMPANY, as a Lender
By:     /s/ John T. Daley                
Name: John T. Daley
Title: Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

BANKUNITED N.A., as a Lender
By:     /s/ George Manchenko            
Name: George Manchenko
Title: Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

EVERBANK COMMERCIAL FINANCE, INC., as a Lender
By:     /s/ John Dale                    
Name: John Dale
Title: Managing Director

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

ALOSTAR BANK OF COMMERCE, as a Lender
By:     /s/ Edward Carpenter                
Name: Edward Carpenter
Title: Director

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

    

CUSTOMERS BANK, as a Lender
By:     /s/ Lyle P. Cunningham            
Name: Lyle P. Cunningham
Title: Senior Vice President

[Amendment No. 3 to Amended and Restated Revolving Credit Agreement]

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